Axis Bank Q1FY27 Earnings Analyst Call

Ladies and gentlemen, good day and welcome to the Access Bank conference call to discuss the bank's financial results for the quarter ended as on 30th June 2026. Participation in the conference call is by invitation only. Access Bank reserves the right to block access to any person to whom an invitation has not been sent. Unauthorized dissemination of the contents or the proceeding of the call is strictly prohibited and prior explicit permission and written approval of Access Bank is imperative. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions at the end of the briefing session. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. On behalf of Access Bank, I once again welcome all the participants to the conference call. On the call, we have Mr. Amitabh Chaudhry, MD & CEO and Mr. Punish Sharma, CFO. I now hand the conference call over to Mr. Amitabh Chaudhry, MD & CEO. Thank you and over to you, sir.

Thank you, Amitabh. Good evening and thank you for joining us. The salient features of the financial performance of the bank for Q1 FY27 across operating performance, capital and liquidity position, asset quality, restructuring and provisioning is as follows. Net interest income at 14,646 crores. Year-on-year growth of 8%, 1.3% QoQ growth. Fee at 6,156 crores, year-on-year growth of 7%, granular fee 90% of total fee. Expenses at 9,722 crores, year-on-year growth of 5%, expenses declined sequentially by 7%. We delivered a positive operating jaw on both operating revenue and core operating revenue. Cost to assets at 2.2%, decline 21 basis points year-on-year and eight basis points quarter-on-quarter. Operating profit at 11,659 crores, up 16% quarter-on-quarter. Core operating profit at 11,122 crores, year-on-year growth of 10%, QoQ growth of 4.8%. Net credit cost at 0.63%, down 75 basis points year-on-year. In rupee terms, cost was down by 46%. PAT at 7,114 crores, up 23% year-on-year, 1% quarter-on-quarter. GNPA at 1.28%, decline 29 bps year-on-year. NNPA at 39 basis points, decline six basis points year-on-year. Provision cover is healthy at 70%. Standard asset coverage at 1.24%, improved 12 basis points year-on-year. All provisions to GNPA ratio at 161%, improved by 2318 basis points year-on-year. Annualized consolidated ROA at 1.56%, annualized consolidated ROE at 14.52%. Subsidiaries contributed five basis points to the consolidated annualized ROA and 36 basis points to the consolidated annualized ROE for the quarter.

The bank's CET1 including Q1 FY27 profits stands at 16.14%. We net added 26 basis points of CET1 in the quarter. The bank's provisions aggregating 8,244 crores including standard asset provision created in Q2 FY26 per regulatory guidance have not been reckoned for regulatory capital computation. Consequently, they represent an additional buffer over and above reported capital ratios, translating into an incremental capital cushion of approximately 52 basis points. This reinforces the bank's balance sheet strength and enhances our ability to navigate uncertainty while continuing to support growth and shareholder value. We reiterate we do not need equity capital either for our growth or protection pillar. We raised AT1s aggregating 500 million during the quarter and 100 million dollar post quarter end to date. AT1 raised till quarter end added 34 basis points to overall capital adequacy in the quarter. The fresh AT1 raised till date places us comfortably to call back the existing AT1 on its contracted call date subject to receipt of regulatory approvals.

Net interest income and margins. Net interest margin for Q1 FY27 was 3.46%, decline 34 basis points year-on-year and 16 basis points quarter-on-quarter. The year-on-year NIM decline of 34 basis points can be attributed to 19 basis points due to the full impact of the 125 basis points repo cut in the current quarter versus 25 basis points of repo cut in the same quarter last year, net of benefit of cost of funds due to liability repricing, 16 basis points due to change in balance sheet mix through the last 12 months. The year-on-year net interest income growth was 8%. The difference between the year-on-year net interest income growth of 8% and the year-on-year advances growth of 19% can be attributed to 6% due to full impact of the 125 basis points repo rate cut in the current quarter versus only 25 basis points repo rate cut in same quarter last year net of pricing benefit on liabilities and the balance 5% due to change in balance sheet mix. The quarter-on-quarter NIM decline of 16 basis points is attributed to three basis points due to net interest reversal. Net interest income reversal attributable to seasonality in slippages in Q1 versus Q4. Four basis points due to change in balance sheet mix during the quarter and the remaining nine basis points due to change in pricing of loans. The cost of funds declined 35 basis points year-on-year and two basis points quarter-on-quarter. Lower yielding RID declined to 5,725 crores year-on-year. RID comprised 0.41% of our total assets at June 26, half of what they were at June 25. At June 25, we were at 0.84%.

