Ladies and gentlemen, good day and welcome to the Q1 FY 2027 earnings conference call of Canara Robeco Asset Management Company. 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 this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I will now hand the conference over to Ms. Savli Mangle from Adfactors PR. Thank you, and over to you. Thank you, Ryan. Good morning, everyone, and a very warm welcome to our Q1 FY 2027 earnings conference call. To guide us through the results today, we have the senior management team of Canara Robeco Asset Management Company Limited, headed by Mr. Rajnish Narula, Managing Director and CEO, Mr. Ashwin Purohit, Chief Financial Officer, Mr. Gaurav Goyal, Chief Business Officer, and Mr. Atit Turakhiya, Head Corporate Development and MIS. Before we begin, I would like to state that some of the statements made in today's discussion may be forward-looking in nature. The actual results may vary as we are dependent on several external factors. With that stated, I would now like to hand it over to Mr. Rajnish Narula for his opening remarks. Thank you, and over to you, sir. Thank you, Savli. Good morning to everyone who's on the call. Thank you for joining this call today. We trust you reviewed our results and presentation. I will begin with a brief perspective on the broader industry environment, followed by key trends in the Indian mutual fund landscape, and then cover our performance for the quarter. On the industry and market environment, Q1 FY 2027 witnessed continued global and domestic market volatility due to geopolitical developments and macroeconomic uncertainties. Despite the volatility, benchmark indices recovered during the quarter. Nifty gained approximately 7% and closed at 23,865 as on 30th June 2026. Broader markets also recovered, supported by improving investor sentiment. On the mutual fund industry overview, the closing industry AUM reached approximately INR 82.2 lakh crore, growing at 10.5% year-on-year. Structural drivers for the industry remain strong, which are growing retail participation, wider geographical penetration, diversification across asset classes, expanding investor base. On the company operational highlights, I'd like to point out our closing AUM stood at approximately INR 1.2 lakh crore. Quarterly average AUM increased by 7% year-on-year. Our asset mix stood approximately at 91% equity and 9% debt. Individual investors contributed 86% of our AUM, while institutional investors accounted for 14%. Approximately 24% of our AUM is from B30 locations. Distribution network expanded to over 56,819 empaneled partners. We continue to make investments in digital platforms, enhance investor experience, operational efficiency, and investments in the investment team and research capability. I'd like to invite Mr. Ashwin Purohit to discuss the financial performance in detail. Over to you, Ashwin. Very good morning to everyone. It gives me pleasure to present you the financial highlights. Revenue from our operations stood at INR 116.20 crore versus INR 97 crore in Q1, which is 20% YoY growth. The total income stood at INR 145.80 crore, compared with the INR 121.30 crore in Q1 FY 2026, which is again 20% on YoY growth. Profit after tax stood at INR 75 crore, registering 24% YoY growth. With this, I will open the floor for the questions. Thanking you. Thank you. Ladies and gentlemen, we will now begin the 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. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Sucrit D. Patil from Eyesight Fintrade Private Limited. Please go ahead. Good morning to the team. I have two questions. The first question to Mr. Narula is just forward-looking guidance on how do you intend to position the company for long-term sustainable growth in FY 2027, balancing product innovation, digital transformations, and investor trust while ensuring differentiation in an increasingly competitive asset management landscape? Just want to understand your plan of action on this. That's my first question. I'll ask my second question after. Thank you. Thank you very much. Well, we are an equity-focused fund house, as you're aware. That continues to be the strategy going forward. We do believe that equities market will outperform other asset classes going forward over the long term. I think we are very well positioned to actually capitalize on the growth story in India, given the construct that we have in our asset mix. We will continue to also invest in digital platforms, engage more with distributor partners to make sure that our growth story continues. We will also focus on product launches and also diversify from the mutual fund into other spaces which are available for us. Thank you. My second question to Mr. Purohit is, given the rising compliance costs and market volatility and investments in technologies, what are the key financial levers you prioritize to maintain profitability and sustain