Ladies and gentlemen, good day and welcome to Nippon Life India Asset Management Limited Q3 FY23 earnings conference call hosted by Motilal Oswal Financial Services. As a reminder, all participant lines will be in listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Piyush Jain from Motilal Oswal Financial Services. Thank you, and over to you, sir. Yeah. Thank you, Aman. Good evening, everyone. On behalf of Motilal Oswal Financial Services, I welcome you all to Nippon Life India Asset Management Limited 3Q FY 2023 earnings conference call. We have along with us Mr. Sundeep Sikka, ED and CEO, along with the top management team of Nippon Life India Asset Management. I would like to hand over to Mr. Sikka for his opening remarks. Over to you, sir. Thanks, Piyush. Good evening, and welcome to our Q3 FY23 earnings conference call. We have with us, our CFO, Prateek Jain, Chief Business Officers, Saugata Chatterjee and Ashwin Duggal, Chief Digital Officer, Arpan arghya Saha, and Fujiwara-san, nominee of Nippon Life Japan. Our detailed investor presentation and press release has been uploaded on the exchanges as well, as well as our website. Before we take your questions, let me share some comments on the recent industry trends and our quarterly performance. In Q3, Indian equity markets remained range bound with a positive bias driven by strong corporate earnings, superior growth, economic growth versus pair, and a peaking of inflation expectations. However, ongoing global uncertainties, FI outflow, and a weak INR-USD outlook also impacted the growth momentum and led to some volatility. Despite the mixed overall outlook, an asset management industry maintained its growth momentum driven by higher retail awareness and improved access of mutual fund products across the length and breadth of the country. The industry assets rose by 5%, mainly driven by higher equity and ETF assets. The base of unique investors grew by 20% to 37 million. Monthly SIPs touched an all-time high of INR 136 billion, an increase of 20%, while SIP folios rose by 25% to 61 million. The consistent expansion of investor base and growth in AUM driven by SIP and ETF flows indicate the investors' diverse needs and the industry's superior capability to fulfill them vis-à-vis other financial products. Growing financial awareness and differentiated and transparent product suite and innovative digital strategies are expected to be the key drivers for the growth of the industry in future as well. At Nippon India Mutual Fund, our priority is to be future ready and capture the long-term opportunity. In Q3, Nippon India Mutual Fund maintained its industry ranking of fourth position. In this quarter, AUM increased by 3% to INR 2,928 billion. At Nippon India Mutual Fund, our core focus remains on investors' interest. We added 2 million folios in the last 9 months and continue to have the largest base in the mutual fund industry. Our share of industry unique investors was largely stable at 36% with a base of more than 13 billion investors. Systematic flows are a stable and a key driver for industry's long-term equity- Sorry, ladies and gentlemen. It seems that we have lost the line for the management. We would request all participants to please remain connected while we reconnect them. Thank you. One moment. Ladies and gentlemen, thank you for patiently waiting. We have the line for the management reconnected. Over to you, sir. Please go ahead. Apologies for that. Our NMI systematic transaction book is at INR 123 billion. Quarterly flows increased by 45% to INR 29 billion. On a gross basis, 561,000 systematic folios were added in Q3. Our systematic AUM rose by 15% to INR 583 billion. 56% of our SIP AUM has continued for over 5 years vis-à-vis 23% for the industry. Also, in volatile markets, folios with lower ticket size have demonstrated longer vintage and better stickiness. 14% of our share folios have continued for more than 5 years and yes industry is 11%. Today Nippon India Mutual Fund offers industry best suite of products in passive category. With strong growth in industry's passive assets, our ETF ecosystem is already in place and far ahead of its peers in terms of investor base and mind share. In this segment, we manage an AUM of INR 683 billion and have a market share of 14%. Excluding ETF for allocation which goes to two specific mutual funds, we would be the largest ETF player in the country. The Gold ETF is the biggest ETF in this category with AUM of INR 67 billion in assets. Our share in industry's ETF folios rose to 61%. In Q3, we added 137,000 investors and accounted to 99% of the total ETF folio addition in the industry. We had 69% share of ETF volumes on BSE and NSE. Our ETF average daily volumes across key funds remain far higher than the rest of the industry. Our digital centric strategy is also the keystone for sustainable growth and profitability. Along with several digital initiatives such as cart