I now hand the conference over to Mr. Uday Kotak. Thank you, and over to you. Thank you very much and good evening, friends and colleagues. First of all, I wish each of you good health as we live through unprecedented times. I'm going to start today's meeting with first talking about the criticality in this battle of lives and livelihood. I think we are at such a crucial juncture in the Indian scene at present that saving lives scores over everything else at this point of time. It is in this context, I wanted to first share and talk with you about the people balance sheet, which is even more important than the financial balance sheet in this juncture which we stand on. I'll share with you the kind of pain we have gone through at Kotak with the number of lives lost. For the period April to March 2020 to 2021 March, we lost out of our total 17,000 employees, we lost 17 lives in a period of one year. Between April 1 to May 2, 2021, that is in a period of barely one month, we lost 17 lives. What we lost in a year, we have lost in one month, that is the reality of the situation which we counter and face at this point of time. In this battle, we at Kotak have first taken an immediate short-term call that we will protect the lives of every single Kotak employee across the length and breadth of the country. We have tightened rules on the basis of which our people will work. We have currently taken a call that for the next one week, no person will move out of the home unless he or she is required by law to provide an essential part of our services or needs to come with prior approval from senior management. Both these are something which we are implementing probably over the next one week. We are making sure that all our people work from home in a digital and a virtual manner. Our call is, at this point of time, we would not want our branches, which normally have eight or 10 employees, to work with more than three. Similarly, we are taking a view that whether it is sales or collections, that can be done by mobile or digitally, and our employees will not step out and go for collection or sale and meet customers or prospective customers face-to-face. We are putting their lives at risk as also our customers' lives at risk. We will monitor this week by week. Every single Kotak employee life is important for us, and we will go all out and save it, especially in the current crisis and the context. We will watch and evaluate every single week. Every one of my team here is committed to save lives of every Kotakite because that is the balance sheet which matters most to us. Coming to the financial part of our balance sheet and P&L. As we look at the year ended March, here are a few things which are extremely important about how we think about the financial situation. First, if you notice, we are structurally ready for a growth engine going forward. If you look at the last quarter, which is January to March, we have grown at 4.5% quarterly, which is 18% annualized. We've continued with our commitment on the mix. Our view is we will fly through these clouds keeping in mind proper underwriting, right segments to lend. Something we believe it's time for us to appropriately grow with a significant amount of ability to grow as we see ourselves flying through these clouds. We are also very clear that there have been segments which we have been cautious on for the last 18 months, and we believe that has worked to our strategic advantage as we go forward. Our total unsecured lending, which includes consumer loans, credit cards, microfinance loans, consumer durable loans, all put together unsecured retail lending, which as of 31st March 2020, was 7.5% of our balance sheet, is now down to 5.8% total of our balance sheet. That does not mean that we will not grow from here. We are, in fact, having our powder much drier. We are much lighter on this part, and with tighter and proper underwriting standards, we are ready to continue our journey, both in secured and appropriately in unsecured business. We are not daunted. We believe we will come back at some point of time, and our hope today is this COVID curve, which is sharply up, like the U.K., comes down with that speed, which may be end of June, early July. That is our hope. Having said that, we will not make a mistake like many of us in India did, which is declaring victory too early by January 2021 against COVID. We let down our guard as a country. I am committed to say that we will always factor in our planning, a risk of COVID 3.0 and not forget about it the moment we see the economy recover. COVID is the key issue. We need to keep that in mind even as we get out of it, and even more importantly, keep a track on the speed at which India is vaccinating itself. I think that is one very important parameter for us to measure as we go forward. Therefore, the measurement of what will make COVID less effective is the more critical part which we will watch as we plan our growth on the business side as we go forward. We believe we are very adequately stocked up on capital. We have done a significant amount of work on digital and technology, which is continuing even as I talk to you. We have considered this as an opportunity to beef that up, and we are present and future-ready. As I would like to also clearly state that growth, both organic and inorganic, is something which we are very open to. With a capital adequacy in the early 20s, with a very good mix on the asset and liability side, strong presence in a whole segment and different segments of financial services business, we believe that we can serve our shareholders, our stakeholders, and the Indian economy in the days, months, and years ahead. With that, I will request my colleague, Jaimin Bhatt, to take you through the specifics on the financial highlights, and thereafter, of course, we'll be open for discussion. Over to you, Jaimin. Thank you, Uday. As Uday mentioned, this has been a pretty unprecedented year, something which we have not seen in our lifetimes. I took first take the year-to-year comparison. For the year 2021, which we closed, at the standalone bank level, we closed with an operating profit of INR 12,200 crore, which is about 22% higher than last year. We had a post-tax profit in the bank of INR 6,965 crore, which is again 17% higher than last year. As Uday mentioned, we continue to have a very strong CASA number at 60.4% as of the period end. This is in addition to our sweep numbers, which is another 7.5%. Strong capital adequacy continues from 17.9%, which we were as of March 2020. We end with 22.3%. A very large part of this is Tier 1 capital. Our SMA2 numbers, again, looking very strong at INR 110 crore as against INR 96 crore a year ago. If I look at the quarter, we end this quarter with a pre-tax number of INR 2,228 crore, which is 33% higher than one year ago. Similarly, our post-tax profit of INR 1,682 crore this quarter is about 33% higher than INR 1,267 crore a year ago. Our net interest income this quarter at INR 3,843 crore, which is 8% higher than the same period last year. This quarter, we have taken an estimated hit on account of the Supreme Court decision on reversing interest on interest, compound interest and whatnot. We've taken an estimated hit of INR 110 crores in the NII line in this quarter. Though this is effectively an expense for the period from 1st March 2020 to 31st August 2020, the hit has been taken in this period. After taking that hit into account, our net interest margin for this quarter, we end at 4.39%. Our other income for this quarter at INR 1,950 crore, which is decently up from what was there a year ago by about 31%. Our fee and commission services continue to grow, INR 1,378 crore, of which distribution itself is INR 292 crore, which is about 25% higher than the same period last year. The non-fee and commission services part of other income showed a jump of INR 572 crore this quarter, somewhat helped by profits in the treasury segment of our business. Our Operating Expenditure expenses this quarter at INR 2,385 crore which is roughly about 2.5% higher than what we spent in the quarter a year ago. At the full year level, again, we have spent INR 8,584 crore of expenses, which is less than what we spent last year by about 3%. This quarter, we are somewhat helped by the employee cost coming lower than last year and in the preceding quarter by lower retirement benefits, thanks to interest rate changes and better returns on the funds invested. Our operating profits somewhere going up this quarter as we see expenses like recovery and revaluing to acquisition of assets going up also. Our total provisions we've taken in this quarter at INR 1,179 crore, which includes INR 736 crore of what we saw as provision towards advances, and the balance was towards the investment activity. We have not dipped into any of the COVID provisions which we made in quarter four last year and largely in quarter one of this year. We end with a total COVID provision of INR 1,279 crore, which is roughly about 0.6% of our overall advances. If you look at the credit cost without the COVID provisions, this year we would end with a total credit cost of 84 basis points as against 67 basis points for the period last year, which is without the COVID provisions again. Our total provisions, which we look at, which are including specific, standard, COVID, and all of that, would cover about 95% of our overall gross non-performing