Ladies and gentlemen, you have been connected to the Moneyview Limited Q2 FY27 earnings conference call. Please stay connected, the conference will begin shortly. Ladies and gentlemen, good day and welcome to Q2 and H1 FY27 earnings conference call of Moneyview Limited. As a reminder, all participant lines will be in the listen-only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Ashwini Shah from EdFactors Investor Relations. Thank you, and over to you, ma'am. Thank you. Good afternoon, everyone. Thank you for joining us today for the Q2 and H1 FY27 earnings con call for Moneyview Limited. Today on the call, we have with us from the management, Mr. Puneet Agarwal, co-founder and CEO, and Mr. Saurabh Goyal, Chief Financial Officer. Before we begin, please note that certain statements made during this call may be forward-looking in nature. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results or projections to differ materially from those statements. Moneyview Limited will not be in any way responsible for any action— actions taken based on such statements. and undertakes no obligation to publicly update these forward-looking statements. I would now like to hand over the call to Mr. Puneet Agarwal for his opening remarks. Thank you, and over to you, sir. Thank you, Ashwi. Good afternoon, everyone, and welcome to Moneyview's earnings call for the 2nd quarter of fiscal 2027. This is our first call as a listed company. So let me begin with a thank you to every new shareholder who joined us through the IPO. Thank you for your faith and your capital, and thank you to all our customers, lending partners, and the team who helped us build this company over the last 12 years and reach this proud milestone. Since this is our first call, I will spend a few minutes introducing Moneyview and then take you through the quarter and our outlook. So we started Moneyview 12 years ago with a very simple mission: to provide world-class financial products to every Indian with a smartphone. When we began, credit in India was out of reach for far too many people, especially beyond the big cities. The products on offer were built on standard rules and they rarely fit these customers whose income credit histories and aspirations varied a lot. We believed there was a better way. Data and technology could make it possible by truly understanding each person's financial profile and matching the right product to the right customer. A credit profile or credit file is an important input, but it only tells a part of the story. The real picture lives somewhere else in how people earn, spend, and repay each day. So we started with data. Our first product was a personal finance manager app. With the user's permission, it parsed transactional SMS alerts such as salary credits, bill payments, EMIs, and card spends, which help people track their day-to-day income and spending. But for us, it created something really special, a continuous real-world view of how people earn, spend, and repay each day. Spend and repay. We built our first models on that data, and we learned something important. A customer's financial profile combined with their credit file is far more powerful than either one of its own. That understanding is the root of everything that we have built since. The understanding soon became our credit intelligence. 9 years ago in 2017, we launched our first personal loan product with this cash flow and alternate data model that at the top. These models helped us offer each customer a loan built around their profile and needs. We made a second choice at the same time. We partnered with multiple NBFCs and became a lending service provider. Later, we also added our own NBFC for greater resilience. Giving us a balance sheet of our own. Together, this partner-led model and our own NBFC allows us to combine scalability with capital efficiency. The best way for you to— is to think of Moneyview as a platform with customers on one side and lenders on the other, connected in real time by our own technology. The entire consumer lifecycle from discovery to application to servicing is managed on our platform. There are 4 pillars that hold this platform together. First one, being customer-first. We have built a large consumer franchise kind of focusing on this customer-first approach with more than 14 crore registered users today, mostly in tier 2, tier 3 cities. Uh, Sadif. Our customer-first approach shows in how they rate us with 4.8 stars on the App Store. It also shows in how often they return with close to 65% of our AUM coming from repeat users. From repeat customers. Customers do not come back to a lender they do not trust, and this trust is the foundation of everything that we do. The second pillar is data and technology driven. This goes back to our very first product and its SMS-based view of how people earn, spend, and repay. Shaped by more than a decade of data, this intelligence has grown into sophisticated models that understand each customer's profile in depth. These models let us create personalized products that meet each customer's need rather than fitting the customer into a fixed product. L. These models never stop improving. Over the last 9 years, they've been through multiple credit cycles. Each cycle and each data source has made them sharper at predicting risk. And the version that we use today is far more robust than the one that we started off. Coming to our 3rd pillar, which is digital first. Everything happens on the app, available 24/7 from a customer standpoint. A customer can apply for a loan, on the app, get an offer in seconds, and receive the money in minutes without ever visiting a branch or filling physical paperwork. This is what our mission of serving every Indian with a smartphone looks like in practice, and it is how we reach customers in tier 2 cities and beyond. All of this powered by a cloud-native modular technology engine that is built in-house with AI embedded across all functions that we do. Because the model is tech-first, it scales at a lower incremental cost, which is reflected in our continuously improving operating efficiency. Talking about our 4th pillar, which is being capital light. 