Please note that this conference is being recorded. I now hand the conference over to Mr. Ravi Singh from Piramal Enterprises Limited. Thank you, and over to you. Thanks, Ms. Sridhar. And hello everyone. Welcome to our Earnings Conference Call for Q4 FY24. Our results material has been uploaded on our website, and you may like to download and refer to them during our discussion. The discussion today may include some forward-looking statements based on management's expectations that are subject to uncertainty and changes, and must be viewed in conjunction with the risks that our businesses face. On the call today, we have with us our chairman, Mr. Ajay Piramal, Mr. Anand Piramal, Executive Director, Piramal Group, Mr. Rupen Jhaveri, Group President, Piramal Enterprises, Mr. Jairam Sridharan, CEO of our Lending, Retail Lending Business, and MD of PCHFL, and Ms. Upma Goel, CFO of Piramal Enterprises. With that, I would like to hand over the call to our chairman, and I would request him to share his thoughts. Thank you, and over to you, sir. Good evening. Welcome on this call following our board meeting this morning. Before we delve into the financial results, I wish to speak about the corporate reorganization that the board has approved today. Led by an intent to further simplify our group structure and secure seamless regulatory compliance, our board of directors has today approved the composite scheme of arrangement for merger of Piramal Enterprises Limited, PEL, with its 100% subsidiary Piramal Capital and Housing Finance Limited, and renaming Piramal Capital and Housing Finance Limited as Piramal Finance Limited. Ahead of the merger, PCHFL will seek an NBFC ICC license. As part of the merger consideration, PEL shareholders, in lieu of every one equity share of PEL, will get one equity share of Piramal Finance Limited and, subject to our approval, one non-convertible, non-cumulative, non-participating, redeemable preference share of INR 67 of Piramal Finance Limited. The scheme would also address the requirement of PCHFL being an upper-layer NBFC to be listed by September 2025. We expect the entire process to be completed in approximately 9-12 months. Now, we move on to the company's performance during the fourth quarter and for the full year of FY24. I will also highlight some of the important slides for your reference as we go through these comments. Over the last 2-3 years, the company has gone through a business and management transformation, and this process accelerated further in the financial year 2024. In this context, the fourth quarter and FY24 were remarkable in 3 key areas across our growth and legacy businesses. As you know, our growth businesses include retail and Wholesale 2.0, and legacy includes Wholesale 1.0. Firstly, the sustained AUM ramp-up in the growth business. This year, I also saw that now we have started to separately discuss the profitability of the growth business as an indication of our future profitability. And thirdly, in the fourth quarter of FY24, the company took a strategic decision to further accelerate the rundown of legacy business and lower the non-yielding proportion of the book. Some of the details on these fronts I would like to discuss with you. In FY24, our growth business grew by 55% year-over-year to INR 54,273 crores. It now forms 79% of our AUM versus 34% two years ago. Within growth business, the retail AUM grew by 49% year-over-year to INR 47,927 crores. Our mortgage AUM, which includes housing and LAP, stands at INR 32,600 crores, up 38% year-over-year in FY24 and forming 68% of our retail AUM. The Wholesale 2.0 AUM has grown to INR 6,300 crores, of which 67% is in real estate loans and 33% is corporate mid-market loans. With the fourth quarter results, we have incorporated one of the most common feedback from investors and the analyst community, and we are starting to disclose profitability trends of the growth business, even as it is still on the path to achieve steady state profitability. Please refer to the slides number 8, 13, and 14 of the results presentation. In the growth business, we reported FY24 PBT of INR 1,044 crores versus INR 751 crores in FY23. Under this, AUM yields were broadly stable year-on-year. An inch up in cost of funds led to some minimum compression. However, with free income scaling up and OpEx ratios moderating, the PPOP to AUM was stable year-on-year at 3.3%. FY credit cost was 0.9% versus 0.4% in FY23, as these were unusually large recoveries in FY23 which have now normalized. While we need to watch out for the impact of cost of borrowing in the near term, the improvement of our OpEx ratios should drive profitability improvement over the medium to long term. Growth business is a segment that we're investing into, and in the next 1-2 years, you should expect this to be 100% of our lending business. Moving to the legacy business, in the fourth quarter of FY24, sorry, we took a strategic decision to further accelerate the rundown of the Wholesale 1.0 book. A smaller legacy book, we believe, should also benefit our cost of funds over the medium to long term. As discussed on slide number 9, during the fourth quarter of 2024, the legacy of AUM reduced from INR 18,700 crores to INR 14,572 crores during the quarter. As we accelerated the rundown, there was an increase in credit cost from this book. In the fourth quarter, in particular, we resolved some of our large sticky assets, and we are also trying to conclude a few deals in our land and receivable book. Thus, we reported a loss of INR 1,351 crores in the legacy book in the fourth quarter of FY24. With profits from our growth business and other gains in the PEL, the fourth quarter of FY24 consolidated PAT stood at INR 137 crores, as shown on slide 9. Shown on slide number 10, we expect the legacy book to further reduce to less than INR 6,000-7,000 crores or less than 10% of our total AUM in FY25. Our objective is to make this book inconsequential in FY23 and FY26. This may lead to some incremental credit cost. However, do note that we carry provisions of INR 2,500 crores against the legacy AUM. In FY25, we expect further gains from the AIF book, which was written off pursuant to the RBI circular in December 2023. There