Ladies and gentlemen, good day and welcome to the UTI Asset Management Company Limited Q2 and H1 FY 2027 earnings conference call. From the management we have with us Mr. Vinay Lakhotia, Chief Financial Officer and Head Corporate Strategy, and Mr. Sandeep Samsi, Head Investor Experience and Corporate Affairs. We also have the investor relations team from Adfactors PR. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal for an operator by pressing star followed by zero on your touchtone telephones. I now hand the conference over to Mr. Sandeep Samsi for opening remarks. Thank you and over to you, sir. Thank you, Farah. Good evening, everyone, and thank you for joining us today. Due to an urgent family exigency, Mr. Vetri Subramaniam, our MD and CEO, will not be able to join today's earnings call. I have Mr. Vinay Lakhotia, CFO and Head of Corporate Strategy, along with me on this call. Our financial results for the quarter and half year ended 30th September 2026, along with the investor presentation and press release, have been shared on the stock exchanges as well as on our website, and we trust you had the opportunity to review them. Before we discuss our financial performance, I would like to cover three key areas. First, the macroeconomic environment and the broader mutual fund industry backdrop. Secondly, the progress we have made against our strategic priorities during quarter two of FY 2027 and in the first half of the financial year. Finally, why we remain confident in UTI AMC's long-term growth trajectory and opportunities ahead. Speaking on the macroeconomic environment, the quarter two of FY 2027 witnessed resilient domestic activity with quarter one GDP growth at 7.8%, supported by manufacturing and services sector. However, West Asia tension and crude oil volatility heightened inflationary pressures, with retail inflation rising to 5.54% in September 2026. This month the RBI also raised the repo rate to 5.50% and projected FY 2027 GDP growth at 7.1%. Despite quarter end market volatility, domestic investors participation remained resilient. Equity-oriented schemes attracted INR 92,333 crore in quarter two of FY 2027, taking the first half FY 2027 inflows to INR 1.83 lakh crore. In September 2026, the equity inflows stood at INR 38,307 crore, while the monthly SIP contributions reached a record INR 32,490 crore, with the SIP AUM being at INR 17.86 lakh crore for the industry. Small and mid-cap funds accounted for 44% of the September's equity inflows, while Flexi Cap, multi-cap, large and mid-cap, and large-cap funds accounted another 41%. Industry quarterly average AUM rose to INR 87.2 lakh crore from INR 83.1 lakh crore in quarter one of FY 2027 with ETF recorded net inflows of INR 15,501 crore in September 2026. For UTI, the underlying message is encouraging. Even though short-term volatility is an inherent part of equity investing, the structural drivers of the mutual fund industry, including the economic growth, rising income, broader investor participation, and financialization of household savings remain intact. Keeping these opportunities in mind, our focus remains on translating the industry's structural growth potential into substantial growth for UTI AMC and capturing a larger share of industry flows. Under our Mission 2031, we are looking to work across five interconnected priorities: accelerating AUM growth, strengthening our SIP franchise, expanding distribution reach, deepening digital capabilities, and delivering better outcome for investors. Turning to our business performance, our mutual fund quarterly average AUM for quarter two of FY 2027 stood at INR 4.02 lakh crore compared with INR 3.93 lakh crore in quarter one of FY 2027, representing a market share of 4.61%. Our total group AUM stood at INR 16.28 lakh crore as of September 30, 2026. Equity-oriented assets across active and passive strategies accounted for 72% of our average mutual fund AUM, compared with approximately 70% in the previous quarter. Our SIP franchise remains resilient with a combined monthly SIP and STP inflows standing at INR 982 crore in September of 2026. Our SIP AUM stood at INR 45,572 crore as of September 30, 2026, broadly stable as compared with INR 45,595 crore in June of 2026. This reinforces our focus on systematic investment as a driver of sustainable growth. The gross SIP inflows were INR 2,583 crore during this quarter and INR 5,085 crore during the half year of FY 2027. Furthermore, we registered 5.96 lakh new SIP during quarter two of FY 2027, of which 87% was sourced to digital channel. In quarter two of FY 2027, our live folio base stood at 1.47 crore, and we added 3.6 lakh new investors as identified by their PAN. During the half year, we added 6.12 lakh investors. UTI Mutual Fund share of industry new SIP registration by volume stood at 4.08% in quarter two. This is an encouraging indicator of our efforts to improve participation in new business. The next step is to build on this