75% of our loan capital comes from our lending partners through the LSP model, which is the lending service providing model. The partner model gives us scale with a very lean balance sheet. And let us grow faster without needing heavy capital for our LSP business. On our own NBFC, it adds resilience and access to a broad set of additional funding sources. while complementing the platform. This results in a capital-efficient model that scales quickly and delivers stronger return on equity or ROE than traditional lending models. Together, these choices have paid off. We reached profitability in FY22 and we have been growing profitability ever since. Today, Moneyview is one of the largest digital credit-led NBFCs in India. Financial services platform with almost 15 crore registered users and nearly ₹24,000 crores of loan a year. Before I turn to the quarter results, a word on the opportunity ahead. India's financial services sector is going through a structural shift as more consumers move to digital. and into the formal financial services sector. The opportunity is especially large beyond the big metros where customers want convenient financial products that are relevant to them. According to the industry, India's personal loan market is expected to grow to ₹33 to ₹36 lakh crores by FY31. Digital loans made up about 15% of these unsecured personal loan packages in FY26, but that share is actually rising quite fast. Digital personal loans are the fastest growing segment within unsecured lending, projected to grow at 26-27% a year through FY20— FY31, sorry. But we believe this is more about digitizing lending. The next phase of growth will belong to the platforms that use data and technology in the best possible manner to create to actually assess creditworthiness of the consumer, personalize the right product for the right customer based on this assessment, manage risk very, very effectively, and deliver a seamless experience. This is exactly what Moneyview is built to do. With that foundation in place, let me turn to the quarter we have just closed. It was a great quarter both for the growth in our business and for expansion in our margins. On growth, disbursements for the quarter were ₹7,701 crore, up 7% quarter-on-quarter, and we closed September with managed AUM of about ₹23,900 crores. Total income grew 8% from the previous quarter to ₹1,145 crores. Profits grew even faster, up 16% to ₹201 crores as our margins widened. Our pretax margin rose from 21% of total income in the previous quarter to 23% in the current quarter. That was driven by 4 things. Higher margin in our partnership business, lower cost of capital in our NBFC business, better credit cost, and finally greater operating efficiency. The benefit of our capital-light model also shows up in our returns. Our return on equity for the quarter was 27.8%, and that is with the capital from our IPO included in that equity base. Overall, our Q2 and H1 FY27 performance reflects strong growth in volumes and income, healthy improvements in operating leverage, and higher profitability. As we enter the festive season, we continue to see strong momentum across dispersals, collections, and operating efficiency. We expect current growth rates to continue through the rest of the year. With margins and returns remaining healthy. Thank you for joining the call today. We are now happy to take your questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. 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 comes from the line of Viral Shah from IIFL Capital. Please go ahead. Yeah, hi, uh, congrats Puneet on great set of numbers and on the inaugural results post the IPO. So Puneet, I had 2 questions per se. Uh, one is basically, uh, would you be able to give a sense of how, uh, FY27 now will kind of shape up in your opinion, uh, given that in the first half itself we have achieved ₹375 crores of kind of PAT? Uh, especially given that second half you tend to see a better, I would say, growth visibility typically historically. So that's my first question. And second is with regards to the asset quality, how are you seeing, uh, say, uh, the 2Q, how did it pan out? Uh, I know you have given the GNPA and the collection efficiency numbers, but if you can also give us some sense of, say, the bounce rates, how it has trended, or say a Stage 2+3 or a 30+ DPD Uh, in the second quarter as well as also how it is trending in the month of October. Hi, Viral. Thank you for the question. So maybe I will— what I'll do is I'll kind of give you a very high level on both of these and then I'll actually ask Sourabh to kind of give you specific numbers. Uh, so on the, on the growth outlook, that was your first question. Uh, so Viral, as I mentioned, uh, in my, in my remarks, right, that we actually are enjoying good growth momentum. And getting into the festive season, actually we see that growth momentum to kind of continue, continue as well as our kind of operating efficiencies are kind of maintaining. So we expect the margins to kind of remain healthy. Given all of this, I think kind of we believe that we can kind of— we're probably going to exceed about ₹800 crores of PAT for the overall year. When it comes to risk, we are actually— that is something that we manage very, very closely. We— that is especially through the kind of current environment, our risk teams have been actually making sure that we are not seeing any stress and we are kind of pretty pleased with the performance so far. It's been very, very stable and we don't see any material change. But with that said, I'll kind of hand