Anand Rathi Share and Stock Brokers Limited — Q2 FY26

Anand Rathi Share and Stock Brokers Ltd Q2 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=ohLSsWZrh8U Published: 6 months ago

0:01 1 second Ladies and gentlemen, good morning and welcome to the Anandraati Share and Stock Brokers Limited Q2 FI26 earnings 0:09 9 seconds conference call. As a reminder, all participant lines will remain in the listen only mode and there will be an opportunity for you to ask questions 0:17 17 seconds after the presentation concludes. Should you need assistance during this conference call, please signal the operator by pressing star then zero on your touchstone telephone. 0:29 29 seconds Please note that this conference is being recorded. I now hand the conference over to Mr. 0:34 34 seconds Diwakar Pingle from Ernest and Young for opening remarks. Thank you and over to you Dwakar. 0:41 41 seconds Thanks Ryan. Um good morning everyone and welcome to FI26 share and solution. 0:49 49 seconds The company has published it results and supported investor presentation with exchanges earlier today and you can also find them on the website. 0:56 56 seconds Before we start, a disclaimer. All statements made in today's poll may be forwardlooking in nature. Such 1:03 1 minute, 3 seconds forwardlooking statements are subject to risk and uncertainties which cause actual results to differ from those anticipated. 1:10 1 minute, 10 seconds Such statements are based on management beliefs and assumptions made the information currently available to manage. 1:17 1 minute, 17 seconds Audiences are cautioned not to place undue reliance on the algorithm statements while making decisions. 1:24 1 minute, 24 seconds On that note, let me introduce the management participation in today's sport. 1:30 1 minute, 30 seconds We have with us Mr. Kib, chairman director and Mr. Kusha, fulltime director, Mr. Paraka, chief financial officer and other members of the team. 1:43 1 minute, 43 seconds Without further ado, I would like to hand over the call to Mr. for his opening remarks. Thank you and over to you Mr. 1:51 1 minute, 51 seconds Thank you. 1:53 1 minute, 53 seconds Hello and good morning everyone and thank you for joining us on our first turning call since our recent listing. 2:01 2 minutes, 1 second I would also like to take this moment to wish you all a very happy and healthy and prosperous Diwali to you and your family. 2:11 2 minutes, 11 seconds As you you will you would recollect we had successful IPO and were listed on NEC and BAC on September 30th. 2:21 2 minutes, 21 seconds We raised about 745 crores from the IPO which is primarily to fund the working capital requirements of the company more 2:30 2 minutes, 30 seconds specifically to help strengthen our margin trading facilities and for maintaining cash margins my margin purposes. 2:40 2 minutes, 40 seconds The IPO was overs subscribed by about 22 times and we thank all our shareholders for their support. 2:48 2 minutes, 48 seconds Let me now walk you through the structure of today's earning call. 2:54 2 minutes, 54 seconds I'm joined by Mr. Rutra, full-time director and Parak Sha who is the CFO 3:00 3 minutes and other members of uh our uh finance team. 3:06 3 minutes, 6 seconds We will begin with an overview of a company's Q2 and H126 performance and then open the floor for questions. 3:15 3 minutes, 15 seconds The Indian custom markets have continued to demonstrate remarkable resilience in 26. 3:23 3 minutes, 23 seconds Despite global headwinds from persistent inflationary uh pressure to tightening liquidity and 3:29 3 minutes, 29 seconds geopolitical uncertaintities, India's domestic market participation remains robust. 3:37 3 minutes, 37 seconds Retail and HNI investor continue to show faith in equities and an asset class as an asset class and we have seen 3:46 3 minutes, 46 seconds sustained inflows into mutual funds, SIP, direct and uh other direct in equity instruments. 3:55 3 minutes, 55 seconds While the industry witnessed some turbulence in Q1 126, the resilient market backdrop has supported the steady expansion of our business. 