Ladies and gentlemen, we'll take more than one or two minutes for participants to join in. Ladies and gentlemen, good day and welcome to Sammaan Capital Limited Q2 FY26 earnings conference call hosted by MUFG In Time. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the call over to Mr. Aryan Sumra from MUFG In Time. Please go ahead. Thank you, and over to you, Mr. Aryan. Thank you. Good evening, everyone. I welcome you all to the Q2 and H1 FY 2026 earnings conference call for Sammaan Capital Limited. To discuss this quarter's business performance, we have from the management, Mr. Gagan Banga, Managing Director and CEO, along with other senior management. Before we proceed with the call, I would like to mention that some of the statements made in today's call may be forward-looking and may involve risk and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Without further ado, I would like to hand over the call to the management for the opening remarks, and then we can open the floor for Q&A. Thank you, and over to you, Gagan Sir. Good day, everyone, and welcome to our quarter two and a half year investor call. Before I get into the specific business performance, I would like all of you to welcome Himanshu, who recently joined us as the Deputy CEO of the company. He's also on this call, and hopefully, over the course of the next few quarters, will also be more actively participating on all of these investor calls. Now, to just get into the presentation, I will be referring to the earnings update deck that we sent out earlier this afternoon to all of you. Please refer to that and keep it handy. The most consequential event over the course of the last few months since we last spoke is the proposed preferential allotment, which we propose to make to International Holding Company via their subsidiary Avenir Investments RSC Ltd. The total transaction consideration would be INR 8,850 crore for a stake of 41.2% on a fully diluted basis. IHC, via Avenir, has also given an open offer to acquire a further 26%. Assuming all of that comes through, their stake would be 63.4%. The preferential issue, warrants, and the open offer all are happening at INR 139 per share. IHC is a well-known company. It's the most valuable holding company in the Middle East and has a market capitalization of $240 billion, assets of $113 billion, and operates in 41 plus countries. They are completely keyed in onto the tech ecosystem and have made significant, very successful investments in the technology world. Besides the percentage and the capital, a big strength which Sammaan hopes to tap into is the technology ecosystem of IHC. As far as the next steps are concerned, on the 29th of October, we received approval of the shareholders. In parallel, we have already applied for RBI and other related approvals, and the CCI application has also been made by Avenir. I expect all of this to take around 4 months or so, and hoping that we are able to conclude this transaction before the end of the financial year or very early next financial year. The announcement of this preferential issue has already had an immediate impact on the borrowing profile of the company. Within days of the announcement, we raised a dollar bond, $450 million, at a price difference of about 150 basis points from where we had issued just 2 months prior to the deal announcement. That kind of impact on the flow is already coming in. If we adjust the yield curve for the longer tenor, then the reduction in incremental borrowing cost was about 200 basis points. With a very, very strong demand, which is playing out in the secondary market yields of all of our dollar bonds, even earlier, prior to this transaction, based on the equity that we had raised through calendar 2024 and early 2025, our debt flow had already significantly increased, and now it has reached a level where, as compared to last year, we are operating at almost 1.5x more balance sheet borrowings being made available to the company. The rating agencies have also taken note. Moody's has already put us on review for a possible upgrade. Over a period of time, as these rating upgrades fructify, nothing would happen between now and the transaction from an upgrade perspective. Once the transaction is completed, one would imagine that there would be significant rating upgrades, which would mean that on the bond program side, we could have a reduction of over 200 basis points. A large part of our borrowings are also bank borrowings, where within one year, through price resets, through interest rate resets, we would land up on stock basis reducing at least 170 basis points, which would all translate to, over a period of time, a cost of fund reduction of at least 200 basis points, which in itself has a 50% impact on the profit after tax. On the asset side, as we prepare for all the approvals and are in discussion with all the approvals, the focus is on building the base for disbursals to increase from the current run rate of annualized about INR 15,000 crore to INR 35,000 crore. Next year, sorry, the year after that, and in financial year 2027, we would be at about INR 35,000 crore. We have about 6-9 months to prepare for that and then the rest of the financial year to be hitting those kind of numbers. One very vital aspect of that preparation is the widening of the product lines. As we speak, the company is critically evaluating all the possible product lines in the loan segments, which address where our target segment, which is low-income to mid-income segment, requires loans. Each of these options