buying, which we took, to enhance our partners and investor experience in Q3, we also rolled out Nippon India Mutual Fund WhatsApp channel, a real-time comprehensive transaction and service suite for our investors. The Business Easy 2.0 app is aimed at driving more meaningful engagement, retention and growth through advisory, detailed analytics and smart insights. In Q3, the digital platform contributed to 59% of our total new purchase transactions. Over 902,000 purchases were executed through digital assets, an increase of 19%. Nippon India Mutual Fund has a well-diversified and enabled distribution base with a wide presence through 270 locations across the country. As on December 2022, we had over 39,000 distributors on panel with us. The MFD base rose to over 88,800 with an addition of nearly 1,900 distributors in this quarter. On our financial performance. For the quarter ended December 31st, 2022, profit after tax was INR 2.1 billion, an increase of 18%. Operating profit was at INR 2 billion. Operating profit as a ratio of AUM was 28 basis points in Q3 FY23 as compared to 26 basis points in Q2 FY23. In the past, the company has followed a consistent dividend policy. In FY22, NAMIndia distributed its highest ever dividend with a payout ratio of 96%. Over the last eight financial years, NAMIndia has distributed a cumulative dividend of INR 36 billion. As we grow organically through our physical and online channels, we remain open to evaluate investments in strategic opportunities that add to the profitability or complement our existing business and ultimately are in the interest of minority shareholders. As signatory to UNPRI, we have already begun to integrate ESG aspects into various areas of planning, operation, fund management, risk and governance. Our goal is to encourage higher adoption of ESG principles within the asset management industry. As a responsible investment manager, we are building a resilient portfolio that will not only provide sustainable returns to our investors, but will also have a positive environmental and social impact. We will also seek apt and relevant disclosures in ESG matters from our various investee companies. To sum up, I would like to reiterate, at NAM India investor centricity remains the key theme. We strive to deliver a superior experience and sustainable returns to our investors and in the process add value to our shareholders. We are confident to continue our trend of profitable growth in coming quarters. With these comments, we are happy to take your questions. 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 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 your questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Anyone who wish to ask a question may please press star and 1 at this time. The first question is from the line of Kunal Taneja from Banyan Tree Advisors. Please go ahead. Yeah, thanks for the opportunity. I had three questions. The first one was on the yields. We saw, you know, improvement in the yields both on a QoQ basis and like, kind of flattish on a YoY basis. Can you help us understand the key reasons for the same and how sustainable, you know, the improvement would be given the, you know, natural decline in the yield because of the increase in size? That is number one. Second is on the debt side of the business. The industry continued to see, you know, outflows during the quarter and our outflows were even higher than that and we saw dip in the market share. Can you run us through, you know, what's happening in the industry and how we as a company are kind of, you know, dealing with this? Because what we remember in last quarter we have said that we have taken some increase in pricing, like kind of increase the TER. Where we are there in that journey. Finally, third on, you know, there was this article regarding a news article regarding SEBI's, you know, study on the TER for mutual fund industry. Wherein, you know, the regulator is thinking of moving from a scheme-based TER to an AMC based, you know, overall AUM based TER. Any thoughts on same would be helpful. Thanks. Thanks, Kunal. I think I'll start with your third question and then give it to my colleagues, Prateek and Ashwin for income on yields and net outflow. I think with the regard to the recent news article regarding position of TER, I think discussion are still underway. We await the final draft of the regulation and in this regard, I think we'll avoid making any comment or speculation at this stage. I think with respect to the yields, I think Prateek, if you could please take that. Yeah, thanks, Kunal. Kunal, we've been maintaining about the yield that look, if the asset mix remains the same, and also in terms of the debt returns, you know, as and when it increases, you know, we'll be having the probability to increase the TER as well. Also on the ETF side, you know, we'll keep looking at opportunities if we can further improvise on