Good evening, ladies and gentlemen, and welcome to the earnings conference call of ICICI Securities Limited for the quarter and half year ended September 30th, 2023. We have with us today on the call Mr. Vijay Chandok, Managing Director and Chief Executive Officer. Mr. Harvinder Jaspal, Chief Financial Officer. Mr. Vishal Gulechha, Head Retail Equities. Mr. Kedar Deshpande, Head Retail Distribution, Product and Services Group. Mr. Anupam Guha, Head Private Wealth Management. Mr. Ketan, Mr. Ketan Karkhanis, Head Digital Client Acquisition and Co-Head News Solution Group. Mr. Nilotpal Gupta, Head Data Science Unit. Mr. R. Balaji, Chief Technology Officer. And Ms. Nidhi Kajaria, Head Human Resources. For the duration of this presentation, all participant lines will be in the listen-only mode. I will be standing by for the Q&A session. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. The business presentation can be found on the company's corporate website, icicisecurities.com, under Investor Relations. I now hand the conference over to Mr. Vijay Chandok, MD and CEO for ICICI Securities. Over to you, sir. Thank you very much. A very good evening, ladies and gentlemen, and, first and foremost, let me apologize for starting this 15 minutes behind schedule. We were actually just winding up our board meeting, which took a little longer than we thought. Everything got delayed as a result. I really apologize for this and sorry to keep you all waiting. Really appreciate the fact that you've all taken the effort to join us for today's earnings call. You will find our earnings presentation on the exchange website. You probably would have got a chance to see it, although the time, I confess, was quite short. Let me quick take you through our quarter two performance highlights. First, a few comments from me on the industry. I think this is an industry in which most of the parameters continued an upward momentum. You would have already noted that the, on, on, amongst the volume-giving parameters for our company, the retail equity ADTO grew by about 34% from the industry sequentially. Retail derivative ADTO grew by about 18% sequentially. The momentum on systematic investment plans and mutual funds continued during this quarter, which ended. And as far as the secondary market activity is concerned, it continued to show improvement, resulting in growth in new client acquisition by over 50%, both on a YY as well as sequential basis. The primary market mobilization also grew significantly with the improved market sentiment. In such a backdrop of an overall improvement in market sentiment and volumes and participation, we see a continued improvement in our own performance and revenue. Our quarter 2 FY 2024 revenue grew by 44% on a YOY basis, 34% on a sequential quarter basis, and came in at about INR 1,250 crores, INR 12.5 billion. The profit after tax for the quarter also grew by about 41% on a YOY basis, and sequentially by about 56% on quarter-on-quarter basis, and came in at about INR 4.24 billion, that's INR 424 crores. The other notable point that I would like to highlight about our financial performance is that the board of directors of the company have approved an interim dividend of INR 12 per share. This compares to INR 9.75 per share that was declared as an interim dividend last year. Amongst the key highlights, the first point I would bring out is that this improvement in revenue that I spoke about was on account of revenue increases across all our businesses without an exception, on a both YOY as well as sequential basis. And we continue our thrust on growing businesses and maximizing the revenue opportunity, keeping in view the customer at the heart and center as we play out our strategy for the rest of this year. What has also been an important highlight for this quarter is that we witnessed a steady improvement in market share across almost all the revenue-giving parameters, and I'll take you quickly one by one. As far as cash equity is concerned, our market share improved by about 58 basis points. We improved our market share sequentially on a quarter-on-quarter basis to about 12.8%. On retail derivatives, we saw a small increase in market share by about roughly close to a little under 10 basis points. It came in at about 3.7%. Commodities, we saw an improvement in market share by about 60 basis points sequentially on a and came in at about 7.8%. Margin trade finance and mutual fund AUM remained broadly stable at about 22% and 1.7% respectively. We continue to focus on quality of clients and improving client experiences, and it's precisely that focus that has helped us improve market share across parameters. Thirdly, I want to also highlight the continued growth that we have seen as far as our client assets are concerned, because that's an important sign of clients treating us as a trusted partner. Our clients AUM actually increased 12% on a YY basis and 5% on a sequential quarter basis, and moved to INR 6.5 trillion, 650,000 crore. The wealth segment out of the INR 650,000 crore, grew by about 20% on a YY basis and 7% on sequential quarter basis, and improved to INR 3.7 trillion, INR 370,000 crore, clearly demonstrating a strong focus and presence of a wealth segment, as a part of ICICI Securities franchise. We continue to grow our focus on acquiring quality clients, as I had mentioned, trying to do everything that will help us improve market share across segments, grow our, distribution business with a