Anand Rathi Wealth Limited — Q4 FY26

Anand Rathi Wealth Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=t73Qu5wMho4 Published: 1 month ago

0:04 4 seconds Ladies and gentlemen, good day and welcome to earnings conference call for Q4 and F526 hosted by Anandraati Belt 0:13 13 seconds Limited. As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation 0:21 21 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please 0:29 29 seconds note that this conference is being recorded. I now hand the conference over to Mr. Fio Aziz, joint CEO of Anati 0:36 36 seconds Wealth Limited. Thank you and over to you Mr. Fose. 0:41 41 seconds Thank you so much, Renju. Uh good afternoon and thank you everyone for joining the earnings conference call for the fourth quarter of the year ending FY26. 0:51 51 seconds We today have with us the group CFO Mr. 0:54 54 seconds Jugal Mantri. Uh the CFO Mr. Raj G Budra and the head investor relations Mr. 1:00 1 minute Vishal G Sani. First I would like to share some good news with all of you. Uh 1:07 1 minute, 7 seconds as of uh yesterday's date uh we have crossed one lakh crores of AUM post the recent positive movement in the equity 1:16 1 minute, 16 seconds markets. Uh we were of course this is a five-digit cr. So we were very intrigued to see when we would reach there. uh 1:25 1 minute, 25 seconds 30th March which was the year- end number uh recorded Nifty at an unusual 22313 1:33 1 minute, 33 seconds uh so we were intrigued to see whether when would we meet our one lakh cr guidance which we had given for the last year unfortunately we didn't meet it on 1:41 1 minute, 41 seconds the 30th March number uh so we checked it now we have reached the one lakh cr number so we've just given out the press release as well because this was one of 1:50 1 minute, 50 seconds our guidance uh as a part of our policy to reward shareholders The board has approved the bonus issuance of 1 is to1 1:58 1 minute, 58 seconds and has declared a final dividend of 7 rupees per equity share both subject to shareholders approval. We continued uh 2:07 2 minutes, 7 seconds to deliver another quarter of consistent performance and one more uh indication which we had given to our shareholders 2:14 2 minutes, 14 seconds that we will try and deliver market agnostic performance uh which seems difficult in a financial services firm but actually it's reasonably easy in our 2:22 2 minutes, 22 seconds judgment. uh and this is our 18th quarter where we have been able to declare plat growth y greater than 20%. 2:32 2 minutes, 32 seconds um which is again a rarity in nse 500 we are one of the very few which can be counted on a fingertip of how many companies have been able to achieve that 2:41 2 minutes, 41 seconds feat of course 18 quarters is too little to be able to uh see consistency but yeah I'm sure and hopeful that over 2:48 2 minutes, 48 seconds periods of time we if God is kind and clients are kinder we'll be able to do that the mean of the year-on-year growth of 2:56 2 minutes, 56 seconds our last 16 quarter profits has been the mean has been 32.2 2 with a median of 33.2 3:04 3 minutes, 4 seconds and a standard deviation of our PAD growth uh which we now in our in our judgment is a very good barometer of 3:12 3 minutes, 12 seconds consistency of pad growth for the 16 quarters last 16 we have of course excluded the first two because it had the base effect of a lower COVID year. 3:23 3 minutes, 23 seconds uh we might be one of the few companies in the world who measure the standard deviation of their patch growths declared. Again let me give you my disclaimer that 16 quarters is too 3:32 3 minutes, 32 seconds little statistically. Uh my teacher used to tell me that you need to have 30 data points to call it a large sample. So 14 3:39 3 minutes, 39 seconds more quarters to go. Excluding the impact of fair value gains on the ESOP expense and the related tax effects for 3:47 3 minutes, 47 seconds FY26, our total revenue grew by 22% and we ended the year at 1198 crores with a 3:55 3 minutes, 55 seconds path growth of 28% for the year ending at 386 crores against the 375 guided. 4:06 4 minutes, 6 seconds uh we have given FY27 revenue guidance of 1,415 crores 4:14 4 minutes, 14 seconds and a PAT guidance of 460 crores. Again going with the principles which Rakkesh s Rahul and Raji G has always taught and 4:22 4 minutes, 22 seconds every elder in the company has taught us that under commit over deliver under the same principle we're guiding you 11415 4:31 4 minutes, 31 seconds and 460 for PAT and 1 lak 20,000 crores of AU for the year ending FY27 4:40 4 minutes, 40 seconds is our uh guidance. Then coming to the net flow of last year grew by 7% 4:49 4 minutes, 49 seconds only 13,457 crores is what we collected new thanks to our clients who have been very generous to give us more money during bad times. 5:00 5 minutes In our flagship wealth management business, in the last 12 months, we have added 1,600 new client families on a net 5:07 5 minutes, 7 seconds basis, bringing our total number to 13,395 individual families. Client attrition 5:14 5 minutes, 14 seconds rate in terms of AUM lost for FY26 is 0.54% for the full year. Of course 5:22 5 minutes, 22 seconds there should be hardly any attrition and we we always aspire to have not even a single client family to be upset with us 5:30 5 minutes, 30 seconds to leave but 0.54 is a number which we want to see at zero digital wealth business which is a B2B TOC business 5:38 5 minutes, 38 seconds registered an AUM growth of 22% year on year to 2218 crores and the number of clients 5:45 5 minutes, 45 seconds increased by 17 17% to 7,16 the OAR business omni financial advisor business which is a SAS platform has 5:53 5 minutes, 53 seconds 6,96 subscribers with a platform assets of 1.47 lakh crores for the year ended 31st March 2026. 6:03 6 minutes, 3 seconds Here I stop my monologue and invite our group CFO sir Mr. Dul Mantri to take this uh conference forward. 6:17 6 minutes, 17 seconds Yeah, thank you and good afternoon everyone. 6:23 6 minutes, 23 seconds Let me give you all brief about Q4 FI26 consolidated financial performance followed by full year FI26 financial 6:32 6 minutes, 32 seconds number excluding fair value gain on investment ease of expenses and related tax effects 6:41 6 minutes, 41 seconds over consolidated total revenue for the Q4 FI26 is stood at rupees 302 crores 6:49 6 minutes, 49 seconds compared to rupees 241 crores for Q4 for FI25 registering a 25% Y growth 6:59 6 minutes, 59 seconds profit after tax stood at rupees 92 crores defecting at 25% Y growth compared to 7:06 7 minutes, 6 seconds rupees 74 crores in Q4 FI25 profit after tax margin remained flat at 7:14 7 minutes, 14 seconds 30.5% for Q4 FYI26 which was at the same level in Q4 FYI 7:22 7 minutes, 22 seconds 252 the reported number that is including fair value gains on investments of rupes 7:30 7 minutes, 30 seconds 54.6 crores ease of expenses of rups 39.3 crores and the related combined net 7:40 7 minutes, 40 seconds tax effect of rups 3.8 crores total revenue for Q4 FY26 7:47 7 minutes, 47 seconds was rupes 356 crores showing a growth of 47.6 6% and pack was rupes 103 crores showing a growth of 40%. 