Welcome to the Q2 FY 2025 Earnings Call of Computer Age Management Services Limited. We have Mr. Anuj Kumar, Managing Director of CAMS, Mr. Ram Charan S.R., CFO, and Mr. Anish Sawlani, Head of Investor Relations. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. I now hand the conference over to Ms. Shivani Karwat from Orient Capital. Thank you, and over to you, ma'am.
Good morning, everyone. Welcome to the Q2 and H1 FY 2025 earnings conference call for Computer Age Management Services Limited. As mentioned today from the management, we have with us Mr. Anuj Kumar, Managing Director, Mr. Ram Charan S.R., CFO, and Mr. Anish Sawlani, Head of Investor Relations. Before we proceed to start the call, I would like to give a small disclaimer that this conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on date. These statements are not guarantees of future performance and involve risks and uncertainties which are difficult to predict. A detailed disclaimer has also been published in the investor presentation, which was released to the stock exchange. I hope everybody had a chance to go through the presentation. I will now hand over the call to Mr. Anuj Kumar, Managing Director.
Thanks, everyone, and over to you, sir.
Yeah, Shivani, good morning, and thank you very much. Good morning to all the participants. Appreciate, like always, all of you making time to join the earnings call of CAMS. I trust that I'm audible and that you've been able to download the presentation and have a copy of it, because we'll continue referring to that and refer to the individual chart numbers. Broadly, as you would have seen in the press release and the other releases yesterday, we had a fabulous quarter. There were a number of reasons what led to that happening.
I'll take you to those, but historically perhaps our best quarter ever, across metrics of asset growth and MF revenue growth in MF, revenue growth in non-MF, and overall success in the marketplace in acquiring business and expanding the installed base. Then from a margin profile perspective, again, has been a very strong story. I am on chart number eight, and will take you through some of the key highlights. Overall, at country level, enterprise level, revenue grew 32.7%. MF was slightly ahead of non-MF. You know that it's been our endeavor to scale non-MF faster, but MF grew 32.9%.
non-MF by itself, just short of 32, I think is a very credible number because, early 30s, early to mid-30s is the number we've been reporting now, for a few quarters. There are foundational aspects to this, number scaling up, and also there was a time when this was a small base number. Not anymore. It's a relatively large base number, so very happy to, continue sharing with you the revenue, growth profile in non-MF at just short of 32%. Share of non-MF revenue, which is over around 13%, was 12.9 of overall revenue. I think a good cause why it did not expand, because MF expanded just ahead of everything else. Absolute EBITDA, and, you know that in these results, this is our standard policy of recognizing revenue.
There are no lumps, there are no one-time payouts by clients. There are none of those. It's exactly the way we've been reporting revenue for the last many years. Based on that, EBITDA, absolute EBITDA grew almost 40%. EBITDA percentage grew 240 points up on an annual basis, just short of 47, about 46.9. But I think a very heartening. We've said in the past that it's our endeavor to grow this margin number about 1% a year, but at 2.4%, that's a great success. Absolute PAT grew 44.9%. PAT percent reached at 32.4, was 270 basis points up. So EBITDA percentage 240 basis points up, PAT percentage up 270 basis points.
Historically, I can't remember a quarter when all these numbers lined up straight to tell a story like what I'm telling you right now. Based on all of this, very happy to share with you that the CAMS board has approved an interim dividend of INR 25. This INR 25 is essentially two components. INR 14.5 is what traditionally we would have paid per our 65% payout policy. But just given the fact that we've had a strong run overall from an earnings perspective, we did believe, and the board did believe, that it was time to kind of signal to the markets that we want to reward them out.
So the balance INR 10.5 is part of a, what we call a special, interim dividend, which obviously from a records perspective, the 65% is the policy we will be staying true to. The 10.5 is special, so 14.5 and 10.5 add up to 25. And, that's the dividend that has been approved and declared as of yesterday. I'll move to the next. I'll move to chart number 7. Just the key highlights, and I'm sure all of you have processed this quite well, but, in aggregate, at, just close to 45 lakh crore or 45 trillion AUM, this is the fastest quarterly growth. We added almost 5 lakh crore in a quarter. Now, traditionally, you've known that that is almost like a year's increase.
There are years when I felt happy about growing AUM by five to six lakh crore in a year. This time it happened in a quarter, which is a historic high and of course that's linked to the state of the markets, but a great occurrence for us. Equity assets, and this is active equity, which kind of defines the PNL because it's almost upwards of 60% of overall MF revenue contribution, it grew over 60%. So equity assets grew almost 59.4%, much ahead of the rest of the industry of 53.5. This then defined a share gain in equity AUM of the same broad. So equity AUM is up about 100 basis points, up to about 66%. That's a very relevant metric.
Of course, any asset growth is a relevant metric, but equity is decidedly so because it's the core of the retail markets and it's core of the revenue base for the MF business. Net sales, which have been kind of creeping up in the industry at one time, net sales used to accrue largely from SIP monthly collections. This time, CAMS has got a number of over 1 lakh crore, industry about 1.5 lakh crores, maybe 66% of industry net sales. And I think that's just a very good measure of retail participation continuing to enhance. New fund offerings, which have now become a good kind of go-to market theme for the diversity mutual funds. CAMS grew or sold NFOs, our fund sold NFOs, was about 27 thousand crore, industry was about 45.
There was a slew of large sectoral fund launches, and I think some of the benefit of these does show up in other parts of the business, especially in payments and KRA, because a lot of these are new to the MF industry. Investors who walk in through the NFO route, and then, when they're onboarded, we get, you know, an up on the KRA and accretion and revenue and also on the payment side, especially if some of these people come through NFOs, and the SIPs. Record high SIP registration. Again, a fantastic metric, which is about the middle and bottom of the pyramid just buying into this theme, which I think is what all of you know and continue to believe in, is the theme for the times to come.
As AMCs and SIPs become more and more retail products, one point two crore new SIPs were registered during the quarter. In one month, it was forty-five lakh. We are bracing ourselves for shortly for that number to get to fifty lakh in some months. But one point two crore, again, just to remind you, three years back, this used to be an annual number, became a quarterly number now. And again, given the fact that SIPs are, kind of, asset accruing for almost a lifetime, a large part of them, some will attrite, but also stay for a lifetime is a very, very solid foundational metric. SIP collections you've been reading, we were up 54% year-on-year, compared to 48% for the rest of the industry.
