Q4 18/19

May 8, 2019

Quarterly report

Ladies and gentlemen, good day and welcome to the Q4 FY 'nineteen Earnings Conference Call of GTSL hosted by AXIS Capital Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. G. Smith said this conference is being recorded. I now hand the conference over to Mr. Priti Bhagul from Axis Capital. Thank you and over to you Mr. Babu. Thank you, Stephen. Leading with these gentlemen to the Q4 and the FY 'nineteen earnings call of CDSL India Limited. We have the management of CDSL today with us represented by Mr. Bharat Seth, Chief Financial Officer. This is Varang Shah, Vice President and Mr. Nadeshpit is Assistant Vice President. I request Mr. Bharat here to give us a to discuss the results of Q4 and FY2019. I am Zohrut Sei, CFO of the Company. I am from Mumbai joining with my colleagues, Mr. Goran Shah Millet Patel then Chief Operating Officer, Mr. Sunny Lalwari from CDSL Venture Limited, Mr. Nitin Nandure from operations side. Since Our selection of Managing Director is on the process. It is on the process of the management team available for you to discuss about the Q4 earnings. The CDSL stand alone perspective At the BOE incremental level, we are maintaining a lead of 60% to 63% incremental BOE. At present, we are having a INR1.43 billion accounts against INR148 crores in March 18. That is 24 next new accounts we opened during the FY 'eighteen, 'nineteen. I'm sorry to other depository. We opened around 14,000,000 new accounts. So we are maintaining a lead of Around 62% on a year incremental level. Now this year Compared to March 2018, it's flat because of the March Transaction based income down as well as But because of more number of folios generated, What do you call that if your income has increased? If your income has increased and Online data charges that is device income has also increased. E working charges also increased. But overall, It's a flat year, but due to other income, that is income from investments, We have around Increase in income of 8%, whereas operational income increased on a consolidated basis by 4%, quarter income increased by 29% on a year On year basis? So net profit of the minority comes around 10%. Our income mainly depends on a capital market. If market is down, Our income is also down. But due to last year, March 18 was an exceptional year. It It has been compared by issuer's income. There is more number of folios generated by issuer's income increased by around 21%. That is if your consolidation that is custodial charges. And during this year, unlisted company elsewhere, there are Around 1400 new unlisted companies admitted in our fold I mean it gave us around INR 3 crores more income. Otherwise expenses are We are kept under control. Because of that, we are mentioning our profit and we are mentioning INR 100 1st gross net profit also. Regarding other projects, that is other subsidiary CDSL Venture Limited, that is KYC income. 1st, compared to last year, We have increased operational income as well as profit assets also. We are mentioning first time we have closed INR25 crores profit also we have mentioned. Other subsidiaries like CRL and CVLL for other projects that is structural historic repositories are There are 520 universities, means academic institution has joined And around INR105 crores recorded was updated, INR105 lakhs recorded was updated In the system, but still income has not started because after September only a verifier is due Or we can charge the RMB50 for income throughout September 2019 only from income to flow. CDSL commodity repository around 712 service provider is growing Out of 1885 provider, some positive participants around 150 SL to join and total So hardly anything, but last quarter we won around 67 legs from PCRL projects also. So now I will Call this is open for question and answer. Thank you very much. We will now begin the question and answer session. Our first question is from the line of Prathesh Kapadia from Anai Portfolio Management Services. Please go ahead. Thanks for the opportunity. My line was disconnected. The new MDN, the line got disconnected. So by where do you think So that selection process is in the Okay. Yes. And by when would this like This is By quarter end, that means 30th June, everything will be in place. Okay, okay. Fine. If you could share the revenue breakup for the quarter versus last quarter of key items, transaction and new Yes, I can start now. There is a consolidated result. Q4 March 2019 versus Q3 December 2018. Q4 will be better, sir. We have Q4 versus Q4. Transaction charges, actual leisure charges. That is Q1 versus Q3 only, no? That is Q4 versus Q4 of last year, Q3, so you have given last time. Q4 versus Q4 of last year, Q4 versus Q4? Okay. So, as you reach your chart is from INR 14 crores, 24 crores, it went up to INR 17.92 crores. That is increased by Yes, 22%. 