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, Mr. Singh. Thanks, Neerav, and hello, everyone. Welcome to our Earnings Conference Call for Q1 FY 2025. Our results material has been uploaded on our website, and you may like to refer to them during our discussion. The discussion today may include some forward-looking statements based on management 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 Mr. Anand Piramal, Executive Director, Piramal Group, Mr. Rupen Jhaveri, Group President, Piramal Enterprises, Mr. Jairam Sridharan, CEO of Retail Lending and MD of PCHFL, Mr. Yesh Nadkarni, CEO of Wholesale Lending, and Ms. Upma Goel, CFO, Piramal Enterprises. With that, I would like to hand over the call to Mr. Piramal for his remarks on the Q1 performance. Thank you, and over to you, Mr. Piramal. Good evening, everybody. Welcome on this call to discuss our Q1 FY 2025 results. Before we go into details, a summary of the overall direction of trends in Q1 FY 2025. Our growth business, which comprises retail and Wholesale 2.0, has sustained momentum. It now contributes towards the bulk of our overall AUM and net profit. Our Part B, our legacy discontinued business in wholesale, further ran down during the quarter without any incremental net credit cost. In Q1 FY 2025, the company has reported a net profit of INR 181 crores versus INR 137 crores in Q4 FY 2024. Our total AUM grew by 10% year-on-year to INR 70,576 crores. Within this, growth AUM grew by 51% year-on-year to INR 57,601 crore, and now account for 82% of our total AUM versus 34% at end of FY 2022. Within the growth business, the retail AUM grew by 43% year-on-year, and now stands at INR 50,530 crore. Wholesale AUM 2.0 is up 132% Y-o-Y to INR 7,071 crore. Now, some comments on the operational performance of the growth business. In Q1 FY 2025, the growth business reported an NII growth of 34% year-on-year, led by 51% year-on-year AUM growth. There's been an increase in the cost of funds on expected lines. This was on account of the movement in market rates and an increase in leverage. The NII, the NIM for growth business was at 6.7% in Q1 FY2025. OpEx ratios are a key driver of profitability improvement in the growth business. It was encouraging to see OpEx to AUM declining by 104 basis points year-on-year to 4.6% in Q1 FY2025. Operating profit thus grew 48% year-on-year to INR 375 crores. Asset quality was strong, with retail ninety-day delinquencies staying contained at 0.6% and no delinquencies in Wholesale 2.0. Q1 FY 2025, gross credit costs, excluding the recoveries, was at 1.6% versus 0.8% in Q1 FY 2024. Please note that the credit cost in Q1 FY 2024, benefited from a one-time write-back of 1.3% due to the change in the ECL policy. Thus, like-for-like, gross credit cost is 1.6% Q1 FY 2024, versus 22.1% in Q1 FY... Sorry, 1.6% in 2025 versus 2.1% in 2024 in the same quarter. Growth business PBT stood at INR 205 crore versus INR 233 crore in FY 2024. This represents a PBT ROE of 1.5% in Q1 FY 2025. In Q1 FY 2025, our legacy discontinued AUM declined by INR 1,597 crore to INR 12,975 crore. The book is down 50% year-on-year and down 70% since the end of FY 2022. These AUM are now 18% of the total AUM. We continue our efforts to run them down to below 10% by end of FY 2025. The merger between PL and PCHFL is progressing on track. Following the board approval, the scheme has been filed with the stock exchanges. After the receipt of approvals from exchanges, SEBI and RBI, the NCLT process would then commence. On diversification of borrowings, securitization is now 12% of overall borrowings, versus 3% at the end of Q1 2024. Following the $100 million social impact loan in May, in July, we raised $300 million through our maiden U.S. dollar denominated sustainability bond. The issue received a 4x, it was oversubscribed by four times. By capital base, Piramal is among the top four private sector diversified NBFCs. Our retail business just crossed INR 50,000 crore in AUM, making us one of the largest NBFC retail, one of the largest NBFCs, in the country, and among the the market leaders in affordable housing finance. Our strategy has been to build a lending franchise, which is well diversified, that dominates... one that dominates the chosen segments, while serving budget customers in broader markets and leads the industry in the use of digital technologies. With these comments, I now hand over to Jairam, Yash, and Upma to discuss some of the business highlights. Thank you. Thank you, Anand. Ladies and gentlemen, jumping into a discussion on retail lending. In the first quarter, AUM in the retail business grew by 43% year-on-year. Q1 disbursements stood at INR 6,816 crores, growing by 19% year-on-year. Our flagship mortgage business, comprising housing loans and loan against property, grew 37% year-on-year to INR 34,104 crores, and it contributes 67% to the retail AUM. As you're aware, there