momentum consistently, strengthen convergence across distribution channels and digital platforms, and translate new investor acquisition into sustained SIP contributions and long-term partnerships. On the financial performance. On the financial front, the consolidated core revenue from the sale of service stood at INR 398 crore for quarter two of FY 2027, compared to INR 390 crore within the corresponding quarter last year. While the core PAT was INR 131 crore. For H1 of FY 2027, core revenue stood at INR 777 crore and core PAT at INR 263 crore. Our focus remains on growing the business while maintaining operating discipline and ensuring that growth translates into sustainable profitability. On strengthening investment capabilities and product propositions, the quality of our investment outcomes is highlighted through our experienced team, renewed talent base, and stronger client-facing capabilities. Our proprietary framework, the Score Alpha for equities and GIMS framework for fixed income, brings discipline to research, portfolio construction, and risk management across market cycles. These capabilities are reflected in the depth of our research and investment evaluation. During the first half of FY 2027, our equity research coverage expanded to 480 companies. We evaluated 36 IPOs and participated in six, while continuing to invest in research infrastructure and talent. These efforts deepen our understanding of business, strengthen investment decisions, and support better outcomes for investors over the long term. On our equity scheme performance, several of our funds have demonstrated an improvement in performance over the last quarter, with 51% of our equity and hybrid funds ranked in quartile one or quartile two on a three-month basis as of September 2026. While on our fixed income schemes, 97% of our AUM, including liquid funds, were in the top two quartiles over a three-month period, while 61% was in the top two quartiles over a one-year period, reflecting performance of our fund management capabilities across different investment horizons. We broadened our product offering across active and passive strategies. During quarter two of FY 2027, we launched the UTI Balanced Hybrid Fund and four passive products linked to the Nifty 500 and BSE India Sector Leader indices. Our Nifty 500 index fund and the BSE India Sector Leader index fund established encouraging positions within their respective categories. These developments expand the range of products available to our investors and distributors while strengthening our capability to participate across investment needs and market segments. Going forward, the focus will be on building awareness, improving product reach, and ensuring that product innovation contributes meaningfully to sustainable business growth. On our additional growth engines, building diversified growth engines remains an important pillar of our long-term strategy. We have received SEBI approval for our Specialized Investment Fund, SIF initiative, and will be launching the UTI Classic Hybrid Long Short Fund in the quarter three of FY 2027. In our alternatives business, the first investment for the late-stage private equity fund was signed, while SDOF IV crossed INR 1,000 crores. Our pension fund onboarded 169 new corporates between April 2026 and October 2026, and our international business continued to pursue product initiatives across markets including the U.S., Singapore, UAE, and GIFT City. These initiatives broaden our opportunity set beyond the core mutual fund franchise. Expanding the distribution and strengthening the digital capabilities are key to capturing a larger share of the industry growth. During the quarter two of FY 2027, 80.30% of our mutual fund AUM was contributed by the top 30 cities, while B30 accounted for 19.7% of the AUM. We onboarded 10 new fintech partners and continued building digital infrastructure while advancing data analytics and automation to simplify investor journey, improving investor service efficiency, and strengthening conversion. Our fintech partners facilitated approximately 100,000 transactions during the quarter two of FY 2027, and these partners have contributed 67% of the new investor acquisition. Operating efficiency remains a key to scaling our business. Process optimization generated approximately INR 4.22 crores in savings, while automation is reducing manual intervention. As we invest in talent, technology, and distribution, our focus remains on improving productivity, maintaining cost discipline, and strengthening operating leverage. Our people remain central to our Mission 2031 initiative. We continue to invest in the organizational capability with 10,690 training hours delivered to the sales team up to September of 2026, while strengthening performance management and identifying critical talent for development and retention. With that, I will now take you through the operational and financial performance of the company in greater