Ladies and gentlemen, good day and welcome to the Q3 FY25 earnings conference call of Motilal Oswal Financial Services 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 call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Manish Kayal. Thank you, and over to you, sir. Thank you, Rio. Good afternoon and a warm welcome to all the participants to Motilal Oswal Financial Services Limited earnings call to discuss the results for Q3 and nine months FY25 period. I'm Manish Kehal. I head up the investor relations in the firm. We hope that you have got an opportunity to go through our investor deck and the press release uploaded on stock exchanges yesterday and also on our website. We have also uploaded the Excel data book on our website that has the operational and financial numbers. Before we proceed with this call, please note that today's discussion may include forward-looking statements, and these forward-looking statements are tentative based on current analysis and anticipation of the management. Actual results may vary and subject to risk and uncertainties that could impact future outcomes and include volatility in the securities market, economic and political conditions, new regulations, government policies, and volatility in the interest rates that may impact our businesses. We encourage you to consider these factors when evaluating our performance. On today's call, the company is represented by Mr. Raamdeo Agrawal, our Chairman; Mr. Motilal Oswal, Managing Director and CEO; Navin Agarwal, Group Managing Director; Mr. Ajay Menon, CEO of the wealth management business; Mr. Prateek Agrawal, MD and CEO, asset management business; Mr. Ashish Shankar, CEO of private wealth management; Mr. Sukesh Bhowal, CEO of home finance, housing finance; Mr. Shalibhadra Shah, Chief Financial Officer. We'll start this call with an opening remark by Navin, and then we'll have a Q&A session. With this, I now request Navin to start the call by sharing his thoughts. Over to you, Navin. Good afternoon, everyone. It is my pleasure to welcome all of you once again to our earnings call to discuss the corporate performance for the quarter ending December of 2024. I will start by highlighting some of the group-level achievements and then go down to the segment-wise business performance. As of December of 2024, Motilal Oswal Group has crossed a major milestone by servicing more than 10 million customers, comprising of 6.8 million unique mutual fund folios and over 4.7 million unique broking accounts, putting us in a very leading position in both the businesses that we operate. Our operating revenue for the third quarter was at INR 1,345 crores, which is up by 43% year-on-year, and our operating profits after taxes were at INR 525 crores, continuing the strong growth trajectory that we have been reporting for the past quarter at 38% year-on-year. Our assets under advice crossed the INR 6 lakh crore mark, which is up by 62% year-on-year. Annual recurring revenues as a percentage of the group revenues are well over 50% and at 56% for the third quarter. Our fee-based revenue contribution to the total revenues increased from 30% in the same quarter of last year to 41% in this quarter. Our net worth as of December 2024 stood at INR 11,569 crores. This is up by 40% year-on-year, and our annualized return on equity stands at 36%. Based on the strong operating profitability, the board of directors have decided to distribute an interim dividend of INR 5 per share to our shareholders. Last year, our interim dividend was also the full-year dividend, and as you can see, we have stepped up the dividend in line with the growth in the profits of the firm. Turning to the segmental performance, our wealth management business comprises of retail broking business, the distribution businesses, as well as NII income. Our total assets under advice in the wealth management business grew to INR 308,000 crores, up by 67% year-on-year. Our third quarter acquisition of clients stood at 1.6 lakh clients, which is up by 13% on a year-on-year basis. Our revenues for the business stood at INR 570 crores, up by 30% year-on-year, and profit after taxes were at INR 190 crores, which is up by 16% year-on-year. Our retail cash business broking volumes, ADTO, have grown by 19% YoY to INR 3,230 crores. Our cash market volume share has gone up to 7.4%. This was 5.6% in FY21, and so we've seen almost a 200 basis points gain over the course of the last four years, notwithstanding the substantial change in the market structure where discount brokers now account for a large part of the overall volume market share. Our F&O premium market share stands at 7.8%, and our total ADTO market share stands at 7.6% for the third quarter. The quarter witnessed reduced volumes on a quarter-on-quarter basis due to the new F&O regulations as well as market correction. We have seen similar instances in the year 2022 and even before where such instances of contraction, temporary contraction in market volumes, have followed by strong growth, typically after a lag of a couple of quarters. Our confidence this time around stems from the fact that the Demat account addition of 10 million accounts during the quarter, last quarter, implied a growth of 33% on a YOY basis, 6% on a quarter-on-quarter basis, taking the total base of Demat accounts to 185 million. This number was 40 