Ladies and gentlemen, good day, and welcome to CSB Bank Q2 FY 2024 earnings conference call, hosted by YES 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shivaji Thapliyal from YES Securities. Thank you, and over to you, sir. Thank you, Enzo. Good evening, and a warm welcome to all those who have joined the call. The CSB Bank management is represented by Mr. Pralay Mondal, Managing Director and CEO; Mr. B. K. Divakara, Head, Strategy and Corporate Legal; and Mr. Satish Gundewar, Chief Financial Officer. We specifically thank the management of CSB Bank for giving YES Securities the opportunity to host their results call. The management will first be making some opening remarks, after which we will throw the floor open for questions. I now invite the management to make their opening remarks. Pralay, over to you. Thank you, Shivaji, and, thank you, everybody, for joining the, CSB Q2 earnings call. And I would like to also wish everybody a very happy Navaratri, and today the Durga Puja is starting, so, happy Durga Puja too, also. To make things little more brighter, there is a lot of sound in the background. I think people are celebrating Navaratri, so, hope it doesn't disturb, while we are talking. Please bear with us, because there is a lot of background music happening around. Coming to our, today's call. First, I'll start with a little bit of a macro on the global scenario and domestic scenario, and then I will quickly move to CSB specifics, and I'll keep it short so that we can spend more time on the call in terms of Q&A. On the global side, while the inflation had shown signs of moderation, the economic data continues to remain strong, leading to the prospects of current rate cycle staying higher for longer. With escalation in geopolitical risks, oil remains in the 90s as a result. With high interest rates and high commodity prices, global growth is forecasted to get slower from 3.5% in 2022- 3.0% in 2023, and 2.9% in 2024. On the domestic side, in contrast to the global trends, the economic activities exhibits resilience on the back of strong domestic demand. With the start of busy festival season, the demand for currency with public is likely to remain strong. RBI has projected the growth at 6.5% for the year, and the commitment to bring inflation to 4%. Added to that, the volatility of the global factors like rates, currencies, and commodities, the liquidity in the system is likely to remain in deficit. Also, the currencies are in circulation is expected to be slightly higher, and in view of that, we expect the liquidity challenges as well as the deposit rates to remain little elevated in the system for a while. Coming to CSB specifics, overall performance on both top line and bottom line was good on a YOY basis. Highlights of the performances are improved profitability with net profit of INR 265 crore for H1 FY 2024, up by 13% from H1 FY 2023. Q2 FY 2024 PAT at INR 133 crore, 10% increase over Q2 FY 2023. Operating profit witnessed a growth of 14% on a half yearly YOY basis. Q2 FY 2024 is up by 11% over Q2 FY 2023. Provisioning buffer of more than INR 170 crores over and above the regulatory requirements. And despite the margins are under pressure for most of the banks in a highly volatile market, we could maintain a NIM of 5.12% for the half year ended 30 September 2023. For Q2, it is tad lower at 4.84%. However, I'm confident that our NIM has bottomed out in this quarter, and as per our plan, we should be able to report our NIM higher than 5% on a full year basis. On a sequential basis, while cost of deposits increased from 5%- 5.22%, yield on advances declined from 11.18%- 10.88%. We are, though, confident that we should be able to erase this decline in the coming quarters. Healthy RWA of 1.76% for H1 FY 2024, and 1.73% for Q2 FY 2024 annualized. On the liability side, I think, we have improving the funding base. Deposit growth of 21% YOY, as against the industry growth of around 13%, and CASA growth of 4% and 4% YOY for CSB. On the asset side, the net advance growth of 27% YOY. Industry has grown by around 15% YOY, if we don't consider the industry merger. Gold loan portfolio registered a growth of 32% YOY. Portfolio buildup happened across all the sectors. Now, we have more balanced growth trends across all the franchise, be it retail, gold, SME, and wholesale, and which will sustain now and actually grow. Yields on advances for H1 FY 2024 is at 11.04%, with an improvement of 34 basis points from H1 FY 2023. On the asset quality metrics, I think we have some good news. Stable asset quality with GNPA of 1.27%, NNPA of 0.33%, PCR of 75% without write-off, and 92% with technical provisions. Prudential provisioning policy in excess of RWA requirements. SR portfolio is fully provided, which we communicated before. On the capital base, CRAR of 23.96%, 96%, almost 20%. Low proportion of risk-weighted assets compared to the industry. Shareholder, on the shareholder value creation, our intent is to maximize the wealth of shareholders fructified with attractive EPS, book value per share, ROA and ROE. Book value per share has reached INR 191, which is called consistent growth quarter-on-quarter. EPS of H1, FY 2024, is 30.51, ROE of 17.08 in H1. In conclusion, I'd like to say that our endeavor has always been to deliver consistently, and create a compounding growth story. The quarter gone by is no exception. We have done well in both top line and bottom line parameters. On the top line, while the advances and the deposits grew by 15% and 13% YOY in the industry, our growth is higher by more than 50%, at 27% and 21%, respectively. This is what I had told in my previous call also, that our endeavor is to grow 50% faster than the system. Gold loan portfolio grew by more than 30% Y-O-Y. Due to systemic liquidity challenges, deposit growth has come at a slightly elevated cost, and CASA growth has remained muted, which is true for the industry as well. As communicated earlier, our cost to income has remained elevated due to significant investments we are making. As these investments start paying back in terms of operating leverage, our cost to income ratio will start tapering for FY 2025 and should go down below 50% by FY 2030. On the other front, we are taking rapid strides in strengthening the building blocks that will help us in leveraging our full service banking license and build a 360-degree pan-India franchise across wholesale, SME, retail, and gold loan business. Our primary focus is to build a solid liability franchise by acquiring quality customers and onboarding them with all banking products and services. We are significantly investing in leadership, people, distribution, products, while transforming the technology stack to provide our valued customer a good service and a 360-degree banking facility. So in short, I would like to say that while every quarter we will deliver the numbers what we are delivering, but the bigger picture for us is this strategic vision, and how we are sustainably and consistently moving towards that vision step by step, and so far, we are completely on track to achieve the milestones we have set for ourselves. With that, I stop here, and I will welcome questions. Thank you very much. Thank you so much, sir. We will now begin the question- and- answer session. Anyone who wishes to ask a question 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 while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mona Khetan from Dolat Capital. Please go ahead. Yeah, hi, sir, good evening. So my first question is around the yield on advances, which sequentially declined by 30 basis points. So is it to do with the rise in gold NPA and the related interest reversals? So, Mona, you have asked the right question, that yield has come down a little bit, and that is primarily because of gold loans. So, what we did is, I'll tell you, last quarter, you'd know