100% charges from INR11.88 crores So INR9.53 crores, down by 17% Whereas users, there's hardly any changes out there. I'm giving figures wherever major changes are there. IPO corporate exchange charges INR767.6 crores, it is down to INR4.16 crores, that is 43% down. Online data from 843 means 8443, actually 7.52, There is 11,000,000 down. We have one document verification charges, One time charges are made, that is around INCL.65 per day on in CDL. These are the measures. So overall, quota ended March 2018 versus March 2019, so INR59.93 crores to INR50.54 crores, that is 1% increase. And do you have the consolidated ECS charge with you, Andy? 156 to 189. That is 1 Crore 68 next to 1 Crore 89 next. Okay. That is fine. If I look at the There has been a sharp jump. So is there some one time gain due to FMT maturity or What is this which is led to business? This is definitely in the value of FMC mark to market, Around INR 21 crores is there, all together. And on the quarter to quarter basis, from INR 12 crores to INR 18 crores. So from if I read it rightly, dollars 99,000,000 to $177,000,000 that's an 80% jump. Out of this, how much would be mark to market? Around 21 crores, that is. Since All the investments are in fixed income security. They have as per the contracted rate, the actual will always be there because of movement in bond prices. Either positive or negative side, there will be appreciation or depreciation. So that incremental appreciation because of movement in bond prices is around 2 crores. Okay, INAXYS Capital Limited. Okay, INAXYS Capital Limited. And do you have it for the full year? Yes, it is INAXYS Capital Limited. That is an incremental because at a contract level accrual will always be there since it is a fixed income portfolio. Right. And this year, Piyush, we've seen the tax rate being lower than last year. So What would that be on account of? So I think effective tax rate is around 20% 23% around. No, because of this capital gain and tax rate only, nothing because last year I saw 25 Okay. Because it is mark to market and this has a larger contribution, so the effective rate is much lower. And on the KYC business, I think last year we were around 17,000,000 accounts. If you could Some of the progress in terms of market share, how is the new system Post, other working, is the QR code shared, what are we seeing? And where are we in terms of number of accounts on the CIC business? In terms of KYC business, we are close to about 1.9 crore accounts. Exactly, it is 1.88 crore accounts. And The second question, where are we going with regard to Aadhaar? After the Supreme Court verdict on, say, Aadhaar based KYC, There are only direct benefit streams are allowed to do VTOIC. Subsequently, they have these modifications In the ordinance, okay, amendments to the ordinance. So banks and telecom companies have been committed to each AYC. In the meanwhile, UID has also introduced offline e KYC using QR code. And we are in the process of integrating those into our systems Where we'll be offering that as in service to customers. Okay. So where work is They'll have to give a consent and based on that you will reduce fees and purchases to the system? Either online or offline, the customer has This is constrained to fetch his devices from other online to an AUS view anyway, he has to give an consent. Offline when he goes to UIDI sites, he has to do the consent on UIDI site. Okay. Okay. Bhajavi's content is mandatory. Okay. Okay. Be it online or offline. Okay. And Any sense, Sudil, on market share or your competitive side, few quarters ago, we had seen Some of the Our share is about 60% because the other CRAs don't publish the figures anywhere. So this is what we know out when we speak from China that our market share is about 60%. Sure. That is helpful. And lastly, anything on pricing of maybe how will that business model work? Is government given some Kind of indication of what kind of pricing the university will pay? Will it Yes. We are looking at 2 methods of pricing. 1 is to charge for record By the university. And the second chart would be on the verifier whenever he verifies the record. Now what that amount exactly would be, that would be generated by MHAD in September 2019. Okay, okay. So Before the actual monetization, then only we'll have some. That's right. Thank you. I'll come back in the queue for more questions. You're welcome. Thanks. Thank you. The next question is from the line of Pritik Cheheda from the key investment managers. Please go ahead. Yes, sir, in your break, you could give what is the e voting and the KYC for quarter 4 of 2019 and quarter 4 of 2018 revenue? You are seeing Jacob, 76,000,000 is in quarter 2018, that's for Q4 2018. What is 71, I explained? What are 419? Okay. And So INR 7.53 crores versus INR 8.44 last year? Correct. Right. So same breakup is for full year FY 'nineteen over FY 'eighteen transaction issuer you will pay 4 crores 9 lakhs in Q4 'eighteen versus 5 crores 6 lakhs in Q4 19. Sorry, sir, I got confused. So you said 4.8% versus? 