7:58 7 minutes, 58 seconds Now let me give you all brief about full year FI26 financial number 8:05 8 minutes, 5 seconds excluding fair value gain on investment ease of expenses and related tax effects 8:12 8 minutes, 12 seconds total revenue for FI26 is stood at rupes 1,198 8:18 8 minutes, 18 seconds crores compared to rups 980 crores in FI25 8:24 8 minutes, 24 seconds registering a 22% year-on-year growth Mutual fund distribution revenue also 8:31 8 minutes, 31 seconds grew by 22% Y to rupees 494 crores in FI26. 8:38 8 minutes, 38 seconds Profit after tax also grew by 28% YI to rupees 300. 8:42 8 minutes, 42 seconds Operator request has been initiated. If you like to cancel this request, please press star zero again. profit after tax 8:50 8 minutes, 50 seconds margin improved from 30.7% in in FI25 8:57 8 minutes, 57 seconds to 32.2% for FI26 return on equity on an annualized basis 9:04 9 minutes, 4 seconds stood at best in industry at 46.74% for FI26 9:11 9 minutes, 11 seconds reported number that include fair value gains on investment of rupees 54.6 6 cr ease of expenses of rupes 39.3 cr and 9:21 9 minutes, 21 seconds the related combined tax effect of rups 3.8 crores total revenue for FY26 was 9:28 9 minutes, 28 seconds reported at rups 1,253 crores showing a growth of 28% and pack 9:37 9 minutes, 37 seconds was shown at rups 397 crores depicting a growth of 32%. So that is the update on the financial numbers. Over to you Mr. 9:48 9 minutes, 48 seconds Renju and to open the floor for uh question and answer. 9:55 9 minutes, 55 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If 10:04 10 minutes, 4 seconds 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 10:12 10 minutes, 12 seconds and gentlemen, we'll wait for a moment while the question queue assembles. 10:19 10 minutes, 19 seconds The first question comes from the line of Manus Agarwal from Bernstein. Please go ahead. 10:27 10 minutes, 27 seconds Hi, can you hear me? Yes, please go ahead. 10:34 10 minutes, 34 seconds Perfect. Uh, so couple of questions. one I think in the statutory results there is some discussion around subscription 10:41 10 minutes, 41 seconds to ARGFL shares I want to just understand what is the quantum and how much stake do we have now what valuation 10:49 10 minutes, 49 seconds this transaction is happening at because I understand this is a group company which is unlisted uh part B is uh can 10:58 10 minutes, 58 seconds you just explain what is the asset sale that is leading to profit being recognized in other income and third is 11:05 11 minutes, 5 seconds ESOP at fair value. Uh a lot of companies issue ESOPs at a discount to 11:13 11 minutes, 13 seconds CMP not at fair value there is a big gap. So I want to understand uh is this ESOP concentrated in KMT? Is this spread 11:21 11 minutes, 21 seconds across the company? Those were the three questions. 11:27 11 minutes, 27 seconds U so I'll take the first part and then give the valuation part to uh juggle. 11:33 11 minutes, 33 seconds Okay. Uh so manas uh the uh the 40 crore rights issue subscription of ARGFL from 11:42 11 minutes, 42 seconds AR wealth limited is a rights issue where FOS as an individual has participated with 94 crores. Rakkesh has 11:50 11 minutes, 50 seconds participated with 56 crores and the holding company has participated with 270 crores and the rest of the other group entities might have participated 11:58 11 minutes, 58 seconds to a sum total of 500 crores. That's the total amount which has been subscribed as equity capital in ARGFL. Uh and since 12:07 12 minutes, 7 seconds there was a rights issue and I think we own close to about 8% valuation was 500 rupees a share. Well I think I I'll leave the rest to Jugula uh to answer. 12:19 12 minutes, 19 seconds So manas has correctly said by firus by that the company has come up with a rights issue the NBFC Anandraati global 12:26 12 minutes, 26 seconds finance limited and Anandraati wealth limited is holding about 8% in Anundrati 12:32 12 minutes, 32 seconds global finance limited and it has only subscribed to its in entitlement so the 12:38 12 minutes, 38 seconds total issue size which was 512 cr rupes uh 8 about 8% of that that was 40 about 12:47 12 minutes, 47 seconds 40 cr rupes that has been subscribed by Anandati Web Limited just to continue to hold uh its holding in uh the LBFC 12:56 12 minutes, 56 seconds uh at a price of 500 rupees and since it is a closely held company the whole issue got subscribed by the promoter and 13:05 13 minutes, 5 seconds the KMPS in the group companies uh as named by Firos and uh now coming to the 13:13 13 minutes, 13 seconds uh revolution of the assets. So as the company continue to hold uh stake in 13:20 13 minutes, 20 seconds Arandraati Global Finance Limited but every year there is a accretion in the net worth of the company as well as the 13:29 13 minutes, 29 seconds uh book value is also going up but to be at conservatisma the um stake value has 13:37 13 minutes, 37 seconds gone up uh of whatever holding which uh Anandrati wealth has in Anandati Global Finance Limited and the value has gone 13:45 13 minutes, 45 seconds up by 54.6 cr rupees and that is the amount which has been booked under fair value change. 13:54 13 minutes, 54 seconds Now coming to the esop uh the company do not follow any practice of issuing esops at the discount value discount to the 14:02 14 minutes, 2 seconds market price. In fact the esops have been issued um the grant as well as the vesting will happen at the market price 14:10 14 minutes, 10 seconds only and uh but still we will have to take the heat and that is why on account of that there is a in this Q4 FI26 the 14:20 14 minutes, 20 seconds company has taken a hit of 39.3 cr rupees so employee cost has gone up by that amount so this is the explanation 14:28 14 minutes, 28 seconds to all the three questions which has been put by you Mr. Manas if you need any further detail you can get in touch with Rajes or Vishal they will give you 14:38 14 minutes, 38 seconds the exact last uh digit number on the on these three things 14:45 14 minutes, 45 seconds some little yeah go on go on yeah some uh some one little clarification it gets issued at face 14:52 14 minutes, 52 seconds value like we have in the previous couple of instances so our policy of ESOP uh we generally don't follow a 15:00 15 minutes policy of ESO There was some uh if you look at the 2018 ESOP policy you will get a full judgment of how we what's our 15:08 15 minutes, 8 seconds practice that's consistent with what we had done in 2018. 