Ladies and gentlemen, good day and welcome to the CDSL Q2 FY 2025 conference call, hosted by HDFC Securities. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. Ladies and gentlemen, please note that CDSL does not provide specific revenue or earnings guidance. Anything said on this call which reflects CDSL's outlook for the future, or which could be constituted as forward-looking statements, must be reviewed in conjunction with the risks that the company faces. I would now like to hand the conference over to Mr. Amit Chandra from HDFC Securities. Thank you, and over to you, Mr. Chandra. Yeah, thank you, operator. So good afternoon, everyone. On behalf of HDFC Securities, we welcome you all to the CDSL Q2 FY2025 earnings call. Today, we have with us the management team of CDSL, represented by Mr. Nehal Vora, MD and CEO, Mr. Girish Amesara, CFO, and other senior leaders. We will start with a brief overview of the quarter by Mr. Nehal Vora, and then we will open up the floor for the question and answer session. Thank you, and over to you, Nehal, sir. Yeah. Thank you so much, Amit. Very, very good afternoon, everyone. Thank you for joining us today to review CDSL's financial results for the Q2 of the financial year 2024-2025. We posted a detailed investor presentation on our website for your reference. I'm joined today by CDSL group's leadership team, and we are pleased to share the company's progress and recent achievements with you, but before we go into the performance, let's first look at some important developments in the Indian capital market. In Q2 of FY20 24-2025, India's capital market demonstrated remarkable growth despite some volatility. The domestic investors continue to place their faith in the Indian capital market, driven by the robust economic fundamentals and a strong growth of India. The long-term vision for economic reform and infrastructure investment continues to make India attractive securities market. A significant milestone was reached in September, as the total number of demat accounts in India surpassed seventeen crores. CDSL added about two crore demat accounts in the first six months of FY2024-2025, and about INR 1.2 crore demat accounts in Q2 of FY 2024-2025, underscoring the trust placed by the market in us. A continuous focus on digital innovation, such as ASBA, AI, and MSM, has enhanced market accessibility and strengthened investor confidence, ensuring a seamless and secure trading experience. These initiatives align our commitment to empowering every investor to become self-sufficient. We remain dedicated to leveraging technology and expanding our services to drive toward a more inclusive and a technologically advanced securities market. So as we continue on this path, I would like to extend a heartfelt gratitude to all our stakeholders, beneficial owners, depository participants, issuers, regulators, employees, and other market participants for their steadfast support and partnership. We are especially grateful to our investors for the trust they place in us, which remains the driving force behind our progress. Finally, on behalf of the CDSL family, I would like to wish you and your family a very happy Diwali and a prosperous New Year. Thank you once again for joining us today. I now hand over to the CFO, Mr. Girish Amesara, to take you through the details. Thank you, Nehal. Good afternoon to all of you. First, I'll start with consolidated financial results. The quarterly performance on consolidated basis, total income in the quarter ended September 2024, it increased by 56% to INR 359 crores, and again, INR 230 crores from the corresponding period of the previous year. The net profit for the quarter ended September 2024 is increased by 49%, at INR 152 crores, is against, INR 109 crores to the same quarter during the previous year. On the half-yearly numbers, for consolidated, the total INR 645 crores, against INR 404 crores the previous half year. The consolidated net profit for the half year has increased by 62% to INR 296 crores, yet again to INR 183 crores during the first half of the previous period. Speaking on the standalone numbers, the total income for the quarter ended September 2024 has increased by 78% to INR 324 crores, yet again INR 182 crores from the same period during previous year. The net profit for the quarter ended September 2024 is increased by 95% to INR 171 crores, and again INR 88 crores for the same quarter during the previous year. Now, for the first half, on a standalone basis, the total income has increased by 60% to INR 545 crores against INR 352 crores during the first half of last year. The net profit has also increased by 63% to INR 276 crores, as against INR 180 crores during the first half of the previous year. Thank you all, and I will now hand over to Mr. Sunil Alvares to speak on the detailed business. Over to you, Sunil. Thank you. Sunil, are you there? This is the operator- Sorry, sorry. I was on mute. Sorry. Okay. In FY 2024-2025, the first half, CDSL had a good year and good half year actually. The total income increased by INR 65.19 crore - INR 144 crore in the first half of FY 2025. And total expenses also increased by INR 21 crore -INR 55 crore. The profit before tax was INR 88 crore, as compared to INR 44 crore in the same period last year, which was a jump by 98%. And the profit after tax increased to INR 66 crore from INR 32 crore, which was again an increase of 100%, as compared to the same period in the last year. With this, I'll open the floor for question and answers. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets when asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Swarna Mukherjee from BNK Securities. Please go ahead. Hi, sir, good afternoon, and...[audio distortion] Swarna, we can't hear you very clearly. If you're on a handset, we request you to use the handset. Yeah, yeah. Are you able to hear me? Yes, please. Go ahead. Yeah. Yeah. So, sir, I have a couple of questions. So the first one, other than the, you know, in the P&L that you have reported in the breakup that you have given on different revenue lines, so just wanted to understand that this jump in the other income that we have seen, what would be the underlying heads which would have led to this kind of growth in the numbers? If you can give us the breakup of the major parameters that are there, which has led to this growth. And the second question is on the other expenses side. So the breakup that you have provided there, I think, so there is a, I guess there is a taxation element, so if you can give us some color on the taxation element. Is this because of the capital gains tax gains on your treasury book, whether that is impacting? And also, within that, any other head where the expense level has increased, if you can highlight on the same. I'll ask CFO to answer. So in terms of other income, largely it consists of the consolidated statement that we sent and the e-voting income that we earned, is a combination of this. So those are at an amount of INR 22 crores in terms of consolidated account statement, and e-voting income of INR 23 crores for the first half. Okay. Breakup of other income. In terms of expenditure, we are at the 25.12% as per the income tax rate. Accordingly, the tax provision has increased, which increases the overall net profit. Okay. All right. So, so no, no impact on the treasury side? Treasury income is largely mark-to-market income, so as and when there is any actual realization of income, the tax applies. Sure, sir. Got it, and in terms of the annual issuer charges, if you could highlight, you know, what, you know, the breakup between, say, the listed and the unlisted companies, and any impact, if you are seeing on more unlisted companies coming in due to the recent regulation changes. Normally, we give the income of unlisted income. Okay? So in this quarter, we have earned a total income of INR 9.20 crores from unlisted companies. Sure. Sir, this increase, is this because of, like, more this small companies coming in, like it was mandated earlier to get- This is largely attributed to the regulatory requirement of submitting the capital of small companies. Okay, understood. Very helpful, sir. Thank you so much. Thank you. Thank you. The next question is from Amit Chandra, from HDFC Securities. Please go ahead. Yeah, sir. Thanks for the opportunity. So far, my first question is on the transaction charges. Obviously, we had, like, you know, like, two rounds of cut in the transaction charges, and the new rate is applicable from the Q3 onwards, from October. But, you know, like for this quarter, obviously, we had the strong growth in the transactional revenues. So if you can, you know, quantify what was the impact of the pricing cut for this quarter? And also, you know, in terms of the pricing, obviously, we have seen two rounds. Are we expecting any further, like, moderation in prices? Because if you see, you know, versus competition, we are still lower. So, the impact of the pricing cuts will start giving effect from 1 October 2024, where single charge as per SEBI circular we have kind of put in place. And in terms of further cuts, that is future. We don't give future answers. But we continue to remain compliant and overall competitive also to the market, to ensure that we give the best class of services at a reasonable cost. Okay. So in this quarter, there was no impact of the pricing, because last quarter you said that there can be incremental one- month or two- month impact, because we went down from INR 4.5 to INR 4, and then again, INR 3.5. So is it all volume driven this quarter? Yeah. So it's a combination of volumes as well as, yeah, the overall slab had come down as far as that was effective of first June. But it's a combination of the number of transactions versus the rate out there. It's kind of based on the overall market activity. Okay. And so in terms of, you know, the issuer channel, obviously, you mentioned that there was strong addition from the unlisted side. But, also in terms of realization, how, like, different it would be? Is it, you know... And one-time fees also that we collect, which is the, only one-time fees, and then the annuity, you know, component is also there. So for this INR 9.2 crore revenue from unlisted, how many companies would, like, you would have added in, like, three months, unlisted companies? I'll ask the CFO to answer. In only three months, we have added three thousand four hundred and twenty-eight