So I think each one of these, the reason I continue calling them foundational metrics versus what happened in a quarter, that none of this is about a quarter or what will happen only in a quarter and then vanish. These are, these are stable, almost lifetime flows of assets, lifetime, foundational revenue creators for the enterprise. Beyond mutual funds, so non-asset side, alternatives, came back. We reported some fallouts last quarter. If you're running a business which is almost, a decade and a quarter old, you will have some fallouts. I think this time, 21% year-on-year revenue growth had the highest number of, quarterly events, 57 new mandates. This covers everything, that we do. Includes WealthServ, includes, GIFT City, and includes, the base AIF and PMS.
You would have also read that about two weeks back, we announced that we opened a second office in GIFT City, and again, you would realize we are putting our money where our mouth is, so we've opened this office. We had a small office. We now have almost a 50-seater. Very good inauguration, and it's a good signaling to the market that we are serious about this. We're putting our money where our mouth is, filling it up with both infrastructure and people. On the KRA side, I think the good work done by the team continues to unfold. You will recollect that last year we had, sequentially on an annual basis, reported just short of 100% revenue growth, so FY 2024 over FY 2023 was about a 95% plus revenue growth.
But when you expand the base, and that's the reason I said that these are not small base stories, you see a 56% year-on-year quarterly growth, which I think is again, one, it is, it is a vindication of what's happening in the, in the core market of AMFs, where, individual investors are not buying a single AMF, but they go to the second and the third and the fourth. And the second is that all the new sales we have done, the new logo sales, which obviously hasn't happened too much in AMF because we already sold to everyone who was eligible. So this is largely on the Fintech, broking, PMS side. You see that we added about, 26 new Fintechs platforms and, you know, those kind of companies, to the client roster.
significantly adding non-MF clients to the overall stock, which is very heartening because that's a true diversification of revenue and clientele, and then helps us in other ways as we go and sell other services apart from KRA to the same clients. On a similar theme, again, I think just a fantastic foundational story from a CAMSPay perspective. Revenue of 69%, you know this is on the back of about late twenties growth last year. But, CAMSPay. You've seen adoption, similar story to KRA. The base is buying more and more. I think the base growth story is led by SIPs, but is also led by recurring payments and housing finance, insurance, and other recurring payments, avenues. And then, you know that, in general, the digital payment story is expanding.
We have now some revenue getting reported by, you know, the education segment, small numbers, but we are taking on a more aggressive view for FY 2026. And of course, UPI AutoPay continues to kind of lead the charge because it is almost becoming the preferred way to pay for recurring payments, especially in a backyard which is, you know, in love with SIPs. Bima Central unique user base has grown over to 0.5 lakh, mobile downloads to 50,000. Small milestone, but notable milestone, which is that we processed one lakh service transactions, which is people coming in and, you know, doing renewal kind of payments or doing an address change through Bima Central. Of course, we have to...
This number has to be ten X to be meaningful, but you always make a start in life, and I think this one lakh, we are treating it as a very nice milestone. Remember that there are only two or three insurers integrated right now. That part has to expand quite a bit, but as it expands, very hopeful to scale this number to several X times. Also, I think, heartening to me and to us is the fact that we have doubled, and, this is a number I spoke about last quarter, but we used to have, you would remember, five lakh new policies accruing to e-Insurance every quarter. That was a baseline for about all of FY 2024.
FY 2025 1Q, we crossed 10 lakh, which is one million in the first quarter, 9.8 lakhs, close to another one million in the second quarter. Hopefully, we will keep this and make it a baseline, which means you will continue seeing not 5 or 6 lakh, but maybe 10 or 11 lakh conversions every quarter. You know, this is the base of what the company, of what the business is. As we get more and more individuals into e-Insurance, we get the conversion and the maintenance fees. They then come on to Bima Central, pay the premiums to renewal. We'll file the claim. So it's the basic core formative block, and that part is behaved very well. Account Aggregator, we continue to hold 16.5% market share.
So year-on-year, large growth, quarter on quarter, almost flat. But again, I think we're very happy with the way the business is progressing. NPS, about two point five X of year-on-year growth. I will show you some of the numbers, crossed one lakh subscribers. We've held the position on number two in e-NPS. And then you would have read this, that we formally, this was due for some time, we formally approved and are in the process of capitalizing, forming this JV, should happen soon. The MFC JV, along with the other RTA, KFin, and this platform will then have scope to kind of expand and do a lot many more things than what it has done so far.
It opens up a much broader playing field for the property to scale, so that in summary, just given the time we have, I will breeze through some of the other stuff. Transaction volumes are on chart number 8. I don't want to draw you into a lot of details. Only thing I'll say is that the company has grown. All this revenue growth that you're seeing has happened on the back of almost 60% transaction growth. 60% transaction growth, whether you're selling cars or you're registering SIPs or recurring payments with e-NACH , and you've seen the exemplary level of control and compliance and everything else that the team has been able to deliver. This is the example, so just wanted to kind of just speak about that a little.
Unique clients, these are unique investors coming into the industry, and it becomes 31% up, again, ahead of the industry, and the reason, again, I'm telling you this is, this is formative and foundational, because the same people who come in once will do the next transaction and the next and the next, will continue expanding. So that's foundational. SIP collections obviously grew very well, 54% up compared to 48% for the rest of the industry. Equity AUM grew 59%. Equity net sales grew above 90%, just touching about a lakh crore. New SIP registrations had 30% growth, overall on a year-on-year basis. Sorry, on a first quarter to second quarter basis. Yeah, let's move forward. You've seen these numbers. I'm on chart number nine, so I will not spend too much time.
Our quarterly AUM market share is about 68%. Equity, of course, has grown faster than the industry that you've seen. Go to the next. I'll quickly take you maybe a minute each on the individual businesses. On chart number 11, we spoke about alternatives. Good growth returning, 21% revenue growth on the back of healthy signings, 57 new signings. I think the thing I just want to call out is that we were kind of the pioneers in digitization starting in 2021. During COVID, the WealthServ 360 platform, 165 signups. This number is close to 175 now as we're progressing in the quarter, but 165 at the end of the quarter. A large quantum of our intake is becoming efficient, not just for CAMS, but for AIFs and PMSs.
Their interaction with their customers are becoming more efficient because it's all being done digitally. If someone in Delhi has a customer in Moradabad, you don't have to really go there. You can do all of this digitally. So it's changing the face of the industry and also making it a lot more productive and a lot more digitized. I spoke about this city, 20-plus clients, second office, so 50 seats having been opened. And then Fintuple, which has had, you know, strong success with the custodial operations and bringing in, automation on the custody side for custodians to integrate with PMSs, and later, they ask to onboard their customers, has now built out and is launching its NPS product. It's an NPS PoP automation and onboarding product, which integrates with all three CRAs.