4:05 4 minutes, 5 seconds As of September 25, our total asset under custody is stood at around 1 lakh 4:12 4 minutes, 12 seconds 1,961 cringing by about 39% compared to 7 4:20 4 minutes, 20 seconds 73,374 cr in the corresponding period last 4:26 4 minutes, 26 seconds year. We also witnessed a healthy growth in our end tier book which stood at 4:32 4 minutes, 32 seconds about 1,085 cr up by about 41% from 771 cr last year. 4:41 4 minutes, 41 seconds This demonstrates not only the strength of our retail and SNI client relationships but also the trust 4:48 4 minutes, 48 seconds investors place in our advisory and booking capabilities. Our total asset uh 4:55 4 minutes, 55 seconds under management stood at about 7,736 cr up from 6,776 5:02 5 minutes, 2 seconds cr in the same period last year reflecting our client's continued confidence in our commitment to prevent 5:10 5 minutes, 10 seconds financial all of this led to our total consolidated revenue from operations 5:17 5 minutes, 17 seconds standing at about 228 cr for Q226. six representing a 13% Q on Q growth TV at 5:28 5 minutes, 28 seconds about 93 cr representing 24% sequential growth and a healthy margin 5:34 5 minutes, 34 seconds of about 41% and our at about 28 cr representing 22% Q and Q growth and 12% 5:44 5 minutes, 44 seconds at margin our diversified revenue model continues to be one of our biggest trends 5:53 5 minutes, 53 seconds Broking and real estate services which include brokerage income, deposit income and interest on delay payments continue 5:59 5 minutes, 59 seconds to remain our core business driver contributing 51% of quarterly revenue at 116 cr. 6:09 6 minutes, 9 seconds However, the contribution from our distribution business and margin trading facility business continues to rise 6:16 6 minutes, 16 seconds steadily enhancing the quality and predictability of our uh earnings. Our distribution income stood at about 31.6 6:25 6 minutes, 25 seconds cr during quarter to financial year 26 representing a healthy 74% Y growth 6:34 6 minutes, 34 seconds while our interest on MTF stood at 36.4 4 cr surging by as much as 24% y 6:44 6 minutes, 44 seconds on a halfearly basis total revenue stood at about 430 cr and pet margin at about 6:53 6 minutes, 53 seconds 51 cr and income from broking and related services stood at 226.7 cr 7:00 7 minutes representing a 22% drop in yi while our interest on mtf income income stood at 7:09 7 minutes, 9 seconds 64.5 cr and our distribution income stood at 52.6 cr representing a healthy 7:18 7 minutes, 18 seconds yearon-year growth rate of 16% and 55% respectively. 7:26 7 minutes, 26 seconds Coming to operational aspect, we had an active client base that is the segment of client from our total client base 7:35 7 minutes, 35 seconds from whom we earned revenue of 1 lakh 49,849 customers as of quarter 2 financial year 7:43 7 minutes, 43 seconds 26. The depth of our relationship is a key strength for our company. I'm happy to report that the total active clients 7:53 7 minutes, 53 seconds as of first half 26 57% of them have remained engaged with us for over 3 year 8:00 8 minutes and 43% of them have been with us for over 5 years. 8:08 8 minutes, 8 seconds 84% of our active clients trail in the age bracket of over 30 years. This is a 8:15 8 minutes, 15 seconds key age demographic that translates into a greater investable cost and more 8:22 8 minutes, 22 seconds investment maturity, open meetings, multiple investment product and advice. 8:28 8 minutes, 28 seconds Our client vintage average age profile and our personalized client management approach have constantly resulted in us 8:38 8 minutes, 38 seconds enjoying one of the highest ARPC in the industry. 8:43 8 minutes, 43 seconds for this first half 26 uh and quarter second quarter FI26 8:51 8 minutes, 51 seconds our ARPC stood at 16,671 and 10,32 respectively 8:59 8 minutes, 59 seconds finally our balance sheet continues to strengthen the debt equity ratio has 9:05 9 minutes, 5 seconds improved significantly to 93 down from 2.31 marking a clear step in our journey 9:14 9 minutes, 14 seconds towards a more efficient and resilient capital structure. 9:18 9 minutes, 18 seconds On that note, I now hand over to our whole time director Mr. Rub Budra to take us through the financials. 9:27 9 minutes, 27 seconds Over to Rub Budra. 9:30 9 minutes, 30 seconds Thank you Praiji G and good morning everyone. Wishing all of you and family members a very happy Diwali and prosperous new year. I will now take you 9:40 9 minutes, 40 seconds through our financial and business performance. So the quarter and half year ended 30th September 25. 9:47 9 minutes, 47 seconds Asi mentioned quarter 126 was a challenging period for the industry as it grappled with multiple global 9:54 9 minutes, 54 seconds handments such as geopolitical tensions that heightened volatility across international market tariff related 10:02 10 minutes, 2 seconds disruptions that hamper trade flows and sustained output by foreign investor etc. However, the industry has since 10:10 10 minutes, 10 seconds rebounded and is steadily regaining its earlier momentum. I will now share a few highlights about the quarter. During 10:19 10 minutes, 19 seconds quarter 2 financial year 26, our total consolidated revenue from operations, EB 10:25 10 minutes, 25 seconds data and pet is stored at 227.2 cr 92.6 10:31 10 minutes, 31 seconds 6 cr and 27.9 cr respectively reflecting sequential quarteronquarter growth of 13% 24% and 22%. 