15:14 15 minutes, 14 seconds Understand that understand that so typically unlisted companies do issue at face value. My question was a lot of 15:21 15 minutes, 21 seconds listed companies issue closer to CMP. Uh but that's okay. I'll look at it and I'll discuss offline from the profit 15:28 15 minutes, 28 seconds thing we will do. One second manus one little clarification to each potential or a current shareholder we don't do 15:36 15 minutes, 36 seconds anything because it is popular to do as a matter of principle okay so so we 15:42 15 minutes, 42 seconds we generally follow a dooo uh policy on all our HR practices like for example on 15:49 15 minutes, 49 seconds our HR practices we have several of our RM's children joining us okay spouses joining us there could be several listed 15:58 15 minutes, 58 seconds companies who have a policy see that one of you have to resign if you fall in love at work. So, so anything we do is not because there's these are 16:06 16 minutes, 6 seconds propellular practices. Whatever is compliantly right, we generally do uh as per our HR uh policies are more you will 16:15 16 minutes, 15 seconds find uh at best you will find some inspiration from HL because Rakkesha used to work there. 16:21 16 minutes, 21 seconds Understood. And just one more thing the revaluation game that we've booked we've not sold ARGSL shares. This is just mark to market. Is that accurate? 16:32 16 minutes, 32 seconds Yes, that is accurate. That is accurate. Okay. Okay. Okay. 16:41 16 minutes, 41 seconds Thank you. Next question comes from the line of Naven Matur Pioneer Capital. Please go ahead. 16:51 16 minutes, 51 seconds Hello everyone. M please go ahead. 16:54 16 minutes, 54 seconds Sure. Uh first of all uh congratulations everyone for a fantastic result. Uh uh 17:01 17 minutes, 1 second so my question is specifically for foss uh I was just going through the investor's presentation the the latest 17:08 17 minutes, 8 seconds one and uh I came across this slide which says that talks about credibility marathon. Uh if uh you could just throw 17:17 17 minutes, 17 seconds some light on that I think uh would help me understand it better. 17:23 17 minutes, 23 seconds Uh yes uh Naven uh yes we have included one interesting slide emanating from a 17:31 17 minutes, 31 seconds few questions which came when I was speaking to a few industry CEOs who want to potentially someday wealth build a very strong wealth management franchise. 17:39 17 minutes, 39 seconds So we said why don't we make that uh public information of what has been our learning so far uh of of why how should 17:48 17 minutes, 48 seconds a wealth management business what we learned from our mistakes. So uh the slide will say uh it is not a capital 17:56 17 minutes, 56 seconds race. It's a credibility marathon. Uh quite a few wealth management outfits are wanting to be built and have been in 18:03 18 minutes, 3 seconds the past. Every couple of years there's somebody who's wanting to build a wealth management business very quickly. So there are six learnings which I've put on that slide. I'll just explain 18:11 18 minutes, 11 seconds briefly. Wealth management is not a capital business. A relationship manager cannot handle thousands of clients. the business is actually a linear business 18:19 18 minutes, 19 seconds not an exponential business. Uh so it's not a capital business and quite a few uh think otherwise. Second important learning we had in our journey is it's 18:28 18 minutes, 28 seconds not a business of speed. You can't build this business so fast. It's about patience and time rather than 18:35 18 minutes, 35 seconds speed. Third ideally manufacturing mistakes are very very very scarring to a franchise. So quite a few 18:44 18 minutes, 44 seconds people build a wealth management business starting manufacturing on the day zero. So we believe this is a backward integration business. You have 18:52 18 minutes, 52 seconds to be very careful in terms of manufacturing after building ability. So the third point there is build wealth management is a business of backward 18:59 18 minutes, 59 seconds integration. Distribution is first manufacturing later. Transparency with clients. This is some place where uh if 19:07 19 minutes, 7 seconds your client doesn't know how much you earn, that's not a brand franchise which is very easy to protect. That's our judgment. Now there are quite a few 19:15 19 minutes, 15 seconds wealth management outfits who tell clients that we do advisory. But then when you see that distribution incomes are substantively large, 10 times more 19:23 19 minutes, 23 seconds than advisory income. Uh so so you have to be able to tell them that I like for example we earn 1.09% 09% approximately 19:30 19 minutes, 30 seconds on mutual funds post GST on structure products we earn 1.17 1.8% 8% yield if you have to do the same accounting as mutual fund and we account that upfront. 19:40 19 minutes, 40 seconds So that's transparency. Relationship managers do not scale like startups. 19:44 19 minutes, 44 seconds People have this misconception that you hire people uh at obscene salaries and they will scale up. So if you see this 19:51 19 minutes, 51 seconds year 45 RM increase 78% are people whom we trained from colleges and made them RMs. So lateral hires cannot be a substantive portion of your strategy. 20:01 20 minutes, 1 second Every leader, this is the toughest part which we I think we have Rakkeshar has taken 18 years or 19 years being in this 20:08 20 minutes, 8 seconds company. Every leader in the company has to be an RM first. Uh very tough to achieve easy to speak. So CEO is an RM, 20:17 20 minutes, 17 seconds joint CEO is RM, unit RM, team leader is an RM. Even support functions, product team at least 15 20 people out of the 163 will be RMs. That's when. So that's 20:26 20 minutes, 26 seconds what uh this slide is all about. If any way somebody wishes to build a wealth management business, these are our six learnings for them to see if they are 20:34 20 minutes, 34 seconds relevant to them. That's why we added this slide. Thank you sir. Nin sir, does it answer? 20:40 20 minutes, 40 seconds Yeah, thank you. Thank you for those 30 minutes. 20:47 20 minutes, 47 seconds Thank you. Next question comes from the line of Praovia with Equirus. Please go ahead. 20:53 20 minutes, 53 seconds Uh thank you for this opportunity. Uh first of all congratulations on a fivedigit uh AUM number. Uh so my I have 21:02 21 minutes, 2 seconds a few questions. Uh first is like this quarter we saw ESOP cost of 39.3 crores. 