Our fee to assets stood at 1.30%. Total wholesale fee grew 18% year-on-year in line with growth in advances reflecting the improvements in the quality of the franchise. Trading income and other income stood at 580 crores, declined 62% year-on-year mainly on account of us having booked realized gains on government securities and bonds in Q1 FY26. Operating revenue for the quarter stood at 9,722 crores, growing 5% year-on-year and declining 7% sequentially. The year-on-year increase in operating expenses is 420 crores. The increase can be attributed to the following reasons. 38% is linked to volume, 44% to technology and growth related expenses and the remaining to BAU. Our staff cost decreased by 6% year-on-year. The quarter-on-quarter decline in operating expenses is 744 crores. Of this, 271 crores is due to one-time items in staff cost. Our quarter-on-quarter period end headcount declined by 609 in absolute numbers. Operating expenses other than staff were down 9% quarter-on-quarter largely driven by lower statutory costs and lower volume linked expenses on a sequential basis. Technology and digital expenses constituted 11% of our total operating expenses. We've opened 20 branches in the quarter and 417 branches year-on-year.

Net credit cost for the quarter was 279 crores. Annualized net credit cost for the quarter is 63 basis points, declining 75 basis points year-on-year. During Q4 of FY26, the bank had proactively strengthened its balance sheet by voluntarily enhancing the prudent provisioning framework for standard assets based on an assessment of the evolving and unpredictable macroeconomic and geopolitical uncertainties. The bank had created an additional one-time provision of 2,001 crores during Q4 FY26. The bank has not drawn down any amount from the set provision during Q1 FY27. Hence, the set provision remains at 2,001 crores at 30th June 2026. This provision continues to be prudent and precautionary in nature and does not reflect any deterioration in asset quality or adverse credit trends in the bank's loan or investment portfolio as on reporting date. The cumulative non-NPA provisions at 30th June stand at 15,68 crores. Comprising prudent provision for standard assets at 7,13 crores. Restructuring provisions at 184 crores. Standard asset provisions at higher than regulatory rates of 1,854 crores and additional one-time standard asset provision of 1,231 crores. Weak and other asset provisions of 5,326 crores.

Moving to growth across our liability and loan franchise. Amitabh has already discussed the growth in loans and deposits. We gained 10 basis points market share in the loan franchise and 20 basis points market share on a year-on-year basis on the deposit franchise. Our loan book is granular and well balanced with retail advances constituting 54% of overall advances, corporate at 34% and CBG at 12%. Please refer slides 17 and 18 for details around the quality of our liabilities franchise and slides around our loan franchise. 74% of our loans are floating rate. 45% of our fixed rate loan book matures in 12 months. Break up of the floating rate loan book by benchmark type and MCLR repricing frequency is set out on slide 9 of our investor presentation. In Q1 FY27, retail disbursements grew 18% year-on-year. Disbursement growth in home loans was 24% year-on-year. Vehicle loans was 21% year-on-year. Retail agri was 16% year-on-year. And personal loans was 23% year-on-year. Moving to performance of our subsidiaries. Detailed performance of our subsidiaries is set out on slide 49 to 56 of the investor presentation. In Q1 FY27, the domestic subsidiaries reported a net profit of 546 crores, growing 21% year-on-year. The return on investment in domestic subsidiaries was approximately 41%. Access Finance assets under finance crossed 50,000 crores, growing 21% year-on-year. Retail plus MSME book constitutes 70% of the total loans of Access Finance. Q1 FY27 PAT grew 29% year-on-year to 244 crores and the capital adequacy ratio stands at 21.56%. Asset quality continues to remain strong with net NPA at 0.39%. Moving to Access AMC, overall quarterly average assets under management grew 10% year-on-year to 3 lakh 69,030 crores. Q1 PAT at 1,334 crores grew 3% year-on-year. Access Securities revenue for Q1 FY27 of 410 crores and Q1 FY27 PAT stood at 96 crores, up 8% year-on-year. Access Capital PAT stood at 65 crores, up 72% year-on-year and we executed 8 ECM and three non-ECM deals in Q1 FY27.