10:42 10 minutes, 42 seconds EB data margin was 40.8% while P margin stood at 12.2%. 10:50 10 minutes, 50 seconds On a happy yearly basis, our consolidated revenue from operation is stood at 428.3 cr representing a slight 10:58 10 minutes, 58 seconds decline of 3% on y basis while ebida and pat stood at 167.4 cr and rups 50.7 cr 11:08 11 minutes, 8 seconds respectively with ebida and part pat margin of 39.1% and 11.8% respectively. 11:18 11 minutes, 18 seconds Now I would like to communicate about the segmental performance. 11:22 11 minutes, 22 seconds So coming to the segmental breakdown of our revenues the mix between broking segment comprising income from broking 11:29 11 minutes, 29 seconds and related services and the non-broking segment comprising interest from MPF and 11:35 11 minutes, 35 seconds distribution income was 51% and 30% for quarter 2 financial year 26 and 53% and 27% for half year 26. 11:49 11 minutes, 49 seconds Breaking it down further during quarter 2 financial year 26 we earned rupees 11:56 11 minutes, 56 seconds 115.8 cr from broking and related services rupes 36.4 cr from interest on 12:03 12 minutes, 3 seconds MTF rupees 31.6 6 cr from distribution income and rupes 43.5 cr from other income from operations. 12:12 12 minutes, 12 seconds During quarter ended September 3025 income from broking and related services grew 4% sequentially while interest on 12:22 12 minutes, 22 seconds MTF and distribution income registered robust quarteronquarter growth of 30% and 50% respectively. 12:30 12 minutes, 30 seconds We bring to your kind attention that during the same quarter the exchange turnover in cash segment reduced by 6%. 12:37 12 minutes, 37 seconds Within the booking segment, we are maintaining the mix between the equity cash segment and FNO and other segment at 50/50 12:46 12 minutes, 46 seconds of our 92,326 active broking client. 97% 12:54 12 minutes, 54 seconds or 89,28 clients actively traded in the equity cash segment alongside their 13:01 13 minutes, 1 second participation in other segment including a friend of currency and commodities. 13:05 13 minutes, 5 seconds Our total active client is stood at 1 lakh 49,849 during that quarter and 1 lak 73,998 13:16 13 minutes, 16 seconds during half year 26 and our asset under custody as of September 3025 stood at 1 13:23 13 minutes, 23 seconds lakh 1,961 cr. 13:28 13 minutes, 28 seconds Now I would like to communicate about our MTF book. Our MPU continued to grow steadily surging 41% Y and 26% quarteron 13:38 13 minutes, 38 seconds quarter and stood at rupees 1,085 cr. The MPF facility which enables clients to leverage their investment for 13:47 13 minutes, 47 seconds potentially enhanced returns while managing risk remains a key component of our comprehensive investment solutions. 13:55 13 minutes, 55 seconds Interest income from our MTF book is stood at rupees 36 cr during quarter 2 financial year 26 representing a healthy 14:02 14 minutes, 2 seconds jump of 24% yearonear. I'm delighted to highlight that we had zero NPA on the 14:09 14 minutes, 9 seconds MTF book and that 66% of the outstanding as of September 3025 14:16 14 minutes, 16 seconds were from clients whose holdings were under rupees 1 cr. 14:22 14 minutes, 22 seconds Now I would like to communicate about the distribution revenue. We actively continue to distribute various financial products including mutual fund, PMS and 14:31 14 minutes, 31 seconds AIS. As of September 3025, our total AUM under distribution is stood at rupes 7,736 14:40 14 minutes, 40 seconds crump yearon-year basis. I'm delighted to highlight that recently the company has 14:48 14 minutes, 48 seconds also acquired corporate agency license in insurance broking space and accordingly the company added one more 14:55 14 minutes, 55 seconds ring in its distribution revenue stream through distribution of insurance products. I would like to highlight that 15:02 15 minutes, 2 seconds growth in AUM occurred even after the backdrop of its luggage capital market with the M2M of the BSC falling by as much as 6.58%. 