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ICICI Securities Ltd
Earnings Call Analysis
Q2-2024 Analysis
ICICI Securities Ltd
ICICI Securities has showcased an impressive performance in the second quarter of fiscal year 2024, flourishing in an industry experiencing considerable upward momentum. The company's quarter 2 FY '24 revenue increased by a notable 44% year-on-year and 34% over the previous quarter, amounting to approximately INR 1,250 crores (INR 12.5 billion). Concurrently, the profit after tax surged by 41% year-on-year and an even more remarkable 56% from the previous quarter, reaching around INR 424 crores (INR 4.24 billion).
Reflecting the company's solid financial position and commitment to returning value to shareholders, the Board of Directors has sanctioned an interim dividend of INR 12 per share. This payout represents a healthy increase from last year's interim dividend of INR 9.75 per share, underscoring the company's robust financial performance and prospects.
The uptick in revenue is attributed to broad-based growth across all business segments. The company has methodically advanced its businesses and revenue opportunities while prioritizing customer experience at the core of its strategy. These strategic efforts have been met with success, resulting in a significant uplift in revenue.
ICICI Securities has witnessed a steady climb in market share across various revenue-generating streams. Market share in cash equity and retail derivatives marginally increased, with the company now holding approximately 12.8% and 3.7%, respectively. In commodities, the market share also jumped by about 60 basis points to about 7.8%. The margin, trade finance, and mutual fund AUM have remained relatively stable, reflecting the company's ongoing dedication to improving client experience and acquiring quality clients.
Speaking volumes about the trust clients place in ICICI Securities, the company's client Assets Under Management (AUM) have escalated by 12% year-on-year and 5% sequentially, standing at a monumental INR 6.5 trillion. This amplification includes a significant surge in the wealth segment, which corroborates the company's focused strategy and influential presence in wealth management.
ICICI Securities anticipates that although there could be short-term market volatility and uncertainty due to global factors and upcoming elections in India, the company is well-positioned to leverage its medium-term strategy. The management is optimistic about the robustness and dynamism of the industry in the long run, suggesting a strong foundation for future growth amidst potential transient turbulence.
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Good evening, ladies and gentlemen, and welcome to the earnings conference call of ICICI Securities Limited for the quarter and half year ended September 30, 2023. We have with us today on the call Mr. Vijay Chandok, Managing Director and Chief Executive Officer; Mr. Harvinder Jaspal, Chief Financial Officer; Mr. Vishal Gulechha, Head Retail Equities; Mr. Kedar Deshpande, Head Retail Distribution, Product and Services Group; Mr. Anupam Guha, Head Private Wealth Management; Mr. Ketan Karkhanis, Head Digital Client Acquisition and Co-Head News Solutions Group; Mr. Nilotpal Gupta, Head, Data Science Unit; Mr. R. Balaji, Chief Technology Officer; and Ms. Nidhi Kajaria, Head, Human Resources. [Operator Instructions]
Please note that this conference is being recorded. The business presentation can be found on the company's corporate website, icicisecurities.com, under Investor Relations.
I now hand the conference over to Mr. Vijay Chandok, MD and CEO for ICICI Securities. Over to you, sir.
Thank you very much. A very good evening, ladies and gentlemen, and first and foremost, let me apologize for starting this 15 minutes behind schedule. We were actually just winding up our Board meeting, which took a little longer than we thought. Everything got delayed as a result. I really apologize for this and sorry to keep you all waiting. Really appreciate the fact that we've all taken the effort to join us for today's earnings call. You will find our earnings presentation on the exchange website, you probably would have got a chance to see it although the time I confess was quite short.
Let me take you through our quarter 2 performance highlights. First, a few comments from me on the industry. I think this is an industry in which most of the parameters continued an upward momentum. You would have already noted that amongst the volume giving parameters for our company, the retail equity ADTO grew by about 34% for the industry sequentially. Retail derivative ADTO grew by about 18% sequentially. The momentum on systematic investment plans and mutual funds continued during this quarter, which ended.
And as far as the secondary market activity is concerned, it's continued to show improvement, resulting in growth in new client acquisition by over 50%, both on a Y-o-Y as well as sequential basis. The primary market mobilization also grew significantly with the improved market sentiment.
