Anand Rathi Share and Stock Brokers (NSE:ARSSBL) Q2 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to Anand Rathi Share and Stock Brokers Limited Q2 NH1 FY 'twenty seven Earnings Conference Call. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Dibakar Pingle from E and Y for the opening remarks. Thank you, and over to you, sir. Thank you. Good evening, and welcome to the Q2 and H1 FY 'twenty seven earnings call of Anand Rathi Share and Stock Brokers Limited. The company has published its results and uploaded the investor presentation to stock exchanges on its website.

0:50 Before we begin, a disclaimer. Some statements made on today's call may be forward looking in nature. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those statements. Such statements are based on management's current beliefs and assumptions and on information presently available to management. Participants are cautioned not to place undue reliance on these forward looking statements while making recent revisions. To take us through the results and answer your questions today, we have with us Mr. Pradeep Gupta, Chairman and Managing Director Mr. Rathi Krishat Bhutnam, Hold Time Director Mr. Tarik Shah, Chief Financial Officer and other members of the management team. I will now hand the call over to Mr. Gupta for his opening remarks. Thank you and over to you, sir.

1:41 Thank you, Divakar. Good evening to all, and a warm welcome to our Q2 and H1 financial year twenty seven earnings call. We all are experiencing uncertain environment of a capital market due to geopolitical tension, rising interest rates, persistent inflationary pressure and impact of earning across various global economies. As a result of this, market sentiment in our country has remained relatively subdued. Before discussing our performance for the period, The secondary market continued to exhibit some turbulence during the reporting period.

2:33 The Nifty fifty declined by 5.22 on a quarterly basis and 1.3% on half yearly basis, including a 6% correction in September. The weakness was more pronounced in several large cap and sector indices, reflecting a more cautious risk environment and softer market sentiment. However, beneath this short term volatility, the structural drivers of India's capital markets remain firmly intact. The quarter witnessed significant deepening of India's capital markets supported by rising investor participation across the primary market, direct equity and mutual funds.

3:19 IPO activity remained buoyant during the quarter with 108 companies raising over INR 90,000 crores, reflecting stronger issuer confidence and healthy pipeline of business seeking access to public markets. The mutual fund industry quarterly average asset under management increased by approximately 3.5% from INR84.2 lakh crore in Q1 'twenty seven to INR87 lakh crore in Q2 FY 'twenty seven. While closing AUM moderated to INR 82.64 lakh crore in September, largely reflecting debt fund outflow and market movement, it remained to 9.3% higher year on year basis.

4:08 Investor commitment through systematic investment plan, which is SiP, also remain exceptionally strong. SiP contributing across the INR 10 crore milestone in August 26, with monthly SiP inflows reaching to 32,490 crore in September 26, extending the trade of sustained retail participation and reinforce the growing preference for long term wealth creation through financial assets. The primary market presented even stronger picture after a major Q1 twenty seven, which witnessed 46 mainboard and SME IPO raising approximately INR 6,567 crores, active accelerated sharply in Q2 FY twenty twenty seven, with as many as 108 IPO raising approximately INR 90,000 crore during the second quarter.

5:19 Consequently, first half of 'twenty seven recorded 154,000,000 main board IPO, which raised almost INR 96,585 crore, which is compared with 186 IPOs raising INR 71,000 approximate crore in first half, representing almost 36% growth and capital raises. Finally, it is encouraging to see that entail investor participation in capital markets continue to strengthen, which is net addition to 31.1 lakh demet account during September 26, with overall demet account base in India nearly about INR 24 crores versus INR 22.5 crores at the beginning of the year, which represents almost 7% growth in the interim period.

6:17 This broadening investment base is also driving increased adoption of financing led investment solution with industry margin trading facility, book growing by almost 41% year on year to 156,261 crore as on 10/12/2026. Together, these trends underscore the growing maturity of India's capital markets. These developments reinforce the long term opportunity for Anand Rathi Share and Stock Broking Company as investors increasingly seek integrated broking finance and distribution solution.

7:06 During the quarter, our MTS book grew by 38% year on year basis to INR $14.99 crore assets under management, which has increased by almost 29% year on year. Our asset management has grown by 29% to 99,990 million dollars while Ascent under custody grew by almost 13% year on year to almost 1,150,000,000,000 This metric reflects deeper client engagement and continued trust in our platform.

