National Securities Depository Ltd — Q4 FY26

National Securities Depository Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=olJyciSw1gw Published: 9 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the National Securities Depository Limited Q4 FI26 earnings 0:08 8 seconds conference call hosted by ICA Securities Limited. As a reminder, all participle lines will remain in the listenon mode 0:16 16 seconds as there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please 0:24 24 seconds signal the operator by pressing star then zero on your touchstone telephone. 0:29 29 seconds Please note that this conference is being recorded. 0:33 33 seconds I will now hand the conference over to Mr. Ansuman Dave from ICA Securities Limited for opening remarks. Thank you and over to you. 0:42 42 seconds Uh good morning ladies and gentlemen. On behalf of ICS facilities, we welcome you all to this Q4 and FI26 results 0:49 49 seconds conference call of NBL. Uh we have with us uh the senior management represented by uh Mr. Vijay Chandrop uh managing director and chief executive officer. 0:59 59 seconds Mr. Dig Sha, chief financial officer, Mr. Samir Patil, chief business officer, Mr. uh Kotan Namaran Kakaran, Chief 1:08 1 minute, 8 seconds Technology Officer, Mr. Prasant, Chief Operating Officer, uh Mr. Mr. Samir Gupt MD and CEO NSDL database management Mr. 1:17 1 minute, 17 seconds Abijit Kamalpurka managing director and chief executive officer of NSDL payments bank and Miss Arju Gandalwal investor relations u I now hand over the call to 1:26 1 minute, 26 seconds Mr. Vijay Chandal, MD and CEO. Over to you, sir. 1:30 1 minute, 30 seconds Thank you very much, Anuman. Ladies and gentlemen, a very good morning to all of you and a warm welcome uh to all our 1:37 1 minute, 37 seconds shareholders, investors, analysts uh joining us today for our Q4 uh and FY26 1:45 1 minute, 45 seconds earnings conference call. I truly appreciate the continued trust that now over our 8.9 lakh valued shareholders 1:55 1 minute, 55 seconds have placed with us and I'm uh truly pleased particularly considering that we have a long weekend and some kind of a 2:02 2 minutes, 2 seconds holiday season that u all of you have taken the effort to join this call. Much appreciated 2:10 2 minutes, 10 seconds uh as we close our first full financial year since our listing. So let me begin by giving a little bit of a perspective 2:18 2 minutes, 18 seconds of the environment because I strongly believe that it is important to understand our performance uh in the context of the environment in which we 2:27 2 minutes, 27 seconds operate. Uh the financial markets uh over the year u reflected an evolving interplay to our mind between resilience 2:35 2 minutes, 35 seconds and disruption. The first half was broadly constructive strong domestic consumption and an improving 2:42 2 minutes, 42 seconds macroeconomic backdrop. uh keeping the sentiment somewhat positive, somewhat cautiously optimistic. 2:49 2 minutes, 49 seconds The second half however proved to be considerably more challenging. The West Asia conflict which erupted in quarter 4 2:56 2 minutes, 56 seconds uh has doesn't seem to still have any clear resolution in in ahead of us. Um during quarter 4, the external macro 3:05 3 minutes, 5 seconds pressures intensified particularly towards the end of the quarter with crude prices spiking sharply in March 3:12 3 minutes, 12 seconds 2026 rising uh over 40% on a YI at peak levels while uh there's been depreciation of the rupee quite sharply 3:21 3 minutes, 21 seconds on a YI basis. All this reflecting geopolitical supply disruptions and sustained capital outlaws. 3:29 3 minutes, 29 seconds uh Indian equity uh faced sustained pressure throughout the year actually especially at the end of quarter 4 where 3:37 3 minutes, 37 seconds nifty declined by 11.3% market activity remained subdued through January and February and March decline 3:46 3 minutes, 46 seconds as well driving overall quarter into what one would call some kind of a decisive weakness. 3:54 3 minutes, 54 seconds Uh the defining story of quarter 4 was the divergence between the F fi and the domestic flows. The FBI have been net 4:02 4 minutes, 2 seconds sellers for most of the quarter with March seeing a record monthly outlaw of $12.7 billion. 4:09 4 minutes, 9 seconds Domestic institutional investors however were uh I would say a very decent uh 4:17 4 minutes, 17 seconds stabilizing force. In fact uh the net dii inflows were at 1.4 4 lakh cr in 4:24 4 minutes, 24 seconds March which was the highest ever. SIP flows in March 26 stood that record number 32,000 crores the monthly SIP run 4:33 4 minutes, 33 seconds rate uh this was about 25,900 crores in March 2025 a year ago reflecting um 4:40 4 minutes, 40 seconds resilience of retail participation even during difficult times uh on the investor base new demat account addition 4:48 4 minutes, 48 seconds slowed and slowed considerably uh slowed to about 3.2 2 cr uh in FI26 down 4.1 4:55 4 minutes, 55 seconds crore in FI25 with March 2026 seeing the lowest monthly addition in uh uh nearly 5:02 5 minutes, 2 seconds a year. This moderation uh came um even as the investor ecosystem continued to 5:09 5 minutes, 9 seconds deepen with NC unique uh investors registered investors uh base approaching a 13 cr by March 2026. 5:19 5 minutes, 19 seconds uh the IPO activity remained at record levels during the first nine months. 5:23 5 minutes, 23 seconds Extremely good activity in the current uh quarter, the quarter four was uh somewhat sluggish impacted by 5:29 5 minutes, 29 seconds geopolitical headwinds. Overall uh these trends point to a market that is consolidating and strengthening rather 5:37 5 minutes, 37 seconds than losing depth. Near-term volatility and moderation in incremental activity investor participation is becoming 5:45 5 minutes, 45 seconds broader and more structurally anchored supported by resilient domestic engagement and a shift towards longerterm investments. This evolving uh 5:54 5 minutes, 54 seconds profile provides meaningful headroom for renewed growth as external conditions stabilize and confidence normalizes. 6:01 6 minutes, 1 second With this in context, now let me talk a little bit about uh the performance of NSDL during the quarter and some highlights of the year which spilled 6:08 6 minutes, 8 seconds into uh the quarter and will still be on uh in the future. During the quarter u and over the course of the years as I 6:16 6 minutes, 16 seconds mentioned we had several initiatives. I will highlight some of the key ones. As I mentioned March 2026, we enabled the 6:25 6 minutes, 25 seconds digital submission of form 121 which was aw form 15 G15H. 6:31 6 minutes, 31 seconds This is an uh form that investors file for nil tax declaration easing compliance one-stop shop at the 6:38 6 minutes, 38 seconds depository front uh convenience for the investors ease of business for the investors uh and supporting uh capital markets growth in in the more medium 6:47 6 minutes, 47 seconds term. effective March uh sorry effective April 1, we launched uh a woman BMAT uh 6:54 6 minutes, 54 seconds plan offering a three-year settlement uh waiver to promote greater participation of women in capital markets. Uh earlier 7:02 7 minutes, 2 seconds a few quarters ago uh we had launched the U plan uh similarly with a three-year settlement fee waiver and we 7:11 7 minutes, 11 seconds have now seen the UR plan maintaining strong momentum and today it contributes 21% of incremental demand sourcing. So that has taken good wings. So we do hope 7:19 7 minutes, 19 seconds that the women's plan will also take good wings over the quarters ahead. In uh October 2025, we uh had launched the 7:27 7 minutes, 27 seconds revamped digital portal for FBI uh and FVCI simplifying onboarding and improving turnaround times for foreign 7:35 7 minutes, 35 seconds investors and I think that is something which is gaining traction and we we do expect that to continue to consolidate our position in the FPI market. 