are getting critically evaluated from an ROA perspective. For the investment, we would look forward to quickly adding more products to our product suite, which would go beyond mortgages and make us a general-purpose NBFC in letter, license, and spirit. As I mentioned earlier, the IHC ecosystem around technology, around artificial intelligence, etc., is very vibrant and thriving. They have several of their companies operating in multiple geographies, which are already getting the benefits of artificial intelligence. We are already in touch with a few of them. As we look forward to enhancing our own customer experience, making sure that end-to-end disbursals are on the app, there's a quicker turnaround time, a reduced cost to income, etc., I am hopeful that this time where we are waiting out for the approvals can be positively utilized to build up these tech capabilities. That journey is a constant, but over the course of the next 4-6 months, there would be significant transformation on the tech side, which we are aiming to do. Mortgage business would remain a very significant portion of our business, and a large part of that does require physical people, branches, etc. There's a clear chart plan which has been laid out in consultation with the investor, where we should be growing our people fourfold and our branch network also three to fourfold from here. Now, coming back to the performance of the quarter, the net worth, as compared to last year, has increased to INR 22,373 crore. The growth AUM is now touching almost INR 42,000 crore. The legacy loan AUM has declined by almost INR 9,000 crore over last year, and the total AUM has increased by about INR 1,000 crore over last year. The NII, as we continue to replace the more wholesale assets with the more retail assets, would obviously mean that our yields are for the shorter term going down. Over a period of time, the reduced cost of funds would even out the near-term margin compression that we see. There is no workaround around this, aside from just continuing to focus on cost of funds. As the balance sheet gets more retailized, this is a natural outcome of the same. Last year, we had declared a loss of INR 2,761 crore in the quarter; versus that, we have declared a profit of INR 308 crore. On the lines of the net interest income, the net interest margin is around 5.5%, which, as I said earlier, is more an outcome of the increasing retailization of the AUM. The gearing is moderate right now at 2x, which gives us, in the exchange scenario, a huge, huge headroom for balance sheet compounding and AUM compounding. Gross NPAs and net NPAs are both benign, and credit ratings are stable at AA levels. The asset quality, as I said, across s tages, is fairly stable, and so are the net and the gross NPA as compared to the end of the financial year or same time last year. When we think about growth, most of the growth that we think about is on the retail side. The suite there of the retail-type focused loans is currently on the mortgage side. We have started to cover the entire universe. The strategy around Finserve, the subsidiary, in light of this investment, is still something which is being planned out with the investor. We would get back to all of our stakeholders over the course of the next couple of months as to what exactly is the strategy. Right now, as the business progresses, it still continues with Sammaan Finserve, our subsidiary, being more the smaller-ticket-focused mortgage loan player, and Sammaan Capital being more the player which is adapting the asset-light strategy and executing on that. There have been significant regulatory changes around our asset-light strategy, all for the positive. Earlier this year, in August, the regulator came up with new regulations around co-lending, which were extremely positive. Positive from a big-picture perspective that, as regulations evolve and eventually stabilize, it demonstrates regulatory comfort around a new initiative that they had taken, which was obviously evolving over the last 3, 4 years. With these guidelines, it seems that the regulator is more or less comfortable with how co-lending has evolved over the last few years, which is why the scope, which was restricted only to priority sector, has now been enhanced with no such restriction, and any type of a loan can be co-lent. The eligible entities, which were earlier only on a practical basis, banks. You could do a NBFC could do a partnership with a bank. We attempted it back in the day with another housing finance company, and we were told it's a relationship which is meant for non-banks with banks. That now has been formally via the circular, being blessed to include the entire universe. Even all India financial institutions like NABARD, UCO, etc., have been cleared in this. The minimum retention ratio, which has an impact on the return on assets, has been reduced to half, so from 20% to 10%, which is hugely ROA- accredited. There is also a lot of transparency towards the customer which has been built- in, which, on a longer-term basis, makes the product more sustainable, the customer more sticky, and all- in- all, it improves the quality of the business that one is underwriting. There is a parallel underwriting which would be happening, which would be necessarily tech-driven. If you flip to slide 13, we have displayed there the journey and the integration that we have done with a variety of banks and with a variety of other service providers, both government and non-government, to make this entire parallel decisioning a