stability across equity, debt, and hybrid segments in FY 2027? Thank you. L et me answer that question. It's a broader question in terms of how do we manage costs and profitability going forward. Our cost-to-income ratio for us, we like it below 40%. That's where we like it to be. We're well within that range. Between 38% - 42% is the range we like to play in. We always keep an eye on the cost-to-income ratio. Costs are a certainty. Revenue, sometimes when markets are volatile may not be, and we're very cognizant of it. You're absolutely right, there is rising costs of compliance within the regulatory framework, but that's good for the investors and to make the ecosystem far more safe. We are very well-positioned, as you can see from our results as well. Our Q1 results have been pretty good in terms of profitability. Thank you and best wishes. Thank you. Thank you. We take the next question from the line of Nihal Shah from Prudent Corporate Advisory. Please go ahead. Thank you for the opportunity and congratulations for the results. Last time you were saying that you are investigating the reasons why the yields have gone up on a quarter-on-quarter basis. In this quarter as well, we have sustained the yields. I guess 3 basis points it has increased as well. What are the reasons why the yields have gone up? I'm going to give this to Atit to respond and I will also add. Yeah. Yeah, as you can see, our yields have gone up. There were multiple factors to the change in the yields. The way the industry is structured is that the yields are based on the TER slab structure, which is related to the AUM of the company. There may be reasons why the market had taken a downturn which resulted in higher TERs, which also contributed to the yield going up. Apart from that, obviously, there are other factors also that have helped us with cost also, which we have managed to control in terms of the overall cost that have been part of the TER. All these factors cumulatively have enabled us to increase the yield. If I can just add to Atit. We have a perspective on yield. We like our yields to be in the range of 35%-38%. That's where we would like. We're comfortable with that range. It allows us room to go in for some asset classes or some types of product structures which may be lower yielding but will add to your AUM and growth. It doesn't add to our cost base in terms of the investment team or the operations team or the sales team we need for it. There is a huge leverage there. For example, going into passives will certainly bring the yield down over time. Because of the fact that the revenue from there will straight go to your bottom line because there's no added cost to it. Yields for us in our business is certainly an important factor, not the only factor we look at while building our business. Okay, can we expect some new products in the passive category? Is that what you are hinting from here? Well, it's certainly a part of our short to medium-term strategy. Currently, we are focused on coming up with a new product, which will be launched on the mutual fund space in the next two to three months. In the short to medium term, passive is certainly an option. Okay. How many NFOs are planned for this financial year? If you can put some light on it. We generally target about two in the financial year, it's subject to, of course, board and SEBI approvals. Okay. Thank you. Thank you very much. Thank you. Thank you. We take the next question from the line of Pratik from Monarch PMS. Please go ahead. Hello. Could you help us understand that out of this 20% revenue growth, how much contribution is from the yield improvement and how much is from mark-to-market gains and net inflows? Over here, the operational revenue, we have said INR 116 crore from INR 97 crore. That INR 29 crore is the mark-to-market and the rest is That is over and above INR 116 crore actually. INR 145 crore includes INR 29.64 crore is the mark-to-market. Okay. The operational profit in percentage terms is 20%, which is without the mark-to-market included in it. Pratik, [inaudible]. If you could just give us some color on the net inflows and how do you expect it to be in, let's say, short to medium term? Unfortunately, Pratik, we do not share the information with respect to the net inflow. Mark-to-market is in line with what the market would have gone up. Okay. Thank you so much. Thank you. We take the next question from the line of Siddhant Mayecha from Tusk Investments. Please go ahead. Hi, Rajnish. Hi, Ashwin. Thanks for the overview. Could you help us with some color on the treasury book, which is the investment book of INR 735 crore? How much of this would be equity and what percentage would be debt approximately? The total value of my investment is INR 110.25 crore, which is skin in the game. Okay. Rest is on the debt. Means overnight fund and the income fund, which we have invested. This skin in the game is only