have been some regulatory changes in this space, and those during the course of the Q1. Those changes resulted in a temporary impact of about INR 255 crores in mortgage disbursements in our Q1. The mortgage book continues to experience very strong asset quality and has low 90 DPD ratios of 30 basis points. This quarter, we have shared some more granular information on the composition of our retail portfolio, along with product and risk information. You will see these reflected in slides number 11, 15, and 16 in our investor presentation. Growth was strong in all retail products, with AUM and used car loans up 150% year-on-year, in salaried personal loans up 195% year-on-year, and business loans up 62% year-on-year. In one area, we have seen some shift in the way the market has behaved, and correspondingly, our own market positioning has changed, and that is in digital loans. Over the last five quarters, we have been driven by a view of all sorts of emerging risk signals in the digital loan segment. As early as November 2022, we spoke about emerging risks in this area and the need for us to calibrate our growth in that space. We started reducing our disbursement growth there at that time. If you look at slide 11, you will find that over the last five quarters, disbursements in digital lending are down by over 50%. Digital loans AUM is currently INR 3,500 crores, and it represents 7% of retail AUM or 5% of total AUM. As we have been able to slow down this part of the business well in time, we have seen our risk performance over the period being relatively benign, as you will see in some of the risk charts in the presentation. If you look at slide 13, we have shared a new disclosure this time on our emerging cross-sell franchise. You will notice here that we have been able to stamp a sizable proportion of our customer base for future cross-sell. Current levels of cross-sell for us are still relatively modest, at 7% of disbursements in this quarter. However, you should expect to see this improve steadily in the quarters to come. On the asset quality front, retail has shown robust performance, with overall 90+ days past due, contained at 60 basis points versus the 80 basis points same time last year, and the 50 basis points in the Q4 of the previous financial year. In addition to scaling and managing risk, we are equally focused on driving profitability improvements. Over the last several quarters, we have seen a consistent decline in the retail business's OpEx to AUM. At the end of the Q1, OpEx to AUM stood at 4.9% versus 7.3% in the last quarter, and 5.3% in the last quarter, and 6.5% at the end of March 2023. We expect OpEx to AUM to keep moderating over the medium term and reiterate our goal of 3.5% to 4% in the medium term. With that, I will hand over to Yash to walk us through our wholesale lending business. Thanks, Jairam, and good afternoon, everyone. In wholesale lending, in the 2.0 part of our business, we are building a granular, high quality and profitable portfolio. Our 2.0 AUM grew 11% QoQ to INR 7,071 crore across real estate and corporate mid-market strategies. We disbursed INR 1,572 crore in the Q1. Our total repayments during the period stood at about INR 846 crore. Our Wholesale 2.0 loans, 2.0 loans are performing well, are in line with or ahead of our underwriting, as reflected in the prepayment track record of the portfolio. There has not been a single delay, a day of delay in Wholesale 2.0 portfolio since the inception of the business in 2022. The average ticket size in this book stands at about INR 74 crore across real estate and CMML parts. We will further build this book in a calibrated manner while capitalizing on the market opportunity. Our discontinued legacy wholesale AUM was down 50% year-on-year to INR 12,975 crore. Our focus is to bring the legacy AUM to below 10% of total AUM in FY 2025 and make it further insignificant in FY 2026. With that, I'll hand over to Upma for the financial performance. Thank you. Thank you, Yash. Moving to our financial performance. In Q1 FY 2025, we reported consolidated tax of INR 131 crore, INR 181 crore versus INR 137 crore in Q4 of FY 2024. Due to assessed carry forward losses, the tax rate at Piramal Capital and Housing Finance Limited was nil. At Piramal Enterprises level, we have accrued applicable tax rates. At the consolidated level, our tax rate comes out to be 27.6%. Our GNPA and NNPA ratios were 2.7% and 1.1% respectively. Our net worth stood at INR 26,863 crore, with capital adequacy at 24.4% on consolidated balance sheet. In Q1 FY 2025, our cost of borrowings was flat, quarter-on-quarter at 8.9%. We continue to focus on diversifying our borrowing mix, including securitization and international borrowings. Our fixed to floating rate debt mix improved to 52-48, and we'll continue to see further improvements 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'll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. The