companies, and one-time fee, issuer admission, fee is around INR 5.15 crore from such companies. Okay. Out of INR 9 crore, INR 5 crore is one time, and the rest is the annuity. Repeat. Okay. And so in terms of the costing, obviously, now we have seen, like, jump in the employee expenses. So this is largely the annual, like, bonuses and annual, like, increments, or is there any other component to it? And also, we have seen the fall in the technology expenses after a long time. So can we assume that the elevated era of, you know, higher, like, technology expenses is behind us, and it can normalize from here on? So, on the employees, it's a combination of obviously year-end appraisal, bonuses paid out, but also increase in the employee strength as the operations have grown. This is to keep in sync with the increasing kind of activity at CDSL. And this will be continues to be being assessed every on a periodic basis, so that we are adequately supported by human resource as and when required. Second is on the technology. As I said earlier, we are in, like an infrastructure company. We are an infrastructure company for the market. Technology is something which constantly evolves. I think it's a more long-term play rather than a quarter-on-quarter play. I would really urge all of you to look at it from that standpoint. There is a lot of potential yet left in the market, and it has to be adequately supported by the technology in terms of the latest to be put as a part of the CDSL ecosystem. So I agree to that, but my question was more that in FY 2023 and FY2024, both, we had 45% kind of server increase, in FY 2024, 65%. So that kind of elevated technology cost will be kind of seen or you know we assume that it will be that elevated or because we have seen some moderation in this quarter. Is it some like one-off or you know like most of it- No, it's again a part of the overall continuous assessment being done. Future, we don't give future guidance, so we're not able to really give you, but the intent is to ensure that the technology remains sophisticated, remains modern, and remains adequate for the kind of the activity that CDSL has to go through. Okay. And so one last question: so in terms of revenues, in the PPT, you mentioned that there was a contribution from, like, PACL, you know, activity. So is it a big number or is it, or it was there in last quarter also? If you can quantify that. It is more or less similar to last quarter. Okay. Okay, sir, thank you. Thank you. Thank you. We'll move to the next question. The next question is from Supratim Datta from Ambit. Please go ahead. Hi, thanks for the opportunity. My first question is with respect to the transaction charges. I understand that you have, the- [crosstalk] Just, can you speak up a little bit? Your voice is very soft. Can you hear me now? Yeah. Yeah. So what I was asking is, on the transaction charges, I understand the current rate is INR 3.5. Now, could you give us some sense that how different is it from the previous blended yield that you would earn, on transaction charges? That would be my first question. And on the second one, on cost. Now, I understand from the previous participants, and the commentary that you gave to his question, that you don't give forward-looking guidance on transaction charges. But what I wanted to understand it on technology costs, but what I wanted to understand was on the technology, what are the other products that you made or, you know, you are looking at implementing over the next two to three years? Could you give us some color on that? That would be very helpful. So on the transaction charges, you can kind of work out what would be the average cost with the in the previous quarters. But it has definitely gone through a very rigorous working before we came to the conclusion that three point five would be a reasonable charge given the current scale of the activity. And that is a single charge which is required to be done as per the RBI circular. As regards your second question on technology. So technology will remain as a core input, because being a market infrastructure company in the securities market, where technology is the key driver, both in terms of sophistication of hardware, application, security, and as well as network, is going to become a key part of our constant assessment. Whether the A, whether the products which are here are, there is some smart sophistication which has come and can be really implemented, and B, if there is some kind of more value proposition which can be brought into the technology fold, in terms of throughput, in terms of speed, in terms of the efficiency, is what will need to be continuously assessed as we move forward. The intent being that we create an infrastructure which is secure, at the same time kind of efficient, so that it is really able to assess the requirements of the market in terms of the efficiency and the time required to really processing this information. So it will be difficult to specify what would be there, and that's again a futuristic statement, just futuristic statements. But overall, the ethos is to ensure this what I have just articulated. Got it. And so, on the first question, could you, you know, let us know