7:45 7 minutes, 45 seconds Uh [clears throat] NSDL continue to advance its digital transformation initiatives during the quarter uh including digital onboarding uh API 7:54 7 minutes, 54 seconds enhancement and enhancing customerf facing services. Uh everything to do with customer experience is uh being 8:02 8 minutes, 2 seconds attended to get scaled up uh with uh I would say constructive and positive results visible to us. uh during the 8:09 8 minutes, 9 seconds quarter uh the API interoperability was expanded with peering corporations and bond platforms and uh earlier over the 8:18 8 minutes, 18 seconds few quarters uh implementations such as direct payouts, common contract notes, margin pledges were completed. Uh all 8:25 8 minutes, 25 seconds this is strengthening uh operational consistency, investor protection and it's certainly helping us scale up our 8:32 8 minutes, 32 seconds business growth and uh uh revenue numbers. Um in fact at present we have more than 40 APIs launched uh which is 8:41 8 minutes, 41 seconds perhaps ahead of everyone uh in our competing market space. Uh system resilience and scalability were further 8:48 8 minutes, 48 seconds strengthened uh further enhanced through upgrades in the core system. Uh the infrastructure capacity was enhanced. Uh 8:56 8 minutes, 56 seconds observability and cyber security stance was significantly uh scaled up during the year. Um 9:04 9 minutes, 4 seconds further um NSDL consolidated its investor awareness program because we believe investor and and informed investor will really help the capital 9:12 9 minutes, 12 seconds markets in the more medium term. This is across online, offline and hybrid forms uh of communication and training to 9:21 9 minutes, 21 seconds them. Uh across corporates, across defense, across educational institution, women focused forums so that we are able 9:29 9 minutes, 29 seconds to cover a diverse set of customers across the length and breadth of the country. uh NSDL conducted in the whole 9:36 9 minutes, 36 seconds fiscal about 2,700 programs reaching 1.7 lakh almost participants across 37 sorry 9:45 9 minutes, 45 seconds 34 uh states and union territories in 16 uh local languages during the quarter the total number of demand accounts for 9:53 9 minutes, 53 seconds NSDL reached 4.44 44 crores. Uh we also reached 311 DPS. Uh during the year we added 21 DPS which is a record for us. 10:04 10 minutes, 4 seconds Uh and uh these 20 these 311 DPS provide service through 57,000 plus service centers and branches in more than 2,000 10:13 10 minutes, 13 seconds cities and small towns. Uh at present we hold about 86% of the total value of custody managing about roughly 477.29 10:23 10 minutes, 23 seconds 29 lakh cr of securities which is approximately5 trillion US uh and which is close to 80% of the 10:31 10 minutes, 31 seconds equity market share. Our incremental market share in net demat account addition improved in FI26 and uh reached 10:39 10 minutes, 39 seconds at 15.4 for the full year uh compared to much lower level that was there last year. This improvement uh reflects a 10:48 10 minutes, 48 seconds strong pickup in account additions uh which came in at about 49.4 lakh 10:54 10 minutes, 54 seconds accounts in FI26 compared to 36 8 lakh in FI25 and I'm sure all of you appreciate that the number of accounts 11:03 11 minutes, 3 seconds sourced in FI26 was far lower for the industry compared to account source. So in such a m such a context we have actually seen uh a clear divergence. 11:14 11 minutes, 14 seconds We've grown even compared to our last year in absolute number of accounts sourced. This was thanks to our digitization efforts uh thanks to our 11:22 11 minutes, 22 seconds ability to onboard some new fintexs and the you know some impact of the 21 DPS that got added during the year. Only 11:30 11 minutes, 30 seconds partial impact is visible on a quarterly basis. uh the momentum strengthened with incremental market share uh on quarter 4 11:40 11 minutes, 40 seconds coming in at about 14%, it was higher compared to a quarter 4 of last year which was at 9.6 six but it was 11:46 11 minutes, 46 seconds marginally lower uh compared to the previous sequential quarter which was at about 14.5 11:53 11 minutes, 53 seconds and this is attributed to a specific large IPO that happened during this quarter and we find that whenever a specific episodic large IPO happens uh 12:03 12 minutes, 3 seconds it tends to benefit uh competition more than ours. Uh the second uh uh aspect during this quarter that has to be kept 12:11 12 minutes, 11 seconds in mind that many of our large DPS are bank based DPS. The bank-based DPS tend to be very very careful about uh not 12:19 12 minutes, 19 seconds working with inoperative and dormant accounts. So there's a tendency during the quarter which ends the year to close 12:26 12 minutes, 26 seconds such accounts. So u on a net basis you would have seen that little bit of a reduction in market share. We believe it is episodic. uh otherwise the undertone is remains u constructive and positive. 12:39 12 minutes, 39 seconds uh and when we measure ourselves on gross basis uh actually we are holding market share well uh it is a net basis where there has been a little bit of a 12:47 12 minutes, 47 seconds uh marginal decline in quarter 4 on a sequential basis although yi it is clearly up u as we continue to expand 12:56 12 minutes, 56 seconds our issuer base we have now crossed uh one lakh 10,000 issuers our e voting platform has helped many leading 13:05 13 minutes, 5 seconds companies to offer e voting services and um with 5,287 13:12 13 minutes, 12 seconds evoting events conducted during the year uh which is significantly higher compared to what we did last year. Uh there's also been gain in market share 13:20 13 minutes, 20 seconds on that front. I'll now take you through very briefly the key financials which is already available on our website and I'm sure all of you have already produced 13:28 13 minutes, 28 seconds through it. Uh I would um uh like to just mention and highlight that NSDL's performance is best assessed assessed on 13:36 13 minutes, 36 seconds a YI basis given the seasonality and inherent nature of our business because some of the businesses uh like evoting 13:43 13 minutes, 43 seconds and dividend income from subsidiaries happen in specific quarters and accordingly I will focus uh on the 13:50 13 minutes, 50 seconds quarter and uh give you a brief update on a Y basis. On quarter four, total income came in at about um 195.4 cr. I'm talking standalone now. 14:02 14 minutes, 2 seconds Compared to 191.9 cr, which is up by little about a little under 2%, PAT came in at about 79.7 14:11 14 minutes, 11 seconds crared to 75.8 cr last year, which is up by about 5%. For the full year, PAT stood at about 360 cr on a standalone 14:19 14 minutes, 19 seconds basis compared to 321 uh which is up by about 12.1%. 14:24 14 minutes, 24 seconds On a consolidated basis, the total income stood at about 486.8 cr compared to 393.8 14:32 14 minutes, 32 seconds cr which is up by about 23.6% on a y basis. Pat stood at about 90.3 crores 14:39 14 minutes, 39 seconds compared to 83.3 crores up by about 8.4%. This is console number. Um for 14:45 14 minutes, 45 seconds quarter 4 uh on um um the PAT for the full year as you all would have seen has 14:53 14 minutes, 53 seconds come in at about 380 cr compared to about 343 cr last year which is up by about 10.8% on a Y basis. I'll talk a 15:01 15 minutes, 1 second little bit about our subsidiaries because there have been some interesting developments. Um um we have our two subsidiaries which is the payments bank 15:08 15 minutes, 8 seconds and the NSDL database management. The bank continues, the payments bank continues to gain traction in digital payments ecosystem. It is currently 15:17 15 minutes, 17 seconds amongst the top 33 banks on UPI. Uh UPI acquiring volumes have grown 6x over the past years driven by multiple tie-ups. 15:25 15 minutes, 25 seconds As at March 2026, the bank is now ranked seventh as a pay PSP app. This is amongst the top 15 banks in the 15:34 15 minutes, 34 seconds ecosystem. As at March 2026, deposit balances and we are very happy about this has now crossed 500 crores coming 15:40 15 minutes, 40 seconds in at about 521 crores with over 4 million customers. We have four 43.5 lakh customers to be precise. 