focus on loans, distribution, as well as mutual fund distribution, offering insurance, based on customer, life cycle needs. Also our focus has been on enhancing customer experience, and being efficient with respect to costs, ensuring that we continue to adequately invest in building the franchise for enhancing technology. Overall, we do believe that the medium to long-term story of the industry remains quite intact, quite strong, and as this is the case at this point, we believe that the short-term outlook for the market will have some volatility and uncertainty, particularly on account of global factors, including the recent geopolitical matters that have come to the forefront, and also the impending kickoff on the state elections that are planned sometime in the month of November, December, and in some senses, set the stage for the general elections for 2024. Keeping all this in view, some short-term headwinds for the domestic markets could be anticipated. But we believe that we are very well placed to harness the medium-term strategy of growing and harnessing the opportunity in the market. And we will continue to make investments in the key focus areas that we have been talking about in the past. I'll end my commentary now and go and open for whatever questions you may have. Thank you for your patient hearing, and once again, apologize for this late start. Thank you very much, Mr. Vijay Chandok. 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. Now, ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from S. Rosani, from SV Rosani. Please go ahead. Hello, sir. Very good evening. Am I audible? Yeah, good evening. You're audible. Yes, sir. So actually, I wanted to know, first, the competition for the set of numbers. Sorry, we seem to have lost you, sir. We seem to have lost everyone on the call. I, I can't hear anybody. Sir, I am here. Okay. Okay, I believe, Mr. Rosani's call got dis- Okay. So- Okay, then we'll go to the next speaker. Yes. So I have, Pravesh Jain. Yeah, hi. Congratulations on your splendid set of numbers. Firstly, just your thoughts on where are we at with regards to the delisting? I think that is one. And how should we look at it going ahead? That is the first one before delving into business questions. Yeah, I'm just going to request Harvinder, our CFO, to jump in on the first one. Hi, Pravesh. So with respect to delisting, the process is on. We are in midst of the process. The first stage of approval is exchange approval. So the scheme, which is already available on our website as well, exchanges is currently being considered by exchanges. Once they give us their approval, then as the process goes up to NCLT, shareholder approval, et cetera. So we are right now waiting for the exchange approval right now. And, uh- It could be a quarter or two, that we, from here to, completion of the process. Okay. Because in a splendid set of numbers where, you know, sequential growth in your equity brokerage revenues, cash segment revenues, is this, you know. So what really drove this? You know, I think there's a clear cut market share gains as well. What really drove this, differently for you in this quarter, and what's the sustainability of the same? Yeah. So I think, this was a quarter where, we saw good growth in market parameters sequentially, Mm-hmm. - whether it is derivative, whether it is cash, whether it is commodity- Mm-hmm. - whether it is mutual fund. All of them actually grew. Even the secondary market and primary market activity was quite buoyant. And this, in a way, contrasted quite sharply with quarter one- Mm. Where we saw growth of only derivatives. So derivative was probably the only engine in the market that was firing in quarter one, whereas quarter two got augmented by three more engines, three, four more engines coming from a market standpoint into play. And the investments that we've been making for the last sort of three years or so on technology, digital, better experiences, better customer quality, et cetera, all of them were sort of already there on the table. It was not something new that we've done. So the operating leverage advantage of that kicked in in this quarter in full measure, in some sense. Mm-hmm. Because all the engines were present and oiled, they took the advantage of the market opportunity which came. Mm. We have also sharpened proposition over the years, whether it is in equity, whether it is in derivative, both in terms of experience as well as, you know, pricing, so that we are competitive. We've also brought in some unique propositions on the cash equity side, margin finance side, FNO side also. So all of them, I think, were invested in, and the advantage of that came because market also gave our presence. Personally, I already highlighted in my commentary that, you know, from a viewpoint of the future, I would be more guarded because we are, it is reasonable to expect that not all the parameters and engines that fired in quarter four from a... I mean, sorry, quarter two in the market, from a market point of view, are going to fire with the same measure. And this data is available for you to see on a daily basis, virtually in the market. When you look at cash volumes, when you look at derivative volumes, I think you can see that there is a clear amount of, some amount of muting that is already probably visible to you. Absolutely. So given a slight or sort of a muted sort of outcome, outlook of these numbers, I think we will also, we are not going to