Thank you, Michelle. Good evening, everyone, and welcome to the call.

Our results and shareholders letter have been published on the exchanges as well as uploaded on the company's IR website. Before we begin, I would like to remind all the attendees that some statements or comments made on the call today by the management may reflect the outlook or can be deemed as forward-looking, and hence, may involve certain risks and are not subject to any review.

Such statements or comments are not guarantees of future performance, and the actual results may differ. With that, I would like to invite Lalit for opening remarks.

Thank you, Kunal. Hello, everyone, and welcome to the earnings call.

This is this is our third call after we became public and almost 39 13 end of 39 quarters since we started. As as like overall in India, there are maybe 70 to 80 million you maybe here, give or take around these many unique investors in stocks and MFs.

If you look at the active internet population, who are transacting online and so on is you know in order of 500, 600 million, and that is also growing. Why why we are telling you is because it feels like we can continue kind of working for hundreds of more quarters kind of and continue building.

Also that in every quarter, you would probably hear us say the same thing, like, and it it might become repetitive what our purpose is and how how we want to kind of build build well for for our customers in the country. Since this is the fourth quarter, we also thought that it would kind of be good to kind of give give you kind of quick highlights of of the last financial year and and then how we look forward from here.

Quickly, like first thing, as like last year was a very kind of important year for us as we kind of became a public company. We also saw a lot of kind of regulatory changes in some of the in in our broking business like true-to-the-label, F&O, F&O, and so on.

I think your company kind of did well there. We launched new products, namely like commodities and bonds.

On bonds, we had launched primary, and now we are kind of launching secondaries. Both the products have done well.

We scaled some of the existing products. MTF scaled really well for us.

In other products, be it equity, MFs, F&O, we grew our market share. We forayed into wealth management with Fisdom acquisition, and this helped us launch this helped us kind of introduce three more products on the platform, which is like Fisdom, which which is the bank partnership product, W, which is wealth management for for for affluent and HNI customers on Groww, and Prime, which is more for mass affluent customers on Groww.

On AMC, we partnered with SSG. Of course, it is subject to regulatory approvals.

Our AUM grew like 2.5x in 1 year. Of course, we became public, so that was another milestone.

Going forward, I think quick summary, our focus will continue to be on scaling our wealth, right? We we feel that now it's been it's been 6 months for the of the acquisition Fisdom acquisition, and now we have got a lot of kind of learnings in how to kind of look at this problem of look at, solving this problem of scaling and and so on.

We'll we'll we'll continue kind of scaling wealth. Second is we'll we'll continue compounding our existing businesses, grow market share, which we have been continuously doing, right?

Thirdly, we see like this year the I I think that we will see the inflection point how AI will kind of start impacting a lot. We we look at it in two ways.

One is how how we can improve the customer experience leveraging AI, and second is on the productivity side where our internal teams are kind of shipping much faster, shipping better, and so on. Lastly, as we as we keep doing, like we continue finding new gaps, new products to launch, finding smaller S-curves, we'll continue doing that.

That's that's all. I look forward to the to the questions today.

Thank you.

Thank you, Lalit. We will now begin with Q&A.

Michelle, please go ahead.

Thanks a lot for the opportunity. My first question is on overall broking business.

In the DRHP, you had given data around how customer assets grew over a period of time. Typically, people who started in somewhere around '20 to '23 saw their assets grow by 3x, 4x over a 3-, 4-year period.

How is the cohorts which started maybe in '24 or '25, how are those tracking given the kind of market correction that we have seen? What is the difference in behavior you are seeing in these cohorts which would have started in the last 1 or 2 years versus the ones which started before because they would have seen a sharper correction in the last 12 months?

If you could give us some color on that, how are you seeing customer behavior vary across different cohorts? That would be very helpful.

Secondly, coming to your wealth management business. Thanks a lot, Lalit, for giving us some color around those businesses.

Wanted to understand now that Groww has been launched since Jan, what is the kind of feedback that you are getting from the product? How do you see that scale up maybe over a 2- to 3-year period?