that the gold prices had started dropping, okay? And, being a very risk-averse kind of a person, what I told our gold loan business team is, wherever we have-- generally, the yields are higher, where the, you know, LTV is also higher. So as prices are coming down, I just wanted to take some of these, some of these customers off our books, and we gave that option, for a good option for these customers, and various ways this can be done, so you use the process generally what we all know. In the process, a lot of these high-yielding, high LTV customers had moved out of our book. In a way, you can also describe them the way you described, not necessarily NPA, just not NPA. It's also customers who are getting at a LTV, which is higher than our comfort level, and hence we exited out of those relationships. Given the perspective, Mm-hmm. Our overall portfolio looked very good in terms of risk parameters, and but after that, because of the Israel crisis and things like that, global crisis, gold prices has gone up again, and hence now it is looking like a very, very risky kind of a portfolio. And also we are adding more businesses. But again, I'm very careful because, you know, this gold prices, how long it will remain high, given that global U.S. 10-year is almost 5%, dollar index is where it is, our bond is also high in India. So given all these perspectives, I'm just not willing to take that kind of a bet, saying that let's go all out and book this business at this kind of a price. So we are being very, very cautious and conscious on this business. So that's a, that's a combination of two, three factors, why you are seeing what you are seeing. But, I think it's a, it's a, it's a risk- averse kind of, mindset which made us do this, because I always say that risk come first, and after that, profitability and yields. Having said that, I must say that this is a kind of a one-time kind of a situation. We don't see the, you know, we have bottomed out on NIM, which I just said, and our overall, half-yearly NIM is around 5.12 or somewhere like that, and I don't see us... I think that what we have committed before, that will be above 5% for the year, we should be able to hold on to that commitment. Sure. So while you're saying that you let some of the higher LTV, LTV portfolio go and also, high-yielding portfolio go, if I look at your, you know, reported LTVs and weighted average yields of the portfolio on the presentation, the LTV is at 81% for the book, and, the weighted average yields are at 11.7. So what explains that? No, no. Weighted average yields, where did you get 11.7? Our yields in gold loans has come down this quarter, right? I don't know, where did you get this 11.7? I'm referring to the presentation on slide. Oh, got you. This one. Okay, okay, okay. Right. I'll tell you, I'll tell you, the yields on gold loan has come down by around 20-30 basis points for us, okay? Okay. I'll tell you the number. It was 11.78 last quarter, and at this quarter, we are 10.99, around 11%. So we have brought our yield down in gold loan, and it will again go up. Immediately this quarter it will go up. So our yields have come down by around 70 basis points in gold loan this quarter, and this is exactly the reason why I'm saying what I'm saying. And, on the LTV, as you rightly said, if you do a little more detailed calculation and see what our yield was and what our mix was, I mean, mix was, and what our mix is right now in terms of LTV, and then kind of a compare it with the gold prices which dropped, you will see that we have got rid of a lot of higher LTV book from the bank. Okay? Okay. So basically, this 11.7 number is incorrect on slide 12 of your presentation. No. So what happens, Mona, is that, that is a half-yearly number. We are talking about, what Pralay is talking about is the Q2 FY 2024 number- Okay. - which is 10%, 11%. So on a weighted average- Okay. Now, Q1 our yield was pretty healthy, and so an average of that is what is shown. So, whatever has changed has changed in Q2, right? Because you know that the gold prices dropped in the second half of Q2. Okay? Okay. When you look at H1, it might be that number is correct, but when you look at quarter-on-quarter, which I have in front of me, it has come down by 70 basis points. 70, good. Okay. Yeah. Seventy-nine. Okay, got that. 79 basis, yeah. So but this is again, I'm telling you, this will again go up this quarter, so we. That's why I'm not so worried on the, NIM and the gold loan yields, because this was a tactical decision we took, which has been taken care of. Sir, this 11.70, whatever we have stated in the investors' presentation, is carrying yield. So that is why that has been at 11.70. It's reckoned against the outstanding balance. Sure, sure. Got that, got that. It pertains to the full, H1 of the, Yeah, yeah. Yeah. That's right. Okay, my second question then is around the margins. While you said that you'll be able to maintain that, 5.5% or so for the full year, so, in that case, we expect essentially that the margin should rise year on. So that's what I said, that we have bottomed our margins. Obviously, cost of funds is sort of flattening, but we still don't know if there is some more increase on the cost of funds. But we believe that our yield expansion, in spite of mix, mix going up now on the retail, on the SME, on the wholesale side, things are starting to improve. You will see that our increase in yields will be higher than the increase in cost of funds, and hence, our NIM will be higher than what it is today. So eventually, we will be able to manage our NIM in line with what we had guided, which is above 5% for the whole year. ... Got it. And just one final question. On the non-interest income, there is the INR 60 crore of other income. What does that pertain to? And, yeah, and, and, and just again on this part, if I look at the other income ex of treasury, it's almost, you know, 1.9% of your assets, which is close to what some of the large banks are making. So, is it fair to assume that, you know, other income growth will slow down, incrementally? So, if you remember, Mona, what I said before that one of the critical focus areas for the bank was sustainable fee business in the bank. And a few years back, we used to be below 5% ex-treasury and ex-PSLC. And you must have noticed that this quarter also, like last quarter, we didn't take any PSLC income. So given this perspective, you can assume that whatever fee businesses we are showing are franchise fee businesses and hence sustainable and will continue to grow. I mean, the ratio may be right now around 17%-18%, generally may come down or go up a little bit here and there, but broadly, our fee income will continue to sustain in line with the balance sheet growth right now. Because a lot of these are processing fees, insurance-related businesses, other franchise, TFX, all of these things have started picking up. We have put a lot of effort around it, and it is starting to show results, and it will sustain. There is no one-off in this at all. In fact, one-offs have not come. PSLC has not come. Right. Got it. And just finally, what is the INR 60 crore in the non-interest income, the other income part? It could be including some of the insurance income, liability income, some of the credit cards, as you know, that we have started enhancing our book on the credit card side, which we do through the partnerships, so could be some of this income. So it's a combination of a host lot of granular, sustainable compounding growth kind of income. Sure, sir. Thank you. I'll come back in the queue. That was useful. Thank you. Thank you. Thank you. The next question is from the line of Pallavi Deshpande from Sameeksha Capital. Please go ahead. Yes, sir. Thank you for taking my question. Just wanted to understand on the deposit growth, that was, it was quite healthy, but just, the LCR has