Karan P. Gupta

Two quick questions. Can you maybe just talk about the alignment of the depreciation expense that is booked and the economic life of the underlying assets? So, in other words, can these assets continue to generate cash flows even after they are depreciated to zero? And secondly, you have always spoken about mid-teen ROE. So, are those on a cash basis or a net basis that you are looking at?

So, in past calls also management is always guided that capital allocation decisions are based on mid-teen ROEs. So, are those mid-teen ROEs on a cash basis or are those on a net of depreciation expense?

Yes, I really appreciate that.

Thank you for the opportunity. Just a quick question, Sir. Can you just talk about the difference between volume growth and revenue growth in the last quarter. I noticed volume growth is about 16% and revenue growth was about 2.5% lower than that. So if you could just talk about that briefly, why that difference?

Is this incentive something that started recently? Because I haven't noticed a similar difference in past quarters. So ,and how do you see this going ahead? Is this because of competition that's happening in the market or to grow the market as a whole? If you could just start about that, please?