A few questions. One is like around the same on the credit cost, we are guiding again to be a similar number as 1H on credit cost. So is it more out of conservatism or are we expecting 3Q to be like worse off than 2Q because 4Q typically is the strongest for us?
So -- and the other question is, I think the slippages during the quarter has gone up sharply Q-o- Q. So what is the mix of this? Like if you look at between secured and unsecured assets some color around that.
I have 3 questions. And before that, firstly, thanks for the additional disclosures and the FY '27 projections on cost-to-income ratio. This really helps to understand the glide path on the cost - to-income. So sir, first question is if I see like the bulk of the improvement in cost-to-income is likely to come in from the retail liabilities, because on assets, we are broadly there at 53%. And on cards, it's a very small part of the total business. So now that as you have worked with large banks also and would have a sense about how the industry data moves on this. So if you can talk about how the cost -to-income ratio will be for bigger banks and how this generally evolves as such, because IDFC Bank, if I look at, this is like fifth or sixth year of its operations post-merger. So how does it really evolve over the longer period? How do you see that?
Right. Got it. And sir, second question is like, have we taken some portfolio actions and tightened the writing in our retail business other than JLG, because we are guiding for unchanged credit cost and all the impact on the guidance is because of the rising cost of the JLG, while most banks and other large NBFCs also are reporting an increase in credit costs already. So what is really driving that stability in the rest of the retail business?