million at the onset of COVID back in January of 2020. Given the continued low penetration of financial savings in the overall savings and the rising mutual fund folios as well as Demat accounts, we expect the growth trajectory to continue in the coming years. On the other side, the broking industry will also see further consolidation in the hands of the larger players due to many reasons, including increasing compliance costs and norms being one of them, and hence we expect Motilal Oswal to be the largest full-service broker in the country and to benefit from this consolidation. Turning to distribution, we have a strong focus on increasing our distribution book. This will be led by cross-sell to our existing 4.5 million strong client base apart from acquiring new clients. And for this purpose, we've created a dedicated distribution team, which is now a strong 600 people, with plans to increase this to 1,000 people in the near future. Around 60% of our DP AUM comprises clients with more than one crore DP balance, implying serious cross-sell ability to these clients. With these initiatives, we plan to grow our distribution book multifold, and it stands at about 30,000 crores currently. Our distribution AUM grew by 38% year-on-year to 32,000 crores. Distribution net flows quadrupled to about 3,000 crores during the q uarter. Distribution revenues grew by 90% year-on-year to 104 crores, and its contribution to the total revenues from this segment increased from 13% in the same quarter last year to 18% in this quarter. The third aspect of the wealth management business is the NII net interest income, which grew by nearly 40% year-on-year due to growth in the lending book as well as improvement in spreads, which improved from 5.9% in the same quarter last year to 6.8% in the current quarter. That was a deep dive into our wealth management business. Turning now to the asset and private wealth businesses comprising of asset management, private equity, and private wealth business, the overall revenues for these businesses stood at 551 crores, a very strong growth of 57% year-on-year, while profits were at 234 crores, even stronger growth due to operating leverage at 63% growth over the same period last year. Starting with the asset management business, the strong performance momentum across mutual funds, PMSs, and AIFs, coupled with rising distribution network, resulted in gross flows in the third quarter of INR 23,300 crores, which is up by 362% year-on-year. Our asset management net flows also grew multifold from INR 2,400 crores in the same quarter last year to INR 18,500 crores in the third quarter of this year, which is more than 7x YoY, led by 97% of the AUM meaningfully outperforming the underlying benchmarks. As you know, we had announced earlier that we crossed the INR 1 lakh crore AUM milestone in July, and by December, I'm happy to state that our asset management AUM stands at over INR 130,000 crores, up by over 100% year-on-year. Our mutual fund AUM out of this INR 130,000 crores stood at INR 98,000 crores, up by 128% year-on-year. We added 16 lakh SIPs in the third quarter. Our SIP flows for the third quarter stood at INR 2,922 crores, resulting in an SIP AUM book of nearly INR 21,000 crores as of December of 2024. I'm happy to share that our mutual fund market share continues to rise. Our gross sales market share increased from 1.9% in the third quarter of last year to 5.8% in the third quarter of this year. Our net sales market share increased from 3% in the same quarter last year to 9.7% in the third quarter of this year. And finally, our SIP market share increased from 1.5% in the same quarter last year to 3.8% in the third quarter of this year. Also, aside from mutual funds, our alternates AUM grew by 50% year-on-year to nearly INR 33,000 crores. We are now among the top players in terms of incremental flows, even in alternates, led by strong performance and rising distribution network. Our AMC business has strong processes in place to deliver reasonable returns for our unit holders, and we expect MO AMC to be among the top players in the segment, supported by strong scale-up in distribution as well. Turning to the private equity and real estate businesses, these businesses have a fee-earning AUM of 10,560 crores and a mark-to-market AUM of over 17,000 crores. A substantial amount of carry, as we have explained in the past calls, will be earned on these funds. The third quarter revenues for this business stand at 52 crores, up by 34%. Here again, like mutual funds and other alternate assets, we believe that there is low penetration of private equity real estate products compared to the Western world and a long runway for growth. Our revenues for asset management and PRE business collectively were at INR 274 crore, up by 54%, and profits stood at INR 137 crore, up by 65%. Turning to the private wealth management business, the rising wealth among HNIs, UHNIs will drive strong growth for our private wealth business. We continue to take several initiatives in this business. In the nine months, we focused on several senior-level hiring to strengthen the overall leadership strength of the business. This improves our UHNI and family office proposition and positions us strongly to be a leading player in the private wealth business in the next three years' time. Our private wealth AUM stands