In such a backdrop of an overall improvement in market sentiment and volumes and participation, we see a continued improvement in our own performance and revenue. Our quarter 2 FY '24 revenue grew by 44% on a Y-o-Y basis, 34% on a sequential quarter basis and came in at about INR 1,250 crores, INR 12.5 billion.
The profit after tax for the quarter also grew by about 41% on a Y-o-Y basis and sequentially by about 56% on quarter-on-quarter basis and came in at about INR 4.24 billion, that's INR 424 crores. The other notable point that I would like to highlight about our financial performance is that the Board of Directors of the company have approved an interim dividend of INR 12 per share, this compares to INR 9.75 per share that was declared as an interim dividend last year.
Amongst the key highlights, the first point I would bring out is that this improvement in revenue that I spoke about was on account of revenue increases across all our businesses without an exception on both Y-o-Y as well as sequential basis. And we continue our trust on growing businesses and maximizing the revenue opportunity keeping in view the customer at the heart and center as we play out our strategy for the rest of this year.
What has also been an important highlight for this quarter is that we witnessed a steady improvement in market share across almost all the revenue giving parameters, and I'll take you quickly one by one. As far as cash equity is concerned, our market share improved by about 58 basis points. We improved our market share sequentially on a quarter-on-quarter basis to about 12.8%.
On retail derivatives, we saw a small increase in market share by about roughly close to a little under 10 basis points. It came in at about 3.7%. Commodities, we saw an improvement in market share by about 60 basis points sequentially on a -- and came in at about 7.8%. Margin, trade finance and mutual fund AUM remained broadly stable at about 22% and 1.7% respectively. We continue to focus on quality of clients and improving client experiences. And it's precisely that focus that has helped us improve market share across parameters.
Thirdly, I want to also highlight the continued growth that we have seen as far as our client assets are concerned because that's an important sign of clients treating us as a trusted partner, our client AUM actually increased 12% on a Y-o-Y basis and 5% on a sequential quarter basis and moved to INR 6.5 trillion or INR 6,50,000 crores. The wealth segment out of the INR 6,50,000 crores grew by about 20% on a Y-o-Y basis and 7% on a sequential quarter basis and improved to INR 3.7 trillion, INR 3.7 lakh crores clearly demonstrating a strong focus and presence of a wealth segment as a part of ICICI Securities franchise.
We continue to grow our focus on acquiring quality clients, as I had mentioned, trying to do everything that will help us improve market share across segments, grow our distribution business with a focus on loans, distribution as well as mutual fund distribution, offering insurance based on customer life cycle needs. Also, our focus has been on enhancing customer experience and being efficient with respect to costs, ensuring that we continue to adequately invest in building a franchise for enhancing technology.
Overall, we do believe that the medium- to long-term story of the industry remains quite intact, quite strong. And as this is the case at this point, we believe that the short-term outlook for the market will have some volatility and uncertainty, particularly on account of global factors, including the recent geopolitical matters that have come to the forefront, and also the intending pick off on the state elections that are planned sometime in the month of November, December and in some sense, we set the stage for the general elections for 2024.
Keeping all this in view, some short-term headwinds for the domestic market could be anticipated, but we believe that we are very well placed to harness the medium-term strategy of growing and harnessing the opportunity in the market, and we will continue to make investments in the key focus areas that we have been talking about in the past.
I'll end my commentary now and going to open for whatever questions you may have. Thank you for your patient hearing. And once again, apologize for the late start.
[Operator Instructions] The first question is from S. Rozani from SV Rozani.
Am I audible?
You're audible.
Yes, sir. Actually, I wanted to know [Technical Difficulty].
Sorry, we seem to have lost you, sir. We seem to have lost -- everyone on the call, I can't hear anybody.
Sir, I'm here. Okay. I believe Mr. Rozani call got disconnected.
Okay. Then we go to the next speaker.
Yes. So I have Prayesh Jain.
Congratulations, Vijay on a good set of numbers. Firstly, just your thoughts on where are we at with regards to the delisting? I think that is one. And how should we look at it going ahead? That is the first one, before we delve into business questions.
Yes. I'm just going to request Harvinder, our CFO, to jump in on the first one.
So with respect to delisting, the process is on. We are in midst of the process. The first stage of approval is exchange approval. So the scheme, which is already available on our website as well as exchanges is currently being considered by exchanges. Once they give us their approval, then as per process, it goes up to NCFT shareholder approval, et cetera. So we are right now waiting for the exchange approval right now. That would be a quarter or 2 from here to completion of the process.