it over to Sourabh to provide any more specific numbers. Yeah, so just to add to what Puneet said, uh, in terms of, uh, the asset quality, our collection efficiencies, which is right now, uh, for the month of September was reported as a 98.64%. Uh, we are seeing a similar number in the month of October, so we are not seeing anything majorly different in the month of October. The collection efficiency is holding up. And in terms of your specific question around the Stage 1 assets, so the Stage 1 for the Month of September was, uh, for the quarter ended September was 94.6%, which was in the similar number as the previous quarter. So it's very stable from an asset quality standpoint. And since we are seeing a good momentum on the disbursement volume standpoint and expansion of our margins, as Puneet mentioned, our aspiration would be to basically deliver the number which will be in excess of ₹800 crores from profit standpoint. And continue to focus on margin expansion, which is right now at 23.5%, to continue and improve it for the rest of the year. Got it, uh, that's very clear, uh, and, uh, just one more question, can I ask? Sorry. Yeah, sure. Uh, now that you have, say, money in the bank from the IPO, the ₹750 crores, one is first of all a clarificatory— when I look at the capitalization levels for NBFC, it is yet to be downstreamed, which is why it is kind of not reflecting in the capitalization levels, right, in the NBFC? Yes, that's right. So the money actually, from an IPO standpoint, uh, so we did the allotment of the shares on 29th, but the money was actually effectively available to us only after the 1st of October because the listing date was 1st of October. So it was more in the monitoring account. So the downstream investment of ₹250 crores is completed in the month of October, uh, into the NBFC, and the balance remains at the platform. Right, that's very clear. And, uh, when do we expect the benefit of this in terms of credit rating upgrade also to kind of show up for us? Sure, so we are in discussion with the rating agencies right now, and, uh, post the completion of this result, we'll continue to work with them to see how we can get the benefit of this particular equity capital in terms of a rating improvement. Uh, we saw last year, if you remember, we basically had a rating upgrade from a BBB category to moving to an A- category and with a positive outlook, which helped us to actually improve our cost of capital significantly. Our incremental cost of borrowing is already down 2% when compared to the last year. Our last year average was more in the range of 14.5% to 14.8%. Our incremental borrowing right now for the first half of this year is somewhere in the range of 12.7% to 12.8%. So think of it, it's like a 2% benefit which we're getting on the incremental borrowing. Which will flow into the P&L over the period of time. Now with this additional equity coming in, it will one, help us to focus in terms of our rating improvement, and at the second level, it basically gives more confidence to the balance sheet providers to help us to reduce further the cost of capital on the incremental borrowing as we move forward. Got it. That's very clear, and all the very best. Thank you. Thank you. Participants who wish to ask a question may press star and 1 on the touchtone telephone. The next question comes from the line of Anirudh Sharma from Ekant Investments. Please go ahead. Hi, good afternoon. Am I audible? Yes. Yeah, hi sir, I just had a few questions. So firstly, sir, could you give us some color on the FY27 outlook and what are the key priorities and levers you are relying on? to deliver it. Sure. So as Puneet mentioned, uh, the focus of the business will be to continue to, uh, in all these fronts, it would be on the disposal growth or improving our efficiencies from an operating leverage standpoint. We'll be focusing in all the areas. So when we look at the volume growth standpoint, it's been a very healthy growth from our first half year, and we believe the growth momentum to continue in the second half of the year. And from a full year standpoint also, what we're looking at is like at least the top line growth of being around 40%. But at the same time, the focus will be to continue to focus in our operating efficiencies and improving our margins over the period of time. And there are 3 or 4 broad categories which we touched about. Uh, one is the improvement in our cost of capital on the NBFC to improve our share of margins. The next will also be an area of operating efficiencies which we're looking at, a combination of a use of a technology which is helping us to reduce the cost significantly. And the next will be also the area on the customer acquisitions cost, which is continuing to come down. Now, combination of these, what we had looked looking at from a year standpoint, as we mentioned before, is to deliver profit which is in excess of 100% the normalized profit from a last year standpoint, and which would mean that actual profit level of being in excess of ₹800 crores. Okay, got it, got it. So, and so your average cost of borrowing has come down to 14%, which was around 14.8% in Q2 last year. So what drove that and how much further can it fall? Also, how much debt do you expect to repay or reduce using the IPO proceeds? So, uh, as I mentioned just before call, that in case of, uh, like from a new borrowing standpoint, our own NBFC saw a significant reduction in our borrowing cost, uh, since our last rating upgrade. Uh, so the incremental borrowing on a monthly basis is coming down. Now the actual translation to the P&L takes time because of the old borrowing repayment which takes place. So the new borrowing which we are doing right now is almost like a 2% lower than the previous time. So we just— we are seeing right now 14.8% going down to 14%. Uh, we expect that to continue to come down. Because