assets as of March 2021. Advances for the year have grown by 1.8%, but during this quarter, we've seen advances grow by 4.5%, not annualized. I request Shanti to take the digital slides before we get into the consolidated numbers, please. Thank you, Jaimin. I will start with our digital strategy and then the consumer of our bank. Our digital strategy is centered around customers with key focus on customer acquisition, engagement, and experience. Let me start with acquisition. During the previous years, our main engine for digital customer acquisition was 811 and savings proposition, which will be through video KYC. This year, we have invested and focused on powering other engines for customer acquisitions through payments, lending, and investments, thus enabling multiple customer engines. We will continue to power and add additional engines in future. To ensure a strong engagement platform, we invested in upgrading all our core systems this year, including assets, core banking, trade, cash, amongst others. With the foundation in place, we have used extensive analytics to deepen our engagement with our customers, including cross-sell of products and services based on customer persona propensity, as well as focus on risk and fraud controls towards protecting customers. We have worked on extraction of APIs from our upgraded core systems to help us in faster product roll-outs, innovation, and ecosystem connects to open banking platforms. We have used APIs to integrate with external partners to enrich our customer propositions and services. The third leg of our strategy is customer experience, where we have invested on enhancing front-end customer journeys across our product platforms, as well as build resiliency at our core and back end to ensure superior experience and scalability. We will continue to invest and build around this core digital business strategy, and this is across retail, commercial, and wholesale business. Some few highlights on the digital side. We continue to see a surge in customers using our digital channels, with mobile being the preferred channel. We launched our revamped net banking platform, providing customers with a choice of two interfaces. We enabled several new digital journeys to help customers transact with us across liability, assets, payments, and services. On the service side, we have scaled capabilities to serve our customers across voice and chatbot, WhatsApp banking, and other forms. Our 811 customers continue to use our digital channels extensively across a range of products and services. Digital payments through UPI continues to see a surge in both customer and merchant transactions. 94% of savings account transactions were through digital or non-branch modes. To liabilities. Q4 was near normal across the branch banking network. In-branch transactions have seen consistent increase. Cash transactions continue to grow, spurred by business banking. Our average savings deposit growth YTD YoY is 27%, and current account 17%. The focus has been granular customer growth. Our customer acquisitions saw growth during the quarter across physical and digital channels. We continued to use the 811 platform for significant acquisitions through digital savings accounts. Our CASA ratio, as Jaimin said, was at 60.4% as at March 2021 versus 56.2% last year. CASA and TD below INR 5 crore comprise 91% of deposits versus 86% in Q4 last year. Sweeps deposits comprise 7.5% versus 6.6% in Q4 last year, and the cost of savings is at 3.74% this quarter versus 5.23% in Q4 last year. Our assets cross-sell and distribution fee income showed strong growth in this quarter. We continue usage of analytics and CRM platforms to penetrate and deepen our customer engagement. Digital adoption by all segments of our customers has continued to surge. Moving on to consumer assets, mortgages, and home loans. We continued our strategy on focusing on home loans. We ensured that customers got access to home loans at the right price, which made home loan buying easier for them. We announced competitive rates of 6.6% in March, making us one of the lowest priced players in this segment. Our consistent focus on improving customer tax and right pricing has helped us grow aggressively in this space. We had our best-ever month in March, where we did almost 3x of pre-COVID monthly originations. We focused on penetrating the salaried segment, which showed significant growth in this quarter as well. Home loans will continue to be a very big area of focus for us. Last February and March were our best ever months in lending. This has traditionally been an area where we have done well, both in terms of market share and credit quality, and we will continue to consolidate and grow here. We enabled many digital journeys on the mortgages side, which has helped us acquire customers through the digital way. MSME working capital. In keeping with economic revival, we saw demand pick up across certain segments like exports, auto ancillaries, light engineering, and even some impacted segments like textiles. Utilization and cash flows improved as well as the demand for some CapEx term loans. Our new acquisitions have grown month-on-month. We will continue our focus on building a quality franchise in this important MSME segment. Turning to unsecured loans. Credit cards. Both spends and new acquisitions have bounced back in credit cards in this quarter. We have been focusing on strengthening our technology backend in cards. In the month of March, we successfully completed migration of our existing VisionPLUS platform to the latest upgraded platform, which has helped us access a large stack of APIs, which we are currently using for innovation and enriching our product offering. Personal loans. We saw month-on-month growth in volumes in this quarter, and in March we were back to 85% of our pre-COVID levels. Consumer finance. This business has made strategic strides in the last two quarters in the online and offline distribution. With deep analytics, end-to-end digital journey and curated risk models, this business has grown in this fourth quarter. We will continue to build this business as we get into the next year. Collections. Last quarter saw both bounce rates and resolutions pretty much back to pre-COVID levels across products. We continue to invest in technology, analytics and capacity enhancements to grow our consumer asset businesses, which will continue to be the focus next year. I now request Kannan to take you through the commercial finance business highlights. Thank you, Shanti. I'll begin with the CV business first. Commercial vehicle sales in quarter four have been better than quarter three of FY 2021, though they have been lower by around 20% for the entire year. Our disbursements during the quarter have been higher than the previous quarter. Capacity utilization in the goods segment continued to be good in quarter four. Current wave of COVID localized shutdowns in various states, utilization may get impacted in the near term. Passenger vehicle segment continues to be impacted, and most of the vehicles in this segment are off the roads. It may take some more time for this segment to show some improvement. Collection efficiency for the commercial vehicle business as a whole has improved during the previous quarter, and they've been as good as pre-COVID times. The current wave, though, can impact collection in the near term. Demand for construction equipment continued to be good during the quarter four, driven by government infrastructure projects. Our disbursements during the quarter have been higher than the previous quarter. Customer cash flows have been good in this segment, and collection efficiency during the quarter has improved over the previous quarter and is back to pre-COVID levels. Localized lockdowns in the current COVID wave may impact activity in this segment in the short term. Demand for credit in our Agri SME segment continues to be good, driven by improved levels of activity and consumer demand for essential commodities. Cash flows of customers during quarter four was good, and our collection efficiencies were normal. Predictions of a normal monsoon is a positive for this segment of the business. Microfinance disbursements and collections were normal in quarter four. Both collections and new disbursements have been impacted in the month of April. Tractor volumes grew 26% during FY 2021. Our growth in disbursements is better than industry growth. This in turn has ensured our collections during the quarter was good and collection efficiencies were near normal. We'll have to wait and just observe what is going to happen in the light of recent developments in these markets. I now hand it over to Manian to take it forward. Thanks, Kannan. On the corporate side of the business, as we discussed last quarter, we of course, remained cautious in the first four, five months of this year, but then the trend turned around. We did build the book from its lows in the month of July, August, and we built it till December. In the last quarter, of course, we saw extremely high pressure on pricing, and the pricing was essentially unsustainable kind of level, where we think after building our PSL cost, it was not viable to be building that book to give us the right risk-adjusted returns. If you broadly look at the, if you add the trade substitutes and the corporate banking book, we have maintained a flattish book in the last quarter. On the SME