5.06 Okay. And you give for full year full breakup, the transaction, issuer, floating, IPO corporate, KYC, all the full year. Yes. So all the top four I'm giving you, and you missed your chart is from INR55.6 crores to INR67 point RMB16 crores RMB65.6 to RMB67.4, okay. 67.16, that is. Transaction charges from INR44 crores to INR 39.37 crores. Okay. E working charges just now given, 4.092 9 to 5.06. Then from the record 6 is for this year? 5.06 for this year. Okay. 4.9 for last year. 4.09. 4.09, sorry. Okay. And case charges, consolidated account Consolidated income charges, statement charges, that is INR 6.43 crores to INR 7.96 crores. 7.96 yen versus? 6.43 yen versus 7.96. This year it is 6.43. No, no. I am giving you Q1 2018 month year ended FY 2018 versus FY 2019, 2019. Okay. So, sir, FY 2018, 6.43 Was it INR 7.96? Okay. FY 2018 for corporate exchange charges IPO INR99.49 crores against INR19.33 crores. Okay. Then KYC, that is online data charge, civil income, INR29.18 crores So, INR21.68 crores. Okay. These are the major. So is it fair to assume that what is linked to market activities, transaction charges and ITO cost reduction charges? It's down. That is So that is linked to market activities. Others are not linked so much. So there is issuer charges, eMoting and KYC. Sorry, sorry. And your subsidiary of KYC is this KYC number, right? You have a subsidiary of, yes, series of INR 29 Crore was 30 to crores. It gets reflected here. That is only reflected. Okay. So again, I'm repeating. What depends on market activity is transaction and issuer. So transaction is taking corporate. Correct. To a large extent, even KYC. Even KYC. So KYC will be linked to your mutual fund KYC and all those, right? Okay. Now issuer charges will be broadly linked to a number of companies listed on the exchange. So number of companies listed on the keeps on growing. The issuer charges keeps on growing. Okay. E working charges keeps on growing. Those are all linked to your number of companies That's right. Now when that company also come into it. So that INR 3 crores 1 listed company will incur that to generate it for full year, that will get reflected in the issuer charges and the e voting charges. So if that's the analysis, if you have to adjust on growth rate next year, What should be your revenue growth rate in your best case assessment? If I can give you forward looking statements, but even if you see last 4 years, my operational income on a consolidated basis, We are working at 17% CAGR of last 4 years operational income, Whereas my total expenses increased by 10% for 4 years PAGR. Profit after taking a complete And what is the cash in the balance sheet? Cash in the balance On consolidated basis, around INR620 crores a day. And what is the regulatory requirement in this? Around INR300 crores. Regulatory INR300 crores. And lastly, on your new ventures, So you mentioned the update from New Enja, which is GDSL Insurance. You mentioned L50 lakhs of revenue is what you recorded in FY 'nineteen. Yes, that is what it is. Right. ADSL commodity, you recorded 60 lakhs of revenue for the second. Yes, Yes, yes, revenue. Any revenue you recorded on the education side? Those certificate? No, no. It's Very negligible. Not negligible. Very negligible. And any revenue recorded on your GST side? Yes, not R50. R60. And all these 3 was 1st year of operation, right? That's right. All these 3 ventures, insurance, deposit Academic deposit then We are doing co bono work right now since September 'nineteen. It has been an operation for almost 7 to 8 years. Which was officially launched about 2 years back. Which on academic? That's right. No, but GST, GST, commodity and insurance, this all goes first year, So, DSP is under CDSL Venture and one of the projects under CDSL Venture, yes, sir. Okay. But I'm just saying it was 1st year of operations. I'm sorry, second year. It was second year. Okay. And 3 operations, what will be the scale up Possible in FY 2020 June, if you could just give that. No, no. That we can't give anything About it. No forward looking statements. Okay, sir. Thank you. Thank you. Next question is from the line of Girdar Jagga from KA Messaria Family Sir, you mentioned in the initial remarks because of 2,000,000 discount on one time verification charge. I believe regarding CBL. What are the nature of this transaction? And is it only in the 20 or next time also next year also we can have some time to spend this time? Next time, one of the government projects is there in which one time job they have given to us That's a verification of the documents and all that. Okay. And I think you should go to him that the entire That's part of that money has influenced a bit also because the direct cost associated with the project must be very low? Yes, not very high. We assume about the cost will be not more than 50%. 50%. Because when I look at the okay, so when you're doing provision charges on 5.3 and 2.5, so this means about 10 point 4, while the CVL revenue was about 12.7. The EBITDA has also gone up in the similar fashion and sharp jump on CVL EBITDA. Okay. 2nd, in terms of your yield, so what should be that normally as you mentioned that the tax 7%. 