Moving to asset quality, provisioning and restructuring. The slippage, GNPA, NNPA and PCR ratios of the bank and segmentally for retail, CBG and corporate are provided on slide 42 of our investor presentation. Gross slippages for the quarter were 5,566 crores of which retail was 5,176 crores, CBG 266 crores and our wholesale bank at 124 crores. Our gross slippage ratio for the quarter declined 134 basis points year-on-year. For the quarter, 31% of gross slippages are attributed to linked accounts of borrowers which were standard when classified or have been upgraded in the same quarter. Net slippages for the quarter were 3,440 crores. Net slippages segmentally were 3,240 crores retail, 210 crores CBG and 26 crores in WBCG. Net slippage ratio for the quarter declined 121 basis points year-on-year. Recoveries from written off accounts for the quarter was rupees 961 crores up 6% year-on-year. Net slippages for the quarter adjusted for recoveries from written off pool was 2,479 crores. Segmentally retail was 2,614 crores, CBG was 136 crores and our wholesale bank was negative 271 crores. In summary, we continue to make progress towards building a stronger and more sustainable franchise. We remain vigilant in monitoring the macroeconomic and geopolitical environment, inflation, liquidity and our cost of funds along with their impact on our businesses. We thank you for your patience and we would be happy to take questions.

Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask questions may please press star and one on the touchtone phone. An operator will take your name and announce your turn in the question queue. Participants are requested to use only 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 Chintan from Autonomous. Please go ahead.

Thank you. Thank you for taking my question. Can I get some color on the nine basis points of pricing of loans that you gave in the quarter on quarter NIM bridge? What is this exactly? Is this kind of incremental pressure on loan yields that is impacting? And also if we can discuss the nature of these corporate loans, what is the kind of tenor, what is the kind of products that we are writing in? Is this something that kind of reverses once the capital markets become more accessible to the corporates? So some color on that would be helpful. And secondly, on the funding side, it feels like a lot of this corporate loan funding is being driven by wholesale funding. Your LCR retail proportion has come down a bit, CASA systematically weaker but a little weaker. Is this kind of matching up of temporary corporate loans with temporary wholesale funding which can go away over time if this demand goes away? Thank you.

Chintan, thank you for your questions. I'll respond to it in parts. I think the one thing we can definitely tell you is we are lending on the corporate side at positive spreads and at risk that we feel comfortable with. So effectively from a funding perspective as long as we're able to lend at positive spreads we're happy to undertake that lending. They meet our risk thresholds. Second, please do appreciate that 91% of our corporate lending is to A minus and above rated corporates. So we are lending to the higher end of the credit spectrum. Over the last five quarters we haven't slipped down the credit spectrum at all. So the growth is high-quality corporate lending that we are undertaking. We feel comfortable with it. If the opportunity presents itself we will continue to pursue that strategy. The second part of your question was six basis points or sorry nine basis points of pricing on loan. Chintan, my request would be think about it this way. We had roughly a percentage point shift in mix last quarter. We had also called out last quarter that period end growth was higher than average growth. So there has been a spillover of last quarter's corporate loan pricing impact into the current quarter. We've also roughly had about a percentage point shift of mix in the current quarter. Both of these play through pricing on loans. In general, pricing on loans has been competitive for us as well as the rest of the industry. I think to your last question on CASA, I think we've held up reasonably well both on period end CASA as well as average CASA. In fact, the numbers that I see, I think our QoQ performance on CASA on average has been better than most in the industry. I hope I've covered all of your questions. I'm happy to take a follow.

Just two quick follow-ups. You said four basis points from balance sheet mix, so I would attribute the corporate mix shift towards that four basis points and nine basis points in pricing of loans. So should that be spread compression? But it doesn't sound like that, so just want a clarification on that. And the second point on the corporate volumes, are these temporary in nature? In the sense, are corporates coming to Access Bank because it's better for them for the moment and once bond markets kind of normalize they might go back away? So just trying to understand whether these corporate balances are sticky or they kind of become a headwind to growth as they unwind.

So these are across project finance, term loans and working capital. Some of these loans will transition into bonds as the bond markets become active, but we believe that these loans have been given for in case of working capital obviously to take care of their shorter cycles, in case of project finance and term loans for longer terms and they we expect them to remain with us and because these are across sectors such as energy, commercial real estate, infra and metals and we don't expect transition as soon as the bond markets become active but in the natural course they will transition when the assets mature and typically that's how we have seen the market behave over several years. Thank you.