15:50 15 minutes, 50 seconds Additionally, uh as far as NDML is concerned, it recorded strong momentum uh adding about 33.5 lakh insurance policies over the year. 16:00 16 minutes The uh SEC pricing uh got revised in the month of February and this is expected 16:07 16 minutes, 7 seconds to support and provide momentum to the operational performance uh and business as we enter the current the new uh financial year. 16:17 16 minutes, 17 seconds I would also like to highlight an important development that happened in NDML uh which has just been announced uh 16:25 16 minutes, 25 seconds uh the de merger of our insurance repository business into a new company which is in accordance with uh Irid's directions. 16:35 16 minutes, 35 seconds So the process has been kicked off. We continue to invest strategically in people in technology and the benefits of 16:43 16 minutes, 43 seconds these investments to some extent is already visible in form of improved customer experience in form of record DP 16:51 16 minutes, 51 seconds onboarding this year [clears throat] and we do believe that as these initiatives scale up operating leverage which we 16:58 16 minutes, 58 seconds have spoken to all of you in the past which is inherent in the business model of our company will increasingly um will kick in and will increasingly 17:07 17 minutes, 7 seconds strengthen our business model and uh financial outcomes. Uh so with these few um comments I would uh now hand the call 17:15 17 minutes, 15 seconds over to Jigar, our CFO to take you with a little more detailed analysis of the financial outcomes. 17:22 17 minutes, 22 seconds Jigar over to you. 17:25 17 minutes, 25 seconds Good morning everyone and a very warm welcome. Uh thank you Vijay. Uh let me now take you through our very first 17:32 17 minutes, 32 seconds standalone and consolidated financial highlights for the quarter in financial year 31st March 2016 after our public listing that happened in August 2026. 17:41 17 minutes, 41 seconds Uh beginning with I'll take you through the standalone highlights uh on the for the quarter revenue from operations for 17:47 17 minutes, 47 seconds the quarter 4 fi26 stood at 170.6 cr a growth of 2.4% 4% on year-on-year basis 17:54 17 minutes, 54 seconds and sequentially by 1% driven by capital market activity subdued capital market activity in quarter 4 FI26. 18:02 18 minutes, 2 seconds Total income we have registered a growth of 1.8% year-on-year from 191.9 cr in quarter 4 FI25 to 195.4 cr in quarter 4 FI26. 18:14 18 minutes, 14 seconds A bit margin for the current quarter stood at 57.2%. 18:18 18 minutes, 18 seconds A bita for the quarter 4 fi 26 stands at 111.8 8 crores. Net profit after tax for quarter 4 FI26 grew by 5.2% on 18:27 18 minutes, 27 seconds year-on-year basis to 79.7 cr. Our BAT margin for the quarter stands at 40.8 18:34 18 minutes, 34 seconds cr. Um I'll take you now through the fullear uh financials for profitability revenue from operations for the full 18:42 18 minutes, 42 seconds year stood at 704.7 cr a growth of 13.9% on year-on-year basis. Notably I want to 18:50 18 minutes, 50 seconds highlight one point with regards to recurring revenue. This constituted about 50% of our total revenue from operations in the current financial year that is FI26. 19:00 19 minutes Total income we have registered a growth of 14.2% on year-on-year basis. Uh up from 731.4 19:07 19 minutes, 7 seconds cr in FI25 to 835.1 cr. In FI26A margin for the current year for a full year stands at 60.8%. 19:16 19 minutes, 16 seconds Ariita for FI26 stands at 58 cr. Net profit after tax for FI26 grew by 14 uh 19:24 19 minutes, 24 seconds 12.1% on year-on-year basis to 360.6 cr and our PAT margins for fular basis stands at 43.2% for the current 19:32 19 minutes, 32 seconds financial year. As far as the expenses and the capitalization is concerned, I want to make one uh highlight uh with 19:40 19 minutes, 40 seconds regards to the technology front as V which I mentioned we continue to invest uh strategically in you know manpower and technology during the current 19:46 19 minutes, 46 seconds financial year we have capitalized 106.1 cr during FI26 and the technology spent in the current year has gone up to 91.4 19:54 19 minutes, 54 seconds 4 NSD standalone profit forms now about 90% of the total consolidated profit. So that is uh because subsidies have 20:03 20 minutes, 3 seconds started contributing higher in terms of profitability compared to the last year. 20:06 20 minutes, 6 seconds This has gone from 95 to 90%. That's one important highlight with regards to the consolidated I begin with the highlights 20:13 20 minutes, 13 seconds on the consolidated accounts for the quarter. uh revenue from operations for quarter 4 FI26 stood at 458.3 cr a 20:21 20 minutes, 21 seconds growth of 26% on a year-on-year basis and sequentially by 23.4%. 20:26 20 minutes, 26 seconds Total income we have registered a growth of 23.6% yearon year from 393.8 cr in quarter 4 fi25 to 486.8 cr in quarter 4 fi26. 20:39 20 minutes, 39 seconds Our net profit after tax for quarter 4 fi26 rupee 8.4% 4% on year-on-year basis to 90.3 cr and our PAT margin on a 20:47 20 minutes, 47 seconds quarterly basis as far as consolidated accounts are concerned stands at 18.3%. 20:52 20 minutes, 52 seconds With regards to full year our revenue from operations stood at 1530 cr a growth of 7.7% on year basis. Our total 21:00 21 minutes income we have registered a growth of 8.1% on year-on-year basis from 1535.2 cr in FI25 to 1660 crores in FI26. 21:11 21 minutes, 11 seconds Our net profit after tax grew by 10.8% on year-on-year basis to 380 cr and our PAT margins on consolidated basis stand at 22.9% for the current financial year. 21:22 21 minutes, 22 seconds That concludes uh the overall financial highlights uh from my side and thank you again for joining us and I'll now open up the floor for any questions uh to take this session forward. Thank you. 21:35 21 minutes, 35 seconds Thank you ladies and gentlemen. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their 21:44 21 minutes, 44 seconds touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants 21:51 21 minutes, 51 seconds are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question cube assembles. 22:01 22 minutes, 1 second We take the first question from the line of Amit Chandra from HDFC Securities. Please go ahead. 22:09 22 minutes, 9 seconds Yes sir. Thanks for the opportunity. So my first question is uh uh know for the full year FA 26 and also for the quarter 22:17 22 minutes, 17 seconds uh we are seeing that the annual custody fees has seen a very phenomenal growth. 22:20 22 minutes, 20 seconds So this has been you know partly know because of uh the unlisted uh you know for the full year but it it has like tapered down in the last two quarters. 