7.5% to 7.75%. And those are like you must be also hearing lots of things in terms of like the FMC exposure. Dominik, I also had to like We need to worry about that. Is there any instrument where we might have to see any mark to market or all our instruments are in a very Capital is kind of a related instrument there. We have a triple A rated procedure and as of now there are no such issues. And do you have a fee also that might be something in future? No, we don't think. It is a clean most of the gateways are clean posted. Okay. Okay. Sure, sir. Thanks a lot from my side. Thank you. Thank you. Before we take the next question, a reminder to the participants, anyone who wishes to ask a question, you may press star and 1. The next question is from the line of Harish Yad, an individual investor. Please go ahead. Good afternoon, team. I have one question to you, sir, that a lot of participants have been asking a lot of data point information Depeding of the what your income made out and all those things. It's my small suggestion. If you can give on quarterly basis along with the result, Some type of presentation or the release release there also featuring for everyone. It will be more clear to everybody to understand. While the oral communication and some of the information may not be directly registered and analyzed tool by the investor, Thank you and all the best. Thank you, sir. Thank you. The next question is from the line of Mathi Banari from William Capital. Please go ahead. Hi, good afternoon. You said that your regulatory requirement is INR 300 crores. Can you define which all areas and what capital you require? See, 100 crores cost CDSL we require. For CBL, around INR 75 crores we require. Then CRL 50 crores we require. Then CRL 30 crores we require. And some of the government projects also we have to keep same guarantee and all for that also we require. And 27 crore for DTE deposits project This takes care of your business requirement for next 3 or 4 years, so will this change will be No, no. If new projects will come, we'll definitely be required for this. So which projects are talking about? All government projects are there, Then requirements are there, no, network requirement or no? So can you define the government share projects? Which projects are we talking about? Like National Academic Repository? Yes. So how much So Sir, I failed to understand that there is a huge disservice to the shareholders by keeping the INR670 crores worth of cash on the books, which is yielding 7%. So I just have to I fail to understand that why we need to have a 6 70 crores and which would depress the return on capital employed of our business So is there a motivation and what will be motivation if you could explain us in detail? Assuming after INR 300 crores, You have a cash division of INR 100 crores each year. So, Anil, you pay some dividend also. But apart from that, that cash keeps on piling up, which is the return ratios for our company. So what is the motivation of taking that future in mind that there will be some project which come. So we generate a little bit of cash. So why we should not resort to a very special one time dividend on for a while? See, our if you see our dividend policy, it's Standard loan profit, as such. And if you see, my income depends on a market. If market is not good, My income is down, given that we are mentioning that consistent dividend policy. About your special dividend And as well as by use of sales, it is under consideration by the management, means by the Board of Directors Sure. I cannot update. So how can you just say are we waiting for some catalyst for this because there is a merit in terms of what the kind of ROC which is being addressed because of the excess cash in the books. So I appreciate what all you require for the new ventures and for the Unless and then we take some other growth kind of initiatives in this process. Yes, yes, definitely. We'll look into it. Sure, sure. Thank you. Thank you. Next question is from the line of Rahim Jasani from ICICI Securities Limited. Please go ahead. Yes. Hi, sir. In terms of the segment information, we classify the segments into the quality activity and also data entry. Okay. So I wanted to know what is the exact nature of the transient storage because this quarter I see that it has increased actually Very substantially from around INR8.5 crores last year to around INR12 crores this year early quarter. So what has been the catalyst for this increase and what is the exact nature of this? That is 3. JET and There are 2 major segments. 