yield. All the three things, you know, the composition has remained more or less the same, or rather it has improved on the equity side. We have been able to marginally increase our yields on the debt and the ETF side, which has helped us to maintain the run rate vis-a-vis the last quarter or the, you know, vis-a-vis the corresponding quarter. And, uh. Thanks, Sundeep. Yeah. Kunal, regarding the outflows, first I'll take what's happening in the industry. Owing to the changing, you know, macroeconomic scenario across the world and central banks tightening yields, we have seen, you know, yields move up quite substantially, okay, all over the world, including India. Hence, we've seen outflows from debt funds across the industry. One, to avoid any MTM losses that may arise out of returns. Second, you know, there is some competition also from bank deposits because bank deposit rates have moved up since. There is some especially short-term money which is 1 year, you know, 6 months, 12 months, 18 months, 1 year has moved there. Thirdly, you know, some because of the rising interest rates, a lot of corporate treasuries have preferred to repay their, you know, loan, you know, their credits to the banks, et cetera. A combination of these three factors has led to industry outflows. However, we have seen slightly higher outflow for Nippon because over the last two years we also had a fairly robust build-up in fixed income assets and some of that money has now moved out. We are fairly confident as, you know, things settle down, yields stabilize over the next, you know, one or two quarters we should see some of those flows come back into the system. Sure. Sure. Thanks. If I can ask 2 follow-ups. One was on the, you know, on the increase in the yield for say debt and the ETFs. How does you know one think about the market share impact of the same, like over a, you know, medium to long term like, when we interact with other players, we haven't seen any other player, you know, taking price, increasing the TER and we have done that. How does that reflect into market share and how we think about it over a, you know, longer term? And the second is for the equity side for the new a, money that we received from the distributors, have we seen any improvement in the, you know, net realization which was, you know, very bad say in 2021? How is that have we seen any improvement there? Kunal that, in terms of the yields, you know, since there are no NFOs, you know, that way, you know, which can have, you know, a significant impact on the overall equity yields. The money has come in the existing schemes. There, you know, we have been maintaining that, you know, we'll continue to make profitable growth. You know, we do, we have maintained, you know, our payout ratios there. As regards the debt yields are concerned, see what we continuously monitor is what is the return generated from our scheme vis-a-vis the competition and what is the net yields in the hands of the investors. Appropriately we take decision and the recent redemption if you're talking about this has got nothing to do with our increase in the TER. Also, you know, wherever we have increased the TER it is barely 1 or 2 basis points. I don't see that can be attributed to any kind of change in market share. Sure. Got it. Thank you so much. All the very best. Thank you. Thank you. Before we take the next question, I'd like to remind the participants to limit their question to 2 per participant. If time permits you may join the queue for any follow-up. Thank you. The next question is from the line of Sahej Mittal from HDFC Securities. Please go ahead. Hi, good evening. Sorry, you're not clearly audible. May I request you to bring the hand-. Is it better? Yes. Hi, good evening. Two questions from my side. Firstly on yield, right? If I calculate definitely, if I look at the segment-wise yields, for equity, even if you have taken, even if you have increased your TRs for maybe ETFs or debts, even then, the equity segment has seen some improvement and material improvement. This is not a small improvement. It's about 1.5 basis point improvement on a sequential basis. What is driving that? Is this an abrasion or some lower commission payout, some adjustment to commission payouts done in this quarter? What is actually driving this? And are these kind of yields sustainable? That is one. Second is on you draw... You talked about using Business 2.0 for data analytics. I mean, how are you using this? If you can give us some insights, how is this helping us in better customer retention or improving customer journey? The third is around our operating expenses. The expenses have shot up quite materially in this quarter. What has, what is driving that? Yeah. See in terms of the yields, you know, again, you know, we have been maintaining that look, one is the composition of our AUM. Secondly, the size of the scheme. Third, how, you know, the competitive