our incremental borrowing is roughly around 12.5 to 12.8%, so it should continue to come down over the next 1 year also and come to the range where we are borrowing incrementally right now at. Further, because of the, like, uh, IPO proceeds which is coming in, we are expecting the incremental borrowing also to continue to go down from a future standpoint. Coming to the second part of the question, which is like whether we'll be using any of the IPO proceeds to repay debt, uh, not really, because the way we look at it is that we have increased a portion of our capital proceeds which was towards the NBFC, ₹250 crores has been infused into the downstream, into the NBFC. And the idea will be to basically lever this capital and raise additional debt to overall increase the shareholders' return. That's how we are looking at it. Think of it like a business where we need capital to grow, and it's not like this will be to repay a loan which will be there on the balance sheet. Okay, got it, got it. So, uh, one last final question from my side. So your return on equity has come down from the previous quarter, although it was still above the traditional lenders earn. As the book scales, what level of ROE do you think is sustainable over the medium term? Sure. So, uh, as you rightly said, the ROE has come down in the current quarter, and that's because of the last year automatic factor of equity capital getting added to the, uh, these equity towards the end of the quarter. Now, but if you look at from a normalized ROE standpoint, our ROE did continue to improve. So from a 29%, we moved to like a 31% as a normalized ROE if you remove the equity capital from the net worth. And look at it. So the normalized ROE continues to improve. Once this equity capital which we have raised as part of the IPO is fully deployed, we should be basically delivering a number which is the normalized ROE where we are right now seeing. Okay, got it. So thank you for the answer, sir. That's it from my side. Thank you. Thank you. A reminder for all the participants, in order to ask a question, you may press star and 1. The next question comes from the line of Nischint from Kotak Securities. Please go ahead. Hi, thanks for taking my questions. Just if you could give some color in terms of your sourcing strategy, how your sourcing channels have evolved over the years and if there is any, any trend that you have that you want to highlight for the last 6 months. And even in terms of your, you know, lending partner relationship, if you could give some numbers in terms of you know, how many partners, what is the share of the largest partner, and, you know, if it, you know, could come some breakup between banks and NBFCs, large NBFCs. I think any qualitative color on these 2 aspects would be helpful. You know, it's something that would help us understand better. Hi, Nishant. So I will take the first question and then kind of hand it over to Sourabh for the second question. So on the first question, which is around sourcing of the customers, right? So See, just kind of as a baseline context, right, almost 65% of our business is repeat. For the new business that we are kind of— the new customers which are coming to our platform, Broadly, if you were to kind of think about it, there are 2 broad channels. One is the customers that we source directly, and then the second is the customers that we source through embedded kind of journeys with the partners. So if I just look at the first piece, which is the customers that we source directly, that's about 75% of the new customers that we're acquiring. Now within that, there is a big organic part. And then there's a paid marketing part. I would say roughly about half and half for the 75%, and the remaining 25% is where we have a pretty deep partnership with some of the very large consumer internet players in the country, right, where we have kind of built our black boxes of risk assessment engine based on the data that they have. And have deeply integrated journeys. So we kind of, through those partnerships, we are able to kind of surface Moneyview offers to their customers, and then we kind of acquire customers through that. So that's roughly about 25% of our overall kind of new customer acquisition. And to answer your second part of the question, which is around the lending capital. See, so as a platform, which is like 75% of our business is a platform with capital and 25% is the own-in BFC. Now Our strategy over the years have been to basically diversify the pool of capital which is being sourced from the partnerships, and we continue to work in terms of every year to add 2 to 3 new partnerships. To basically ensure that the reliance on any single partner is not very big. Today on a platform, there's no single partner which is contributing more than 13 to 14%. The highest partner is somewhere between 10 to 12%. From a mix standpoint. And the balance is basically fairly distributed among the partnerships. Now, In terms of the banks, we've just onboarded last year, like early part of this year, one particular bank, and we are in the process of integrating with a few more banks. The conversations around these partnerships take some longer time too in terms of from a complete integration standpoint, but the idea will be to basically ensure that every year we continue to add 2 or 3 new partnerships and diversify. Today on a platform, we have closer to 17 partnerships which are live on the platform, and the idea is basically to just work in terms of diversification and reducing the concentration risk on any single partner. And as you increase, you know, as you sort of, you know, add a bank or probably increase banks or, you know, as you see the book cost of funding coming down, and I think you mentioned your marginal cost is down. Can we kind of assume a very similar parallel sort of improvement, you know, in