at about 150,000 crore as of December, up by 34% year-on-year. Revenues stood at INR 278 crore for the quarter, up by 63% year-on-year. Profits stood at INR 97 crore, up by 57% year-on-year. For the nine-month period too, we have seen very strong growth rates. Our revenues grew by 48% to INR 706 crores, while profits grew by 45% to INR 246 crores. The total relationship manager count increased by 27% year-on-year to 600. The stronger revenue growth that you saw during the nine-month period is clearly an outcome of the improved productivity that we have guided for. We expect improvement in productivity to continue in the coming quarters and the next couple of years as only 29% of all our RMs have a vintage of over three years. Turning to our capital market businesses, which is institutional equities and investment banking, revenues for the third quarter stood at INR 151 crores, up by 70% year-on-year. Fee income stood at INR 60 crores, up by 154% year-on-year. Profit after tax stood at INR 61 crores, up by 50% year-on-year. In the institutional equities business, we now have a 70-plus equity research and corporate access team. This team covers over 300 companies across 24 sectors, scaling to about 900 institutional clients. The investment banking business has seen a meaningful scale-up. We have completed 35 deals, aggregating to INR 46,000 crores in the nine-month period. Once again, we are very happy to share that we were ranked number one all India in the QIP league tables for the nine months ending December 2024. We've strengthened our team over the last few quarters, and given that our deal pipeline, including IPOs, is the richest ever, it gives us strong growth visibility in the coming quarters. Turning to our housing finance business, our AUM for this business grew by 15% year-on-year to INR 4,343 crores. We have meaningfully invested in our sales team. Our RM count has increased by 46% to 1,246 numbers. Disbursements, as a consequence, have gone up by 92% year-on-year to INR 1,000 crores, with Q3 disbursements at INR 394 crores, up by 67% year-on-year. The NII for the business stood at INR 88 crores, up by 10% year-on-year, and the asset quality continues to be quite good, with gross NPA of 140 basis points and net NPA of 80 basis points. Finally, turning to our treasury investments, our total equity investments, including alternative funds, grew to INR 8,464 crores, up by 44% year-on-year as of December 2024. Our 10-year CAGR growth rate of this treasury book, led by an XIRR of over 20% and reinvestment of our cash flows, has also been over 40% for the last 10 years' time. To conclude, we believe that the cumulative household savings, which was $14 trillion in the last quarter century or last 25 years, as per a study that we have published, will rise to nearly $126 trillion in the next 25 years. Importantly, there'll be a higher share of financial savings, allocation to equities, exposure to alternates, and greater concentration of wealth as we create this additional $126 trillion of savings. This, we believe, is really the mega trend that is driving multiple businesses of the group, whether it's the asset management business, wealth management business, private wealth business, alternate, capital markets. Nearly every business of ours will be favorably impacted by the financialization of this huge pool of $126 trillion of savings. We have already delivered a profit after-tax CAGR of 42% over the last 10 years and a net worth CAGR of 24% over the last 10 years, while maintaining strong payouts, doing three buybacks, not raising any capital since our IPO back in 2007. We expect these mega trends, supported by our strong brand, very strong balance sheet, will help us deliver continued best-in-class earnings growth and return ratios to our shareholders. We'll now open the floor for Q&A. Thank you. 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 your touch-tone 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from Uday Pai from Investec. Please go ahead. Yeah. Hi. Thanks for the opportunity. I have multiple questions on the wealth management side. So firstly, this quarter, you saw a mix of your APs and direct revenue shifting towards more of direct, and simultaneously, you saw a quarter-on-quarter decline in market share, both in terms of cash ADTO and F&O premium. So can you give some color on that as to what has happened? And secondly, have you changed the pricing in F&O? Because there is a change in regulation, and it impacts your revenue directly. That's on the wealth side. And on the private wealth management side, while your distribution income has increased meaningfully quarter-on-quarter basis, your AUM has not increased. So is there some kind of transactional products or insurance-like products which are not included in AUM but accounts for some revenue? Those are the questions. On the wealth management side, as you spoke about the fall in the market share on cash and F&O and regarding the pricing, surely the turnover pricing based on the contract size increase has been implemented for our customers based on the changes in the lot size, which is a normal process which we had done earlier when it got reduced and now when it got increased. So that's a standard thing which we do. Coming to the overall market share, you must have seen the changes which have happened across