Also, Aadhaar is a platform which integrates the strength of e-documentation, e-signing, e-stamping, can create electronic workflows, and then you can take this either through a standard integration or API. So trying to move into adjacent markets which offer opportunity, I think, I'm very, very pleased with the way the team has kind of thought this out and is implementing these things in the market, both from a CAMS AIF perspective and a Fintuple perspective. I'll move to chart number twelve on CAMS CRA. I spoke about the upward trajectory, that's 56% year-on-year revenue growth, the 26 new Fintech non-MF additions. So that's what I want to underscore. I think it's a, it's a very strong combination, Think360 Kwik.ID at the front. That's a fantastic KYC solution, very slick.
The CRA's seamless onboarding journey. All of that is great news. I spoke about the GIFT launch of Nexus, which is a CRA dashboard, and the WhatsApp KYC, which we are now bringing out in the market, which will further ease the interactive flow of, you know, new capital markets consumers just joining up and doing a new KYC, whichever entity they're signing up with. The entire flow can happen on WhatsApp. Move forward. On Rep, I'll give you the highlights. About 10.5 million in aggregate insurance accounts, about 94 lakh e-policies, out of which just under 10 lakh came this quarter, 10 lakh came in the last quarter.
40% market share now have as well, and like I said, two of the two integrated insurers in Bima Central, two more insurers. We should be able to report, I think, maybe sometime by mid to late November. And you know that as each of them come in, they, they then strongly start promoting Bima Central, and that then becomes a preferred way for customers to interact with their insurers. 47 out of the 55 life sales insurers, and this will just tell you about the breadth of acceptance. We want a depth metric that I think can be a lot better than where we are at 1 million policies in a quarter. We could be at 2 or 3 million, but from a breadth perspective, 47 out of the 55 insurers on that regularly contributing e-policies in Bima Central.
So Bima Central also was awarded by ASSOCHAM, recognized for best use of technology in the insurance industry. I'll flip to the next. Spoke about payments, revenue up 16% year-on-year. UPI AutoPay, and you know, some of this is being also used for small ticket SIPs that are up over 100%. Significant amount of product enhancement occurring, 23 new logos in 2Q. I wanted to mention LIC. You will remember that LIC was empaneled for non-mutual fund services. We'd announced this maybe in February, March, around that time, January, February, March. Those services have gone live, delivery has commenced, even for payment gateway services. LIC is now empaneled CAMSPay. Which is a good starting sign of, for a large behemoth to be wanting to work with us.
I think that could turn into a large, plan account for us over a period of time. From a FinServ perspective, I spoke about 16.5% market share holding Q on Q. 9.6% last year, so significant growth. About, again, small numbers, but about 170% year-on-year revenue growth. Small numbers, so we're waiting for them to scale a little more, but I think by the fourth quarter, these numbers should be much larger from absolute revenue perspective. I think the analytics part of the entire stack, which is the Amaze platform, both bank statement analyzer and the personal finance management, is now finding enough traction. We're just crossing about a lakh holds in a month. Of course, the numbers can be 10X of that number, but we've crossed one lakh.
That's a, that's a good metric, a good starting metric to have, and we're expecting we should see multiple X of scale up within the year. On Think360, Algo360 won a mandate from LTFS and from Stable Money, so we will see go live happening by December, January. I spoke about Amaze, both the PFM and the bank statement analyzer, both were run by the Think360 team, continuing to see expansion. The entire thing that I spoke about Fintuple, the platforms that they are building, the onboarding and with KYC paths, will be with Think360, so that from a synergy perspective continues to expand and do well. Go to the next. Then NPS, I spoke about, and I've underscored us crossing over one lakh CRA accounts.
You know, these are largely retail and private sector, employer-led. We haven't yet cracked much in government. Bringing in a variety of PoPs on the platform, I think Indian banks starting off with us is good news. But we continue, although it's a long haul business, we continue to focus on this and focus on scaling it. Next. This is what I have. Hope this is useful. I'll hand it over to Ram Charan, who will take you through the financials. We should have about twenty-five minutes for Q&A after that.
Thank you very much. I will just cover the salient points of the financials in the first slide, so I will just take five minutes for one level of detail. As you would have noted, AUM had a very smart growth of 37% during the quarter. We ended at INR 45.27 lakh crores. On the back of it, the overall revenue grew 33%, almost 32.7%, end of the quarter, INR 365 crores. And the mutual fund revenue also grew around 33% at INR 318 crores. So overall, INR 365 crores consisted of MF revenue of INR 318, and non-MF revenue of INR 47 crores. The good part of this is that growth has been uniform across all segments.
From an MF perspective, and even within MF, you have the asset-based revenue grow at around 32.7% and non-asset-based revenue grow at 34%. The asset-based revenue tracked largely the growth in AUM. We've seen a quarter of stable yields. We generally say that the growth of AUM to total AUM fee is around 75%. This time you have the AUM to fee proportion to be around 84%, so yields have been largely stable. On the back of the good growth in equity mutual fund, the mix is favorable, and also happy to say that the discussions that we have concluded with some large customers are well within expectations in terms of what the yield will be, so overall, we see stable yields.
We see good growth from asset-based and a non-asset-based revenue. The non-asset-based revenue is driven largely by increase in transaction revenue, big increase in transactions, both digital as well as paper, and also MF Central is a part of this, and also some increase in NFO revenue as well as call center revenue, so that's contributing to a healthy increase in the non-asset-based revenue on a year-on-year basis, 34%. Non-MF revenue, again, we went into details and announcement, went into the details of each and every business. Just add that, you know, we had AIF coming back to a good growth trajectory into a 21% year-on-year, and a 7% quarter-on-quarter. Similarly, payments has done very well in terms of revenue growth, 69% growth year-on-year, and a 15% quarter-on-quarter.
KRA has also continued its strong performance, with 56% growth year-on-year and 18% quarter-on-quarter. Overall, three-fourth businesses are firing very well in the non-MF front, and the growth is 31.9% year-on-year and 7% quarter-on-quarter. On the profits perspective, we've had a very, very strong EBITDA quarter. One of the biggest margins we have seen in the recent past, at 46.9%, 171 crores. This is up 140 basis points on a sequential basis. Very strong performance from a margin perspective. PBT again is 163 crores, 43.4%, and PAT was very strong at 122 crores for the quarter, at 32.4%.