15:13 15 minutes, 13 seconds Our ability to expand AUM in such an environment underscore the confidence and loyalty our customers have in us. 15:23 15 minutes, 23 seconds Our income from distribution for the quarter stood at rupees 32 cr representing a 74% jump year on year. 15:32 15 minutes, 32 seconds Our wide geographical reach is something that we are proud of at Anandrati. As much as 71% of our total active clients are from tier 2 and tier three cities. 15:44 15 minutes, 44 seconds As of 30th September 25, we had a pan India footprint across 351 cities through 92 own branches and 1250 business partners with our French ID. 15:55 15 minutes, 55 seconds With that update, we can now open the floor for questions. 16:02 16 minutes, 2 seconds Thank you ladies and gentlemen. We will now begin the question and answer session. Anyone who wishes to ask a question may press 16:10 16 minutes, 10 seconds star and one on their touchstone telephone. 16:14 16 minutes, 14 seconds If you wish to remove yourself from the question queue, you may press star and two. 16:20 16 minutes, 20 seconds Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question cube assembles. 16:38 16 minutes, 38 seconds Ladies and gentlemen, if you wish to ask a question, please press star and one. 16:49 16 minutes, 49 seconds Uh this is Daka Pinglay here. I think let me just uh get the proceedings started. Uh Pik, I had a question for 16:56 16 minutes, 56 seconds you. what is the expected mix between the broking and non-broking business going forward. Do you see there's a non-broking segment contribution has 17:04 17 minutes, 4 seconds been doing over the past quarters. So just wanted to get a fair feel of how you see this mix uh over the longer term. I'm not asking the specific 17:11 17 minutes, 11 seconds numbers but uh a general trend of where where you see this fall. Uh thank you Data uh and for the question whoever has 17:20 17 minutes, 20 seconds raised. Uh see uh as a philosophy we have been uh we have been maintaining 17:26 17 minutes, 26 seconds and we have been trying to reach to uh you know revenue ratio between broking and non-broking to be seen at 6040 over 17:36 17 minutes, 36 seconds a period of time but very clearly in next two years by 2027 along with the growth in both the 17:44 17 minutes, 44 seconds segments uh proportionately we are trying to achieve 50/50 50% from booking and 50% from non-boking kind of a 17:53 17 minutes, 53 seconds reviewing that's what we are trying to achieve and here we are trying to aim that's that's useful maybe the another 18:01 18 minutes, 1 second one which I want to kind of just add on before the other participants get under the line is more on your MTM business I think G did you u I mean how do you see 18:10 18 minutes, 10 seconds that uh you know business growing obviously there seems to be a lot of focus on that particular business so just wanted to get a fair feel of how do 18:19 18 minutes, 19 seconds you see that business growing and I think uh you know I think uh that seems to be a very important business. 18:25 18 minutes, 25 seconds Thank for this relevant question for which we have brought this particular I can say IPO. uh here already if I will 18:34 18 minutes, 34 seconds say the March end number that was there at 685 cr which has already reached 200 1,085 cr by this September end and our 18:42 18 minutes, 42 seconds idea is that that how we can reach to almost 1500 kind of number by this particular financial year end into MTF 18:50 18 minutes, 50 seconds side and our growth I can say demand which is there and 18:58 18 minutes, 58 seconds earlier the this particular demand was restricted more towards the fund side and now with the availability of funds more resources available we will able to 19:07 19 minutes, 7 seconds increase our book side without compromising on any risk related parameter 19:14 19 minutes, 14 seconds uh thank you thanks for that uh very useful uh Ryan you can take people from the queue please thank you we take the next question from 19:24 19 minutes, 24 seconds the line of swarn mukharji from BNK securities please go ahead hi sir thank you for the opportunity 19:32 19 minutes, 32 seconds Uh I had couple of questions. So one is on the MTF book. So with the capital raise uh right now what is our thought 19:40 19 minutes, 40 seconds process? How much can we scale up the book from current level? If you can give some uh highlight on that and second is 19:48 19 minutes, 48 seconds this the other operating income that you have provided in the presentation. If you can throw some color on that that 19:55 19 minutes, 55 seconds you know what do they comprise of uh that would be very helpful. Uh so these two are my questions. 