From the perspective of investments, how do you see investments on the wealth side also play out over the next 2 years? That's my second question.

Lastly, a few data keeping questions. One is you used to give the affluent customer asset breakup and contribution to revenue as well.

If you could give that, that would be very helpful, how much of assets today is from affluent clients on the platform and what is their revenue contribution. Thank you.

Let me take the first question on the broking side. I think we earlier also talked about that in last 1, 1.5 year, the acquisition funnel has been slightly different.

Primarily, we have seen that markets are not doing so great since September '24. Since then, what we have saw that the acquisition funnel has shifted more towards mutual funds and ETFs as a product.

Hence, the way customers actually getting introduced to the capital market has become slightly different. Their AUM gathering is probably still in line with the similar kind of a way that was happening earlier because SIP is one of the largest mode of AUM accumulation that is happening on MF as well as on ETF also SIP is very big now.

The another thing is there is a M2M that keeps on happening across different products, even like ETFs because gold and silver is a large part of it. There is a huge M2M that people saw during February versus January, people were probably significantly positive as well.

What we have seen is at a aggregate level, most of these customers are still profitable with obviously, the 31st March being not a best day for cutoff. If you look at just after that, most of the pain that was there in March or large part of that pain has kind of reversed, and hence, people are still making money, and hence, the inflows are still kind of not going down.

On a M2M basis, there is a dip in the AUM.

Lalit, you want to take the second question? For that, Ishan.

Sorry, what was the second question?

Yeah. Lalit, the second question was on the wealth management business.

Given Groww Prime has been launched since January, wanted to understand what is your initial trends or learnings from that and how do you plan to scale that up over the next 2 years, and what kind of investments would not only Groww Prime, but W for Groww as well as Fisdom require over the next 2 to 3 years? Because I think in the shareholder letter, you have called out that Fisdom should be profitable by FY '28.

Just wanted to understand that how are you looking at investments across these three platforms as well? Yeah.

Hey, Supratim. I think it's a bit early.

It's been two quarters now since the acquisition and all. I think we are solving it in a very nice way and so on.

I think it's very early to comment on anything right now. A lot of things kind of we are building.

Got it. Understood.

Just, Lalit, one thing then on the wealth business. What has, have you seen any cross-sell between who are taking the mutual funds, broking, and wealth currently?

Has there been any cross-sell, or is it still too early to comment there?

No, of course, there is, but as I said, it's early, and we are still kind of streamlining the flows and everything. It's more, I think, demand-wise, I think from the overall potential perspective and demand perspective, there's a large market.

I think what we are focusing more on the service levels and raising the bar of the experience and everything.

Understood. Understood.

On the third question, on affluent customer assets on the platform and their share of revenue?

I think we'll probably get back to you on this. I think we don't have top of our mind.

Sure,

sure. Thank you.

Yeah. Thanks for the opportunity.

Sir, my first question is on your equity options market share. Means if I look like-to-like basis compared to previous quarter and the current quarter, it seems that your market share has increased from 9.1 to 10.6.

Yeah. What exactly, in your view, has led to this sharp jump in the market share of 150 basis points?

Is it to do with your new product launches like 915 or Groww Cloud and API has played a role? Also you can give a bit of color out of the total options trading, what happens in your platform, how much is today contributed by algo, and how do you see it to play out going ahead?

That's my first question. Second maybe more on data keeping.

On commodity, you give the maybe indirectly the orders and the number of users. If you can give a bit of market share also on ADTO terms, retail ADTO terms, that will be useful to understand how quickly you achieved what kind of market share because the number of orders indirectly gives the color, but we don't know how exactly the market share is.

Yeah. Those are my two questions.

Sure. Let me take that.

On the equity derivative side, actually, it's not just options, it's a combination of future and options. The market share that we had got expanded in this quarter, it is a continuation if you look at it on a Y-o-Y basis or it is happening for us.

