Hi. Very good morning to all of you.

We have with us the entire management team of HUDCO to discuss the Q1 results. From the management side, we have Mr.

Sanjay Kulshrestha, who is the Chairman and MD; Mr. M.

Nagaraj, who is the Director Corporate Planning; Mr. Daljeet Singh Khatri, who is the Director Finance; and Mr.

Achal Gupta, who is the Executive Director Finance and IRO. Without further ado, I'll hand the call over to Mr.

Sanjay, sir, for his opening remarks, follow that up with question and answers. Over to you, sir.

Thank you, Sanket, and good morning to all of you. If you have seen the result, I'm sure that you had already seen the result, I will not go to the numbers.

I will start with the ecosystem and the policy of the company, as well as how we are aligning with the policies of the country towards a Viksit Bharat. As we all know that HUDCO is a sector-agnostic company, and there is a lot of potential into the urban infrastructure.

It is not the potential, it is the need of the hour that our cities need that kind of infrastructure. If you have observed the last 10 years' progress and the infusion into the urban infrastructure, starting from the basic urban infrastructure of PMAY or AMRUT or Swachh Bharat Mission, graduating to metro, RRTS, airports, ports, industrial policies, semiconductor mission, everything, every industry, I think they are attracting more of kind of a planned urban ecosystem and infrastructure, because it's a capital- and human-intensive kind of industry that we are working upon.

All these things are creating potential business for the company. It may be ring roads, it may be the regional ring roads, it may be multisector kind of infrastructure, multimodal corridors.

All these things are very capital-intensive, and we are working with lot of state entities for creation of these assets. Our numbers are the reflection of all these policies of the company.

At the same time, if you see on the larger level from the Government of India, if there is a sense of leveraging of the infrastructure which is already created in last 10 years, whether it is road or whatever it is. At this point of time, there is a change in thought also from the subsidy or the grant-based schemes to the bankable projects.

With this perspective, a slight iota of reform has also started into the urban infrastructure. We have seen the schemes or the projects, I will not say it's a scheme or project, rather it's a fund-based approach.

The way Urban Challenge Fund has been dropped in, which is one of the very proactive kind of initiative taken by the Government of India, where the 25% to the extent of ₹1 lakh crore has been earmarked as a subsidy, or you can say VGF, for the urban sector project. Another 25% has to be dropped in from the state sector.

Balance 50%, to the extent of ₹2 lakh crore, has to be created by the private sector players towards the bankable projects. Now the focus is towards the bankability, viability, and the sustainability of these assets.

It's a sea change in the thought, and a lot of states are coming forward with this thought, and they are contributing lot of projects. Two schemes two apex committee has already sanctioned around more than ₹30,000 crore.

If you see the SASCI facility from the Government of India, there also there are reform conditionalities towards the urban infrastructure, and lot of money has been provided for the state sector. Then if you see the Finance Commission also, the allocations towards the urban spectrum has enhanced to the maximum.

All these things if you see, whether it is the policy, whether it is a thought, whether it is a capital expenditure, or whether the preparation of the states towards creation of the new cities, planning new cities, like in Delhi the Jewar Airport has came in near Delhi, new cities are being planned in and around. Bombay is coming with this airport, and the lot of urban agglomeration is concentrating towards that side.

Naya Nagpur is being coming in Bangalore also we are talking. Even the northeastern side, if you see the Meghalaya, the New Shillong is being planned in.

New Bhubaneswar is being planned. It is not only the organic kind of infrastructure which is required for the country, but as we all know the urbanization level in next 20 years will be to the extent of 100%.

Presently, if it is 40 crore of the urban population, it will be doubled in next 20 years, it will be to the extent of 80 crore. It is 50% of the total population which is projected.

The kind of urban capital which is required for the country, it is giving lot of potential, and our results are the small reflection of that kind of commitment and that kind of planning for the country. I will stay with these initial comments.

Thank you so much.

You can.

Hello.

Sandeep, you are audible.

Hello.

Hello.

Vijay, you are audible.

Hi, good morning, sir, and congratulations on a good set of results. Sir, my question is just I wanted to understand a bit more about foreign exposure, short-term foreign exposure.

Second one is on a lending rates. These two these are two my questions.

Regarding the short-term foreign exposure, there is very very miniscule. We had retired all short-term foreign currency loans.