21:08 21 minutes, 8 seconds So like can you help us understand how ESOP cost could trend over the next few years. 21:16 21 minutes, 16 seconds Sir how I would like to look at it is 460 cr of projection 21:23 21 minutes, 23 seconds that is incorporating all my projections under commit overd deliver is the principle do we go too much in detailing 21:30 21 minutes, 30 seconds of course you can write to vishal g I've always on this call said if you wish to understand the total number I can give 21:38 21 minutes, 38 seconds you 460 is the guidance right that does not include vial also corrects corrects Should we guide that as well? 21:48 21 minutes, 48 seconds Yes. So how how is the projection? I don't know about the projection but yeah we can give you that specific projection one. 21:56 21 minutes, 56 seconds Does it is it okay if you can be if you have any projection we can give but yeah uh 460 is our PAT guidance uh 22:05 22 minutes, 5 seconds before any of those adjustments. So as we have been reporting the number excluding the exceptional item like ESOP 22:13 22 minutes, 13 seconds as well as on fair value changes the uh guidance has been given excluding these uh prog. 22:23 22 minutes, 23 seconds Got it. Thank you. 22:25 22 minutes, 25 seconds Uh I have uh another question on issuance like uh can you help us uh what was the primary and the secondary issuances for this quarter in ML? 22:45 22 minutes, 45 seconds Currently the gross issuances in this quarter was 1,895 crart 22:55 22 minutes, 55 seconds compared to 1,815 cr in Q3 FI26 23:07 23 minutes, 7 seconds and secondary one and secondary was 1,1 cr in Q uh Q4 FI 26 23:15 23 minutes, 15 seconds compared to 716 in Q3 FI26. 23:20 23 minutes, 20 seconds Got it. Thank you. And just last question, just last question like uh a few quarters back you highlighted that 23:27 23 minutes, 27 seconds we have been uh selling a third party third party products on our platform. So like uh can you help us understand like 23:34 23 minutes, 34 seconds how much uh for this quarter we got from third party? So in Q4 it was 168 crores. 23:44 23 minutes, 44 seconds Yeah. And for Q3 it was 213 crores. 23:52 23 minutes, 52 seconds Thank you. That's it from my Okay. Thank you for your question sir. 23:57 23 minutes, 57 seconds Thank you. Next question comes from the line of Niranjan Kumar with Aendas Park. Please go ahead. 24:03 24 minutes, 3 seconds Uh thank you sir for giving the opportunity. So I just wanted to ask two questions on the first one. So we make 24:11 24 minutes, 11 seconds around 1.09% 09% yield on mutual funds right but with the new se structure like new TR structure by se which is 24:20 24 minutes, 20 seconds effective from 1 April so will these be impacted uh that is the first question and the second question maybe on similar 24:28 24 minutes, 28 seconds lines like uh if you look at the mutual fund industry maybe top five or top 10 AMC's so how much they account for in 24:36 24 minutes, 36 seconds our whole mutual fund portfolio and have they come for any negotiations regarding the distributor payout. These are the broad questions sir. 24:47 24 minutes, 47 seconds Uh some I missed your name. Can I know your name again? Is this right? Niran sir. 24:52 24 minutes, 52 seconds Huh? Niranjan sir. Uh do AMC's come for negotiation? The answer is yes. Do I see 24:59 24 minutes, 59 seconds any material change in uh 1.09? Not significant. I like we have guided we 25:07 25 minutes, 7 seconds are at the end of any cycle like 2016 we went all trail before sebi made 25:14 25 minutes, 14 seconds it mandatory in 2018 okay that's that's something which I take pride in till date because we were the first one who 25:21 25 minutes, 21 seconds voluntarily said income uh so that's one so if you ask my personal opinion where are we in the 25:28 25 minutes, 28 seconds cycle of change because there is also a direct right so the squeeze 25:40 25 minutes, 40 seconds market move right so it's not going to be materially different uh is the point being made in terms of trail incomes yes 25:47 25 minutes, 47 seconds to answer your question do large AMC's come for a negotiation that Jal Gandhi is is a permanent affair for Shua Madam 25:54 25 minutes, 54 seconds Rajani who is the mutual fund head for long periods of time uh for Anandraati wealth 26:04 26 minutes, 4 seconds answer sir. 26:06 26 minutes, 6 seconds Got it. Got it. But just to confirm so so they there will be impact of two two 26:13 26 minutes, 13 seconds four basis points. Did I get it right or or you because of this TR or you're 26:19 26 minutes, 19 seconds telling it will be maybe on for an AMC 26:26 26 minutes, 26 seconds it might be very important to see what percentage pips change for a wealth management outfit 2 3 4% I don't know 26:33 26 minutes, 33 seconds the change in bips or will there be any right so will it be significant no because if an AMC is making 25 bips three pisa is 12% % of their revenue. 26:46 26 minutes, 46 seconds Right? If this is one portion of my revenue in that if it is on a base of 1.09, it's even smaller. 3 pesa on 1.09 26:55 26 minutes, 55 seconds is 3%. 3 pesa on 30 bs is 10%. And if this is a part 40% of my revenue comes 27:03 27 minutes, 3 seconds as trail, then it is 3% of that 40%. Do you understand? The two level uh base 27:09 27 minutes, 9 seconds effect is what I'm trying to say. is not significant enough for me to be worried about my fat growths for the next four five years. 27:19 27 minutes, 19 seconds Does it answer sir? 27:20 27 minutes, 20 seconds Got it sir. Thank you. Thank you so much. 27:23 27 minutes, 23 seconds Two bibs, three bibs. I think Rajani is a very strong lady and I've worked with her for 20 years. 27:33 27 minutes, 33 seconds Thank you. Next question comes from the line of Shiba Goautum with ZS Associates. Please go ahead. 27:40 27 minutes, 40 seconds Yeah. Uh am I am I audible? Yes. Yes, you are. Yes, you are. 27:47 27 minutes, 47 seconds Uh good afternoon everyone. Uh my name is Shbam and I want to start by congratulating the entire management team and uh Anandati well team on a 27:55 27 minutes, 55 seconds truly consistent uh performance this year. I have two questions you know sir firstly on the guidance uh the company 28:02 28 minutes, 2 seconds has like consistently guided and delivered around 20 to 25% long-term pad growth and you have beaten your own guidance every year. 28:12 28 minutes, 12 seconds Uh but for the financial year 27 the the PAT guidance of around 460 crores uh roughly is around 18 19% which is a bit lower than the uh stated range like 25%. 