22:31 22 minutes, 31 seconds So uh how do you see this annual custody fees uh growth for the next year? I know especially from the uh perspective that 22:39 22 minutes, 39 seconds quarter one we have a reset in terms of the you know total number of um you know 22:45 22 minutes, 45 seconds uh uh folios that you know is is uh know being reset. So how do you see that folio number for the next year and also 22:53 22 minutes, 53 seconds from the pricing perspective obviously because we are spending on technology and we have mentioned earlier that know we have uh no case with the regulator 23:01 23 minutes, 1 second for an increase in the uh annual issuer fees. So any update on that? 23:07 23 minutes, 7 seconds Yeah. Uh so I can come to the second one first and then maybe you can talk about the first one. Uh well uh you know 23:15 23 minutes, 15 seconds conversations with regulator tends to be you know bilateral. Uh so uh when anything happens we will let you know u 23:23 23 minutes, 23 seconds has happened on that front. Uh custody fee uh growth that we've seen in um you know the outlook u to a to a large 23:31 23 minutes, 31 seconds extent is a rightly as pointed out by you is a reflection of uh the way in which the unlisted company u uh grew 23:39 23 minutes, 39 seconds during first half of the year and then there was uh uh you know relative slowdown on that particular front which is reflected in the in the custody fee. 23:49 23 minutes, 49 seconds uh I I would believe that the future would uh again you know most of this growth tends to be fairly secular and linked with the account sourcing that 23:57 23 minutes, 57 seconds happens over period of time. Uh as we've uh already mentioned to you the account sourcing u is u dependent on two 24:07 24 minutes, 7 seconds factors. One is our ability to give a smooth experience good customer experience to our customers and also 24:14 24 minutes, 14 seconds onboard as many new accounts DP accounts as possible. 24:18 24 minutes, 18 seconds uh particularly high growth potential uh DPS and u dislocate some DPS from competition if 24:26 24 minutes, 26 seconds it is possible. uh so our efforts on that direction has been very very I would say um focused and I'm happy to 24:35 24 minutes, 35 seconds also tell you that uh there has been progress because we have dislocated on moved on all fronts we have digitized 24:42 24 minutes, 42 seconds our existing uh uh experiences improved experiences and actually in a declining market our old most of our old 24:50 24 minutes, 50 seconds particularly the bank-based pack has shown actually a growth in number of DPS in a declining market uh growth in number of demat accounts sorry in a 24:58 24 minutes, 58 seconds declining market. Uh also we've been able to add some uh fintech brokers. Uh only one of those few fintech brokers 25:07 25 minutes, 7 seconds we've added during the year numbers are visible in quarter 4. Uh the others are still uh getting integrated and will start scaling up early days of scale up. 25:16 25 minutes, 16 seconds One just started in the last bit of quarter uh four. So the numbers are not really visible there. So as these 25:23 25 minutes, 23 seconds numbers come in and kick in uh and you know we do believe that the custody fee will be a reflection of that. So 25:31 25 minutes, 31 seconds efforts on that direction which is on our control is very very focused and very very intense. Uh what is not in our 25:38 25 minutes, 38 seconds focus or rather not in our control is how the market behaves in the uncertaintity in the market and customer behavior as a result of that you know that is a little bit out of our control. 25:48 25 minutes, 48 seconds Uh so custody fee to aspects that are under our control is in full I would say intense focus and attention. Uh and um 25:57 25 minutes, 57 seconds aspects which are outside our control is something that we will only we can only do things like investor training and stuff to try and uh get you know 26:06 26 minutes, 6 seconds investors confidence built or give them a robust environment and get confidence built which our efforts will be on. So I 26:12 26 minutes, 12 seconds would say CDP difficult to predict the direction but past trend shows secular growth. 26:20 26 minutes, 20 seconds Okay. 26:22 26 minutes, 22 seconds And so on the incremental share obviously you know we have been there at around 15% 14 and a half to 15%. And you 26:31 26 minutes, 31 seconds said that you have added know some of the the DPS also. But are we seeing some incremental uh account additions from the like new DPS that uh we have added 26:41 26 minutes, 41 seconds or still the addition is coming from the old banking channel and uh in terms of incremental uh know what is the 26:48 26 minutes, 48 seconds contribution from these new DPS and uh know whether we are we are still to see the benefit of that uh know coming in the numbers and because we are not 26:57 26 minutes, 57 seconds present in 70% of the market. So any any like merge process that we have done there that would be helpful. 27:04 27 minutes, 4 seconds Yeah. So actually um some number scale up is already visible. Uh without naming 27:10 27 minutes, 10 seconds the DP but I can tell you the DP pack uh last year gave 70,000 this year gave 700,000. So there's been a 10x scale up 27:18 27 minutes, 18 seconds from this segment. Uh we are quite hopeful that the scale up from 7 700,000 27:24 27 minutes, 24 seconds accounts will go up more. Uh so um uh clearly fintech brokers which otherwise 27:32 27 minutes, 32 seconds were historically not coming to us have started coming to us uh visible. Uh one specific broker which was attached with 27:39 27 minutes, 39 seconds competition has completely stopped and moved to us. It's a fintech u player again a very very large group um Pune 27:49 27 minutes, 49 seconds based so they've started their numbers have uh scaled up uh they have already 27:55 27 minutes, 55 seconds crossed uh I would say a very good run rate and uh their projections are even more promising for the coming year. So 28:04 28 minutes, 4 seconds that number should start coming. Some of the other large guys are expected to start only during this year. one large 28:12 28 minutes, 12 seconds DP has just started in the last few days of um quarter four. So their numbers 28:20 28 minutes, 20 seconds will start getting visible only uh in the coming year. Uh so uh I I think um some numbers are already visible but uh I would say more to come in future. 28:32 28 minutes, 32 seconds Okay. And my last question is on the on the on the cost part. Obviously you have mentioned earlier also that you know you'll be spending on technology and 28:39 28 minutes, 39 seconds also the employee cost has been on Yi based working for the full year has been know up. So where we are in terms of the you know investment journey. So to 28:49 28 minutes, 49 seconds understand better that how do how to see the expenses planning out for the next year is it also from the point of view 28:56 28 minutes, 56 seconds of the you know the technology expenses where we are in the journey of revamping our technology because that is the main core of uh our offerings because 29:04 29 minutes, 4 seconds employee and technology is the only two I know the main pillars of the business. 