Okay. Vijay, we have splendid set of numbers here, sequential growth in your equity brokerage revenue, transfer revenues -- is this so what really drove this? I think there's a clearcut market share gains as well. What really drove this differently for you in this quarter? And what's the sustainability of the same?
Yes. So I think this was a quarter where we saw good growth in market parameters sequentially, whether it is derivative, whether it is cash, whether it is commodity, whether it is mutual fund. All of them actually grew even the secondary market and primary market activity was quite buoyant. And this in a way contrasted quite sharply with quarter 1 where we saw growth of only derivative. So derivative was probably the only engine in the market that was firing in quarter 1, whereas quarter 2 got augmented by 3 more engine -- 3, 4 more engines coming from a market standpoint into play.
And the investments that we've been making for the last sort of 3 years or so on technology, digital, better experiences, better customer quality, et cetera, all of them started -- they were sort of already there on the table. It was not something new that we've done. So the operating leverage advantage of that kicked in this quarter and full measure in some sense. And because all the engines were present and oiled, they took the advantage of the market opportunity, which came.
We have also sharpened proposition over the years, whether it is in equity, whether it is in derivative both in terms of experience as well as pricing so that we are competitive. We've also brought in some unique propositions on the cash equity side, margin finance side, F&O side also. So all of them, I think we're invested in and the advantage of that came because market also gave our presence.
Personally, I already highlighted in my commentary that from a viewpoint of the future, I would be more guarded because we are -- it is reasonable to expect that not all the parameters and engines that fired in quarter 4 from -- I mean, sorry, quarter 2 in the market from a market point of view are going to fire with the same measure. And this data is available for you to see on a daily basis actually in the market.
When you look at cash volumes, when you look at derivative volumes, I think you can see that there is a clear amount of -- some amount of muting that is already probably visible to you. So given the slight -- sort of a muted sort of outcome -- outlook of these numbers, I think we will also -- we are not going to be -- I mean, we are at the end of the day, market players, so we will have that impact also.
So from a sustainability point of view, I would say that it will depend on whether the market sustains or market does not sustain. Geopolitical factors are on added headwind. This is coming in this quarter, which was probably not so much there in quarter 2. So there's more uncertainty there plus we are coming closer to the election time from a domestic standpoint also, which can add to be create a more kind of a syndrome. So I would expect that quarter 2 -- 3 rather to be a little subdued if I were to go by early trends of quarter 3.
Okay. Okay. Noted. And on your distribution business, I see that life insurance business has kind of actually being flattish on a sequential basis and decline on a Y-o-Y basis? While I understand the taxation agreement, but whatever interactions we had with life insurance companies, that it's not bad from a great deal. And so far, they have been seeing a decent traction. Any thoughts on where you have kind of missed out in this portfolio in terms of life insurance distribution?
Yes. I think one of the things that we started doing is we started focusing life insurance more as a life stage-based need product rather than something that we will proactively go and engage our customers with. So largely focusing on protection, largely focusing on retirement planning, et cetera, as use cases, rather than just looking at it for the sake of it being offered as a product. Our focus is a lot more on mutual funds, equities and other distribution revenues, particularly loans because we do believe that, that will really give us a nonmarket-oriented sort of a revenue stream and we've been to a sharper focus on diversifications.
Again, under penetration is quite massive there and the growth can come at a faster clip in -- on the loan side, which is what we are seeing.
Okay. In terms of loan distribution, we started with personal loans?
Yes, we just started with personal loans. It's a very small start, which happened in the late part of quarter 3 -- sorry, quarter 2, late part of quarter 2. Full effect is actually not there yet.
Okay. And is it that because if I look at your loans distributed sequentially, that has gone up by 25%, but if I look at your other distribution revenue, that has gone up only by 12%. Is there anything that I'm missing out?
Yes, because the contribution of loan in the distribution of the -- I mean, composition of the total revenue is not that much. It is far lower and that's what we are trying to increase.
Okay. All right, I'll come back in the queue for more questions. And congrats.
So the next question is from Kevin Gandhi from CapGrow Capital Advisors LLP.
Yes. My question has been answered.
So the next question is from Rajesh Gajra from Informist.
Can you hear me?
Yes, please.
I just want to know that on Page 9 of the investor presentation, we have this retail derivative broking revenue given at a INR 1.3 billion. So can you please share the breakup of this INR 1.3 billion from equity derivatives and from commodity derivatives?