7:58 We also continue to witness a gradual evaluation in our revenue mix, while broking and related services remain a significant contributor to overall revenue. Non broking business has steadily increased in their contribution over the years, improving the diversification and resilience of our earning profile. Our investment in technology and digital capabilities continue to deliver strong outcomes. Digital platform contributed 36% of group rate income in first half of twenty seventeen, reflecting continuous focus on building a seamless, scalable digital ecosystem. Looking ahead, we remain focused on scaling our financing and distribution business, increasing engagement with existing clients and further strengthening the contribution of recurring revenue streams.

8:53 We continue to target margin trading book size for approximately INR $17.50 crores to 1,800 crores by the year financial year 2027. And there is going to be a growth of about 40% in AUM of our distribution business by the end of the current financial year. With that, I would now hand over the call to Mr. Roop Uddra, our Board Time Director, who will take you through all the detailed financial and operating performance of the company. Over to Mr. Roopkj. Thank you, Prateekjeet. Good evening, Sandeep. So building on the healthy business momentum highlighted earlier, our company delivered a steady financial performance during the quarter.

9:44 Revenue from operations increased 20% year on year to million in quarter two of financial year twenty twenty seven, while the first half revenue from operations grew 21% year on year to INR 5,193 million. PAT grew 50% year on year to INR $419,000,000 in quarter two of twenty twenty seven with a margin of 15%. For first half, PEG before exceptional items increased 60% year on year to INR $810,000,000, while profit after tax after exceptional item stood at $53,000,000 representing growth of 29% year on year.

10:32 The growth came from continued momentum across our broking and non broking businesses. Broking and related services revenue increased to INR $1,551,000,000 during the quarter from INR $1,158,000,000 in quarter two financial year twenty six, reflecting a Y o Y growth of 34%. While first half booking and related services income grew to INR 2,831 million from INR 2,267 million in first half of twenty twenty six, reflecting a 25% Y o Y growth. Equity cash continued to account for a majority 52% share of booking revenues during the quarter and half year period, reflecting our focus on delivery rate and client centric participation.

11:23 Within the non broking segment, interest income from margin trading facility increased 36% year on year to INR $496,000,000 during quarter two of twenty twenty seven, while first half of twenty twenty seven, NTF interest grew 43% year on year to INR $924,000,000. Distribution income stood at INR $327,000,000 during the quarter two of financial year twenty twenty seven and INR $6.00 3,000,000 in first half of twenty twenty seven, respectively. Further, our distribution AUM has increased to million with an Y o Y increase of 29%. The continued expansion of these businesses is improving earnings visibility and strengthening the quality of our revenue profile.

12:16 As of 09/30/2026, we have achieved an MTF book value of 14,993 million against our year end guidance of INR 17,500 to 18,000 million. So on overall basis, we have already achieved almost 57% of our target in first half of the financial year. Further, our distribution AUM grew by 29% as of September 26 compared to again the March 26 overall guidance 40%. So in both these segments, we were able to do better than the target whatever we have set for ourselves. Client engagement remained healthy during the period.

13:01 Total clients increased to approximately 10.5 as of September 26. Around 55% of our clients have been associated with us for more than three years, reflecting the strength of our relationships and the trust report in the Anand Rathi brand. Additionally, 71% of our active clients are located across Tier two and Tier three cities, providing us with a broad and diversified franchise. As of 09/30/2026, our pan media network comprised 99 branches and ten seventy one authorized persons across three fourteen cities. This extensive distribution network continues to support client acquisition, engagement and servicing across geographies.

13:52 We remain focused on maintaining a prudent risk management framework while supporting business growth. Our debt equity ratio stood at 1.02 as of September thirty, 'forty six and we continue to maintain disciplined leverage and adequate liquidity as we scale our MCF and other growth initiatives. Going forward, our priorities remain clear, deepen client relationships, increase product penetration, strengthening technology led services delivery and maintain a balanced mix of broking and non broking revenues. I'm happy to share with all of you that the last quarter we have achieved our highest ever revenue as well as highest ever profitability. Thank you.

