Hi, sir. Thank you so much for the opportunity . Sir, a couple of questions. Your employee expenses on a 9-month basis, they are down Y-o-Y. So for this particular year, I think will mostly be flat. Sir, for FY '27 also, do you think employee expenses can remain at whatever level they are? Can it go down or will you see marginal increase in them?
Sir, I am asking employee expenses, employee expenses?
Sir, on your employee cost, you know, last quarter you mentioned that despite the benefits that you are going to accrue in this financial year, next financial year FY '25, you expect a Y-o-Y decline in the employee cost. Sir, what is your outlook right now on that?
So, for FY '25, do you expect this employee cost because of the benefits you mentioned? So, do you expect it to remain flat on the low base? Obviously, for FY '24, do you expect it to grow by like mid-single digit?
Sir, one part is the existing AUM and I need to ask on the revised guideline. So you called very well on the existing AUM. My question is more related to the incremental book on the generation side. So how do you think the industry players are going to react to it? And also for yoursel f because accounting treatment for the existing loans can be from the impairment reserve. But what about the incremental loans? What will the accounting happen for the loans which we are going to write from today onwards? On the date this guidance becomes effective?
Okay. Okay. But sir, for the incremental loans will it impacted pricing? Will you be pricing a loan a bit higher just account this change in provision.