So the derivative revenue of INR 136 crores, primarily a large portion of that would be from the derivative, even not the commodity derivative. We have not disclosed the split, but you may assume that more than 80% would be, in fact, even 90%, I would say, would be from the derivatives.
Equity derivatives, correct. Okay, I got that. And my second question, last question, can you -- as far as commodity derivatives, revenues are concerned? Do you see any prospect from the surge that we're seeing in options and futures trading volume in crude oil and natural gas on the MTF. Is that going to aid you in your revenue from commodity derivatives? That's my last question.
Yes, yes. So to continue to be very dominating commodity in the entire market by [ INR 1 billion ]. So while we continue to see volatility in the market and also increase in interest from investors, the margins are at elevated levels. So subject to that because of the volatility. Subject to that, otherwise, we see that the momentum in crude interest should continue.
Just any particular reason why this momentum has been building up so fast. We have seen a real served in the volume on the MTF, not even and use are getting into and trying to explore that opportunity. So what is record of all the entire 3 that's going on...
See, the crude was always a very highly traded commodity in the -- among all the other commodities. And I mean last few months, if you see -- I mean, there was a directional kind of a moment in commodity and also, I mean, as far as information flow is concerned, this commodity get higher information than any other commodity in the market.
So people track it very closely, next to equity kind of a thing. And that is also 1 reason for the customers taking a very, very high interest in crude. So I mean, there's no specific reason otherwise. Overall in MTF volume, if we see overall options volumes have grown up and we continue to show the rising trend. So if auction volumes, I think the crude is 1 thing, which will continue to be dominating commodity.
And also from the volatility perspective, I think crude has shown higher volatility than any other commodity in -- I mean the highly traded commodity in the market.
[Operator Instructions] The next question is from the line of Aman Singh Bhadoria from GYR Capital Advisors.
Am I audible?
Yes.
Many congratulations for such good numbers. I just wanted to ask a few of your strong competitors are coming in with 0 brokerage fee products. How do you see itself as a competition amongst your numbers in the future?
Yes. Thanks. I think they've been in the market for a long time, almost 10 years, we've been dealing with discount brokers now 8 years at least. We've been gaining market share. We've differentiated on many parameters, which includes offering unique proposition. So I think there is space for all types of players. We have sort of -- it's not a new development, actually, the discount broking, zero broking story has been something that we've been bracing for the last 7, 8 years.
So we've done a bunch of things over the years to deal with that competition. And we've managed to increase market share on revenue giving parameters. We do find that in terms of numbers, they have done well, numbers in the sense, number of clients that they have acquired, but when it comes to revenue giving market share, we've managed to not only grow but actually grow at a faster rate than the market.
The next question is from Aejas Lakhani from Unifi Capital.
Yes. Congratulations to you for very good set of numbers. Vijay, my first question is on the MTF book. So I think last quarter about -- of the 250 bps interest increase, you have passed on about 40%. So about 25%. So today, how much pass-through has happened?
Yes. Harvinder?
So I'd say about 60% because recently, we did increase another 40 basis points. So I'd say somewhere between 50% to 60% is what we have already passed on. So 250 basis points or 260 basis points was the total increase added with this 40%, it will be about 60%.
Perfect. Are you still on course to keep increasing the MTF rates as the quarter progress? Or is it -- or have you read some sort of saturation here?
So Aejas, as we said last time, also see it's a very tactical call that we take with the help of what is happening in terms of demand and got to it that we can have 1 -- we can absorb. So right now, if you look at it, our NIMs are over 3%. We are comfortable on these NIMs. But having said that, looking at the opportunity and the demand buildup, we'll keep taking these decisions as we go. We do not have the positive or a negative view on continuously increasing or not decreasing the rates right now.
Perfect. Second is on the prices and other fees and charges. So prime after many quarters we've seen a makeup now at INR 30 crores. So could you explain this? And also the other fees and charges, which we've been talking about and done very well this quarter. So anything to highlight here?
Yes. So see, when we launched this prime plan and also the lifetime, I mean, which happened sometime in last year, the life time. There were 2 very clear objectives, which we had in mind. One, how do we increase our acquisition, the quality acquisition; and secondly, how do we retain more and more number of customers.