the market for discount and the similar overall trend in the market. And typically, we have seen in our customer base with the advisory facilities which we have, in the short term, that we surely have a bigger impact when the markets go down. And similarly, we see a bigger impact in the positive side also. So I think it is more of a trend because of the immediate fall in the market where we have slightly fallen in the market share. But if you look at the overall revenue, we are much better off in the overall perspective when you look at the revenue side of it. Coming to the as far as the private wealth management assets are concerned, so while net flows during the quarter is at INR 5,300 crores, but the overall assets are marginally dipped because of the mark-to-market on the assets. Okay. Yeah. Okay. Thank you for that. Okay. Thank you. Thank you. Before we take the next question, a reminder to participants that you may press Star and 1 to join the question queue. The next question is from Vivek Ramakrishnan from DSP Mutual Fund. Please go ahead. Hello. Good afternoon. I have two questions on the lending book on the wealth management business as well as in the housing finance companies. In wealth management as well as private wealth management, lending book has been coming down. I guess that is linked to market volatility and decline. But do you see the trend in reversing or in terms of people not wanting to do as much speculative activity or taking margin trading funding as in the past? And you also mentioned that the margins have expanded. So I want to know, in a competitive business like this, what would be the sustainable level of margins? So that's from the wealth management business. I just asked the HFC business question also. Are you seeing that the credit quality is holding up because in many parts of the business, you're seeing actually, your numbers are quite strong. What I wanted to ask was your credit costs are actually a negative number this quarter. So what drove that? Thank you. Yeah. As far as the lending book is concerned on the wealth management side, so actually, if you see, there is a wealth and both private wealth, there is a marginal dip on a sequential basis of about 5%. So you will see that while markets have corrected very sharply, but this book has largely been resilient to that. So there's only a marginal dip which is there. However, actually, NIIs have gone up and, in fact, because of the improvement of our spreads also, because of cost of funds, they have come down by 30 basis points on a sequential basis. In terms of housing, if you could just repeat the question. Yeah. So the negative credit cost is actually a function of recoveries from our past written-off cases. Because earlier, what we had written off in FY 2019-20, we had a recovery from those assets, and that is why we see the credit cost to that extent as a reversal in the Q3 P&L. However, on a steady state basis, our asset quality has been very strong. So there's no incremental provision cost also in our quarterly P&L. Thank you very much and wish you all luck. Thank you, Vivek. Thank you. Participants who wish to ask questions, please press Star and 1 on your touch-tone telephone. Next question is from Abhijeet Sakhare from Kotak Securities. Please go ahead. Hi. Good afternoon, everyone. I had a question on the private wealth business. If you could give some broad breakup of the overall AUM there. Yeah. Yeah. Actually, the ARR assets is at 32,000 crores. Yeah. And the transaction-bearing assets are at 116,000 crores. And within this 116,000 crores of transaction-bearing assets, 46,000 crores is the custody assets. Okay. Got that. And the ARR asset, is there a further split that you can share in terms of, let's say, equity, debt, fixed income? So actually, these are distribution assets into mutual funds and alternate assets. So the total ARR assets are 26,000 crores of distribution assets, almost 3,000 crores of advisory assets, and 2,700 crores of lending book. Got it. Got it. And last one is, between the private wealth and your alternate business, what would be the overall, what do you call, cross-sell or double count of AUM? Yeah. One minute. One sec. So we'll come back with this cross-sell number when I'm handy here. Sure. No problem. Okay. Thank you. Thank you. Thank you. Participants who wish to ask questions, please press Star and 1. Ladies and gentlemen, to ask a question, you may press Star and 1. The next question is from Manan Mundhra, who's an individual investor. Please go ahead. Hi. Thanks for the opportunity. I have two questions relating to customer segments. First is, if you can provide the customer vintage-wise revenue, just if we segregate them in separate buckets, for example, 0 to 2 years, 3 to 6 years, and 6 years and above. So that's one. Second is client revenue, whether the client revenue increases as their age increases, because generally, the income of the clients also increases with their age. Yeah. So this question is for which business? This is for broking, wealth management business, basically. Yeah. So as the vintage improves, all our revenues have been increasing for our clients. That is true. That's because not only we have broking, but we also do the cross-sell, and our cross-sell ratio has been improving. So that's how it is. So we don't provide the exact numbers