28:24 28 minutes, 24 seconds Is there a specific reason management is being more conservative this year or is it uh more around the market conditions global in uh global uncertaintity or 28:34 28 minutes, 34 seconds perhaps the base effect getting larger and second question is more around the net inflows uh the the 13,450 crores of 28:44 28 minutes, 44 seconds net inflows I think grow uh grew in the uh 7% year-on-year basis uh so how does management think about the inflow growth 28:52 28 minutes, 52 seconds in financial year 27 Is it will be in the similar uh lines or do you see any acceleration as the new client families ramp up? 29:03 29 minutes, 3 seconds Great questions sir. Uh 460 on a base of 386 is a number which is 18 19% of Pratt growth. Uh but if you also see it from 29:12 29 minutes, 12 seconds my last year guidance 375 then it'll come into that range of 22%. So Rakkesha has guided for long periods of time uh 29:21 29 minutes, 21 seconds the 20 to 25% range unless uh God has their mother plans this seems intact and 29:28 29 minutes, 28 seconds we work on a plan of not 2026 we play we work on a plan of 2031 which is 5 years hence because most of our 29:36 29 minutes, 36 seconds structure products have a rollover option uh now so 99% of our business comes with a rollover praadhan that 29:44 29 minutes, 44 seconds implies client So uh so so coming back to your question 29:52 29 minutes, 52 seconds we will of course we will uh always keep that principle in mind uh with the sbddi which has been given to us that we will 30:01 30 minutes, 1 second undercommit try our best to undercommit and deliver you're absolutely right 1819 that was a round figure uh to do 460 on 30:08 30 minutes, 8 seconds a 375 base you will still be in that range of 2025 uh that's one but the second question is net flow Any number 30:16 30 minutes, 16 seconds which can become a negative integer has to be seen very differently. I repeat net flow can be a negative one as well. 30:25 30 minutes, 25 seconds There are most numbers most numbers which come uh like pat numbers could be negative. Revenue numbers can never be negative right at worst you don't make 30:33 30 minutes, 33 seconds money you don't lose money. Uh revenues can be so this number net flow I'm happy that it is 7%. Of course would I be happy if it is 10% growth? The answer is 30:42 30 minutes, 42 seconds yes. What I'm happy about as a professional is that in a year or a quarter like last year last quarter we 30:50 30 minutes, 50 seconds got monies people lose money also right today if you see industries net flows x the SIP number today AI has given the 30:58 30 minutes, 58 seconds number just now 32,000 crores is the SIP number last month uh the number was if 31:05 31 minutes, 5 seconds you remove the SIP number the net purchase was negative in equity three category active funds so coming that is 31:13 31 minutes, 13 seconds 7% something to write home about? Answer is big no. Uh but what we do at Anandrati is we put our own 31:20 31 minutes, 20 seconds self-governance. Now for example, let me give you an example. We had a large uh inflow coming off a promoter equity 31:27 31 minutes, 27 seconds which promoter said that I might consider aligning it to your strategy. 31:32 31 minutes, 32 seconds But that 1,000 plus crores is not counted in my net flow. So do you understand how much of self-governance is needed uh to show 3,356? is that 31:42 31 minutes, 42 seconds number for net flow, right? Uh when we also had some some reasonable transfers but we thought we should not count them 31:50 31 minutes, 50 seconds till uh never hatch your uh chicken before they hatch or something. Never count the chicken. So, so to answer your question, 7% is nothing to write home 31:59 31 minutes, 59 seconds about, but I'm very happy uh that we bought equity in the last quarter where everybody was so depressed. We had one of the best months uh which is not given 32:07 32 minutes, 7 seconds as a split. We had one of the best months in March. Uh I will not throw a number because they're not published. 32:14 32 minutes, 14 seconds Does it answer sir? Yes. Yes. This is helpful. Thank you. 32:23 32 minutes, 23 seconds Thank you. Next question comes from the line of Basis Akarval with one sign. Please go ahead. 32:29 32 minutes, 29 seconds Uh thanks for the opportunity to ask again. I will again ask on the ESOP. One part of the question was not answered 32:38 32 minutes, 38 seconds maybe missed out. So I just want to check is the 40 crore resop spread out across the company is it concentrated in 32:45 32 minutes, 45 seconds KMP and I'll clarify why I'm asking uh stock options are a retention tool and that is why they're given at CMP usually 32:54 32 minutes, 54 seconds there's nothing barring companies from issuing it at face value but the gap between face value and CMP essentially 33:02 33 minutes, 2 seconds is a free gift today so you ideally want to give it at CMP so that future growth 33:09 33 minutes, 9 seconds in the company shared with employees. So that's where my question is. That's where my question. 33:16 33 minutes, 16 seconds Yes. So this is with KMP Rakkeshar and me to be more specific if I'm not wrong and it is in the public domain already. 33:23 33 minutes, 23 seconds Underscore. So all of the public are going to be ESOPs are going to be issued at the face value. Okay. And that 33:33 33 minutes, 33 seconds is why there need to be the heat the P&L heat has to be taken where the differential amount of the market value 33:42 33 minutes, 42 seconds as well as on the face value that heat has to be incorporated. That is where you see the use of heat has been 33:48 33 minutes, 48 seconds included in the employee cost and it is as per the EGM and the resolution which is already passed uh in the past. 34:00 34 minutes understand the accounting. I am still not convinced on the classification as one off and the other thing is whether it should be at face 34:09 34 minutes, 9 seconds value or not. But that is for the company to decide. So it's okay. Thank you. Thank you. 34:17 34 minutes, 17 seconds Is very unhappy that I've got a gift. 34:20 34 minutes, 20 seconds Don't worry. I'll do justice to this gift. Don't worry. Relax. Yep. 34:25 34 minutes, 25 seconds Next question comes from the line of Ashka Jen, an individual mess. Please go ahead. 34:36 34 minutes, 36 seconds Mr. Jen, please go ahead with the question. Audible. 34:43 34 minutes, 43 seconds Yes, please. 