side, of course, last quarter, like I said last time as well, I think we are beginning to see good traction, both in terms of NTB as well as in the growth of the book therefore, and the book did grow in the last quarter. However, the utilization levels in this book continue to remain low, which of course is positive from the quality of the book perspective, but from the growth perspective, we are not yet seeing the benefit of higher utilization. Of course, we continue to focus on our customer-level wallet share of the more profitable products out of the customer wallet. Therefore, our focus on transaction banking continued to remain good. Throughout the year, the CAR remained robust. The growth in current accounts remained robust. Foreign exchange business after a poor first quarter, when, of course, all activity was at standstill, picked up and continued to do well all through the next three quarters. We were, in fact, able to improve our pricing on transaction banking products and non-fund-based products. Our focus also on building a wholesome corporate franchise continued, and it continued throughout the year. DCM, debt capital markets, had a record year. In fact, both in terms of, we almost had no underwritten book left in our books. We were able to sell down almost every transaction we did in the year, and we recorded record revenues in the year. Our efforts to synergize various businesses across the group on the corporate franchise also continued to be extremely good throughout the year. Of course, the biggest story was the asset quality. The corporate sector, overall corporate as a segment, retained very good resilience throughout the COVID-19. We will watch the COVID-19 carefully. If you really look at the credit costs, they are probably lower in a COVID year compared to even normal years. Even segments like CRE and SME continued to show great resilience, and our portfolio held up quite well. We think our portfolio stands up well in the current circumstances. Of course, the new COVID situation, we will keep watching it as it evolves. Right now, we are quite happy with our credit quality in this book. Of course, because of all this, we have been able to maintain a healthy ROE on this business and also post a reasonable growth in profits. The other thing we are focusing on, which we have focused on in this year and will continue to focus through the next 12- 18 months, is upgradation of technology in this business. I think both in terms of internal efficiencies as well as improving customer proposition, there is a lot that is possible, and we want to be ahead of the curve on this. If you look at the sectors, we did raise our exposure on the NBFC sector. We did get comfortable in this sector, though a significant part of that increase was also in the housing finance sector, which we are comfortable. The sector has held up quite well on asset quality, and we are quite comfortable. Our exposure is also, the increase is coming out of really high-rated, very high-quality HFCs. CRE, if you notice, our exposure has actually slightly moderated. LRD is one product where we think, of course, they are very finely priced. It's a very finely priced product, and therefore, in some parts of LRD, which is essentially commercial space, office or retail, I think we are cautious on what will happen to some of this rationalization of office spaces and retail space rents. Therefore, we have been cautious, and as you can see, our exposure has dropped in this sector. Just quickly, I will cover also the Kotak Mahindra Capital Company position because as I said, our effort is to develop a corporate franchise which is more holistic. Corporate Bank, Investment Bank, DCM, and Institutional Equities are all part of that franchise. We have a unique franchise when we synergize all of them together. Of course, the Kotak Mahindra Capital Company did extremely well on the ECM side of the business. It was a record year again on the ECM business. We did several marquee mandates, as you can see, and we continued to maintain dominant share and franchise in that business. In fact, most of our issues that we did, almost all of them have also delivered post-listing performances which are excellent. However, of course, the advisory revenues were slightly muted, not only for us, but overall in the industry. It was muted. While we have a great pipeline, we expect to get closure on some of these advisory mandates in the coming year. Therefore, we remain optimistic about the future revenues in this business. Overall, this franchise is doing extremely well, and we maintained our market-leading position in this business. May I now hand it over back to Jaimin? Thank you. Jaimin. Sure. Thanks, Manian. If I come to the consolidated numbers, we end this financial year, March 2021, with a post-tax profit at the group level of INR 9,990 crore, which is about 16% higher than what we did in FY 2020. For this quarter, we ended the period with INR 2,589 crore, which is about 36% higher than what we did in Quarter Four last year. The non-banking entities contributed 35% of the total profit. By non-bank, I mean everything other than the bank. The subsidiaries and associates put together got in 35% of our post-tax profits. Of the entities which contributed other than the bank, Kotak Securities brought in INR 241 crore this quarter, which is almost 50% higher than what they had done, INR 163 crore in the same period last year. We also ended the year with a profit of INR 793 crore as against INR 550 crore. The life insurance company brought in INR 193 crore of post-tax profit at the shareholder level in quarter four, as against INR 165 crore last year. Kotak Prime brought in INR 184 crore against INR 161 and Kotak Investments INR 73 crore against INR 77 crore. Both these, again, like the bank, took the pain of the interest on interest reversals, both in Kotak Prime and Kotak Investments. Again, like in the bank, we have not dipped into the COVID provisions which we had created last year and early part of this year in either of these two NBFCs. The mutual fund business, which is both the management company and the trustee company put together, got in INR 100 crore of profits this quarter and INR 346 crore for the year as a whole. The international companies contributed INR 50 crore of post-tax profit for this quarter as against INR 20 crore for the fourth quarter last year. At the overall level, the advances at the group level at INR 252,000 crore and customer assets at INR 268,000 crore, which is about 4.8% higher than what we did a year ago. At the group level, our net interest margin at 4.45% for this quarter, and a GNPA level of 3.22% gross and net at 1.23% for this quarter. If I compare this with the immediately preceding quarter, these were 3.31% and 1.32% respectively. Having a healthy capital adequacy ratio at the group level too, 23.39% overall with a Tier 1 itself of 22.65%. Our capital and reserves at the group level now at INR 84,836 crore. Almost all our subsidiaries are pretty well capitalized and servicing their growth of business on their own. Our book value per share now as we end the year is at INR 426 per share. I request Gaurang to take you through the insurance highlights, please. Thank you, Jaimin. Let me first take you through a management change at Kotak Mahindra Life Insurance. Mr. G. Murlidhar, who was our managing director for last 10 years, superannuated on 30th April 2021, and we have appointed Mahesh Balasubramanian as a new managing director. Mahesh has been in Kotak for the last 15 years, and his immediate prior assignment was a managing director of Kotak General Insurance business. Let me first, in terms of performance, take you through the embedded value, which is the Indian Embedded Value, IEV, which grew by 17.7% to INR 9,869 crore. It is backed by a value of new business of INR 691 crore during the year 2021, with a margin of 28.6%. As you all know, the margin is basically a function of product mix, which has been very balanced for us in terms of ULIP and traditional plans, and within traditional plan between participating and non-participating products. It is also important to highlight that the share of risk premium, be it an individual or at a group level, as a percentage of total premium was 26.6% during the year. On quality parameters, if you look at our persistency on the five data points between 13th month to 61st month, I think we were leading the industry in first four, which is between 13th and 49th month. It gives us a very strong conservation ratio of 85%. If you look at in terms of the performance of immediate quarter and for the whole year, our profitability improved by 17% in Q4 from INR 163 crore to INR 193 crore. For the entire year at 14% at INR 692 crore. If you look at our net worth, it crossed INR 4,000 crore and giving us a very strong capital adequacy of 2.9%. In the Q4 2021, the APE grew from INR 600 crore to INR 827 crore, giving a growth rate of 37.8%. The group business also improved in the last quarter by 3.9%. Our individual renewal premium grew in the fourth quarter at 8.5%, but for the entire year, it was at 11.8%. AUM of policyholder grew by 34.2% to INR 43,000 crore, and individual protection share at individual level grew from 4.8%-5.8% year on year. Let me take you through our digitization effort. I think our digitization effort last year has been focused more on empowering distribution, energizing