detail. The financial highlights for quarter two and half year of FY 2027 are as follows. Beginning with the performance of quarter two. On a standalone basis, the core income, which is the sale of service, amounted to INR 324 crores, up by 2% Y-o-Y and 5% Q-on-Q. The core profit after tax for the quarter is INR 136 crores, up by 31% Y-o-Y and 14% Q-on-Q. The profit after tax stood at INR 143 crores, down by 14% Y-o-Y and 34% Q-on-Q. On a consolidated basis, the core income, the sale of service, amounted to INR 398 crores, up by 2% Y-o-Y and 5% Q-on-Q. The core profit after tax for the quarter is INR 131 crores, up by 22% Y-o-Y and 2% Q-o-Q. The profit after tax stood at INR 132 crores, up by 17% Y-o-Y and down by 55% Q-on-Q. For the half year of FY 2027, the standalone, the core income amounted to INR 632 crores, up by 1% Y-o-Y. The core profit after tax for the half year is INR 253 crores, up by 14% Y-o-Y. The profit after tax stood at INR 361 crores, down by 5% Y-o-Y. On a consolidated basis, the core income amounted to INR 777 crores, up by 1% Y-o-Y. The core profit after tax for H1 FY 2027 is INR 263 crores, up by 15% Y-o-Y. The profit after tax stood at INR 426 crores, up by 22% Y-o-Y. For UTI Pension Fund Limited, our 100% owned subsidiary, UTI Pension Fund, has recorded a year-on-year growth of approximately 10.97% in its AUM, reaching approximately INR 4.32 lakh crores as on 30th September 2026, as compared to INR 3.89 lakh crores as on 30th September 2025. It currently manages approximately 24.01% of the NPS industry's AUM. UTI International, which represents our international business, has an AUM of $1.67 billion, which is approximately INR 16,063 crores as on 30th September 2026. Our international clients are spread across more than 30 countries and are primarily institutions, pensions, insurance companies, banks, and asset managers. UTI Investment is actively exploring strategic partnership opportunities with leading asset managers in key international markets, including East Asia and Latin America. As part of its broader strategy to strengthen its global distribution network, expand its international presence, and enhance access to Indian investment opportunities for investors worldwide. UTI Alternatives AUM has grown to approximately INR 4,045 crores, up 52% from INR 2,669 crores as of September of 2025. This AUM represents commitment for funds in the commitment period and net capital for funds in the post-commitment period. It also includes the co-investment portfolio managed by UTI Alternatives. UTI SDOF IV has crossed the INR 1,000 crore milestone. Launched in quarter three of FY 2026 as the fourth fund in our SDOF series, the fund is planned as a INR 1,500 crore with a greenshoe option of INR 500 crores. It already has reached an AUM of INR 1,131 crores and is currently in raising and investing stage. UTI Alternatives currently manages six active domestic funds across performing credit and multi-strategy themes, along with two GIFT City feeder funds. UTI Multi-Opportunities Fund I has an AUM of approximately INR 1,599 crores as of September 2026 and is currently in investing stage. UTI Multi-Opportunities Fund II has a total commitment of INR 359 crores as of September and is currently in raising and investing stage. UTI SDOF III, which has an AUM of INR 533.6 crores, is in repayment stage. As we enter the second half of FY 2027, our priorities are clear. Improve our participation in industry flows, strengthen our SIP franchise, deepen distribution productivity, maintain competitive investment capabilities, and build greater efficiency into our operations. Mission 2031 provides the direction. Our task is to translate that direction into sustained flows in AUM and inflows, stronger profitability, and better outcomes for our investors. With this, we would like to open the forum for question -and -answer session. Thank you. Thank you very much, sir. Ladies and gentlemen, we will now begin with the question -and -answer session. Anyone who wishes to ask a question may enter star followed by one on their touchtone telephones. If you wish to remove yourself from the question queue, you may enter star followed by two. Participants are requested to please use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please enter star and one. The first question is from the line of Divij Punjabi from Banyan Tree Advisors. Please go ahead. Yeah, hi. Thanks for the opportunity. I had two questions. First is on the net sales. Net sales in this quarter, net outflow has gone up a lot, close to INR 800 crore in equity and INR 300 crore in hybrid. If you can just help us understand what has happened there, which schemes are seeing a lot of outflows. That is one. The other question is around the employee metrics, the employee base and the sales. Sales employee base also has come down to some extent in quarter two. Is this going to continue or is this the stable rate that is going to be there going ahead? Divij, thank