14:38 And now we can open the floor for the questions. Thanks. Thank you so much. Ladies and gentlemen, we will now begin with a question and answer session. Anyone who wishes to ask a question may press star and one on their touch tone telephone. If you wish to remove yourself from the question queue, you may press 2. Participants are request to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. First question comes from the line of Saket Kapoor from Kapoor and Company. Please go ahead. Namaskar, sir. I hope I'm audible. Yes. Yes, Mr. Prakid. Go ahead, please.

15:27 Sir, firstly, with the hardening of the bond yield in government securities market, what exactly is our book and the thought process being debt market participants, our participation in the debt market? And any any any any timeline you want to share or any idea of how we are going to take advantage of since the yields are very attractive and there are good set of investors that have investments or have the nature to invest in these products. Now the government yields for ten years is about seven forty. So what is the thought process and our current book, if you could share color on the same? Thank you, Saket. Saket, as you know, our company is largely driven towards equity and equity related products. Products.

16:21 Very smaller amount of investment towards debt is being recommended or probably being invested by various investors into debt and debt product. So in a segment of customer that is where we are talking about asset allocation, debt is one of the parts for those customers. And within that, in these kind of debt instruments, the investment of those customers are very, very municipal. So it doesn't matter to us, number one. But number two, having said that in terms of market scenarios, since interest rates are on a rising trend, markets are uncertain. And overall global scenarios suggest that in future also due to inflationary pressure, I think interest rates are further going to strengthen. Probably you may see certain interest rate hike scenario globally as well as probably as a result in our country also.

17:22 So I think investing in government security, allocation towards the government security from a one year perspective by getting that yield interest yield benefit is good. But I mean, in a short term from next three to six months, one has to constantly watch what is going to happen because if the interest rates are going to rise, your yields are not going to be that much. So I think this is a catch-twenty three situation. And based on that, I think I would ideally suggest on a short term period, one has to invest or one want to invest, can look at it. But from a long term perspective, they have to still wait and see something from a debt perspective.

18:08 However, our always advice is going to be from a long term perspective, mid- to long term perspective, one should look at equity because equity is something is going to grow. And we believe the kind of growth which is happening in our country, I think the returns in equity investment in equity is going to yield much better return than that. And post tax return on equity side is always going to be better. Thank you. Yes. Yes, sir. The view of prerogative is correct. But on the longer part of the aid curve and investors having four, five years horizon and particularly, as you alluded to the allocation part, I think these are very very good times for investing community to allocate money also to the debt market. Secondly, sir, when we see that our working from us organized, I think, various events, I think the g two hundred was the last one that was held in the month of September.

19:11 So just a small request on the part of being an investor in the in the analyst community. If some details... If some further details could be could be shared or uploaded through through your website in terms of the participating company, our coverages on the same, and some some synopsis of the same of the g twenty, g two hundred that would suffice lot of interest and that that will give give us more color and more thought process to to review our investment. Think so that that was a very strong gathering that happened sometimes in the month of September last last week. So if you can provide further updates through our website or through the exchanges medium, that will create the interest for the investing community and your clientele at large. That's from the standpoint.

19:57 Thank you for bringing to our notice. I believe a note on the G200 summit has already been shared. We always we keep on doing lots of investor seminar, investor education program and these kind of a meet. So surely, we will if not available, then I will surely make it a point that we should share after completion whatever our inputs, which we are getting and definitely inform to you guys. Yes. Thanks. Thank you. Our next question comes from the line of Rajesh Manti with Fortunex.

20:48 Please go ahead. You for the opportunity. Also, I had two basic questions. Mainly, I wanted to understand that, like, the distribution income has just grown by 4%, whereas our AUM has been growing at around 29%. So I just wanted to understand, like, what's the like reason for this divergence and how should we see it going forward? Yes, Mr. Rajesh, since you are seeing and comparing this on by on by basis, last year, there are certain revenue, which is coming from an upfront commission or upfront revenue perspective, right? Where probably we have done few deals or we have done certain businesses where we got an upfront businesses and trail incomes were not happening.

21:43 We are moving towards real businesses or trail income constantly, and that's the reason there is an aberration of kind of a thing which you have noticed in terms of revenue side. This is not going to be a continuous phenomenon over a period of time. As you have seen, our AUM is constantly increasing. And second, another factor which one should consider whenever you see there is a growth in AUM, the impact of growth is coming over a period of time. So constantly, you will see the revenue will start trickling in it because we are generating revenue based on trail income on a trail basis. I'm happy to share one more data point that as of today, our distribution income, our trail income, which is coming, which is a non broking coming from a non broking businesses has already started covering our 75% of salaries as of now.