investment which SEBI suggests for, and the mark-to-market on that is INR 65 crore, which is INR 176 crore is the total value of skin in the game. There will be 10% value of the debt also because we have a skin in the game 10%. The balance is debt. The balance is debt. Okay, got it. There's been a INR 30 crore mark-to-market gain, right? If I look at it, Nifty's grown only about 7%. We're just wondering how is the debt book driving this INR 30 crore mark-to-market gain? INR 30 crore includes my 8.5% debt realized gain, and rest is the mark-to-market. Okay. Just one last question. How do I read or what are the levers that are leading to the 20% operating revenue growth? Quarterly AUM growth has only grown by 7%, but operating revenue has grown by 20%. Obviously one is the yield expansion, which has been about 5%, I think. Where is the rest coming from? Well, the rest at the moment, as you can see, is improvement in yields. That's one of the factors, and our cost efficiencies. Sorry, the second part was, could you repeat that? One is yields, and second one is? Cost efficiencies. No, even on the rev side, right? Because rev has grown by 20%, I'm not looking at cost. Yeah. I'm just giving the total profitability picture. Got it. One last question from my side. Is the M2M on the debt book on your investments, is the M2M only realized in Q1 every year, or is it every quarter? Every quarter, sir. Every quarter. At the end of every quarter, we book the profits on the debt portion. Okay. Safe to assume that out of INR 700 crore treasury book, about INR 600 crore is debt? Yes. Okay. Thank you. Thank you so much. You're welcome. Thank you. We take the next question from the line of Sonal from Prescient Capital. Please go ahead. Hi, this is Sonal Minhas, sir. Am I audible? Yes, we can hear you. Sure. Sir, I was just trying to back calculate the net inflows from the data that has been reported. If I look at your closing quarterly AUM for equities in particular, that has grown quarter-on-quarter by around 13%-odd. If I just consider BSE 500, that has grown by around 12%, 13%-odd thereabout. You have schemes running from large cap, mid cap to small cap. Is it safe to assume that the delta between the two is basically the net inflows that your company has seen? I'm going to let Gaurav who heads the CBO answer this question. Thanks for asking that question. Of course, as you are aware, I think we have products across the various categories and fairly only comparing it with BSE 500 will be not judicious. The actual would be higher. The actual would be higher, actually. Yeah. On the equity side, as you rightly pointed out, that we have witnessed about 13%-1 4% of quarterly growth on the AUM. It is spread across the products and of course, different products have different growth metrics, which we have achieved. Got it. Okay. The second part, sir, I wanted to understand given that, which is more a zoomed-out question, that there are more mutual funds coming from the MSI, coming from some new fund managers as well. Your large and mid-cap scheme, your flexi-cap scheme and small-cap schemes have been doing fairly well in the past. If I just foresaw this based on quartiles, basically, and one year is too short a time period, but the quartiles, if I see the numbers, how would you say is your performance vis-a-vis similar schemes? Because that directly determines the net inflows for the scheme. Have we seen you holding to your quartiles? Have we seen you going down in quartiles? Anything in that regard, just want to understand. Yeah. I'll just make a more broad comment. We see all funds go through cycles. Sure. You will find funds that will be in quartile one at some point in time and may slip a quartile or two thereafter. The important thing is what's the quality of the underlying portfolio? You know that we invest in quality stocks. If we can even point out one investment in a portfolio that's not good, we'll be happy to look at it. Because the investment team firmly believes in the portfolio construct and their conviction in terms of stocks invested, and they are happy to ride out volatility. There are times that certain sectors may not be in favor at that point in time, but if they have a more medium to long-term view on it, they will stay invested. That's the broader strategy. Yes, this is one of the most transparent jobs that is there in the industry, where someone's AUM performance is out there on a daily basis for everyone to see, and every fund manager tries to make sure that they are in Q1. Got it, sir. I must say that your portfolio buildup is really good. That's a side comment from my side. Thank you. I'll fall back in the queue. Thank you. Thank you. Thank you. We take the next question from the line of Khushi Jain from Negen Capital. Please go ahead. Hi. Good morning. Thanks for the opportunity. I just have two major questions. One was around the SIP flows in the quarter one