29:09 29 minutes, 9 seconds So where we are in terms of the I know tech revamp scale and uh whether for this year also we are going to see a similar rise in the technology cost. 29:18 29 minutes, 18 seconds Yeah. No I think great question and rightly put across and our rules our thoughts completely resonate with your 29:26 29 minutes, 26 seconds uh you know process of thinking. So you know one thing I will highlight as I talk about technology cost and people 29:33 29 minutes, 33 seconds cost. uh we are very confident that this is an operating leverage business and if you do not invest in technology and 29:40 29 minutes, 40 seconds people uh I think we will be left behind underinvestments in the past uh is something that we needed to correct we mentioned that and we started the 29:48 29 minutes, 48 seconds journey last year uh we when we started the technology spend journey we said that there it's going to be maybe two to three years kind of an affair maybe two 29:56 29 minutes, 56 seconds and a half years affair one year clearly is behind us uh second year is underway last year spends visible in the P&L and 30:05 30 minutes, 5 seconds balance sheet. You can see it. We believe this year is also going to be a very similar number as far as tech capex 30:12 30 minutes, 12 seconds is and opex is concerned. Uh broadly similar there could be some marginal increase in our tech opex but capex is 30:20 30 minutes, 20 seconds going to be very similar which means that uh this is last year and this year together is our peak year. The next year will definitely we expect a decline to 30:28 30 minutes, 28 seconds happen in terms of capex because we would have completed our entire uh you know capex spend story. As far as manpower is concerned last year was the 30:36 30 minutes, 36 seconds peak editions. This year there is going to be a much much lower edition. In fact we will start the process of now uh 30:43 30 minutes, 43 seconds expecting productivity coming in. Uh we also will start from people because they would be a little more experienced and trained in the system. So definitely 30:51 30 minutes, 51 seconds this is a period of uh now asking back from the employees. This is also a period of expecting returns coming because of automation efforts some of 30:59 30 minutes, 59 seconds which which has started off and but a lot of it automation has happened this year. So uh I think the process of tightening the employee uh band uh is 31:09 31 minutes, 9 seconds going to start from this year. In fact I would say the month of April we've already started that exercise. So 31:16 31 minutes, 16 seconds technology one more year. people cost. I think uh we have done a substantial part. Now the process is to expect uh 31:24 31 minutes, 24 seconds returns. Uh so there could be one year more of elevated technology and uh people cost which is the current year. 31:34 31 minutes, 34 seconds Uh thereafter we expect plateauing. Okay. Okay. 31:39 31 minutes, 39 seconds Just to add a just to add the original question that you asked regarding the the the the custody part. So just to add 31:47 31 minutes, 47 seconds you know as as Vijay mentioned you know there has been a change in definition in the third quarter as well. So you know there is going to be a moderation with 31:55 31 minutes, 55 seconds regards to the unlisted space. So if I have to give you an example uh you know the the the opening of unlisted which used to be typically in the range of 4,000 companies we've started adding 32:03 32 minutes, 3 seconds 2,000 companies. So there is some amount of you know change with regards to the kind of unlisted space we were in. So there is some moderation there. And with 32:12 32 minutes, 12 seconds regards to the overall folio, the exit folio has gone up by about 15 16%, uh the exit number is about 14 cr folio we 32:19 32 minutes, 19 seconds have. So that's where we are with regards to the custody space. So that will give you know some sort of color in terms of where we are. 32:29 32 minutes, 29 seconds Okay sir. Thank you and all the best. Thank you. Thank you. Thank you. 32:33 32 minutes, 33 seconds Thank you. We take the next question from the line of Pesh Chen from Modilos Financial Services Limited. Please go ahead. 32:42 32 minutes, 42 seconds Uh yeah. Hi, good morning everyone. Uh so just firstly on uh you know the banking services revenue right? Uh we've seen a very sharp sequential increase. 32:53 32 minutes, 53 seconds Uh uh what is that attributed to? 32:58 32 minutes, 58 seconds Yeah. Uh so two um factors that have really helped um on our banking side. 33:04 33 minutes, 4 seconds The one being a very very clear persistent attention on quality account 33:11 33 minutes, 11 seconds sourcing and that's something that I probably mentioned to you even a year ago that we will focus on account sourcing and I think that persistent 33:20 33 minutes, 20 seconds effort on ensuring that we get quality customers meaning customers who provide who are providing float uh really helped you would have noticed 33:28 33 minutes, 28 seconds that our float has increased quite substantially the kasa float so that has crossed 500 33:34 33 minutes, 34 seconds crores now uh and obviously kasa float gives we believe sustainable revenue uh input we've also introduced certain 33:43 33 minutes, 43 seconds types of transaction charges for our customers which has now crossed 43 lakh so so that has also kicked in and finally I would say uh uh payments 33:51 33 minutes, 51 seconds digital payments uh particularly up acquisition is a business that we've added with expanded partners uh that has 33:57 33 minutes, 57 seconds started giving fees so uh I think um um these have been the factor which has 34:04 34 minutes, 4 seconds really helped. What we sort of do hope as we move forward is to u you know hope 34:12 34 minutes, 12 seconds that the regulations do not come and uh change uh force us to change any aspects of our business. Uh so we continue to 34:19 34 minutes, 19 seconds trade very carefully uh focus on quality, focus on risks and uh gradually and surely grow the you know digital uh 34:29 34 minutes, 29 seconds bank uh business. Uh so that's how we are looking at our bank business. So you 34:36 34 minutes, 36 seconds rightly pointed out I think it's been a big scale up in profit this year. So it's gone up. Yeah. 34:42 34 minutes, 42 seconds Substantial right. Is there any change in reporting because it appears very you know like from from the from a operating 34:49 34 minutes, 49 seconds statistics perspective whatever you share in the uh in the PPT I don't see any major and a sharp recover sharp 34:57 34 minutes, 57 seconds increase in Q but we've seen a very sharp Q on Q increase almost like a 40 50% increase 35:04 35 minutes, 4 seconds in the revenues so is there some restatement here no so I I'll I'll help you uh there is there is no restatement in the quarter 35:13 35 minutes, 13 seconds three to quarter four If you're looking at those numbers largely couple of business is within the uh payments bank you know they have a transaction banking 35:20 35 minutes, 20 seconds model. So some of these business did a large throughput during that and as you know you know the payment bank has a a big revenue with when it talks about the 35:28 35 minutes, 28 seconds gross level of accounting that is done because from the gross revenue there is a expense that also gets built in. So that's why we always uh you know request 35:36 35 minutes, 36 seconds that you look at the number from the results perspective rather than the revenue perspective and that's where some of the uptick has happened in the throughput of some of these businesses. 35:45 35 minutes, 45 seconds Got that. Uh and you know like you were mentioning about uh your incremental account incremental market share in terms of demand accounts uh you know 35:54 35 minutes, 54 seconds coming in from some of the fintech brokers but you know we still lagging behind the uh our overall market share. 36:02 36 minutes, 2 seconds So in a way we still kind of a bit of losing market share even if I look at on a gross basis it's like about 16 17% 36:10 36 minutes, 10 seconds that you what what you've mentioned in the presentation. Uh so you still like of running behind what our overall demand account market share is. You did 36:18 36 minutes, 18 seconds mention about you know some fintech players that you've got got attached with some where you have some exclusive 36:26 36 minutes, 26 seconds relationships. Um so a two-part question there. One is you know what's uh getting 36:32 36 minutes, 32 seconds you into this uh into these companies now which you weren't earlier being able to get into and second you know there 36:40 36 minutes, 40 seconds are some large uh large large companies coming on board coming into the broking 36:48 36 minutes, 48 seconds businesses right and so how do you see them kind of selecting the depository 36:54 36 minutes, 54 seconds participants between the two between the two industry participants and where do we stand in terms of uh getting some uh 37:02 37 minutes, 2 seconds getting some inroads into that because I think that would be a big one if we if we are we get exclusive into any of those. Yeah, those is my question. 