22:48 Our endeavor is constantly how we can see that our revenue stream should be steady. Our revenue stream do not have any kind of a volatility of market. And to do that, we are constantly looking at it that our trail income should constantly cover cost to our salary and then post that, how we can start generating that revenue, expand that revenue to cover our overall cost of the company. Once it will start happening automatically, our dependency or our volatility of revenue on the market forces is going to reduce to a greater level. Just to add to this, in mutual fund side, actually the regulatory has changed the rule in last financial year, where earlier for any ARN transfer, so transfer of the mutual fund from any other infrastructure, the income rate was not available for six months earlier and rule has got changed. Now the billing period is twelve months. So that has also impacted us because our collection is comparatively better.

24:01 And out of that particular collection, whatever the air entry is taking place, naturally sometimes the time period which has increased and because of that also the commission has reduced on a partial basis. But now since that particular policy is on since last I can say almost a full year, so automatically the revenue has started further increasing in terms of that rail revenue going forward. Okay. So that was quite helpful. So just wanted another like understanding on like employee services have increased by around 31% in this quarter. Like can you like let us know like what are the drivers for the increase? And was it like just like onetime such as increasing salaries, results or something like that? Or that is like this will be the relatively higher competitors going forward?

24:54 Yes. So there are two things which are happening. One side, naturally, we are expanding our RM based on a continued basis at one side. Second side, we are strengthening our product team also because we are keep on adding the multiple products. But one important change which took place in last quarter, where few of the employees where the services were obtained from the, I can say, outsourcing. So those employees also we have taken off at our own payroll. And because of that, in last quarter, you find in number terms a major change. But on overall basis, we are keep on adding almost, I can say, 150 employees, almost we are keep on adding on continued basis. So that to grow this particular business going forward also. So in this, the change in salary side, which you are seeing is largely onetime kind of impact, which is happening over here. Over a period of time, it will subsidize.

25:55 But as Mr. Bhutra said, constantly, we are increasing our RM base, constantly, we are increasing our employee base. So that impact will constantly coming, which is to grow our businesses largely. Okay, sir. Thank you so much. That's it from my end. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and 1. Our next question comes from the line of with Ariane Capital. Please go ahead. Hello, sir. Sir, am I clearly audible to you? Yeah. You are audible, Juhi. Please go ahead. Okay.

26:40 Sir, congratulations on number part. I have couple of questions. Sir, first question is that October has seen an improvement in margin sentiment. So have trading volumes recovered versus quarter two level? Yes. So far, equity market, cash market related volumes are concerned. You see there is a constant, consistent growth. So far, derivative capital market related volume, if you really see, they are static or lower than earlier time. So obviously, our company is more tuned towards cash market volumes. And as and when these cash market volumes are better and doing good, our broking revenues are also improving constantly, and that's what is happening in our side.

27:27 The other side, one more important part is there. On Afrendor side, at exchange levels, the volumes fall was comparatively higher because of the changes in RBI circular towards the capital market exposure, many proprietary broking of sales volumes got reduced. But overall since we don't have any proprietary related volumes, so we were able to actually improve in terms of our total volume versus the exchange in on the Rathi and Do side also other than the gas market. So in fact, last quarter, if I will say on Y o Y basis as well as from the previous quarter, on booking side, comparatively better as compared to the industry, we were able to do that particular part. Okay, sir. Sir, I have another question, which is that any new business segment that management is looking forward to the next two to three years?

28:29 Julie, I think so far new business segment is concerned. I think we are constantly strengthening and consolidating our existing business lines. As we have disclosed in the past that we have started insurance, that's what we are stabilizing and strengthening that. In distribution side, we are constantly bringing products. So we are already there in mutual fund and BMS, and now we have started looking at AI as a product. So we keep on looking at product, but not a business segment. So far business segment is concerned and other area, which we are looking at, we have already and we were working on that particular business side is an NRI kind of a businesses.