be—I mean, we are at the end of the day, market players, so we will have that impact also. So from a sustainability point of view, I would say that it would depend on whether the market sustains or market does not sustain. Geopolitical factors are an added headwind. This is coming in this quarter, which was probably not so much there in quarter two. Mm. There is more uncertainty there, plus we are coming closer to the election time from a domestic standpoint also, which can add to the, you know, wait and watch kind of syndrome. Mm. So I would expect that quarter two, three rather, to be a little subdued, if I were to go by early trends of quarter three. Okay. Okay. Got that. On your distribution business, I see that life insurance business has kind of, you know, actually been flattish on a sequential basis and a decline on a YOY basis. While I understand the taxation element, but you know, the, whatever interactions we had with life insurance companies, it appears that it's not that a great deal. And so far we have been seeing a decent traction. Any thoughts where, where you have kind of missed out in this quarter in terms of life insurance distribution? Yeah. I think one of the things that we started doing is we started focusing life insurance more as a life stage-based need product rather than, you know, something that we would proactively go and engage our customers with. So largely focusing on protection, largely focusing on retirement planning, et cetera, as- Mm-hmm ... use cases, rather than, you know, just looking at it, you know, for the sake of it being offered as a product. Mm-hmm. Our focus is a lot more on mutual funds, equities, and you know, other distribution revenues, particularly loans. Mm. Because we do believe that, you know, that will really give us a non-market-oriented, sort of a revenue stream. Mm-hmm. We give a sharper focus on diversification. Mm-hmm. And again, under-penetration is quite massive there, and the growth can come at a faster clip in the on the loan side, which is what we are seeing. Okay. Got it. In terms of loan distribution, we started with personal loans? And- Yes, we just started with personal loans. It's a very small start, which happened in the late part of quarter three. Sorry- Okay ... quarter two. Late quarter, part of quarter two. Full effect is actually not, not there yet. Okay. Is it that because, you know, if I look at your loans distributed sequentially, that has gone up by 25%, but if I look at your other distribution revenue, that has gone up only by 12%. Is there anything that I'm missing out? Yeah, because the contribution of loan in the distribution of the... I mean, composition of the total revenue is not that much. Uh. It is far lower, and that's what we are trying to increase. Okay. All right, I'll come back and ask you some more questions. Sure. Thank you so much, and congrats. Thank you so much. I'll see you. Thank you very much. So the next question is from Kevin Gandhi, from CapGrow Capital Advisors LLP. You may go ahead, please. Yeah, thank you. My question has been answered. Thank you. Thank you. Sure, no problem. So the next question is from Rajesh Gajra, from Informist. Yeah. Hello, can you hear me? Yes, please. Yeah. Hi, I just want to know that on page nine of the investor presentation, we have this retail derivative booking that we've given at as INR 1.38 billion. So, can you please share the breakup of this INR 1.38 billion into equity, from equity derivatives and from commodity derivatives? ... So the derivative revenue of INR 136 crore, primarily a large portion of that would be from the derivative and not the commodity derivative. We have not disclosed the split, but you may assume that more than 80% would be, in fact even 90% I would say, would be from derivative. Equity derivatives. Correct. Okay, I got that. Yeah, thank you very much. Second question, last question is key, key, as far as commodity derivatives revenues are concerned, do you see any prospect from the sales that we are seeing in options and futures trading volume in crude oil and natural gas on the MCX? Is that going to aid you in your revenue from commodity derivatives? That's my last question. Yeah, yeah. So crude continue to be, you know, very dominating commodity in the entire market. Mm. By billion. So while we continue to see volatility in the market and, also increase in interest from investors, the margins are at elevated levels, so subject to that, because of the volatility, subject to that, otherwise we see that the momentum in crude interest should continue. But, any particular reason why this momentum is building up so fast? We are seeing a real surge in the volume on the MCX, but now even NSE and BSE are getting into it and trying to explore that opportunity. So what do you make out of all this, the entire thing that's going on over there? See, the crude was always, you know, a very highly traded commodity among all the other commodities. And, I mean, last few months, if you see, I mean, there was directional, you know, kind of a moment in commodity. And also, I mean, as far as information flow is concerned, this commodity gets higher information than any other commodity in the market. So people track it very closely, you know, next to equity kind of a thing. And that is also one reason for the customers, you know, taking a very, very high interest in crude. So I mean, there's no specific reason, otherwise, overall in MCX volume, if you see, overall