employees, and superior customer experience. The entire post-COVID-19 scenario actually, in fact, helps us in terms of accelerating the entire process. Our digital onboarding of customers through Genie is nearly complete at 95%. We also introduced an app for our advisors, which is called Boost, which helps the advisor in terms of improving their efficiency and the utilization in the first year moved up to nearly 50%- 60%. In terms of recruitment, because that's been very critical activity in terms of our agencies, we completely introduced a new platform for onboarding the advisors. You may know, but we are one of the top three recruiters of advisors in the agency business. In terms of superior customer service, now Digi Pro, which we launched in Q4 2021, which is nothing but integrating entire journey of the customer onboarding, and now it is completely paperless digital customer onboarding backed by video calling for verification and also using the dfigital liveness check and face match technology. In a group business, which is very critical in current times, we have introduced InstaClaim, and 60% of our claims today are getting settled in two days, which is very critical in this environment. Digital servicing channel, which are normal things like on the chatbot and all that, we continue to see higher traffic. Now I hand over to Jaideep for taking the presentation forward. Thank you, Gaurang. Hello, friends. Good evening. I'm here to talk on the Kotak Securities numbers. For the quarter ended March 2021, Kotak Securities achieved a total income of INR 570 crore. This is compared to INR 470 crore in the previous quarter and INR 462 crore for the quarter ended March 2020. The total income for FY 2021 now stands at INR 2,020 crore versus INR 1,690 crore for FY 2020. Profit before tax for this quarter is INR 321 crore compared to INR 245 crore of the previous quarter and INR 218 crore for the quarter ended March of 2020. PBT for the full year thus is INR 1,057 crore versus INR 738 crore for the full year FY 2020. Tax for this quarter is at INR 241 crore as compared to INR 184 crore in the previous quarter ended 31/12/2020, and compared with INR 163 crore for the quarter ended 31/3/2020. Tax for the full year now is INR 793 crore versus INR 550 crore for the year ended March 2020. Our market share in the cash segment for FY 2021 is 9.3%, and our overall market share, including futures and options for this quarter, is 2.2%. The market volumes over the last 12 months have been phenomenally high for the whole of last year, actually. The average daily volumes calculated for the market have been INR 22,47,000 crore for this quarter compared to close to INR 17 lakh crore for the previous quarter and INR 10,59,000 crore to the corresponding quarter last year. The jump is more than 2x in the last one year. Kotak Securities did an average market volume daily of INR 49,256 crore for this quarter compared to INR 33,793 crore last quarter and INR 25,603 crore for the corresponding period last year. I'd also like to highlight some of the digital updates which Kotak Securities has undertaken last year. The Trade Free plan was launched in October, November last year, which is one of the cheapest plans in the industry for derivatives and intraday traders. The DIY or the Do It Yourself account opening was again launched somewhere around the same time, where a customer now can open his trading account fully digitally and start trading in 60 minutes flat. The new mobile app launched of Kotak Securities is built on the latest technology stack with faster speed, improved features, and enhanced product offerings. The new direct mutual fund platform also launched, which enables clients to invest in mutual funds through the direct route at a far lower expense ratio. The platform to invest in the U.S. and global equities was also launched in the middle of last year. For the last quarter, close to 93% of accounts were opened digitally by Kotak Securities. Thank you, friends. With this, I will hand over to Kannan to talk on the vehicle financing business. Thank you. Kotak Mahindra Prime had a profit after tax of INR 184 crore this quarter as compared to INR 149 crores in the previous quarter. Profit after tax of INR 535 crore for the entire year. Disbursements during the quarter has been higher as compared to the previous quarter as well as the same quarter last year. Amid supply constraints, demand for cars continue to be good. The current wave can impact demand in the near term, but it is expected to stabilize soon thereafter due to an increased preference for personal mobility. Placement margins during the quarter has been good. Collection efficiency in quarter four was as good as pre-COVID times. I'll now hand it over to Nilesh to speak about the asset management business. Our total AUM grew by 26% year-on-year to INR 234,798 crore at the end of FY 2021. Our equity assets under management grew by 25% year-on-year to INR 97,997 crore. Our total AUM market share increased by 40 basis points to 7.3%. This performance reflected in our profit after tax growth of 14% year-on-year to touch INR 100 crore. For the full year FY 2021, our total assets under management grew by 17% year-on-year. Our equity assets grew by 13% year-on-year, and profit after tax grew by 3% year-on-year. We recorded positive equity sales in FY 2021, even though mutual fund industry registered negative equity sales in FY 2021. Our SIP market share continued to rise in terms of volume as well as value throughout FY 2021. Our asset management across mutual funds, insurance, alternate PMS and offshore grew by 43% year-on-year to INR 323,762 crore. Relationship value of our wealth priority and investment advisory business grew by 41% year-on-year to INR 382,000 crore. I will hand it over to Jaimin Bhatt to take this forward. Thank you, Nilesh. We should be willing to take questions now. Thank you very much. We will now begin the Q&A 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 Adarsh Parasrampuria from CLSA. Please go ahead. Hi, Uday. A couple of questions. Firstly is on the RBI group that is recommended that, promoter CEO tenure needs to get capped and ours will come into one and a half, three years. Mr. Parasrampuria. Sorry to interrupt, but can you speak closer to the handset, please? Your voice is a bit feeble. Sorry. Hopefully, this should be better. We've got two questions. First is on the transition. There is a roadmap till December 2023. Post that we will have a management change requirement basis what the RBI has come out with. Any comments you would like to make on what the RBI has put out, transition plan, and I know it's quite far, but just wanted to get your comments on that. Thank you. Let me first say that, as things stand today, the current term, which has been approved by the RBI, is up till December 31, 2023. Let me assure you that the bank and the board are fully aware of the situation, and I would like to assure you and all the stakeholders that the institution is committed to long-term institution building and shareholder value. All the steps which the bank will take will be consistent with ensuring a continuity of the growth in shareholder value and stakeholder value as we go forward. I would also like to wear my hat also as a promoter family and shareholder to say that we are committed long-term shareholders and just wanted to say that we will continue to be long-term shareholders as we see this particular bank and institution. We will take whatever are the necessary steps as we go forward. Rest assured, both from the point of view of the bank as an institution and us, that is me and my family as significant shareholders, we are committed to continuing long-term value for all the shareholders of the institution. Got it. The second question is more to do with little more two, three-year view about, say, ability and willingness to grow, right? I think over the last two, three years, our cost of funds has come down. We've been more than willing, and we can see that in numbers, the growth coming in mortgages as cost of funds has been low. You today spoke about that you can at some point do cards because you have a liability base as well. Just wanted to understand where we stand today, both in terms of cost and fund and OpEx, and from a two-year perspective, what segments, right? Mortgage you have articulated a couple of quarters back. From an ability and willingness perspective today, ability is there to do everything. Willingness will be in different shades, right? How does that change over the course of the next 12 months? Right. Okay. We have to really look at the call which we had as management in the month of October when we signaled a significant clear focus on assets as a strategic area for growth. Post that, if you look at the quarter January to March and look at our growth rate on an annualized basis, it is 18% per annum, which is 4.5% per quarter. Within that, if you see the mix at this stage of the cycle has been much more the secured piece relative to the unsecured piece. I would like to share with you here that we are significantly building up our IT and digital capacity and capability in this period. We actually believe that we will fly through the clouds without being scared necessarily of what is happening disproportionately around us, because we have confidence in our underwriting ability. We see this as an opportunity from a business point of