first question is from the line of Kunal Shah from Citigroup. Please go ahead. Yeah, hi. So firstly, on the provisioning part, both on wholesale as well as retail. So in retail Stage 2, we have now created the coverage of almost like 12% compared to that of 3%. So what is actually driving that? And secondly, in terms of the wholesale, we have indicated that we utilize the management overlay of INR 260 crore. But besides that, when we look at it in terms of the overall decline in the provisioning, is it purely because of the rundown in the overall wholesale AUM of say 11% on a quarter-on-quarter basis? Yeah. So, thanks, Kunal, for your question. See the on retail, this is the... What you noticed at Stage Two, increase in Stage Two provision coverage. It's a call that we have taken as part of our annual ECL, ECL re-grounding exercise. Every year in the Q1, we reground the ECL. You know, this year, as we updated all the data for the industry and our internal data, it was clear that, you know, one-year PD numbers were all coming down. We made the choice to actually increase provisioning levels in Stage Two, because otherwise the jump of provisioning from Stage One to Stage Three was quite high. So we thought it was a right conservative thing to do, to actually strengthen the balance sheet for the future, by improving coverage in Stage Two. So, as part of the re-grounding exercise of ECL, we incorporated that, and that's what you see reflected. You're absolutely right. Our provision coverage there used to be a little over 3.25%. We increased that to about 12% at the full portfolio level, differentiated by product. That's what so that that's the that's the result of the ECL re-grounding thing. On wholesale, yes, you're right. There is a usage of a couple of provision pools that were available. There is also there's also a... Yeah, there is also a, there's also a, a write-off on the book, which, which reduces provisions as well. Because all, if when you, once you technically write off a, write off an account, the provisions against it also disappears, right? Which is, which you see reflected as well. So they are, they are both reflected in that number that you mentioned. Okay. So write-off would be closer to, like, INR 250 to 300 odd crores? Yes, correct. INR 260 crore. INR 260 crores. Okay, got that. And, second question was on the yield side. So we are seeing the increase in the disbursement yields across the product segments, be it, housing, MFI as well. So, is that the rate increase which has happened, or this is purely the shift within the portfolio? And similarly, when we look at it on the wholesale side, there is a decline, say, on the stage one, stage two pool, which we are seeing. So is it like the rundown which has happened that was on a much higher yielding portfolio, that's the reason we are seeing this kind of a decline in the wholesale yields as well? I'll come to your wholesale two question in a minute. In wholesale, I don't think we have seen any meaningful decline in, Wholesale one. Wholesale 1.0. In Wholesale 1.0, it's just a mixed thing, man. In the Wholesale 1.0, if the only part of the business where you get actual yields are Stage 1 and Stage 2 loans, right? Which is now reduced to 50% of the entire Wholesale 1.0 book, right? So if you see paybacks from Stage 1, you will see average yields come down of the Wholesale 2.0 book. That's what we saw this quarter. We had a good, steady quarter in terms of you know, paybacks from our Stage 1 and Stage 2 loans in the legacy book. So that's what is reflected in the yield number. If you look at our page number 23, Yeah. You will see in the top right box that we, we show that the Stage 1 and Stage 2 loans are at an average yield of 10.25. Yeah, I was just referring to that. It was, like, more than 11 in the last quarter. So what is actually leading to this decline? Yeah, that's just a mixing between the various accounts within there. Yeah, just an organic recovery, right, so. There is nothing... There's nothing specifically that has happened there. Of course, we're not booking any new business there, and if anything, RPLRs are all going up, not down. So, it's just differentially who pays down during the course of the quarter. If a higher priced account pays down, which is kind of what happened in Q1, so the average deals come down a little bit. So that's what you're seeing here, nothing, nothing more than that. Yeah. On the retail- On the retail, there have been both the things that you mentioned. The mix, you know, the mix has shifted within the secured lending. See, overall, secured versus secured versus not, the secured parts of the business have actually done more, share-wise in Q1 compared to Q4. So in that, to that extent, yields should have come down. However, within secured, we have been able to move a little bit more towards higher yielding