declined, and so do we see that, you know, do we see a situation where this limits our loan growth going ahead, the LCR regulation of 100%? So, Pallavi, thanks for your question. So deposit growth is right now in a systemic challenge right now, in the growth system. Though we have grown at 21%, a very small balance sheet reserve is overall growth of 12%-13% in the system. But this growth has to be managed with three, four ratios in consideration. One is NSFR, one is LCR, one is CD ratio, one is CASA ratio, and one is cost of funds, okay? So there are five balls in the air constantly when we look at our deposit growth. And the deposit also has a certain amount of increase coming from CDs, certain amount of refinance, certain amount of deposits, and a slight increase on the CASA. So it's a combination of all these four. Coming to your question, will LCR become a limiting factor? Answer is no, because we know structurally there are four, five things which leads to the LCR ratio, and we are monitoring. I myself monitor LCR, Satish also does it on a daily basis. So I don't see that becoming a limiting factor, but if systemic liquidity remains very, very tight, we are also very clear that we don't want to increase our cost of funds beyond the point when we cannot, you know... We, as I said before, that I will not sacrifice growth for NIM, but at the same time, we also can't have a situation where we'll buy business, buy liability business. That we'll never do. To give you an example, validation on that, our CASA or our SA rates still are below 3%, okay? Our effective SA cost is well below 3%, okay? So which shows that we are not in the business of buying liability. We will continue to grow, and we are on a smaller balance sheet, we can do that. And as we create our overall franchise, there will be automatic growth on the liability side. So to that extent, yes, when our CD ratio is almost 87.5 or somewhere like that, we also have to have our deposit growth, which is closer to the asset growth, and we'll sustain that. And hence, you're right, deposit growth will decide our asset growth as well. Sir, just taking that one step forward. So the loan growth, we will be maintaining the CD ratio here now, is that what we are saying then? Yes, yes. I have said that we will keep our CD... We'll try to keep our CD ratio within 90%. We have been able to do that so far, and we hope that we'll be able to maintain that. Right, sir. Thank you. I'll come back in the queue. Thank you. Thank you. Before we take the next question, a reminder to all the participants that you may press star and one on your touchtone telephone to ask a question. The next question is from the line of Vikas Kasturi from Focus Capital. Please go ahead. Yeah. Hello, sir. First of all, congratulations on a fantastic half year. Sir, my question is more to do with the industry. If you could just help paint the picture for me. So, we hear that even some of the large banks, like HDFC Bank, is adding a lot of branches and trying to get more of the retail business, and so is another bank, like IDFC Bank, and so on. So in such a situation, could you just tell us, sir, how—what is the kind of competition that you're seeing in the segments that you are operating, like SME, wholesale, and even retail? So how is the competition, and how are we targeting a different set of customers than these other banks? Could you just help paint the picture for me, sir? Sure. Sure. Thank you very much for the question. So, yes, I think the larger banks, see, I have said it before, bank like HDFC is creating one CBS in how many days in a year? I don't know. So, we really are not competing with such large banks. But there is always a sweet spot for everybody if they know how to execute the strategy, and that's how all big banks has also become big. You know, they are not big day one. People have become big over a period of time. So every bank has started like this and then gradually started playing the mainstream. For us, the first principle is, which is our board guidance as well as our management philosophy, is that, we are in the business of taking risk, but we are in the business of bringing the money back of the risk we take. So anywhere we have any doubt that we'll not be able to get the money back, we don't do that business. So basically, net, net, what it means is we are extremely risk-averse, to stay, to point number one. And anywhere we see a risk, we don't do that business, as simple as that. B is, our balance sheet size is small, our opportunities are also small, but within that balance sheet size, the percentage growth, there is enough scope. India, the kind of distribution, the kind of opportunities which are there, everywhere a HDFC or SBI or a, you know, Kotak or Axis cannot reach, right? All the time. So there will always be a scope, and we have to be at the right place at the right time, and hence we have to find our sweet spots. That's what we are doing. Third point is, branch distribution. Yes, there is branch distribution, which I always said is going to be key for banking in India. And finally, I think, there's a realization that between digital and physical, both are very important. Digital augments physical distribution. That's why I fundamentally believe that, branch distribution is required, especially as you go into deeper geography and in the main markets, even for wealth management, all those businesses you need. Because you're asking, industry question, we are not into wealth management ourselves, but I've done that business before. You need that kind of a presence in, in, metro markets. And as you go deeper into geography, the Bharat banking, whichever you call it, microfinance or, agri kind of businesses, you need your distribution. So we are not doing niche in terms of products. We will do everything, but we will be finding our sweet spots where we think that we can give the right service to the right customer, and the customer, segment, which is probably not getting the kind of attention which they deserve in a larger bank and in those kind of banks, this is what we can give. So the number of walk-ins that happens in our branch is much lesser in some of the banks which you're talking about. And here, the personal attention we can give is probably much better. We may not have all the services today, the way they can give, but some of the customers miss personal attention, which we can give better. So we are trying to find out which are the things which we can do much better. SME, for example, which are the industries, which are the kind of locations, what kind of solutions we can provide, which some of the larger banks may not have the time or the bandwidth because they are doing much larger businesses, so we are finding those. But what we don't do is we don't take any risk, and we are also elevating the quality of the portfolio on the liability side also. So our average balances are going up in our bank. Then, on the acquisition side, the quality of acquisition is going up, and clearly, our growth in value is faster than the, growth in numbers, numbers of accounts. So some of those parameters start showing up. We have built businesses like this in various banks before, so we know what to do, and so far, we are on track. Thank you, sir. Thank you for that, explanation. So I just have a specific question. Could you just give me some example of the segments or the niches where you can operate but a larger bank would not find it profitable to operate? No, what happens in our, that, having... See, we, most of our management team here have worked in larger banks, and, fairly large portfolio they have handled. We know that it's not a question of segment, it's a question of location. It's a question of which customer gets what attention in which kind of a mis- bank. Because when you have, much larger set of customers to address, some