are also potential gains from monetization of our residual stake in Shriram. Assessed carry-forward losses of INR 10,627 crores will also be available starting from FY25. On slide 1, we discuss our AUM growth expectation, 15% to INR 80,000 crores in FY25 despite the rundown in legacy AUM. The retail wholesale mix will be closer to 75-25. OpEx to AUM in growth business, which is a key driver of profitability, is expected to keep moderating by 4.6% by fourth quarter of FY25 versus 4.9% in fourth quarter of FY24. Against the FY28 targets we highlighted last year, we have made faster-than-expected progress on the AUM growth and AUM mix. We now expect FY28 AUM to be INR 1.5 trillion versus the earlier expectation of INR 1.2-INR 1.3 trillion. We expect the retail wholesale mix of about 75-25 versus the earlier expectation of 70-30. Our steady state ROA target is unchanged to 3.5% in FY24. However, the assessed carry-forward losses of INR 10,600 crores will now be available over many years and provide an upward potential in ROA and PAT. Finally, I would like to thank investors and analysts for all the feedback and patient support we have received during a difficult journey of transformation in the last two to three years. In the last stretch of this journey, I am encouraged by the solidifying performances of our new businesses and the confidence that the overhang of our legacy challenges should largely disappear this year. With these comments, I now hand over to Jairam Sridharan to discuss some business-specific highlights. Thank you. Thank you, Chairman. This is Jairam here. I will walk through the business performance both in retail lending and in wholesale lending. Yesh is unavailable today due to some external circumstances. Let me start with some commentary on the retail lending business. In the financial year just concluded, the AUM of the retail business grew 49% year-on-year to INR 48,927 crores. Our disbursements during the course of the year stood at INR 28,555 crores, a growth of 55% year-on-year. Our flagship business continues to remain mortgages, comprising our housing loans business and our LAP business. Mortgages grew 38% year-on-year to INR 32,612 crores, and this now forms 68% of our retail AUM. If I could point you to slide 27 in our investor presentation, you will see the performance of our mortgage business on this slide. The book continues to experience very strong asset quality with declining delinquency ratios and a low 90 DPD today of 0.2% across both housing and LAP businesses. There has been a lot of talk in recent months about unsecured lending. If you want to look at slides 31 and 32, you will see a discussion of our unsecured book within the retail business. Piramal today has an unsecured retail book of INR 11,195 crores across four product categories: two in consumer side and two on the producer side or merchant side. During the financial year 2024, through various measures, we have tightened credit underwriting, and our disbursement volumes have been flat in Q4 compared to Q3 levels. Simultaneously, the risk metrics have continued to remain benign. The 90-plus delinquency ratio has been flat between 1.4%-1.6% throughout the year. On the digital part of the business, 90% of our loan disbursements come through credit-protected partnerships as opposed to own balance sheet risk partnerships. If I could now point your attention to slide 33, that gives you a bit of a sense of the progress the business is making on core profitability dimensions. You will see that the long-term operating profitability of the business continues to head in a favorable direction. Yields and fee income have been stable at very healthy levels. There have been some incremental income streams that have emerged over the last few quarters. An OpEx ratio, which we have mentioned in the past, is going to be the core of how profitability gets to steady state end-state levels. You see it gradually moderating from the high of 6.5% in the fourth quarter last year to 5.3% on a full AUM basis and 5.5% on an own balance sheet AUM basis in the fourth quarter of this year. One important point to note is that on an overall profitability basis, the retail business had a strong tailwind from DHFL book and the recoveries there in financial year 2023. As you will see on page 8 on the credit cost dimension, where we had a lot of recoveries coming from DHFL last year in FY 2023, in FY 2024, that tailwind reduced. So DHFL became a progressively smaller part of our AUM and a smaller part of the profit generation within the growth business. That trend has continued strongly in FY 2024 as the non-DHFL book has become more and more profitable. The PBT contribution has now fully shifted to the core retail business. This business achieved break-even in the first quarter of financial year 2024 and has since been making steady progress towards its target profitability. As we continue to expand our retail lending business, we are also investing in manpower, branch infrastructure, technology, and analytics in our retail lending business for future growth. On slide 25, you will see the growth in our network. We have added 83 new branches in this financial year. In our branch network, 39% of branches are currently less than two years old. This mix was 30% in the fourth quarter of last year. As new branches mature, we expect steady improvement in overall branch productivity. This will be the key driver of improvement on an ongoing basis in our OpEx to AUM ratios. Shifting gears to our wholesale lending business, on the growth side, wholesale 2.0 AUM continues to focus on building a granular and high-quality portfolio. Our wholesale 2.0 AUM grew 14% quarter-on-quarter to INR 6,347 crores across real estate and corporate mid-market loans. We disbursed INR 1,448 crores in the fourth quarter of FY24. Through the year, we have received prepayments worth INR 2,314 crores in our real estate book in our new real estate book, which illustrates the credit quality of the underlying borrowers. Our Wholesale 2.0 loans continue to perform very well in line with our ahead of underwriting as reflected in strong prepayments in both sides of this portfolio. The average ticket size in our real estate 2.0 