of the vintage of the customer. Okay. And as the age of the clients are increasing, are we getting additional shares from additional revenue from those clients? Yeah. That's what I mentioned. So as the vintage improves across every bucket, we see the increase in the revenue from the same customer. Okay. And have we seen any disproportionate rise in the margin calls for the clients because of the recent fall in the market? And do we see any systemic risks around that? No. Actually, we have seen that because of the changes which SEBI has implemented on the margins and upfront margins, the impact of the fall is very minimal, and we don't see any big impact coming on a fortnightly basis. And there's a lot of cash which the clients are carrying currently, and we don't see a big pressure on the selling as such because of the fall in the markets. Okay. Okay. And the last is, have we implemented any support services? We are giving distribution products like insurance and credit products as well. So do we have any support infrastructure if customers are facing any issues around that? So we have a complete separate team for the distribution side. We have got a, as told in the initial part of the call, there are 600 people dedicated for the distribution business. Plus, from the insurance perspective, we have a dedicated team, plus the insurance companies have their own team which is based out of our office for these purposes. Okay. Okay. And the last and final is, do we have any restrictions because of any regulations around sharing data from one entity to another? For example, sharing housing finance company data with AMC or vice versa. Absolutely. We are trying both across all the businesses. Many of them are regulated by different regulators. So these businesses operate standalone as separate entities. Yeah. So do we have any issues for cross-selling because of those restrictions? No. So let's say the broking business has its own customer base, and they are open architecture to sell the best products. And if it turns out that any of the firm's products turn out to be the best product, then that is an option that is available also. Thank you. We move to the next. Sorry. So cross-sell does not necessarily mean the firm's products. Cross-sell could mean third-party products. Yeah. Please go ahead to the next question. Thank you. The next question is from Umang Shah from Kotak Mutual Fund. Please go ahead. Yeah. Hi. Congratulations on a good quarter, and thanks for taking my question. I had two questions pertaining to the asset management business. One is, if you could just throw some light. I mean, last few weeks have been fairly volatile in markets. If you could just share some of the trends that you guys are witnessing in terms of the net flows or the SIP registrations, how the flows have been, given that markets have been volatile and some of our schemes have also seen a fair bit of softness in terms of performance. That's the first one. On the SIP bit, probably if you could also throw some color in terms of while the gross number looks extremely strong, I mean, it's sort of an ongoing debate in the industry about gross and net. If you could just throw some color on that, that would be really helpful. Yeah. On the SIP front, our gross and net is very similar. Second, in terms of incremental flows that we are getting, well, January is the second strongest month that we have had in incremental flows in our history. The earliest was December. January and November look similar. Overall, our net new flows market share is higher than our AUM market share, even today in all cohorts. You look at it city-wise, you look at it distributor-wise. In any cohort, our new flow market share, net new flow market share is multiple times our AUM market share. Perfect. Perfect. That's helpful. Just one more question on the asset management piece. While on the wealth and the private wealth piece, we have detailed our strategy in terms of expanding distribution. On the asset management piece, just wanted to understand, have we added more to our distribution maybe through different channels? Just a little more color on that. Yeah. So we are expanding very strongly all across. So to give you some sense, beginning of the year, the AMC business had 250 odd people. Today, we hope to end the year with over 600. Most of the incremental has gone into expanding our on-the-ground city presence and beefing up the sales team. So it is both spread and depth. On top of it, we have also gotten into, I would say, industry first, industry second, telecalling team to sell to our investors, handle investors. So very, very strong growth on the ground and profitable growth as well. So I think we are pretty good on that front. Okay. Perfect. Sorry. And just one last question, which I want to just squeeze in. On our housing finance business, I mean, in the past, we have guided for a more normalized growth of about 15%-20% on AUM. Do we still hold the same guidance, or are there any changes to that? Yeah. Hi, Umang. So we hold the same guidance to that. In fact, we hold the 20% increase in the AUM guidance for this financial year. And going forward? So going forward, this run rate would improve because if you see, we have been continuously adding talent on our sales side. So in fact, our RM count in FY 24 was doubled over FY 23. Similarly, in FY 