Whatever we have, 99%, more than 99% is the long-term, that is 5 years borrowings. Company has planned to take the advantage of this RBI forex window.

We had already borrowed around $700 million, and we have a tie-up of around $2 billion USD under this facility, and we are trying to enhance this number. At the same time, we need to see two things: the availability and the cost.

We need to balance on these two aspects, and at the same time if you see, the domestic loans has also started melting down, we need to be very wise in deciding the levels of the foreign currency loans going forward.

I should understand, we were getting some of the challenges on foreign exposure, higher hedging cost and all. That cost is not likely to come up in terms of payment and all, short-term foreign exposure.

Am I correct, sir?

You are correct, but finally we are getting some good funds and because our approach is to work with all the lenders. We had started this work at least 2 months back, and now we are getting that kind of advantage.

No, but

that is for short term, because in earlier calls, you told we are going to practically manage a short-term foreign borrowing. Hence, we should not have currency depreciation impacted on higher hedging cost and etc.

I wanted to understand that point. No, no,

it's not short-term, it's 5-year loan. Since RBI has came with the window that if you are raising dollar-denominated loans for 5 years, RBI will be taking care of part hedging cost, and we have to take only 1.5% of the hedging cost.

It is coming out to a very attractive kind of proposition for lenders like Correct, sir. Correct.

Correct. My second question is, sir, how is our portfolio yield, and how this is related to interest rate?

Portfolio yield, or passing on benefits, or

etc.?

I think it is very relevant, but it is continual kind of statement that I can make that our spreads will remain around 2%, and our NIMs will be around 3%. You can have back calculation of that, but whatever result in a very short-term, maybe by this end of this financial year, we will be resting at around spread of 2%.

You have to understand that the ecosystem in which the HUDCO works, the bankable projects are almost ready, and lot of cash flows are coming. We are very diligent in choosing our projects, and at the same time choosing our entities also, so that there should not be any risk of NPA.

So 2% is the NPA 2% is the spread which is well acknowledged by our borrowers, and we will be maintaining that kind of spreads. At the same time, we will be continually working towards cutting down cost of funds, cost of borrowings.

Be it the RBI forex window, be it the internal cost, be it the bank loans, be the proposition that how we are retiring the high-cost loans, or we are resolving our assets, or monetization of our assets, all these efforts will be continual and will be going through, and at the same time spreads will be around 2%. Sir.

Okay. Thank you so much, sir.

Thank you so much. Yeah.

Yeah.

Hi, sir. Very good morning.

Firstly, sir, I am happy to say your results have been extremely strong, congratulations on that. Now, sir, just a couple of things I wanted to understand.

We were facing issues last year of basically the FCNR, etc., for which basically our last financial year, our core numbers were quite suppressed. Is it safe to assume now, sir, all those issues are now behind us in terms of all the accounting losses of the foreign exchange?

That's my first question, sir. My second one is that in the month of June, you have signed two MoUs, which I see, sir.

One is with Gujarat and one is with Bihar. Now they both are in excess of ₹1 lakh crore.

Can you throw some light on basically how basically this is going to shape up in the overall sanctioning and disbursement? Because, sir, these are big projects which you've got into.

Can you just explain slightly that today our existing MoU is about ₹7 lakh crore or something of that sort or ₹8 lakh crore, I don't recall. This will further add ₹2 lakh crore.

Are these confirmed ones which are going to be disbursed? Or, sir, can you just throw some light, and then I'll ask you of a little bit further, sir.

Yeah.

Regarding FCNR, our Director Finance will comment, and then I will take because it will take slightly a longer time for me to elaborate on these two MoUs. Over to Director Finance.

Good morning, I am Daljeet Singh Khatri this side, Director Finance. I think Good morning, sir.

the earlier question was also related to short-term foreign currency borrowings. As CMD sir has said, we do not have any FCNRs in our books which are going to mature in the current financial year or the next financial year.

We have a very small portion of FCNR,

$200 million,

$200 million, which are going to mature in 2028. We do not foresee any foreign currency losses in the current financial year.

The $200 million which is going to mature on 2028 is also adequately secured. We have taken higher protections, and we do not foresee any forex losses on that.

Rest of the borrowings are long-term borrowings, 5-years ECBs which we have taken, and they are also mostly they are going to be covered under the special window of Reserve Bank of India where we are going to take POS, that is full protection on the forex.