reality. We would be starting this parallel decisioning from December itself, so we get a month or so to prepare before the guidelines kick in formally by January. We continue to focus on the branch distribution network and enhancing the access that our people have versus having multiple branches in the same city. We are now focusing more and more on more city deployment, and that is a trend which would continue and get enhanced given the fact that we have a clear goal of going to 500-odd branches over the course of the next 2-3 years. This would be a massively expanding network and an area of very large investment for us. On the retail mortgage business, on slide 15, we have given various cuts of how the product suite is playing out and the type of collaterals. These are minute details which all of you can go through in your own time. The book quality continues to be very, very superior. Against a lakh crore of disbursement for transactions that we have done with our partners, the outstanding pool is all of INR 18,000 crores. We have over INR 82,000 crores of experience in terms of how these pools perform and amortizations running in approximately 77%, with the 90 days past due being fairly benign at 0.53%. The partnerships are across the universe, and as the new circular kicks in, I would imagine that at least two to three more banks would be coming in to join our partnership network. As far as the legacy business is concerned, the rundown continues. As I said earlier, the reduction between last year to today is about INR 9,000 crores. This reduction would continue to further pick up pace. It is usually back-ended in the year, and by the end of this year, we should be looking at about INR 15,000 crores, which is another INR 7,000 crores of reduction from here. That's the goal that we are going with. The other minute details are there. As the book portfolio evolves and some loan assets run down, all these ratios will go through a minute change or sometimes even a significant change. All in all, the more important thing is the real estate cycle continues to be very robust, and we are fully focused on making sure that the INR 9,000-INR 10,000 crores of collections that we have done in the last year or so continue over the next 12 months. On a rolling 12-month basis, we continue with INR 9,000- INR 10,000 crores of collections. On the other key operating mandates, ALM management has been a core area of strength. It is what helped us navigate the rather tricky waters of the last seven years. It continues to be an area of strength. As more balance sheet debt gets available at appropriate costs, I think the liquidity buffers from here would only strengthen further. We would invest in strengthening those liquidity buffers further before we really expand on the borrowing program for our own peace of mind and stability. The rest are more industry updates. As I said, on an overall basis, the industry continues to be robust. Customer demand continues to be robust. Sammaan Capital and its team continues to be extremely focused in the near term from an operating perspective on its asset-light strategy. In the medium term, we are also cognizant of having a significant parent and redrawing the strategy in terms of how much is asset-light and how much is on balance sheet, etc. All the guidances that we had given for fiscal 2027, etc., are under revision as we speak. Hopefully, before the end of the financial year, we will be in a position to come back to you with fresh guidance for fiscal 2027 and thereafter. Please bear with us for the next two quarters as we redraw the plans, do the product selection, and then, with a greater commitment, we can tell you what the ROA/ROE targets would look like. Thank you so much for your support. Several of our stakeholders stood by us like rocks for us to have gotten here and still be an attractive investment proposition for such a large company. I am fairly confident that the management team will make this a very profitable investment for IHC. Hopefully, all the stakeholders who have gone through—some of them have gone through a lot of pain over the last 7 years—their pain will bear fruit, and all the counterparties will be extremely happy in the days to come. Thank you. We are open now for questions. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their 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. The first question comes from the line of Anil Sareen from K16 Advisors. Please go ahead. Hi. Many congratulations on the conclusion of this deal. At least the approvals have come, and I'm sure the rest will follow. I think a great job done over the last many years I've been tracking. I think a lot of credit is due. Also, your presentation has improved dramatically over the last two, three quarters. I would request only one thing: kindly add the disbursement amount for the quarter. There is a reference to an annualized figure, but many of us would appreciate the accurate quarterly figure. I had just one general question. Considering you're going to add a lot of products or some products based on consultation with the new investors and promoters, this is in response to the large amount of equity capital that will come in. Should one assume that since the growth AUM is anyway growing at around three zero, 30%, the other products would be additive, basically to take care of the extra capital that has now been absorbed or will be absorbed? Is that a fair understanding? Firstly, thank you, Anil, for your kind words. If you've been tracking us over the years, you've