whether this, you know, INR 3.5, is that a revenue neutral rate or, you know, is it lower than the rate? Because why I ask is, calculating the blended yield is difficult because we don't know what is the split of the delivered quantity based on the slab. It'll be difficult to answer whether it'll be revenue neutral or not, but going by the numbers, see, because revenue is a function of number of transactions into the rate. Now, the rate is just one part of the throughput. It's the number of transactions. So quarter- on- quarter, how much are the number of transactions will really determine that. The intent being that really the economies of scale should be extended to the overall securities market, and that is what is the endeavor which has been done. Got it. You know, my final question is, you know, on the private company side, you know, I understand that you have incurred, you know, nine point two crores in revenues. What are the costs associated with this, you know, or is there any incremental cost that is associated with it? So the incremental cost will be of the technology, of the people. It's the same usual suspect, as we call it. It is kind of a blended cost, which is part of the infra, both in terms of human resource and technology. It would not, s o therefore, it will be difficult to kind of quantify specifically to this activity because it's an overall infrastructure which is getting provided. Got it. Got it. Okay, thank you. Thank you. Thank you. The next question is from the line of Santosh Keshri from SKK HUF. Please go ahead. Thank you so much, sir, for taking my question, and I must congratulate you for such a great performance. I have two questions. One is about the cash balance that we have in our books. I assume, looking at the balance sheet, by my calculation, it is something like INR 1,400 crore. As you can see, with the rising profits, the cash balances are going up. So, I'm not asking a futuristic question, but in terms of the immediate needs of the business, not being there with so much of cash balance, and also CDSL completing 25 years, you issuing bonus share. Any other plan for rewarding shareholders with some cash dividend, or do you have any plans for using this cash for some acquisition purposes? So, we will continue to wanting to reward shareholders as and when it goes forward. Our overall endeavor has been to do it. But also there are newer products and technologies. Also, the strength of the financial statements is a very critical part of ensuring the robustness of CDSL as it goes forward. It's also built the trust in people who will invest their hard-earned savings onto the CDSL platform. So, we will continue to assess this, and wherever we feel that there's an appropriate opportunity to further reward shareholders, we will continue doing that. Yes, sir, but rather than, you know, giving dividend every year, it could be quarterly with the profits, because other market participants, like CAMS and BSE, CAMS particularly, they give interim dividends at frequent intervals. So that will also be very welcome for a company like CDSL. That's my suggestion. Yeah. So as I said, that, what CAMS does is as per their scale of activity. We have a different scale of activity. They are... I don't think they're comparable in that sense. But however, we have always kept in mind the shareholder interest, but more importantly, the overall market belief, basically, resiliency to be the core of our kind of the investment. And as you have seen that, in within the last twenty-fifth year, we've given the record dividends coupled with a one is to one bonus. So we will definitely not be shy in rewarding the shareholders wherever the opportunity so is there. But at the same time, there is the resiliency of the market and the resiliency of the infrastructure and CDSL as a company is the topmost in the mind, wisely. Okay. Understood, sir. And one more question regarding the trade receivable balances we have. Last September 2023, the balance was something like INR 90 crore, INR 89. 35 lakh to be precise. Now, in this half year, as of 30 September 2024, the balance is something like 124 crore. So why this good increase in the trade receivable balance? [crosstalk] September 2024 business versus September 2023 is something we should avoid, because the main reason is that we do any business billing in the month of April, okay? And that's quite a chunk of amount. So, now, this is going to be there in some time until it is fully gone. That's. I agree, sir. But the point is that even compared, if you compare with the March balance, there also it's been an increase from INR 86 crore- INR 124 crore. So is this because of the revenue scaling up, our receivable balances will also go up, or this is because of some stuck balances which we hope to realize? I think the way you should look at it is as a percentage of the total revenue which is generated. I think the percentages are nearly the same or probably lower in this year, and as the scale of activity grows, this will also grow. Also, the scale of revenue grows. It's going to grow. Okay, understood. That's what I wanted to know. Thank you so much. Thank you. Thank you. The next question is from the line of Pratik Shah, who's an