So almost, you know, 270 basis points on a year-on-year basis and about 100 basis points on a quarter-on-quarter. The costs, you know, have been largely in expected lines. The employee cost grew around 20% on a year-on-year basis, driven mainly by some hiring. Obviously, hiring has not been in proportion to the increase in transactions or complexity. It's been a little muted when compared to the growth. Overall, but there have been some increase in, you know, pay for the employees. So, the employee cost however, remains very well within target, with a 32% of overall revenue. Operating expenses, again, well within expected lines. Some increases we have seen in OpEx, it is again, billing items, so, you know, it will not affect the bottom line as such.
And some increases because of transaction in SMS cost and, and cloud has been. Because all our new businesses run on cloud, there has been some increase in the cloud cost. The other expenses are fixed expenses. We did see some one-time expenses this time, because of activities like the MF Central incorporation or data privacy preparation that we are doing, you know, given the ramifications that it's got for the entire industry. So there's some one-off professional charges in this for a couple of quarters, but the rest largely in line. The only exception that we see going forward is, yesterday there was a grant of equity of options, the ESOPs that went to the employees. So going forward, post, there could be some increase that you will see on an ESOP cost.
Incremental cost for the year could be around a little more than four crores, and next year you could have some incremental cost because of that. Barring that, we see usual hiring costs coming in. We've already invested a lot on talent. We've got, you know, top tech colleges, people coming and making a difference on the ground over the last couple of quarters. So costs should be broadly stable. The variable cost will increase in line with revenue. This is the sponsor bank charges that we pay for the payments or the cloud cost that we incur for the new business or the data entry charges that we incur for physical transactions. Those will increase in line with the revenue. The other expenses and employee cost should remain broadly stable.
So that was a short commentary I wanted to give on the profit and the cost. And as you have noted, you know, the board had granted a special dividend of 10.5 and overall dividend of 25 paisa per share. Before that, my cash and cash equivalents as on balance sheet was very healthy at 732 crores as of thirteenth of September. So I will now pause and hand over back to the moderator and open it up for any questions.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Prayesh Jain from Motilal Oswal. Please go ahead, sir.
Yeah. Thanks, congrats on good set of numbers. So just, you know, a few questions from my side. Firstly, on the MF side, we've heard AMCs talking about rationalization of commission structures, and basically that is to kind of protect their yields falling further, you know, materially because of the telescopic structure. So, you know, this is more of a fundamental long-term question: Do you think if the industry is moving towards that, our yields should also be kind of protected at the current levels, or how should we think about this? Because, you know, I think that would be one of the key things to be thought about from a medium-term perspective. Second question was on CAMSPay.
If you could split up your business into, say, you know, managed SIP and non-SIP, and that would be helpful. Third would be on Think360. If we see revenue decline in this quarter, could you highlight the reasons for the same? And lastly, just a feedback, if you could give some profitability numbers across the key segments, at the EBITDA level, that would be a great help for us. Thank you so much.
Sure. Thanks, Paresh. So I'll try to take your questions in sequence. On the yield profile, I think you have the history of the company now for almost a decade, right? Published history for a decade. And my estimate would be that yield behavior is not radically going to change because we are not expecting any other radical event to happen. Our delivery continues to become immensely complex, as you know, with process, regulation, risk management, et cetera, going up, and we continue to sell at slightly cheaper rates because of the telescopic pricing in successive years. As a result of that, whichever metric you look at, whether you look at a portfolio price, which is the right price, it's not the price.
But, if you look at a portfolio price of cost, if you look at a per transaction cost, in absolute rupee terms, they are diminishing, and they don't diminish, anywhere else in the world or in any other, form of procurement that any of our clients does. So I think, the telescopic impact will continue, more or less in line with what we've seen happen in the last decade, et cetera. Of course, everybody wants to buy cheap. It is not that anybody is trying to buy dear from us. So we are not expecting any radical shift in this profile from now onwards. Your second question was on CAMSPay. Think of CAMSPay as about, a little over 50% of the business accruing from mutual funds, so between 55-60, and the balance business is non-MF business.
In MF, it's, you can assume that most of this is about SIP. SIPs have grown significantly, as you've seen in the last year, so the business does get some fillip from that, which is a good thing to happen. So back to your question on, you know, trying to split the activity and revenue levels. I'm not giving you an exact revenue number because prices may be different, but in essence, you can think of about 55% or around that to be MF contribution, and the rest is non-MF, to be overall CAMSPay book. Ram?
Yeah, on the question on your question on the breakup of non-MF margins, so we've actually said that it has been creeping up, you know, over the last few quarters, and this trend continues in the current quarter. We have the non-MF margins, we said was around 15%, so it's gone up to closer to 19% this time, obviously on the back of good growth from Pay and KRA. Right. So this is again on a higher trend. We listen to your feedback on publishing these numbers. We'll have a look at it, and probably next quarter we'll kind of do something.
Just on Think360, could you mention as to what, why was the revenue lower in this quarter?
Yeah, absolutely. So Think360, as you know, the Kwik.ID part has been the growing part, which is the video KYC. The Algo360 part, where I shared that we won new contracts with LTFS and Stable Money, part of that is seeing some cannibalization from account aggregator. Our view was that account aggregator will cannibalize some of that, but we have put the entire Amaze part, which is the TSP plus, plus in Think, thinking that the percentage will almost be the same, but looks like some of the revenue down has not been made up in that KYC space. So think of account aggregator taking away some share from Algo360, and we making up through AI analytics, but that makeup is not completely that much.
And then there were some U.S. analytics contracts, which, you know, they are done on a six-month, one-year, one-and-a-half year basis. They're not annuity contracts. They come to an end, and some of those, one or two of those have come to an end, so that really adds up. But we are expecting that revenue from here should show growth.
Got it. Thank you so much.
Thank you. The next question is from the line of Supratim Datta from Ambit Capital. Please go ahead, sir.
Yeah, thanks a lot for the opportunity. So I'll start off first on the MF RTA side, you know, just looking at, you know, the trends over the last two weeks, where, you know, the AUM has come up. So, you know, is there a mechanism built into the pricing wherein if the AUM decline or yields go up, is that amount then also built into the pricing model? That is the one thing I wanted to understand. Two is, you know, if I see on the account aggregator side, RBI is launching a unified lending interface, which is similar to an account aggregator platform, but you know, backed by the regulator. So, you know, how do you see that impacting the account aggregator industry and our business? And, you know, the third question is on the expenses front.