environment. Fourth, how do you receive your new flows? If you receive your new flows from, you know, partners, IFAs and you know, from B30 cities, those are more profitable and more sticky, and those are more granular AUMs where we make, you know, slightly more margin. It is the combination of these effects predominantly that most of our money has come from B30 cities from, you know, our partners. That's where our realization is up, on the equity side. With regards to the expenses, you know, there has been some one-off expense on the IT spend, what we have done. You know, that's not a regular feature. Almost, you know, the increment, what we are seeing, 30%-40% of that is related to that, you know, the one-off spend, what we have done. Further, what we have also done is consolidated our, you know, office in the last quarter. We have shifted, you know, and have closed down one of our office on the Nariman Point, and we have consolidated our, even the sales office, which used to be Nariman Point in the same place where our corporate office is. That also has led to some increased expenditure, but these are non-recurring. Predominantly those are the expenses. Besides that, you know, now that we are completely open and we are seeing good traction in terms of our, you know, equity performance, there has been increased travel and, you know, activities in terms of our distribution mix, et cetera. This is all, about the, you know, says about the difference in the expenses. Yeah. Yes. Hi, this is Arpan. Quickly giving you one insight on the Business Easy. As you know, you know, data is the new fuel for doing any kind of work or operations. Business Easy by itself is a very smart and intelligent asset that we have developed in-house, which allows our partners to give the best of choices to their consumers, and which also revolves around real-time market movements. Those particular aspects when they come in and the ease of doing business completely paperless allows them to connect to a larger denominator of consumers, who would, you know, want to do things at the click of a button. It's a completely app to web interface or a web to web or an app to app interface, which works together at the same point of time, ensuring that the best of advisory, best of insights, analytics are passed on to the consumer through basic execution and delivery. Thank you. Right. One follow-up maybe. Ex of the mix change which has happened, right, towards equity. Even ex of those changes, yields seem to have improved in equity. I couldn't quite get that. No. As I mentioned, the contribution from the. The share of banker has increased, right? If you are saying that the, that IFAs are more profitable then. I think we have not changed. Yeah. Chirag Talati. Yeah. What Chirag Talati is saying, see the flows which are coming to us in equity, like Prateek Jain mentioned, it's cutting across, you know, the B30 market. Like you mentioned, the banking share is also raising for us. We are seeing an increase in flows across the distribution category, either NFD or banks or the national distributor. The good part is most of these banks also have very deep penetration in B30 market. We are strong there. We are getting a lot of retail flows coming in from those branches which are, you know, spread across the B30 market of India. Hence, you know, the distribution of equity flows is quite fragmented. Historically it has been fragmented. Along with that, we also have this big, you know, sort of delta which has come in through SIP. As you know, SIP is a very strong category which we have built up. You know, we have also shared in our initial talk that how the SIP book has grown from roughly around INR 650 crores to more than INR 1,000 crores per month. Those, all those things aggregate into equity sales and of course the, you know, margin expansion is happening because of that. Got it. I'll join back in the queue. Thanks. Thank you. The next question is from the line of Lalit Deo from Equirus Securities. Please go ahead. Hello, sir. Good evening. Thank you very much for the opportunity. Sir, just wanted to understand on these SIPs flow movement. Sir, if I look at for this quarter, like we have received, garnered, about like INR 29 billion in funds in this quarter. If we see the movement of AUM, if we include the fund flow, then the AUM seems to be on a flattish now. Just wanted to understand, have we seen enough redemptions in the SIP close or there are like a mark-to-market losses which we have seen in this SIP AUM? I'll take this. Prabhat here again. See, you are right. The market share, the e-equity market share now has flattened for us. Rather it has started inching up. If you take the March, April market share, the March market share and current market share, it has moved from 6.12 to 6.18. It is a small jump which has happened. The resultant is because of the SIPs, you know, increasing every month. Net sales, like we have been