37:10 37 minutes, 10 seconds Thanks. 37:11 37 minutes, 11 seconds Yeah. Yeah. So, uh first and foremost you know about a year and a half ago when we went into the market uh there 37:18 37 minutes, 18 seconds was lot of adverse word of mouth right the word of mouth was uh uh you know not favorable in our towards us. We had to 37:27 37 minutes, 27 seconds really uh work with a lot of industry players uh talk to them about our initially we had to talk to them about 37:34 37 minutes, 34 seconds our plans. We also had to hear their pain points um and uh commit to them that you know this is the track we are going to take. 37:45 37 minutes, 45 seconds Um we worked with back office vendors. 37:50 37 minutes, 50 seconds We conducted a number of workshops with DPS with u one-on-one uh in groups u uh 38:00 38 minutes city by city uh all uh back office vendors uh you know we spent time understanding their pain points 38:08 38 minutes, 8 seconds understanding what is uh you know required for us to differentiate and we came out with a clear u list of things 38:18 38 minutes, 18 seconds that they were expecting Systemically we have been quarteron quarter delivering those as I mentioned in my commentary we 38:26 38 minutes, 26 seconds have now 40 plus uh APIs which I believe is ahead of uh what competition offers 38:32 38 minutes, 32 seconds which is really helping ease uh you know a lot of experience in a positive way and it is also giving real time uh 38:41 38 minutes, 41 seconds ability for u upload of information and getting a reverse feed which improves customer experience and also helps uh 38:50 38 minutes, 50 seconds the DPS manage their cost because early pays etc uh today are you know getting done you know very smoothly so I would 38:59 38 minutes, 59 seconds say that in turn gives you a positive word of mouth that spreads to the other brokers so I think it's a combination of all this which has really started 39:07 39 minutes, 7 seconds helping us uh most of the new DPS that have come to us are fintech DPS now so I 39:14 39 minutes, 14 seconds think that initial resistance that I had we had rather NSDL had uh of bad word of 39:21 39 minutes, 21 seconds mouth is very certainly and gradually uh fading uh out in the market. Um so uh I 39:29 39 minutes, 29 seconds believe it's a combination of focus on technology, meeting customers, hearing their pain points, addressing their uh you know digital expectations 39:38 39 minutes, 38 seconds uh on a persistent basis and a committed basis and being there for them um reachable, accessible. I think Samir and 39:46 39 minutes, 46 seconds his team have been fully at it. Uh doing several workshops, several sessions one after the other. Uh acknowledging if 39:53 39 minutes, 53 seconds there are problems uh accepting it and addressing them. 40:06 40 minutes, 6 seconds Yeah. Uh does that answer all your questions? 40:15 40 minutes, 15 seconds Has he dropped out or also he is showing connected. Uh but since reconnect I'll reconnect. There's some problems from my side. I'll reconnect. 40:24 40 minutes, 24 seconds All right. Okay. I I wonder if he heard it. Yeah. Okay. 40:28 40 minutes, 28 seconds We take the next question from the line of Ravi Kumar who is an individual investor. Please go ahead. 40:35 40 minutes, 35 seconds Good morning everyone sir. My question is our intangible asset is double on Y on Y basis and our intangible asset and 40:42 40 minutes, 42 seconds the development is a double on Y on Y basis. So I want to know what are we doing related to intangible asset which 40:50 40 minutes, 50 seconds show that much growth in intangible assets. 40:53 40 minutes, 53 seconds Yeah sorry uh um we had some uh you know some some iPhone alerts which is going on. Uh 41:01 41 minutes, 1 second can you just repeat the question because there's certain alert that came on everyone's mobile. Can you just uh repeat the question please? 41:06 41 minutes, 6 seconds I think this is a national uh drill which is going on. 41:10 41 minutes, 10 seconds National drill. Correct. Correct. I just uh sorry. Yeah. Please repeat your question. 41:16 41 minutes, 16 seconds Yes sir. Our intangible asset double on Y on Y basis and intangible asset under development is also double on Y on Y 41:23 41 minutes, 23 seconds basis. So I want to know what we are doing related to intangible asset which saw that much growth. 41:29 41 minutes, 29 seconds Yeah. So uh so as as Vijay mentioned earlier you know we are focusing on uh you know our focus area is the technology and we have spent about 106 41:37 41 minutes, 37 seconds crores this year. Now the 106 crore has two splits. one is the infrastructure which is like uh making the capacity more resilient and capacity augmentation 41:46 41 minutes, 46 seconds part and the second part which Vijay mentioned earlier in our conversation is the uh making the journey for DPS more seamless and ensuring the integration is 41:54 41 minutes, 54 seconds better and that's where we are spending a lot on the uh licenses getting the software the application up and running to ensure that uh you know when we 42:02 42 minutes, 2 seconds partner with any of these DPS this is much more seamless so that's where you see the intangible assets coming in in terms of licenses and application cost 42:09 42 minutes, 9 seconds the third area where we are spending is with regards to the cyber security. Uh recently there was a semicircular which also mentioned that we need to have a clean air gap you know between the DC 42:18 42 minutes, 18 seconds and DR we need to have one more layer of security and again there is lot of spending that that happens there with regards to hardware as well as the 42:25 42 minutes, 25 seconds licenses requirements. So that's where we are spending and that's where you see there is an increase in the intangible you know assets for us. 42:34 42 minutes, 34 seconds Okay sir. Sir sir my next question is are we right of 20 kores of bad debt in FI26? 42:42 42 minutes, 42 seconds Yeah yeah so this is with regards to the internal policy that we have anything that is about 3 years we identify some of these uh you know receivables and as 42:51 42 minutes, 51 seconds sort of routine exercise we we write it off. Uh however the right to recover continues to be with the company and we make efforts to ensure if there is any 43:00 43 minutes recovery we'll continue to report in our accounts. 43:04 43 minutes, 4 seconds So sir what are the reasons for that bad debt and we also make provision of 50 crores. So what are the reason for bad 43:11 43 minutes, 11 seconds that bad debts or how much bad debts we see in an upcoming future. 43:17 43 minutes, 17 seconds No. So bad debts if you see uh this is a policy uh so we have an u you know expected loss recognition policy under which the relevant provisions are made. 43:26 43 minutes, 26 seconds Uh the provision that you're talking about 50 cr with regards to the general provisioning. So that are different from the bad debts. So bad's provisioning uh 43:33 43 minutes, 33 seconds has happened about 7 crores during the year and as you rightly mentioned of 20 crores have been written off which was already provided in the past. 43:43 43 minutes, 43 seconds Okay sir my last question is like you mentioned earlier like a broker move 43:50 43 minutes, 50 seconds from CDSL to NSDL in this year. So is they like when are depository participant move to from CDSL to NSDL is 43:58 43 minutes, 58 seconds they face any problem restriction like they can move whenever they want. 44:05 44 minutes, 5 seconds Yeah. So broker Yeah. Go ahead which Jigar please go ahead. Yeah. So it's a seamless transition. 