businesses. So that has actually helped. But we have also increased pricing starting April 1 on most of our secured product lines. So that is also reflected in the disbursement yields that you mentioned, and why you see, for example, housing disbursement yields at 11.5, when you saw them a good 30 basis points lower in the previous quarter. So, so that's all, that's all internal mix shift between various product variants in the business. I will also note, this is not a Q1 thing, but in Q2, from a Q2 perspective, I will note that, starting August 1, we have increased our RPLR by 25 basis points. So that is another indication to you of where yields are headed, you know, given what we are seeing on the cost of, cost of borrowing environment. Okay, this will be on the entire portfolio? All the variable rate part of the portfolio, yes. Yeah. Okay, got it. Thanks. Thanks a lot, and all the best. Yeah. Thank you. Thank you, Kunal. Thank you very much. Next question is from the line of Shreya Shivani from CLSA India. Please go ahead. Yeah, thank you for the opportunity. So, first I wanted a clarification on this one particular slide where you've given the retail customer mix between different geographies and like the metro adjacent tier one, tier two, tier three. There's a big change versus the last year's PPT. Is this just for the customers that you've acquired in 2024, or is it for the entire portfolio? No, this is just for the customers in the, in the last year. Okay. Historically, we have shown the full portfolio- Uh. But we wanted to give you a more recent mix of what we are booking right now, and that's what we have given here is basically last year's bookings. Based on that, we have created these charts. Correct. Correct. So incrementally, you are focusing more on the non-metro geographies is what, what this data point really points towards, right? In the retail segment, across the product segment. That is correct. Correct. And you know, places like Mumbai and Delhi NCR- Yeah. DHFL had a very strong presence. Correct. Correct. We are not as focused on these big markets, so you will see a lower footprint for us in those markets compared to the old DHFL portfolio. Got it. So this is your purely customers acquired by you in the past one year, where you have greater focus in tier 1 to 3. Got it. Correct. Maybe I joined late, but did you share on the management overlay that you've utilized this quarter, INR 260 crore odds? What towards which segments, and have you given some color about that? Yeah, that's in our old wholesale legacy business. ... Okay, so it's towards the old wholesale legacy business, eh, the entirety of it, right? Yes, entirety. Okay, sure, sure. Those were my two questions. I'll come get back in the queue. Thank you, Shivani. Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Gaurav Agrawal from Nine One Capital. Please go ahead. Hello, Gaurav, we're not able to hear you. Yeah, hi. Am I audible now? Yes, you are. Thank you so much for the possibility. Hi, everyone. So just looking at a few numbers from the last presentation to this presentation. So, in talking about the legacy book first, so I think we were carrying around INR 2,500 crore or to the provisions last year, last quarter, I mean, and now it stands at INR 2,002. So if I look at the difference, it is INR 550 crore, and the rundown that we are seeing is around INR 1,600 crore. So does it mean that there's a 30% kind of an LGD for the rundown that happened in this quarter? You can do that math, like it's not. It, yeah, that's, it's okay. You can, you can do that math, yeah. Okay, great. So now coming to the remaining part, which is INR 17,000 odd crore, which is left, and if I assume that similar kind of an LGD of 30%, we need to, you know, provide for around INR 4,000 crore of provisions. Now, against that, we are already carrying 1,000 crore of provisions, INR 1,700 crore of AIF gain that we expect to get in the next two years, including this one. And then there are some Shriram stake sale, which would help us to realize around INR 2,300 odd crore. So is the math correct? Am I getting all of these things right, or is there any divergence in your end? Your math is very correct. You have said everything that we would like to say. Thank you very much. Perfect. Now, so coming to the AIF gains that we expect to get, are we on track to achieve INR 1,200 crore kind of gains for this year, or is there any difference? No, no, we are, we are absolutely working on the curve of the AIF assets. Okay. As is the case with wholesale assets, and particularly the assets that we are in the AIF bucket, these are sort of lumpy payments. Some of these assets actually need a fair degree of work on the counterparties or the assets, and therefore, there might be some ups and downs as we go along. But we continue to stay put with our guidance, where we said that we would collect about- Mm. INR 1,200-odd