mentioning in previous quarterly calls also, till the time the net sales for us does not cross the 6 quarter percentage, our market share jump will be limited. Happy to share the net sales growth every month has started moving up. Currently as we speak, last quarter, month-on-month the net sales has now started moving towards the 6% mark. It's a combination of both SIPs inflows plus lump sum inflows coming in, which is contributing to net sales. We still have some margin of growth to, you know, take place, which would help us to grow the market share. Yeah, that's the point from our side. Sure, sir. Sir, like on the ETF side, can you tell us about like what kind of yield do we make currently on the ETF side? Like, sir mentioned that we have some, we are looking to increase the TDRs in that segment. How do we see that yield spanning over the next 2-3 years? Like, how much can we increase over in that segment? see, we've been maintaining that, you know, we make about 9 to 10 basis point on the net on the ETF side, and we'll continue to explore the products where, you know, we can, or whether we have a unique position available and where our, you know, market acceptability is better than the competition will keep, you know, increasing, our margins. Because as you know, our overall ethos remains that, you know, we need to do a profitable growth. However, ETF is a vanilla product and there is not much, you know, we can do beyond a point, and therefore it will be broadly in line with the industry. But wherever we have a opportunity, we'll, you know, we'll try to improve the net realization. Just to add to it, I think take into account the liquidity we have on the stock exchanges. I think we're in a far better position to increase the yield wherever it is required compared to the competition. Sure. Thank you. Thank you. Just as a clarification, you know, just when we talk, when I spoke about the ETF, you know, this was including our CPSE as well as, but this excludes the gold. You know, just in case if you are putting into the model, comparing to because at the gold we charge, you know, much higher as well as. CPSE again because it's a government mandate, there the yields are governed by what is allowed by the, you know, by the ministry. Sure, sir. Sure. Thank you. Thank you. A reminder to our participants, please press star and 1 to ask a question. The next question is from the line of Mohit from BOB Capital. Please go ahead. Yeah, thanks for the opportunity. My first question is, we see the unique customers decline, you know, during the quarter from 13.4 to 13.2. Just wanted to know what has happened over there? See those can be, you know, because obviously, as you see some outflows which has happened on the fixed income side as what Ashvin was mentioning, and also on the equity side, some redemption would have happened on the lump sum. I'll give you some data point which would be interesting because if you see on the SIP gross folio share, what we used to be at 5.4% industry, we are now 8.5%. If you look at year-over-year growth, from 5.4 to 8.5. Similarly on the net basis also, you know, where, you know, if you remember that because of performance issue, we were seeing high redemption. Now, on the net basis, we are almost 12% incremental folio share. This decline could be marginal. There were also SIPs which were discontinued across the industry. I think in the overall also the good thing is the overall folios continue to grow. Yeah. Continues to grow. All right. Understood. my second question is towards the equity market share. I mean, while we understand that we have maintained 7.3% market share overall, but if I look at equity, you know, I mean, overall if I look at like 10-12 quarters, we have, you know, lost market share. Any clarity on that, you know, in terms of the equity, I mean, industry is growing faster than us? Any clarity on that? I think you're right. I think it's earlier we were seeing some redemptions coming in. I think the last 12 months, I think with the performance coming back, I think we have seen the redemption has almost slowed down and new incremental flow is increasing. As we mentioned earlier, we started this calendar year, January, with a SIP book of INR 650 crore, which made it annualized at about INR 8,000 crore. Now we're on a monthly basis. This month we closed at INR 1,020 crore, which is maybe going to be around INR 13,000 crore. I think equity will go up with a lag effect. I think we are far, we feel far more comfortable and confident as we talk now. Okay, perfect. I wish you all the best. Thank you. A reminder to our participants, please press star and one to ask a question. The next question is from the line of Akshat Arya from Multi-Act PMS. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. Sir, my question again is on yields. Basically, if we see our yields sequentially also have improved by about 3 to 4 basis points. While you've already explained us the increase that we've seen on the debt and ETF side, what I really wanted to confirm is whether there is any one-off, you know, revenue from specially managed accounts or advisory accounts, which we've booked in this quarter. You know, if you could get that number. Also, what would be the, you know, comparable number for the previous quarter and the same quarter last year? No, no, I think, somewhere you've picked it wrong. You know, the, our, you know gross realization has been, 43 basis point in the Q3 2023, blended, and it was 43, 42 basis point last quarter. I think, it has more or less remained the same. While on a 9-month basis, we are currently trending at 42 basis point versus 44 basis point. There has been marginally decline of 2 basis point, you know, on a 9-month basis, and it is, you know, 1 basis point higher than the sequential quarter. Any one-off revenue which we've booked for the specially managed accounts? No, no, there is nothing. There is no one-off manage. As I mentioned in the last call also, that as and when, you know, the opportunity arises, we'll be improving our expense ratios on the fixed income as well as the ETF, and that is what, you know, this quarter there has been, you know, the increased realization on fixed income and ETF has helped us to improve our realization, overall realization. Sir, the second question was, you know, on the yield differential on the stock versus flow. Earlier, you know, when we started this discussion, it used to be around 20 basis points. In one of the previous calls, we'd also mentioned that almost two-third of our AUMs have now shifted to the new, newer yield, the lower yield. You know, what would be this differential now and what% of our AUM, you know, which used to be two-third, is now on newer yields? You know, if you could give some color on that side. If you see, you know, this year the gross flows has not been, you know, as significant. Whatever, you know, the newer gross flows which have come in, you know, those are all, you know, those, basically those who have come in the higher rate, in the equity side. I think marginally, if you say that earlier, it was two-third, it would be like, you know, almost 70% would have been on the, 70% of those assets now would be on the newer rates. Okay. Okay. Thank you, sir. Thank you. The next question is from the line of Prayesh Jain. Please go ahead. Yeah. Hi, sir. Firstly, just a broader question for the industry. You know, the profit growth for most of the players has been kind of, you know, flat or declining, say, in the last 1 or 2 years. That obviously has been because of the pressure on yields. How do you see the profitability for the industry, say, in the next 2 to 3 years? Do we ever see the profit growth coming in for the industry or for players like us? How do you see this really panning out? I'll take this one. I think again, from our perspective, the way we see, asset management industry is ultimately a volume game. Definitely, I think, it's not just about only the basis point what is gonna be the yield. It's going to be how well you execute and how well you can scale it up. I think from our perspective, I think there will be definitely, as there was in the opening question, regulatory changes, I think will keep coming up. We believe that I think the key to long-term profitability is going to be execution and building scale, and I think our focus will be on that. You know, if you look at the last couple of years as well, there has been a pretty strong volume growth wherein, you know, the SIP counts have reached new highs, while debt has been kind of on the negative side for the last, say, six months to a year. You know, the volume growth still has been healthy on the equity side, but still we haven't seen any profit growth coming in for the industry. You know, even going ahead with, you know, with volumes kind of, you know, being strong, do we see the profitability really? That in a way, I'm saying that the matrices which contribute to profitability, this is basically the yield and the cost can kind of, you know, be at levels which can offset the... which can still benefit, you know, support the profit growth. I think before I'll give it to Prateek to take on all of these questions. I think when I talk of volume, it's not going to be with the volume, also the quality of business that you build up. I think the earlier question when Sugata talked about the granular business, the small ticket size, all these things, you know, the stickiness is going to be very, very critical. We strongly believe, I think the long-term business models cannot be built only on higher fees, higher brokerages. I think ultimately you have to keep adding value to the investor. We continue maintaining, yes, they can. Even if there may be a little pressure on the yields in short term, which will come because of disruption, because of some competition or somebody new players