Ladies and gentlemen, good day and welcome to CDSL Q3 and FY 2026 earnings 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 conference call, please signal an operator by pressing star, then zero on your touch-tone phone. 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 constitute a forward-looking statement must be reviewed in conjunction with the risk that the company faces. I would like to hand the conference over to Mr. Amit Chandra from HDFC Securities. Thank you, and over to you, sir. Yeah, thank you, operator. Good evening, everyone. On behalf of HDFC Securities, we welcome you all to the CDSL quarter three FY 2026 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 from the management team. We will now 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. Right, sir, reference. I'm joined here today by the CDSL Group's team of senior leaders. Let us start with the industry highlights, and then we can go through some of the key aspects of our performance. The combined average daily turnover at BSE and NSE for December 2025 was around INR 100,000 crore, about 8.3% less than the average daily turnover for the same period of the previous year. I'm glad to report that as a depository industry, we have crossed 21.6 crore demat accounts, and CDSL saw more than 75+ lakh accounts open during this quarter, bringing our total to 17.27 crore demat accounts, maintaining our 80% share. During the quarter, CDSL received certain key recognitions, including two of the major global awards, including the Central Securities Depository of the Year 2025 by Asset Servicing Times and Market Infrastructure Award at the Regulation Asia Awards for Excellence 2025. While our CSR efforts were also recognized with the Project of the Year Healthcare Award at the India CSR Awards 2025, for us, the investors remain at the heart of our ecosystem, and we strive to stay closely connected with them through our various social media platforms. I'm pleased to share that these efforts have paid off, as we recently crossed a milestone of 100 million YouTube channel views on the CDSL account. This achievement reinforces our commitment to reaching and educating as many persons as possible. In the last quarter, CDSL also launched its first-ever Reimagine Ideathon, an initiative under its annual Reimagine Symposium, engaging young innovative minds to reimagine investor empowerment to ensure that the market can really trust it at scale. The Ideathon saw around 1,000 people wanting to basically register with us and witnessed participation of students from nearly 100 institutions across 21 states and 2 union territories. The final rewards will be announced on this coming weekend. As we move on to a new quarter, for the new year of 2026, our focus remains on building the infrastructure that is not only scalable and secure, but it's also inclusive and investor-first. We endeavor to continuously monitor and upgrade the capacity, security, and sophistication. We continue to prioritize our #AtmanirbharInvestor-focused approach while striving for innovation into consistent and sustainable financial and business performance. We'll continue to work efficiently while upholding our investor-centric culture. I would like to reaffirm that CDSL's focus remains on enhancing the securities market ecosystem by enhancing trust. The market, with its ebbs and flows, continues to support the Indian economy, and we owe all the progress to a strong ecosystem that has put constant faith in us. My appreciation and gratitude to all our stakeholders, starting from the SEBI as regulators, other regulators, depository participants, issuers, investors, and all participants, shareholders, and employees. Thank you, and over to the CFO, Girish. Thank you, Nehal. Good morning and good afternoon to everyone. On a consolidated basis, for the nine months' performance, the total income is achieved at INR 970 crore as against INR 944 crore for the corresponding nine months of the previous year. Consolidated net profit for the nine months is achieved at INR 375 crore as against INR 426 crore for the corresponding nine months. In terms of quarterly performance on a consolidated basis, the total revenue for the quarter ended December is achieved at INR 334 crore as against INR 298 crore for the corresponding quarter of the previous year. The standalone net profit is achieved at INR 133 crore as against INR 130 crore for the corresponding quarter of the previous year. Talking on standalone performance for nine months, the total income is achieved at INR 881 crore as against INR 780 crore for the corresponding nine months. The net profit for the nine months is achieved at INR 399 crore as against INR 381 crore for the corresponding nine months of the previous year. On a quarterly basis, the standalone total revenue is achieved at INR 279 crore as against INR 235 crore for the quarter of the previous year. The net profit for the quarter ended December is achieved at INR 120 crore as against INR 105 crore for the corresponding quarter of the previous year. With this, I will request Sunil to take us through CVL numbers. Thank you, and over to you, sir. Try to see if this works. Look at. Good evening and thank you for joining us today. For the nine-month period ended from December 25, I will show you. [audio distortion]. Thank