business is around INR 441 crores and in our corporate mid-market lending business at INR 59 crores on a sanctioned basis. We intend to continue to build this book in a very calibrated manner while capitalizing on the available market opportunities. We have spoken already about our Wholesale 1.0 legacy business, but just to reiterate some high-level bullet points here, the book was down 50% year-over-year. It is down 66% over the last two years. This reduction generated liquidity of over INR 10,000 crores in FY 2024. Following the provision hit of INR 3,540 crores we took on AIF last quarter, we did two things during the course of this quarter. First, we wrote back provisions of INR 1,067 crores pursuant to RBI's clarification on how the AIF circular was to be interpreted. Second, we also made cash recoveries of an additional INR 450 crores from this portfolio. So overall, we wrote back roughly INR 1,600 crores on this book through various means through the course of this quarter. Our SR portfolio reduced by 10% over the course of this year from Q1 to INR 4,847 crores led by cash realization of over INR 1,400 crores during the year. On legacy AUM, our focus is to bring this portfolio below 10% of total AUM in the next year and make it insignificant in the year after. Those are the operational details of the businesses. I'll hand over now to my colleague Upma to talk us through our financial performance and balance sheet numbers, Upma. Thank you, Jairam. Covering our financial performance, in addition to AIF recoveries and provisions write-back as highlighted by Jairam, we also concluded sale of Shriram Investments in quarter four resulting in the gain of INR 871 crores. The company received an income tax assessment order for FY21-22 wherein it has been allowed an assessed carry-forward loss of INR 10,627 crores. This will be available for us starting from FY25. Moving to our financial performance, I would like to bring your focus to our growth business performance. With Q4 results, we have disclosed segmental profitability trends across growth business, legacy business, and others. Please refer to slide 9 in our investor deck. In growth business, we reported Q4 of FY24 profit after tax of INR 204 crores. Legacy business reported a loss after tax of INR 1,351 crores in Q4, which includes AIF-related gain of INR 1,135 crores net of taxes. Our investment in Shriram Group will be the part of INR 685 crores in Q4. Balance other businesses will be the part of INR 599 crores led by tax write-back and one-off DT and tax credit of INR 640 crores. Thus, total Q4 FY24 tax stood at INR 137 crores. Annual FY24 loss after tax stood at INR 1,684 crores impacted by the net AIF provision of INR 2,473 crores over Q3 and Q4 FY24. Our GNPA ratio was flat quarter-on-quarter at 2.4%, and NNPA ratio declined 30 basis points quarter-on-quarter to 0.8%. Our net worth stood at INR 26,557 crores with capital adequacy at 25.6% on consolidated balance sheet. On liability management side, there was an increase of 20 basis points quarter-on-quarter in our cost of borrowing, and our overall cost of borrowing stood at 8.9% led by system-wide increase in bank MCLRs. We continue to focus on diversifying our borrowing mix, including securitization. Our fixed floating rate debt mix improved to 50/50 and will continue to see further improvement over coming quarters. Our ALM is well-matched with positive gaps across all buckets. With these comments, I would like to open the floor for 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 one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take a first question from the line of Avinash Singh from Emkay Global. Please go ahead. Yeah, thanks. A couple of questions. The first one is on that overall credit cost or loan loss provision that has come in different shapes and colors, all put together a number of INR 3,354 crore that were disclosed. Now, the question is that I mean, because over the quarters earlier, we have been saying that on the SR side, the markdown has already happened when sort of the DRT transition was done. On the land and refuel also, you had the comfort around valuation. Now, if we see there's a kind of a INR 660-odd crore kind of impairment taken on this land, additionally, there's something like a INR 700-odd crore of a management overlay that's been taken. If I understand correctly, there is definitely some kind of a fair value loss in on the security receipts. So there are so many moving parts. I mean, because it's such a large number, particularly I mean, in the regular course of business, if I were to sort of look at your, say, growth asset and all, and if I sort of put some credit cost on a quarterly basis, that number you will do in the debt will be small. On the legacy, I am saying that it's such a large credit cost or provision requirement. I mean, what has happened? I I mean, because this has been kind of tracked continuously on a quarterly basis, and you were comfortable with where sort of the valuations were or the provisioning were. Additionally, if I can sort of draw your attention to your slide 9 left bottom table, the land and receivable, of course, I understand that INR 660 crore kind of impairment you were highlighting, but that has overall gone down by nearly INR 1,400-odd crores. If there have been some sort of a transaction here, some cash received, or what else explained on another INR 670 crore? Do you have any questions? Thanks. Hey, thank you so much. You're right. There is a large credit cost line item here. Let me start with the context of how we have been looking at our legacy book. Then I'll talk a little bit about the developments on the plus and minus side during the course of this year, and then I'll explain the INR 34 or INR 3,300 and try and put that in perspective. See, what we have said historically, and we continue to maintain, is that we have adequate provisions plus pockets of value in the legacy book for it to self-fund a lot of the hits that we believe might come as we accelerate the rundown of that book. What you see in this quarter is very consistent with that. We had a lot of positives come from the legacy book in the form of various one-off gains. We applied a lot of those