of the customers may not get the attention which they will get in our kind of a bank, because our branch managers or our relationship managers or our customer service officers are a little more focused. When you look at a customer pyramid, I'll answer it in a very, different way. When you look at a customer pyramid, our customer pyramid is different to a customer pyramid of bank A, different to a bank B, different to a bank C. So, in FY 2025, our customer pyramid will be very different to what our customer pyramid will be in FY 2030. So defining this pyramid is very important, because if I pick up customer, which is the higher end of the pyramid of HDFC Bank, he will never stay with me.... Okay, so we are finding those sweet spots which are premium for me, but at the mid kind of a segment for any of these banks. That is good enough for me to start with, because then if I can do life cycle banking with these customers, as we grow and build our kind of other products and services which we are doing, then it will help us. So, as I said before, that our core banking we are just starting to implement anytime next month onwards. LMS, LOS, all this, you know, API already is done for us. Corporate net banking we have done. I mean, I'm just talking about the entire tech stack which we are building around it, the kind of products and services, transaction banking, SME, supply chain, CMS, we are working on solution on CMS. So a lot of these things which we are doing, which eventually will attract the right set of customers to us. So, ultimately, I'll say that service, attention to retail, attention to customers, and being closer to customer is something which we can do, which maybe for this segment of customers, the bigger banks won't have the bandwidth to do. That's what we have chosen as our sweet spot. I've got it, sir. Thank you again, sir. If I may ask one more question. Sir, so as you are opening more, let's say 100 branches every year, and you're going into geographies where they may not be familiar with the CSB Bank, do you have to raise the deposit rate to attract customers? I know you said that you will not buy liability, but my question is, to attract customers in new geographies, do you have to raise rates at least marginally or something? I have, you know, in various organizations I've worked in, whether it is Wipro, HDFC, at various levels, in various products on both liability, assets, et cetera. Yes Bank was a slightly different story because the brand we created there as a 7% on the savings, not that it was my strategy. I never believe in pricing as a way to attract a customer, because then that's not the way to build a franchise. The only way to build... Because if I give five, somebody else will give six, somebody else will give seven, they will go away. So I don't believe in pricing as a strategy. At the same time, we have to be competitive in the market, and hence, we have to be at par with whom we are competing with. So we will not attract. If you look at our rate chart, everything, you will see principally, we do not believe either on the asset side or on the liability side, to play the pricing game out there. Because in a sales situation, what happens is, the sales guy gravitates towards the, naturally towards the, lowest kind of, price or highest kind of price, depending on you're talking about, liability and assets. And once you open it up to the sales channel, then there is no control. So I do not believe in pricing as a strategy. We'll always believe in execution, service, products, delivery, all those kind of things is going to create our brand over a period of time. I don't think I don't like pricing as a brand for the bank. Right. Well, thank you, sir. Thank you very much for your detailed answers, sir. Thank you. I'll come back in the queue. Thank you so much. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Prabal from Ambit. Please go ahead, sir. Yeah, hi. Am I audible? Yes, Prabal, you are audible. Yes, sir, you are audible. Thank you, sir, for the opportunity. My first question is, sequentially, we saw growth being driven by gold loans. What then explains a 12% sequential growth in credit risk-weighted assets? No. Can you, can you just be little louder? Risk-Weighted Assets growth, you're saying, is it? Yes, I'm saying that credit risk-weighted assets grew by 12% sequentially, whereas the loan growth is being driven by gold loans primarily. So why is there a sharp disappointment? If you look at it, while the mix has broadly remained the same, gold loan has remained around 47%. The mix has gone down slightly on the wholesale side, has gone up slightly on the retail side, on the mix side, and SME has almost remained the same. What it means is, if you look at the growth, for the first time, as I said before, all four segments have grown. I think wholesale has grown by 17%, SME has grown by, I think, 22%, if I remember it correctly. Retail has probably grown by 30%-40%, and the gold loan has grown by 32%. To that extent, for the first time, some other businesses are growing faster than the gold loan as well. It's just that their quantum is lower, the base is lower, that's why still, gold loan mix has not changed. And as and when this quantum starts getting bigger and the momentum starts picking up, you'll see the gold loan mix FY 25 onward starting to go down. So given this scenario, and given that some of the risk weights on the SME and on the retail side is slightly higher, there could have been some risk weights change in some basis points change could have happened on the overall risk weights. Satish, you want to add to that? Prabal, if you see, our capital usage is very limited, because my RWA to my assets is always in the range of 43%-45%. So, year-on-year, if my balance sheet has grown by, say, 2,100 or something, kind of, growth year-on-year, my risk weight will come down because my risk weight will grow little lesser always. No, so in the sense of, so my question is more on sequential basis. What I'm saying is that, gold loan has haircut premium of 0%, and since the growth was primarily driven by gold loans, so why was there increase in risk haircut premium sequentially? No, no, no. Growth was not primarily driven by gold loans, actually. If you look at, our retail growth was faster than gold loans, okay? The, wholesale SME growth was, almost similar to gold loans, slightly lesser. Wholesale growth was also higher. So, it's not driven primary... This is actually the first quarter where gold, the gold loan didn't drive the growth as much. Gold loan grew by only, very close to gold loan growth was very close to the bank's growth, bank's growth, right? Okay, maybe we'll have to go for it. Sequentially, gold loan, sequentially, gold loan grew by 5%. SME grew by 8%, okay? Retail grew by 10%. Then Agri and MFI grew by 16%. No, thirty. 