obviously been a company of interest. Thank you for your support as well through this journey. We take your feedback. We've been specifically reporting disbursement around the asset-light strategy. We will, going forward, start reporting gross disbursements as well. More so now with the strategy probably evolving beyond asset-light, it will be a relevant number to report. As far as the new capital is concerned, more than the new capital, the goals are the following. One is that we continue with the rundown of the legacy book through fiscal 2026. Towards the end of fiscal 2026, early 2027, we start running the company like a normal company, and we have an AUM. What's going on in the background in terms of some loans being rundown, some products being emphasized on, etc., are partly parcel of managing the credit cycle in any company. We were sort of in a peculiar situation. We are emerging out of that peculiar situation, and we should be there on, be running like a normal company. Certainly, as the product expands, the product suite expands, the disbursements will expand. On an annualized basis, INR 15,000 crores would have gone to INR 20,000- INR 21,000 crores. We are targeting to take it all the way up to INR 35,000 crores next year itself, which is fiscal 2027. Fiscal 2027 and 2028 would be sort of catch-up years in terms of the loan book, the AUM, disbursements, etc. Once we get to a size which is beyond the last INR 10,000 crores of AUM, that's the time that we then start again normalizing our growth rates to 20%, 22%, 23%, which is a number which is more healthy and which you can also finance in a very robust manner. That's the broad trajectory in which we are thinking about our business as we speak. Please appreciate that this is something which is Sammaan Capital's management team's thoughts at this point in time. This is not something which has been thrashed out completely with our new incoming large shareholder who will be controlling the company. Their views would also be important. As I said earlier, towards the end of the fiscal year, we will come back to you with a more specific plan around disbursements, what kind of disbursements, ROA, what kind of compounding over the next couple of years, and all of that. Please bear with us till then. Thank you. Great. Thanks and all the best. Thank you. Thank you. The next question is from the line of Suryanarayan Arjun Aluri, who is an individual investor. Please go ahead. Yeah. Good evening, Gagan and the team. I want to say thanks for the entire team who stayed in this bad period and maybe consolidated for eight years. Though the promoter has walked out, a few people have worked and so on. I think apart from ESOPs, something has more to have been done to the team. One. The other one is, sir, what is the current borrowing rate? What will be nearby? I think we are borrowing at 8.5%. We may borrow less in future. The other thing, is there any one-time write-off for the next two, three quarters? Hello? Am I audible? Yeah. Yeah. I'm just processing your question. Give me 5 seconds. Firstly, Suryanarayan, thank you for your kind words. For me and the team and the senior team and the wider team, I think this was not about wealth. Obviously, everyone needs cash flows, so people get their salary. This is a little bit beyond that. We are a set of, how should I put it, loyal people. Our loyalty kept us together, and hopefully, over a period of time, rewards would not normally play out. For us, the love and support that you guys have given to us and the opportunity which has presented itself via divine intervention is a reward enough. On the borrowing rates, our borrowing rates today are in the 9%, 9.5% handle. On an incremental basis, they should be going to the 8.5%, 9% handles, which is between now and the approvals for the transaction. Once the transaction comes through, costs should be more closer to the 7.5% handle blended for all the various sources of capital. On write-offs, etc., as part of the overall business plan, there is a strategy which the incoming investor has. They have an entry point to the company. This is their India financial venture. The ownership is more perpetual. Their desire is to increase their shareholding. They will wait out for the outcome of the open offer, but their desire, as stated to me, is to take their shareholding beyond 51%. These are very long-term sort of calls that one has to take. I would want to use today's investor call to talk about the next two, two, three quarters. As I've been saying, this is a company in significant transformation. All of you have supported us for the last 32 quarters. Just bear with us for the next two quarters, and we should have all the plans of the future ready. Thank you. Okay. What about any write-down? Last year, you have a return of INR 4,500 crore, sir. Is there any nearby write-down? No, sir, but you may rejoin the queue for a follow-up question. Okay. Thank you. The next question is from the line of Ruchita Kadgare from IWELT. Please go ahead. Hello, sir. Very good evening. My question was on Sammaan Finserve. What was the AUM for us during the quarter in Sammaan Finserve? Yeah. Good evening, Ruchita. The AUM of Sammaan Finserve, I believe, is in the INR 7,000 crore handle. It is flattish over last quarter, and by the end of this year, we continue to retain our plan of taking that AUM to about INR 10,000 crore. Flattish because last quarter, it was around INR 6,200 crore. I'll send you the exact number. Okay. So it's around INR 6,200 crore. Yeah. Understood. Also, on