view to actually gain share, certainly in the secured piece. We are also beginning to smell more opportunity in the unsecured piece with significantly lower baggage which we carry and having a significant amount of powder dry. We are therefore not necessarily at this stage taking a view that this COVID 2.0 is something which is going to change our view at this stage. We will watch the situation carefully, as I said right at the beginning. Our current view is, and I hope we are right for all our sakes, that this is a sharp spike up. Like what you saw in the U.K., there could be a sharp drop by June or July in terms of the new cases. Therefore, in terms of protecting lives, do everything we can in the short term, but in the medium term, we are not changing strategy with reference to our strategy on asset growth, secured and even unsecured. We are actually believing that this could be a bigger opportunity thanks to COVID 2.0. Having said that, we are very clear that we will not let our guard drop and certainly factor in a potential risk of COVID 3.0. We will also monitor the vaccination progress and the efficacy of vaccination in terms of infection and morbidity. A lot of our evaluation will parallelly look at the reality of COVID, even as we move forward flying through the clouds. I hope this gives you a sense about how we are thinking about the future as a significant opportunity while not letting our guard down. Right. No, this is useful. Thanks a lot. Thank you. Thank you. The next question is from the line of Rahul Jain from Goldman Sachs. Please go ahead. Yeah. Hi. Good evening, everyone. I hope you, your families are staying safe. A couple of questions, actually. First of all, the housekeeping stuff. Can I know the slippages at the standalone level for this quarter as well as previous quarter, please? Rahul, let me take that. Actually, previous quarter, you are aware about the Supreme Court and all of that. Yeah. There was no NPA which was kind of declared for the quarter at all. That previous quarter is not relevant. If you then look at for the full year this year, we have about INR 5,400 crore as against about INR 3,400 crore full year last year. This half year, therefore, we would have taken about INR 4,400 odd crore. Got it. Jaimin, can you also share the write-off numbers during this quarter and second half? Second half would be about INR 530 odd crore. Bulk of it has been just under INR 500 crore has been this quarter. This would predominantly be unsecured, I presume, right? Cards and PL, et cetera. Large part, yes. Okay. Got it. The other question is this provision for investments that we have made, INR 400 odd crore. What exactly is this item? It's pretty lumpy. It is both on investments as well as it would include an amount of provision on security receipts which we carry. It is the treasury investment book as well as the security receipts, both of them are included there. Okay. treasury would be mark to market- Yes. The SR would be the realized losses. Okay. That's okay. Got it. No, not realized losses. These are also provisioned. They are provisioned. Okay. Got it. The other is a bit of a strategic question going forward. Uday, you talked about the ambition to grow, et cetera, but COVID 2.0, of course, has been unprecedented. Any stress test that we have done so far, what could be any impact? Because nobody knows how this episode plays out and maybe might be too early for you all as well. Nonetheless, have you done any stress test analysis? At the same time, last time the RBI and the Government of India did roll out ECLGS, there was a moratorium given and restructuring was also allowed. Do you think this time around also we may need some of those measures? I think it's a very important strategic view about how all this will play out. Rahul, here is my sense on the stress. If you look at our book and the credit cost without considering COVID provision for the full year, it is 84 basis points versus 67 basis points of last year. Out of that, if you look at it, the bulk of it, actually, the credit cost has come, a lot of it has come in Q4. Why has it come in Q4? The moratorium period was from 1st March till 1st September. Potentially weaker accounts in the moratorium period went into some sort of an NPA, primarily assuming there was no Supreme Court stay, would have gone into an NPA. A lot of it would have gone into an NPA in quarter three of December. The way we provide provisioning, particularly for our retail side, is very aggressive provisioning by 180 days. A lot of that provisioning on the retail side, which we do it as sort of almost like a formula, takes the bulk of the provisioning pain on that book in 180 days. 180 days gets over post September 1, a lot of it got over in February and March, that led to a higher formula provisioning, which you can see in terms of our higher provisioning non-COVID in quarter four versus quarter three. If you look at the numbers in the P&L and look at the non-COVID provisioning, quarter four is a number which is higher than quarter three. For example, sorry. On specifics, if you look at quarter three, the provision on advances was INR 461 crore. Yeah. Provision on advances in quarter four is INR 745 crore. A lot of it is flow through of the moratorium book and the 180-day period getting hit, where we take a sharp jump in provisioning. For example, on commercial vehicles, we provide on a truck, 100% provisioning at the end of 180 days, as long as it is retailed below a certain amount in rupees crores. At the end of 90 days, the provisioning is relatively lower. 90-180 days, we do a scale-up in provisioning, which is what has hit higher in quarter four. Despite that, if I take the full year average, we are at 84 basis points versus 67 basis points, that gives us a reasonable confidence to us in the quality of our book. Of course, COVID 2.0, what it does to the corporate side, I hope it doesn't do damage. What has been extremely enthusing for us is that any corporate which has had the ability of raising capital, including stressed sector corporates, they have the ability to withstand the shock much better than the non-corporates. The corporate book has held up remarkably well. The ECLGS book, we actually believe has done well, and we are very comfortable with the book. Also keep in mind that is guaranteed by the Government of India, the incremental book which we have got. Some of it has also helped us keep many of those accounts being able to continue and function as they are. At this stage, we have got significant comfort in the quality of our book, and we believe actually it's a great strength which we have to be able to take the shocks and just keeping in mind 84 basis points as the cost in a COVID year. Moving to the specific point you asked, that what does it mean from a stress testing point of view? COVID 2.0 is a question which we have to ask. Is it a short one or is it a prolonged one or is it there is a 3.0 coming in September? Those are the questions which we need to have good answers to. What I personally believe, and this is something I genuinely feel, that if there is stress on the book of a bank or a financial institution, the answer is that financial institution has to take a judgment call that, "Is my borrower in a position to be in better off if I restructured his account and gave him a little longer time to pay? And while I restructure his account, I must provide and take the pain up front." I must subscribe to this theory that I will restructure accounts for borrowers only if the regulator gives me some dispensation. My decision on my borrower's ability to repay if I gave him a little more time should be based on the facts of the case, not whether the RBI gives me more time on that restructuring and therefore I provide more. Provisioning, in my view, has to be a must because the shock of the system must be taken on the chin, and the answer for financial institutions is not relaxation by the regulator. Or forbearance by the regulator. The answer is capital, capital. The capital has to be a shock absorption for the stress on the book, and restructuring has to be done based on assessment of ability of the borrower to pay if you give more time. That has to be the basis of strategy for financial institutions, rather than waiting for loans from regulators for forbearance. Got it. That's very comprehensive and very clear. Thank you. There's just one more question about the inorganic opportunity. We've created a fantastic liability side franchise. On the asset side, it started growing but still seems like at the early stages. From the inorganic side, you talked about cards, et cetera. Any other asset segment that comes to your mind? I guess the acquisition, if at all, would be more determined by what the value proposition you're getting on the asset side and on the customer side, right? How are you thinking about on that front? Again, if I were to just superimpose the big picture view, consolidation seems to have begun. You definitely have an upper hand in that process. How are you thinking about that? I think the answer to consolidation is clear. What we look out for is customers and capabilities, not physical branches. I think you're getting into a world where I think when I say I have 1,600 branches, I think it would be a liability if I had 10,000 branches. That's very clear because I think the digital and technology change is going to make the density of