3%. What is this investment? Investment. Okay. So, if you look at it, gold loan was actually lower than two or three products growth sequentially. So the gold loan didn't grow sequentially that much. That's what the point I made in the first question you're gonna ask, no? That this quarter, we took a conscious call of not growing the gold loan as much because gold loan prices are going up, and we actually exited a lot of our gold loan, which was slightly on the higher interest side. Okay. Thank you. My second question is, just a clarification. So you said that, we have INR 170 crore of contingent provision. Is that it? INR 170 crores of contingent... Oh, okay, sure, I'll explain that. Before that, one more point I wanted to say, we have around INR 170-175 crores of credit card portfolio, which grew, which was one of the highest growing because our base was very small. That would have also eaten up some amount of risk weights out there. Because some of these are unsecured credits, that could have went up. On this INR 170 crores, what you're saying is, out of that INR 107 crores is this thing, COVID provision, we used to call it before. Now, we have called it additional provision. Then we have, and our, this thing, compared to regulatory provisions, our provisions are much higher. We have given the breakup somewhere, how it has come to INR 170 crore. It is somewhere in all the, just in each slide. But, so bulk of it is INR 107 crore, which is the, which is the COVID provision, we used to call it, now it's additional provision. And then, then others are basically incremental provision, which is what RBI regulates. Based on that, we have overall INR 170 crore. Out of that, I think tax is 33% benefits, so overall is around INR 132 crore. So I'll, I'll tell you the breakout. NPA provision based on regulatory provision, which is our provision, is INR 67 crore. Others is INR 106 crore, which used to be before COVID provision, so total we tax to INR 173 crore. So a net of tax, INR 43 crore, it comes to around INR 130 crore after tax, tax impact. So this is the point you're talking about. Okay. And this INR 107 crore COVID provision, these are not earmarked against any specific assets? So what we have done is, because COVID is gone, right? We have internally created a policy that these are earmarked against certain accounts, and as and when those accounts are gone, then we can use this for something else. Because it's very easy to immediately take it into the P&L, but we somehow believe that we need to keep slightly higher provisions as a conservative process. That's why once the COVID was kind of the risk was gone, we didn't want to take it back into our P&L. We just wanted to keep this provision into the system. That's why we have kept it. I mean, as per our statutory auditors' approval, we have taken it as other provisions. Okay. The second, third, third question was on the reconciliation of cost of term deposit. So the reported cost of term deposit is 6.5%, but if you see bank website, then offering rate on one-year and two-year term deposit is just 5.5%. So why is there such a disconnect? I didn't fully get your question, but I think I've got a flavor of what you're saying, because there's some disturbance on your voice. So I'll tell you what is happening on term deposits. Most of the term deposits which are now coming, you know, for one year, kind of, term deposit, one year plus kind of a term, nothing is coming below 7.5%, and some are around 8%-8.1%. So that's where term deposit costs are definitely going up, which leads to our overall... And also, deposits get repriced, right? Based on various things. So based on that, what you are seeing is cost of deposits, term deposits has gone up to, in Q2, 6.43%. It was 6.21 in Q1. It was 5.93 in Q4, 5.24 in Q3, and Q2 it was 5.18. So overall, there is a hundred twenty basis points increase, roughly, 125 basis points increase in term deposits cost. So this you can divide into two parts. One is re-pricing and one is incremental term deposits, and we are growing term deposits by almost 30%. So 30% growth is coming at a cost which is at least 200 basis points higher than what used to be there. Because what was coming at 5% that time, 5.5%, is coming now at 7.5%-8%. So there is a 200-250, and I'm talking from the industry perspective, that incremental term deposit cost compared to one year back is at least 200% more, right? So given that this is not our story, this is the industry story, and we are in the ecosystem, so naturally we are mirroring what is happening in the system. Okay. So would it be fair to assume that the cost of term deposit would be for us at maybe 7% or 7.25%? So there is another 60-70 basis point increase available. See, nobody knows that, but my belief is that, you know, typically, this is our franchise I'm talking about. We have seen our renewals, obviously, we are like every other bank does, we do special buckets and things like that to ensure that renewals do not get impacted, and our renewals are very high, okay? So, and they are coming at reasonable rates, okay? It is higher because even that rate charts are also higher, normal rate charts, not special rate charts itself, but they renew at the same tenures, and they're granular. So to that extent, a lot of these deposits will renew at higher, but not at this kind of a high rates. Also, depending on where G-Sec goes, 10-year G-Sec and the liquidity situation goes, in case we see that the you know, by the end of this year, hopefully, if you see that 10-year G-Sec gets closer to 7%, 7.25%- 7%, somewhere in between, then I don't see how this will significantly go up. So by and large, I think we are almost there, maybe another 10, 15, 20 basis points. Otherwise, we are almost there in terms of term deposits cost is my view. Also, the yield curve is flattening, right? I mean, the shorter end and the longer end. That does not take the deposit costs up. What it does is create volatility in the deposits, okay? If eventually we think that the G-Sec is going to flatten to start tapering down after this financial year, then that will not matter in terms of the deposit pricing. So given all this logic, I think unless the global situation changes and, you know, overall, U.S. G-Sec, 10-year G-Sec goes from five to six or something like that, I don't see this going up too much. 7% is out of question. Okay. Can I ask one more question? Yes, yes. Okay. Sir, our LTV is at 81%, and if I compare this to other regional banks, they are operating at 65%-67% LTV. So, I understand that we are focusing on growth, so we are taking slightly higher, but compared to these, but compared to other regional banks, this is significantly higher than what and where they are operating. So, any thoughts there? You are talking about gold loans? Yes, gold, gold loans and- Yeah, yeah. No, no, I think the region which we operate in, I don't know who's operating at 60 or 65. I know most of them are 70% and above, okay? And some are even higher than us, okay? So... And I track it, so, it is not-- I don't know how many people are at 60%. Having said that, it's a function of what is it? It's a function of what is the size of your agri portfolio and what is the size of your non-agri portfolio. Because as per regulation, non-agri portfolio has to be below 75, and we are well below 75 out there. And on agri also, we have kept a limit of 85%, okay? We'll not go beyond 85% in terms of LTV. Why you are seeing elevated, the same 81 used to be 73 for me only, few, one month back or two months back, okay? And that's the time we took the call of saying that we don't want to go beyond this, so let's, you know, get some of this portfolio out of the system. So, so given that perspective, it's a question of... And now, and now if I calculate, my LTV will be much lower, you know, because the gold prices again go up. It's a sensitivity analysis, one is to two. Given all this, it's a function of how we are doing, what is the agri portfolio. Agri portfolio also gives you PSLC, remember that, you know? So, and this gives a better earning, and there's a lot of more rigor in that because you cannot just classify agri without getting the right documentation, without getting a scale of finance, without getting a unit cost, without getting the crop cycle. What are the documents you are getting against that? There is a lot of operating cost in doing this business. It's not easy. Just because you want to do more agri business, that does not mean it just happens like that. So because we have been in this business for a while, we understand all this, I think, we are able to manage this much better. This is a, a very clear strategy for us, and it gives us also benefits in terms of PSLC and other things. Understood. This is very helpful, sir. All the best. Thank you. Thank you very much. Thank you. The next question is from the line of Mr. Shivaji Thapliyal from