you for the question. On the first part, I'll answer and then I'll hand it over to Vinay for the second part on the employees. As we have mentioned earlier, Flexi Cap remains still the challenge for us. While we have seen some inflows in Flexi Cap, there have been large outflows also in the fund, and that remains a fund which we are focusing on. However, if you look at the last three months' performance, we are seeing that the fund performance has shown significant improvement. Now the Flexi Cap fund is in the first quartile. As we have mentioned earlier, we have also identified some of the funds which we are positioning for the blend strategy, which is neither the quality nor the value strategy. And there, two of our funds have shown very good performance, and they are now in the top half of the four quartiles. So they are in the first two quartiles. So there again, once the performance stabilizes over a longer period of time, we feel that all the Flexi Cap Fund as well as these funds which are in the blend strategy should be able to help us see progressively better inflows. To answer your second questions with respect to the number of employees, I think few employees may be on the verge of joining it, but as far as our overall guidance number for the employee cost is, that we are maintaining that. For the standalone, it is close to around INR 95 crore per quarter, and for the consolidated, it is close to around INR 130 crore per quarter. We are maintaining that guidance number for the full financial year as well. Sure. Thank you. Thank you. Participants, if you have any questions at this time, you may enter star followed by one. The next question is from the line of Anirudh Sharma from Ekaant Investments. Please go ahead. Hi. Good evening. Am I audible? Yeah. Yes, sir. Yeah. Hi, sir. I have a couple of questions. First of all, the SIP flows across the industry remain strong. Are we seeing UTI gain any meaningful share in new SIP registrations, or is the growth largely coming from existing investors? Also, how are the average SIP ticket sizes trending? Yeah. Anirudh, on the good side, we have seen that we are getting a lot of new investors also, and we have improved our market share in the new SIP registration. Our new SIP registration is about close to 4%. That has seen improvement. Many of these SIPs have been there with us and have seen stability. That is the good part. The ticket size has also increased over a period of time. If I look at my current ticket size, it is about INR 3,100 overall. It has seen an improvement over a period of time. Okay, sir. Sir, I just wanted to say that I joined the call late, so I might have missed this. Sir, just wanted to check on the AUM growth reported this quarter, and could you help us understand how much came from net inflows and how much was driven by market appreciation? I think we have given our net sales number. Particular quarter is close around INR 5,720 crore. Those net sales numbers are already there, and AUM growth number on a quarterly average basis has improved from INR 3.92 lakh crore to around INR 4.02 lakh crore. Net sales are— Yeah. Okay. Continue, sir. It is close to around INR 10,000 crore of average AUM growth rate and almost around INR 5,720 crore is from net sales. Okay, sir. Understood. That is it from my side, sir. Thank you for the opportunity. Thank you. Thank you. The next question is from the line of Meghna Luthra from InCred Equities. Please go ahead. Hi. Thank you. I have a few questions. I am sorry, Meghna, your line is breaking up. We are not able to hear you clearly. Hi. Is it better now? No, it is not. Is it clear now? I am sorry, Meghna. We are not able to hear you at all. Could you please return to the question queue? Yes. I will move on to the next question from the line of Lalit Mohan from Equirus Securities. Please go ahead. Yeah. Hi, sir. Good evening. Just two questions. Firstly, on the systematic book flows of around 980 crore, could you just qualitatively indicate what will be the concentration of top two or three schemes in that flows and how it has trended over the last one year? Secondly, in terms of the net outflows which you are seeing, could you just also give us some indication from a channel-wise perspective, which are the areas where we are seeing some improvement over there? Yeah, sure. If you look at the SIP book that we have, in fact, Flexi Cap remains one of the largest contributor to the SIP book. Nearly 20% of our inflows are coming still in Flexi Cap. That has remained broadly at around the same level from last year also. Last year it was about 19.3%, now it is about 20.3%. Apart from that, we have funds like the sectoral and thematic funds, which are contributing 16%. The mid-cap also contributes 15%. Large and mid-cap contribute 12.7%. All of these funds are contributing on a regular basis. These are some of the larger contributors. Sure, sir. Just from a channel-wise perspective. Yeah, channel-wise