The reason is there is a twofold reason. One, the new customer that are coming to the kind of derivatives market, there is some benefits that we are driving from some of the new initiatives that we are taking, including 915.

Large part of this is again coming on Groww itself. The second piece is because the last quarter had a lot of volatility, and we saw that our customers who used to kind of trade earlier have also started doing more, and hence, the absolute number of customers have significantly increased.

Roughly earlier, we had around 14 lakh customers on a quarterly basis transacting. This time, we had around 17 lakh customers transacting.

Which has actually helped us increase the volume, and output was obviously in terms of market share as well. This shows that our retention overall is high on the platform, which helps us recover whenever the customer is interested in any other product.

The customer might not be doing derivatives in last quarter, but started doing derivatives in this quarter, might be doing stocks or mutual fund in the last quarter. That has actually helped us delivering a higher market share on the derivative side.

The second, on the algo side, I think it's not meaningful. Any API or algo today is not really meaningful in terms of any transactions.

The third, I think we will start giving commodity-related ADTO because we haven't just crossed even a year of our commodities launch. We thought probably once we cross a year, that is the time probably we'll start delivering the market share number and so that there will be a Y-o-Y comparison, et cetera, available to you.

Ishan, any any any stress or or any strategy you have very clearly on on algo based trading? Because they meaningfully contribute to the volume growth and and order growth probably.

Means means any any outlook you have or or or plans you have with respect to that space will be useful if you can bit bit tell softer points there. Second, in in the quarter in the quarter, lastly sorry, in the quarter, we saw a decent jump in the employee cost and and your your depreciation.

Is it largely related to Fisdom full empanelment, which left led to the increase in employee cost? This is the new normal going ahead?

Yeah. Let me take the first one.

I think as of now, we don't have a very strong strategy on focusing on algo. We believe the new regulation that are still kind of getting cleaned up over a period of time will give us more clarity, and we will probably jump into this market once we have full clarity on the regulatory piece.

Then only we will be able to kind of build a product which can scale. Hence, I think we are trying to kind of wait for that to happen.

On the second part, you're right on the depreciation side. There is a impact primarily coming because of the Fisdom acquisition.

There is a increase in depreciation that happened. On employee cost, because we are investing across multiple functions, including asset management and wealth side, and there are initiatives on the AI side also that we are taking in Groww where we are doing investing.

This investment typically comes in the people form for us, and hence, the employee cost has increased a little bit from last quarter to this quarter.

Ishan, can you give me headcount if you don't mind?

Today, the headcount is around 1,800.

Perfect. That's it from my side.

Thank you for the opportunity. Sir, my question on the wealth management business.

If you take the 3- to 5-year view on the business, what is the differentiating factors what Groww will bring to the market compared to the existing models? Can you talk about that thing?

That will be helpful for us.

Sure. I'll take that.

See, a couple of things that are happening is one is there is a significant change of the customer base from the wealth point of view. The new segment of users who are becoming affluent and HNI, they are coming from a very new-age kind of experience.

There is an experiential layer which is going to be different for building the wealth business. As Lalit was also saying that we are investing in raising the bar of experience and the service, and which is what going to be a differentiator for us, which comes both from the technology point of view and also on the product selection, too, on advisory role point of view.

We'll continue building on this, which is what takes us time to nail the right solution for people and then keep on scaling that from there.

Secondly, sir, see, last 2 years, we have seen that there's hardly any return to the investor. Now the things are turning around.

Two questions. One is the active customer base participation at industry level as well as in your business should increase if the trends sustain in times to come?

That's the first thing. Second is, in terms of cost to serve and cost to grow both cost compared to revenue growth, what pace we can assume expenditure growth versus let's say, 20% revenue growth, what kind of growth we should model in terms of overall cost of Groww and cost of maintenance basically?

Let me take that. On the new users coming to industry, I think we have seen the down cycle.

I think things are looking better than earlier. Again, we are wary of a lot of the macroeconomic factors that are impacting the markets, including tariffs and including largely FIIs being negative from the market has also impacted significantly the way market would have grown otherwise.