YES Securities. Over to you, sir. ... Yes, thank you. So I have, you know, one broad question, and, you know, perhaps, there are essentially four related sub-questions in that. So, firstly, you know, I wanted to understand the perspective and the quality, you know, evolution. Right now, the bank is, you know, gold loan focused, so credit costs are, obviously, you know, extremely low. I mean, they're next to nothing. But, just wanted to firstly understand the slippages in this particular quarter, what was the segmental contribution? I mean, which segments they emerged from? That's number one, and, what is the slippage guidance for the future, and what is the credit cost guidance for the future, basically? So that's, that's one, and also secondly, in terms of, you know, growth, you know, we are piloting a lot of the retail segments, so where are we on that, and what will be the growth guidance as a consequence for FY 2024 and 2025? Thirdly, if you could comment on the yield of the businesses, and fourthly, on the, OpEx, you know, evolution as well. So, yeah, thank you. Thank you, Ajay. Great set of questions. So let me try and answer one by one, and I request Satish to add wherever he, you know, things he wants to add. So on the slippages, where we saw, mostly it is on the gold loan side. Okay? And other than that, it's broadly in line with where it has been in the previous quarters. So, and gold loan slippages eventually does not lead to credit loss based on our historic experience, because eventually you have the metal with you, and eventually you recover. Okay? So to that extent, our past experience says that it doesn't bother us too much. But broadly, that's what it is. The gold loan slippage was slightly higher than last quarter. The second question is on overall NPA and how do you see the credit cost? I agree that we have a credit cost, negative 15 basis point credit cost this quarter also. I keep wondering how long will we be on negative, because this is not real. In my previous commentary, I said that we'll be between 10-20 basis points this year, on the higher side. Next year onwards, I've said that we are baking in the 40-50 basis point credit cost when we are at full franchise level. I think that's what we are baking into our P&L and in our projections till FY 2030. Long-term, our thinking is that our gross will be below 2, net will be below 1, and credit cost will be between 40-50. That's our FY 2030 guidance, and that we hold on to that. But I'm not complaining that we are 1.27 in gross and 0.33 net and minus 0.15 in net credit cost. But this is too good to be true. As the mix, business mix changes, it will mirror the business mix eventually. Coming to your question on segmental growth and OpEx cost and things like that, I'll take the OpEx cost first, because that's very important. For us, I look at cost as cost and investment as two different items, but where, finance, but Satish will take both as same, because they both counts as hit to the bottom line from a cost perspective. But the difference is, cost is, something which is instantly gone, and investment is something which will give us long-term returns. So large part of our cost to income growth or cost to income escalation is primarily happening because of three, four lines. One is technology. The largest investment is happening in technology. As I said before, in our bank, we almost have we'll have nothing what we had three years back in technology, and we are taking the latest and one of the best technology in everything which we are doing. And technology will give us operating leverage, and hence, that will help us in reducing our cost to income over a period of time. Second part is leadership, people, distribution, and processes, and, kind of a real estate, related to that, the distribution and, people. There, we are getting the best in the market to ensure that the people who understand scaling of business, they are doing the business. So, and hence, these are investments we are making. Eventually, it will pay off as the portfolio starts growing. And third, of course, costs, natural costs, the HR costs and other things which will happen. The third angle on the people side is also we need customers. We don't have enough customers to build a sustainable long-term liability franchise, and ultimately, a bank is more about liability than assets. There we are investing significantly in terms of acquisition, machinery, and we are building acquisition machinery out there. Along with that, of course, we are also building things like contact centers, outbound contact centers, VRM channels, so other things, you know, and this also includes real estate and things like that. So that is something which we are thinking like a bigger bank. We are small now, but we are thinking like a bigger bank and investing into this. Coming to your products, as I said before, we are not looking at becoming a niche. We know we are small, but we are not niche. I'm very, very clear on this, okay? So we will be large and wholesale. We'll be but wholesale is not the corporate banking and all that, you know, large corporates. We'll be in the mid-market to emerging corporates, because that's where we can play. The SME, we will be large. Gold loan will continue to sustain because this is a good business to be in, but it cannot really scale that much, because gold loan at a INR 20,000-INR 30,000, INR 25,000-INR 30,000 balance sheet, you can, but when you make it INR 250,000, then gold loan cannot be obviously that kind of a scale, right? Because it's not possible. It's not a scalable business. So to that extent, scalable businesses are wholesale, SME, retail, and these three will scale and gold will continue to sustain along the way and do its own, this thing. The fourth point, which you didn't ask, but I want to upfront it, that on a strategic basis, while we are saying that we'll open 100 branches every year, but I'm thinking that if we make—I mean, a lot of our branches are just doing only gold loans because of historic reasons, okay? Actually, we can make two branches of the same branch, okay? If we just, because we are moving a lot of things centrally, a lot of operations used to happen in the branches, et cetera. So a lot of branches will get free in terms of real estate. So if I just, I can actually make two branches out of the same branch by making one part gold and one part other businesses, okay? So I am starting to think strategically on those, thinking. Then, without adding branches, just adding some people, and adding some businesses, once our product and technology is fully ready, I can leverage my branches to almost 2x, okay? So that itself will also bring down my operating cost, based on cost to income. None of this will happen overnight. None of this will happen in next quarter, but all this will happen in FY 2025 onwards, and the blueprint is in play, just waiting for the technology to deliver. So that's broadly the three core responses to your questions, Shivaji. Yeah, thank you. But just some incremental numbers. I mean, what would be a, the growth guidance for FY 2024 and possibly 2025, and what will be the cost to assets, secondly, in 2024, 2025, yes, 2024 as well as 2025, and I think you already talked about credit card. Yeah, I think these two numbers will be better. Yeah, I'll give you some perspective. On growth, I have already said, and I have been saying consistently, banking is about consistency. So I've been consistently saying that we will continue to grow 50% faster than the system on asset side. Of course, if we are able to build a liability franchise right. The, but if our liability franchise cannot support that, maybe we will grow by 45% faster than the system or 40% faster than the system. But I think we'll sustain, at least for the next two years, I can see easily 40%-50% faster than the system. So that's number one. Number two is on the, what is the other question? On the, OpEx to assets, right? OpEx to assets are around four point how much right now? Four point? 