you for your time. Over to addressing your questions. Thank you so much. I'm really sorry, but there's a background issue from the management line. If you can please fix that. In terms of query that we received, are we all on the page in terms of answers given to the query? Sure. Thank you. Ladies and gentlemen. Our CDSL's, is this transaction even allowed? If yes, what is the reason code? So I think both we have tried to answer. And just as a matter of approach, it is a complicated thing. We have not tried to go into too much of [Foreign language]. Because a lot of this, if you go into FEMA or other stuff, NR to NR account and [Foreign language] proceeds, a lot may require a deeper understanding of provisions. NR to NR transfer, [Foreign language] was saying there's no express restriction under our bylaws or under FEMA regulation. But it's difficult for me to understand, sorry, to sort of digest that because there are restrictions in place. That Press Note 3 [Foreign language] thing, it is all about restrictions. Who cannot transfer, who cannot transfer. Hello? It is a bigger issue than what we may realize in our day-to-day life because the issue is a national issue, so to say. Imagine if companies start transferring their shares to say, American companies start to transfer shares of Indian companies to Chinese companies, to Pakistani companies, to whatever companies. Will be country run by China or Pakistan or God knows whatever. Amit. of these transfers require approvals from necessary ministries or authorities or governments. So we shouldn't go into those things. [Foreign language] according to me, rather than going into too much of depth, we can simply. Amit, are you able to answer? So that's why qualifications [Foreign language], these are sort of disclaimers ki we have not reviewed any foreign laws. [Foreign language] under this particular category, transfer between two BOs. What was that? Non-market, off-market BO transfers. Sir, that's reply we need to SEBI. So in this format and in this lines, can we inform? This is exactly. This is prepared. Keeping in mind ki yahin SEBI ko jayega. Correct. So then SEBI will say, either you say no, yes or no. And if you want, you can avail or seek some additional documents or additional information from Deloitte. And. No, no. For what? Are we answering the question? There is no yes. We are saying it can be done. Now reason code [Foreign language]? See, we can only say what we are what we can conclude, right? We are concluding, okay, like this. Let's assume this. Can he just transfer his shares to me? Answer is yes, but it will either be categorized as a. This is the example that we are discussing. It will either be a gift or it will be an off-market. [Foreign language], correct. [Foreign language]. So that's why we are not taking it into sell. Purchase mein we have to show consideration. Exactly. But gift mein yes. Exactly. [Foreign language] Management line? You were saying consideration. No, no. They have a consideration. It's not coming to India. It's between one foreign company to other foreign company. I think both are Singapore. Can you repeat? So from one foreign company to the other foreign company, and in exchange they are giving shares of. Yeah, Indian company to each other. Meaning in India, one company to other company. So as far as we are concerned or our system requirements concerned, there is no consideration. And we are like, while knowing that there is a consideration in India, there is nothing about it. Okay. So we have given as like three options. I stated as loan or paid overseas. So no consideration is also something that. Which line is hello, operator? Yes, Amit. We can hear you. Yes, we can hear you, sir. So which line is coming on the call? Which line has been linked? See, like a gift as far as our system is apne system ko aur kya batao? Right, hamara system is built on a certain way. Aapko consideration daalna hi hai. To agar nahi daal sakte, matlab ya to wo gift hai ya to it's off-market transfer securities between two accounts maintained in India by non-resident beneficial owners. That's about it. Yes. So yes, correct. So basically that if SEBI says that new reason code description can be off-market, not for sale. So very neat. there is something like that, then we can use that. If not, then we will have to. I don't know who proposes who makes new reason. No, actually this will be settled between the depositories. We will request them for discussion. But are you in touch with NSDL also, like how they are responding to this? No. How whether they are to use this or not in any other reason code? No. No. They are also of the same opinion, so we spoke with them. We will have to go in the channel of probably a new reason code or something. So they are also of the same opinion. Yeah. But they were like, we will seek some more documents from Deloitte and ask. They are seeking more documents. Seeking. I think it's similar to what we shared. Means she also give us a sample only of what we shared with you all. So like that, that kind of. Yeah, yeah. Okay, sure, sure, sure. So we will just take this off. This is from. I don't know how, because this has nothing to do with that. [Foreign language] Team, can we begin with a question- and- answer session? Yes, please. Thank you so much. Ladies and