the sourcing that is happening, you know, for the platform. Yeah, so see, that's a part of our strategy, which is basically to keep adding more and more partners. And as we add more partners with a cheaper cost of capital, be it a bank, So that helps us— helps the platform to basically offer a loan to a larger set of our user base, and that will be a part of our strategy, which is like basically to continue to improve from a cost of capital standpoint. and service a large user base, and which will help us to overall improve our margins on the business. Oh, but that's a rating upgrade, uh, sort of, you know, very indirectly help, uh, you know, sourcing, uh, the, you know, the business on the platform as well. Yes, yes, for sure. Nikhil, this is Puneet. The way to kind of think about it is, see, our NBFC is one of the largest partners on our platform right now. It is like as the partners on our platform are kind of looking to grow as well, right, that becomes kind of the baseline for like if our cost of capital is improving on one large partner like that gives us kind of the ability to kind of influence cost of capital on other platform partners as well. And that is what I kind of mentioned in my opening remarks as well, that our margins are increasing, improving there. So as our cost of capital improves on our own NBFC, our margin on the platform side also kind of continues to improve. Sure. And if you could kind of talk a little bit about, you know, the trends in CAC, if any, if the cost of acquisition is, is, you know, how that is moving, you know, given the fact that we've seen quite a few even mid-tier NBFCs sort of, you know, trying to approach the same set of sourcing partners. These are CAC as a business model itself. We have embedded into it that our CAC continues to come down over the period of time. Now if you look at from an absolute number standpoint, CAC as a percentage of our disbursement for the quarter ended, uh, September was basically 1.6%, and that used to be roughly like 1.9% to 2% a year before. So we continue to see the benefit of CAC over the period of time, and that's helping us to improve the overall OpEx percentage from a business standpoint. And why does this— I mean, why is the improvement? I mean, I would, I would believe that, uh, you know, your partners are obviously very much in demand, right, with a lot of competition. See, but it's a combination of as the platform. So it's just not only about the partnership business of it. The partnership business, as Puneet mentioned, is only like a 25% of the business. So if you look at from a new— if you look at from a total or dispersal standpoint, There are 3 combination— there are 3 factors which influences the CAC. One is the share of our direct business. As a brand is becoming more popular, the cost of acquisition of it directly on the platform is helping us to improve. The next is the embedded partnerships, where the CAC doesn't really change. It's a CAC which we have on the disposal. And the third is the share of our repeat business. As the share of our repeat business from an overall platform continues to improve, that helps us to reduce the blended CAC on the disposals which we do on the platform. Yeah, yeah, that's it. So that's basically the repeat and the mix change that's improving, but, but at a, at a lead level, your CAC is, uh, probably unchanged, is it? Or how should I read it? Yeah, yes, that's right. Perfect. Those were my questions. Thank you very much. Thank you. Thank you. The next question comes from the line of Nidhesh Jain from Investec. Please go ahead. Thanks for the opportunity. So first question is, uh, on what is the APR that we are charging in FY26 and in H1 FY27? on the disbursement that we have done in that period. She also mentioned, uh, Nitesh, if I'm not wrong, correct? Yeah. So see, again, the pricing on the platform is dependent by each and every lender which is there on the platform because it's the lenders which decides it from a pricing standpoint. And each lender basically follows a risk-based pricing approach to basically charge from a user standpoint. So it's quite dependent based on the user profile from an overall customer. What is the rate of interest and the processing fee which is charged to the customer overall? Now we as a platform start with as low as 14%, and then based on the risk-based pricing, it would vary. On an average, the interest rates which are charged to the customers on the platform is in the range of 24% to 25%. That's what the average interest rates which is charged to the users on the platform. And does it include processing fees also? Is just the interest rate only what I'm getting? That's the interest rate. Processing fee on an average is roughly in the range of 3 to 4%. Sure. And how is it trend in that number versus first half of this year versus FY26? Is it the same, increased, decreased? It's largely flattish. We have not seen any major change over there. Okay. And so I see that on a Q-on-Q basis, revenue growth is higher than AUM growth. So what is driving that? Please, uh, as Puneet mentioned, one of the factors which we have been playing out is that, uh, our focus is also in terms of increasing our margin shares with the partners. So the revenue which we record in our balance sheet or in our P&L is more like a revenue which we get from our partners. So because of an addition of new partnerships as well as a commercial negotiation with the existing partnerships, as a cost of capital on the NBFC came down. We have been able to do that where we have been able to increase our margins, uh, from the— I would say from the last year standpoint, uh, to the current year roughly by 7 to 8 percentage over there from an absolute value standpoint. And that's helping us to improve or grow the revenue at a faster pace when compared to the disposal of the AUM growth. Sure. And can