20:04 20 minutes, 4 seconds Uh thank you Bernardo and wish you a very happy Diwali to you and your family 20:10 20 minutes, 10 seconds first. Um I mean as you have asked about uh margin trading funding board as you 20:17 20 minutes, 17 seconds know we have been able to get this whole money at the fair end of this uh uh on as on 30th September 2026 20:26 20 minutes, 26 seconds uh 2025. So now what we are planning to do is uh that to increase and expand our base on margin training funding also 20:35 20 minutes, 35 seconds along with other uh requirement of our working capital needs. Uh but having said that I think our we are ending by 20:42 20 minutes, 42 seconds this year end as uh being mentioned earlier planning to reach to somewhere 20:48 20 minutes, 48 seconds around 1,500 crind book by March 26. So that's the first plan and we believe 20:55 20 minutes, 55 seconds this will be uh uh we will be able to reach to that particular number. We have been you know we got restricted because 21:03 21 minutes, 3 seconds of funds requirement and obviously our debt equity which we would like to keep under control under two and that's what 21:12 21 minutes, 12 seconds we were trying to do. You might have seen it is already been improved. Now uh with regards to 21:20 21 minutes, 20 seconds you know uh about uh operating income uh which is other other income which you 21:27 21 minutes, 27 seconds are trying to ask. This is largely interest on various fixed deposit which are being placed to uh the stock 21:35 21 minutes, 35 seconds exchange for getting uh you know bank guarantee for getting for providing bank guarantee to stock exchange and these 21:43 21 minutes, 43 seconds fixed deposits these money is being sparked with the banks and you know getting uh bank guarantee and providing to exchanges for getting various 21:51 21 minutes, 51 seconds different kind of a limit from the exchanges. So these are the largely working capital limit requirements. So, 21:58 21 minutes, 58 seconds so in other uh incomes we have got interest on fixed deposit one part and slightly other smaller revenue which are 22:06 22 minutes, 6 seconds coming from various different activities. 22:09 22 minutes, 9 seconds I hope I have been able to answer uh yeah yeah very clear sir I I I'll just have couple of follow-ups on this. So 22:17 22 minutes, 17 seconds firstly on the MTF book with the you know I I guess that we are allowed to scale it up to I think around five times 22:25 22 minutes, 25 seconds of our uh network. So what is the headroom like you mentioned 1500 crores by the end of the year but what would be 22:33 22 minutes, 33 seconds at the current standing the headroom that we'll have available uh without any further uh borrowings or capital raise where we can take it. So that is the 22:42 22 minutes, 42 seconds first one and on the uh you know fixed deposit rate le income so this would be our own money or this is like customers 22:50 22 minutes, 50 seconds money so floating income on that or is backed by our borrowing just wanted to understand yeah yeah so 22:58 22 minutes, 58 seconds would you would like to share yeah sir I'm reverting back yeah so in regards to your mention in the 23:05 23 minutes, 5 seconds availability of this particular fet time related thing so our earlier capital base which was there around 550 CR and 23:13 23 minutes, 13 seconds currently with this this addition of the money it's already 1200 CR in total basis out of that 50% money you can look like for the MTF purpose and balance can 23:22 23 minutes, 22 seconds be done through the loan related aspect currently our debt liquidity ratio is just 0.92 so we have further very well I 23:30 23 minutes, 30 seconds can say available in terms of the borrowing and we already have the limits available currently also approximately to the tune of 300 CR currently also and 23:39 23 minutes, 39 seconds along with that with the announce ment of the limits and everything we can do this particular this 1500 code so effectively it require only I can say 23:46 23 minutes, 46 seconds around five 400 plus CR 415 CR from this particular level so that is on one part second thing you have asked in terms of 23:55 23 minutes, 55 seconds the money related to the FDR so FDR side one side out of our own funds also the FD is there which is there currently to 24:03 24 minutes, 3 seconds the tune of around 400 cr and balance money is there from the client's So whatever money is coming from the 24:12 24 minutes, 12 seconds client's uh in turn we need to give the deposit to the exchange against that. So the same money is given to the exchange 24:20 24 minutes, 20 seconds on total basis it might be around 3,200 cr will be the total amount of the deposit which has been given to exchange. So I can say one major part is 24:29 24 minutes, 29 seconds showing the client money which has been given to the exchange uh in form of the app. 24:36 24 minutes, 36 seconds Right. So that's very helpful. Thank you. so much for the detailed explanation. Uh happy Diwali to all of you. I'll come back in the day. Thank you. 24:44 24 minutes, 44 seconds Thank you. Thank you Mr. 24:48 24 minutes, 48 seconds Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. 