positives to the same book in the other pockets where we believe losses might come either right now or in the future. On a net-net basis, we have been able to self-fund a lot of that rundown. This is a book that came down. The legacy book came down INR 4,000-odd crores during the course of this quarter. The book has come down from INR 43,000 crores to INR 14,000 crores over the course of the last two years. What you have remaining now is a INR 14,000 crore book. In that reduction from INR 43,000 crores-INR 13,000 crores, we have at various points taken lots of fair value adjustments or provision hits. This quarter was no exception. In this quarter, as it happens, we had three or four significant one-off gains, which are all listed on slide 9 that you refer to. On the same slide 9, on the top right, you see the big positives that we got during the course of this quarter. We had the big Shriram gains. We had the AIF provision write-back. We had the incremental recoveries coming from AIF, and we had some tax-related gains. All of that was adding up to some fairly substantial amount. All of this came from old legacy businesses and investments that we have made. What we have chosen to do is to apply a lot of that back towards accelerated rundown of our legacy book. There are three or four big things that have happened, actually, three big things that have happened in the legacy book from a provisioning perspective, which basically contributes almost the entirety of the INR 3,300 crores of provisions. The first, as you rightly pointed out, is about INR 1,400 crores of fair value markdown in some of the receivables and other non-earning assets that we have. That's about INR 1,400 crores of markdown that we have done. Some part of it is some transactions that have fructified or are on the way to fructification. The others are just doing our annual fair value markdowns. So together, we have taken a INR 1,400 crore markdown on those non-earning assets and reduced that value. The second is other large and very chunky assets which were already in stage two and stage three of our legacy book. In that, we have taken those accounts into one-time settlements and closed some of them taking the appropriate levels of provisions. That is about INR 1,000 crores. The third point, again, you mentioned this, is about INR 700 crore of management overlay that we have voluntarily taken and added to the stage one part of the legacy book. We have added it to stage one, but it's actually available for the entire book. We added it to stage one because that's where technically we could add it. But we have taken a provisioning buffer of a little over INR 700 crores towards future rundown acceleration of the legacy book. So those are the three big things that have happened. Stage two, stage three assets being taken to write off and one-time settled, a little over INR 1,000 crores. Receivables and other non-earning assets, about INR 1,400 crores and INR 700 crores of judgmental sort of management overlay to increase provision buffer in the legacy book. Between that, that's about INR 3,000 crores, a little over INR 3,300 crores of cost that we have taken in that book. So what and because we had the roughly similar amount of one-time gains coming in through the course of the same quarter, we have been able to keep the whole process net worth accretive on a net-net basis with a little over INR 130 crores of profit accreting to net worth through the course of this quarter. So that's the way we have thought about it. We believe that reducing the legacy book as aggressively as we can, as long as we can do it in a calibrated fashion along with whatever one-off gains that we are able to get, etc., is actually beneficial to us in the long run or medium run in terms of how the balance sheet looks, in terms of its overall composition for you as shareholders or to lenders in the market. So that's the way we have thought about it. I hope that makes sense. Yeah, thanks, Jairam. I mean, for a very elaborate answer. What, again, so sort of I would add, there's a bit of, I would say, the difference between my understanding and what sort of you're saying. I totally get your point when you said that you had one-off gains, and that's why you chose to provide these things. But that is a bit inconsistent when you say that the legacy book is self-funding because, I mean, here, what I see, that yes, I mean, you have been able to provide all that from the gains. But then these Shriram investment gains and all, they were not part of legacy because then there is a sort of an inconsistency that in future, you might have I mean, if this kind of a trend continues, then in future, you might have to provide, again, something. Again, you still have certain, I would say, non-strategic but investments. Because here, what I can see, that's the same slide 9, that legacy, yes, the AIF reversal and the recovery from AIF is a part of that wholesale book, certainly. But that was not I mean, with that only, you have almost like a INR 1,350-odd crore of a strain on profitability from that legacy. So that is where the bit of a when we sort of say that the legacy book is now going to be kind of self-sustaining. But still, if that sort of a the write-down or provision had to provide it from the one-off gains that you are getting from your past investment and all, then there's sort of a that conveys that the wholesale legacy book that is INR 14,000-odd crore, that might in future also may sort of put some strain. That is where I'm saying that if it's not totally, totally self-funded. That's a very valid point you're making. Let me allow me to say two things. Firstly, when we talk about legacy, we are not just talking about the legacy loan book that is Wholesale 1.0. We are talking about all the legacy book, including the legacy investments. Even in the past, when we have spoken about legacy, we have spoken about both the pluses and minuses in the legacy book. There is a book which is the loan book or the receivables, etc., where there might be minus, but there's a part which are investments, etc., which are potentially pluses. And we have said that we should be able to net this off. But for the INR 14,000 crore, I would