I think we are waiting for that kind of clearer signal to be there where people have started or FIIs have started putting money in India. I think that can be a good indicator to say that now things are on the positive cycle.

Early as of now, it doesn't look like it's obvious. We might need to wait for few more quarters to say that we are in the next cycle of growth, but definitely, we are away from the bottom yet as of now.

On the second side, on the cost to serve as well as cost to grow, the cost to serve the way look at is largely a tech-related cost. They are obviously, as the revenue per transaction grows, our cost to serve actually goes down.

At the same time, with AI coming in, all of our tech-related AI cost will come as a part of cost to serve. There might be a slight bit of increase, but we don't see that increase to be proportional to the revenue.

As a percentage, we expect that it to be kind of slightly lower. Obviously, there will be absolute basis increases that keep on happening.

On the cost to grow, largely the spend has been more or less consistent on absolute basis. If you look at between last year and this year, we would have spent very similar to 450 to 500 crore is kind of a spend, and we will keep on increasing this a little bit, but it's not going to be again linear with terms of revenue.

It will be more to kind of build new brands. W coming in might have some spends attached to it, 915 coming in might have some spends attached to it, but it will always be again likely be lower than the growth in the revenue.

Thank you very much, sir. Thank you.

Am I audible?

I just wanted to understand about the opportunity size and the expected growth rate we can have, and more importantly, about the differentiator for us versus the competition, which are helping us in Groww. Any concern on the SEBI and government's liking to sort of curb the speculation out of future and options, especially for the retail traders who are 90% probably, and how do we mitigate?

Thank you.

Yeah. I'll take that.

From an opportunity point of view, we look forward we'll continue compounding on our core business where there are new investors coming in, and in the opening statement, we spoke about the penetration, which is possible in the country. We will continue trying to gain a larger and larger market share, so that builds one dimensional opportunity where there are new investors coming in and they are participating in various products that we have.

The other dimension is launching new products and services for some of the segment of the users, like wealth is one of them, 915 is another one. We are able to make more products available for a particular segment of users.

These all creates opportunities for future. Sorry, what was your second question?

Second question was regarding the differentiators for us versus the competition.

Yeah. We believe that we continue investing in building an experience for user which converts into a higher retention for us because the users who come in on our platform, they stay longer.

They are able to participate in different products in different market scenarios with their different preferences. With the technology investment that we do, we're able to create some differential experiences in terms of their activation, in terms of their engagement on the product.

This will continue to be our differentiator. We will continue investing in that.

The last was about the regulation from the government side trying to curb the speculation, they can market and start with 90% of the customers losing money and gaming application one fine day being banned all of a sudden. What are the steps we are taking to mitigate that, sir?

We have been operating in a regulated space since we started. We do participate with our regulators on very regular basis on all the concerns that they have.

Their concerns are pretty much what our concerns are. All of us are trying to work in the favor of investors.

Ultimately, we want to create wealth for our customers. Anything that comes up, we'll participate with them, and we'll try to solve it in industry level.

Thank you.

Hi. Good evening.

Hope I'm audible.

Hi. The first question was in terms of the MTF book.

Obviously, for you, MTF book has been on a rising trajectory. Now what I wanted to understand is if you look at the customers who are taking the MTF proposition on your platform, have you done any study to understand, are these new-to-MTF customers or these are customers who have been onboarded once you've started the MTF journey and they are kind of acquainted with the product class, or these would be existing customers who were probably availing this product through a competitor platform, and now that you're also offering the product, they have kind of shifted the platform?

Some color on that would be useful. The second question is on the platform ARPU.

That is almost back to pre-November '24 levels. Again, is there any work that you have done to understand is it weaker customers who got weeded out of the platform or went into dormancy, or is it you guys are acquiring high-quality new customers, or maybe the existing customers just got acclimatized to the new regime, whether it's incremental taxation or incremental regulations?

Finally, one data keeping question. If you can give the average MTF book for the quarter, that will be useful.