There has been a significant pickup in the other expenses. I do understand that you have explained that, you know, some of this is linked to transactions and, you know, going up, but just wanted to understand what proportion of this would be, you know, a variable increase that is, you know, due to flows versus what is permanent increase? If you could give us some sense around that, that would be very helpful. Thank you.
Sure, sure. So the first part of your question was that you've seen, you know, equity assets come down over the last 15 days, which is true. There has been assets down over the last two, three weeks. Does that impact pricing, and do prices go up when assets go down? The answer is yes. Think of it like anything else that you buy in bulk. If you're paying INR 10 for 10 units, but you're paying only INR 14 for 15 units, when you go back to 10, you're paying INR 10 for 10. And when you come up again to 15, you're paying INR 14 for 15. So it is that telescopic, which means when assets fall, the previous higher rates play out.
Do we have to negotiate for them, or are they hardcoded in the price? They are hardcoded in the contract, so we don't have to negotiate. Think of any slab-based pricing that you have seen in life, it is exactly like that. You buy so much and you get this price, but if you buy only 90% of that, your price goes up. So that's an automatic adjustment which happens in the invoicing. We haven't seen this too many times, but during the one year of COVID, all through calendar 2020, this happened to us. So that's the answer to your first question. On the Unified Lending Interface, will that start impacting AA as a model and us as a company? You have read everything in the press, and obviously, there are common areas.
Obviously, there are common areas. We are also watching this space very closely. But yes, for me to say that it will not have any impact or that is ruled out, will not be right. We are observing it carefully. If the regulatory platform starts doing exactly what commercially is doing, then obviously the impact will be there. There's no question about it. But I suggest we just watch it and see how it merges over a period of time. That's point number two. On expenses, I'll just ask Ram Charan to-
Yeah. So, I think your question was more on the non-salary expenses and, you know, how they are variable. So I'll just split it into two. If you see there is an operating expenses that we incur, which is more variable in nature. So traditionally, if you take away the out-of-pocket expenses or the reimbursed expenses, that is around 8-8.5% of the overall revenue, and that has been our experience and trend over the last few years. So we don't see that changing a lot, you know, especially given that we are into cloud for the new businesses and which are ramping up and the bank charges that we need to pay for the ECS and the UPI auto-pay stuff.
So that, that kind of relationship continues to hold, and we don't see any reason why that will break in the future, which is operating expenses being around 8-8.5% of revenue. The other expenses is a fixed cost, you know, and, and I think over the last few quarters, we've been around 25-28 crores of absolute numbers during a quarter, which was around 21-22 in the last quarter. So you will continue to see inflation-led expenses, the agencies that we continue to pay, the rent increases that we continue to incur. Last time, as I was mentioning, there is some one-off expenses, you know, for a couple of crores in these 28 crores that we have.
But again, these one-off expenses have a habit of repeating as a different one-off expense in a different quarter. So I wouldn't read too much into it, except that we are stabilizing around 25-30 crores of other expenses and 8% of operating expenses.
Got it. Thank you, sir.
Thank you. The next question is from the line of Uday Pai from Investec. Please go ahead, sir.
Thank you, sir, for the opportunity. Most of my questions have been answered. Just one thing. You mentioned that the new JV, with regards to MF Central, would open up some new areas that can be explored. Can you put some light on that?
Yeah, sure. So, as you know, this was envisioned as an industry platform for easing out issues of investor connect, servicing, transaction, origination, all of those things for MF Industry, MF Investors at an industry level. It was launched in twenty twenty-one, has ran the last about two and a half to three years in that format, where anyone who wants to use the API, who wants to connect with MF Central as an enterprise, would come and do individual contracts with KFin and CAMS. Although they would deal with the platform, the platform did not have an entity, an organization, an org structure, capital of its own to think of promoting or marketing itself or really building, you know, very large, game-changing assets of its own.
Today, the servicing and the revenue base is essentially of two types. If you, as an individual investor, come to MF Central, then you can transact.
If you come through APIs, which are given to other platforms, you can take cash. You will do non-financial transactions, but financial transactions haven't really built themselves out in a meaningful way. Other utilities like loan against mutual funds, which are other revenue possibilities, are also in the launch stage but haven't really hit the market. When we create the entity, which will take another four or a few more weeks, I think with an independent organization, its own capital, very, very focused market-facing decision-making on sales force. The ability of the JV to work with the market on especially the things that I said, which is financial transactions, loan against mutual funds and other emerging areas that may come up, I think that ability will get enhanced and will be much more sharper.
We are expecting that to be generally growth accretive for the JV, but also a lot better and, I would say, a wider frame service to the industry, because that is the real objective of the platform.
Okay. Sure, sir. Just to another question with regards to this. How much would... Is there any revenue from mutual fund, MF Central, that we are booking into our books? Or, is it just right now servicing? How is it right now?
Currently, the model is more kind of API-based, so we have consolidated account statements or capital gain statements and non-financial transactions, APIs, which are consumed by some intermediaries. Yes, we are booking revenue in our respective books. In the current quarter, the revenue will be around INR 1.7 crores, you know, it's fifty/fifty revenue split between the two RTAs. The revenue is in the books. Going forward, once the JV is incorporated, this will be handled by the JV company as a fifty/fifty joint venture.
Okay, sir. Thank you. That helps.
Thank you. The next question is from the line of Lalit from Equirus Securities. Please go ahead, sir.
Yeah. Hi, sir. Good morning. Congratulations on a good set of numbers. Just on this non-MF business, like within CAMSPay and CAMS KRA, could you give us the unit economics of this business? Like, on a per transaction level, what kind of yields are we making in this segment?
Your question was on CAMS KRA and?
CAMSPay.
CAMSPay. Okay. There's no uniform basis for CAMSPay, and I can't obviously give you exact numbers, but I can tell you how this works. From a CAMSPay perspective, you have an ACH mode of transaction, where we charge for a mandate registration, and then we charge for a per transaction processing, out of which we have to pay some money to the sponsor bank for us to access the NPCI backbone. That's how it works, a per transaction basis and a mandate registration. The mandate registration, it could be INR 5, INR 4, INR 6, depending on whatever the commercial arrangement we have. And per transaction basis could be INR 3, INR 2, INR 5, depending on what are the, you know, volumes and the arrangement we have, right? That is from a CAMS ACH perspective.