our net gain on derecognition, right, we've kind of recorded around INR 468 crore. What is the kind of run rate that we should look at going ahead? Because I remember in the last call, we had mentioned that on a full-year basis, it should be around 4%. I guess for this year, it's going to be above that. Going ahead, how do we look at it? This year will be above that. This year will be above that because two, three things have happened. One, as you recollect, at the start of the year, we changed the accounting principle. Two, a lot of the benchmark rates for these pools are linked to external benchmarks, so they come down. Our cost of funds are linked to MCLR, so there is some short-term arbitrage which is there. On a more longer-term basis, you should think of it as a 4% sort of steady income stream. Also had a question on the co-lending part. Going ahead, what is our plan? Co-lending would be how much percentage of the book? Over the next 6 months, nothing changes. 100% of what we originate on the retail side is co-lent or is originated with the perspective of, if not co-lending it, direct assigning it, or securitizing it in one form or the other. On a longer-term basis, how much do they intend to keep on balance sheet? What gearing numbers? If you look at industry benchmarks, then typically, AAA-rated companies are operating at 4.5x gearing. There is a lot of comfort around the gearing levels rising. At the same point in time, one of the most attractive things for them as far as Sammaan was concerned was the kind of double validation which happens via a co-lending stroke securitization program. What has attracted them to us certainly will remain an integral part of the strategy. What percentage and proportion exactly? Again, like I said to the previous two people who asked questions, please bear with us for a couple of quarters, and we should be able to come back to you by the end of the year. Thank you. The next question comes from the line of Dixit Doshi from Whitestone Financial Advisors Private Limited. Please go ahead. Yeah. Thanks for the opportunity. As you mentioned about the net gain on derecognition, this year it will be higher, but steady-state, it can be 4% of the book. I just wanted to understand, does it come from the legacy book as well, or it's mainly from the new growth book? No, it is 4% of disbursements which are meant for co-lending. Our gross disbursements will be higher. The AUM per se is not the relevant thing. We originate, and then we co-lend. That transaction has to fructify for these gains to fructify. Therefore, it is only on the flow which we achieve via co-lending and direct assignment in the quarter. 4% of that is what will accrue. The legacy book, one of the key definitions of the legacy book is a book which is not in the asset, not fitting into the asset life strategy. Therefore, obviously, that book is only earning us regular interest spreads and not any sort of one-time derecognition income. Thank you. The next question comes from the line of Vinayak Bhujari from Vinayak Securities. Please go ahead. Hello. Am I audible? Yes, please. Please go ahead. Hello. So So basically, my question is, good evening, sir. Good evening, Good evening, sir. Good evening, sir. So evening, sir. So basically, my question is the same which earlier person was asking. What further provisions should we expect from the legacy book in the coming future? The legacy book, as you may have noticed, has run down by about INR 9,000 crore since last year. That rundown is happening in a pretty orderly manner and should continue. The second point that I made was that we have to transform ourselves from being a company in a peculiar sort of a situation to being a company which is very stable, has great percentage, and is humming along. That sort of a company can't possibly have a growth and a legacy and all of that. As we transform to that, that's a discussion and a roadmap that we have to make with our incoming investors as to how would they want to do that transition. Do they want to do it in an accelerated manner? What type of a product suite do they want? Where does wholesale lending fit into that entire picture? As I said, just bear with us for two quarters. As we build out the roadmap, we will build out everything, the annualized credit costs, etc. One thing that I'm very, very clear about is that come two quarters, I'll give you one credit cost number which need not be split between or diced between legacy, growth, etc. There will be one credit cost number for the AUM, representative of the entire AUM. That sort of clarity is something that we are working towards. Thank you. The next question comes from the line of Amish Kanani from Knowise Investment Managers. Please go ahead. After Mr. Amish's question, I'll just take one more question, and then we'll act. Mr. Amish, please go ahead. Yeah. Hi. Congrats for the transaction. Sir, one thought in terms of the cost of funds being reduced. How do you think about building our product suites with a lower cost of funding in the sense that are we thinking of keeping the entire gains in our names expansion, or we are going to create a product suite which gives us that cost of fund advantage and may grow our book much faster? In that context, Mr. Banga, this INR 35,000 crore growth AUM target for next year, maybe it's tentative and depends on the post-transaction, what the new promoter says. How would you split that in terms of, if at all, some picture of housing versus non-housing? Whether we use the cost of funding advantage to