25:00 25 minutes Ladies and gentlemen, if you wish to ask a question, please press star and one. 25:06 25 minutes, 6 seconds We take the next question from the line of the vakar pingle from eny. Please go ahead. 25:14 25 minutes, 14 seconds I think just a follow on. I think I heard a reference to insurance broken being a news executive announce. Um just 25:22 25 minutes, 22 seconds give me some thought process on the strategy for this new business obviously keeping in line with the fact that um you know you talked about 50/50 with 25:30 25 minutes, 30 seconds broken non-broken. So how is insurance going to drive the strategy as far as the company concerned? Yeah, thank you dear for this question. 25:39 25 minutes, 39 seconds Uh, basically if you really look at it, what we are trying to do, we are trying to uh, you know, uh, uh, address almost 25:48 25 minutes, 48 seconds all investment need of a customer and along with investment need whatever requirement from a financial point of 25:55 25 minutes, 55 seconds view or other need point of view, we are trying to uh, uh, resolve the those kind of a issues of a specific customer. So 26:04 26 minutes, 4 seconds insurance is also uh one of a larger part. Uh now with insurance what we are trying to achieve is trying to give our 26:13 26 minutes, 13 seconds customers uh health plan as well as certain amount of uh you know uh term plan. Now if you really look at our 26:22 26 minutes, 22 seconds overall scenario where we are addressing retail, MNI, HNI, NRI, corporate as well 26:29 26 minutes, 29 seconds as institutional customer. So almost all segment of customer base we are addressing. Now what we are trying to do 26:37 26 minutes, 37 seconds we have created a basket of products suitable to that particular segment and those baskets are being shown to our 26:44 26 minutes, 44 seconds customer to take a view and they they can come and invest in those baskets. So insurance is also one of the products 26:52 26 minutes, 52 seconds based on the requirement based on the segment of customer we are suggesting which insurance is suitable to which 26:59 26 minutes, 59 seconds segment of customer and based on that the insurance uh policies are being shown to customer and being the uh 27:07 27 minutes, 7 seconds created a business over there. This is largely helping our RN as well as our dealers in terms of having client 27:15 27 minutes, 15 seconds interaction in terms of with the same customers having and going for cross sales uh and trying to generate revenue 27:23 27 minutes, 23 seconds for the company as well as addressing the needs of our customer base also. 27:28 27 minutes, 28 seconds Uh thank you. Uh one last question from my side. uh you know um how do you plan to grow your market share um as compared 27:37 27 minutes, 37 seconds to the large already presented you know I mean what's the thought process again and draw thought process yeah 27:46 27 minutes, 46 seconds so in terms of market share you know we are not really looking at to create a large market share in the marketplace 27:55 27 minutes, 55 seconds because our philosophies are how we can expand and increase base of a specific customer which has already been acquired 28:03 28 minutes, 3 seconds by us. So we are constantly working on the longevity of a customer and we are trying to see how we can address the 28:11 28 minutes, 11 seconds investment need at a different point of time and what are the goods uh which customer has and can we pitch in and 28:19 28 minutes, 19 seconds probably provide and assist and guide that customer to achieve their goal by way of showing various investable 28:26 28 minutes, 26 seconds investment baskets of product to the customer and that's what we are trying to do. So in a way we are in a business 28:34 28 minutes, 34 seconds where we are trying to increase and expand the AUM base of a specific customer once the the customer is being 28:42 28 minutes, 42 seconds acquired. Now obviously uh we are also trying to address in a process the investable surplus of any investor any 28:52 28 minutes, 52 seconds customer who is bringing investments and who is probably investing