44:13 44 minutes, 13 seconds It's it's not there is any teething issue. It's it's the broker can be with with any of the depositories. So it's a normal action and we have lot of brokers 44:21 44 minutes, 21 seconds which actually deal with both the depositories as well. Okay. Thank you sir. Thank you. 44:28 44 minutes, 28 seconds One point I would like to make what with regards to P's question um if there is an opportunity P is there on the call. 44:34 44 minutes, 34 seconds Uh last year with regards to you know the kind of brokers that were registered you know all new age brokers which are registered were onboarded as DPS with 44:42 44 minutes, 42 seconds NSDL. one important point and that's where you see the shift of adding 21 DPS in the last financial year. 44:51 44 minutes, 51 seconds Thank you. We take the next question from the line of Sankit Gora from Aendes Park. Please go ahead. 44:58 44 minutes, 58 seconds Uh yeah. Uh thank you. Thank you for the opportunity. Uh sir, my first question is that our our pledge income hardly grew year on year 52 crores to 55 odd 45:07 45 minutes, 7 seconds crores. 53 crores to 55 odd crores uh in the year. uh but but if I look at margin rate funding book it has grown by almost 45:14 45 minutes, 14 seconds 68 70%age for the entire year. So so I just wanted to understand um uh there is any correlation between these two line 45:21 45 minutes, 21 seconds items or or is it that the margin funding book incrementally seems to be grown by the brokers who are associated 45:28 45 minutes, 28 seconds with CDSL and that's why we don't see a commensurate growth in the revenue. uh just just a clarification on the part sir. 45:38 45 minutes, 38 seconds Yeah. So uh the difference is that you know the the margin pledge for us is a steady business for us has been growing at about 5 to 7%. And with the recent 45:47 45 minutes, 47 seconds focus that has happened at the MTF what we have seen is that from the value terms there is a large uh you know MTF book that is getting built but in terms 45:54 45 minutes, 54 seconds of transaction count this has remained a steady state and our revenue model is on transaction count rather than you know the ad valorum and that's where you see 46:03 46 minutes, 3 seconds you know the uptick is you know in a steady state 5 to 7% growth while the in in terms of value this might have grown. 46:13 46 minutes, 13 seconds Understood. Unders. So but but at the industry level you you don't see that there has been significant increase in the transaction level but it was more due to ticket size going up in margin 46:22 46 minutes, 22 seconds trade funding book correct especially with us the the the traders or the brokers who are associated with us the DPS 46:29 46 minutes, 29 seconds unders understood understood and and uh second things uh jig is that on on corporate action and IPO income uh last 46:36 46 minutes, 36 seconds quarter 4q fi25 was also weak when when it came to IPO but we still registered 34 crores of revenue last here and and 46:44 46 minutes, 44 seconds this year it is 16 crores. So so just wanted to understand uh the the decline is it because we had a kind of one-off 46:52 46 minutes, 52 seconds in in 4Q or or if you can give a color whether it was more to do with CA or or IPO in in in the current quarter? 47:00 47 minutes No. So last year we had you know couple of it's IPOs are you know in a way very unique to number of counts again while 47:08 47 minutes, 8 seconds you know the IPO activities have remained subdued but last year we had couple of IPOs which which had a large bonus issues and you know right issues 47:15 47 minutes, 15 seconds in the first in the last quarter of the year and that's why you see that increase in the corporate action uh and this year you know while the number of 47:23 47 minutes, 23 seconds mobilization uh in in in terms of IPO has remained about 18,000 odd crores but the count has gone down or you know has 47:31 47 minutes, 31 seconds remained static. Uh so that's where we see this is specifically a very sporadic to one or two instances where we would have a larger you know folios with us 47:39 47 minutes, 39 seconds and the bonuses and the right would have been declared last year and that's where you see a little spike last year compared to this year. 47:46 47 minutes, 46 seconds Okay. So is it fair to say that in 452 the god merger played a role that's why it was a bump number and this why this this year we don't have that kind of a 47:54 47 minutes, 54 seconds figure. So sit we are not getting into specific enters but you get the directional thought right we not getting 48:03 48 minutes, 3 seconds okay yeah I got it got it sorry and and and and the another question was uh uh was on the other expenses u u see the 48:12 48 minutes, 12 seconds other expenses even if I look at from full year point of view from from the standalone point of view it has come 48:18 48 minutes, 18 seconds down from um from uh thousand 117 crores to 100 crores any any cost cutting 48:26 48 minutes, 26 seconds exercise or or or what is this saving related to and and whether it is sustainable going ahead also just just want to understand that color so broadly 48:34 48 minutes, 34 seconds see sankit our cost has remained the same on the other expenses line however last year if you see our you know RSP documents as well as uh the disclosures 48:41 48 minutes, 41 seconds we had settlement charges which we had paid to regulator and that has been disclosed as part of our disclosures as well and that's where you see last year 48:49 48 minutes, 49 seconds uh if you you know you see the cost that's where was part of that other expenses Otherwise or there is no cost 48:56 48 minutes, 56 seconds reduction it remains stable and your on the cost has continued in the same range. 49:03 49 minutes, 3 seconds Understood. And lastly on on UI account uh um so so we we we don't as as you 49:10 49 minutes, 10 seconds rightly said sir we don't earn on UI account but uh out of 44.5 million how many are you your account and and and how much they contribute or or potential 49:19 49 minutes, 19 seconds revenue loss we had they did the transaction but they we did not earn it but but but honestly it's a pipeline for for two years down the line. So, so if 49:27 49 minutes, 27 seconds you can give a color that um how much uh if if they would have paid uh four rupees per debit uh what was the 49:35 49 minutes, 35 seconds potential revenue could have earned and and that revenue will get added to two years down the line to our P&L. 49:43 49 minutes, 43 seconds Actually we don't measure it like that or track it like that. We just found that you know when we took this decision 49:50 49 minutes, 50 seconds the UA customers were a very very small part and were an insignificant part of the custody or not custody insignificant 49:57 49 minutes, 57 seconds part of the settlement contribution. So to start with there was no no material base that you know was at risk uh so but 50:06 50 minutes, 6 seconds specifically we haven't uh segregated it from that manner as to what is loss of revenue because of the settlement. But I just want to add one nuance that to say 50:15 50 minutes, 15 seconds that we earn nothing from U account may not be accurate because custody we do ear. 50:20 50 minutes, 20 seconds Yeah I understand sir that I was more referring from settlement fees point of view that four rupees per debit charge. 50:26 50 minutes, 26 seconds Uh maybe maybe it's an initiative to add more people naturally it's adding to the custody fees but but in future they will naturally add to the settlement fees as the three-ear uh uh schooling period 50:35 50 minutes, 35 seconds gets over. So so I was just trying to Yeah. Yeah. For the old ones. Yeah. Yeah. Go ahead. Go ahead. 