FY 2027. I think we've just added quite a few distributors. Part of the SIP account we've lost by the time of June end. What are your thoughts or any guidance for FY 2027 regarding the SIP accounts? I'm going to get Gaurav, our CBO, to answer this for you. Yeah. I think SIP, as we all are aware, I think the first quarter of this year, we have seen in the industry also that due to the market volatility we have seen in terms of the higher discontinuation. I think a bit in the last month it is showing some improvement in terms of that number. As far as SIP is concerned, I think clearly we have stated it earlier, it is part of our core strategy, and we continue to make all efforts to ensure that, okay, we continue to strengthen that entire overall piece because SIP overall is a structural story as far as India is concerned, and we are continuing to work with multiple channel partners, strengthening that entire SIP franchise for us. Just to add to what Gaurav said, if you look at the total value of the SIP, it's actually grown and it's now about INR 41,000 crore. The AUM. The SIP AUM is actually grown in value and it's now INR 41,000 crore in terms of contribution to our AUM. Understood. My next question will be around what percentage of our schemes that we manage have beat the benchmark over the last 12 months and the last 36 months? That data is actually available for you on our website. Please, I would encourage you to look at that. I don't have that number offhand with me, I don't want to take a random guess on it. Okay. Thank you. Thank you. We take the next question from the line of Raghvesh from JM Financial. Please go ahead. Hi, sir. Congratulations on a strong set of results. I had a couple of questions. First on the yield side. While we were expecting some moderation for the larger AMCs, they have reported no impact of the new expense ratio norms. I think it's similar for you guys as well, given that the revenue yields have held up. Given that the larger AMCs have been able to cut back, my base case would have been a yield expansion for Canara Robeco. Any color on that? Have we maintained our distributor commissions while the larger ones have cut, and does that translate into higher flows going forward? That's my question on the revenue side. On the expenses side, I had a couple of questions. First, on the ESOP expenses, I think even in this quarter, the ESOP program has not been launched. Would you like to give some kind of guidance on when it will be launched and what will be the P&L impact? Secondly on the, I think, the decrease in cost QoQ, is it totally attributable to the NFO expenses we had in the last quarter? Does this return in the next quarter given you are launching another NFO in the next two to three months? These were my questions. Please. Okay. I think there are three parts to your question. I'm going to get Gaurav to answer a couple of them. On the ESOP one, there's already an ESOP program that is on, which was there at the time of the IPO. As and when we plan the second round of ESOPs, we will let you know. I'm going to get Gaurav to respond to your question on yields and distribution commissions. I think as Rajnish's comment he has already made in terms of our overall strategy on the yield has been, we have an indicative range which we are comfortable with, and that continues, we continue to achieve that. However, specific to in terms of certain questions which are regarding this quarter and on the distributor commissions, clearly, I think these are our partners and in earlier calls also Rajnish has stated that we continue to work in a way so that it's a win-win partnership with our distributors, and these are our long-term relationships. Therefore, with that lens and approach, we have been kind of investing in our partnerships. In the entire marketplace, all the distributors, all the partners are also aware the kind of microscopic structure which has been there in terms of the expense ratios. With the recent changes which happened in terms of moving from TER to BER, we have been able to, of course, work out partnerships and in a way so that it remains beneficial for both departments. In combination of that, which is both in terms of working on our expenses and working with the partnerships to continue with our trading with them, it has filtered in terms of margin improvement or profit. Got it. On the cost with NFOs, is it right to attribute the additional cost totally to NFOs in the last quarter? Does it come back in 2Q? Yes. Actually, I think that's a fair assumption to make that a lot of the cost last quarter was with respect to the NFO that had come in. Okay. Got it. Thanks for the answers. Thank you. We take the next question from the line of Lalit Mohan Deo from Equirus Securities. Please go ahead. Hi, sir. Good morning. Just two questions. One, could you spell out the segment-wide schemes, like equity, debt, and/or liquid funds? Just