encourage you to look at page 10, just the slide after the one that you're referring to, right? We have INR 14,000 crore. We have said we will bring this down to basically half of this level over the course of FY25. Against that, what do we have? We currently have provisions of INR 2,500 crores, which, of course, includes the INR 700 crores that we created this quarter, the incremental INR 700 crores we created this quarter. We have INR 2,500 crores of provision. We have more gains from AIF which are expected of the order of about INR 1,200 crores in this coming year and another INR 500-odd crores in the next year. We still have residual stakes in Shriram Group companies where we are carrying them at a book value of INR 1,700 crores. You all know what the mark-to-market is on some of those things, so you can estimate for yourself. Of course, as Upma mentioned earlier, we continue to have carry-forward losses of INR 10,600 crores from which DTA will keep getting created. So we have those pockets of value, as illustrated on page 9, which we believe are adequate and more than sufficient to cover for as they have been in this quarter and prior for any potential hits that might be there in the INR 14,000 crores coming down. I hope that makes sense. Yeah, yeah. And lastly, this INR 1,962 crore of land and receivable, can you sort of help that? I mean, a large part, maybe, or say a 50, 60, 80, whatever percentage, is situated in how many assets? I mean, is it like a 1, 2-piece, large piece of land that is where most of the value is sitting, or is it like many more? Yeah, most of the value is sitting in four assets, but we can give you more details on it if you reach out to our IRT. We'll be able to talk more about it as well, but almost all the value is in four assets. Okay. Thanks. Thanks. Thank you. We'll take our next question from the line of Abhijit Tibrewal from Motilal Oswal. Please go ahead. Yeah. Thank you, and good evening, everyone. Hi, sir. I mean, from an intent perspective, I would appreciate the fact that we are kind of looking to run down the legacy book. Somewhere, there is an acknowledgment that running down the legacy AUM is in the better interests of the company and your shareholders. But I just wanted to understand, we have run down the legacy AUM by INR 4,100 crores in this quarter. And against that, if I kind of read this right, we have ended up taking somewhere around INR 3,000 crores of loss or credit costs, which is essentially almost INR 1,400 crores of loss that you have reported from the legacy AUM, another INR 1,100 crores of AIF provision write-backs, and INR 500 crores of AIF recoveries. To run down a book by INR 4,200 crores, which has taken us almost INR 3,000 crores, if I'm reading this right, then to run down another INR 7,000 crores in the next financial year is what we have guided to bring it down from INR 14,000 crores to INR 6,000-INR 7,000 crores. I mean, can it take a proportionate charge, credit charge, despite all the potential P&L items from the legacy businesses that you talked about, provisions, having gains from AIF, residual stake in Shriram businesses, and the carry-forward losses? Yeah. So Abhijit, two parts to the answer, actually, three parts. First, on your math, right, of how much it has cost us to actually rundown the cost that INR 4,500-odd crore of rundown during the course of the quarter, I would say obviously, the receivables and kind of all the non-earning asset stuff, roughly INR 1,400 crore, that you should take as cost. And about INR 1,000 crore of some of the chunkier assets are doing OTS, etc., those you should consider. So roughly INR 2,400 crore, you should consider. The rest of it, about INR 750-odd crore, is voluntarily we have added provisions. So you shouldn't consider that cost of rundown, right? But let's take INR 2,000, a little under INR 2,400 crore or thereabouts, right, as the cost of running, INR 4,500 crore. That has been the case in this quarter. But look at that kind of factual point. My second point to add to that is if you look at a larger duration, right, you look at the duration of the last two years, what has happened over this last two years, and how much provisions has the company ended up taking. All those numbers are with you. You can actually take a look. The company had this legacy book of INR 43,000 crores. It has come down to INR 14,000 crores. The book has come down by roughly INR 30,000 crores. You'll see the total credit costs that have come in through this period. If you do that calculation, you will find that the hits that the company has eventually ended up taking, the loss given DHFL, has been of the order of 30%, right? You have taken a little over INR 9,000 crores to bring down the book by INR 30,000 crores over this period. So the loss through the period has been about 30%. Now, this particular quarter has been a little bit higher, but that will happen. In some quarters, it will be a little bit higher, and some quarters will be a little bit lower. And this quarter, of course, we have also done some voluntary stuff of taking some accelerated hits and fair value hits. But historically, to bring from INR 43,000 to INR 14,000, we have incurred an LGD of close to 30%. Now, you can say, on the INR 14,000 remaining, what is the LGD that you should apply? That's your call. As As an analyst, I'm sure you'll have your own opinion on what the appropriate LGD should be on that. And you can apply that LGD. What we have shown on page 10 is what are the pockets of value that you should net off against that. We have got the INR 2,500 crores of provisions, the roughly INR 1,700 crores from AIF, all the Sridharan gains on top of that, and all the DTA that can be created from INR 10,600 crores of carry-forward losses. You can make your own assessment of what the net-net of all of this looks like. I will also point out as a final comment that the net worth of the company is INR 26,500 crores as of today. We have a capital equity of 25.5%. So whatever LGD you apply on INR 14,000, you subtract from that whatever the value pockets are that are shown on page 10. If the number ends up still being a positive number, that you feel that net-net still there is going to be some positive