options volumes have, you know, grown up, and they continue to show the rising trend. So if options volume, I think the crude is one thing which will continue to be dominating commodity. And also from the volatility perspective, I think crude has shown higher volatility than any other commodity in, I mean, the highly traded commodity in the market. Got it. Thank you very much. Thank you. Thank you so much. Ladies and gentlemen, in order to ensure that the management will be able to address the questions from all participants in this conference call, please limit your questions to one or two per participant. Should you have a follow-up question, please rejoin the queue. Thank you so much. The next question is from the line of Aman Singh Gadhuria from GYR Capital Advisors. Thank you. Hi, am I audible? Yes. Uh. Yes. Hi, sir. Many congratulations for such good numbers. I just wanted to ask you, a few of your strong competitors are coming in with zero brokerage fee products. How do you see as it affects the competition among your numbers in future? Yeah, thanks. I think they've been in the market for a long time, almost 10 years we've been dealing with discount brokers now, eight years at least. We've been gaining market share, we've differentiated on many parameters, which includes offering unique propositions. So I think there is space for all types of players. We have sort of... It's, it's not a new development, actually. The discount broking, zero broking story has been something that we've been bracing for, for the last 7 years- 8 years. So we've done bunch of things over the years to deal with that competition, and we've managed to increase market share on revenue-giving parameters. We do find that in terms of numbers they have done well, numbers in the sense number of clients that they have acquired. But when it comes to revenue-giving market share, we've managed to not only grow, but actually grow at a faster rate than the market. Okay, sir. Thank you so much. Thank you so much. Thank you. The next question is from Aejas Lakhani, from Unifi Capital. Yeah, congratulations to you for very good set of numbers. Mr. Chandok, my first question is on the MTF books. So, you know, I think last quarter about, you know, of the 250 basis points, interest increase, you had passed on about 40, so about 35%-40%. So today, how much pass-through has happened? Yeah. Hi, Ajay. So I'd say about 60%, because recently we did increase another 40 basis points. So I'd say somewhere between 50%-60% is what we have already passed on. So 250 basis points or 260 basis points was the total increase added to this with this 40, it will be about 60%. Perfect. Are you still on course to keep increasing the, you know, MTF rates, as the quarters progress? Or is this, or have you reached some sort of saturation level? ...So it is, as we said, last time also, see, it's a very tactical, call that we take, with the help of what is happening in terms of demand and, what is it that, we can have, what we can absorb. So right now, if you look at it, our NIMs are, over 3%. We are comfortable on these NIMs, but having said that, looking at the opportunity and the demand buildup, we, we'll keep taking, these, decisions as we go. We do not have either a positive or a negative, view on continuously increasing or not increasing, the rates right now. Perfect. Second is on the price fees and other fees and charges. So Prime after, you know, many quarters has, you know, seen a make up, now, you know, at 22. So could you explain this? And also, the other fees and charges, you know, which you've been talking about, has done very well this quarter. So anything to highlight here? Yeah. So see, when we launched this Prime plan and also the Lifetime, I mean, which happened sometime in last year, the Lifetime, there were two very clear objectives which we had in mind. One, how do we increase our acquisition, the quality acquisition? And secondly, how do we retain more and more number of customers? I think this quarter we have done well on both the parameters. The quality acquisition numbers, you know, through all our partners, including ICICI Bank and our own teams, those numbers have gone up. And secondly, it is yielding benefit now in terms of retention also. So you are right in terms of the Prime fee. It was a good quarter. And, I mean, we should also remember that the, I mean, except one plan, the renewals are not happening now. So the proposition is Lifetime. The entire, you know, the focus is on, acquisition and how do we acquire more and more number of customers, and how do we acquire the better quality customers. That is something which is reflecting in Prime fee. Noted. Could you speak about the institutional brokerage business? Because that has seen a significant bump up. So is it that, you know, you've increased rates on that front, or what has led to this, you know, significant surge in institutional brokerage? So, institutional brokerage on a YOY basis was attributable to no improvement in rates, it's more improvement in volume. Also there has been an improvement in market share. Our market share same time last year was at a certain level. This year it is increased by about 150 basis points on a YOY basis. So it's a combination of market share gains, as well as, improvement in, I would say, the market volume itself. Notably this quarter, because the market sentiment was quite positive, and the market also did not have as many IPOs. While it did have a