Sure, sir. Thank you, sir.

That's helpful.

Regarding the second part of the question, the MoUs, the philosophy of the company is to work across the country. Presently, we are more intensively working in around 12, 13 states, and some of the states were not taking that kind of bigger capital-intensive projects.

Now our emphasis is to work with these kind of states. I think the Gujarat is the first state to start upon, because lot of bankable projects are coming in, starting from the metro to the roads, and the infrastructure for the sports.

As we all know that the international police games are coming in '29, and then the Commonwealth Games will be there in Ahmedabad in 2030, and then Ahmedabad is also bidding for the Olympic 2036. All these things require lot of infrastructure.

After lot of discussions and the deliberation at the government level, the state government level, Gujarat government, we had signed this MoU, which is backed by lot of projects which are identified, which includes the infrastructure for the Olympics finally, and the metro systems, RRTS also, since Gandhinagar, Ahmedabad, and the Sabarmati has to join, and that kind of infrastructure has to come on. A lot of road projects also, the highway projects also, they are planned by the state.

I think it's way to go in Gujarat. The projects will start coming from the next month.

In this quarter, we will be sanctioning some projects in the Gujarat, I'm very hopeful for that. Secondly, regarding Bihar, as we all know that all these states has to come forward, and now Bihar has come up with a Viksit Bihar kind of statement, which is very clear, and when we were discussing with the state, they were more focused towards creation of this capital infrastructure, and primarily the urban infrastructure, looking at the resources of the Bihar.

That's why we had signed a agreement for creation of 12 satellite towns. We are also discussing some road projects, some tourism projects, and the metro project as well, beyond the housing as well.

Some housing projects are also in the pipeline. There is a lot of leverage, lot of headways in the state government for understanding how these capital projects can come up in the Bihar.

Then they want to take the facilities of the Urban Challenge Fund also, which invariably says that the project needs to be bankable, the role of lender will also be there. HUDCO will remain there as a lender for Bihar government, and so on these lines, we have signed the urban infrastructure these MoUs.

At the same time, if you see the journey of last 55 years starting from the consultancy to training to lending, I think we are the best bet for the state government, and I will request our Director Corporate Planning to which is more on this aspect of how 360-degree kind of solutions we are providing to the states.

Good morning. Let me give a small example.

Immediately after signing an MoU, the government of Bihar has come out with a road projects, which is almost to the tune of ₹21,000 crore. Believe me, there's a stiff competition for financing state like Bihar from NABARD, REC, commercial banks, and the rate of interest has also gone down so much.

There is a huge potential for getting a schemes. Now second phase is coming with as our CMD sir has said, 12 satellite towns, cities like even a smaller cities like Sasaram, even Patna, they're all coming with a satellite towns, completely independent, integrated, self-contained townships.

Government has started a big way in a creation of and also master planning. HUDCO is likely to go with both in consultancy as well as in financing and also acquisition.

I feel that there is a huge potential in tourism, industrial parks, and also layout satellite towns.

Yeah.

One more example of small state like Arunachal Pradesh, which is bordering Assam, there is a new airport has come up with. The young IAS officer came and she has projected such a wonderful new concept called a small city integrated complexes, commercial complexes bordering Assam.

That shows that each state is competing with the other state, and there's a lot of scope for our developmental works.

Sir, but if I may just ask one thing. The matter of fact is that you have visibility on these projects, and each of them are ₹1 lakh crore nearly.

Can we safely assume that today your growth rate, which you're talking about, are extremely conservative, right? Because if you've got clear visibility from Gujarat and Bihar for nearly sanctioning and disbursing ₹2 lakh crore, that means, sir, this guidance of ours which we've given of ₹3 lakh crore by 2029-30, it looks extremely conservative, right?

Because there is clear visibility which I'm seeing from exactly what you're saying, right? Is my understanding correct, sir?

To some extent you are right, because the progress of the project, we didn't extend money like anything. We need to see the outcomes also.

We need to see the progress of the projects. There are lot of things that state needs to comply before awarding the contract, and the process is not it's not a easy process, because land acquisitions, the social issues, political issues.

Lot of things are there. Here the arithmetic fails that it will be done by 2029, but I am sure once the project starts, there may be here and there, but finally generally these large projects are completed within 5 years of the time, it is better to take 5 years kind of thing.