1 is the depositing services that is in telecom and other is KYC and document verification charges. It comes on the CDSL venture. In this quarter, because of this document one time charges that what we have received around INR 2.8 crores Because of that. It has come under document verification. Okay, got it. Thank you. And you expect how long do you expect these charges to continue, the on time job needs have been given? No, in current quarter, in June quarter, That is one time job. And not after that? Got it. Okay. Okay. Yes. That's it from my side. Thank you. Thank you. The next question is from the line of Sriram Srinivasan from CEMA Wealth Management. Please go ahead. Good evening, sir. In terms of annual listing, please. Okay. Actually, we are now tracking on numbers about the total number of companies which are available for the interrelation. Yes. Once in March, 2019, it was almost 12,000 owner in the companies. Now the Rajesh, you have been updated almost 13 dozen companies. And even I heard about the ROC, the companies have been management that Public ownership companies who are all going for any kind of transaction, they have to be materialized, right? Correct. Yes. In terms that it shows that the thousand companies in a month, what will be the total number of companies that we can expect to be I don't mean any particular year. No, no. See, As mandated by this OCL, so, under this company, there are around 65,000 60 Yes. Unless and until there will be new issue or any transfer or any corporate action in maintenance, Yes. Okay. So far now we have covered a 1,000 company premium. And whether you can expect the same trend that you'll actually be following the 2 year? Yes. On 31st March, around 1400 auto companies, we have added unlisted public companies. Okay. On an average around GBP 2.50 tons every month. Okay. GBP 202,000,000 you're expecting by on a month basis, Sorry? Yes, yes. Yes, fine, sir. So Anuj, one more thing is that we are speaking about the Through the we have been done so, yes? Nagi, right. Correct. Yes. So what will be the actual decision that we can accept This kind of thing. Is there any guidance allowed in given to that? No, we cannot It all depends on what charges MSP decides in September 2019. Okay. Sir, and one more thing, sir. Actually, That's right, yes. Yes. For that actually, whether the units that has to be mandated to get another That's right, sir. It made I don't know, impact within shareholders. The settlement will happen within the brokers, So he will have to the way he will open his account will undergo slightly for the way he will handle his account. Okay. So, it will impact our growth in the financial accounts? It would impact To the extent of clearing member account because we no longer need to have an account with both the exchanges. Okay. We have the account with only one exchange. Transaction will remain with both the accounts in that account. There will be some impact, but we don't know right now how much would be that Because you might decide to keep that account in CDSL, LSP. So, Anur, most of this, CRE, yes, you have been likely to come up with the same KYC model, right? They are doing KYC model. There's lots of going on. Yes, yes. How long it will take for this promise business? Whether they will come, what will be the impact that we can add from our side? Got you. In the segment itself, we are getting nearly what the same, right? Correct. They have started operation, if I'm not mistaken, for the last 5 years. And for the last 5 years, there has been some talks that they will be doing. It is mandatory to upload your CIC over there. But right now, we cannot see anything else either. Okay. So they are already doing business for the past 5 years, but the thing is that they are They are already doing it, yes. All the banks and insurance companies already I have started uploading records into it. Okay. So now they are requesting us to do the things with them, right? Yes, and requesting intermediaries to go through them. Okay, okay, fine, sir. So that's all my days, sir. Thank you. Thank you. The next question is from the line of Pooja Dushi from Motilal Oswalt Securities Limited. Please go ahead. So I have a question related to Annual issuer charges. So for every financial year, we charge this particular charge in the month of April based on the average number of full year from our Previous financial year, right? That's correct. Yes. So for FY 'eighteen, we charge in the month of April for FY 'nineteen, we charge Based on the 4 years that was generated in FY 2018, so that's why we had this 21% of growth. But going ahead for 2020, do you expect a similar growth given the headwinds that were faced with the in the markets? Or do you expect like a long term growth rate of 7% or 8% that we've been growing historically? Historically, if you see last 10 years also, it's a CAGR of 12% we are doing. Okay. So do you expect something similar in FY 2020 given that FY2019 wasn't a very good year for us? We are expecting that. Okay, all right. And so in terms of effective tax rate, do you expect similar to FY 2018 tax rate was 26%. Okay. All right. Thank you. The next question is from the line of Ramakrishna from Zen Wealth. Please go ahead. Hello, can you hear me? Yes. Look, I'm just trying to understand that in terms of the new government projects and all which you have been mentoring during the course of this call. So just wanted to understand in terms of who also Can you just take in such standards and how technology intensive these projects are? So if you can show some understanding on that part? Yes. But typically, as repositories we