large number of IPOs, it appears that the market was hungry for more IPOs compared to what actually came to the market. And therefore, there was a lot of interest for block-level transactions. So the block-level activity during this quarter also was more than what we saw in the recent past, including last few quarters. So combination of gains in market share on a YOY basis, number one. Number two, more volumes in the industry, and number three, gains in volumes on account of blocks. Got it. Got it. And sir, could you speak about [Lintel], where are we in that process? Yeah, it continues to remain, work under process. We will update you in the due course as and when, you know, we are good to go. Okay. But, you know, any plan for a more, better release now, or is it still in the beta phase, sir? No, no, we are still in the beta phase. No, work is still underway. We are still in the beta. Okay. So can we expect that by fourth quarter we'll sort of hit the market, or could it still take into spill over into the next year? At this stage, we'd just like to hold any further guidance on this. Work is on, is what I would say, and then we will advise at the right point in time on our next steps there. Noted, sir. And sir, on OpEx, I understand OpEx is linked to revenue, but employees also. If you could just speak a little bit about cost as well, like, you know, employee costs have gone up sequentially. I understand that part of it would be revenue-based. So if you could just shed some light there on how we should think about the cost structure for the balance of the year. Thanks. So, as you would have noted, it is the cost to net income ratio is actually at about 42%. We discussed earlier also, it's more of a cost to income ratio approach that we have. That helps us, you know, keep making investments wherever they are required, as long as they are revenue accretive. And, right now we are on our path. This year has been a year of investments. We do have some investments in technology and wealth and distribution build up. But cost to income ratio, as you would have seen, is at about 42%, cost to net income. I mean, sir, should it be at this ballpark number only for the rest of the year? Mr. Aejas Lakhani? Sure. Sure, I'll ballpark this. Sorry to interrupt you, sir. Can you please join the queue again? Sure, sure, sure. Thank you so much. Ladies and gentlemen, in order to ensure that the management will be able to address the questions from all participants in this conference, please limit your questions to one or two per participant. Should you need any follow-up questions, you can please rejoin the queue. So the next question we have is from Aditya from Damani Securities. Thank you so much, sir. ... Good evening, gentlemen. Thank you for an amazing set of numbers. The numbers have obviously been excellent. The only question I had is the process of the delisting, and there's been no price discovery made available to the shareholders. So I speak on behalf of a lot of shareholders I've been talking to, and they are of the view that it's been 5 years- 6 years, and we've got a 20%-25% upside on the share since IPO, when the profits are doubled and steady. Even now, with these kind of beautiful numbers, I think, the price seems a bit unjustified. So is it possible, my question is, is it possible for us to have a price discovery, or is that even an option? Yeah. So actually, you know, we followed a process which is approved by the regulators, which is fair, which is, you know, applicable for a firm like ours. And, under that process, the offer that has been made is what is something, you know, that is made available with, you know, which is available for all the investors to see. The process does not permit for any kind of, you know, further discussion on the pricing other than what has been offered. So, it will go through its own mechanism, and we do hope that, you know, make the best come, you know, for the company and the investors as a result of this. I won't go into the PE ratios and compare with the other stockbroking, et cetera. It's just a very, you know, it's very disappointing for shareholders, thinking that... It doesn't make a big difference to ICICI Bank, considering you're only diluting 1%-1.5% of market cap. It just seems like a lot of shareholders are very disappointed, considering the, you know, like, because they consider ICICI Bank as a front leader for professionalism and corporate governance. Then to offer something which is very arbitrary in nature and not even allow price discovery by shareholders. We understand you followed a process which is allowed by SEBI, but it's one of a kind. It's never happened before. There is no precedent, and we are, we are just left clueless, you know, and frankly, quite hopeless, right? You know, because we don't have any way to, anywhere to, talk about this. But that's all I... I'm, I'm just saying that it's, it's, it's, it's quite bizarre, to be honest. No, we hear you. Right, uh. We note your comment. Right. Thank you so much, Aditya. So the next question is from Gaurav Khanna from Capgrow Capital. Okay. So my question is that the swap ratio is just 0.67x, and don't you think it is not in the favor of retail investors? And any possibility of raising of the swap ratio? Hi, Gaurav. Harvinder here. So as I think Vijay just answered, it's a part of a process, which is under Reg. 37. It's a scheme of arrangement. The scheme documents are what we have already published and