That is helpful. Thank you for that.

Thank you ladies and gentlemen. In order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to only two per participant. Should you have a follow-up question, please rejoin the queue. We'll take the next question from the line of Maharuk Adajana from Tara Capital. Please go ahead.

Hi, good evening. My first question is again around NIMs. So, your cost of funds seems to have bottomed out now. Where do NIMs go from here? As in that we had this structural NIM target of 3.8% which we thought could be achieved over say maybe 12 to 15 months is what I recall. Where do we stand on that soft guidance? That's my first question and then my second question is on OPEX. So obviously you've called out and you've given many many details on OPEX but what would be a normalized run rate for OPEX because you are seeing some productivity gains, you're seeing some reversal so what would be a normalized level? So those were my two questions.

Yeah, thank you for your question. This is Subrat on the direction of NIM. We've not changed our structural NIM guidance of 3.80 including the time period that we have mentioned in the past. Like Amitabh mentioned, we think this is the bottom of the cycle in this quarter which in some ways from our perspective would mean that from here on the effort will be to continue to move towards the structural NIM guidance that we have during the time period that we had suggested earlier. Also mentioned that there is an FCNRB opportunity coming up during this quarter which would mean that there might be surplus liquidity which we'll try and deploy in terms of making sure that there is the right way to deploy and get growth on the back of that liquidity as well. On the guidance on cost, see the work on efficiency and improvement on productivity has been ongoing over the last four to six quarters. So if you look at where the cost to assets have trended over the last six quarters or so they've been trending downwards. We don't offer a specific terminal cost to asset ratio guidance. You know from our perspective there are opportunities to continue to improve the productivity within the franchise. We have some opportunities on the upside in terms of productivity at the branch level. The technology investments that we have made in the past are bearing fruits. Additional investments are happening in AI. So like we have mentioned in the past, we'll see over the next 18 to 24 months. We'll continue to be on this path, but no specific guidance on where the cost to assets will eventually lie.

Okay. Thank you. Also just one last thing on your foreign loans, they've grown quite sharply. So if you could comment on that as well.

These are again you know as we have earlier said also we've been very selective about both sectors and clients and wherever we have seen opportunities to participate which meet our internal thresholds and RAROC and also give us an opportunity for reciprocal flows and fee. We will continue to participate. In this case the opportunity presented in foreign currency loans. So that's what it is. Yeah.

Okay, thank you very much. Thank you.

Thank you. The next question is from the line of Ricken Sha from Capital. Please go ahead.

Thanks. I had a few questions. The first one again on margins. So this 34 basis points of NIM expansion in 12 to 15 months basis your guidance. Could you just provide a walk of how much of that can come through via reduction in the wholesale loan share, reduction in wholesale cost of fund and the decline in the overseas loan share. So a walk would be helpful to at least contextualize and get some confidence as to how this margin improvement comes through. That's the first one. The second question is on OPEX. There is a disclosure that there was some one-time write back. Was it around 220 cr and what exactly is this?

Back the third one is on the upgrades and recoveries which seem a bit weak in this quarter. Why was that and how should we think about potential recoveries from technical slippages of the last year here on and maybe if I can just add one more question it's on whether would you like to increase stake in Max Financial Services to 30% given RBI has allowed some banks to increase their stake to 30%. Thank you.

Upgrade and

On go ahead. Go ahead. Before Subraat you come in on Max Life, Punit just a clarification on margins. Out of 35 basis points of potential improvement that we are talking about, 15-16 basis points is the balance sheet mix reversal. Where does the balance come from?

Got it. Fair point.

So reckon on Max Life stake, yes there is an opportunity based on the clarifications that RBI came up with in December. We are engaging internally, we will go through the process internally in terms of weighing the pros and cons of increasing the stake and then go back to the regulator and check if they are open to this idea. As you know in the past we were always keen on having a higher stake, at that point in time the regulations didn't allow us to. So this particular evaluation will happen and we'll let you know based on some of the internal conversations and board approvals after that we will inform you at the right time.

Got it. Thanks and pun. Thank you.

The next question is from the line of Kunal Sha from City Group. Please go ahead.