individual investor. Please go ahead. Am I audible? Yes, please. Yeah, yeah. So, firstly, I'd just like, I would like to congratulate Nehal Sir for becoming again, our MD and CEO for the CDSL. I wish, under the leadership, the company will reach its new height, in coming years. And, congratulations the entire CDSL team for putting a great set of numbers. I have a couple of questions and one suggestions to the team. I'd just like to want to know about this insurance repository. As we all know that now onwards, it's mandatory to, you know, dematerialize the insurance policy. What is the progress of that, and what are the kind of advances that companies are achieving quarter-on-quarter? One suggestion to the side that can we put up some kind of a numbers for this stuff, mainly for this insurance repository, to this our investor presentation, so that we'll get to know that what is the progress of each and every quarter and how many policies we are adding by each quarter? First of all, Pratik, thank you for your warm wishes, both to me personally as well as to CDSL team. They're very valuable. I'll ask the CEO of the insurance repository, Latesh Shetty, to answer your second question and suggestion. Yeah. Hi, Pratik. Happy to be on in advance. As you rightly pointed out, with the recent regulatory changes at IRDA end, there has been a slight awareness about insurance repository per se in the market. But largely, we still depend on the life insurance and general insurance companies for giving the business, so that still has not changed. What we have done at our end is, we have now opened the portal for any policyholder to log in and create a free account, so that the policyholder can gain the benefits of insurance repository. So that is one change which we have done. And as the numbers are already published, we are currently in September 2024 quarter, we have closed at INR 3 lakh, and the expenses remain at INR 85.31 crore and it is a healthy growth rate which is coming in. Yeah. Oh, okay. Thank you so much. And, yeah, I wish entire team happy Diwali and prosperous new year. Thank you. Thank you. Thank you. Next question is from Sanketh Godha, from Avendus Spark. Please go ahead. Yeah, thank you for the opportunity. Sir, you said INR 9.2 crores for revenue from the unlisted companies. So, and as you highlighted, it is because of the regulatory thing. So just wanted to understand on incremental new companies which are converting themselves into dematized form, how much we are enjoying the market share? Whether we are taking lion market share or we are actually targeting these companies to have a potential market share the way we have it in demat account. That's my first question. I have two more. If you answer this, then I will ask those two. So, in terms of market share, there is no published specific numbers across the thing. But we continue to engage and continue to ensure that the value proposition is given for these. Because there are some company some amount which is published, but whether that is total or not, that needs to be assessed in overall. So hence, it'll be difficult to comment on that question. Got it, sir. The second question is on employee costs. Sir, this employee cost what we reported around INR 31 crores. Just wanted to understand, is there anything one-off variable cost which will not repeat next year, in subsequent quarters? [crosstalk] At the comfort level, I mean, sir. No, no, this is part of the regular appraisal process and the new recruitments which we are doing, so it's a combination. No one-time bonus, no one-time bonus kind of a thing was paid in the current quarter, right, sir? No, there is no question of one-time bonus. It's an annual appraisal cycle, and there is a variable cost as well as the salary increments which happen every year. Got it. Got it, sir. Perfect. And the next question was, sir, this, if I look at other expenses, which is excluding employee cost depreciation and your technology costs, which are INR 67 crores in this quarter. So the regulatory cost was just INR 13-odd crores. Still, the jump in that other expenses, admin and other expenses, seems to be very high, around 52% quarter-on-quarter and almost 90% year-on-year. So still want to understand the color of these expenses, what is leading to it? Because regulatory costs, I understand it's a variable, goes along with the OPM. But what still other things have grown meaningfully. Just if you can give a bit of color there, would be useful, sir. Yes. I'll ask the CFO to answer that. So if you look at the overall, you know, operation, if you look at increase in the operating income, so similarly, the operating expenses is also increased. For example, I can give you an example that, you know, due to larger scale of retail operations, we have to also send various kinds of SMS alerts, email alerts. We have to also considering that e-voting income largely comes in Q2. There is similar expenses for e-voting, then we have professional fees. We also have, you know, infra expense on a higher scale, considering the KRA operations on higher scale. So all put together, this is culminating into overall increase in the operating expense. Got it. So, is it fair to assume this expense