becoming very, very aggressive. This is always short-lived. I think from a long-term point of view, execution, and I think the quality of business remains important. Yeah. Secondly, if you look at the debt business, you know, there has been increased flows towards the index funds and the ETFs, the passive side. How do you see this panning out here over the next three years when we are expecting actually the long duration or the medium duration assets to gain traction? In a way, I'm asking is whether, you know, the active will grow faster or, you know, do you see the passives on the debt side kind of sticking, maintaining the momentum what they've seen? We see the yields on the debt also kind of staying weak. I think it's very difficult to make, you know, a prediction with what in yield and debt, whether it's gonna be active or passive. We believe the kind of impact that the volume growth that we have seen in the passives in equity, I think the same kind of trend will not be seen in fixed income. I think in fixed income, active will continue to play a bigger role because I think from our perspective, while we are ready on both the sides, I think we have a strong portfolio on the passive side and on the debt side. We believe, and I think as the time will tell, that active will play a far bigger role than passive in fixed income. Thank you. That's all from me. Thank you. The next question is from the line of Sahej Mittal from HDFC Securities. Please go ahead. Hi. Thanks for the follow-up. Sir, just one clarification. If MF AUM mix remains the same on a QOQ basis for the next quarter, maybe in 4Q, say for hypothetically if this mix stays the same, should we expect similar yields, I mean, same yields, even in the next quarter? Yeah, of course. See, there is no one-off. See, Sahej, you have to understand, you know. See, broadly, I'll tell you what is happening I'll just clarify because the kind of jump which we have seen in yields in this quarter, it seems like there is some maybe one-off this or maybe there is some improvement, in terms of what we negotiate with our distributors, something of that sort. Yeah. I'll tell you that, look, there is only 1 basis point increase in the yield compared to the last quarter. Also one has to understand that, you know, when you are saying that AUM remains the same, but let me share with you that, you know, certain of our schemes where our AUMs have grown, and this also goes to answer what Prayesh was asking, that what is happening when the size of the scheme goes up, you know, we as a larger AMCs, we tend to lose a significant amount of our earning because, you know, on the entire stock, our TR or our chargeability goes down. You know, we cannot go and renegotiate the total distribution cost on the thing. Therefore, like for example, if you look at, you know, our small cap fund which has doubled in the last 2-3 years, you know, the total TR drop because of this reverse telescopic rates, you know, the, you know, our TR chargeability has gone down by 15 basis points. The, one is the size of the scheme, the asset mix, you know, and the, you know, also the mix where it is coming from, because obviously you share larger proportion compared to IFAs with the NDs and BNDs. That composition also matters. You know, also that MFOs is, you know, earlier MFOs were the one who were bringing it down. If this AUM comes more granularly into our existing schemes, I think broadly this realization should continue in the next quarter as well. Right. Of course, one has to keep in mind the regulatory intervention as well. Right. In 4Q, given that we are seeing drop in AUM, right, because of the mark-to-market, then ideally, we should see because the TRs should increase from here on for, in the next quarter and hence our yield should improve even further, in the next quarter, right? Like, you know, I'd rather not comment on that part but- Mathematically, I'm just trying to understand. Yeah. Got it. Got it. Just to get a sense on our FIP flows, what percentage of our FIP flows have a vintage of less than two years? Less than 2 years. We don't have that data, readily available with us. We can. Abhishek will talk to you separately on that. Sure. On our OpEx, could you quantify the one-off for this quarter? On a sustainable basis, what kind of OpEx can we expect? See, you know, the total difference is not that significant. Almost 60% of that is, you know, is one-off. 40% of that is one-off in IT, and the remaining is on the office shift, what we shifted from Nariman Point to Lower Parel. Uh- Broadly, the difference which is there of that 60% amount is one-off, which has happened due to IT and IT spend and on office movement. Got it. Got it. Thanks. This was all from my side. Thanks. Thank you. Thank you. Ladies and gentlemen, that would be our last question for today. On behalf of Motilal Oswal Financial Services, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.