Yeah. So when we are talking about in terms of the change in the balance sheet mix, do you think it will have impact on the growth as well? Maybe as we try to pull up the margins and maybe if the overall non-rupee proportion is to come up a bit and retail has to grow, would we see some pullback on the growth side excluding FCNR benefit which will be there in the very near term but otherwise from the current run rate do we see some normalization in the growth as well?

Sure. And in terms of the overall overseas portfolio, this doesn't include any part in terms of either the FCNR or the leveraging part of it. So that's definitely not there in this entire book and if you can just highlight in terms of how we are assessing the opportunity out there and how much we would be raising in terms of this entire FCNR window.

Sure. Got it. Yeah. Thanks. Thanks and all the best. Yeah.

The next question is from the line of Juan Gao from Shanfeld. Please go ahead.

Hey, thank you for the opportunity. Sorry to hop on the margin part. You talk about the potential reversal of that 16 basis point mix change in the next in the last one year. But that's as a result of 38% wholesale growth and then 8% of retail growth. So to reverse that, should we expect how much of that can we reverse because to reverse that we need to grow retail at 30 odd percent and wholesale at 8%. Right? So how much of that mix change back should we expect in the next one year or so?

Got it. And just to follow up on the previous participant's question on the nine basis points pricing change, I'm still confused because there's four basis points of mix change and then what's the nine basis points about this the Q on Q margin.

Got it. So sorry on the retail disbursement, may I have the absolute retail disbursement numbers because we have a high retail disbursement growth in the 18-20% last three quarters. So the book growth is accelerating but seems like a rather slow pace from 6% to 8% of the three quarters.

So, so, so let's assume, sorry, let's assume that mathematically the disbursement grows maintain 18-20% retail book, how long does it take from 8% retail growth to go to at least your average more growth of 17-18%? How long does that take just mathematically?

Yes. Thank you so much.

Thank you. The next question is from the line of Piran Engineer from CLSA. Please go ahead.

Yeah. Hi team. Congrats on the quarter and thanks for taking my question. Just going back to, I mean again a mathematical thing, if NIM had declined 16 bps and our average assets, average interest earning assets whatever grew 3-4%, then NI should have declined right but it still grew. So what am I missing here?

So Punit, what I'm saying is just mathematically a 16 bps impact on let's call it a 3.5% NIM is 5% right and if your balance sheet average balance sheet whatever grew 3-4% QoQ, the NI should have declined, it's 5% sort of profitability pressure versus 3-4% growth, net net it should have been a decline. So is this 16 bps, is there some anomaly and the actual core compression is lower.

Got it. So that much faster would it be more like 6-7% actually?

Got it. Got it. And just secondly, how much of this nine bps can be offset by lower opex and credit cost because obviously if you're giving it to better quality customers or AAA rated corporates, there will be a benefit on the other line items right?

Got it. Got it. And just one question, nothing to do with guidance or anything, on corporate loans that are linked to say T-bill or repo link. How often can you as a bank go back and change the terms and conditions with a borrower? So let's say you've given it to some say Tata Steel at T-bill plus 250 bps, a quarter later can you go and say no I now want T-bill plus 275?

Unless there is a credit event, we won't be able to reprice it. If there is a repo rate change, we'll be able to reprice it typically we do at quarter ends. Unless there is a credit event, we won't be able to do that in general.

So you can't change the spread?

In general.

Got it. Got it. Okay, that's useful. Just lastly, sorry. Reporting on a Saturday, is this a one-off also like your NIMs or is this steady state now? And I would urge if we could go back to weekday reporting.

But let me answer that question for you. I think we're very clear that we would like to follow a, we think it's from a data confidentiality perspective, from a risk perspective to the institution and our board. We'd like to follow a Saturday format. We'd like to report on a market holiday. It helps us have a deliberated discussion with our board on results and have more detailed discussions there. Got it. Got it. Yeah. We've consistent and we've made this change effective Q4 of last year. So you will see us consistently follow the Saturday format going forward.

No, no, I did notice that but you know we all thought it was a one-off and see it's just that in the case as is today you all are the fourth guy on the call. We've all we are stretching ourselves thin. You know a lot of foreigners won't dial into the con call because it's a Saturday. So it's also in your best interest in terms of maximum outreach to keep it on a weekday like most other Indian corporates do, like most other global banks do, and you know we get the same thing about data confidentiality from others but our simple point is you know we trust you all with our money right in our bank accounts 20 lakh crores or whatever and that's safe so you can definitely keep some NIM and slippage numbers safe. Anyway that's how I think about it and that's honestly how most of us think about it. So we would urge you to go back to weekly reporting if that's possible.