crore of AIF gains this year, so we'll stick with that. Understood. And so just ask, if I may, please, any timeline on the Shriram value realization in this year? No, man, it's a big transaction. We will see. We will stay in the market. We will find if when, whenever the timing is right in terms of getting the right counterparty, we'll do it. This is not something that we can disclose in a public forum about our timing. Sure, sure, sure. Thank you so much for answering my questions. All the best. Thank you. Thank you. Next question is from the line of Vinod Jain from WF Advisors. Please go ahead. Hello, good evening. Good evening, and congratulations for the good numbers. My first question is, why dividend income in the Q1 is nil, as against INR 76 crore in the previous year, Q1? Vinod Jain, in the last year, Q1, we still had a sizable stake in Shriram Group of companies. So that's what you're seeing, because that stake is not there, the dividend does not show up. All right. The second question is about the Gross Non-Performing Assets and Net Non-Performing Assets. The ratio has, of course, worsened over the quarter-on-quarter, but what is the view going forward? ... In Q1, you do see a little bit of worsening on some of these ratios. It's a very minor tick, nothing significant that has happened. We have not seen any material worsening of any account on our portfolio, neither in retail nor in wholesale. The environment has remained very stable. You have seen all our risk numbers that we have disclosed in our presentation. You will see that, you know, from a fundamental standpoint, fundamentals continue to be sound. We have not seen any material deterioration. Let's see. The environment is shifting. You have seen what's happening in the, in the market in terms of credit costs, et cetera, of all, of all NBFCs and banks, in this, in this quarter, be under a little bit of pressure. We are watching the environment. Our numbers have held up very well in Q1, but, but we don't want to jinx it by speaking too soon about, about the future. Let's see how it goes. So far, so good. Similarly, the NIM has also gone down quarter-on-quarter, marginally. What is the view again here on, the going forward with this? ... because our cost of borrowing will, is continuing to rise, because all the, all the banks are still increasing pricing. So, for borrowing, pressure here. So cost of borrowing, you can see, previous two quarters, it is at 8.9%, and, if anything, there is a slight upward bias, to that number. And, our book is now getting more and more levered, right? So- Yes. As the leverage increases, anyway, cost of funds be up, change over. So don't know, reasons say, for other than pressure in the, for another, quarter or two. But, if you go look at the medium term, to medium to long term, you still maintain your FY28 position? Yeah, or more. Like, in the medium to long term, our NIM should be higher than what we were able to show there, both by higher yields and importantly, by lower cost of borrowing over time. So it will happen. Short term is going to go in the other way. I see. Very well. Thank you. Thank you. Thank you, Vinod Jain. Next follow-up question is from the line of Shreya Shivani from CLSA. Please go ahead. Yeah. I have a follow-up question on the business loan segment. So of all the INR 4,700 crore of that segment, is there a breakup between how much is microfinance and business loans? Because I'm assuming merchant BNPL would still be a smaller part of it, right? Yeah. So, yeah, microfinance is a very small business for us. So, okay. So, see the microfinance portfolio is about INR 1,400 crore, something like that, total. And the rest of it is business loans to MSMEs. Okay. Okay, so the bigger stress that we're seeing for the past continuous quarter actually comes from the pure business loan and not so much from MFI or anything anymore, right? MFI also has seen pressure. Yeah. In fact, in relative terms, MFI has seen more pressure than business loans have. However, MFI is a smaller part of the book, so it hasn't- Yeah, yeah. impacted our numbers that much. It's mostly the core business loans that have seen... Having said that, like, I will reiterate that the business loans are being done at almost 20% yield. Okay. The kind of delinquency numbers that you're seeing on that page, they are more than priced in, into the, into the product. Got it. Got it. Okay, this is useful. Thank you so much. Thank you. Thank you very much. Participants, you may press star and one to ask the question. Next question is from the line of Kishan Rungta from Emkay Global. Please go ahead. Thank you for the opportunity. So just referring to the slide 16, overall asset, retail assets, 90+ DPD is quite stable. But if I just look at business loans and the other unsecured loans, the 90+ delinquency has seen a bit upward trend. So, how do we look at it, and how do we see the