Krunal Shah

So my first question is regarding the UTI Retirement and UTI International business. So if I see the operating expense of these 2 businesses, it has gone from ₹ 135 crores in FY '22 to around ₹ 221 crores in FY '25. So that's a sharp jump. Simultaneously, the revenue has not increased too much. So just one point I want to understand is where will this cost stabilize?

Yes. To some extent, yes. So just one point on UTI Retirement. So our share of the business in terms of the AUM has gone down from like 25.8% to 25%. But my understanding was that you are supposed to get a fixed amount every time from PFRDA in terms of AUM flow. So why our share has declined in that case?

Okay. So this is, sir, in relation to the private sector, wherein we have not had the same share as in the government business. Is my understanding correct, sir?