kind of create the new products around that? Thanks. The incoming investor is a very, very conservative corporate. It's their own money, not borrowed money. They're very, very careful about where every dollar and dime gets put out. It's a very conservatively run company, which is why I'm hesitating to give out any specific breakups in terms of INR 35,000, whether INR 35,000 is the number or not. We are capacitizing ourselves for disbursements around INR 35,000 crore, bearing in mind that our income—our target segments are mid to lower income. The disbursements would typically be happening in lakhs and not small sums of money of a few thousands of rupees. We're not really going to the micro, micro space anytime in the near future. As a management team, we've also, over the last 20-odd years, experienced almost all the asset classes which exist today, have personal experiences around several of those asset classes. There is enough data out there. I would say the cost of fund benefit would be split across three pieces of utilization. One would be to widen the product suite in which mortgages would continue to play a very vital role, the core role, especially over the next 24- 36 months. This is the business which is scaled up. This is the business that we, as a team, used to do disbursements of INR 3,500 crore a month. This would constitute, I would imagine, 80% plus of disbursements that we do over the next 24 months. As we widen the product suite, today, we are focusing on a very small segment which is ticket sizes of, let's say, INR 10 lakh- INR 50 lakh. We can go higher in terms of ticket sizes, at least up to INR 2-INR 3 crore, without disturbing the granular nature of the book. A certain significant portion of the cost of funds would be utilized to address that market. That market, on the self-employed side, is still a very under-served market in which we can make a pretty reasonable return on assets. That market will clearly and certainly be part of our overall strategy. That's what the management team is most capable of and is most experienced with. The second aspect would be to overall increase the return on assets. Clearly, from the 1.5% handle, in very quick order, we have to increase our return on assets to a 2.5% handle. The third way that we would utilize that saving would be to make the investments that we need to make around people, branches, and technology. These are large investments, and the savings will be significant, but a large part of those savings would be rerouted into building up the necessary capacity around people, branches, and technology. That's how, big picture, the utilization of the reduced cost of funds would be. Widen the product suite, keep mortgages at the core, increase the ROA, and use the savings on a residual basis to also significantly enhance tech capabilities, significantly enhance the city budgets. That's how I think things would play out. In terms of what would be the ROA target for fiscal 2027, 2028, 2029, 2030, and so on, those numbers, please be patient. In two quarters, we should be able to come back to you. Thank you. The next question is from the line of Saumil Bhatia from Motilal Oswal. Please go ahead. Thank you. Sir, just one quick question. Sir, given the change in the promoters and the company's performance challenges over the past few quarters, should we expect any major change in the senior leadership team, or will they continue after the new promoter comes in? This is sort of an acqui-hire that they've done. They're investing a large amount of capital, but they're also coming in at a significant discount- to- book value. The value that they're putting to the company is more around the team, and the management team is obviously at the core of it. The mandate to me is to keep my core team together and make sure that they stay together for the next few years because there is a lot of work which needs to get done. You will see changes in the management team to the extent that we will have to continue to do hirings. We just added significant talent in the form of Himanshu, who has the experience of engineering or both witnessing and engineering a very, very significant turnaround. Which created shareholder wealth, the tune of 10x, 12x from where he joined to where he left. That's a very significant addition. We had made a significant addition in our CTO. We have a new Chief Compliance Officer. At the top tech, we will continue to make and make new people join to add to management bandwidth. The core of the older people who held the ship together for the last seven years, they are extremely valued, most trusted. Each of them has to really now dig in deep for a very different type of a challenge, which is a happy challenge of growth. Everybody is very focused on growth. I need everybody who stood by the company to continue to stand by the company and also get the fruits of the hard work that they've put over the last 7 years. Thank you. This was the last question. Thank you. On that note, I would want to end this session. Again, thanks for all the support. We are, over the course of the next two quarters, going to be looking at things that we have not really looked at from a scale and size perspective for the last seven years. It requires a lot of energy. It also requires a lot of good wishes and blessings. Please do continue to bless us. Please do continue to support us. We are all very grateful for your good wishes. Thank you. This was the last question of the day on behalf of Sammaan Capital. That concludes this session. Thank you.