Thank you for the opportunity. So, if we look at Slide 17, a non -interest income has moved up significantly sequentially almost 2x of last quarter. So, what are the components that have contributed to this kind of a bump up? And also, what was the share of the insurance distribution business in this?
Okay. And are there the sources that also continue to be apart from insurance, would you expand on those?
Hi, congratulations on great set of numbers. So when we look at heavy product in the Apollo structural segment, EBITDA per ton is around 8,700. So how do we look at this run rate on a sustainable basis?
Okay, thank you.
Congratulations for a wonderful set of numbers. So, sir, when we look at heavy structure as a category even when we look at difficult quarters we had, metrics are fairly consistent. So how do we look at the demand scenario here and the customer base that we have , because it seems pretty much immune to demand scenario in the general space.
Yes, heavy and premium products.
Good evening team. Congratulations on great set of n umbers. As it is showed in the presentation are we the largest player in the world in terms of capacity and the second followup would be that regarding the announcement we made for three new personnels being appointed one for branding, one for information and new CFO?
Now in terms of capacity are we the largest player in the world now for steel tube?
Feroze, congratulations on a well-deserved recognition. First question would be around how are we placing a structured product given the market scenario? Also, how is our strategy around mutual fund distribution being tweaked because the scenario so far looks weak from a market perspective, at least in the near term? Second question was around incorporation of the U.K. subsidiary that happened in Feb 2025. So is it stepping stone towards expansion of the offshore business? And third would be a brief idea on RM team expansion? And also, we could see that metric in terms of AUM per RM and clients per RM are looking productively high. So how do we look at it on a sustainable basis?
But, Jugalji, these would be inbound investments, right, because most of our products are India centered?
Congratulations on a great set of numbers. It's such incredible 6 - 7 quarters of this amount of growth is amazing. Congrats on that. And first question is on account of AUM mix, we could see that the debt MF mix has come to 7% if compared to 11% last year. Could we shed some light on that?
Yes. Perfect. It was pretty much concise. Secondly, Feroze, we could see AUM and clients per RM increasing. We have added 28 RMs in this quarter, and I think 52 on a Y-o- Y basis. But in this wealth business, it is specifically known that turnaround time and sort of gestation period for RMs is high and your opex goes up initially. So what do you think lead to this sort of productivity gains from per RMs basis?
Congratulations on surpassing the guidance. The first question was on the strategy that was taken out of the model portfolio, so was it sort of valuation, if you could shed some light and also realignment towards the new strategy that would be included for whatever Rs. 800 crores that could not be included in the inflow?
Yes. So, Feroze, this small- cap strategy that was taken out of the model portfolio in mid of March and the funds are in transit right now, so what was the reason for taking out the strategy? And where are those funds getting allocated now?
Congratulations on wonderful set of numbers. My first question regarding scrap availability. You got answers. Second question, sir, how do we foresee the ri sk of capacity being set up by the players from where we procure scrap, sort of they are putting together their own captive arms for recycling. So how do we tackle this risk from a long horizon?
And sir, just one clarity on used cars, if we were procuring ba tteries from them and on account of the GST implementation on used cars from dealers, so would t hat have an impact on our business?
Thank you for the opportunity. So we could see that volumes have grown by 8% and realization seem to have gone higher. And you have EBITDA per ton, specifically in the lead business has been increasing sequentially on a Y-o-Y basis. And EBITDA and PAT growth has been robust. So what is triggering this operating leverage? And secondly, again, I think you expanded on why…
Yes. So I just wanted to -- so the revenue growth, the 3% gap between volume and revenue, it was on account of realization improvement. And secondly, what is changing the operating leverage because our EBITDA and PAT growth is extremely high as compared to revenue growth? And secondly, I think you touched a bit on moving -- a transition from foreign markets to the domestic market. So what was that because I missed it in the initial commentary?
Congratulations on a good set of numbers. So , sir, how do we look at protecting fund performance in a down cycle if we were to extrapolate this kind of scenario, panning out maybe for a longer horizon? And secondly, again, not going too granular on flows side, have we seen any reorientation both from direct and non -direct channels in terms of allocation towards funds where belief is that certain sectors are overheated or maybe performance might not come. So, they have reoriented to other strategies which had not done for maybe last couple of years?
Okay. And so macro funds, given the high -frequency indicators pointing towards maybe an extended period of higher interest rates, would we sort of ramp up our efforts t owards scaling up the debt business as well, barring the fact that equity might not do well, again, just purely from a debt perspective?
Congratulations on a great set of numbers. I just had...
Congratulations on a great set of numbers. First thing sir, the employee benefit expenses, they have gone up. I'm assuming it's on account of variable payout, so that happened in Q1?
So, our mix of assets in equity has been around 63% of closing AUM. So, in the long run, I mean, what sort of nu mber are we looking at in terms of asset mix?
Okay. And sir, in terms of channels, we have seen a pretty decent traction from digital and fintech p layers, but simultaneously, we also have witnessed sort of a dream run in the Indian equity market. So , do you think this contribution from digital channels is sustainable in the long run when markets do not deliver the way they have delivered recently?
Hi, would it be great if you could shed some light on how funds as a percentage of AUM are outperforming vis -à-vis the benchmarks and also in terms of bucket for three months, six months and one year.
Okay. And you shed some light a bit on the digital channel mix. But if you look at the participants across the industry, everybody has seen robust flows of contribution via digital channels. So, when do you think, our digital channels would start picking up and would start contributing meaningfully?
Congratulations on a great set of numbers. I just had one question regarding the filing that we had done last month in which we spoke about investments made by erstwhile promoters. So has there been any measurable progress on that front?
Congratulations on a wonderful set of numbers. I just wanted to draw your attention to Slide 44 regarding operating leverage. Of course, assets are a factor of how markets do and profits in turn would be a manifestation of that. But looking at variables which are controllable, do we think that if things sort of go in tandem, we could see some sort of accretion happening on per branch and per employee basis?
Okay. Sir, secondly, on the -- expanding on the employee expenses front, of course, variable payouts and head count addition, they are sort of cyclical in nature and would keep happening for business cycles. But we have seen this kind of spending on employ ee engagement. So do you think this will also continue or it's more of a cyclical thing that's prevailing right now?
Just wanted to understand what sort of growth are we looking at both in the MF space and in terms of alternate space as well in terms of the numbers, if you could give out in terms of AUM growth?
We could see a jump in depreciation expense. So what do you think would explain that?
Okay. So sir, I'm assuming for next few years, a few quarters at least, we would be seeing higher depreciation expense on account of this and when this tapers down the flow towards PAT would be lower, right?
Good evening everyone. Am I audible?
I hope I am clear now.
Sir, you just shed some light on the industry dynamics, sort of consolidation you see in the space and also perspective ones winning higher market share? Or could it be a consolidation? Or maybe if you could highlight a initiatives and growth drivers that would be great?
Okay. Am I clear now?