gentlemen, we will begin with a question-and-answer session. Anyone who wishes to ask a question, may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Nothing to our investors here. The first question comes from the line of Supratim Datta from Jefferies. Please go ahead. Mr. Datta, you may please proceed ahead with your question? Yeah, okay. My first question is on the cost side. Your technology cost have increased by around 4x over since FY 2023, whereas during the same period, volume increase has been somewhere around 1.82x. Just wanted to understand, if you could give us some color or understanding with respect to how you are seeing the technology spend, or which areas are you spending this money and what need further capacity requirement do you need to put in place? Because in a market where volumes have not been growing since the last one year, still the computer technology cost appears to be growing sequentially. So just wanted to understand, get some clarity on what is happening here, which are areas that you are spending on and how you are thinking about technology as a cost within the entire business. So that's one. The second part is on the KRA business. You are the market leaders there. The pricing there is significantly higher than the KYC, the CKYC business is there. And now that the government is improving the quality of data on CKYC. Do you see that as a risk for pricing or the KYC registration business overall? And if you could give us some color there, that also will be very helpful. Thank you. So on the first question on technology, see, as we grow in business, it's like, as I have said many times, it's like it's similar to. Is an infrastructure company. So as we increase capacity, the costs have to grow to ensure that the latest technology is used. There are newer products also, which have been coming into play, which the regulator keeps on. Basically doing from time to time. There seems to be some cross connection. Can you put yourself on mute? So as we have grown from 2023 to 2025, the newer forms of technology, both on application, on hardware, network and security, all four areas, we are trying to ensure that the latest products are put into play. And that's the capacity building process. So that as the surge, in case if it happens like we have seen in 2020-2021, it becomes seamless for the market. It does not face any issues from the standpoint of people wanting to open newer accounts. Also, the latest survey of SEBI is also saying that there a lot of people, who have participated in the securities market, lot of people have not and are willing to participate. There is a potential, which is there. So in sync with that potential, we have to be prepared to prepare the necessary technology infrastructure to be in place. So that in case if those volumes come into the market, it becomes seamless from that standpoint. And on your second question, ask Sunil to answer. Yeah, hi. On the KRA business, you mention that CKYC is coming. I mean, CKYC is introducing 2.0, and there could be a risk to CVL. But if you see, in case of the security market, there is a KRA, the operating, we have totally validated data as against CKYC, which is used to validate the data. And they have a larger number of records. And moreover, the KRA hold a larger number of fields as compare to the CKYC. Recently, there is also a consultation paper from SEBI, where they have proposed other details, like bank details, gender. I mean, bank details, occupation, etc., which comes as a part of client due diligence to be held in the KRA. So keeping that in mind, also, there is a circular from the Ministry of Finance, Department of Revenue, where they have asked the KRA to get connected with the CKYC. So that any intermediary wanting to upload data into the CKYC can do it to the KRA, or he can do it directly. So those options are available. So keeping that circular in mind, I feel that the KRA are here to stay. That's very helpful. Just Girish, on your first answer, thanks a lot for providing the clarity. Just wanted to understand, from that capacity build, I do understand that with every year, you need to build for the capacity. But is the ramp up, or the scale of ramp up, mostly done, or should the scale of ramp up continue at this level? Again, considering the fact that how markets have been in the last one year. So the point is that as newer technology comes into play, there is, as we all know, very artificial intelligence also is coming into play. We would like to ensure that our infrastructure has the latest in sync technology. Also, in other products like application, security, et cetera, there are newer products, which keep on coming. So it depends on the kind of innovations, which are happening, which will entail in future, whether this will continue. But the process of ensuring that a seamless experience is there for all the participants, these are intent. And all basically will be able to see their holdings, et cetera, in a very seamless manner. Is what is basically the intent. Got it. Thank you. Thank you. The next question comes from the line of Amit Chandra from HDFC Securities. Please go ahead. So my question is on the annual issue of charges. Obviously, on a YoY basis, we are seeing very strong growth here. And it has been a function of the higher additions