50:43 50 minutes, 43 seconds Uh no no I I was just wondering key potentially how much it could add maybe two years down the line to our revenue if they continue to do as many debits 50:50 50 minutes, 50 seconds what they are doing today. Uh but but I understand that you might have not quantified that maybe maybe if if if you can probably maybe in offline can 50:58 50 minutes, 58 seconds quantify that number would be useful to understand the potential revenue uh which we can earn 3 years down the line or two years down the line when we see a sunset clause on these cuts. 51:07 51 minutes, 7 seconds Okay. I I'll just u give you an this our right now focus is to encourage and improve and penetrate the market participants in the over larger 51:15 51 minutes, 15 seconds ecosystem. We are right now as Vijay mentioned not looking this from the lens of revenue plus or revenue minus. Uh so you know these are important services as 51:23 51 minutes, 23 seconds a market infrastructure. We've taken the initiative to provide you know to the as part of the nation building exercise. As the time progresses we'll be in a better 51:31 51 minutes, 31 seconds shape and we'll continue to monitor internally and this encourages the youth to you know participate more in the ecosystem. So that's the thought right now and and the outcomes we'll we'll 51:39 51 minutes, 39 seconds wait for the outcomes and there will be a time where we will be able to discuss these outcomes as well. 51:45 51 minutes, 45 seconds Got it. And lastly if you can uh quantify NDML revenue or ND in NDML sorry insurance repository revenue uh in the current year. 51:56 51 minutes, 56 seconds So um we have disclosed as part of our footnote the overall top line from the insurance business about 5 and a half uh 6. 52:06 52 minutes, 6 seconds Sorry you said five and a half crores right? Yeah 5. 52:12 52 minutes, 12 seconds Okay that's six. Yes sorry line. Yes. 52:19 52 minutes, 19 seconds Yeah understood. Thanks. Thank you. 52:24 52 minutes, 24 seconds Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. 52:31 52 minutes, 31 seconds We take the next question from the line of P Jan from Motilos Financial Services Limited. Please go ahead. 52:40 52 minutes, 40 seconds Yeah. Hi. Sorry for the ear question. I don't know if you heard it or no. 52:45 52 minutes, 45 seconds I couldn't hear the last part. I was there some emergency message that has come from the government of India with respect to the launch kind of. Yeah. Yeah. Yeah. That's why I 52:54 52 minutes, 54 seconds couldn't hear that but yeah if you could repeat that the just the last bit uh but uh happy to take it offline also if time 53:01 53 minutes, 1 second is correct. Yeah, maybe pre on this question since I gave a very elaborate answer we can take it offline for the benefit of the others and if required 53:10 53 minutes, 10 seconds you could come and meet our CBO and have a detailed discussion with him on you know efforts he's doing to win new customers and 53:19 53 minutes, 19 seconds which added maybe you want to just repeat that last data point on the new yeah so pre what I was trying to add 53:27 53 minutes, 27 seconds with the message that was given by Vija is that you know all new edge brokers which to register last year in into this business were all onboarded as DPS with 53:36 53 minutes, 36 seconds NSDL. So that's where this will give you a color in terms of the shift at which our approach has been getting built in and that shift is also backed by the 53:44 53 minutes, 44 seconds investments which we are doing in technology. 53:47 53 minutes, 47 seconds So lot of effort is gone to change image. The short point is that and of course 53:54 53 minutes, 54 seconds yeah and and the question which I had was on you know if I so I have to think about NSDL say from a stand uh do you 54:04 54 minutes, 4 seconds think that NDML you know uh can ND NDML or payments bank 54:11 54 minutes, 11 seconds uh the contribution that they have today in the overall profitability venues uh do you see that you know these could we 54:19 54 minutes, 19 seconds say double from this from the current levels today or how how should we think about these uh these subsidiaries and 54:27 54 minutes, 27 seconds you know the growth going ahead one point out there which you kind of uh wanted to also check was on the KYC bit 54:34 54 minutes, 34 seconds uh and know the the the new pricing how does this kind of impact us yeah so u you know honestly um you know 54:42 54 minutes, 42 seconds pre I don't want to double guess u uh you know to this question because honestly 54:49 54 minutes, 49 seconds We've seen so much of regulatory interventions that have kept coming both on the banking side as well as on the NDML side. You know, banking has been 54:58 54 minutes, 58 seconds fraud particularly payment banking industry has been fraud with several regulations that have kept and kept on coming which is sort of required us to do course correction course changes. 55:09 55 minutes, 9 seconds uh so um we have to view our future in the context of such regulatory 55:16 55 minutes, 16 seconds you know changes that can happen uh even on NDML side uh we've seen last year 55:24 55 minutes, 24 seconds there there has been an intervention from the regulator which is requiring us to reduce the charges so our effort on 55:32 55 minutes, 32 seconds all aspects of the business is to actually focus on quality and diversify as much as possible to minim imize this 55:39 55 minutes, 39 seconds impact. Uh so you know unlike competition on the NDML side uh we are 55:46 55 minutes, 46 seconds far more diversified in terms of revenue because we have at least four different lines. We have a insurance repository we 55:53 55 minutes, 53 seconds have a uh you know sez we have a k um some other revenue streams as well 56:02 56 minutes, 2 seconds national skills and so on. So you know our attempt and our attempt is really to do as much diversification as possible 56:09 56 minutes, 9 seconds to minimize changes and focus on quality business. We do believe that there is a scope in the market uh penetration can 56:16 56 minutes, 16 seconds be improved. I think we are working towards that I don't contribution but I think our 56:25 56 minutes, 25 seconds focus will be to keep growing all the businesses. There is lot of opportunity grow. We'll just continue to keep going in a 56:33 56 minutes, 33 seconds stated manner, risk-free manner and you know the opportunity will keep coming to us. Do the right things is what we want to do. 56:41 56 minutes, 41 seconds Right. Wish you all the best. Thanks. Yeah. Thanks. 56:46 56 minutes, 46 seconds Thank you ladies and gentlemen. As on that I just want to give a wrap up. I think last year the contribution of NSDL 56:54 56 minutes, 54 seconds to subsidies was 95 is to 5. Today it is 90 is to 10. 56:58 56 minutes, 58 seconds So you know that's the trend we have seen. So let's just see what happens in future. 57:06 57 minutes, 6 seconds Thank you ladies and gentlemen. As there are no further questions from the participants I now hand the conference over to the management for their closing comments. 57:16 57 minutes, 16 seconds Yeah. Uh first of all once again thank you very much for taking all the effort and coming to us on a extended weekend 57:23 57 minutes, 23 seconds in a holiday type uh you know sort of situation. 57:27 57 minutes, 27 seconds uh much appreciated. I'm sure there are going to be a lot more questions that you want to ask. We are always available 57:33 57 minutes, 33 seconds uh to reach out anytime accessible to you. Please reach out for any clarification questions that you may have and we'll be very very happy to 57:41 57 minutes, 41 seconds attend to them. Uh thank you all of you once again for taking the effort and have a wonderful uh rest of the week weekend. 57:50 57 minutes, 50 seconds Thank you. 57:51 57 minutes, 51 seconds Thank you very much for joining. Thank you. 57:54 57 minutes, 54 seconds On behalf of ICA Securities Limited, that concludes this conference call. Thank you for joining us.