branch network requirements lower even for current account customers. For savings account customers, as Shanti shared with you, 94% of the transactions have moved outside the branches. We are seeing a whole new world where you're buying into franchisees with customer ownership and strength in certain product areas, and that's what we have to be open for. I just wanted to say that we are very open for organic growth and inorganic growth. We are open for business as long as it makes sense, but we are patient. It took us a long time, which we worked and prepared on before we acquired India's largest private sector banking merger, which was ING Vysya Bank into Kotak Mahindra Bank. When we did it, we did it with a lot of thinking and deep analysis and high focus on execution. We are looking, but we are very clear what we want, what is the value proposition, and how we will execute. Got it. Thank you so much, and wish you all the best. Thank you. Next question on the line of Suresh Ganapathy from Macquarie. Please go ahead. Yeah. Thanks. First, on the promoter CEO question, I just wanted more clarification. Uday, would you look at it one year before the tenure expiring with the NRC looking at possible candidates, or how will this work? Suresh, we are two years, eight months from that date. Okay. At what level it is there. It depends. It's like the classic glass half full, half empty. Okay? Okay. The current approval from RBI is two years, eight months. Okay? Okay. Let me assure you, it goes back to the point I said, we do think long-term, we think strategic, we evaluate all options. Whatever we do, we will do it in the long-term interest of all our shareholders. This is a deep DNA and a commitment from the institution, it is a similar view which the shareholders have or the promoter shareholders have, which is long-term view towards their investment in this institution, which promoters deeply care about. Just a technical clarification, Uday, on this. Mr. Dipak Gupta's tenure, if I were to count as a 15-year Whole Time Director, ends on what date? Mr. Dipak Gupta and I, both our tenures end on the same day, 31st December 2023. 15 year as a whole-time director, right? No, I am talking about the current approved tenure from RBI. Okay. We have letters in writing that our current tenure is up to the current approval from RBI to December 31, 2023. Perfect. Okay. The next question, the last question is on mortgages. Of course, this looks like a margin dilutive product considering that you're giving, of course, the lowest rate is 6.6, compared to any other products, obviously this looks like margin dilutive, perhaps it may look negative on your margin, overall company margin perspective. How do you look at it from a product profitability perspective? Do you think a mortgage can give you a similar ROE as compared to that of an SME or commercial banking or, say, any personal loans? Just curiosity, because it should not be ROA or ROE dilutive, right, Uday? Just wanted to understand that. Yeah. I think a very fair question. Let me first tell you what we believe. We believe a residential mortgage is a centerpiece for a customer relationship. It gives us a hook into a customer long-term around which we can do many things. Okay? Therefore, mortgage itself is a very important product. Consolidate a relationship. Suresh, I don't have to tell you the story of Kotak 811, no? Yeah, of course. Yeah. The money is on the maintenance. Yeah. Okay. Having said that, I would also like to mention one other point. COVID has transformed the importance of the home in the life of every consumer. That is something which we are also keeping, and we are going to go relentlessly at building the mortgage business, even as we build other businesses around it. Simultaneously, with the cost of funds positioning we have, and a continuing improvement in our cost of funds is a factor which is also an important point as we become far more competitive in a highly secured long-term product. We are not averse to unsecured products, but we believe the anchor product for us is a home mortgage or a core secured loan. That does not stop us from building SME working capital. We will do all that. Let me also today give you a little perspective on our approach and long-term orientedness. We went out with a savings deposit first off the block post opening up in 2011. Our CASA ratio was probably very low because we were a relatively newer bank, and we were relentless from that level to today to build our savings product and our CASA product to now over 60.4%. In the bargain, over the years, many analysts have said, "Uday, why are you guys wasting so much money on your SA acquisition? It would've cost the firm INR thousands of crores of higher SA we would have paid compared to many of our competitors." 10 years later, we believe that strategy has been vindicated. Our approach to any product, including a mortgage product, is medium to long-term. We will go relentlessly at building it, and along with it, all the other paraphernalia which we think will come along with it, both on the asset side and transaction side. That is how we think about it. We do not think for the next quarter, half year, one year. Pursuit of mortgages is a core part of our strategy going forward. Yeah. Sorry, just to follow up. I hope there is a controlled aggression because we do see a lot of ads. I am getting cold calls for balance transfers. I hope all the checks and balances are in place when you are going about doing these decisions because it has done really well in the last couple of quarters. I hope there is no adverse selection of assets in a pandemic environment, right? You're absolutely right. We have to be careful about it. Suresh, if you pick up any signs of that, please give Jaimin or me a shout or Shanti a shout, we will attend to it straight away. Okay, great. Thanks, Uday. Thank you. The next question is from the line of Sayantan Bhowmick from PineBridge Investments. Please go ahead. Hi. Thank you for this opportunity. My first question is a data keeping question. Just wanted to know the total customer franchise of the bank and how many customers we've added over the last year. If you could also compare it with customer acquisition, say, in FY 2020. That's the first question. Second question is, thank you for elaborating on the various steps we're taking to ensure our employees are safe. If you could also highlight what the bank is doing to support the community during this period of need. Thanks. Yeah. Okay. I think I will take the second one first, and then I will ask Jaimin and/or Shanti to talk about the customer acquisition. On what we're doing for the community, I think I'm happy to report to you that we have completed our full CSR of 2% this year between the amount of money we have actually spent or projects we have identified and which we have put in our CSR escrow account. That is full spend of two percentage points from a number which last year was less than 1%. I wanted my colleague, Dipak Gupta, who has run it with passion, to talk about what we have done on CSR in the current year, and thereafter between Jaimin and Shanti on the customer acquisition. Dipak. Yeah, Sayantan. This year, unlike last years, the activity has primarily been on the health side and the livelihood side. These are the two ones which were really pained events in the marketplace, and all our resources we really put on them. It's really spread wide and distributed widely across the country. Right from the simplest of them, that is distributing the masks, the PPEs, the ventilators, the oxygen concentrators. Those are the elementary ones. Right up to trying to support setting up hospitals and private primary healthcare centers. It is primarily dealing on the health side really this year. I think looking ahead, given the way COVID 2.0 is going, I think that part of the activity will be the predominant one even this year. Apart from that, like I said, last year, we also played a large part on livelihood. What we found really is a lot of workers, particularly in the unorganized sector or even from the organized sector, basically doing the part-timers and all, were being shunted out and sent back. We ran a very interesting program for a couple of months, really towards the end of COVID-19. A monthly salary payment so that their basic needs are met, the payments which really are necessary. Like I said, going forward this year, we see a lot of that being necessary to continue. Yeah. Jaimin, yeah, okay. I don't really have the customer numbers straight away. Well, roughly we are adding about half a million customers every month really and digital. On the liability side, yeah. I just broadly add to what Dipak said. This is across largely on the liabilities. If I take liability assets and you wanted the Y-o-Y number, I will know what. That's about the number you can take across digital, physical, every channel that we do. About 5 lakh customers a month, give or take. Yeah. Okay. Thank you. Thank you. The next question is from the line of Saurabh from JP Morgan. Please go ahead. Sir, just one question on the corporate banking fees. We are seeing some of your bigger peer group is actually growing at double digits, and I'm guessing pricing pressure will be there for them as well. Annual cost of funds is actually about those fees for next year. Thank you. Right. I'll get Manian to answer this, before that let me give you