We have UPI AutoPay. UPI AutoPay, the commercial models are very different. Some have a transaction-based, a few have a value-based billing also, so it's very difficult to get into a per transaction mode, but broadly, it is transaction-based billing and a mandate registration that happens, so the base is the same. Only thing is there is a variation on the value-based billing for some of the UPI customer, UPI AutoPay customers, so that's how the unit economics works. Largely platform-based, where we have to pay some charge to the bank for processing the transaction, and then we get paid for putting through every one of these transactions, doing the reconciliation and crediting the amounts from a CAMSPay perspective. CAMS KRA, there are three broad pieces of the revenue model.
Number one is, you know, when you get an upload, which is, basically a new person comes and uses, either the e-authentication or on a physical form, gets his KRA or KYC done. And the PAN actually, which is the identifier resides in the CAMS KRA, it's called an upload. We get paid, for the upload by the AMC. You know, and then there is this download, which is that if the person goes to another, say, a mutual fund, and then he wants to open a folio, now, based on that download that happened, he doesn't have to do the KYC again. So that is called a download revenue.
And third is the interoperability, which is, you know, he goes, comes through another KRA into CAMS KRA and accesses the KRA information, then we get paid under interoperability charge. So there are three basic unit economics. Again, a platform-based business. You know, once we kind of put it into our platform, every time that PAN is withdrawn or downloaded for some other investment, we get paid by the asset manager. So that's how the model works.
Sure, sir. And so sir, similar to like what you mentioned for CAMSPay, like about 55%-60% comes from the mutual fund business. Now, in the KYC business, as we understand that we are also adding on to new financial institutions, like we are significantly expanding into the non-MF business as well over there. So could you give us some color, like how about what is the revenue coming from the non-MF side of it?
I think what used to be close to zero has now reached around 20%. So 80% will be MF-based customer, and 20% will be non-asset management companies, and that's on an increasing trend.
Sure, sir. And sir, like, this whole segment, the KRA business has shown some strong growth over the last 18-24 months. And now we are hearing that from our peers that they are also trying to enter into this space. So any comments around that thing? Like, how should we see the overall industry was going here, from here on?
All I can say is that we are happy to inspire others, so the rest, of course, it's a good business to do.
So I will not specifically comment on how they are thinking about it, but, yeah, the industry is on an expansion track, and, onboarding, authentication, will always have a strong role to play in regulated markets. Do also remember that while we do the KRA business inside CAMS KRA, there is a large piece of the front end, which is the KYC part, video KYC, which we do for some of the largest banks in the country, including Central Bank, Bank of Baroda, Canara, and RBL, is sitting inside Think360. So it's a large portfolio for us, and I'm sure others are noticing what we are doing and, are thinking of getting in.
Awesome. Thanks, thanks.
Thank you. The next question is from the line of Abhijit from Kotak Securities. Please go ahead, sir.
Yeah, good morning. I have one question on costs. You know, how do we think about, you know, the flexibility in costs, especially as we get into more, you know, uncertain growth environment? You know, I'm sure some of it is linked to, you know, how the business grows, but some of it might be literally more sticky commitments, going into next twelve months. So some guidance there will be very helpful.
So Abhijit, again, this is, I think we are conscious of the fact that, you know, there has to be some flexibility in the cost, but there are limitations to the model. So what we always do is we don't obviously go overboard in terms of recruiting for, you know, in terms of recruitment costs or hiring more people for that. We rely on automation, as you know, that you know, some amount of variability is there, when you go to the cloud cost also for the new businesses. See, the flexibility in cost exists because, on two counts. One is obviously the flexible cost is the data entry and the people who clean the data, which is variable depending on the number of transactions that we get.
Which is with a lag, there is some optimization possible, and we have done it in the past, too, right? We even know that in the peak of COVID, our margins never dropped below 30% when everybody was floundering to keep their head above water, right? Even in that situation, our margins never went below 30%, right? I'm saying that is the extreme kind of scenario that you're thinking of. So with the lag, we have some flexibility on some part of the variable cost. As I said, almost 8% of my cost is variable currently, and we have some flexibility on most of those components. Barring that, I don't think that we are overspending.
So what we are trying is to continue to focus on automation, continue to focus on enhancing the platform capabilities to handle. For example, the SIP transaction that you are seeing, it's not as if we spend for every trigger that we do, right? It's an automatic process. Almost like end-to-end automation is there from an SIP process, which is where you go through all the course of transactions without incurring additional costs. So individual parts of businesses are continuing to be automated. We are conscious of the fact that, you know, at some point of time, cost optimization will be extremely, you know, it'll be very important to maintain the margins, and we have never lost sight of that fact.
So we continue to have some 8% variable costs, which we can optimize, continue to automate, in terms of platform, and we are sure that when it comes to, we'll be able to be flexible enough to retain the margin targets.
What would be the margin range you would want to, you know, maintain?
So, you know, as you know, we don't want to be very aggressive on margin targets. We've never been, and you know that. So we have kind of come to around 46.9%, and we'll have to see it, obviously determined by how much assets grow in the future. But if current trend, I would assume that, to get to, you know, end of year, get to more than 47, 47.5%, is something that is well within reach. To go beyond 48%, I think will be difficult, given the, you know, pulls and pressures of, you know, other items like in the spend and cost and all that stuff. But, you know, if things do continue, getting to a, less than 48% margin is something that is doable within this year.
Definitely, 47.5 is doable in our mind.
Thanks, Ram. This is very helpful.
Thank you. The next question is from the line of Devesh from IIFL Securities. Please go ahead, sir.
Good morning, everyone, and thank you for the opportunity. So just one question. If you see the yield decline on a sequential basis, it has been much lesser in the core business compared to AUM growth. Now, obviously, there has been improvement in the AUM mix, and that is leading to this cushion in the yield fall. Couple of things that I wanted to understand. One, as the AUM grows, does the decline in the yield is linear, or for the AUMs which have crossed certain threshold, the decline in the yield would be lower? Is that the case?
And secondly, what should be the basically rule of thumb that we should follow in terms of going ahead, if there's a growth in the AUM, how much yield moderation should one build in, say, for FY 2026 or 2025? Yeah.
