Hi, good morning. Thanks for the opportunity. Couple of questions. The first one, when you are guiding kind of odd 2.4% to 2.5% ROA for next year, what kind of credit cost is being built into decision and my question is basically that if I were to look at, say, last year's ROA 2.66%, of course, that has a kind of a 35 basis point negative credit cost. So, if we were to build a normalized case, possibly the ROAs are more into a 2-point full year. I mean, for the last quarter, it will come closer to maybe 2.1 odd percent. And if we were kind of looking in a normalized case, 30, 40 basis point improvement in ROA that heavy lifting has to be done by yields and maybe some bit on the cost of funds if you were to see a rating upgrade. S o in this context, just wanted because opex is at very optimal level already. So just if you can help us what kind of credit cost will be there for 2.4% to 2.5% kind of ROA? And I mean, going forward, June FY '27, when recovering kind of nearly goes a way and you swing to more like a 20, 30 basis point whatever ideal credit cost will build. I mean how are you going to start on a deliver 2.4% to 2.5% ROA that's one. Second one on the product front, are there some products? I mean, now you are there into Affordable, Emerging as well as the developer side of these loans. Are there some product offering yet to be launch or you see, I mean, particularly in the non -housing side, will you be looking for Micro LAP in a category, say, 8 lakh, 10 lakh, 12 lakh something in near future?
Questions across 1 call
Avinash Singh
Emkay Glob al Financial Services Limited