Let me take that. On MTF, I think there is no study as such that we have done, but our understanding is that MTF for us is not an acquisition product.

It is mostly our existing customers are using MTF. Earlier, they might be doing intraday instead of MTF is one use case where customers now are holding on to their positions for longer is one big use case.

Second thing, it's very difficult for us to actually even figure it out that if the customer were doing MTF outside or doing it in-house. What we know is that most of our customers are unique to us, and they only transact with us, and hence, the likelihood of the customers doing MTF somewhere else and doing rest of the things here is unlikely, especially on the cash segment side.

I think we will figure out on the average if we want to disclose, and we'll come back to you on that part. I forgot the second question was on the ARPU, sir.

ARPU was actually a more complicated reason where we are today. It's a mix of the penetration of F&O going down, which led to actually the ARPU overall at a platform level going down.

At the same time, with MTF coming in, commodities coming in, the ARPU actually went up. It's a combination of these two factors, which has helped us kind of reach to the pre-November numbers.

It is not because again people have started trading or F&O has again started penetrating more. The penetration of F&O is still in 10% around range, which used to be 18-odd percent before November.

Thanks, Ishan. Just one small follow-up.

You can disclose the average MTF for the quarter later, but in terms of the unwinding that the industry has seen in March, would you be in line with it, you would have fared better, any qualitative color?

We also saw a peak somewhere in between. I think probably I don't remember actually Jan end or Feb end, we actually peaked, and then there was a dip.

This number is after the dip. The average will be probably closer to this or slightly higher than this is possible.

Obviously, again April is better than March from a market perspective as well.

Got it, Ishan and the team, and all the best.

Thank you.

Hello, everyone. My first question is a broad question on the platform.

Now it's kind of you guys are fairly large and in some ways a bit more mature. Now do you see any demand for services like stock advisory or recommendations at least from the more mature set of customers?

Whether that's really the case, and if yes, then how are you kind of ensuring that you continue to retain some of those mature customers on the platform? The second question is on the Groww Prime, if you can indicate when do you plan to kind of extend it to existing customers?

I have a couple of data questions after that. Thank you.

Let me take this, Abhijeet. You are right.

This is a good thing. I think we have seen this demand for long now.

Like stock advisory, MF advisory is probably one of the highest asked question in our voice of customer. We have been kind of thinking about it.

We will launch it when the timing is right, when we have the right solution, and so on. The second one, Prime, again, our philosophy has always been kind of craft the product the delta between our solution and what exists should be a huge delta, right?

Prime, we have been kind of devising the product for kind of some time now. It is available to some customers, and we feel that it will be in a position for existing customers.

Again, we don't want to give the timeline, but we are optimistic about the creation of a product that our customers would love.

Got it. Okay.

A couple of data questions. If you could share what was the share of MTF in the 4Q cash ADTO, if you could share that number?

Then on the cost to operate, there was a comment in the letter on some risk-related costs. If you could kind of explain that.

Then also how do we think about the entire cost to operate growth for the next year as well?

I think we'll get back to you on the percentage. My guess is it is still between 5% to 10%.

It hasn't significantly changed, but the exact number, we'll come back to you. The second part, the cost to operate, like you said, there is a risk-related cost, which again because of the volatility that we saw both on the commodity side and then on the equity side.

Feb was more on commodity side when gold and silver kind of significantly moved in a day or two, and there was square-off related kind of you can say negative balances that people went in, and which we kind of adjusted in cost to operate. The second piece happened during the March time when Iran war started and there was significant volatility in some of the stocks, and where in MTF, we actually accounted some of the negative balances, and which we have kind of put it into our P&L as cost to operate.

Going forward, with exception of these risk-related costs, I think you can assume that this will grow one in Q1 with the appraisal cycle, there will be a one-time kind of increase, and after that, we expect it to be kind of more or less stable for the rest of the year.

Thank you, Ishan. Thank you, Lalit.

Hi. Thank you for taking my question.

First on cost to operate. Ishan, do you mean it will remain stable as percentage of revenue?