34:45 34 minutes, 45 seconds Uh, hi, thanks for the possibility. Uh, just one question from my side. So in an increasingly competitive wealth management landscape uh with the banks 34:53 34 minutes, 53 seconds and you know new age platforms scaling rapidly what do you believe is your most defensible mode and how are sensing it 35:01 35 minutes, 1 second over time what is our mode right is that the question sir 35:08 35 minutes, 8 seconds yeah yeah correct the mode there's everything is a mode like six things which I read out to Naven uh are are there any wealth 35:18 35 minutes, 18 seconds management outfit wanting to create a culture by hiring people and designing their minds to not sell products which are not good and they don't buy that buy 35:25 35 minutes, 25 seconds it themselves. That's a mode. Second, uh creating a process-driven company is a mode, right? Getting private bankers to 35:33 35 minutes, 33 seconds do what is right for the client and follow a process is not an easy task. 35:38 35 minutes, 38 seconds Has to be built brick by brick. When Rakkeshar hired the first Diva in 2008 and started building it, we built it brick by brick. So, culture is designed 35:46 35 minutes, 46 seconds not soon. Third, we we we don't sell all products. We are not a pharmacy. Uh pharmacies have medicines, generic 35:54 35 minutes, 54 seconds medicines published by on the counter of any pharma company. We first decide what will we buy and only sell that which is 36:02 36 minutes, 2 seconds mathematically correct on the basis of the chronological order of sharp ratio. Uh our HR policies are entrepreneurial. 36:08 36 minutes, 8 seconds So foes if he's no more uh god forbid then my son can become an RM if I qualify him enough uh that he's ready to 36:16 36 minutes, 16 seconds he's ready to take the Anundati brand wealth brand to the marketplace without compromising the delivery of the brand 36:22 36 minutes, 22 seconds created by then so everything which we do is denovo uh we are not product sellers uh am right I have 450 people 36:32 36 minutes, 32 seconds I'm training from 201617 we are training people for 2026 promotions 21 promotions, four five years of 36:40 36 minutes, 40 seconds training, right? Is that a mode? That's a mode. 36:44 36 minutes, 44 seconds Calculating Jensen's alpha for clients, which is nothing but the extra return over risk adjusted uh measures. Jensen's alpha measure, right? We did a survey. 36:53 36 minutes, 53 seconds We did a survey with 6,000 client HNI families. They said, "We want riskadjusted return. Let this sink in." 37:00 37 minutes So, everyone is on the call. We did a 6,000 people survey, not one or two families. They at least own one lakh 37:07 37 minutes, 7 seconds crores or two lakh crores put together and they say the first thing which we want from a wealth management industry 37:14 37 minutes, 14 seconds is riskadjusted return which wealth management outfit is measuring riskadjusted return in any of these four measures Jensen's alpha traer sortino 37:23 37 minutes, 23 seconds and sharp these are the four I know as a finance student nobody's measuring it now if you ask my client what is this Jensen's alpha he'll tell you 5% 7% 8% I 37:32 37 minutes, 32 seconds see a thousand cr portfolio with my competitor which has negative Jensen's alpha And the clients have not measured it. The wealth manager has not measured it. Right? People are selling debt 37:41 37 minutes, 41 seconds saying that interest rates will come down. You will make money. Right? 37:44 37 minutes, 44 seconds Interest rates went down. Repo went down from 6.25 to 5.25. 10ear GC went from 6.8 to 7. People lost money in spite of 37:52 37 minutes, 52 seconds going wrong on repo. So finance is lacking. Uh marketing and sales is more. That's the mode. 37:59 37 minutes, 59 seconds Right? So there every step we trying our best to do what is right for the client. 38:04 38 minutes, 4 seconds So the chronological order in which we arrange the three stakeholders are colleagues then client and then comes 38:11 38 minutes, 11 seconds shareholder. If colleagues are not happy they will leave or they will be so sad that they can't make a client happy. If 38:19 38 minutes, 19 seconds the client is not happy, shareholder can't be happy. So we as professionals never would want to make our shareholder directly happy. If we have made our 38:26 38 minutes, 26 seconds people happy, they can make client happy. If both of these guys are happy, the shareholder will be happy. So most people want to make the shareholder 38:33 38 minutes, 33 seconds happy directly, right? I'm not so bothered about what the shareholder uh has to say about how portfolio should be created. Quite a few people said you 38:41 38 minutes, 41 seconds have only two revenue streams. You are the riskiest business to buy. But it's okay because the client doesn't need a PMS. He doesn't need an AF in my 38:48 38 minutes, 48 seconds judgment to produce a four 5% Jensen's alpha which is bestin-class. Uh I don't have to sell the fourth or fifth products. Okay. So all these are more s. 39:00 39 minutes Yeah. Thank you sir. That's it from us. 39:06 39 minutes, 6 seconds Thank you. Next question comes from the line of Sunil Sha Srms. Please go ahead. Yeah. Thanks for the absinity. 39:14 39 minutes, 14 seconds Congratulations and uh entire Anendraati family. Thanks for a super FI26. 39:21 39 minutes, 21 seconds uh wonderful thing u sir just the numbers you know we're like 400 RMs 13,000 plus clients 39:29 39 minutes, 29 seconds and uh the AUM per RM about 226 so all the points you mentioned about the board are clearly there now the thought which 39:38 39 minutes, 38 seconds I have is the next level of growth uh sir what I want to share here is more 39:45 39 minutes, 45 seconds of a suggestion uh not more of a question is that we have a track record of delivering this kind of Jensen alpha. 39:55 39 minutes, 55 seconds uh how about approaching global institutes institutions for as our client you know prospect 40:04 40 minutes, 4 seconds uh the thought which I have is because they're writing a $10 million check for our kind of a track record will not be 40:12 40 minutes, 12 seconds something which will be very huge for them but for us if we can showcase this kind of a product and try to address the 40:21 40 minutes, 21 seconds global institutes that can be a huge huge leg of growth for us as a company and if we can 40:29 40 minutes, 29 seconds showcase ourselves in the world market as a wealth management firm uh delivering this kind of returns this 40:37 40 minutes, 37 seconds kind of track record of you know low attrition of clients low attrition of colleagues at work all of those uh and 40:45 40 minutes, 45 seconds approach them I I'm not sure if we are doing we have done it or we are working or thinking about it but if you could uh 40:53 40 minutes, 53 seconds you know share share me something on these lines or look upon it in future. 