4.12. 4.12 for this quarter. It is high because of various reasons, including gold loan has a lot of good things, but it also has high OpEx, okay? So, and the fact that the lowest OpEx business, wholesale, I think we can leverage much more, which we'll look at it, okay? OpEx to assets will come down once our SME business starts growing, once our wholesale business go starts growing, that is also going to help our cost to income. So and hence, as and when those businesses start picking up, our cost to assets will start coming down. So, it's a fine balance between how we want to do. I'm not in a hurry right now from OpEx to assets because that is giving me the highest return on the gold loan side. And also the last part, I must say, that OpEx to assets will come down once I have other franchise, which allows you to cross-sell multiple products to the same customer and start creating the semblance of our business. We will take another 2-3 years to get into that business, but once we're able to do that, that's the time you'll see that OpEx to assets starts coming down because your people will be a lot more productive in the branches and relationship manager and all that. So that will start happening, but for that, we need the technology and the products first, and then it will happen. So maybe it will not happen by FY 2025, FY 2025 onwards. That's why, I said before, that my cost to income will start showing a glide path towards 50% and below, only FY 2025 onwards. It's a very well-planned and well, kind of, articulated structure we have created for the next seven years, and so far we are on track on each of these. Thank you, Pralay Mondal, for that response. Thank you so much. The next question is from the line of Mona Khetan from Dolat Capital. Over to you. Yeah, hi, sir, just a follow-up. So, can I have the interest reversals from the interest income in Q2 and the previous quarter as well, which is Q1? Even I don't know that number. I don't track that number also. So what I don't track, how do we put it in public domain? Okay. So just, you know, just digging a little bit more into the yield and LTV to the gold portfolio that we discussed earlier. So while you're saying that the yields and LTV quoted in the PPT are that of H1 and not Q2 particularly, still, if I compare it with the last quarter, yields have increased from say 11.64 to 11.7. So if this quarter yields have fallen so substantially, the average yields for H1 should have ideally declined, no? Why is it increasing? And similarly with LTV as well. ... No, no, I didn't understand. What is, what is declined? I said that Q, Q, Q one to Q two yield has declined, right? Correct. But the PPT says it has increased, so even if it is- Because the high-yielding businesses we got rid of, no? That's what I said. Because they're high, high LTV, we didn't keep them or for various reasons, so wherever we didn't want to keep the, some of the high-yielding, gold loans, we didn't want. For example, some of the AG gold loans used to be high-yielding, so we got rid of them. So we didn't want to do all that last quarter. Because I saw that as the gold. See, see, I was worried that if gold and gold price falls further, okay, then we will get into a 90% kind of, bracket. So we didn't want to do that. I couldn't guess that the, gold prices will not fall anymore, no? So, who knew that there will be a geopolitical crisis? So that's why. Mm, mm. Sure, but what I'm trying to understand is why are the data in the Q1 versus Q2 PPT not reconciling with what you're saying? Because the yields are actually increasing. So is it fair to say that there's something incorrect with the data we have in the latest PPT? Where are you seeing this data, Mona? I'm seeing- So it's on slide 12. I'm on slide 12. Maybe there's a mistake. Maybe there's a mistake, let me see. Okay, okay. So similarly, on growth as well, which is the portfolio- Let me check. Which slide 12 you are talking about? What is the numbers? So I'm seeing yields of 11.7 on gold loans, and LTV of 81%. Last quarter- That is a carrying yield, Mona. There's a difference between a portfolio yield and a carrying yield. Okay. Carrying yield, portfolio yield is what is realized in your P&L already, whereas carrying yield is what is the portfolio that I'm carrying today, what is the carrying yield of that? Carrying yield is little more futuristic. Portfolio yield is what is actually baked in the numbers. When you say carrying yield, does it mean incremental yield that you're offering currently on average? So carrying yield says that, you know, suppose I have written a loan today, say on thirtieth of September, okay? That wouldn't have given me any returns in my P&L because it's just a one day. But that, so it is the aggregation of all the loans which are there in my book, and what is the yield, what is the customer yield that is mapped against each of these loans, that's the concept of a carrying yield. Basically, it is what is I have already consumed in my account. Okay, so the yields you are quoting here in the PPT are not a reflection of the weighted average yields in your portfolio? That is a carrying yield. That's where there's a difference. The carrying yield- The portfolio yield is, 11%. Portfolio yield, we already told that, on Q2, our gold loan yield was 10.99%, and Q1 was about 11.78%. Okay. Okay, and can you share the LTV, like, likewise? LTV, I think, currently it is 81%. Balance sheet will be lower, but, maybe quarter end, it was around 80%. Yeah, so again, I mean, since you have given away some of the higher LTV portfolios, the LTV should ideally decline, right? But from Q1 to Q2, it's increasing from 77%-81%. No, maybe it's not a LTV issue, it's the higher-yielding portfolio which... See, I, I am not looking at just LTV, I'm looking at the portfolio which we don't want to carry. Let me... Okay, since you're asking that question, let me tell you. LTV is, I'm just trying to guess, LTV could be 75-80, 80-85, 85-90, 90-95, 95-100. Okay, it can be many. So which part of the part I have discomfort is where we got rid of, right? That does not bring down your LTV there. Wherever I have discomfort, and which kind of yield or which kind of portfolio I have discomfort, I've got rid of that. That's what I'm saying. So it doesn't matter... See, I may not have a problem with the 80% LTV, but I may have a problem with a 95% LTV. Right. So if 95% you are doing away with, then your average portfolio LTV will ideally come down, right? Something else could have come at 80, no? Okay, okay. Something else could have come at 80 because these are short-term businesses, no? So these are typically, so we can share that number with you. And plus, Mona, what has happened is that the gold loan as a portfolio is also increasing, okay? So as I'm getting rid of, let's say, high LTV, high LTV kind of portfolio, I'm also writing new assets. So we write lot of new assets in gold loan. It's a treadmill, you know, this gold loan business. So constantly something is going out, constantly something is coming in. So what could have come in? So I'm just guessing it right now because I didn't do this level of analysis. So, as soon as you get new businesses, that could have come at 80%, no? Mm-hmm. Sure, got that. But just a request, if on the yield side you could share the average portfolio LTV, that will be useful. Secondly, I just wanted to double-check on the, you know, segmental, loan book that you share across SME, gold, corporate, and retail. So while you mentioned- .. Yeah, yeah. Just, just a, you know, just a reconciliation. So while you mentioned that SME has grown by 8% Qo Q, the number, when I compare it with last quarter, it has actually de-grown. So, is there some sort of, you know, reconciliation in numbers or something, or, where am I going wrong? Let me see. So what you're saying is SME has grown, SME has, grown year-on-year by 22%. That's what I said. Correct. So, it is around, what? 11% of the whole portfolio, right? 