25, this base is up by another 50%. So we are clearly building a capacity of RMs to improve our disbursement run rate. And that's why you will see the AUM growth to be better overall with the additions in the RMs as well as improvement in their productivity also, which has happened in the last one year as well. Understood. Understood. Perfect. Thank you so much and wish you good luck. Thanks. Thank you. Thank you. Next question is from Dipanjan Ghosh from Citi. Please go ahead. Hi. Good morning. So just a few questions from my side. First, on the private wealth business, if I look at your overall transactional income, ex of broking income, it seems that has gone up meaningfully during the quarter compared to steady-state run rate. So is there some carry income that has been booked or some sort of syndication activities that you have done? If you can give some color on that. So that would be my first question. My second question would be, while you mentioned that your overall flows on the mutual fund side have been quite strong, maybe similar to November levels or maybe one of the best in the history of the company, but I wanted to get some color on when you talk to, let's say, feet on the street or your distributors, what are they sensing in terms of incremental sentiment? Because this is probably the first time retail customers are seeing a prolonged period of pain out there. The third and the last question is more on, again, going back to the private wealth division and maybe in sync with the capital market solutions. You mentioned that your pipeline on the AIF side is holding up quite well. But when you talk to, let's say, your clients, what is the scope that you see of fructification of some of these deals? And in that context, from a new client addition in the private wealth side or new money getting created, how do you see the trajectory maybe in FY26? Yeah. So let me take the first question on the private wealth management business. So in the last quarter, we've seen increased activity of alternative sales, alternative asset sales. So we've seen a lot of activity from ultra HNIs and family offices in the co-investment space. So that has contributed to the increase in transactional revenues. Point number three, yes, there is a lot of increase in activity on the AIF side. And we are increasing coverage over monetization events, over large liquidation events. So we should see a lot of traction around that in terms of new client acquisition and new client sales in FY 26. Yeah. In terms of distributors and client response to this correction, well, if I share with you the trends that we have seen over the past four weeks on the mutual fund side, we have seen some reduction. We believe we haven't lost market share, so this should be industry-level reduction in net flows. So that is something that we have noticed. On the alternative side, I think our flows are close to record levels. So there, we haven't seen any slowdown. So if you look at it, the behavior of retail versus HNI, so I think the HNI part is holding up much better. They're taking it as an opportunity. The correction gives them a great opportunity to put in the next lot of money to work. Retail may be behaving a tad differently. Got it. Just one small follow-up, if I may, on the first question. When you mentioned that the activity levels were strong in 3Q and maybe more on the alternative side, so the transactional income that you have booked would be the upfront fees that is still permissible, right? Is my understanding correct? That's right. That's right. That's right. Got it. Thank you, sir, and all the best. Thank you. Thank you. Next question is from Avinash Singh from Emkay Global. Please go ahead. Yeah. I'll go ahead and get the number. So thanks for the opportunity. A couple of questions. The first one, if you can help us in terms of your asset management AUM, how much of it is within your group ecosystem distribution, like wealth and private wealth together, how much they contribute to this distribution? And in your data set disclosure, where do these get captured? Do they get captured in a direct and/or the wealth management piece? So that's question number one. And on the private wealth side, the thing here is that, of course, you have been kind of in expansion mode, ramping up your RM and all. The question is that if I were to look at in terms of your kind of a focused segment, do you have I mean, where this private wealth fits in? I mean, like a 5 crore per-client investable asset or higher or lower, or put it the other way, then what is the median typically investable asset, not the customer-based investable asset you will have as your kind of a focus segment for the private wealth? Thanks. On the first question, on the captive AUM for the asset management business, so actually between wealth and private wealth, the asset size is just 15% of our AMC AUM, and this number is also moderately coming down. As far as the private wealth business, so we look at families with a financial net worth of 25 crore plus in the private wealth management business, and we onboard with 3 crores plus. Okay. All right. Thank you. Next question is from Sanil Desai from ICICI Securities. Please go ahead. Yeah. Good afternoon, sir. So I just wanted to ask that what kind of traction you've seen in the net flows in the new NFOs which Moti