numbers, you net that off against INR 26,500 crore and take a look at what our capital equity is going to be. That's the kind of argument I'd like to offer you. Got it. This is useful. I mean, the only thing that I was kind of trying to drive is when typically, I mean, others have tried to run down their wholesale book in the past, they often say that the lower-hanging fruits are kind of disposed of first, and the chunkier and the difficult ones kind of get disposed of later. That is the only thing, basically, I was kind of trying to understand here. The second question that I had. Sorry. Yeah. Sorry. There Sorry. There Sorry. There is some merit to what you're saying. There's one piece, though, that I would sort of I'd draw your attention to, which is that if you look at the composition of the legacy book that remains right now, right, if you look at that same page 9 numbers, right, and in that, you see that there are loans which are basically INR 4,000 crore. There is security receipts, INR 3,000 crore, land which we have just marked down, and AIF where we know it's more upside than anything else. You look at those, and you can take your own call on what the LGD in each of those pockets might potentially look like. Our argument is, think like AIF. There is largely upside land. We have just done such a significant sort of markdown. SR, we are saying we have already peaked. We are reducing SR value. And all the deals that we have done so far have been accretive to the book value on SR and have actually not lost us money. You will see us run down SRs in the coming few quarters as well. So you should take a look at that. And what remains is basically the loan book base, stage one loan book. And the stage one loan book, of course, we just took a INR 700 crore additional provision there, etc. But in that stage one loan book, one other point that I'd draw your attention to is that there are only two accounts or three accounts, two accounts, which are more than INR 500 crore of value in stage one, which means the part which has the most chunky assets actually, our situation has been different from some of the arguments that you make that the difficult assets are the last ones to get out. Some of our most difficult assets are actually out. Our largest asset by far, problematic asset, was an alternative energy company which you know we took a significant hit on, and it went off our books a few quarters ago. Another very large and very problematic account in the real estate sector got out in this quarter. So our largest accounts are all out. What we have now are much smaller accounts. This is a little bit different from some of the cases that you see generally where the most problematic assets are actually left behind. Yeah. I think this is useful. The second question that I had, Jairam, was on how we are thinking about retail growth. I mean, I am sure you'll acknowledge that we are no longer a small size, even in terms of retail AUM. So last year, we grew at 49% year-over-year. I remember Mr. Chairman kind of guided that we are looking to close FY25 at, I think, INR 80,000 crore, including the rundown that we've seen in the legacy AUM. So I mean, is this kind of growth in the retail book at this size kind of comforting for you? And maybe another question so that I kind of don't have to come back. I mean, this composite scheme of arrangement that we spoke about and the details that we have given, one equity share of Piramal Finance to every shareholder of Piramal Enterprises and NCRPS of INR 67, just wanted to understand, after this scheme of arrangement where the parent merges into the subsidiary, will Piramal Finance, the new entity, or the merged entity have any subsidiaries? Okay. So let me take the retail growth question first, and we'll come to the ops question. Firstly, on retail growth, I'd point you to page 11 where we have talked about our forward-looking guidance. We have had a 49% YOY growth in retail. If you look at the box at the bottom, we are guiding between here and FY28, we are guiding a 26% CAGR on retail. I'm 100% with you that at this size, at INR 48,000 crore, we cannot possibly be growing the book at 45%-50%. It's not possible. It would be imprudent to do that. So our guidance is for much slower growth in the coming few years compared to what we saw in the course of this year. The implied thing in what you're saying is that, "Hey, how do you feel about risk in the retail business, and how is it going right now on risk, and are we sure that we aren't making any errors or mistakes there?" I would point you to page 20 of our investor presentation. On page 20, we are showing this is retail overall level, 90+ delinquencies. The 90+ delinquencies, you will see, are fairly benign, 50 basis points of the full portfolio level, looking fairly strong. By the way, I have shown here coincident numbers, but you could look at 6-month lag numbers. The trend lines are exactly the same. The levels are obviously a little bit different, but the trend lines are exactly the same. So this is not a denominator point. This is generally how the portfolio is performing, is that the delinquency numbers are coming down. Over the last three quarters, you would have noticed, Abhijit, that we have started disclosing product-level delinquency charts on retail. This is to address the exact question that you had on, "Hey, how are you guys feeling about the risk environment, and are you confident about the growth or the quality of the growth?" Please take a look at product-level delinquency charts that are out there. Hopefully, you will feel comforted that product after product, whether it's unsecured or housing or LAP or used cars, you will see that our delinquency numbers are very much in control. We will continue to showcase this to you every quarter, so you can judge for yourself. Now, on the scheme of arrangement, see, the way we have the way we have set this up is that the shareholders of PEL receive one share of PFL and the INR 67 RPS that happens at the top level. As in when all the regulatory approvals are done, we expect that to take whatever 9-12 months for that process to happen. And through doing that, we end up getting kind of one consolidated lending