29:22 And that is the segment we are constantly strengthening at our end. So this is our game plan. Till the time we reach to a specific level, these segments we are growing continuously and constant. Okay, sir. So got it. I'm following up on the same that if you're saying that on product part, you are diverging. So at the same time, can you give me guideline about the segment mix for next two to three years? Segment mix, you are saying? I didn't follow. Can you just repeat it again? Yes. Whatever you mentioned, the products you are trying to diverge So bring that into what is your guideline for that product mix by next two to three years? And how much share for how much on what production you are? Okay. Okay. Okay.

30:20 So to be really frank with you, I think we are constantly looking at broking and non broking side of our business. Largely, we have divided two different business verticals, broking and non broking. And whatever product which are being added, largely being added towards non broking side, right? And that is becoming larger and larger. And as we have said that we are going to grow our broking business by about 15% to 20%. And we are going to grow by about 30% to 35%, in certain cases, 40% in our non broking segment side. So that's what our broader understanding and broader criteria, which we have set for ourselves and we are working towards.

31:12 And non broking businesses consist of distribution business as well as margin trading facility businesses, right? Thank you. Our next question comes from the line of Divakar Bingley from EY. Please go ahead. I think I'll kind of focus a little on the area that we did well this time around in NPS business that showed good traction. My question to you Prashivji is what proportion of MCF growth came from existing clients versus new MCF users?

32:00 Thank you, Devakar. Typically, the MCF business is largely to our existing clients only. It's not that we are bringing and capturing new clients and it started MTF from day first because of MTF region. So lots of inherent in house demand is available. We are a little bit choosy in terms of providing MTF facility because largely, we are seeing those clients, those customer base who are active in cash market segment, who wants to avail this facility and wants to expand their return on investments to those clients selectively, we are going ahead and providing this facility. So that's how we are doing. So there are a lot of inherent strength or inherent demand is already available.

32:51 Having said that, if any new customer coming with larger portfolio investing with us and wants this flexibility, we are looking at that also, but based on internal guidelines, which we are seeing. So our own inherent demand is already there with us, and we are constantly feeding that demand to those systems. If you assume, maybe I'll just have one follow-up on that. What's the current borrowing cost in NPS book versus a lending yield? And how is this spread evolved in the quarter? Have seen changes in that? So in terms of our borrowings borrowing cost, it's clear around 9.5%. And the positive part, even after this, like I mentioned, because of the RBI circular, almost INR 300 crore related impact was here to the company. Then also we were able to maintain our cost at this kind of level. And gradually, are further reducing that particular cost. In terms of NIM side, we are able to generate almost 4.5% kind of NIM in terms of our MTA group. And in conclusion of your earlier question, I would like to highlight one more important data point.

34:03 Our average book size per customer is below 17 lakhs. So our book is very, well diversified. It's we are as far as rightly mentioned, we are actually choosing in terms of selecting the client base and in terms of also giving a particular client a particular value and those all things are linked with the network and other things. And considering all those steps, our NPA into MTA book is zero. We have started this activity eight years back. And so far in last eight years, we are able to maintain it at zero and we will able to continue the manage the risk related to this MTA book. Thank you, Rathi. Are there any other questions, Ramesh? Sure. Thank you. Our next question comes from the line of Anand Rathi with Bank of India.

35:03 Please go ahead. Hi. In your MPF business, can you articulate any changes you would have made over last quarter, either in terms of margins or kind of security selections or kind of client selection or any other change you would have made over last quarter? As such, we have not done changes in terms of the our policy, which was there. The important thing which is there in terms of a client limit side, were earlier also we were selecting and we were keeping a particular limit for a single client in term along with their network. The same thing I can say still continue. The second important part, which is there earlier, like total from regulatory side, it was almost 2,000 stocks were allowed. Whereas from the company side, we are keeping restrictions and we are not allowing all the stocks, almost 1,000 stocks are allowed. So those things are still continued.

36:06 The important part which is there in some of the customers, are comparatively much high value needed and customers are giving comparatively better yield at those customers' base. So we are able to have some sort of relaxation in terms of rates or other things. Otherwise, we are continuing with the same scheme. And along with that, as I mentioned, we are able to continue with the yield whatever we were generating earlier in terms of NIM. Savneet, to answer your question, we haven't changed our policy. The policy remains same. We are constantly looking at it, and we are constantly working on it. As you know, as and when this MTA book stocks being added into the kitty, we evaluate and until as our team is not really confident, they do not take those stocks in the book.