and the rising folios. So if you can give the number of folios, because you used to give, so what has been the exact number of folios, if you can give that number. And also, it has also been helped by the unlisted companies addition. But seeing the change in regulation that has happened first December, where the definition of not so small companies have been changed. So in that context, how do you see the unlisted addition behaving? Because that basically shortens the definition, or in terms of scope. So like, we were adding around 2,000 companies in a quarter. Can you see a significant dip there in terms of the unlisted additions? This is my first question. Yeah, so I think, Amit, on the unlisted piece, again, it's not. So the definition has become wider. But again, those conditions remain only when they want to raise capital, or they want to transfer capital. So those are very circumstance driven as to when they are mandated to be registered with us. So I think, overall, we will have to wait and watch. We don't give a futuristic outlook as to how we are going to see these numbers. But the intent is that we ensure that our systems are in place. And the experience of the issuers is seamless, so that more and more people, as and when they would want to join the depository fold, becomes easy for them to. And for folio, the last, the CFO. Amit, the folio remains what we had disclosed in first quarter. It is INR 33.76 crore. Okay. So the folio number reset, obviously, will happen 31st of March. But with the number of IPOs coming in, because this has been a heavy IPO, so it is expected that maybe this folio number reset can be a higher number versus what we have seen last year, because most of. That we have to wait and watch in the first quarter of the next year. Okay. Okay. And the second question, if you can give the breakup of e-voting and e-CAS. And also, the drop that we have seen, because seasonally, e-voting is a weak quarter. And we have seen a drop there sequentially. If you can give that number. And also, in YoY terms, also, the fall has been pretty sharp. So is it that on a YoY basis, also, the adoption of e-voting has declined, or we are seeing loss of market share there? If you can give some color there. And obviously, correspondingly to the decline in the e-voting, there used to be a decline in the other expenses, other expenses as well. But in this quarter, we have not seen that decline. So can you explain what has led to the higher other expenses? So the cash income that we have generated in this quarter is INR 12.78 crore. And e-voting income is at INR 5.23 crore. See, normally, what happens that all e-voting income normally gets accrued in second quarter of the financial year. So in last quarter, September quarter, we had accrued income of INR 19.77 crore, that we had reported. And when you compare current quarter income with YoY income of previous quarter, previous year, same quarter, we had achieved income of INR 4.71 crore in that quarter. So current quarter is better compared to same quarter of the previous year. Okay. And in terms of expenses, the expenses, the corresponding decline, we are not seeing in terms of expenses. Other expenses. Other expenses for e-voting? No, no. So in terms of the other expenses, we report, which is 62, which was INR 62 crore last quarter, which has come down to INR 60.6 crore in this quarter. So the decline of e-voting generally used to happen, and we used to see the decline also corresponding cost also in the other expenses. But this excess of that, the jump in, or we can say that excess of the e-voting drop, the jump in other expenses is also pretty high. So anyone over there, or anything that you want to highlight? So there are no one-off costs in comparison. If you look at the overall other costs, it is in line with what our overall cost structure is. For example, if we speak about KRA, then inter KRA is also has reduced. In terms of e-sign expenses, it is also reduced. e-voting is more or less e-voting expenses in line with what income that we had generated in this quarter. Okay. Okay. And sir, lastly, any, because we have been, now, the increase in terms of the overall spend is higher than the growth. And also, the spend in technology seems to be pretty high, and it's not normalizing. So is it fair to assume that we can ask for an issuer price hike, which was pending, which is now pending for the last 10 years? And how the regulator is seeing to the proposal of having an issuer fees hike? So I think, really, Amit, as I have told earlier, we don't generally disclose the correspondence we have with regulator. But I am sure, they are also seeing this. Probably at the appropriate time, the increase will come. Okay. Okay, sir. Thank you and all the best. Thank you. Thank you so much. Next question come from the line of Siddharth S from Vittae. Money. Please go ahead. Hi, sir. Thanks a lot for the opportunity. I would just like to quickly get clarity on two sets of questions. So just want to understand, how is the insurance repository side of the business, and what is the projections going for in terms of the upcoming projects and the potential revenue contribution from that side of the business? And the second would be, as we can see, for the past year and half, and as a general projection, that there is