you also speak about the collection strategy? How do we collect, uh, these loans? How much is— how large is the collection team? Uh, so probably you can give some color on that. See, just like everything else that we do, our collections are also very kind of driven by our data and technology infrastructure. So just to kind of give you how the collections work, right? First, every customer is actually NACH-enabled, right? Now what we do is at the beginning of the month, we have our collection models, which are kind of models that have been built over a period of time, which essentially scores the customers on what is the likelihood that this person is going to bounce this month, right? And the severity of that bounce, which essentially enables us to kind of identify customers which are going to be low distress, medium distress, high distress, right? So to speak. And the technology infrastructure automatically then kind of routes these people to the specialized queues for different kinds of customers and collection strategy, which is again kind of completely done automatic manner. Now over the years, what we have also done is we have actually built our own in-house AI-based voicebots, right, which actually does a lot of early parts of the collections. So almost 65% to 70% of our calls are now done through AI-assisted calls. And these AI-based voicebots are actually trained on best-performing agents, and particularly on the early collections They actually provide a lot of additional capacity, collections capacity, which is way more than what you could get through just kind of hiring a lot of humans. So we are able to kind of reach out these customers very, very early. And we are able to kind of apply the right collection strategies and collect in a more effective manner. And since each call is actually recorded and digitized, we can actually draw out— there is a feedback mechanism that is sent back to the models for us to kind of keep improving our kind of bot efficiencies and bot effectiveness and so on and so forth. And then finally, we also have a very large kind of human collection team as well. Which is a combination of in-house calling as well as kind of outsourced agencies. A combination of all of that is essentially really driving the ongoing improvements in our kind of collections efficiency. So what is the size of the collection? I'm sorry to interrupt you, sir. We may request that you return to the queue for questions as there are several participants waiting for their turn. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants, please limit your questions to 2 per participant. The next question comes from the line of Mohit Surana from HDFC AMC. Please go ahead. Yeah, hi sir, thanks for the opportunity and congratulations for listing. Uh, sir, uh, the first question is in terms of when I see the on-book AUM, uh, the AUM has grown on a sequential basis by 7%. And when I see the interest income line on portfolio, portfolio loans, that has grown by 4%. So does that mean that the incrementally the quality of customers that are taken on your book has improved? Is that the way to read it? Sure, so Mohit, I'll take this question. Um, so see, that's actually a bit of an arithmetic point and as well as some improvement from a customer quality standpoint also. It's a combination of both. So what happened was basically towards the last month of the quarter is when the AUM growth on the NBFC was at a slightly faster pace when compared to the first 2 months of the quarter. And it's like the whole interest income is not really flowing into the P&L. So that's one factor which is affecting the interest income not growing at a similar proportion as the, uh, as the AUM growth. The next is, yes, uh, we, uh, on an average, so like there has been slight better profile of our customers because as the IPO proceeds was something which was expected. So we have started to, uh, some and our cost of capital was coming down on the NBFC, we've started to improve from an overall customer standpoint also to attract some better quality customers. Got it. And, uh, similarly, when I see, uh, what I'm doing is also mathematical, is that I'm dividing the provision line on the P&L, uh, versus the average AUM. Um, so I'm seeing that, and if I, you know, do that, it Let's say this, uh, credit cost, in that sense, uh, it, it's increasing 10 basis points. Um, roughly on a quarter-on-quarter basis. So, uh, from 4.8% to 4.9% annualized. Um, so I was just wondering, uh, despite the improvement in most of the, you know, collection and GNPA metrics metrics, um, why the provision increases higher than the average AUM increase sequentially? Sure. So, uh, with, uh, see, overall, if you look at, uh, the average credit cost as a percentage of the AUM, if you look at it from a year-on-year standpoint, we are down from 5.32% 4.9%. As a business, we believe and we targeted to basically keep it around 5% is what our number is, basically to keep it below 5% is where we have always thought about from a business model standpoint. Now on a quarterly basis, there'll be multiple factors which will influence, uh, basically move this rate. Also, if you look at it, it's an annualization factor which is impacting it by 10 bits. If you actually do it from an absolute quarter standpoint, the movement is like more like 2 bps, which is a combination of like some of the seasonality which will be there in Jan, Feb onwards, which would have improved it slightly better. It's getting more into the normalized rate of 4.9%. Uh, we expect it to maintain it around the similar rate for the rest of the year. We're not really seeing any deviation over there, and the collection efficiency still continues to hold and improve on a month-on-month basis. So going forward, we are not really seeing that to be more changing. Understood. Uh, and, uh, lastly, on the OpEx part, so, um, on a