40:57 40 minutes, 57 seconds Foss that was my thought to just reach out to you on this call today would like to hear you 41:04 41 minutes, 4 seconds sir uh I am always grateful for the suggestions you've given in the previous earnings calls and they're very very in they're invaluable to the rest of the 41:12 41 minutes, 12 seconds shareholders as well. So of course anything coming from you would be taken with utmost seriousness. 41:19 41 minutes, 19 seconds uh but having said which uh we have had a certain thought process of saying uh how do we want a client segment that's 41:26 41 minutes, 26 seconds what Rakkesh has said that uh don't go to the really rich ones uh go to those guys who actually will respect math I'm 41:34 41 minutes, 34 seconds sure the foreign institutions who can cut large checks uh can uh so this has to be a great intense debate with Rakkesha but this is definitely a growth 41:43 41 minutes, 43 seconds opportunity which you are highlighting and uh very high growth also scares us let me confess Yes. Uh because I want to 41:50 41 minutes, 50 seconds consistently grow rather than grow one year 40% and then I have a higher base to grow. Uh I'm just telling you the 41:56 41 minutes, 56 seconds internal debates of like every for the last 7 8 years except the covid year we have not worked for the last 57 days. 42:03 42 minutes, 3 seconds Again let me confess we have done offsites uh rms are outside like we were in Vietnam uh last year we were in 42:10 42 minutes, 10 seconds Thailand. So so so uh one will we take your suggestion very seriously? uh Rakkesh has been very very 42:18 42 minutes, 18 seconds clear and mathematical because he comes from a FMCG background. He says if you have clearly segmented your clients very well, you will be able to bring 42:25 42 minutes, 25 seconds predictability in your business. So uh point taken sir uh if I if I give any comment which is contrary to Rakkesh's 42:34 42 minutes, 34 seconds uh belief on this one, I will not have a job and man can save money. 42:40 42 minutes, 40 seconds Uh sure appreciate uh the thought. uh just as looking at the numbers you know now we have almost 28 29% of our clients 42:48 42 minutes, 48 seconds whose average ticket size is more than 50 crores and above so 50 crores and above kind of a ticket size for a client 42:56 42 minutes, 56 seconds is like an institution in itself and that's almost 29% of our business so we have obviously migrated them for a from 43:04 43 minutes, 4 seconds being an HNI to an ultra HNI for sure but we are currently doing similar kind of work so that was the thought that's that's the only piece which I wanted to 43:12 43 minutes, 12 seconds share flows. Yeah, thanks on the suggestion. 43:16 43 minutes, 16 seconds Brilliant suggestion. Having known Rakkesh's possessiveness in the segment we operate is why I said that's beyond my uh uh even commenting capability. 43:27 43 minutes, 27 seconds That's how well he has governed that one topic. That's what of course it's a brilliant solution. I'm sure will consider that. I was just saying that commenting there would be on record in 43:36 43 minutes, 36 seconds line would be a bad thing. But you're absolutely right now that you have alluded to the platinum segment and you also said that we have homegrown uh 43:44 43 minutes, 44 seconds large clients. One thing which is changing dramatically is I'm just telling a shareholder now quite a few large clients are going through our 43:52 43 minutes, 52 seconds website and saying we want to reach out to you. It is surprising that people with 400 crores are reaching out 500 I did one meeting in Guruda. We've never 44:00 44 minutes seen these green shoots of people who need a service of wealth management reaching out to us and uncomplicated 44:07 44 minutes, 7 seconds appealing to a large guy. That's one thing which I should say. And when we actually started this platinum segment, there were 32 clients or 33 clients when we identified this whole uh ballooning. 44:17 44 minutes, 17 seconds Now we have almost about 211 families. 44:21 44 minutes, 21 seconds uh and uh because you have a platinum segment quite a few people who are on the borderline are wanting to give us a little more money and come into the platinum segment which is which has got 44:30 44 minutes, 30 seconds a strong proposition of generating 1 one and a half 2% extra Jensen's alpha by using more concentrated finance uh 44:37 44 minutes, 37 seconds because we like you said Jensen's alpha we use three four very publicly available Nobel prize winning formula be the black souls pricing model 44:45 44 minutes, 45 seconds inefficient market theory and capital asset pricing model we use these So that is what is producing Jensen's alpha rather than that. So platinum segment. 45:02 45 minutes, 2 seconds So you will see uh my projection of the platinum number of clients in the next two years is about 450 to 500. You're so right. We're already in the segment from 45:10 45 minutes, 10 seconds a size standpoint. From a behavior standpoint, people behave very differently. Uh as a corporate entity, we have I have gone to so many corporates and got them to redeem the 45:19 45 minutes, 19 seconds liquid funds. If the CXO was dealing with us and said that corporate so we will debate that but this will not go by 45:26 45 minutes, 26 seconds the wayside I assure you sir thank you so much f sir and everybody in the team thanks so much for doing great job thank 45:33 45 minutes, 33 seconds you all the best thank you next question comes from the line of manov an individual investor 45:40 45 minutes, 40 seconds please go ahead hey uh congratulations on another great result uh it's very evident that you are a 45:49 45 minutes, 49 seconds people's company. Uh therefore, you've you've you've really contained the attrition, but it looks like last year 45:56 45 minutes, 56 seconds uh it's bumped up a little. I'm just trying to understand if that has any kind of impact on the business. 46:05 46 minutes, 5 seconds Uh I missed your name, sir. Manov Man. 46:12 46 minutes, 12 seconds Okay. Uh Maras you have identified rightly in FY 2425 we had two people leave they had 2,295 46:21 46 minutes, 21 seconds crores of assets under management on the date of resignation. One resigned on 17th March uh last working day was 17th 46:29 46 minutes, 29 seconds March 2025 and one guy had 30th December 24. These were the only two attritions in FY25. 46:36 46 minutes, 36 seconds uh and uh we we retained 203 crores uh out of the 295 crores which is 69%. Why 46:44 46 minutes, 44 seconds am I going back to FY25 2425? Because that's how we see it. There's a department. So now in FY 2526 we had six 46:52 46 minutes, 52 seconds people leave and on the date of the seven people. I'm so sorry Vishal corrects my eyesight 47:01 47 minutes, 1 second which is so I have a machine in front of me. Uh so seven people left and they on the date of resignation had,212.8 crores. 