perspective, we are seeing on the equity side, redemptions are coming from banks as well as from the national distributor. There are some redemptions which are also seen from the MFDs. Banks and the national distributors, we are seeing higher amount of redemption on the equity side. Sure, sir. Sir, just could you spread out the segment-wise yields for this quarter? Yeah. Equity is roughly at around 73 basis points, 74 basis points, equity and hybrid fund. ETF and index fund will be around 8 basis points, cash and arbitrage 11 basis points, and fixed income fund, it is around 20 basis points, 21 basis points. Yes. Thank you. Thank you. Participants with questions may enter star followed by one. The next question is from the line of Mohit Mangal from Centrum. Please go ahead. Good evening, and thanks for the opportunity. My first question is towards the UTI International. I understand the macroeconomic conditions are not that good, and our revenue from that division has remained flattish sequentially. Just wanted to know, are we launching any new schemes, or what is our strategy for that particular division? Mohit, we are launching a few products by the end of quarter three and quarter four. Hopefully, that should provide some traction of AUM and revenue growth in UTI International. But definitely you will hear either by the end of quarter three or quarter four, there are two new fund launches on the UTI International side. Okay, understood. That's helpful. Secondly, you said that you'll be launching a new SIF fund. Just wanted to know what are our plans for the next two to three years in terms of SIF, any particular strategy or target in terms of AUM? Yeah. The first fund that we're planning to launch in quarter three is the hybrid long short fund. There are five or six strategies which have been allowed by the regulators. Depending on the market condition and situation, we'll look to launch funds. As of now, if you see in the industry, most of the funds which have been launched are on the hybrid side, and there are one or two which are on the equity side. We are also beginning with the hybrid side. Once we assess the demand and how people are looking at the SIF funds, we can decide over the next one or two years what kind of products we want to launch. Understood. One data-keeping question in terms of SIP gross sales, if you can give for the quarter. Yeah, sure. SIP gross sales in this quarter were INR 2,583 crore. Okay, fine. Thanks, and wish you all the best. Thank you. Thank you. The next question is from the line of Shreyas Pimple from Nomura. Please go ahead. Hi. Good afternoon, and thank you for the opportunity. My first question was on the yields part. We have seen sequential increase in revenue. Sorry. Can you please lower it? Shreyas, can you be a bit louder, please? Hello. Is it better? Yeah. This is better. Yeah. My first question was on the yields. We have seen a sequential increase in revenue yields in this quarter. Can you highlight the reason behind that? Some repricing basis or the SEBI TER thing we have carried out. I do not think any sequential increase in the yield number. The yield numbers are more or less at a weighted average level. It is flat at around 31 basis points. Marginal could be there because of the repricing fund. Sorry, sir, repricing of what? Can you please explain that a little bit? The repricing of the commission pursuant to the SEBI TER regulation changes from TER to BER. Since there was an impact, we have passed on the impact to the intermediary. Some marginal impact because of that, but otherwise, nothing material to highlight as such. Sure. My second question was on the industry flows as such. We have seen small cap and mid cap flows being very high in last quarter, even in September as well. What has been the trend in October that you are looking at for the industry, A, and how are we looking to navigate this scenario of higher inflows in smaller and mid cap schemes for UTI AMC? Yeah. So, it might be too early to comment on the October numbers because we are still in the month of October, and data for the industry comes out by the eighth or the tenth of the month. So maybe October is not the right parameter to look at. However, given the market volatility and the kind of way investors' behavior has been, there has been some moderation in the flows of the small cap and the mid cap funds and flows returning back to the Flexi Cap style. So that is one trend that has been seen even in the last quarter. However, if you look at our funds, as I mentioned earlier in an answer, that we are getting good amount of flows in our SIP flows into our small cap as well as mid cap, which, as I said, the numbers which I will again repeat. In our small cap fund we are getting about zero, in this quarter, we got about 10.4% of the inflows coming into the fund. So, there is a good amount of flows which are coming into our small cap also. Sure, sir. Just a clarification. This 10.4% is