I think this quarter, we have done well on both the parameters, the quality acquisition number through all our partners including ICICI Bank and our own teams, those numbers have gone up. And secondly, it is yielding benefit now in terms of retention also. So you're right in terms of the client fee. It was a good quarter.
And I mean we should also remember that the -- I mean, except one plan, the renewals are not happening now. So the proposition is lifetime. So the entire -- the focus is on acquisition, like how do we acquire more and more number of customers? And how do acquire the better quality customer. So that is something, which is reflecting in prime fee.
Could you speak about the introduction of brokerage business because that has seen a significant bump up. So isn't that you've increased rates on that front? Or what has led to this significant surge in institutional brokerage?
So institutional brokerage on a Y-o-Y basis was attributable to no improvement in grade. It's more improvement in volumes. And also, there has been an improvement in market share. Our market share same time last year was at a certain level. This year, it has increased by about 150 basis points on a Y-o-Y basis. So it's a combination of market share gain as well as improvement in, I would say, the market volume itself.
Notably, this quarter, because the market sentiment was quite positive and the market also did not have as many IPOs. While we did have a large number of IPOs, it appears that the market was hungry for more IPOs compared to what actually came to the market. And therefore, there were a lot of interest for block level transaction. So the block level activity during this quarter also was more than what we saw in the recent past including last few quarters. So combination of gains in market share on a Y-o-Y basis, number one. Number two, more volumes in the industry; and number three, gains in volumes on account of block.
Got it. And sir, could you speak about midterm here of being that process?
Yes, it continues to remain work under process. We will update you in the due course as and when we are good to go.
Okay. But any plan for a more better release now or still in the beta phase, sir?
No, no, we are still in the beta phase. No -- work is still underway. We are still in the beta phase.
Okay. So can we expect that by fourth quarter, we'll sort of hit the market? Or could it still take in spillover into the next year?
At this stage, we'd just like to hold any further guidance on this. Work is on is what I would say, and then we will advise at the right point in time on our next steps there.
Noted, sir. And sir, on OpEx, I understand OpEx is linked to revenue, but employee costs. So if you could just speak a little bit about cost like employee costs have gone up sequentially. And I understand that part of it will be very rare. So if you could just throw some light there on how we should think about the cost structure for the balance of the year?
So as you would have noted, just the cost to net income ratio is actually at about 42%. As we discussed earlier also, it's more of a cost-to-income ratio approach that we have, that helps us keep making investments wherever they are required as long as they are revenue accretive.
And right now, we are on our path. This year has been a year of investments. We do have some investments in technology and wealth and distribution buildup. But cost-to-income ratio, as you would have seen is at about 42% cost to net income.
Harvinder, should it be at the ballpark number only for the rest of the year?
Mr. Aejas Lakhani, sorry to interrupt you. Sir, can you please join the queue again. [Operator Instructions] So the next question we have is from Aditya from Damani Securities.
Thank you for amazing set of numbers. The numbers have obviously been excellent. The only question I had is the process of the delisting and there has been no price discovery made available to the shareholders. So I speak on behalf of a lot of shareholders I've been talking to, and they are of the view that it has been 5, 6 years and we bought a 20%, 25% upside on the share since IPO, when the profits have doubled already. And even now with these kind of beautiful numbers, I think the price seems a bit unjustified. So is it possible -- my question is, is it possible for us to have a price discovery or is that even an option?
Yes. So actually, we followed a process which is approved by the regulators, which is fair, which is applicable for a firm like us. And under that process, the offer that has been made is what is something that is made available -- which is available for all the investors to see.
The process does not met for any kind of further discussion on the pricing other than what has been offered. So it will go through its own mechanism and we do hope that make the best -- for the company and the investors as a result of this.
I won't go into the PE ratios and comes with the other stock broking, et cetera. It's just very -- it's very disappointing for shareholders thinking that -- and it doesn't make a big difference to ICICI Bank considering only diluting 1% or 1.5% of market cap. It just seems like a lot of shareholders are very disappointed considering the -- could they consider ICICI Bank as a front leader for professionalism and corporate governance.
And then to offer something, which is very arbitrary in nature and not even allow price discovery by shareholders. If you understand you followed a process, which is allowed by study, but it's been -- it's 1 of a kind. It's never happened before the [indiscernible] and we have just left clueless and frankly quite hopeless, right, because we don't have anywhere to talk about this. But that's all -- I mean I'm just saying that it's quite desire, to be honest.
No, we hear you. We note here, I mean.