Pan, thank you for the suggestion. We'll consider it but for the moment I think you should assume that it's going to continue to be Saturday. Thank you.

Sure. Sure. Thanks.

Thank you. The next question is from the line of Abhishek Mura from HSBC. Please go ahead.

Hello. Hello. Am I audible?

Please proceed sir. Yes.

Yeah. Thank you. Good evening and thanks for taking my question. So couple of questions. First, in the NIM outlook that you have given, have you accounted for any dilutive effect of whatever FCNR balances that you might raise or that would be over and above the guidance that you give?

FCNR.

So just to, I mean the structural NIM guidance that you've given of 3.8 over a time period, that is what I was referring to. I didn't mean to...

Thank you. That's super helpful.

Thank you. The next question is from the line of Ankit Bihani from Namura. Please go ahead.

Yeah. Thank you for the opportunity. So my question is on the investment yield. So last quarter we had seen a sharp decline in the investment yield given that the investment book had grown sharply but this quarter with the investment book declining sequentially, naturally your investment yield should have ideally picked up. So even this quarter it has declined. Anything to read on that?

So yeah, second is on the ECL front. If we can tell the one-time impact and what could be the increase or impact on the run rate credit cost run rate going forward.

Thank you.

Thank you ladies and gentlemen. This will be the last question for today from the line of MB Mahesh from Cotek Securities. Please go ahead.

Hey. Hi. Just one question between the choices that you have done. If you look at the last let's say about 2-3 quarters, you pushed the retail, you pushed the corporate loan growth on the argument that the return was slightly better and where the balance sheet is. Just trying to understand, it still kind of cost margin compression and you also on the other side argue saying that retail disbursements is going up. Just trying to understand what has changed in the last few quarters that suggests that the risk adjusted return has improved across the various products. So at the end of the day what we see on the ground is that the margins have fallen. Just trying to understand why chased corporate loan book in the last two quarters and why you believe that retail is also now generating similar returns.

Yeah. To further continue with what Amitabh is saying, keeping our book pristine at 91% A minus and better, 87% incrementally on a quarter basis. Just to reiterate, we are not just in the game of lending here and we are not clearly competing on pricing. We're going after sectors where there are economic tailwinds. We're going after clients we are comfortable with and clearly where there are reciprocal flows and fee and where there is one access opportunity across Burgundy, private, corporate, salary. You've seen the corporate salary momentum that Amitabh referred to as well as investment banking shares. So we're looking at composite returns, not just lending returns, and we are very comfortable because these are clearing our internal RAROC thresholds. So we'll continue to go after opportunities without dilutive of either risk returns or our credit standards. Thank you.

Thank you. Vijay, just as I to just ask one additional question for you. When you look at the ECLGS applications that are coming in, can you just give us some color as to what is the nature of the customers that are coming in and how are you entertaining those requests?

Yeah, we are so we have put in place the right guardrails around what kind of customers we would like to select for offering the ECLGS. We are seeing that the ECLGS scheme is being requested primarily in the MSME space and the customers who are coming to us are meeting those criteria. Typically they are in the manufacturing sector or the trading sector and we are processing their applications in line with the regulations and the requirement of our own policy.

Are you able to quantify how much of ECLGS requests have come in and you've accepted it?

Yeah, thanks M. I'll quantify that for you. We've sanctioned about 5,000 crores of ECLGS and of that we've disbursed about 2,400 crores as on date. Mah, was I audible?

Yes, I got the answer, thank you. Yeah, thank you.

Thank you.

Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Punit Sharma for closing comments. Thank you and over to you sir.

Thank you, Mish. Thank you everyone for taking the time on a Saturday evening. We did hear the pain so we apologize for it. But if there are any questions that remain unanswered on the call, please do reach out to our IR team Rahul Lumang or myself. We'd be very happy to take those questions. Abhishek, my apologies you got cut off. We'll pick up that question straight up after this call. Handing the call over to Amit.

Thank you members of the management. On behalf of Axis Bank, we thank you for joining us and you may now disconnect your lines. Thank you.