some reality check. Okay? Today, if I had overnight surplus as a bank, I have the ability of putting money with the RBI in reverse repo at 3.35%. If I wanted to take a little tenor risk-free basis, and I went for it 90 days or assuming I went for a six months deal, I would get somewhere between 3.5% and 3.6%. Against that, a lot of short-term corporate lending to the top-end customers, and Manian will confirm this, is going at 4% today. Top-end corporates, 90 days. If you take 4% lending rate for 90 days, I'm assuming it is crossing any quarter. There is a priority sector lending obligation, which includes not only 40% priority sector, but also includes agriculture and micro. The annualized effective cost of that is anywhere between 40- 60 basis points on a margin. On top of it, for whatever it is worth, we are taking a credit exposure and giving capital. Whether we do some deals at 4%, 4.1%, that's great. I can do a very large book of corporate INR 5,000 crore to a corporate if I do 3.9%. On a relative value add basis, is it adding value? Today, a foreign exchange swap is giving me higher returns. Okay? Which means if I convert rupee to dollars and do a swap, the return on the swap is higher than 3.8%, 3.9% for a similar tenure. I am asking the question that, are we in the business of purchasing loans and advances to show loan growth or are we in the business of creating value for our shareholders sustainably? With that, I will hand over to Manian. Yeah. If you recall in my commentary earlier, I did mention about the fourth quarter pricing pressures and the PSLC costs in my commentary. Uday explained the details of that. Let me put it this way. We have the relationships, we have the access, we have the ability, or we get a look-in to every deal that happens in the market or every client that does a transaction. It's not about our ability to source those deals or be in the mix. The issue is whether it is accretive or not from our point of view. In fact, if you recall, just a while back, I was making a reference to this exactly, that we are extremely focused on our risk-adjusted return on capital, and we don't think a 4% transaction at the end of the year crossing a quarter is worth doing given even our cost of funds. We have to make the right choices. We focus on making sure that we are getting the right revenue wallet shares from the client. As I said, therefore, we have been able to maintain our ROE, very healthy ROEs in this business, and a growth in profits. Both we have been able to achieve even during this year. We feel that is more important and the franchise with the corporate is not necessarily in doing a sub-optimal priced deal. We remain focused on profitability. Okay. Sir, your comment on the SME business, I mean, don't you feel better there? That is just question right now or because again, we have seen balance for you versus the others? No, if you see SME in the last quarter, there is growth. From December to now, there is growth, clearly, if you see the last quarter. We intend to keep building that. There, the pricing pressures are not as bad as some of the corporates. In fact, there are segments which are not even high rated, but the pricing is poor in the corporate side. SME is not like that. In SME, we have reasonable comfort on pricing. Okay. Fair to assume that SME book at least will start growing at least a little bit. Yes. Okay. Thank you. Even the corporate book, if you see the medium-term growth in the corporate book, of course, COVID year is the aberration, but if you see the medium-term growth in the corporate book, we've been growing it at the mid-teens kind of growth rates. In better cycles, we can grow that faster. When the pricing affords growing faster, we will. Like I said, it's not about access or ability to get a look into the deal. Got it, sir. Thank you. Thank you. The next question is from the line of Kunal Shah from ICICI Securities. Please go ahead. Yeah. Hi. Sorry, again. I said with respect to mortgages, okay, be it in terms of the customer acquisition, consolidating the relationship and looking at more of on a medium-term basis and get competitive, when do we see we would get as well? Maybe it's also getting the corporate relationship, trying to consolidate and the way the government is also focused in terms of the investment, shouldn't we take this opportunity as well? No doubt in the earlier question it was highlighted, but just trying to weigh the comfort which is there on the housing to be equally competitive, that doesn't seem to be reflective on the corporate side. Just want to get the sense of that. Yeah. Should I go? Yeah, go. Yeah. We don't see our corporate franchise exactly the way I mentioned that during my commentary. We see our corporate franchise as an integrated franchise of corporate lending, investment banking, the institutional equities. Our corporate franchise is quite unique. Actually, there is no other competition which has four legs as strong as we have. We don't look at the corporate franchise as just building a book which does not give enough ROE. The way we look at it is whether we are doing more things with the corporate across all these four legs that I talked about, and that's the way we look at it. We think we are building a fairly unique corporate franchise which is highly focused on profitability and real value add to the corporate. See, Kunal, just very quickly. In our balance sheet. Kunal, in the case of the corporate, the relationships are all there. The franchise is already deep. In the case of mortgages, we are getting new customers and new relationships. Yeah. I'm not selling him one more home loan. I'm selling him the first home loan, and hence other relationships will get built around that. That is why there is opportunity of deepening, expansion, and cross-selling. In the case of corporate, you name a corporate and we will probably have a fair share of our relationship and business with that corporate. That doesn't mean if we've given him INR 100 crore, we should go ahead and give him INR 500 crore. Yeah, that's the difference here. Sure. Two more questions. One is on the net NPL side. No doubt the overall GNPL have also gone up. Where do we want our net NPA to settle? No doubt we have a contingency buffer, but 1.2, 1.3 compared to where it was earlier. We are at 63% coverage, but would there be a plan to inch it up further? Second, on the inorganic opportunity side, maybe on the credit card and Citibank portfolio, if you can comment on that. On the level of net NPLs, we will take a call on the basis of what we think is recoverable on a present value basis. If we believe our loans are recoverable and on a reasonable present value basis, that's how we will value. Finally, a net NPA is a number of what we believe is recoverability of the underlying loan. If a particular lender believes the recoverability is low, then you better provide more. If you believe the recoverability is better, you provide accordingly. It has to be a pretty honest answer about what we think it is. We believe that our net NPA reflects what we think is the recoverability of that loan on a reasonable present value basis judgment. That's how we think primarily about net NPA. It's because we have been a lot in the distressed asset business. We know that what is the fair value of a loan is the present value of the money we'll collect from that loan at a point of time. That's the true way you measure on the net NPA part of your book. On inorganic business, we are looking at a lot of stuff which comes our way. We will be focused and we will be consistent with creating value. You are aware that we took a long time before we did the inorganic, which I talked about, ING Vysya 2015. We also did the strategic investment in MCX. We are patient, but we are ready to move when we feel the opportunity is real. We've also given you another perspective that in today's world, with the changing world, the physical branch network is marginally important compared to the value of customers and product and value specialization which a target may give us. Sure. Yeah. Okay, thanks a lot. Would that be the perspective in terms of the branch expansion? Because few of the other private banks we had seen, maybe they're adding on to the branches, but our take has been maybe in terms of the branch additions, it has been minimal. Would that be the stance that maybe it's not more about the physical, but getting it done digitally? We will be measured on branch expansion and the primary driver for branch expansion will be current account markets and SME markets as a focus. Okay. High transaction markets. You will be relatively less excited about opening too many branches around savings account markets, if you understand what I mean. Sure. Got it. Okay. Thanks a lot and all the best. Yeah. Thank you. The next question is from the line of Sumeet Kariwala from Morgan Stanley. Please go ahead. Hi. Good evening, Uday and team. Congratulations on strong earnings. I had a question with respect to return ratios over the next two, three years. The bank obviously has one of them was interest rate. It was very well executed last year. I had a question with respect to operating leverage. You highlighted how branch can be a liability and digital will help sourcing incremental business. My question here is, how should we think about cost growth over the next two, three years as we accelerate to 20%, 25% kind of loan