11% or 10%, something like that. So where you are getting 8%, which one? So I remember you having said that sequentially, SME book has grown. Last quarter, it was at INR 2,572 as per your PPT, and this quarter is at INR 2,377. So according to me, it has de-grown. Is that a fair understanding? Let me see which data you're talking about. Which page you are talking about? Ma'am, no, whatever that you have seen in the investor's presentation of last quarter, that is inclusive of prudential write-off also. This time we have corrected, and we have shown the figures, net of prudential write-off. That correction has been done. That is why it is looking higher last quarter and lower this quarter. Actually, that has been, it is the net of prudential write-off this year, this quarter. Okay. So can I have the SME number, just the SME number for last quarter, likewise, what we have this quarter? SME/ MSME last quarter was 2,109. It is 2,282 currently, which is SME plus MSME. Okay. 2,109 versus the 2,572. 2,282. 2,282, which is a sequential growth of 8%. Sorry. I can see 2,377 on your PPT. No, I'm telling you SME/MSME, so it's, Okay. Including MSME. Okay. So it's grown from 2,109 to 2,282. Okay. Yeah. Yeah. 2,282, yeah. Sure. Sure. Thanks a lot. Thank you so much. The next question is from the line of Vikas Kasturi from Focus Capital. Please go ahead. Yeah. Hello, sir. Sir, in the annual report, I read that CSB Bank would start offering cash management services to its retail customers. So could you just throw some light on, you know, what would this do for the bank? You know, for example, when I say retail, I mean the retail, the small SME. So does it mean that those customers will be, would tend to bank more with our bank? And what is the cost that it, that we will incur in this business, yeah, by offering this service? So, I mean, all banks does it. So the way we are doing it is we are taking a software which will help us in getting new customers also and offering cash management services to our customers. It will help in two ways. It will help in getting more current account customers to the bank, and effectively, it helps us in creating flows, and then opportunity to do SME business out there. And the reverse is also right, that when we get and talk to SME customers, how SME customers are, you know, will work more with the bank through all the solutions on the CMS and things like that, schools, trusts and all this. So, these are the solution-oriented approach which we are taking. So we have got a team who is working on this, and this will leverage trust, association trust, basically, and the SME customers both, to build basically to build solutions which will create flows, which will also on a sustainable basis, can help us getting not only current accounts, but also savings account for some of these institutions as well, like schools and things like that, where you give the solutions. So those are the kind of things we have done it in previous organizations also, we are going to implement here as well. And we have already started working on getting some solutions around it already. Right, sir. And, the logistics part is- Yes. I'm really sorry to interrupt you, sir, but due to time constraints, you will have to ask your question later. Is that fine? Yeah, this is just one follow-up question, and I'll be done with it. Okay. So, Pralay, sir, my question was, the logistics part is something that the bank would do itself, or is it, is that going to be outsourced, sir? Logistics means we are talking about people who will be handling the cash. Yes, yes. Movement of cash will be taken care of, sir. So, no, that will be outsourced, but the point is that that is a different kind of a cash management. That is a part of the cash management process, but we are talking about also cash management solutions. Okay. One is managing cash or handling cash. The second part is cash management solution, which is more from a solutioning perspective, which is mostly digital and other things. But if you are talking about pure handling of cash, obviously, that will be outsourced. Okay, sir. Thank you so much, sir. Thank you for your, all your detailed answers. Thank you. Thank you so much. The last question that we have is from the line of Jai Mundhra from ICICI Securities. Please go ahead. Yeah, hi, good evening, sir, and thanks for the opportunity. I have one question only. So on your LTV, just wanted to check, if you have any cap when you originate a loan or when you start, building relationship on gold loan. Is there any cap on the LTV, and does this differ in retail and non-retail, gold loan? Yeah. ... We don't have non-retail gold loan as such, but I'll explain to you how it is. So cap, one is a regulatory cap, which is 75% for non-agri gold loan. Obviously, we follow that norm. So non-agri gold loan will always be 75% or below. For agri, we have sort of kept a cap, unless specifically approved by somebody, as per delegation matrix, around 85% cap on agri kind of a gold loan. Coming to the institutional, I don't know what you mean, but we do have some businesses where there are aggregators who also will have some, you know, what in popular terms we will call bonders. Traditionally, there has been some business there as well, but that business is gradually declining in the bank right now. Okay, understood, sir. And just on that, so, if a customer, let's say there is a 75% LTV, in their, in your retail offering, does all the products are like 12 months bullet product, or you also have three months, six months, which are, you know, which are- We have all kinds of tenures. I also don't know in as much detail, but we have 12 months, we have six months, that much I know. Whether we have three months or not, I'm not 100% sure. We can check that. But we have six months and 12-month products for sure. Three months can be to higher cost to do this, because then they'll keep coming back for renewals and all that, but I don't know. We may have, I don't know. I have to check that out. On the LTV, as you said, 75% and 85%, but what typically happens is, depending on the gold loan prices going up or down, okay, effective LTV at any point of time for a personal came with 75, also can go up slightly. And then that's a question of conversation with the customer to how to regularize that. So those things keeps happening depending on the gold loan prices. Right. So sir, for a 12-month retail gold loan product, what would be the LTV that you would start with, right? Because, if you add the interest of 10%-11%- Oh, oh. What is the- We add interest, we add interest when we talk about LTV. Okay. This is not the loan given, right? This is including the interest. Yeah, yeah, including the interest. We, LTV calculation is always including the interest. The customer in hand will be getting 10% lower? Yes, sir. Yeah, yeah, yeah, lesser. He will get 10% lesser. Yeah, yeah, sure. Okay, understood, sir. Thank you so much. Okay. Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Pralay Mondal for the closing comments. Over to you, sir. Thank you. Thank you very much. I think we had a very good interaction and interesting set of questions. It is good that some of these questions also challenged us, because we had to go back to the numbers again and again and give it back the answers. Hopefully, you could satisfy with our responses. Anybody who's still wants to speak to us, we'd be glad to talk to them one-on-one. Thank you very much for your patient hearing. Thank you. Thank you so much, Mr. Mondal. On behalf of Yes Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you very much.