on the second side, like Raghvesh mentioned that we might be looking to launch two NFOs in our financial year. Just wanted to understand, do we also have any plans to launch any fund in the newer space, which is the SIF category? A lot of AMCs are now looking to launch funds within that space. I'm going to get Atit to respond to your yield question, your segment-wide yield, and I'll take the next one. For the quarter, the first quarter segment-wide yield were as follows. Equity yields were in the range of 39 basis points- 40 basis points. Fixed income yields were somewhere in the range of 28 basis points- 29 basis points. Liquid and overnight yields were 2 basis points - 3 basis points. On an overall basis, we were in the range of 37 basis points- 38 basis points. Sure. Specifically the product that you were referring to, which is SIF. It's certainly an important product category. It's certainly on our radar. For us, it's about focus and sequencing it. From a sequence perspective, we would make sure that we are launching products on the mutual fund space, followed in the short and medium term with the passives and in the short and medium term with SIF as well. Sure. Good. Thanks. Thank you. We take the next question from the line of Nilesh Doshi from Prospero Tree AMC. Please go ahead. Thanks for the opportunity. Am I audible, sir? Yes, sir. You are. Thank you. Thank you, sir. Sir, my question is regarding the quarterly average AUM. Sir, our quarterly average AUM on a quarter-on-quarter basis increased by only 1%, in spite of our 91% contribution from the equity, and equity has performed better in Q1 2027, at least for the small cap and mid cap, compared to the Q4 2026. Why there was only 1% improvement in the quarterly average AUM? Because the AMC charging the fees on the everyday daily AUM, and it is not improving. Is it the reason of the underperformance of our schemes or a very minimum inflow of the fresh funds, sir? Please explain. I'm going to get Gaurav to respond to your query. Yeah, sure. Thanks for asking that question. I think let me just take this opportunity to put some color to when you look at in terms of the industry growth and when you look at our growth. If you look at the industry growth, I think largely the industry growth has been very concentrated. You rightly pointed out a few of the categories. Some of these categories, and particularly when you look at the highest net flows on the hybrid space has been in arbitrage, on the equity side has been in small cap and mid cap. It's pretty concentrated growth which was there. Having said that, I think the way our growth is positioned and the way I think we have positioned our funds is how do we get equitable growth. Some of these gaps, as Nihal also pointed out, that we are continuously building up that growth. Last quarter growth is only in terms of from an industry perspective is in largely when you see it's few categories. While in our case, what we have seen is that, okay, we have other funds also which have grown in our case. Okay. Can we expect there will be some improvement in the quarterly average AUM in the coming quarters compared to the. Only 1% growth will remain the stability of our income. It will not provide the major growth in the coming quarter. Can we expect some major growth in the quarterly average AUM? Well, that's the endeavor of the company. We like to see growth. As you can see that we are focused on two key parameters, which is growth in AUM and profitability. We look at both and try and balance it out going forward. Clearly, we have eyes on both of them. Yes, the endeavor is to keep growing that segment for us. Okay. Sir, my last question is regarding to SIP. One participant had asked the question about the SIP. My question is that we are losing the number of accounts on a quarter-on-quarter. If you compare the YoY basis or quarter-on-quarter, we are losing the number of active SIP accounts. Exactly what step? In the last con call also, you have mentioned that some drive has been initiated to reactivate the old accounts or join the new SIP accounts. The result is not seen. Are we doing anything specific to reactivate the SIP accounts? Yeah. I will get Gaurav to respond to this. Sure. I think as we have stated it earlier that SIP is one of the core strategy which we are pursuing. In terms of our SIP initiatives, in last call we alluded various initiatives which we are taking. As I'm sure you will appreciate that these are like retail distributions and in terms of the initiative which we are taking, while they are already we have put them into the action. You will see in terms of gradual results improving there on that front. Yes. Just to add to Gaurav the initiatives that we put in to focus more on SIPs take time to actually show results. Request your patience to see the results coming forward. We are in the right direction, so we are putting investments behind that