No, in absolute, it will increase in the Q1 because of the appraisals, and after that, in absolute, it will remain stable. All of this which I'm saying is primarily talking about Groww as a platform.

The AMC business and the Fisdom business will still have more investments in terms of hiring as well, which will increase the cost for that business. For the Groww as a platform, these costs will become stable after Q1.

Right,

right. Understood.

Thank you. Second, Lalit mentioned about how we are investing in AI and how it is going to improve customer experience as well as back end.

Lalit, can you highlight few key initiatives that we are implementing in near term?

Madhur, see, from productivity side, I think the entire SDLC, which is software development life cycle, AI is kind of changing that completely, right? Then from the overall company operations perspective and then on the customer experience side, our customer support, for example, and then we also launched GR1, which is like a co-pilot customer can research and all.

The bunch of places like this. All these are internally, we haven't disclosed the percentage of code and percentage of this thing kind of done by AI, but we are seeing a meaningful kind of difference in our kind of way of working.

Okay.

Okay. Do you expect the number of engineers, basically people who are involved in coding, to go down in coming years in a meaningful way?

Madhur, the way we look at it is see, we are in a journey where we are building a lot of things. Currently, how we think it is with the same strength, can we ship more?

Can we ship faster, and can we ship higher quality, right? If you look at the trajectory also of last 4 years or so, right, number of products that we have launched in last 4 years is we had three, four products 4 years back, and now we have 12 products and still launching more and so on, right?

We have been able to do all this with the strength more or less similar kind of strength, right? This is how kind of we like to see where with the existing strength, we can launch a lot of new products.

All the new products that we launch, we carve out a team from within kind of our existing folks.

Understood. Understood.

Thank you. Lastly, data keeping question.

Ishan, if you can tell me the revenue from Fisdom and AMC business?

Lalit, do you have top of your mind? Sorry, I don't remember.

No worries,

no worries. I'll reach out to Kunal for that.

Thank you. That was all from my side.

Hi. Am I audible?

If the cost to serve and cost to grow kind of growing slower than the revenue growth rate and cost to operate, as you mentioned, would be kind of stabilize, how should one think about margins going forward? What is the margin run rate or exit margin you're looking at for the next year?

It's, I think, again correlated with the revenue growth. I think revenue growth has a lot of lever attached to it.

Hence, it's very difficult for us to put a number to the revenue growth. We keep on saying that if our revenue grows beyond, let's say, 15%, then probably the margin will keep on expanding.

If it grows 30%, probably the expansion will be more. If it grows slightly lower, then the margin will not expand.

That is the formula, but it's difficult to predict how much will be the real revenue growth in the next year.

Got it. If you want to carve out the cost of acquisition like the number we gave in last letter, but I think we have not given this time.

How much was the cost of acquisition?

Cost to grow is largely cost of acquisition. It'll be more or less the same number.

Quarterly also, it hasn't significantly changed. What we have learned is that again marketing cost is more or less consistent, at least on annual basis.

There is a little bit of volatility because of IPL. It has become largely a fixed number for us.

Shall we see because of more advertisement and all a little higher spends in Q1 or

Q1 is generally slightly higher. In last year, I think we were conservative.

I think this year we'll probably do slightly more than the last year.

Got it. One more question on the rationale for changing the calculation of this market share, if I think my understanding that exchange anyways does buy and sell automatic the overall trade as one.

They count as one. I think the industry also kind of reports like that only, your competition also.

Just wanted some sense why we have kind of changed the way we have shown the market share.

There are multiple reasons. One of the big reason is that internally this is how we look at it, and we feel that we should be more transparent in showing what we look at, and that is how is the possibility also, right?

If you look at tomorrow how much market share we can have is what we want to kind of target, not really how will it look like from a calculation perspective. We think this is a better assessment of market share than what we were doing earlier, and hence, we have kind of moved to this.

Got it. That is very helpful.

Thank you, and all the best.

Good evening, everyone. I hope I'm audible.