always will be variable to the top line? Yes. Okay, perfect. And lastly, two data-keeping questions. If you can give incremental cost in the quarter and the pledge income in the quarter. Incremental cost for the quarter is INR 3.28 crores, and pledge income is INR 7.30 crores. Okay, perfect. Thank you. Thank you. Next question is from Uday Pai, from Investec. Please go ahead. Yeah, thank you for the opportunity. I just had one question. If you can share the unique demat account percentage out of total demat account that you have. We don't give that number out in the public domain as of now, so I would not be able to give that. Okay, sir. Sure. Thank you. Thank you. Next question is from Sanidhya, from Unicorn Asset Management. Please go ahead. Hi, sir. So two questions on depository side. Sorry if I missed it, I joined a little late. One, what's the revenue for this quarter? And I can see we added almost a lakh of new policies on the repository side. Not wrong? Revenue for this quarter is INR 359 crore, and net profit of quarter d eposits. That was the deposit related data. You're talking about insurance? Yeah. Yeah. Yeah. INR 103 lakhs for the September-ended quarter, the revenue. What would be the number of policies that would be added? The total cumulative policy that we have added is INR 15.72 lakhs, is the cumulative policies so far. Okay, and for this quarter? For this quarter, s orry, I don't have the breakdown of this quarter. So we will, you can just send us an email, we will send it across to you. Sorry, sure, sir. So if I go by the last quarter's number, so there were nearly INR 99 lakh revenue from INR 1 million lakh, or INR 1 lakh policies that were added. So is it safe to assume that it, like, per policy, it's like INR 100? No, we do not give the breakup of per policy numbers. No, on an aggregate basis, if we see the yearly, let's say we, so this, like, let's say last year we had INR 12 lakh, then this year we are- It is a blended cost. I think what you need to see is a blended cost. Now, whatever interpretations you want to take from the total revenue and total number of policies and come out with the average cost per policy, that is fine, but whether that is very extrapolatable or as a growth is something which we actually would not be able to tell you at this stage. Sure. Sure. And secondly, on the same business, so we are seeing that our competitors have been able to grow, like, a INR 10 lakh policies a quarter, whereas we are adding, like, INR 1 lakh, INR 1.2 lakh, INR 1.4 lakh policies a quarter. So where are we lacking? Like, I think CDSL's technology platform, everything, the customer awareness, trust, everything is far better than any private player doing this. So now you will see those changes because the major dependency is still with the insurance companies for us to grow the business. And as you rightly pointed out, the numbers are bargain numbers, so the competitor may be giving a better deal. This is not necessary, we also should follow the same path. As I mentioned earlier, now we have opened the portal for end policyholders to directly open the account and add the policies, so that will see some growth in the numbers. So now we are changing the strategy, and we are going directly to the end policyholders. That will also see some uptick in numbers going forward. So again, that is really expected to see some. Whether it will happen or not, that only future will tell us. Okay. Are we launching any applications for the same? And what kind of advertising expenses are we trying to do, and what kind of people are we trying to reach through doing this? It's a general upgrade of the portal itself, so there is no separate application that we are launching, but the core application also itself is seeing some upgrades. Okay. Any tie-ups with the insurance agents or anything that we are trying or we are planning or any plans for application as well? Yeah. I'm not at the liberty to disclose that right now, but, yes, there are continuous efforts to bring in the insurers which are not participating into the fold. Okay. No, I was talking about the individual insurance agents. Like, could we tie up with those people so that they may help the customers to reach through CDSL? That's what I meant. And what would be your approach in growing this particular business? Like, what kind of growth numbers should we see in the, a ctually, not in the revenue terms, I'm just asking in terms of policies that we acquire going forward, like two, three years down the line. So it is difficult to reveal that. It's again a futuristic statement. Again, our intent is always to bring in the best-in-class technology across all our products and subsidiaries and to create value proposition, and leave the rest to the market to figure out and give those kind of participation, so I think that's really the intent behind all our kind of activities, so it'll be difficult to predict also, and we don't give any futuristic statement also. No worries. Sure, sure, sure. Just lastly, on any advertising we are planning to do for the, this business? Again, there is no specific advertising for this business or that. Wherever it is required, that visibility is required, the management will not be