a percentage of equity plus hybrid sales? No, only pure equity. I am just talking about my data. I am saying that if I am getting INR 100 as inflows in SIPs in equity, what is the percentage that is coming from small cap funds? Sure. Could you highlight that, not just SIP, but overall equity inflows, how much is it for small cap and mid cap? I do not have that number right now. Sure. But maybe we can share it offline with you. Fair. Those were my questions. Thank you so much. Thank you. Ladies and gentlemen, if you have any questions, you may please enter star and one on your handset. The next question is from the line of Manoj Rajani from Rajani Family Office. Please go ahead. Hello, sir. Congratulations on the number. Sir, just wanted to ask, basically, as the passive AUM grows faster, but it carries a lower fee yields than the active equity. How do we expect the next change overall impact the revenue yield and the revenue growth? Throw some light on that moving forward. Yeah, obviously, if the passive growth at a higher rate than the active, then there will be some marginal dilution in the overall weighted average yield. That trend we have seen over the last two to three years. But the good part about passive strategy is that whatever we earned actually at the top-line number, straightaway gets added to the bottom line because the teams and the processes are already being set up. Any incremental growth in AUM with respect to the passive strategy straightaway gets added to the bottom line up. There might be a marginal dilution as far as the revenue yields are concerned, but the PAT margin number should keep on improving it because there is no additional incremental cost to run these passive strategies. Okay, sir. Fair enough. That really explains my question quite well. That is all from my side. Thank you. Participants with questions may please enter star followed by one. The next question is from the line of Mehak from Emkay. Please go ahead. Yeah, hi, good evening. Thanks for the opportunity. I just was looking for some clarification. If I look at the equity distribution mix, the share of the direct channel has seen a dip on a sequential basis. In the earlier questions, you mentioned that the banks and the MFD channel have seen some kind of redemptions. Could you just help us with any read-through for the direct channel as well? Sorry, I did not get your last part of your question. You want to? No. If you could just help us with what resulted in the decline in the direct channel as such, or maybe from another perspective, are you witnessing redemptions in the direct channel as well? Because largely what we have seen is that the persistency or the stickiness of flows is slightly lesser in the direct channels. Yeah. What I was mentioning was that there have been outflows which have come. They have come from different channels, including from the NDs, the national distributors, as well as the banks, and to some smaller effect, from MFD and from direct channel also. So, direct channel, the challenge that is there is investors may invest through a fintech or through a platform, and there may not be enough guidance for them whenever there is a volatility which is there. However, if you look at our SIP book, we see that a large part of our SIP book is of investors who have held it for a longer tenure. Even if you look at our closure rate of SIPs in the last quarter, while industry was trending at around 80%, our SIP closure book was around 70%. So we are better off than the industry in terms of SIP closures. Therefore, the point I was making was, if you look at the industry numbers and our numbers, our SIP book or the kind of trend that we are seeing in our SIP book is better off than what we see in the broader industry. Got it, sir. Thank you so much. Thank you. Thank you. Participants with questions may enter star and one. The next question is from the line of Jagannatham, an individual investor. Please go ahead. Thanks for the opportunity. Considering the revival of fund performance and hence getting the new AUM is a long-run process. Till the time to considering the current market cap and the valuations and so on, I think probably, maybe it has to be taken a serious consideration about how you use the cash. I appreciate last two quarter concalls, investors have regularly asked, and it was maintained that they are looking for some M&A and so on. But you see, now currently we are reaching almost 45%-50% of market cap in terms of cash. Last time it was said that we will increase the market cap so that the ratio will come down, but the reverse is proving to be right. I think considering the senior people and the seasoned people who handle the portfolios, probably it is high time to think about the capital allocation and so on. Because if there is no utility for 50% of market cap in terms of cash, it will be better off you giving to the shareholders and they are putting it to the better use. As of now, the