in various different investable product and which we are trying to address. So our main 29:00 29 minutes motive is there. But having said that our expansion of you know RM in in in 29:07 29 minutes, 7 seconds our various different branches our strengthening of online platform which probably providing almost all kind of a 29:15 29 minutes, 15 seconds services. Uh these two channels along with the business partner channel that is where we are also expanding in tier 29:23 29 minutes, 23 seconds two tier three cities. So, so I think these three channels constantly acquiring customer and trying to see how 29:31 29 minutes, 31 seconds we can probably uh uh fulfill the needs of those investors over a period of time. So that's how our acquisition team 29:38 29 minutes, 38 seconds are acquiring and uh these acquisition teams by and large not spending any 29:45 29 minutes, 45 seconds larger money on client acquisition but what they are addressing is to educate investors that they should look at 29:54 29 minutes, 54 seconds investment and investment products rather than if they not do not understand on a trading side or a 30:01 30 minutes, 1 second derivative side uh you know diverting towards a derivative product which is which is little bit tough little bit 30:09 30 minutes, 9 seconds difficult to understand and probably generate uh return on investment. So that's how we are positioning in the market. 30:17 30 minutes, 17 seconds That's very useful. Uh I think uh if there are any questions you can take the questions. 30:25 30 minutes, 25 seconds Thank you ladies and gentlemen. If you wish to ask a question, please press star and one. 30:36 30 minutes, 36 seconds A reminder, ladies and gentlemen, if you wish to ask a question, please press star and one. 30:52 30 minutes, 52 seconds Ladies and gentlemen, if you wish to ask question, please press star and one. 31:02 31 minutes, 2 seconds uh given there are no uh other questions in the queue uh I think I'll leave it to uh to give his closing remarks as far as 31:10 31 minutes, 10 seconds the uh uh company is concerned and given this is a first form in case there are any specific thoughts you have you could 31:18 31 minutes, 18 seconds you could put that out here uh thank you uh I think friends uh in 31:25 31 minutes, 25 seconds due to uh the whole uh management team of the company and every single person is literally driving the philosophy 31:33 31 minutes, 33 seconds which is being created and we are trying to achieve our targeted goals and trying to see how we can create a over a period 31:42 31 minutes, 42 seconds of time complete revenue mix of broking versus non-broking and trying to see 31:48 31 minutes, 48 seconds that how this company can have a sustainable continuous basis growth oriented 31:56 31 minutes, 56 seconds revenue stream uh by way of a proper revenue mix of mix of broking versus non-broking and that's what uh we all 32:06 32 minutes, 6 seconds are achieving uh our our uh this year end target which is March 26 in terms of 32:14 32 minutes, 14 seconds MTF we are planning and trying to reach to somewhere around 1500 cr uh in terms of our distribution book uh we are 32:23 32 minutes, 23 seconds aiming somewhere around uh 9,500 cr plus minus I think these are the two factors 32:31 32 minutes, 31 seconds which will further strengthen and give us a good good growth uh in terms of our non-browing side and obviously insurance 32:40 32 minutes, 40 seconds is something which has started and we will be able to achieve good number over there also in this uh uh quarter and 32:47 32 minutes, 47 seconds having said that I personally believe the next half or is going to be little 32:55 32 minutes, 55 seconds are much robust in comparison to the last year second half and we believe that we are going to have good amount of 33:04 33 minutes, 4 seconds traction in revenue of broking also over there. So so I think uh and and as a 33:11 33 minutes, 11 seconds result I think this company will surely and definitely grow over a period of time on it sustainable constituent growth uh uh over a period of time. 33:23 33 minutes, 23 seconds Thank you. 33:25 33 minutes, 25 seconds Uh thank you Praiji G on on behalf of Anamandrai Share and Stock Brokers Limited. Uh I to kind of um close the 33:35 33 minutes, 35 seconds call and happy Davi to everyone and we'll see you again in the next quarter. Happy Diwali to all of you. All of you. 33:43 33 minutes, 43 seconds Happy Diwali. Thank you. 33:46 33 minutes, 46 seconds Thank you ladies and gentlemen. That concludes this conference. Thank you for joining us. You may now disconnect your line.