some softness that's prevailing in the capital markets in general in terms of the general market activity and with the commodities taking over and attracting a lot of investors right now. So just want to understand, how would you, your plans, or some clarity on, how would you like to navigate, or what plans is there to navigate, and basically get through this phase of softness in general? The general long-term outlook should be good to go. Thank you. First question ask Latesh to answer. He is the CEO of Insurance Repository. Hi, Latesh here. Yeah, from the insurance repository point of view, the operating revenue has been steady. And as you typically see, JFM period is the crucial period, so we are trying to capitalize on this. And largely, we are in sync with the insurance industry growth. As you would have seen the IRDA numbers, the insurance industry policy numbers growth has been more or less stagnant. It's not been increasing as expected. But yes, within the same scheme of things, we are trying to increase our market share within this framework. On your second question about commodities becoming the more popular, so I think this is really a market phenomenon dynamics. It keeps on changing as per changing circumstances, geopolitics, economic conditions, et cetera. As a market infrastructure provider, we continue to build on our systems, whether we have a great period or a lean period, because when the growth comes, it comes all of a sudden, like we have seen in the past three or four years. So we need to be well prepared, because the infrastructure has to be well prepared for any kind of growth. How this will pan out in the overall scheme of things, I think India as a country is doing well. It is fundamentally strong. And that will get accorded in the necessary securities market and commodities market as per what the perception is of the entire securities market and commodities market. So I think it will be difficult to predict what will happen when. But we have seen that, like any infrastructure company, if your infrastructure is well prepared, is well done, when the growth comes, you are prepared to take on that growth. And that's the time you see a significant uptick in previous revenue. The intent is to ensure that is a seamless infrastructure, which is provided. And it is a continuous process of growth, continuous process of really evolution, which we need to continuously do as we move forward. So I hope I have answered your question. Yeah, sir. So thanks for providing me with the clarity. Yeah. And yeah. So thank you. Thank you. Thank Thank you. Next question from the line of Shreya Kejriwal from Money vesta Wealth Management. Please go ahead. Yeah, thank you for taking my question. So my question is regarding the yesterday's news, regarding the hike in the security transaction charges. So could you share your views on how this might impact the CDSL revenue? So this is my first question. And my second question is around the IPO and corporate action segment. Its revenue is around 2%-3%. The growth has not been so promising. So could you talk about the potential tailwinds you foresee for this segment going forward? On the first one, there is no direct impact on the depository business. It's more on trading side. And as futures and options is not a security, which is normally kept in these accounts, demat accounts. So I don't see any perceived impact on CDSL line of business as of now. The second question is on the IPO. I think, as I have said earlier, that we are building our systems well, so that whether there are lot of large IPOs, which are expected to come also. So CDSL has a right infrastructure to ensure that it can cater to these large demands. How much a road is used? If you are similar to a road, how much a road is used depends on basically the traffic and other conditions. But the road provider has to ensure that the value proposition of that road continues to remain seamless. And that is what is the way we are building our line of business. Thank you, sir. Thank you for asking. Thank you. Thank you. Next question from the line of Lalit Mohan Deo from Equirus Securities. Please go ahead. Yeah, hi, sir. Good evening. I have some questions. Firstly, there has, with respect to that, the TER cuts in for the mutual fund business. There has been also talks about reducing the fixed cost for the AMCs, such as KYC charges, especially on the smaller investments. Do you, do we foresee any changes in the revenue or any reference in the KYC charges for us in terms of the new creation cost, like which is INR 20, which is INR 20 then? Also on the fetching, which is INR 35 going ahead? We don't generally give futuristic views, but I will ask Sunil to answer that. No, in case, like, they just said that in case there is any reduction in charges, we will inform the market accordingly. So yes, we will all have to give it a note. Yes, sir. So just one data getting question. Can you give us the revenue from the unlisted company when the pledge income for this quarter? And ask the CFO to answer. So the pledge, margin pledge income in this quarter is INR 5.42 crore. And unlisted issuer income is INR 2.66 crore. And application processing income is INR 3.17 crore. Yes, sir. Thank you. Thank you, sir. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, may please star and one on their touch- tone telephone. Next question comes from the line of Sanket Godha from Avendus Spark. Please go ahead. Yeah, thank you for the opportunity. Sir, you just mentioned unlisted income, INR 2.66 crore is the regular annual issuer income, and INR 3.17 crore is the joining fee what you earn in the quarter. That's right understanding, sir? Yes Yeah, understood. And maybe one more data keeping, then I have couple of questions. So if you can even quantify your impairment cost in the quarter. In the quarter, it is INR 4 crore on a standalone basis. Understood. Understood. And sir, just want to understand, at the NSDL DP level or a broker level, have you seen mass migration happening from your company to another company? Or you have got any intimation that the guys who were invariably working exclusive with you have even started considering to open from a risk management point of view, maybe to demat account, to work with two depositories? Just wanted to understand whether there is any such kind of a development happened at your company level. So I think the number of demat accounts open in each month on month is disclosed across both the depositories. We will show you. Also, we put out how many DPs are registered in each quarter, new. So I would really urge you to look at those numbers also. That will show you the picture where they are. Finally, it is each DPs choice where they would like to see. And therefore, the value proposition and to the earlier question that why we invest, continue to invest in technology, is to ensure that that value proposition remains intact. And more and more people would want to use the product will sell for itself when there is a value proposition, which is put there. Also, in terms of cost, we are INR 0.50 cheaper than that of a competition. So it is the overall scheme of things, which people will take into consideration as to where they would like to open. And I think the numbers is something, which really speak for itself. So we don't generally reveal as I think the question would be answered in that manner, that the number of demat accounts open at CDSL as well as NSDL will show it for itself, that where the focus is. Understood, sir. And sir, the reason why I ask this question was, sir, that on incremental basis, somehow, maybe on outstanding basis, we still have a leadership. But on incremental basis, we lost a bit of market share. So is it due to either guys going for two depositories, or there is a mass migration? That was the reason why I ask. I understand the numbers speak about how the growth is happening. But given the incremental market share has dropped a bit, I was just asking from that perspective. See, the incremental market share has dropped based on certain seasonal circumstances, if some DP is facing slower growth in one or two months. But overall, if you see, the numbers is ranging in that same range. So there has been no significant drop as I would see it as of now. And we continuously, and our intent, as I said, is to ensure, again and again, value proposition from a technology standpoint, from a service standpoint, to ensure that more and more people continue to remain with us. Understood, sir. And one more question on, maybe again on KYC, because there is incrementally too much noise in the market, that somewhere there kind of be a capping or on the KYC fetching income, especially. And probably number of fetch, multiple times, if it's done for the same KYC record, they could be capped or utilized in multiple ways. Just wanted to understand, means, do you expect any big regulatory change to come in KYC business, especially from a revenue capping, or the charges capping, or the amount of fetches can be done for the same KYC record? I will ask Sunil to answer that. So currently, there is no capping for the same KYC record, primarily because there are different intermediaries fetching that record, and they pay separately. So far as fetch is considered, an intermediary fetches the record only once, and we charge him INR 35 for the lifetime. He can fetch the record as many times as he would like to. Understood. Yes, sir. But if intermediary already has done, it can be considered a validation for the other intermediary, or no, he needs to do it again? Obviously, no. Why will one intermediary pay for another intermediary? Okay. Understood, sir. And lastly, sir. Sorry. How do you operationalize that? That will be a larger challenge. No, I understand, sir. But someone, we were assuming that there will be some one more intermediate layer, where it will fetch and pass it on to other intermediaries. And that intermediate layer will consider to be fetched once. So naturally, that funnel of number of fetches hitting your KYC business might come down. Anything on those lines is what I was considering is happening or not. See, the regulations are very clear, that an intermediary has to fetch for itself. And no intermediary can share the KYC for financial gain. So these two things are very clear in the KRA regulation. So in case any changes have to be done, the regulations have to be changed. Understood, sir. Perfect. And lastly, can you give your employee count, both for standalone and consolidated? That is CFO to answer. Standalone basis, the employee cost is at. Count. Count. Count. Number