Got it, sir. Got it.

Great, sir. Thank you so much, and wish you all the very best, sir.

Thank you so much.

Hello, sir. Congratulations on a great set of numbers.

I just wanted to know, since board has discussed the guidelines about starting PPP project finance division, I wanted to know what's your internal target book size for FY28, '29 or what's the plan with that?

We have repeatedly advised the market that there will not be any target for the private sector sanctions or the disbursement. It will be on the case-to-case basis, and in line with the strategy of the company to support the various sectors, and we have started with the five sectors.

One project, two projects rather, we had already sanctioned in Q1 and Q2, the part of Q2. I think in Q1,

Q1

we have sanctioned two projects and amounting to around ₹6,000 crore or so, ₹7,000 crore. Maybe the disbursement will start in the later part of this financial year.

If you see the loan outstanding, because sanctions are different, we can sanction any number of project, but at the same time the maturity of the project, the documentation, the disbursement has to start, and finally they have to accept our financial closure. In private sector, if you want to go for good entities, the best entity, there are lot of discussions on the terms and conditions of the loan and other players are also there.

That's why we had not kept any target. At the same time, I can assure you that we will go very safe on the private sector.

At the same time, we will be supporting the sector also. Under UCF, lot of PPP project we are expecting, maybe it's water or desalination plants or storm water treatment, drainage, sewerage, where we are expecting good PPP players, and government has also under UCF is extending 50% VGF.

For 50%, we need to check the bankability, and we are discussing with the states to have a user fees kind of framework also. We are very open for the private sector.

It may go as high as possible, but at the same time the principles will remain same: good entities, good projects, good concessionaire, strong concessionaire agreement, and lot of collaterals.

Okay. Thank you.

One more question, sir. Can you give me a break up of the yield on loan separately for urban infra and affordable housing?

Blended, that comes to 8.78% something. Can you please give me a break up?

Actually, there is no separate breakup. Again, I will come to the same point.

We are here to support the sector. At the same time, once states are coming for a counterpart requirement under housing, which is not happening so often now, that's why our housing portfolio is reducing.

We are extending that around our MCLR of around 8.6%, and for other infrastructure, we have a different kind of rates as per the sectors, as per the requirement of the projects. I cannot say that, but so it is not one rate or two rates, but at the same time, our priority or our attraction or our commitment towards supporting the housing will remain there, that too under PMAY.

It's not coming so often for us now.

Sir. Thank you so much.

That's it, and all the best.

Thank you.

Hello. Yeah.

Thank you for the opportunity. Hello.

Am I audible?

You are audible. You are.

Yeah. Just, sir, add-on the question regarding the MoU we signed.

Sir, currently, as per your presentation, we have currently approx six MoU, sir, approx ₹6.5 lakh crore. Just again, sir, what is the timeline of all the projects?

Roughly approx three 3 to 5 years or something more? How we raise the fund?

What is the plan of borrowing mix? Yeah.

We had signed the MoU, this is an intent to work together with the states. The MoU is valid till 5 years.

I am very hopeful that the work from this MoU will start maybe in the last quarter of this financial year, or maybe in some of the projects it may be before that also, like in metro of Gujarat, we are expecting very soon. The disbursement will go for another 5 years, it will take some time because they are very capital-intensive projects and lot of project formulation, project structuring, and lot of time is required for financial closure, to have that kind of feeling that how the servicing will be done.

Similarly, for other MoUs also, it will take 5 years. The validity is for the 5 years.

Disbursement or sanctions will start in the first year, and last disbursement may go up to 5 years or so. What is the next part?

Regarding the borrowings?

Regarding the raising fund regarding the projects and what's the borrowing mix we planned?

Borrowing mix, I think it will remain same. Presently, we have around the domestic loans, bank loans, we have the bonds also, domestic bonds, around 40% plus 30%, 70% is the domestic borrowing, more than 70%.

Then we have around 10% ECBs we had already done, out of 150-odd crore of the borrowing, we have around 10% of the foreign currency loan, and balance is the domestic loan. There is a possibility because of the RBI forex window that for another 5 years that ECB loans will be higher, maybe it may go from 10% to 20% of the total portfolio.

Let's see how things will unfold. Yes, there is a lot of potential in the ECB side.