So, Devesh, yes, I think this is an observation that I also made in the beginning, saying that the yields have largely been stable. And to be honest, this is not totally unexpected. I think when we went through this large yield reset in the last year, we continued to kind of have the stand that you will see this one-off drop-off, but over a period of one year, they will stabilize. And the last couple of quarters, we have seen this stable. As you... I know the thumb rule that we use, you know, is that, you know, the asset-to-asset fee growth is around 95, 75% is what we say. It's been around 83% this quarter. But I will continue to urge you to use the same thumb rule of 75%, right?
Because, while we have completed the discussions and closed deals with a larger lot of the major funds, this is an ongoing exercise, right? We will have a couple coming up within the next year and a couple after that. So I would continue to say the thumb rule of 75% growth should hold good, and there will be quarters where we will do much better.
... and there'll be probably a few quarters where we won't, but on average, this thumb rule should hold good. You could actually expect positive surprises in a few quarters, but I think that's something that we'll have to live with. Apart from that, you know, we don't see any major developments on yield. As we grow, I don't think the relationship is going to change drastically, because yes, a lot of the AMCs have reached the highest slab in terms of their, you know, in terms of when the rates will go down. For example, it could be one lakh crore or, you know, of equity, which means a lot of AMCs could have reached that stage or fifty thousand crores.
So going forward, you know, they have reached a stage where additional slabs are not there, but that doesn't preclude them from including it in the future, too. So I don't want to change the assumptions or the basis in which you are estimating. I think that will remain true for the next few quarters also, and the next year also, for that matter.
Sir, at the asset level, if you can give us some sense. On a blended, we are not able to get the right picture of the decline in the yield, but if you talk about pure equity, what was the decline in the yield in this quarter?
So, it's broadly in line. So on a quarter-on-quarter basis, the equity yield, you know, hovered around 3.4%-3.5%. And the overall decline on equity decline was almost broadly on the same lines.
Understood, sir. Thank you so much.
Thank you. The next question is from the line of Dipanjan Ghosh from Citigroup. Please go ahead, sir.
Hi. Good morning, sir. Just a few questions from my side. First, in the CAMSPay business, you mentioned that today almost around 55%-60% is from the MF side and rest from non-MF. So if you can give a similar number for, let's say, the first half of last fiscal, so that will be great. Second, on the alternative business, it seems that there has been some yield pickup over the last maybe three or four quarters, including this current quarter. A similar trend, probably what we are seeing in case of some of your competitors also. So where do we get some sense of, is it like more value-added services being provided to the alternatives or more schemes coming in from these alternatives or new client additions?
If you can give some color on that. And lastly, on the KRA business, again, you mentioned that non-MF is now 20% from almost 0% few quarters back. So would it be a fair assumption that the MF piece of the KRA business is growing at 30%-40%?
Yeah, sure. Sure. So let me take the second part of your question first. On AIF, you are right, that it's become a lot more competitive. There was a time, six or seven years back, when CAMS was the only port of call when new people launched an AIF. For PMS, it then became a little more competitive from a domestic perspective. Today, you have overseas providers selling in the same market. And whenever an industry becomes competitive, you will see a bit of price down. You see it everywhere, whichever product market you go to, so this is no different. How are we mitigating it? Of course, things like GIFT City are a natural mitigant, where unit economics will be better.
And then, things like WealthServ with digital onboarding is essentially built like, it's a digital stack, which means that you don't deploy tons of labor, processing force or accountants or any of those people to do the work. That work is done by the platform. So like we said, we were the first to enter that. We've scaled it significantly. Of course, a lot of money raised still happens in the physical format, but we are very confident that this, with this one point five plus set of buyers, this will, the trend will accentuate and a lot of money raising will start happening digitally.
So those kind of mitigants in terms of, selling a richer digital stack, charging for APIs, building out websites, wealth platforms, all of that is an antidote to doing a business where there is some amount of labor and, especially while talking factors, et cetera. So that's the standard way of doing it. You asked a question on, on the revenue mix of CAMSPay a year back. I would still think that, think of the business as about 55%-60% skewed in favor of MF. I don't think a large change has happened, in the recent year. Of course, the SIP momentum has gone up, which is showing up in the overall volumes. But like I said, we've now begun selling to education, and we will deepen that segment in the coming year.
So you will see, this number to be stable around that, that point. Your question on KRA, whether KRA's MF business is growing 30-40%. I think, yes, yes, it's fair to assume it's growing 30-40%. One good surrogate metric you can catch on to is the 31% MF new PAN that we spoke about, because that's a tangible PAN when it comes in the first time. And of course, everything else is when that PAN stays, and it is downloaded multiple times for mutual funds. So yeah, think of it as about 30-35% growth in that space, too.
So just a small follow-up on the pay business. So in a way, you know, the pay business, which was, let's say, growing at somewhere around twenty-ish, sort of high twenties, sort of a number in 3Q, 4Q of last year or maybe 2Q also. So that has scaled up to, like, 50, 60 plus% YoY. And you say that the mix has broadly remained stable between MF and non-MF. So would it be fair to assume that this is, like, more non-MF clients coming in, and whatever organic growth you're seeing on the MF pay side, as in the net client additions you're seeing or volume additions?
Yeah, you can think of that being true. We go deeper into NBFC, housing finance and insurance. That is one of the trends which will continue to play out.
Got it. Thank you, sir, and all the best.
Thank you. The next question is from the line of Aman Soni from Invest Analytics Advisory LLC. Please go ahead, sir.
Hello. Am I audible?
Yes, you are.
Oh, good afternoon, sir. Congrats for a good set of numbers. Most of my questions are already answered. Just one question, like, I was checking on your quarterly numbers two years back. So we were in the range of 200-250 CR kind of numbers. But we see last four quarters, we are consistently delivering decent numbers and currently, quarterly number is approximately 350 CR. So, from there on, how do you look, how this trend is going to be for the next 2-3 years?
Think of it this way, that a large part of our fortunes are still linked to the cycle in the capital markets. There is no denying that because the MF market drives the core business. The MF and the demat and broking market drives the KRA business. The MF market drives about 45% of the payments business. There is significant diversification, too, but we will be married to this. A lot of this, therefore, is about what view you take on the domestic capital markets. If domestic capital markets have similar growth, then you will see the revenue up, the way you have seen it in recent years.
Of course, there will be some periods of ups and downs in terms of, like someone else said, growth cycles will never be certain and will never be in the high twenties and thirties. So keep that in mind, but I mean, one thing I would certainly leave with you, that a lot of revenue up has been contributed by MF, but the non-MF part has started kicking only in the last two years. It only started kicking in the last two years. In the last eight quarters, you've seen stratospheric growth from KRA and payments. AIF has done a good job continuing to grow over 20%. We are waiting for one of our other markets, for insurance to become a sensible contributor to revenue, and that will happen. Like I also said, we are taking a bet of that.