unsecured segment growing going forward? Yeah. See, that it's, you've seen this across the industry. It's an important area to keep watching. Of course, these businesses have been at extraordinarily low delinquency rates for a long time. In business loans, for example, we are seeing 140 basis points of 90 DPD. As I mentioned to the previous caller, this is a business being done at 20% yield. So, we are, you should be expecting a much higher delinquency rate than what we are seeing right now. We are seeing in the market a little bit of reversion to the mean of the long-term mean. The market has been at below mean for very long, and we are seeing a slow reversion to that mean. We are seeing a little bit of that in our portfolio as well. However, we have been able to, sort of, by being a multi-product business, has given us the opportunity to increase some other part of the business at a time when this part of the business starts facing some pressure. So you have seen us actually gravitate more towards housing and LAPs in the last quarter, and that has helped keep the overall, you know, delinquency rates in check, as you rightly mentioned. So as a multi-product platform, that's always the game we are going to be playing, which is, we will keep calibrating different businesses up or down based on where the, where the risk levels are. As you can see here in the digital loans, for example, on page 16, digital loans were up. Four quarters ago, we noticed, five quarters ago, that, hey, these things, this is not looking that great. We started reducing the volume. We reduced the volume to, by roughly half, over the course of the last four quarters. And, and hence you have not seen the impact of, that high, that high delinquency on our portfolio level, portfolio level delinquencies, which have remained steady. That's the kind of game you need to keep playing, depending on which part of the market is going up and which is going down. So it's a very, very dynamic, situation. We will, we will not, hesitate to, to calibrate businesses up or down, based on, based on market reality. Got it, sir. Thank you. Thank you. Thank you. Participants, you may press star and one to ask the question. Ladies and gentlemen, you may press star and one to ask the question. Next question is from the line of Sameer Bhise from JM Financial. Please go ahead. Hi, Sameer. Hello, hi. Thanks for the opportunity. Just one question on the Stage 3 changes in absolute terms. So while retail Stage 3 has changed by, say, INR 100+ crore, a few INR crores here and there, the balance is coming from legacy or Wholesale 2.0? No, all from legacy. There is no stage three in wholesale two point oh. There's no stage two either in wholesale two point oh. Yeah. Okay, okay. That's it. Thank you so much, and all the best. Thank you, Sameer. Thank you. Next question is from the line of Arpan Agarwal, individual investor. Please go ahead. Hi, good evening. My first question is a repetition of the question that I had asked during AGM. Sorry for repeating it, but I'd like to know management's thought on this question. So, for context, so I, I have numbers for FY 2023, 2024. So retail AUM grew by 50% during that period. The share of unsecured disbursement during that period was for 40% of total retail disbursement. And our potential customers, the Bharat customers, may not have complete documentation. So essentially, we are lending at a fast pace with a significant proportion of it not secured by collateral, and our potential customers may not have complete documentation. So given this, how do we maintain the quality of our retail loan book? ... Yeah, that's a good perspective question. You know, first off, I'd say, keep looking at our numbers. Keep us honest by tracking our delinquency performance. We are one of the few large NBFCs that show product-level delinquency numbers, right? Not, not everybody does it. And the reason we do that is so that investors like you can keep us honest on whether we are doing a decent job in managing, you know, managing that risk. We believe that by building the right kind of models, analytic models, by having the right underwriting policy and frameworks in place, and by being very agile about which segments we dial up and dial down, we can manage the portfolio well. But it's a daily battle. This is not a big strategy thing that we can decide, and, based on that, we will, we will just automatically have better quality portfolio. We make decisions, every day. Last quarter, to give you an example, in the quarter that just passed, we made about 100 policy changes in the course of one quarter. So we practically make a small policy tweak every day. So we make tens of these things all the time, and it's through the accumulated effect of all of that and the discipline of constantly looking at the product-level risk and, vintage-level risk, that we are, that we believe we'll be able to manage it, manage the overall risk well. We've been able to do that well so far over the last few years. Let's hope that continues. Thank you. I have a follow-up question. So this, how do I interpret this 90+ DPD ratio? So I understand the numerator, it is the loans which are past due between 90 and 179 days, but what is the denominator of this ratio? 