has launched? Because I think in last one or two con call, the strategy was said that to expand the AMC business, we were targeting around one NFO per month. So how has that strategy been? What is the pipeline of NFOs? And if I may, then in this period where there has been market weakness, has there been any weakness in the flows seen in the NFOs? No. So as we speak, we are just opening our Innovation Fund. This is the first day of that fund launch, so we will get the trends over a period of time. Otherwise, we have been launching a few new products with overall very, very satisfactory inflows during the NFO period. And post-NFO is when we have seen very, very strong scale-ups in several of our products. So something like a Business Cycle Fund, a Multi Cap Fund, a Small Cap Fund, and large-cap, when they were launched, were of some size. But today, they account for a very large part of the net inflows in that cohort, and the current sizes are multi-times our launch sizes. So that has definitely happened to us. So now our spread of inflows is very well diversified. Okay. Thank you, sir. And just a small follow-up, is our strategy changed because of the market weakness of launching one NFO per month, or is that broadly the same going ahead? Yaar, what strategy did you use that keeps changing. Thank you, sir. It's helpful. Thank you. Next question is from Lalit Deo from Equirus Securities. Please go ahead. Yeah, hi, sir. Thank you for the opportunity. So, just two questions. So, firstly, in the private wealth management side, so, like, in this particular quarter, like, we have seen a strong addition of families. However, in terms of net new, net sales, that number might not have picked up very well. So, just wanted to understand, like, when we onboard a family, then do we get that initial INR 3 crore per family at one go, and is it like a spread over multiple months? so, typically, we would onboard a family if we find that the financial net worth is about INR 25 crore at a lower amount as well. But, then, the endeavor will be to get the family up to INR 3 crore plus within a year. Oh, sure. And, similar to that, like, so, we are seeing an addition in the family side. So, probably, the RMs, which we have added over the last three years, so, their, their productivity levels are improving. So, from here on, do we, do we plan to add more RMs, and first to improve the productivity of the existing RM base, and then look to add more RMs further? No, we continue to invest in both engines. First is addition of new wealth managers is a constant effort. And second is all the wealth managers who are onboard and below three years of vintage, we continue to work on the productivity. And so just on the AMC side of it, just wanted to understand, like, so we have seen good traction in the Q3 on the alternative side. So like probably how should we look at it for, like, for FY26? Like do we have any products in pipeline for this in the same? No, so we have, so let's understand who we are. We are a growth focused house. We seek to make money for our investors by looking at spaces, businesses where earning growth quotient can be an order higher than the index earning growth quotient. So, towards that, if you see our alternatives, we have five strategies, you know, which look at the problem from different sides. You know, if we think founders, promoters can drive growth faster, we have one. If we think there are spaces in the market where, you know, the tail wind of value migration will add growth, is another. Third one could be, you know, mid to mega, if there are businesses, which today, you know, being small, have a better potential of growth. That's the third one. We have another one where in the top, where we are looking at the next trillion-dollar growth of the country, which spaces will be touch and formulate the portfolios. So, I think in terms of growth, we have covered all sides. So, on the alternative front, our whole thought is to stick to the strategy and grow them all over a period of time. So, if you look at our strategy, the construct and the name, you should feel that our, our strategy are managed in true-to-label format. Sir. And, so, just lastly, sir, a lot of, so, what we have been hearing, like, a lot of AMCs have been trying to, due to their increase in MTM gains, a lot of AMCs have rationalized some, some distributor commissions. So, like, we also have some large schemes within ourselves. So, do we also envisage that, like, where we will be cutting, trying to cut down our distributor commissions? Yeah, so, growing productivity is going to be our India. We have taken some steps. 