shy in really spending that money. Thank you so much, and all the best. Thank you. Thank you. Next question is from Supratim Dutta from Ambit. Please go ahead. Yeah, thanks again for the opportunity. I have just one follow-up question. So in the KRA business, I understand your competitor has launched a product which promises 10-minute KYC. So just wanted to understand that, you know, are you planning a similar kind of product or, you know, a competing offer? You know, how, how are you planning to, you know, tackle this competition that is emerging on the KRA side? Sunil, if you can answer that? To answer your question, we already learned something like that. We complete almost 50%-60% of, you know, whatever KYC records come to us in the first hour's time. And then depending on the clarity of the image, et cetera, it confirms. But most of our clients who are with us, in spite of the competition approaching them, we have been able to hold them back because of the service which we offering. I hope that answers your question. Got it. Thank you. Thank you. Next question is from Santosh Keshri, from SKK HUF. Please go ahead. Thank you, sir, again, for taking my question. So this question relates to CVL. If I heard correctly, the profit of CVL for this quarter increased by 96% compared to the last year. Correct me if I'm wrong. Yeah. Okay. So, this is a very good increase in the profit. And, I wanted to know about this in the sense that, do we get any revenue from CDSL, or all our revenues from the third party players, for example, mutual funds or brokers? How do we get revenues? See, 99.99% is from the market. That is, intermediaries like brokers, mutual funds, you name the intermediary in the market. With CDSL, we are doing some time verification, so that is the only revenue we get from CDSL. Okay. Okay, great. And, what would be the annual profitability, not for the future, but the last 12 months, if you can just please share that number? Profitability for the last, in 12 months? Yeah, last 12 months, sir. Last year it was INR 86 crores in case of CVL. So that was for March financial year ending March 2024, you're talking about? Yes. You said last year, right? Yeah, so last twelve months, if we say, year ending September 2024. So as of September, right? Good. Last year, first half was around INR 33 crores, INR 34 crores. Right, sir. Okay. It was INR 32.21 crores earlier. Okay. Yeah. This year it is something like, and what will be the amount for this year, sir? Sorry? This six months. What will be the amount for the last six months, that is, the six months ending September 2024? INR 66.5 crore, INR 54 crores is the profit after tax for the first half year of this financial year. Yeah. So, sir, I have two requests on this. One is that it's in our PowerPoint. Now, it's a good amount of profit that's coming from CVL. So if you can give more details, more colors in our presentation, quarterly presentation about CVL, it will be really helpful in terms of the different revenue breakups and the expenses that we have. And secondly, now this is a good business, something like INR 199.5 crore coming as a profit from this business. Any plans for listing this as a separate entity in the market? Because I remember when the CDSL was listed, the profit for the CDSL for the entire year was something like under INR 100 crores. So then, the management, the BSE management, your shareholder thought it good to list CDSL in the market. Any plan for listing CVL as a separate entity in the market? I just thought I'll clarify the reason why CDSL was listed. DSC had to divest its stake from 54% to 24% at that time. The most democratic and scientific and transparent way of this would be to go through and make an offer for sale, and hence CDSL was really made to list at that stage. CVL, whether it will be listed or not, is something which would be continuously assessed by the CDSL board and management. Whenever we feel the appropriate time, that time will come forward. Right, sir. Fully agree with you, but that would be a very good way to reward your shareholders without costing CDSL much. That will be a very good exercise in terms of balance sheet management, and as you said, a democratic way to benefit shareholders of CDSL, who have been persisting with their company for a long time. Though it has rewarded, they'll be much more rewarded if this happens. So we'll, we have anyways, taken note of your suggestion. We will see it really at an appropriate time. Thank you. Thank you so much, sir. Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Parimal Mithani, from Credential Investments. Please go ahead. Sir, thank you for the opportunity, and congratulations on the good set of numbers. So I just wanted to know, any update on the account aggregators side, sir? What is the status currently right now? On the Account Aggregator, CDSL has been mandated as per the SEBI circular, and by the- Sorry, sir, I could not hear you, sir. I'm saying, as per the SEBI circular- Yeah. CDSL is a financial information provider, so an FIP, and it continues to be that for people to access their information. We are not in the business of the account aggregator. And, as regards the FIP, that will be driven by these SEBI rules as prescribed from time to time. Okay. And so the second question is, there is an increase in investment in associates from almost INR 25 crore- INR 46 crore. Can you give a break-up on across which nine associates you invested? So I'll ask the CFO to answer that. The investment in associate is basically into the gold bullion holding company at GIFT City. And for GIFT City companies, there are, you know, regulatory net worth requirements prescribed by the IFSCA regulator. So all the consortium members have, you know, invested similar amount in the holding company, which holds the stock exchange and depository in the GIFT City. Okay, sir. Thank you. Thanks. Thank you. The next question is from Arka Bhattacharjee, who's an individual investor. Please go ahead. Yeah. Thank you. Am I audible, sir? Yes, please. Go ahead. Right. Yeah, congratulations on the useful numbers and also, living up to your commitments, regarding the bonus that you had a discussion on the last con-call and rewarding your shareholders, so we are really grateful for that. I just wanted to know. I have two questions, one on the technical stack side and another on the insurance question that previous one asked, which is regarding if you can give me some color on the insurance repository in terms of the growth prospect- [crosstalk] Your voice is not very clear, Mr. Bhattacharya Ji. Your voice is a little muffled, so we cannot really understand what you're saying. Okay. Am I audible now? No, you are audible, but your voice is not very clear. Okay, so I'll try to speak little louder on this. Is it still okay, sir? Yes, yes, please. Okay. Just a follow-up question on the previous one. If you can give me some color on this kind of repository industry, that what kind of growth prospects we are looking at, and also what is the opportunity for investors like us? And also on the technical side, for the kind of tech stack that you guys are using, because there is no mention on the annual report as well. I'm sorry, what is there not mentioned in the annual report? I didn't get that part. The technicals, the stack that you guys are using, because you have given an overview on the safety, security and all these things, but there's no specific mention of kind of technology that you are using. Is there restrictions to that, or if you can disclose it to your shareholders on the report? So normally, technology, which technologies is used is never disclosed as a part of, within those principles. It is more importantly as to what that technology is able to do in converting it into a value proposition, in terms of numbers, in terms of throughput, et cetera, which I think would be more of interest to the shareholders. So typically, we in any of our businesses, we don't really state about the technology. And I don't think any other companies also don't really disclose the technologies being used within their company. And I'm sorry, your first question was, again, what would be the insurance repository's growth in future? We don't give any future guidance. I'm sorry, I would not be able to give you. Yeah, right. Right. Okay, thank you, sir, and congratulations on the numbers. Thank you. Thank you very much. Thank you. Thank you. The next question is from Shreyansh Jain, from Arthya Wealth and Investments. Please go ahead. Yeah. Am I audible? Yes, please. Go ahead. Yeah. Yeah, thank you for the opportunity. Actually, sir, as you mentioned that, we have, we get, higher income of e-voting and consolidated account statement in Q2. So it is included in our other operating income segment, or it is included in our IPO and corporate action segment? Other operating income segment. So what are the revenue stream lines for our IPO and corporate action segment? Can you give some color on that? The IPO corporate action income, if you look at quarter-on-quarter, this quarter, we have a healthy growth. We have largely, if you look at IPO corporate action charges, it is largely because of account of. It is the IPOs which are, yeah, the IPOs which come out and the related activities the depository is supposed to do in terms of the validation. It linked to that. So finally, from your point of view, it is mainly the IPO-related activities, the listing of the IPO, and the validations which are required for the IPO or both. Okay. So in this quarter, the good growth in IPO income is due to higher number of IPOs, or is it something related to other activities? No, it is number of IPOs and the value, size of the IPO. Okay, so higher size of IPO, we get better yield. More than yield, it is the number of validations, which needs to be done as a part of the ecosystem. So there are charges for those validations. So more the number of applications, more validations. Okay, understood. Thank you so much. Thank you. Thank you. That was the last question in queue. I would now like to hand the conference back to Mr. Nehal Vora for closing comments. Yeah. So, would like to wish all of you a very happy Diwali and Happy New Year. Thank you for all your questions, and continue to stay safe and sound. Thanks. Thank you very much. On behalf of HDFC Securities, that concludes this conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your line. Thank you.