47:11 47 minutes, 11 seconds Mhm. Without the market movement we have 987 crores with us of the same families whom these seven were managing. So that 47:20 47 minutes, 20 seconds is 987 crores is with us. So 81% retention. So 69% retention went to 81% client retention. Clients in a wealth 47:29 47 minutes, 29 seconds management outfit in my experience leave for two reasons. One is product failures like in ABN amro I sold a cinema fund I 47:36 47 minutes, 36 seconds lost three clients I sold an art fund I sold a wine fund so so selling products sometimes which bomb uh people leaves 47:45 47 minutes, 45 seconds the other is RM attrition RM attrition could create so we have seven but that's not a trend we have some some some of 47:53 47 minutes, 53 seconds them like I told in the previous quarter were cultural misfits we had to let go uh some of them are actual genuine 48:00 48 minutes regret attritions uh And uh uh is it a one-off? I guess it's a one-off, but 81% 48:07 48 minutes, 7 seconds of those clients assets are with us. RM assets are with us without the AUM movement of market. 48:16 48 minutes, 16 seconds Okay. All right. That's that's far more comforting. Thanks. 48:24 48 minutes, 24 seconds Thank you. A reminder to all the participants that you may press star one to ask a question. Next question comes 48:31 48 minutes, 31 seconds from the line of Rajat Patel with Ahan Securities. Please go ahead. Yes, I'm audible. 48:40 48 minutes, 40 seconds Hello. Yes. Yes, you are. Please go ahead. 48:43 48 minutes, 43 seconds Uh yeah, just wanted to ask because Anandra has subscribed to the right issue of KRGs. Can you tell what is the 48:52 48 minutes, 52 seconds ROE and capital adequacy ratio of this NBC? Google sir can answer that seriously. 49:03 49 minutes, 3 seconds I don't have the CNL of Anandra Global Finance uh handy right down. So what I'll suggest is Vishal please uh note 49:11 49 minutes, 11 seconds down his number and the email id and share the same with him. Yeah. Okay. Sure. 49:21 49 minutes, 21 seconds Okay. One one thing I can tell you ARGFL is now uh in terms of Okay. No, let me give a provisional balance sheet per 49:28 49 minutes, 28 seconds member. Done. So, please uh feel free to write to Vishal. 49:34 49 minutes, 34 seconds Yeah, still not finalized the March balance sheet. I'm sure if otherwise you also would have had it on fingertips. 49:41 49 minutes, 41 seconds So, I don't want to shoot jump the gun. Sure. Sure. 49:49 49 minutes, 49 seconds Thank you. Next question comes from the line of Vikas Aurora, an individual investor. Please go ahead. 49:58 49 minutes, 58 seconds Hello. Yes, Vishal sir. 50:02 50 minutes, 2 seconds Sir, I am asking if uh are we looking to open new branches in any particular geography? 50:14 50 minutes, 14 seconds We are looking at opening branches. Yes. 50:17 50 minutes, 17 seconds In fact, again let me tell you Rati G uh has uh very good aspiration of having a greater footprint. If that is our uh 50:26 50 minutes, 26 seconds guru's uh aspiration, should we have more footprint? Yes. Uh where will we open branches? We will not open branches 50:33 50 minutes, 33 seconds on the basis of opportunity only. We will open branches in those places where we have somebody to send back. And I've said this in the previous calls. I'm 50:41 50 minutes, 41 seconds again saying let's assume if I was not the joint CEO, uh uh I could have worked from Mysaw because Myso is where my 50:49 50 minutes, 49 seconds parents live. So if there are people who can go back to their towns and start units there because firos needs to understand anundrati wealth opening an 50:58 50 minutes, 58 seconds office in Mysore I can hire few people from some banks which operate there and start an office we are reluctant to do 51:04 51 minutes, 4 seconds that. So in our 401 uh RMS whoever has the has their aging parents living in a 51:11 51 minutes, 11 seconds city or comes from that city. So I can't tell you which locations of course Rajes Budra sir last time also corrected me saying that these are the other two 51:19 51 minutes, 19 seconds units you open. Uh Raj G have you opened any other units in this quarter? 51:25 51 minutes, 25 seconds No sir this quarter. No we have not last. 51:32 51 minutes, 32 seconds So that's the principle sir Vikas sa that's the principle on which we open as of now there is a there is an office 51:39 51 minutes, 39 seconds potential in most of the tier 2 tier three cities in India getting 40 50 70 HNI who are thinking like you who are 51:46 51 minutes, 46 seconds more mathematical about their money is not very difficult but you need to have somebody who can uh denovo think like 51:53 51 minutes, 53 seconds anandrati wealth of not selling multiple different innovative products which which are making my clients money 52:01 52 minutes, 1 second experimental Sir do we look for a franchise partner 52:07 52 minutes, 7 seconds open on on our own basis if we open a branch always own sir managing culture on a 52:15 52 minutes, 15 seconds franchise basis is uh again something which we very passionately feel about no it'll always at least at this point in 52:22 52 minutes, 22 seconds time as a professional I can say I don't see a franchise model for years if not decades okay sir thank Thank you sir. 52:34 52 minutes, 34 seconds Thank you ladies and gentlemen. That was the last question for today. We have reached the end of question and answer session. I would now like to hand the 52:41 52 minutes, 41 seconds conference over to Mr. Fose for closing comments. 52:53 52 minutes, 53 seconds Mr. Phillips please go ahead. 52:56 52 minutes, 56 seconds Sorry I was on mute unintentionally. Uh thank you uh Renju. Uh I'm very grateful to each one of you to join us 53:03 53 minutes, 3 seconds consistently for the 18 quarters. Uh and I'm very very grateful for the suggestions and the questions which have some learnings for us uh in the process. 53:13 53 minutes, 13 seconds Uh extremely grateful to spend a Friday afternoon with us. Vishal sir Sani is our investor relationship head and 53:20 53 minutes, 20 seconds Rajesh Bhutra is our CFO. He is Rajesh Bhutra. Again whenever I mention Rajesh Bhutra I like to highlight that he's 53:27 53 minutes, 27 seconds finished 24 25 years in the group and that's what uh the kind of understanding he has. So please write to them to uh 53:35 53 minutes, 35 seconds get any questions answered and thank you for all the wishes you gave for the good result and please pray for us so that God is always with us and you thank you. 53:47 53 minutes, 47 seconds Thank you. 53:48 53 minutes, 48 seconds Thank you on behalf of Anandraati Wealth Limited that cruises conference. Thank you for joining us. You may now disconnect out.