We are also planning some bonds, but it will be a fractional contribution looking at the rate of the dollar and the other facilities. Finally, the cost will be the key for deciding all these kind of borrowings.

Okay. Sir, currently, in current quarter, we have a tax provision of 20.16%.

Why this low for the full-year tax rate guidance?

DF will be answering this.

Tax rate is 20.61% because earlier we used to create deferred tax liability on special reserve which we used to create, which we are required to create for sustaining the long-term financing. To align ourselves in line with other government sector and private sector NBFCs, now the board has decided not to create any DTL on the special reserve.

That is why my effective rate has come down.

Okay. Sir.

Thank you.

Okay.

Hi, sir. Thank you for the opportunity.

Am I audible?

You are audible. Yeah.

Sir, congratulations on a great set of numbers. Sir, I wanted to just double check on the growth aspect here.

The disbursements have been really strong. The sanctions growth has been really strong for us.

What kind of growth at least in the near term for '27 and '28 are you kind of projecting or internal targets you have on the disbursement and AUM growth, sir?

We had not worked out for '28, but of course for '27, FY27, we are planning to have a disbursement of around ₹65,000 crore. Last year, we had achieved around ₹52,000 crore.

On the basis of this ₹65,000 crore, board has approved the borrowing plan also. It is around how much?

₹70,000 crore.

₹70,000 crore. In the next year we had not planned, but 2030 we have planned a loan book of ₹3 lakh crore, and I am very sure that we will be achieving that ₹3 lakh crore loan book.

At the same time, in mid of FY28, we will be reviewing on the basis of the achievements of FY27. In case it is required to have a midcourse correction, we will be definitely informing to the market.

Understood, sir. Sir, one more thing.

I was just looking at the presentation where you have given some breakup of the sanctions. Currently, the sanctions have been kind of concentrated on the water sanitation side of it, and other segments are just kind of started to pick up.

Sir, what's the outlook on sanctions for the other segments as well?

I think you are talking about the sustainable finance. Am I right?

Sustainable finance, yes,

yes.

Sustainable finance is not all-inclusive finance. Beyond sustainable finance also, we are sanctioning lot of projects.

If you see the sustainable finance, you are right. The water and sanitation are the basic things that we are considering, because they are on the priority of the Government of India and MoHUA also.

Of late, the states are also progressing very well. We are supporting these sectors, because if these sectors will be supported, lot of other capital projects will also come.

It's you can say it's a seed kind of investment that we are making to support the state, and they are coming from the Government of India program of AMRUT. That's why we are supporting.

Understood, sir. Sir, just last two things, sir.

Can you give some color on the kind of sanctions you have done for this quarter and what's the total sanctions outstanding yet to be disbursed with us? Lastly, sir, when you guided for spreads of 2%, right now spreads are closer to 1.8%, we should believe that this spreads have kind of bottomed out this quarter, or maybe because of business must have taken place on the later part of this quarter?

Sir, just two questions and how to think about it.

If you see what we had sanctioned, there are some ring roads, expressways, some irrigation projects, then water grids, the drinking water solutions, the industrial development corridors, something in generation and the distribution power side, then urban infrastructure also in Telangana, then water supply and sewerage projects are there. These are the kind of projects that we had financed in first quarter.

Regarding spreads, yes, I think we will be maintaining this 2% spread. I think it will easily come to us.

The compression is on only account of the accelerated growth within the company. We will be resting at around 2%.

Maybe in the third quarter, you will see that all these disbursement which we had done in Q4 of last FY and the Q1 of this FY, they will be capitalizing and creating that kind of spreads for us.

Got it, sir. Sir, and what's the total sanctions outstanding for us?

The total sanction outstanding, if you see, it is around ₹2.5 lakh crore, which is already there. In last quarter only, we had sanctioned more than ₹60,000 crore.

Last year, we had sanctioned ₹124 [crore?] .

Lot of sanction pipelines are there. Now we are into the phase of starting the disbursement in some of the projects.

In some of the project, disbursement is already started. We are in the good space.

We had created very decent or rigid kind of pipeline in terms of the sanctions, and there are lot of projects which are under consideration. Regarding the sanction pipeline, we have no question.

Lot of potential is there across the states.

Understood, sir. Thank you so much, and all the very best.

Thank you so much.

Hello.

Sorry. Sorry, I was on mute.

Sorry. Sir, if you can just talk a little bit about the NPA.