So the next question is from Gaurav Khanna from CapGrow Capital. .
Okay. So my question is that the swap ratio is just 0.67x. And don't you think it is not in the favor of retail investors. And any possibility on revision of the shortage here?
Harvinder here. So as I think Vijay just answered, it's a part of a process, which is another [indiscernible] and a scheme of arrangement. The scheme documents are what we have already published and submitted to exchanges. In that, the ratio has been arrived at by following the prescribed process.
The shareholders would obviously have an opportunity to vote on the SKU and exchanges, incentives et cetera. There are various authorities, which will consider us to and with the requisite majority, which is treat as approve the scheme or exercise their board. But at this stage, it would not be possible to edit the scheme. The scheme is already submitted to exchanges. I hope that clarifies.
So the next question we have is from Santosh Keshri from Keshri Finance.
Thank you so much for such excellent performance. I have 2 questions. One is that what is the net cash position as of 30th September '23? And after that, I'll put my second question if you can answer this.
So there are 2 ways of looking at it. One is if you look at the cash and cash equivalent, that's about INR 9,200 crores on our balance sheet. It basically represents the cash in hand as well as cash equivalents, which will also include the fixed deposits that we have placed to the exchanges [indiscernible]. So number two, our own cash, which is a network is about a little under INR 3,000 crores.
Okay. And secondly, the dividend that we declared is INR 12 per share. So which is historically similar in the total...
My apologies, it is around INR 3,100 crores in my earlier question.
Sorry, INR 3,100 crores?
Yes.
Okay. So this is after taking out all your borrowings and deposits.
This is on equity. Yes.
Okay. Okay. Now my second question is about dividend. So what -- it seems that dividend is on the pattern of the prior years, like last year, it was INR 10, now it is INR 12. So considering the good profit and considering the impending merger, should not have been the shareholders have rewarded more with a higher dividend.
Also in the face of the -- in the face of the impending merger, one can see that the shareholders are not very happy in terms of the price discovery not being happening. So this is a disappointing in terms of very low rate of dividend being declared in the -- even though the profits are so good. So any take on that?
Yes. So we have a dividend policy, which prescribe that at least 50% of the dividend gets paid out. And as a company, we have always been paying a pretty high rate of dividend, you can compare vis-à-vis the other players as well. So this quarter also for the half year, if you calculate the ratio, it comes to about 55% of the profit that was paid out. And obviously, because of the growth in profit, the benefit has all accrued to the shareholders by way of enhanced dividend from INR 9.75 per share to INR 12 per share.
Yes, exactly. But given that we have a very good cash position and given that the merger ratio didn't work in the favor of shareholders. So I should not it as being that the dividend, extra dividend is getting announced. And also looking at the profitability, good profitability.
So there are -- as a part of a long-term sustainable policy, there are various things that you look at when you declare dividend, which is sustainability of dividend, consistency of ratios, et cetera. So we've looked at all of them, the board has considered all these factors in approving this particular dividend, which is at 55% of profit after tax. The company does need some capital to accrue for its various businesses. And therefore, this has been the policy, which has been consistently following for last couple of years.
Yes, that's right, sir. But after 2 quarters, as you said earlier, the bank will be -- sorry, the securities company would be your closely held company and the public shareholders who are holding the shares for so long will be looking at all the benefits they would have expected to gain when they invest in the shares right at the time of IPO. So it's a good amount of time, but hardly any return on the value that they bought into compared to the value they are getting now. So -- and unlike management would have thought of giving a higher dividend than the reason that's been declared. So that's my suggestion. I'm not saying that you should comment on it. That is something that is -- I think it's on everyone's mind.
Sure.
All right. So as I see that there are no further questions, I would like to hand the conference over to Mr. Vijay Chandok, MD and CEO, ICICI Securities for closing comments. Over to you, sir.
Yes. Thank you very much all our dear investors for taking time and attending this conference call. In case there are any follow-up questions, our IR team and the CFO team is always available, please reach out directly and we will be happy to setup separate calls for addressing any after thoughts that has come. We understand that the results post declaration had given you very little time to go through, so we can understand the need for you to go through our numbers with greater detail and come back with whatever question. Thank you very much, and once again, for all the support and the affection that you have shown us, we really, really want to thank you from the bottom of the heart and wish you all a great rest of this -- rest of the day. Thank you very much.
Thank you so much, sir. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.