Gaurav Kochar

Good evening. Sir, I have two questions. First is, again, having this on margins. Sir, you mentioned that in the first half, at least, there would be some pressure on margins. You exited the year at 2.81 in the fourth quarter. So is it fair to assume that in 1H your margins will be lower than this and in the second half you may recoup back to this 2.81 number that you reported in the 4th Quarter?

Okay, so sir, assuming that we have only passed 25 basis point in this quarter and that too from February when the rate cut happened, there would be further pricing of that plus the additional April months' 25 basis point report rate cut that we will receive. These are the two right now which we have already seen.

Okay, got it. And just my second question was with respect to the overall ROA guidance, you mentioned that '26, you want to make ROA of more than 1%. So just trying to understand based on your guidance, the margins will fall by around 10 basis point. And this year we had the evaluation of investment, SR recovery, etc., which may not recur in the next financial year.