I think it's zero, right, now? Sir, secondly, is that can you just throw a bit light on how do you basically do due diligence on loan, etc.?

Because got such a great pipeline. If you can just talk a little bit about that process also, then it will give very high clarity on us, sir.

Thanks.

Our gross NPA is slightly more than 60 ₹1,600 crore, and our net NPA is around ₹82 crore. Out of this ₹1,600 crore, around ₹1,100 crore are at different stages of the NCLT, where we are funding these projects way back around previous to 2013.

I'm very sure that we will be resolving these assets during this financial year. They are into the advance phase of resolution.

All the lenders are on the same page. Some of the project has already gone under the liquidation, and the orders has already came, and the revenues are continuously coming in a parts and the tranches.

Other outside the NCLT, there are around ₹34 crore of the projects, three three accounts are there, and I am also sure that all these accounts, since they are outside the NCLT, very soon they will be resolved. There are some non-consortium project in NCLT to the extent of ₹29 crore, that is also in the advanced stage.

Now we had changed our strategy, and we are continuously working with the promoters, the NPA developers, to understand their point of view, and we are not only dealing with them in DRT and just sending some triggers. It's a mutual kind of understanding, and we are taking them online and understanding their point of view and how to resolve this asset, understanding their capacity and the capability to resolve this asset.

Because of that, we are nearing zero, not zero net NPA, but we are trying hard to resolve all these assets, and I'm very hopeful that most of this part will be resolved during this financial year.

Excellent, sir. Thank you.

Thank you.

Hi, sir. Thank you for the opportunity.

I have two questions. One, you talked about the disbursement number for the full year.

Can you also talk about the repayment pipeline that is there for the full year? I think in Q3 you talked about ₹4,000 to ₹5,000 per quarter run rate.

Does that still hold true? That is my first question.

Okay. Balbir, you want to answer?

Good morning. Balbir this side.

Actually, total repayment for the year will be approx ₹20,000 in the current financial year. Out of that, already ₹4,000 plus we have received for the current quarter.

For coming of the quarters in the current financial year, we'll be receiving around ₹15,000 to ₹16,000. Accordingly, our total loan outstanding will be on that basis only.

Already the projections for the release are as already discussed. Thanks.

I'm very sure that you must be having the number of the loan book by now.

With this answer, I think you have understood what will be the kind of loan book we will be having by this financial year. We can go for the next question.

Hello, sir. Thank you for the opportunity.

In this quarter, we reported the yield on loans of 8.78%. What are our expectation for the upcoming quarters?

What is our strategy to protect our yield in the upcoming quarter?

Yield is around 8.78%, but at the same time our cost of fund is also reducing and we are continually trying to cut down cost of fund. Beyond yield, I can make an statement that we will maintain our spread and the NIM as repeatedly I am advising that our spreads will be 2%.

Yield is a function of lot of things. If our cost of the borrowings are increasing, we are passing some part to our borrowers also, because we are into that spectrum where we need to support the urban infrastructure.

For sure, our spreads will be maintained at 2% and NIMs will be at 3%. Yes.

Okay. Thank you.

Hi. Thanks for the opportunity.

Just wanted to check on the borrowing profile. We have raised, I think, ₹1,800 crore from this RBI forex swap window.

What is the kind of full-blown loans that we can get from this window over the next couple of months?

I will again answer this. We had already borrowed around $700 million under this facility.

We have a tie-up to the extent of around $2 billion USD. The total $2 billion USD tie-up is there.

We are targeting to enhance this number, but I cannot comment on this enhanced figure, but there are lot of discussions that we are doing with lot of banks, domestic bank as well as the international banks.

Okay. This $2 billion is something that we would plan to utilize fully if not more?

$2 billion will be the minimum figure.

Okay. Sure.

Sure. Thank you.

What is the cost of borrowings here including hedging cost?

Cost is since RBI is taking care of entire hedging, and we have to only have a provision of 1.5%, it is coming at around plus-minus 6%, you can say, 10 basis point here or there or Okay.

Okay. Perfect.

5.5% to 6.5%, our finance department is telling me. It is between 5.5% to 6.5%.

Okay.

Okay. Sure.

This is helpful. Thanks a lot.

Okay.

Thank you.

I think if there is no question anymore, we can conclude this earnings call. Sanket?

Thank you. Thank you so much.