4Q will show the full impact of those steps. Right, sir. Thank you. Thank you. Next question is from Sanjay Satapathy from Ampersand Capital. Please go ahead. Yeah, hi, sir. Thank you, though, for the opportunity. Sir, two questions on the one. Brokerage side, we hear that your market share has gone down a bit again, and you have taken some pricing action. So, just, can you just help me understand what will be the near term as well as long term strategy in this area for you to gain market share? So, on the overall side, what we have seen is that we have been continuously increasing our market share. If you look at the overall trend in the last two years, this blip which we have seen in this quarter is mainly because of market. Where we have seen that when the markets fall, typically because of our advisory and all that, we are also little cautious with our investors. So, typically, when we see this kind of trend, there can be a blip in the overall market share. But, the overall trend, if you look at it from the last two years perspective, we have been growing the market share. And, we feel with the quality of advice and the quality of investors, where we focus on much more quality clients. Our market share strategy will always be on the growth path because of the latter changes also, which has come in the picture, where the contract size has gone up and the overall expiry turn, which was not our strength compare to discount brokers. Our overall market share should increasingly benefit in the overall scheme of things. Coming to the pricing part, as I told you earlier, the pricing is mainly a factor of the number of lot, the lot size. So, we change based on the lot size of the contract, which has gone up now. So, automatically, the brokerage direction changes based on the lot size. So, which had come down when the lot size came down. When the lot size went up, we increase the brokerage. So, it's more linear to the lot size. But, is there any long term plan of aggressively tapping the retail market through technology intervention, which end app based thing, which many, many others have done? Can you just share your thought on that? We do have a digital setup, and we have a mobile app, which is very clearly aligned with the overall competition as such. We are continuously seeing increasing growth on the digital side also in our overall volumes. We are very confident on the overall growth in that segment, including the overall distribution, which we align with our overall broking business. However, we are very clear that we will not be going on the discount side of the business, and we are focusing on the quality. Having said that, the digital business and the digital client acquisition has been increasing month on month for us on overall scheme of things. Thank you. Last question, sir, on your this mutual fund AUM, can you please give me bit of a bifurcation in terms of debt equity? And, within that equity, how much is ETF and how much is non-ETF? And, very last thing that I would like to understand is that, because you are one of those who have this Nasdaq ETF, et cetera, which, because of which, are you seeing some better inflow? And, are you being able to kind of arrest this slowdown in Indian market better? No, Sanjay, your offshore is, you know, people can't invest in the offshore strategy. We are limit up in those, so, no, no one can accept monies for offshore strategy. So, that's not the source of growth. Second, of our 1.3, close to INR 27,000 crore is passive, of which Nasdaq and S&P is 7,000. 10,000. Total of INR 10,000 crore, rest of it is India focused strategy. ETFs are a very, very small part of total. We are just now started to launch ETF of several of our strategy, but AUM wise, it's not very meaningful. So, will the number of schemes go up meaningfully over next one, two years for mutual? And, that will be the biggest one of the key driver of growth? So, as we understand from the mutual fund side, people look at various courses, which have been decided by, you know, industry participants and, you know, investors allocate money. We are today not there in a few courses. We will be there as the year goes by. On the thematic side, we have just started the journey. If we see some of the larger houses, they have 10, 11 thematics. We just have got two. So, over the period of the years, you, we have a very stiff launch calendar, frankly. You would see us cover a lot of ground on the active side and also on the passive side. So, every month, one should expect us to launch a new fund, you know, broadly speaking. Understood. I don't want to kind of sound, give any value judgment, but any publicity is good publicity, as they say, and hoping that the controversy, et cetera, that we saw throughout last one month, you will leverage it positively. And, wish you all the best. Thank you. Thank you. Thank you. Thank you. Next question is from Mahek from Emkay. Please go ahead. Yeah, thank you for the opportunity. One, just one question from my side. If I look at the private wealth business, the employee cost has gone up significantly on a sequential basis. So, just wanted to know, is it largely on account of the RM addition and is that anything else there? So, as mentioned in our presentation, we continue to invest in senior talent to grow the ultra HNI and family office business, as well as wealth managers. And, typically, as you know, explained in the earlier calls as well, the productivity, you know, comes in as the vintage grows. Thank you. Thank you very much. Due to time constraints, we will have to take that as the last question. I will now hand the conference back to Mr. Shalibhadra Shah for closing comments. On behalf of Motilal Oswal Financial Services, I would like to thank every participant for attending the Q3 FY25 Con Call. In case of any further queries, please do get in touch with our investor relations and just call me. Thank you and have a good day. Thank you very much. With that, we conclude today's conference. Thank you for joining us, ladies and gentlemen. You will now disconnect your lines.