strategy. Thank you. That's all from my side and all the best, sir. Thank you, sir. Thank you. Thank you. We take the next question from the line of Utkarsh Somaiya from Eiko Quantum Solutions Private Limited. Please go ahead. Thank you for the opportunity. I think you already answered this question, but just can you help me understand the 20% YoY growth that you have seen? I believe the breakup of that is around 7% has come from increase in quarterly average AUM and the balance 12% has come from the yield. Can you help us understand how the yield has improved given the environment? Yes. Like we answered, a lot of it is the multiple factors that have helped in building up the yield. Like I mentioned that TER slab structure also has played a role in that. Plus we've managed to reduce some of our costs, which are part of the TER also. Cumulatively, all of this has helped in building our yields up. Okay. I have two more questions, if I may. One is how should we look at your cost to income as you scale? Can you help us understand how we could model that? Secondly, you've lost some market share on a quarter-on-quarter and a YoY basis. Do you see that turning or changing going forward? On the cost-to-income ratio, I'll take that question. On the market share, I'm going to get Gaurav to take that question. The cost-to-income ratio is something that we keep an eye on. We've always maintained that we like to play around 36%-37% to about 40%-41%. That's the range we like to be in. It gives us room to make investments. There are lots of areas that would need investments going forward. AI is one of them, for example. Clearly, that's the range that we'd like to be in. I'm not giving one fixed number, but giving you a range. I'm going to get Gaurav to answer the second part of your question. Yeah, sure. I think when you look at in terms of the market, I'm sure you'll appreciate that there are a lot of spaces where whether it is in terms of passives and ETFs and that's a combination of the entire market improving there. While we are more active equity focused as an AMC at this point of time as far as our products are concerned, I think in the active equity space, we continuously, as part of our strategy, continue to work with multiple channel partners and on multiple products and that's why I'm sure even you look at in terms of our AUM growth, you will find that it is much more equitable and distributable rather than very concentrated growth. While concentrated growth is what we have seen in terms of largely in the market, as I alluded earlier, when you look at in terms of the larger net flows which have happened in the market, for us as part of our strategy, which is in terms of achieving growth which is much more equitable, much more across the products, much more diversified. That's the strategy which we have adopted and that may result in some kind of monthly numbers which are not in line as per the expectation. I think we are more focused on pursuing our long-term strategy to achieve our medium and long-term opportunities. All right. Thank you. Good luck. Thank you. Thank you. We take the next question from the line of Mohit Mangal from Centrum. Please go ahead. Yeah. Good evening, and thanks for the opportunity. Sir, I've got two questions. First is I just wanted to know what is your policy of commission structure? Is it different for banks and mutual fund, or is it uniform across distribution channels? Basically it is not information that should or be in public domain. It is unique and it is an agreement one-on-one with each distribution partner. To me that is not something that I can comment on more specifically. On general basis, Gaurav has already alluded to the fact that we work with partners and we make sure that it is a win-win for both. Depending on their standing in the market, the assets that they have in the industry and versus the kind of business opportunities we see for ourselves, there is an equitable arrangement that we have with each distribution partner. Understood. Secondly is basically I wanted to know how much has FinTech been important to you? Direct kind of is around 27%-28% of the overall pie. Just wanted to know what is the role of FinTech in that. Of course. I think as part of our strategy, we work with multiple channel partners, and that is how it is reflected in our AUM mix across the distributors. FinTechs are also one of our integral important partnerships which we have. That is how when you look at in terms of our direct share, which is in line with the industry. We continue to work with all our partners across the channels. Okay. If you will just say how much is FinTech as a percentage of direct, that would be useful. I think that is something which we don't disclose, and it's not available in the public domain. I think clearly, from our AUM mix of across the partners and across both the regular and direct will give you some color in terms