Just one question from my side. What is the company's thoughts on the emergence of these new-age fee-only brokers?

Essentially, how do you see the market landscape shifting according to that?

Lalit, you want to take it?

Sorry, Samriddh, you mean new-age zero-fee or low-fee, fixed-fee? Fee-only brokers.

Zero-fee? Fee-only.

Fee-only.

I think currently our thought process is let's say if we don't talk about competitors, if we just think from the value perspective that we provide to the customer, our philosophy is that give more value to customer than that you charge. We feel that it's also fair for customers like they are paying on per-transaction basis and so on.

We also see that customers are kind of happy with that. We haven't kind of thought about that.

Do you see any significant move in the way the industry works because of the emergence of such players?

We'll keep a watch, Samriddh, but as of now, we don't see that.

Fair enough. Thank you.

Thank you.

Thanks for taking my question, and thanks for taking out time. Just a few questions.

One is for the industry, we have seen the NSE active clients kind of plateauing out at around 50 million for a while now. For Groww, obviously, the client growth has been quite good because of market share gain.

Then eventually, of course, the industry needs to grow. The analogy you drew in your opening remarks was that there are 500, 600 million people who shop actively online.

To get this 50 million industry number, let's say, 100 over time, what gives you that confidence that the industry can keep expanding rapidly as it did in the last 5 years? That was my first question.

Secondly, are we hitting any open interest limit on these single-scrip products like Sensex options or some of the other products because of our scale? Thirdly, what's our settlement cycle right now in terms of repatriating client cash balances back to their bank accounts, and what is the thinking of the regulators on reducing or increasing this time period, which would obviously impact our interest income?

Thank you.

Let me take this. The growth rate of this industry is actually driven a lot based on which kind of market we are in, right?

If you look at in last 1, 1.5 year, we have been in kind of more volatile market, but before that, we were in a bull run. That was the time when large part of the customer base kind of grew.

This keeps on happening. If you look at in the last 20 years history of stock market also, the industry growth rate typically comes in those bull runs, and then it's stabilized a bit, and then again it happens, right?

When will it happen will depend on when will the next bull run comes, and that is the time when market will expand. Typically, that time the expansion is very, very high.

It's not 5%, 10%. The growth rates are typically significantly higher.

If you look at a longer frame, the industry is growing a 10% to 15% CAGR. On the questions on settlement, I think that I remember now is basically, it is on the customer demand.

Customer have today broadly three options. They can do bill-to-bill settlement, they can do monthly settlement, or they can do quarterly settlement.

Quarterly settlement today is an obligation that you can't go beyond that. We do whatever as customer has chosen.

For quarterly settlement, it is done on the first month of the quarter, and monthly settlement done on the first week of the month, and the bill-to-bill settlement is as and when the bill is posted and next day you do the settlement when the actual settlement happens from the exchange side as well. Sorry, I forgot the second question that you asked.

For this settlement cycle, the limit which is quarter now, this seems to have kept going down. What is the regulators' thinking on this?

Does it keep going down, or have we reached

It has been quarterly since last 10 years now, and I think it is again a choice. We haven't seen a customer choosing bill-to-bill settlement significantly more than monthly or quarterly.

Actually, quarterly is probably what most customer wants because it's a lot more convenient. Whenever that quarterly settlement happens, a lot of customers actually get surprised that why their money was refunded, and so on.

It becomes a inconvenience for a lot of customers. We don't look at it less from our income perspective, but think it more from what customer wants and provide them in a more seamless and a more trustful way and do it.

If you look at we give option of instant withdrawals, where in the day also, if you want to take money out, you can withdraw and the money will come to your bank account within few seconds.

Just lastly on if we are hitting any limits on these single-scrip option open interest here? No.

We talked about it last quarter also. On average, we are less than half of it on the limit side.

In the last quarter, we haven't hit that limit at all for any day or any scrip.

Thank you.

Thank you, everyone, for joining the call today, and feel free to reach out to us for any questions or clarifications. Have a good week.

Thank you.

Thanks so much.