steady-state basis, how do you think OpEx will behave as a percentage of income or as a percentage of AUM, the best, uh, the way you, you think about OpEx. Yeah, that's it from me. So OpEx as a percentage of an average AUM, again, this particular metric from a year-on-year has seen a significant improvement. This used to be more like closer to 39% for the last, uh, first half of the last year. And it's down to roughly 35% from a half-year standpoint, uh, and it's seeing an improvement on a quarterly basis also. Uh, for the current quarter, we are more 34.5% as compared to 35.9% for the previous quarter. So it's continuously showing the improvement. Now some of the factors which we discussed before, which is improvement in our collections cost, improvement in our customer acquisitions cost, as well as the efficiencies from a tech and the team standpoint helps us to improve this metrics from a going forward standpoint also. So we look at more as an OpEx as an AUM percentage, and our view is that this percentage should continue to improve as we move into the second half of the year and from a going forward standpoint. Okay, can I just ask one follow-up on that? In terms of the sourcing cost and the collection cost of the overall OpEx, if you can break that up and, um, provide the year-on-year or sequential kind of a movement, that would be great. So wait, I don't have this handy. Maybe we can connect offline and share it. Okay, sure. I think I mentioned OpEx as a percentage to AUM. Sorry, it's OpEx as a percentage to total, which I was referring to, of the 35%. Yes, yes, makes sense. Yes, thanks, thanks a lot. Thank you. The next question comes from the line of Subranshu Mishra from Philip Capital. Please go ahead. Uh, hi, good afternoon. So just wanted to understand who are our top 3, uh, sourcing partners. I'm not sure if it's covered in the Uh, investor presentation. Uh, second, Puneet, I think there was something mentioned in the RHP and, uh, about the ₹160 crore payout. Uh, so if you can speak on these 2 things. Thanks. So I'll take the first question and then Sourabh can take the second one. The first question, see, we are working with a number of really large consumer internet players from sourcing partnership standpoint. So the likes of Airtel, Supermoney, Moneyview Limited. Right, Thread as well, right? So we are kind of— and these are some of the large ones. We have a number of kind of medium size and smaller size as well. That's kind of where we are kind of it's becoming a meaningful part of our business. We don't disclose partner-by-partner kind of numbers, but overall that business is actually, as you could see, that we are actually working with pretty much all large consumer internet players and that business is actually going pretty healthy, at a pretty healthy rate for us. And to address your second question, that was a one-time bonus which was paid to Puneet which was basically as part of the whole preparation from an IPO standpoint and everything. The board and the shareholders decided that for the past performance and helping the company to reach at this particular level, that was a one-time bonus which was paid and accounted before the IPO. And to ensure that there's no negative impact from the future shareholder standpoint, and it's something which is of the past. And as it was clearly disclosed in the DRHP as well as in the RHP, that this is a one-time in nature and there is no recurring nature of it, or there is no future plan of paying anything in the future of such nature. Right, just to slip in one clarification question on the sourcing part. What I don't want the percentage player by player, but say Supermoney, CRED, and the names that you mentioned, the top 3 sourcing partners, how much do they constitute for us in terms of sourcing our loans? So as a 2-ton business, what Puneet mentioned is that that business is roughly 20-25% of our total business which we do. That's what all our partnerships put together provide. of the new business, of a total business, it's further lesser than that. So it's not like really a whole lot, it's more like a 10-12% of a total disbursements if you look at it. That's what is coming from these partnerships. We don't really disclose that what top 2 or 3 provides too, but since it's a small portion and there are multiple partnerships which are basically combining over here, That's the way to look at it. Sure, I'll take this offline. Thank you so much. Thank you. The next question comes from the line of Devansh Dhruv from Equities. Please go ahead. Hello, am I audible? Yes, sir. Thanks for the opportunity. Uh, sir, my first question is, uh, Any guidance regarding our credit costs? How, uh, how do you see them heading? Like, uh, where— what levels do you see them, uh, at the end of the year or end of FY28? And, uh, Again, on OpEx as a percentage of AUM, any guidance regarding where do you see that also heading to? Any number would be helpful. And, uh, can you mention, um, the bounce rate, uh, that was there in Q2 and Q1 of FY27? And the last one would be CAC in absolute, uh, rupees. Uh, would be a good Okay, uh, so let me first address the— on the asset quality side of it. So from an asset quality standpoint, as we mentioned, that our, uh, target will be basically to ensure that the average credit cost, uh, annualized credit cost, which is the credit cost divided by the average AUM on the overall platform, that remains within 5%. So that's the target which we want to keep that That's where we want to be. Right now we are at 4.9%, so that's the range which we want to maintain from at least a near-term standpoint. The idea will be that over the long term this will continue to improve. As we have seen from the last year standpoint, that number is down from 5.3% to 4.9%. So the idea will be to continue to improve over the period of time. Uh, the next one is basically