of how we are placed and which is in line with the market. Understood. Thank you, and wish you all the best. Thank you. We take the next question from the line of Rohan Nagpal from Helios Capital. Please go ahead. Hi. Thanks for taking the question. If I just look through the scheme financials that you've disclosed, there seems to be a certain seasonality in the management fee yields across the last three years of financials that have been published. The gap is quite significant, north of 10%. Could you sort of talk through the factors that are driving this seasonality in the yields? Just a more broader response. We are an equity-focused fund house. Changes in our market volatility, either positive or negative, would impact our total AUM as well, right? To that extent, you could argue that it could be seasonal, but I don't see it as seasonal because we look at long-term trends, right? While quarter -on -quarter is a way to look at it and take a pause, we are building businesses for long-term. I mean, we want this company in a way to survive forever, so to speak. For us, it's more long-term, and therefore over the long term it evens out. Because our construct is 91% equity, you will find a bit more variations that you referred to. I'm looking at this as a function of AUM. I think our first half, second half fiscal 2024, the yield was 32% and 37%. 2025 it was 32% and 37% again. 2026 it was 35% and 38%. I'm just trying to understand why the yield itself, I mean, the AUM and the absolute management fee, I understand. Why would the yield move by that much between the first half and the second half of the year? Yeah. I think it's also to do with the way you account for it. Yields, generally on a quarter -on -quarter, you estimate what the expenses are. In the last quarter is when you actually finalize the expenses. You will find that variation coming in, because at the end of the day, on a quarter- on- quarter it's on an estimate basis. In March, because you're closing your books, it's the final number. Understood. Okay. That's helpful. In terms of the cost efficiencies that you talked about driving an increase in the yields that you're generating, could you just provide some color on exactly what these cost efficiencies are? Is it fair to assume that these are costs that are borne at the scheme level, that are sort of being brought under control and therefore there's more that flows to the AMC? They're more related to the scheme levels. It's there. On the rest of our book, we continue to invest in our business, whether it's people or infrastructure. Understood. Okay. Thank you. Thank you. Participants who wish to ask a question, please press star and one. We take the next question from the line of Sonal from Prescient Capital. Please go ahead. Hi, this is Sonal again. I had a follow-up question regarding the equity yields. Given that we moved from TER to BER, there is this bump in the yields. Given that the AUMs have been range-bound and the markets have been range-bound as well, are we expected to hold on to these yields or pass some bit of this to the distribution in the near term, maybe next one year or two years? I just want to understand that. Yeah. We hope the markets will stabilize in the next quarter or two, we'll see how it pans out. We do expect the yields to be somewhere in the region of 36 basis points-40 basis points in terms of the equity AUM. In that region we expect it to be. It obviously will rationalize out over the period of the next quarter or two. Okay. Also wanted to understand, not that I'm asking numbers in absolute terms, but if you were to force rank ourselves onto how much money we leave on the table for distributors, would we be top of the stack or would we be bottom of the stack basically in terms of how distribution basically deals with us, works with us? If you could just give a subjective comment, that will help us understand. Yeah. I think it would be fair to make a statement to say that the mutual fund industry per se is a distribution-led business, and therefore they need to be fairly and adequately rewarded for the efforts that they put in. I think we'd like to be competitive in that space, we would like our funds to sell based on performance. All right. Thanks for answering my questions. Thank you. Participants who wish to ask a question, please press star and one. As there are no further questions from the participants, I now hand the conference over to Mr. Rajnish Narula for closing comments. Please go ahead. Well, I'd like to thank all of you for participating in today's conference call. I'd like to thank you for your support. I wish you all the very best for the remainder of the year. Good luck and have a nice day. Thank you. Thank you, sir. On behalf of Canara Robeco Asset Management Company Limited, that concludes this conference call. Thank you for joining us. You may now disconnect your lines. See you. Thank you, everyone.