are invited to participate in such projects, One of them is the academic deposit fee. Again, for the GSTM, they had certain criteria where you could apply for a GSP service provider. We have become a GSD service provider. And the third one was on the EKYC part. But there, I think there was more Of network requirement and you could become an AUAK UA based on that and CDSL is an Yes, AS and KSA. So there is some license fee to be paid every year for both AS and KSA as well as ADS. Right now, these are the 3 projects which we are doing with the government. Thank you. Do you have any more questions, sir? Yes, thanks. Thank you. The next question is from the line of Amit Sender from HDFC Securities Limited. Please go ahead. Yes. Yes. So thanks for the opportunity. So as you mentioned that in FY 'nineteen, you have added 1400 new This is company with the annual issue charges, given addition in some of the key growth side. And you're adding around 250 From every month. So based on this, if it's the math and the average relation per company comes INR 45,000. And you have mentioned earlier that the revenue opportunity from the unlisted Companies are around 9,000 to anywhere around 6,000 to 9,000. So am I missing something here or 25,000 is Anam, is the realization that we should take for the See, we can charge to unlisted company one time That is INR 15,000. That is one time only. And for unlisted company, 1st place is INR 5,000 Having a share capital of INR 2.5 crores, right, up, share capital. So on an average, we are getting INR 5,000 only In most of the companies, we have to come 5,000 companies. So for these 400 companies, next year we will get 5,000 companies, right? Correct, Correct, sir. And one time It's not all 14,000 companies, only to the extent of the company whose capital comes in the So 15,000 plus 5,000, so, I know We will not do only one thing. WeChat 15,000 in the 1st year, 2nd year 1,000 in non cash. So if you create like 2,250 companies, which is coming every month, so now it So I am buying depends on buy to 10 ks. Mid quarter, they are joining accordingly proportionately overcharge. Okay. And for the in terms So the opportunity here, Jade. So are we approaching these companies or it's an incoming thing that We wish you would get business again in the office. No, no. That's all. So you have a team which is searching for companies who want to do that or so are you investing in that or any kind of investment that you have or what kind of That will be a normal investment into the marketing team, right? Okay. So In the same period, how much company is it the competition would have added? Any idea about that? And how we are approaching that? That again is not public information. Okay. So it fair to assume that out of the 65,000 unrestricted company, the opportunity that he has in the next 2 years, at least we'll have around 50% market share there at least? 1st of all, Because also another compliance has been like, we have seen companies slowly, slowly, slowly. Like in 6 months, if you don't see the numbers For the cost to the company, they are very selective in Got it. Okay. Okay, sir. Okay, thanks. Thank you. The next question is from the line of Sriram Srinivasan from Seema Wealth Management. Please go ahead. Hello, sir. Thanks for asking, Don't say. Actually, the annual issues are there. There is a recording your thesis that you have been tracking off of in the past week, 3 years from time, right? Based on the share count. That's right. Yes. Now for the 24% we have been charging maybe some INR 5,000, right? That's right. Yes, yes, sir. My question is that once more of the 63,000 companies, whether we are expecting 200 I was 1400 to 1500 companies on a yearly basis, so whether or how much of these companies are coming to around 20 crores or above No, I mean you can I mean most people, these are very unlisted companies where the capital is I would like to Okay, okay? So, you need to come with this, right? Correct. Sir, actually, what is the actual From 5.4, 5.90, 5.3, 5.1. Now what is the charge that we are looking forward and whether we have any kind of premium among that? On an average, we are charging INR5. On an average INR5. No. For this INR5, we are charging INR5, right? Yes. On an average it comes to 5. From RUB 4.25 percent to RUB 5.50 percent cash selling. Yes. So on an average, yes, it's in 5, 6. Okay. And then you can expect any kind of is it still flat From 5.5, 0 to 6 or something else? No, right now, no, because the competition is charging Okay. So we have been monitoring category. So it has increased from 4.50 to 5, so that Thank you. If there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you very much for joining earnings call of CDSL. And I forgot to tell investors that we have declared 40% dividend, but it comes to 60% of payout ratio. And our consistent policies are there to declare dividend Thank you very much for joining us. Thank you. Our view of Anaxes Capital Limited has concluded this conference. Thank you for joining us, and you may now disconnect your lines.