in terms of, uh, customer acquisitions cost. Uh, see, the way we look at it from a business standpoint is that since from a P&L it makes more sense to look at from actually as a percentage to the disposal, not really from an acquisition standpoint, because you can acquire a large base of users who are not very creditworthy, so it doesn't make sense. What plays out into the P&L is the percentage of our disposals, uh, so that's what we track. We track as a percentage to the disposal, which is down to 1.6% as compared to 1.9% of the previous period. Okay, and the bounce rate for Q2 and Q1, do we have exact number? No, I don't have that number handy. We have disclosed what is the collection efficiency percentage from a, uh, till the 30 DPD standpoint. That's something which is provided in the deck. Okay, so, so just to understand, sir, how do we— what levers would you see? Obviously, OPEX, uh, will be the lever, uh, but what levers do you see in ROA and ROE? Uh, what levers do we— will be the major contributors to that? And any sustainable ROE and ROA guidance? Because right now we are at, I think, 27.4%. In, in terms of ROE. So, so where do you see this sustaining? Are we like— would you, would you, uh, technically go down like pass on the benefit of cost of borrowing to the customers, or like, how do you see that going down? Uh, hi, hi, uh, Devansh. So, uh, see, uh, kind of let's first kind of talk about the operating leverage and then we can come to the guidance for ROEs, right? Uh, so on the operating leverage, if you kind of really think about, there are broadly 4 areas of operating leverage that kind of is kicking into the business, right? The first one is around the overall or margin expansion, I should say, right? One So the first one is we've already talked about a couple of times on the call around as we are kind of going— we are on the other side of IPO and our business is growing. We have done more capital infusion with the company, equity infusion in the company. We expect as we grow our ratings to kind of keep improving, and as our ratings improve, our cost of capital would kind of improve as well over a long period of time, right? So that's the cost of capital. direct advantage for our NBFC business, right. Now there is also an indirect advantage as our cost of capital kind of continues to improve on our NBFC our cost of capital also kind of— our margins also expand on the partnership business as well. So that's kind of the indirect benefit of getting a ratings upgrade. The third piece is if you really just look at our long-term kind of trajectory on the credit side, right, our models are constantly improving. As our cost of capital is kind of going down, we are also able to attract much better quality customers by kind of offering more compelling products, by kind of offering lower interest rates to those customers as well. So what you would see is— and then also our repeat business as a percentage of total business is also growing, right, where those customers are a lot more curated. They're better quality customers. So combination of models constantly improving, combination of us able to kind of attract better quality customers, relatively speaking, and third kind of expansion of repeat customers which are relatively lower risk customers as well, we can expect our credit cost to kind of keep improving over a long period of time. Kind of, I'm talking more like general trends. And then the final piece is around our OpEx, right, given that we're a tech-first organization, given that we're kind of now embedding AI into every part of our business. Be it improvement of productivity of our employees. Almost 80% of our code that we are writing today, the engineers that are writing, is kind of AI-assisted code. Kind of, as I mentioned, having collections being more driven by AI voicebots. Similarly, the servicing being done more and more through AI-assisted channels and so on and so forth. Combination of all of this kind of means that our OpEx is going to be growing significantly lower as a percentage of our income or AUM, right? So when you put all of this together, those are the kind of 3 or 4 big areas of really leverage for improving expansions as we kind of go forward. That was clear. As Saurabh mentioned, right, the number that you saw for this quarter is after capital infusion from the IPO and that actually pretty much happened towards the end of the quarter. So it kind of artificially inflates the equity base even when that equity capital is not really deployed. So we expect the ongoing ROEs to be kind of higher than that, kind of somewhere closer to about 30%. Okay, that was clear. So just one follow-up question. Your strategy in terms of, uh, like, uh, where do you see— obviously you will be, uh, acquiring better quality customers. Will your strategy be improving your average ticket size as in going in for a higher ticket size. Obviously you are not strategizing it, it's a function of how the customer alone, but, uh, will you gradually Ladies and gentlemen. We will take this as the last question for today. I now hand over to management for closing comments. Over to you, sir. Thank you. Thank you everyone for joining us for the first earnings call as a listed company. We really appreciate all your time and the participation and hope we have been able to address your questions and provide a clear understanding of our business. performance and priorities. We look forward to continuing our engagement with you and keeping you updated on our progress in terms of the quarters ahead. Should you have any further questions, we can connect offline and we can try to address those. On that note, I would like to thank you everyone for showing continued interest in Moneyview Limited and wish you all a very happy Diwali. Thank you. On behalf of Moneyview Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.