Shubham Kothari

Yes, thank you for the opportunity. I had a few questions. The first one, I was seeing the investor presentation, and in that the slide which explains the net worth excluding fair value change. In Q1, it has fallen from INR51,000 crores to INR45,000 crores despite us reporting a profit. Can you please explain why has this fallen, the net worth?

Exactly. Yes. Because there is a significant drop of almost INR6,000 crores from March to June, so I was not sure why it is dropping.

Yes, sure. That's the first question. Second one, I'm seeing the net worth, including fair value change from FY 2024 to FY 2026, and it is largely being flat from INR81,000 crores to INR84,000 crores. That's been the range. Whereas our profits have been almost INR7,000 crores to INR8,000 crores on a yearly basis. Can you help me understand why the net worth, including fair value change, has been flat despite profits?