36:55 Okay. Does it bring any strategic benefit apart from the income P and L income it brings to you? Does it also brings any benefit, strategic benefit to customer level, more stickiness or they do more business on other other side of your P and L? Yes. It's a good question, Anand. See, basically, as you know, by philosophy, we always encourage investment and investment driven approach for most of our customers. The idea is pretty simple. Customers should earn and based on that customer's earning as well as continuity of that customer, we should be able to generate our business, right? So based on that, most of the thing or most of the advice, which is going most of the suggestion, is going towards the customer side is for investment.

37:47 And that is the reason when a customer start investing in equity market, capital market, whenever he needs or wants to leverage to a limited purpose for a limited purpose and wants to increase its ROI, return on investment, we are providing the support of this MTM Group. So this is for existing customer for cash market related activities on their investments and to leverage so that they can increase the return on investment at their level. Similarly, we are also in turn we are also generating certain amount of alpha on interest side as well as our broking is something which we are generating from.

38:36 Can I ask one more question, like which part of market it is largely deployed to like large cap, mid cap, small cap or micro cap, if you look at your own book overall basis? There is no fixed criteria of large, big and small. As I said, there are about more than 2,000 companies being registered and given by stock exchange side. We have our own criteria to evaluate. And based on our evaluation, wherever we find that the stock makes sense for providing that margin trading funding requirement, we consider that. So that is strong there is a committee who looks into those parameters, which are being set, and then they are evaluating if defined based on liquidity, based on profitability, based on continuous performance of that particular company and various other parameters where we see the risk are low, where we see the investor can and do not and is not going to make losses at their own book, we provide this facility to them and add them for an empty of books.

40:02 The next question comes from the line of Praveen Amdali with Motilal Oswal Financial Service Limited. Hello, sir. So I just wanted to know about the net cash position. Like, it has declined significantly from approximately 2,700 crores to around 900 crores. If you could elaborate on the key reasons for this decline or maybe provide a breakup for the major factors? Can you just repeat the question? You are talking about which figure? Net cash position, sir. Net cash positions. Okay. Yes, yes. So I would like to highlight here that the client's margins, which are there with us, naturally, are deploying the same with the stock exchange in turn.

40:53 So as you know that with the changes in the RBIE circular post that, few of the clients who are keeping money with us and were deploying in form of FD, few of the H and I clients had converted those, I can say, cash deposit into G SAC form. And with that particular thing, actually, FD portion with the bank balance sheet will also be down simultaneously. But otherwise, if you will say on our own book side, actually the bank balances has increased and our average has actually increased. And if you will see our income on the interest side, the cost has reduced simultaneously because a few of those high value customers, we were receiving the interest and the same was given. So both the side, the interest income related to those persons are down, but overall, this is actually our income has increased because of this MTF book and our own FD book. As I said, the cost of interest actually has reduced.

41:49 Okay. So you're saying the clients which were keeping money with you have taken it out? Yes. Yes. You are absolutely clear. Those clients who are keeping their margins in cash format with us for creating a bank guarantee or giving them limit, They withdraw the money. They converted that cash money into a government security and provided security margin to us. So obviously, that cash outflow has happened and still we are managing, maintaining the customers' margin in by way of government security, right? Yes. So effectively, the net cash margin form has changed. And because of that, our balance has changed. But overall, the business wise, it's Business wise, business is intact and cash flow wise, I mean, it is a change format change in cash flow. And that's the reason we are seeing cash outflow converting into activity right?

42:51 Thank you. Got it. Thank you. As there's no further question from the participant, I now hand the conference over to the management for the closing remarks. Thank you, and over to you, Tim. Thank you, investor. Thanks a lot for your participation and the question being asked. The company is constantly and continuously working towards the growth path. And main theme is how this growth is and should be achieved without having the volatility of capital market. And we are working towards it, and I'm sure the whole team of Anand Rathi Share and Stock Brokers Limited is committed the growth of about 15% to 20% on top line and our 25% to 30% on that bottom line.

43:50 My best wishes to all of you for that. You. Thank sir. You so much, sir. Ladies and gentlemen, on behalf of Anand Rathi Share and Stock Brokers, that concludes today's call. Thank you for joining us, and you may now disconnect your lines.