of people, number of people working, sorry, with. Normally, we don't disclose employees count on a quarterly basis. We are disclosing in the financial annual report, that we are publishing on year-on-year basis. No, no. The reason I will ask you, any, the reason again, sir, this question is asked because the employee cost has grown, and even tech cost is going up. Is it, is it, we are hiring more people to overcome the tech cost, and that's leading to the tech and employee cost to go up relatively? So if you compare quarter to quarter, rate has remained the same. Now, if you compare same quarter of previous year, obviously, there will be incremental costs required to be incurred, isn't it? So the count will be available at the end of the financial year. Okay. Sir, I understand that point, but my more question was, that is it more due to hiring or more due to increments? That's the only thing, which I wanted to confirm. No, no. If you look, I think, again, Sanket, you can just say in Hindi, [Foreing language]. The important thing is that CDSL has a formidable role. Now, how many employees, whether it is increasing, whatever is required to ensure that it remains in business, the value proposition remains. That is what is most of, most critical. And at the timeline, when we are required to disclose, at the end of the year, you will surely get the numbers. Understood, sir. Thank you. Thank you very much. That's it from my side. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, may please star one on their touch- tone telephone. Next question comes from the line of Rohan Nagpal from Helios Capital Management. Please go ahead. For taking my question. I had a question on the technology spend. So as another participant pointed out, that technology spend has grown a lot faster. So it has gone from about 7% of revenue to 14%. So just looking backwards in terms of what this is enable for us, give us some sort of some KPIs in terms of success rate on transactions or capacity of transactions that CDSL is able to handle as a result of this, as a result of the increasing investment in density. So I think, Rohan, you published, see, the number of demat accounts growing quarter-on-quarter, month-on-month, quarter-on-quarter, year-on-year. Now, as the number of demat accounts grow, the number of transactions grow, the margin pledge transactions grow, the number of securities, new IPOs come, is that many more clear, issuances grow. So there are multiple facets, multiple touch points, which are continuously increasing. And the number of people who are entering the market is also growing. So it's a function of all this, which has to be put into play when, while, how the technology has to keep in pace. Second is, there are newer ways on security side, on the application side, which make it easier, more seamless, with AI coming in also. So the technology has to keep in step with all these newer reforms, which are coming into play also. So it's a combination of all these points, which has to be put into play. Also, there are newer requirements from SEBI security standpoint. There we issue various circulars. The requirements are growing. So those also have to be clearly executed. So I hope I have answered it. Yeah, Just on this, s o is it fair to assume that this is the floor on, like, we have to spend at least this much on an ongoing basis on technology to ensure business continuity? It's very, you know, there is no simple answer to this, because, see, the market is changing continuously. What are the new products, which are going to come in the future, we also don't know. What those new products will entail in terms of newer processes, if there are new types of products, transactions, which are coming into play, which are required by SEBI, etc., or by the wider ecosystem. So it's a function of all this, whether the technology cost will remain what it is, or it will grow. It is not a simple line, because the line in which we are in, technology and human resource, is the raw material, work in progress, and finish goods. So it's to continuously evolve as the market conditions change. And those market conditions are something, which continuously will be evolve. So there is no simple answer to this, whether it will remain same, whether this is a floor, etc. It all depends on the circumstances. Okay. Okay. So put a different way, is this, or this, is there a portion of this technology spend that is a variable cost, and a portion of this technology spend that is sort of an investment in the future? Just trying to understand, like, how this moves with as business gets. So any technology system has cost, which are on a routine basis, and one which is building for the future also. So that's how good technology systems are built. But we don't, there is no fixed percentage, and we don't reveal also that percentage, because it's a continuously really evolving process. Because what was seen to be routine three years or five years ago, has changed the way we actually perform now. And that will again change in the next two or three years. So it's a continuous process of really evolution, and therefore there is no simple firm answer to that. Fair enough. I am sorry. Just as a piece of feedback from the perspective of people modeling the operational CDSL, I think it would help if we could