growth? Is it fair to expect significant operating leverage? Do you have a three-year cost income ratio in mind? Sumeet, you're absolutely right. There's a significant opportunity for us to increase our operating leverage. Okay? You are in the equities business. You know how operating leverage works better than anybody else in an institutional equities business. Once your costs are reasonably known and the brokerage revenues go out of the roof, you just get everything straight to the bottom line. Our view is physical will be more measured. It is going to be much more around customer product digital experience on a strong technology base. If at all, we will be spending more money, it's going to be in these areas, and we're not going to stop that spend in the short to medium term for really what I think is a significant catch-up, where our competition may not just be other banks. Our competition has to be the tech players of the future and present, and how they are playing the game, and how do we learn from them. I think Indian banks have a unique opportunity that while we continually regulate it, how do we transform and transcend to be a customer-oriented product tech player? While we still have the cover of being a regulated bank. That is the journey we need to do. We need to be ready to spend for tech for that. I don't think the spend which we require for something in that area is anywhere near 10,000 physical branches. Got it. We clearly see the advantage of operating leverage as we add a lot more products to your base, organic or inorganic. Very thoughtful. Thanks a lot. Thank you. The next question is from the line of Roshan Chutkey from ICICI Prudential Asset Management. Please go ahead. I can't hear you, Roshan. Mr. Roshan, sorry to interrupt, but may we request you to move to a better reception area, please? Hello, is it better? Yes, sir. Firstly, on OpEx cost, what explains the declining of employee OpEx? The second question is, in the investment provisions, what proportion of it is because of the security receipts hit? Then I'll talk about the others if you can take these first two questions. I think Jaimin will answer that question. On this investment provision, remember, there is an other income profit line which has grown, and there is an investment provision line. You need to look at both also because some parts of it may be an accounting requirement to show it both as income and provision. With that, I will hand it over to Jaimin. What Uday said is right. You should look at the fact that there's a spike in the other income also, which is treasury related. Of the overall number there in the provision line item, the security receipt would be in about INR 50 crore-INR 60 crore odd or something. It's a smaller amount. On the Operating Expenditure, if you look at the year-over-year, for the full year, the expenses have been lesser. If you look at the quarter itself, the expenses have picked up as activity levels have picked up. Overall for the year, the first quarter had a lot of savings, which we've got. For the year, yes, we spent lesser than what we would have spent for the whole year last year. As we get to fourth quarter, we've actually caught up and the expenses in this quarter, which we've talked about as overall Operating Expenditure, we are higher than both last year and the last quarter. In fact, some of that was helped by the fact that the employee cost came down, as I mentioned earlier, thanks to the retirement benefits being lower. Of course, some of the employee benefit costs are also linked to the stock option appreciation rights which we give out, which also has turned out lower. How much is the decline in retirement provision, Jaimin? I'm sorry, Roshan, I didn't get you. How much is the decline in retirement provision? Retirement provision, if you look at for this quarter versus the previous quarter, it's a decent amount. We had a benefit coming both from the interest rates on pension as well as the fact that the retirement benefits were invested and overall some of the equity returns rubbed off on the fact that the NAVs of the investment portfolio went up. If you look at for the year this year versus for the year last year, there is a decent INR 200 crore plus of retirement benefit saving. Overall, as I was coming to it, on the other operating expenses, while there has been savings on the fact that activity levels in the initial period, quarter one particularly was lower. While this quarter, as I said, the non-employee cost is actually 12% higher than last year. Some of it, of course, coming from the fact that things like deposit insurance. Deposit insurance is linked to the total deposits you have insured. To that extent, that has been a spike. In addition to that, you'd also seen the rates on DICGC going up by 20% over the last year period. Those are the costs which have actually gone up. Some of the areas which we've actually also seen going up is relating to repossession and recoveries, as well as things like brokerage, which we pay for home loans and others. Some of the other expenses we've been controlled. It has been a mix. Don't go by the fact that overall it has been lesser last year. Some [inaudible] by activity levels which were lower, especially in the initial part of the year. Seems like we lost the connection for the current participant. We move to the next question from the line of Nilanjan Karfa from Nomura. Please go ahead. Hi. Thanks for the opportunity. Two data questions. Jaimin, if you can take these up. One is the overall ECLGS, I think maybe I've missed. If you can split it also between ECLGS one and two. Second on the full year NPL movement, if you can split the slippages of about INR 5,400 crore between the three buckets of loans that we disclosed, which is the consumer, the rural, and the corporate. If I can also have the write-off number for the full year. The third, obviously you talk a lot about savings, but if you look at on year-end to year-end basis for last five years, we have actually aggregated the least amount of savings in FY 2021. How do you look at that? It definitely therefore means that the lowering of rates has probably some impact, and therefore, as a contra, whenever the economy recovers, it would mean that you will have to also raise rates and get those savings back. Is that how you would want to think about it? Thanks. On the savings side, I'll possibly address this one. ECLGS overall, we've disbursed something like INR 11,500 crore. That's an overall number which we did for the full year, and it is spread across the ECLGS 1 and 2. If you look at the overall increase of the assets book on the ECLGS accounts from then, it is much lesser than that INR 11,500 crore which we have disbursed out. Slippages, I talked about it at about INR 5,400 odd crore for this year versus about INR 3,400 crore last year. Honestly, we haven't been giving the breakup of what the slippages have been. Overall, I talked about the fact earlier also that we've had slippages increase in the unsecured, the businesses, which is disproportionate to the overall size of the unsecured book. You talked about the write-off. I mentioned earlier about the fact that this year we have a overall write-off of about INR 625 crore as against about INR 930 odd crore in the previous year. Right. On the savings deposit, I would like Shanti or Virat Diwanji to answer. Yeah. Can I just come in on that? Yes. There are three parts to this and the reasons I would say. In the first quarter of last year, our acquisitions, NTB got impacted and the value buildup typically happens in Q3 and Q4. Actually in the first half of last year, we had a huge buildup of balances and we saw a large investments and consumption flow out in Q3 and Q4. Right? Some HNI and large money moved out on account of the interest rate. The combination of all of this is what has been the growth rate that you saw in the Q4. Having said that, as we said, we are back on our acquisition track in Q3, Q4, and you will see the value build up from this. These were broadly the reasons that we see and we say. Virat, if you'd like to add anything, otherwise that's fine. I think these are the three primary reasons. Yes. That's all. How large is our, if I can add, how large is our NRI portfolio actually? I mean, if you can disclose. Jaimin, can you just take Either you have it ready or you want to give it separately? No, I'll come back to you on the NRI portfolio. Sure, Jaimin. We'll just take it offline. Thanks. Thank you. Thank you, everyone. Thank you. Ladies and gentlemen, due to time constraint, that was the last question. I now hand the conference over to the management for closing comments. I think, thank you very much. This has been a long meeting. It's been one hour, 40 minutes. These are exceptional times. My view is we really need to take this, I think at clearly two levels, people level and business level. As we go after the business, we need to once again constantly say that the people level is even more important. With that, I wish every one of you safety and good health. Hopefully when we meet next time, we will have a much better situation on the pandemic. Let's pray for that, and let's all of us work hard towards making sure that we save lives and save livelihoods. Thank you very much, ladies and gentlemen. Thank you. Ladies and gentlemen, on behalf of Kotak Mahindra Bank, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.