Hi sir. One simple question, if I look at the industry leader and the recent one that also IPO and looking at their operating margin versus our operating margin, is there a clear pathway in our head wherein we also can reach at those EBITDA margins or given the product mix we are likely to remain at a lower EBITDA margin business compared to the other two companies?
Understood, and second question, if you can share any updates on the recent JV that we formed.
A couple of questions around the LAP book. Would you be able to break up our NPAs between LAP and home loan separately because last time we discussed the ECL is coming down because LAP is going up and we end up incurring a lesser loss there. What would be the NPA trajectory for LAP versus home loan and what would have been this number in FY24?
Got it. I missed it, I'll check back. Typically, LAP would have a higher NPA and home loan would have lower NPAs. But our numbers are a bit different from, let's say, the general expectations. So how should we read into?
Hi, a couple of questions. First is on, let’s say, weaponization of chemicals by China. They stopped selling of Gadolinium, which is MRI agent, and today they stopped shipping, exporting of rare earth magnets , r ight. And I understand that a lot of chemicals come from China for the reagent purposes. Two questions in this , how much of it is coming from China as of today? Is there Indian capacity which can service in case China takes some similar steps in this domain? How are we thinking about that?
Got it. That's good to hear. The second one was an earlier presentation you used to share this Tier-3 revenue footfall numbers. But in the current presentation I am not able to find. Would it be possible to share these numbers?
Hello. I hope I am audible. So, first question. So, if I look at your AUM by tier mix, for tier 6, it has jumped significantly from 35%, 36% to around 43% which if I back calculate from an AUM basically means that more or less all the disbursement has happened in tier 6. So, is this a correct understanding and have we let's say for the moment defocused from tier five and higher tier cities?
Got it. And what's the definition of this tier 1, tier 6, is it like the government definition or there is some, let's say, internal definition that Five Star follows?