get slightly more disclosure in terms of what your fixed costs are in terms of technology, since it has scaled significantly over the last few years. So if we could get some sense of what portion is fixed, variable, etc., and what is investment for the future, I think that'd be really helpful for us t o understand the company. Go ahead. Yeah, but the line of business, which we are in, it's difficult to predict your fixed costs and the variable costs. It all depends on circumstances, and hence, we are not putting it. It's It's not that we don't want to put it out. It's because of the kind of expenses, which we are having, it is tough for us to put it out, what is firm fixed and what is firm variable, because there are lines, which go beyond fixed and variable also. So hence, we are not putting out. So whatever best we can put out, and we have been very transparent in whatever we have to put out, is what we are putting out there. Understood. Thank you. Thank you. That's it from my end. Thank you. Thank you. Next question comes to the line from Amit Chandra from HDFC Securities. Please go ahead. Mr. Chandra, you may please proceed ahead with the question. Yeah, hello. Can you hear me? Yes, we can hear you. Yeah, yeah. So, sir, in the technology cost, we don't include any, you know, the employees who are related to technology in this, or is it only related to software and hardware spend that we do? The employee cost is in the employee cost, which includes all employees, including technology employees. The technology cost is technology. Okay. So technology cost is just the hardware and the software spend here, right? And if you can, you know, give some break-up in terms of what is hardware, what is, you know, software here, and also in terms of, you know, because the rise has been more on the, you know, like, subsidiary side in this quarter. If I do just the consolidated minus standalone, so the rise in the subsidiary has been, like, significant. So is it that most of the investments are going in subsidiary, or is it across standalone and CVL? Yeah, so you've seen the numbers, what is standalone versus what is consolidated. But as I said earlier, infrastructure is a line of business that, as you reach a certain scale, you need to invest in that. And the investment is in a larger proportion to the growth, which you're seeing. It's not commensurate with the growth you're seeing because it's a kind of building a road. Now, the road cost has to be built. If you have to build from point A to B, that road has to be built. Now, how many cars are going? If it's five cars, also you have to build the same road, but 50 cars also have to build the same road. But as the 50 becomes 500, the quality of the load, etc., of the road has to grow. And that cost is significantly higher. That is the same way we are investing in our subsidiary, right, again, to ensure that the value proposition remains intact and the clients and the customers who come to us feel that it is fulfilling their value proposition on whatever they are doing with us. Okay. No, so that I understand, sir. But just in, you know, any in terms of numbers, you can break down this INR 42 crore that we have spent. Is it only on licenses, OpEx? Because obviously, this is OpEx. But if you can give some more color in terms of what is because we are not including hardware spends here, right? Because it is mostly capitalized. So we don't give that real break-up because, again, that will not in the type of business, which we are in. It is difficult to give that break-up. So we don't give that. Okay. Okay, sir. Thank you. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, may please press star one on their touch-tone telephone. Next question comes from the line of Muskan Chopra from Motilal Oswal Financial Services. Please go ahead. Yeah. Am I audible? Yes, Muskan, you are. Yeah. So I just wanted to know, can you give the financial data regarding CVL? Actually, it wasn't clear in the start. Can you repeat the question? Financial data regarding CVL. CVL. Yeah. Financial data in the sense? Just the total income tax, whatever you give. It wasn't actually very clear in the beginning. What you said about. So for the nine-month period, December 2025, revenue from operations was INR 132 crore compared to INR 189 crore in the nine months of FY 2025. Total income was INR 145 crore compared to INR 206 crore in the previous year. Total expenses were INR 90 crore compared to INR 83 crore in the previous year. Profit before tax was INR 55 crore as, again, INR 122 crore in the previous year. And profit after tax was INR 42 crore as compared to INR 91 crore in nine-month FY 2025. So I hope that answers your question. Yeah. Yeah. Thank you. Welcome. Thank you. Ladies and gentlemen, reminder to all, if anyone would like to ask a question, may please star and one on their touch -tone telephone. As there are no questions from the participants, I would like to hand the conference over to Mr. Nehal Vora for the closing comments. Thank you, and over to you, sir. Thank you all for your questions. We have all answered as per what is up to the best of our ability. I hope we have answered your questions. Thank you and stay safe. Thank you so much, sir. Ladies and gentlemen, on behalf of HDFC Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.