board-level decision is that most of whatever the profit that we are generating, we will be distributing closer to 90%-95% of that profit will be distributed as dividend. That dividend aggressive policy that we have continued over the last three to four years, and that should continue. As of now, there are no plans to distribute the incremental cash that is lying because, as we have highlighted in the past, we are a standalone entity, and we believe that this much of cash will be required to continue our operation going forward as well and considering the size of the industry growth as well as our growth rate also. No plans to distribute any special dividend as such, but the aggressive policies of paying a substantial portion of our profit as dividend, I think that will continue. Sir, do you have any further questions? No, I am good. Thank you. Thank you. To ask questions, you may enter star and one. Participants, if you have any questions at this time, you may enter star followed by one on your handset. We have a question from the line of Vikas Kasturi from Focus Capital. Please go ahead. Good evening, sir. Sir, I have just one question. When I asked some of my friends who are in the mutual fund distribution business about UTI Mutual Fund, sir, one of the feedback that I got was that in terms of distributors' outreach, we are somewhere behind our peers. Could you just highlight some of the measures that you are taking as far as reaching out to distributors is concerned? Sure. In fact, in our previous call also we had mentioned that we have launched a program called YOUnited, where we are reaching out very aggressively to the distributors across the country. Last year we have held these YOUnited programs across the country and we had invited distributors to come for this, where we were explaining our investment strategy and what is the philosophy that we are following for our fund investment. Apart from that, we have 255 branches across the country, and the sole task of the people who are there is sales. Their day-to-day KRAs or the KPIs that are given to them is to reach out to distributors and partners and talk to them about how to engage better and how to ensure that whatever requirement that the distributor may have, that those are taken care of. I think there is a lot of effort which has gone in the last one and a half year to ensure that distributors are reached out to, so that if there is any challenge or any response that they need from UTI, that is provided to them quickly. All right, sir. Thank you. That's the only question I have. Thank you. Thank you. To ask questions, please enter star and one. The next question is from the line of Anirudh Sharma from Ekaant Investments. Please go ahead. Anirudh, your line is unmuted. Hello. Am I audible? Yes, sir, you are. Please proceed. Yeah. Hi, sir. I just had a follow-up question. On the SIP front, you had told the SIP as being the central to your strategy. Realistically, how much can it move the overall numbers for you? SIP is a slow gain process. In a month, even if we double our SIP number, it will not add very high numbers. We are looking at SIP flows. Those are something which is sustained for the long term. When you look at an SIP book that grows over a period of time and sustains you for a longer period of time. But of course, the strategy is to get both lump sum as well as SIP. SIP for the normal run rate and to increase the business, and getting lump sum to give a boost to the AUM. Okay. Sir, the UTI's SIP AUM has grown around 7.8% Y-o-Y, while digital purchase transactions have risen sharply. Why isn't this translating into faster overall market share gains? As I mentioned, the new SIP which you are seeing is only in this quarter. When an SIP comes, it's just maybe one-twelfth or one twenty-fourth of a part of the total AUM that the person wants to invest. In this three months you will only see a smaller part of the gain. Over a period of time, that SIP keeps on multiplying and keeps on growing. Right now you will see a smaller part because these SIPs have just started. Okay, sir. Understood. That's it from my side. Thank you. Thank you. Thank you. Participants with questions may enter star and one. To ask questions, please enter star and one. As there are no further questions from participants, I now hand the conference over to Mr. Sandeep Samsi for closing comments. Thank you so much. Thank you for joining this call. As I mentioned in the beginning, unfortunately, due to a personal emergency, Mr. Vetri Subramaniam was not able to join the call. However, we thank you for joining this call today. Thank you so much. Have a good day. Thank you very much, sir. Thank you. On behalf of UTI Asset Management Company Limited, that concludes this conference. Thank you all for joining this conference call. In case of any queries, please feel free to connect with Adfactors Investor Relations team. You may now disconnect your lines. Thank you. Thank you.