0 to 179 days. Everybody from 0 to 179 days. That's the denominator. Oh, got it. Divided by 0-179. Okay, makes sense. I have one question on 9, slide number 37. So it has a column of share and disbursements, which totals to 94.9%. So I want to know what accounts for the remaining 5.1% of disbursement? These are some small direct assignment type transactions inward, which might, which will, which will show up there as well. And, Loan shares, loan shares, loan against securities, the loan against mutual funds are small products which are still in infancy, which we don't show here. Got it. Thank you. Thank you so much. I have one small request. I'm not sure if it's feasible or not, but if we can keep some time gap between the time at which the presentation is uploaded and the investor call, I think that will be very helpful to Yeah. Digest the presentation, then ask questions. We would like to do it, too, and we know it's the right thing to do from an investor perspective. Unfortunately, days like today, when there are multiple results, it's hard to find the right time slot, so logistically it becomes kind of hard. But I take your point that we should give investors time to digest the results before holding the call. We will do our best. Thank you. Thank you so much. All the best. Thank you, Arpan Agarwal. Thank you very much. Participants, you may press star and one to ask the question. Next question is from the line of Sachit Motwani from Motilal Oswal. Please go ahead. Hi, Sachin. Hi, Sachit. Sorry, you're not audible. Okay, fine. Can you hear me? Again, speak with the handset, if you don't mind. Just... Hi, is it better now? Much better. Much better. Thank you. Yeah. Yeah. Just wanted to check, you know, the reduction in land and receivables from by INR 250 crore on a QoQ basis. What led to this reduction? Was it some write-off or anything? Yeah. This is the write-off of one land asset. Sorry? So write-off of one land asset. So this is a. You might recall that last quarter we had made a significant provision, and we had set some money aside for a deal that we told you was in the offing. But the deal was happening at a rate which was lower than the rate at which the asset was held on our balance sheet. So we made the provision last quarter. The deal consummated during the course of the quarter, and we ended up using that provision and writing the asset down. Okay, got it. And my second question is, what's the outlook on the SR book now? You know, we've reduced it down by INR 300 crore in Q1. So how do you see a rundown of this SR book happening over the next one, two years? So look, on the SR book, on the wholesale side, we continue to engage with the ARCs, where we own the SRs, the underlying trusts. We, through them, continue to engage with the counterparties to actually find solutions and resolutions of the underlying loans. As you know, these are non-performing assets, so clearly there have been issues historically in terms of performance. And we have to work on a number of parameters, which work continues to go on right now. Our intention is that in the next two to three quarters' time, we recover material part of the SRs. However, given the nature and the complexity involved, we're not able to really give any concrete guidance on how this book will travel. Yeah, if I may add just a quick sort of summary note on what you have said. The way you should think about this is that the directionality of the SR portfolio will be downwards. It'll reduce. However, we cannot guide on specific pace at which it'll come down. It's very deal specific. Understood. As of date, how much is it marked down by? If you take the markdown from original book value at which it was carried, from there, it is 60%+. So we, a INR 100 asset got sold at INR 40, and of that INR 40, we took 15% as cash and and showed as cash, and only the remaining 85% is shown as SR value here. So it's well marked down in that sense. But it's still, you know, these are big, bulky assets. We'll see. We'll see how it goes. It's very well marked down, though. Got it. Got it. Thanks a lot. Thanks. Thank you. Thank you. Participants, you may press star and one to ask a question. Ladies and gentlemen, we'll take that as a last question. I'll now hand the conference over to Mr. Ravi Singh for closing comments. Yeah. Thanks, everyone. Please reach out to me and Investor Relations team if you have any further questions. Have a good day. Thank you. Thank you very much. On behalf of Piramal Enterprises Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.