submitted to exchanges. In that, the ratio has been arrived at by following the prescribed process. The shareholders would obviously have an opportunity to vote on the scheme, and exchanges, NCLT, et cetera, there are various authorities which will consider the scheme and with the requisite majority, which is to just approve the scheme or exercise their vote. But at this stage, it would not be possible to edit the scheme. The scheme is already submitted to exchanges. I hope that clarifies. Thank you, sir. Thank you so much. So the next question we have is from Santosh Kesari, from Kesari Finance. Hi, gentlemen. Thank you so much for such a stunning performance. I have two questions. One is that, what is the net cash position as of 30th September 2023? And after that, I'll put my second question, if you can answer this. So, there are two ways of looking at it. One is, if you look at the cash and cash equivalent, that's about INR 9,200 crore over on our balance sheet. It basically represents the cash in hand as well as cash equivalents, which will also include the fixed deposits that we have placed with exchanges in as a lien. Right. Number two, our own cash, which is our net worth, is about little under INR 3,000 crore. Okay. Secondly, the dividend that you declared is INR 12 per share, so which is historically similar to the historical patterns. My, my apologies. It is around INR 100 crore in my earlier question. Sorry, INR 3,100 crore? Yeah. Okay. So this is after taking out all your deposits and everything, right? Yes, this is on our equity. Yeah, this is on our equity. This is on your equity. Okay. Okay. Now, my second question is about dividend. So I, what it, it seems that dividend is on the pattern of the prior years. Like last year it was INR 10, now it is INR 12. So considering the good profit and considering the impending merger, should not it have been that the, more shareholders are rewarded more with the higher dividend? Also in the case of the, in the face of the impending merger, one can see that the shareholders are not very happy in terms of the price discovery not being happening. So, this is a tad disappointing in terms of very low rate of dividend being declared in the... even though the profits are so good. So any take on that? ... Yeah, so we have a dividend policy that prescribes that at least 50% of the dividend get paid out. And as a company, we have always been paying pretty high rate of dividend, which will compare with the other players as well. So this quarter also, for the half year, if you calculate the ratio, it comes to about 55% of the profit that we have paid out. And obviously, because of the growth in profit, the benefit has all accrued to the shareholders by way of enhanced dividend from INR 9.25 per share to INR 12 per share. Yeah, exactly. But, given that we have very good cash position, and given that, the merger ratio did, didn't work in the favor of shareholders, so should not it have been that the dividend, extra dividend is getting announced? I also looking at the profitability, good profitability you have. So there are, as a, as a part of a, long-term sustainable policy, there are various things that we look at when we declare dividend, which is sustainability of dividend, consistency of ratios, et cetera. So we've looked at, all of them. The board has considered all those factors in approving this, particular dividend, which, is at 55% of profit after tax. The company does need some capital to accrue for, its various businesses, and therefore, this has been the policy which has been consistently followed for last couple of years. Yeah, that's right, sir. But, you know, after two quarters, as you said earlier, the bank will be a... Sorry, the securities company will be a closely held company, and the public shareholders who are holding the share for so long will be missing out on the benefit they would have expected to gain when they invested in the shares right at the time of IPO. So it's a good amount of time, but hardly any return on the value that they bought into, compared to the value they are getting now. So, and unlike a management would have thought of giving higher dividend than the dividend that's been declared. So that's my assumption. I'm not saying that you should comment on it. That is something that is, I think it's on everyone's mind. But anyway, that's it. Sure, Santosh. Thank you. No big. All right. Thank you so much, Santosh. All right, so as I see that, there are no further questions, I would like to hand the conference over to Mr. Vijay Chandok, MD and CEO, ICICI Securities, for closing comments. Over to you, sir. Yeah. Thank you very much, all our dear investors, for taking time and attending this conference call. In case there are any follow-up questions, our IR team and the CFO team is always available. Please reach out directly, and we will be happy to set up separate calls for addressing any afterthoughts that has come. We understand that the results post-declaration had given you very little time to go through, so we can understand the need for you to go through our numbers in greater detail and come back with whatever questions. Thank you very much. Once again, for all the support and the affection that you have shown us, we really, really, you know, want to thank you from the bottom of the heart and wish you all, you know, rest of the day. Thank you very much. Thank you so much, sir. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.