Bhavin Shah

Wanted one clarification. We've had our gross sale growth of 5.7% for the quarter. Hardware prices have actually gone up by over 40%, and which I think, is 30% of our overall business. So effectively, are we seeing negative growth on a like-to-like basis? On top of that if we have a 46% coming from annuity business, does it mean that the net new sales are a serious challenge for us?

I was saying , on top of it we have a 46% which is annuity business , where the sales focus required is much lower, right? So if I were to really look at our new net sales that we are generating, if I remove the 46% then the numbers look actually a little worse off than what it shows on paper.

Okay. And just adding on to this , the ALM piece, I think in one of the quarter calls , you had mentioned about excess revenue booking in the first quarter of FY 26. Could you quantify that number? Because otherwise, the negative number looks fairly high, which may not be the case. Could you quantify that number and how much further adjustment need to be made in September quarter and December quarter?