entity which can pursue all businesses that we would like to pursue without any licensing-related guardrails that we need to worry about. And we believe that it also helps us in the overall borrowing environment by presenting a much clearer picture of the type of company we are. There was a specific question he had, though. I'm forgetting what the specific question was. Subsidies. Are we going to have any? There are going to be no material subsidiaries. There is no operating subsidiary in which financial assets are actually going to get booked. Today, financial assets, loans, etc., get booked only in these two entities, PEL and PCHFL. Both of them will merge to form PFL. So all the lending balance sheet will be on the PFL balance sheet. What happens to our insurance and AIF businesses? So that will be. It's a non-lending kind of associate company. It's not a subsidiary. It's an associate company. It will remain. That 50% stake will remain, and PFL will own that 50% stake. Got it. Got it. This is useful. Maybe I'll come back into questioning. Thank you so much. Thank you, Abhijit. Thank you. Ladies and gentlemen, in order to ensure that the management is able to answer queries from all participants, please restrict to two questions at a time. You may join back the queue for follow-up questions. We'll take the next question from the line of Kunal Shah from Citigroup. Please go ahead. Yeah. Hi. So again, on this entire legacy thing, so maybe when Yesh also came in, we said we had done that entire due diligence on this portfolio. And whatever knock was required, in fact, we have made the sufficient provisioning out there. Last time, maybe when we took the AIF stake, we confidently said we will be maybe at least on the recoveries, this will get maybe this hit will come back, and it will accrete to the net worth. But finally, what we are seeing is maybe all those gains which are expected, they are just being utilized to just run down the legacy AUM. And I think still you are indicating that further, maybe when we get this legacy AUM down, maybe in FY25, the gains which might come in from Shriram or maybe even on the DHFL excess set, that will also further get utilized towards it. So I think that commentary, maybe from the narrative which has been there over 3-4 quarters, it seems to be quite disappointing, I think, yeah, because I think there was equal confidence which was shown with respect to the performance of the book. But I think there is a huge knock which is being taken. So maybe getting onto FY25, should we further assume that maybe what we have indicated in terms of gains from AIF or maybe even the Shriram book value of INR 1,700 crore, that will further get used up towards this or not really? In fact, we have built up the management overlay, and now it's almost done, or any kind of default excess setoff benefit also getting utilized towards this? Yeah. Kunal, I'd say the story is what is captured on page 10, right, which is that we have an INR 14,000 crore book left. This book will need to keep coming down and come down aggressively. We have a bunch of kind of pockets of value that are still there, including existing provisions of INR 2,500 crores, gains from AIF which we expect of INR 18,000-1,900 crores in the coming couple of years. Whatever the residual stake in Shriram is, all the carry-forward losses, etc., there's pockets of value that are there. Whatever losses are required on the book or hits are required on the INR 14,000 crore will get netted off against this. See, the way I see this, by holding onto the asset and letting the asset run its natural course, we are not gaining anything. It's not as if you, as an analyst or the investor community, is giving us a lot of "sum of parts" valuation for all the pockets of value that we have. We are getting no benefit for that anyway as things stand. So it is, I think, appropriate for us to say, "Okay. Let's NPV the whole thing down. Doesn't matter. Instead of waiting for three years and getting $100, let me run this down tomorrow and get $60, take a $40 haircut. That seems to be what the market wants." And so we will continue to do that. We did that this quarter. We will continue to do that. What we believe is that those undervalued and unvalued pockets of value that are there on the other side of our balance sheet are good ways to actually create that value so that we can do this rundown without any impact on our net worth, which is exactly what we have been able to do so far. If you look at the last two years and you look at the total amount of provisions and write-downs that we have taken on the wholesale one book and on the legacy book, you look at the size of reduction that we have brought in that wholesale book, the roughly INR 30,000 crore reduction in legacy book that we have done and about roughly INR 10,000 or 9,000 crores' worth of hits that we have taken, but we have still been able to maintain net worth. That has only come because of all these pockets of value. On a net basis, we have been doing exactly what we have been saying, which is that we have the value in our balance sheet to actually do all the provisions that are required. That is exactly what has happened over the last two years. We continue to have the same level of net worth now with a much reconfigured and much marked down legacy book. I think the INR 14,000 crore as well, you can see in that same context and say, "Okay. What are the hits that are likely to come on that INR 14,000 crores?" You net that off against whatever is there on the right-hand side on page 10. That will give you a sense of whether net-net, the whole legacy stuff, whether it is loans or land or SRs or the Shriram stake or anything else, net-net is that a positive or a negative on net worth over the coming year or two. Gotcha. That's what, again, maybe on this INR 14,000 crores, the way we look at it, say, INR 2,500 crores existing provisions, AIF INR 1,800-odd crores, another INR 1,700-odd crores of Shriram gains. So again, if we look at the haircut on this, it still seems to be almost like INR 8,000-odd crores, okay, which is further coming in, say, as a knock or maybe at least like 50% kind of a knock utilizing all those benefits which are