That will happen. I think the diversified part is growing. The non-MF part has delivered quite well, so our ability to define revenue scale is better than what it used to be three years back. So well said.
Understood, sir. That's it from my side, sir. All the best for the future.
Thank you. Bye.
Thank you. The next question is from the line of Dev Shah from Haitong Securities. Please go ahead, sir.
Hi, sir. Congratulations on your good set of numbers. Just a couple of questions from my side. The first is a data keeping question. Can you give us the SIP book value that you used to provide earlier, as well as the SIP transactions processed and the live investor folios that you used to give earlier? Second is, do we still stand by the guidance of the non-MF proportion reaching almost, you know, 20-odd% by FY 2027? Do we see some kind of variations in that, since the MF portion has grown so strongly? And lastly, could you throw some light on the new Fintuple Nivriti NPS venture, and what's happening on that front? Yeah. That's it from my end. Thanks.
No, sure. So, your question was, how do we continue growing, in the future? This one. Sorry, let me take the second part first. Your first was about the data. We'll just see if we can give you some data. On the second part, you had said about MF and non-MF, whether we are holding on to the 20% guidance. We are certainly holding on to the 20% guidance. Just think of it this way, that traditionally, the MF market has grown. Our own revenue base would have grown early to mid-teens. That has traditionally been true. And our call was that we will make the non-MF part grow in excess of 20%.
So if you take those two parts in isolation, what you will see is that the non-MF part has grown beyond 20%. It's now been growing 30%. And for the ensuing four to six quarters, although we don't want to make any specific forward-looking statements, we are confident of mid- to high-20s growth continuing to happen in non-MF. So we are delivering the core metrics. What I control is the revenue growth in non-MF, which we are saying will continue growing at mid- to high-20s. In a lucky quarter, like we've had in the last 2 or 3, we'll grow upwards of 30. Now, MF is a very large base, so for MF revenue to continue hurtling forward at 30% plus is perhaps a quarter or two's phenomenon. It's unlikely to be a 2-year phenomenon.
We expect that at some time, the MF revenues will go back to the teens, and will not stay at, you know, the 30% plus that they are at. So we're holding on to a forecast that we will continue driving diversification through this, scaled growth rates and investments, and drive the non-MF contribution, revenue contribution to 20%.
On the first part, are you able to give any number?
Yeah, yeah. So, you know, the live investor folios, as of end, was around 8.6 crores, and the unique investors served was 3.7 crores. This is again, a, you know, investor folios is a growth of 31% year-on-year. This as of thirtieth of September. And the SIP transactions actually processed, is around 17.8 crores. Systematic, not only SIP, systematic transactions processed is 17.8 crores. Again, that's up around 30%, year-on-year.
... Yeah. Is it clear?
Yeah, yeah, that's, that's helpful. Yeah. Thank you. Thank you so much.
Yeah.
Thank you. The next question is from the line of Santosh from SKA HUF. Thanks. Please go ahead, sir.
Hello, sir. Congratulations for a good set of numbers. My question was about the previous participant when he asked about Fintuple and Nivriti NPS. So, if you can just explain that, what does Fintuple do? Is it into mutual fund business? That's the first-
Fintuple, like we have stated in the past, is in the business of building large, bespoke platforms, for large banks. That is what they've done in the past. When you see CAMS' WealthServ product, the WealthServ product is sold to PMSs and AIFs, so that they can automate and digitize the process of onboarding individual customers to the PMS. What Fintuple sells is to large banks. Let's say, I say it's a bank, they've built a large platform which is used by the bank to have their PMSs, the ones for whom the bank is doing custody, for them to onboard customers to the same platform. So that's the core product. It's live with one bank, getting built with another large bank.
Nivriti is a diversification, where the same capability of being able to onboard a customer is then sold to a POP, a point of presence for pension. Where they are able to integrate with all the three CRAs and are able to onboard digitally new customers coming in to buy pension.
Okay, great. So can you think of this as a software product company specifically for banks and AIFs?
No. So it is a platform product. It would be. I mean, it can be charged in different ways, basis assets, basis the number of customers who come in, or basis a license fee. So the charging can be different, but it is obviously a platform or a software product.
Okay, great. Great. And what is the market share we may be holding here, sir? Or, you know, we are-
Product is getting launched. We have still not onboarded the first client.
Okay. But we are reporting in the PowerPoint presentation that 57 new mandates we got in quarter two, FY 2025. So, it's like, work order, and there's no revenue yet?
The 57 that you are reading are total wins in AIF. These are a collectivity of core AIF and PMS, REITs, WealthServ, fund accounting, WealthServ platform wins, WealthTrak Analytics wins, and GIFT wins, so it's a sigma of those. Right now, Nivriti doesn't have a live client. We are in the process of closing the first deal.
Okay, understood, sir. Thank you so much. And my second question is about, are we subject to any compliance audit by regulators? And if so, then by what date or year this has been done?
So you will see that all of CAMS's businesses are regulated. A small part may not be, so Think360 may not be directly regulated. Almost every part is regulated. SEBI regulates and licenses the MF RTA and the KRA businesses. RBI governs and licenses the account aggregator and the payment aggregator. PFRDA licenses and governs the CRA NPS business, and IRDA licenses and governs the insurance repository business. I don't know how to answer the second part of your question, because the regulatory obligations, reporting obligations, are very vast. It is not that it is a once-a-year audit, where we get the audit done, we sign off, and then all of us go home. So think of it as a...
In your portfolio of companies and whatever you see, think of how many companies you can count which have all the four regulators governing them, and which have six instances of these four regulators. I'm sure you won't even find a handful. The regulatory scrutiny and the controls posture is extremely intense. It is not just at a bare regulation level, it also exists at the level of how we manage cybersecurity, how we manage BCP, how we manage employee screening. It's a cumulative of all of those.
Truly, truly, sir. Yeah, I understand that. So, there's no, like, closure of audit for a particular year, let's say till FY 2024, it's been closed, nothing like that, is it?
Yeah, yeah. Just think of it that, yeah, last year would have been closed by everything.
Okay. Thank you so much, and wish you all good luck and happy Diwali .
Thank you.
Ladies and gentlemen, that was the last question. I would now like to hand the conference over to Mr. Ram Charan, sir, CFO, for closing remarks.