there. So is it maybe these things are just getting deferred rather than having knocked it off right from day one, okay, but it seems like we were just waiting for some one-off gains, and that entire one-off gains are still being utilized to run down the legacy book? See, there will be a little bit of the latter of what you said, which is that opportunistically, you've got to be careful about taking some of the write-downs in such a way that you're able to align that to the extent possible with whenever gains emerge in the balance sheet. We can't over-engineer this, but to some extent, you will see a little bit of that happening. The question from the question I will revert to, Kunal, is on INR 14,000 crore, what is the LGD that you should expect? Given that going from INR 43,000 crore to INR 14,000 crore, we have had an LGD of close to 30% so far, demonstrated, right? So we have had an LGD of 30% so far. You can figure out to your satisfaction what is the LGD that you will expect on INR 14,500, apply it, and net that off against whatever is there on the right-hand side of page 10. Got it. And lastly, in terms of this entire merger, okay, so again, because I think whenever there has been some kind of a corporate event, there have been a lot of one-offs which have come through, okay? So maybe again, with this large, maybe consolidation again happening with respect to either tax or maybe some creation of reserves or anything which could be there, or it would be like a plain merger. And again, in terms of the maybe housing plans, maybe with respect to the RBI's approval, is it expected to come through very easily as an NBFC status, or maybe we see any kind of challenges out there? See, there's no indication that we have had that there are going to be any challenges. We have been in constant touch and communication with the regulator. But at the end of the day, the regulator I mean, we can't speak for them. So we will await their guidance on this matter. Today is when we have brought our board approval, and our letter to the regulator, etc., will go out today, tomorrow. And we know and they know that we have from a PBC standpoint, the housing finance company has been unable to meet PBC guideline as of March 31st. So basically, RBI guideline essentially says, "If you are unable to meet as of March 31st, 2024, you should apply for an NBFC license," which is precisely what we will do, right? So this is just following through on explicit RBI guidance. So we will do that. We have been a fully regulated entity, the top tier by RBI, the bottom tier by NHB, with our audits as of last year all done and completed. So on those, there is nothing specific that's outstanding. But we will await guidance from the regulator on timing and kind of how they would like us to proceed. We cannot speak on their behalf on this point. Sure. And no one knocks on them? No. Nothing significant. No. Okay. Okay. Yeah. Thank you. There will be some changes on the capital adequacy calculation front, etc., but they'll all be netting off against—I mean, on a net-net basis, you'll not see anything material. Okay. Okay. Thank you so much. Thank you. Due to time limitation, we'll take the last question from the line of V.P. Rajesh from Banyan Capital Advisors. Please go ahead. Hi. Thanks for the opportunity. Just two questions. One, with respect to the proposed merger, will that have any impact on the dividend policy of the company, the dividend that we have been paying every year? No. The dividend philosophy of Piramal Enterprises has been very steady over the years. I don't see that changing because of any corporate re-op. So no, you shouldn't expect any changes. Okay. Great. And my other question is just going back to the provision on the legacy book. You have been saying that we should make an estimate, our best estimate. But frankly, you guys are much closer to the book than we are. And since we have been negatively surprised over the last 6, 8 quarters, would you say in your best estimate, the provisions on the rest of the book will be more or less than the 30% that you have had thus far? Yeah. Let me not do that. See, this is not the sort of thing that either you or I are going to have a better estimate. We just need to apply our own individual judgment. We have ourselves multiple scenarios of what if this happens, what if that happens, or what if scenario C happens. And we are doing a management planning across various scenarios depending on the pace and severity at which we want to run this thing off. See, when the total book is INR 14,000 crore, the range of possibilities is not that high. If you say the LGD is going to be similar to the past, you're going to assume 30%. If you assume it's going to be higher, you'll assume 50%. Whatever it is you assume, or if you assume it's going to be lower, then you might assume 20%. The deltas in once you net off the right-hand side of page 10, the deltas are not very much. Whatever delta or whatever number you assume, the net impact on net worth after netting off the right-hand side of page 10 is not likely to be more than INR 1,000 crore or INR 2,000 crore. Remember that we have INR 26,500 crore of capital. So it doesn't matter. The sizes have become small enough now that LGD estimations are not going to move the final outcome in terms of the legacy book valuation a whole lot one way or the other. I also want to reiterate that we are guiding that through the course of next year, we are going to bring the legacy book down to INR 6,000 crore-INR 7,000 crore, which means by the time next year, it will have kind of shrunk to even further insignificance. The sizes have become so small now that the deltas are, especially once netted off against all the pockets of gains in the balance sheet, just not that big. Network movements are going to be minimal. Got it. Thank you. Appreciate it. Thank you very much. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Ravi Singh for closing comments. Over to you. Thanks, everyone. Please do reach out to me and my colleagues in investor relations team if you have any further questions. Have a good day. Thank you. Thank you. On behalf of Piramal Enterprises Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.