Nippon Life India Asset Management Ltd (NSE: NAM-INDIA) Q1 2026 Earnings Call dated Jul. 28, 2025
Corporate Participants:
Unidentified Speaker
Sundeep Sikka — CEO & Executive Nominee Director
Parag Joglekar — Chief Financial Officer
Saugata Chatterjee — President & Chief Business Officer
Analysts:
Unidentified Participant
Meghna Luthra — Analyst
Shreya Shivani — Analyst
Mohit Mangal — Analyst
Lalit Deo — Analyst
Madhukar Ladha — Analyst
Prayesh Jain — Analyst
Presentation:
operator
Ladies and Gentlemen, good day and welcome to Nippon Life India Asset Management Limited Q1 and FY26 earnings conference call. 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. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Meghnalutra from incred Capital. Thank you and over to you Ma’. Am.
Meghna Luthra — Analyst
Thank you and good evening everyone. On behalf of Incred Equities, I welcome you all to Nippon Life India Asset Management’s fourth quarter FY26 earnings conference call. We have along with us Mr. Sandeep Sikkar, Executive Director and CEO along with the Senior management team. We are thankful to the management for allowing us this opportunity. I would now like to hand it over to Mr. Sandeep sir for his opening remarks.
Sundeep Sikka — CEO & Executive Nominee Director
Thank you very much. Good evening and welcome to our Q1 FY26 earnings conference call. We have with us our CFO Faral Jalakar, Cbota Chatterjee, Deputy CFO Amodulagi Chief Digital Officer, Atan Saha, Deputy Head AIF Ashul Dubal and Matshi San, Nominee of Nepal Life Japan. I would like to share key highlights of our performance and post that I will hand over to Parag to speak in greater detail on the recent industry trends as well as our performance post which we will move to Q and A. Coming to the highlights, I would like to start by mentioning that NAM India has achieved its highest ever quarterly operating profit at INR 3.78 billion and the profit after tax at INR 3.96 billion.
Further, NAM India was the fastest growing AMC in top 10AMCs both on quarter, on quarter and on year. On year basis. This led to an increase of overall AEM and equity AEM market share. We had the highest increase in AEM market share in the industry on a quarter on quarter basis. With the market share increase across all asset classes. Our market share at 8.49% is the highest since June 2019. Importantly, both equity net sales market share and SIP market share remained well above our equity market share. Our SIP market share has again greater. Our SIP market share was again greater than 10% in June 2025 and our equity net sales market share also moved into double digit for the quarter.
Lastly, on the SIF front we have a team in place led by industry veteran Mr. Andrew Holland and we will be launching our products in due course. Now I will hand it over to Parag for further details on the industry trends and our performance.
Parag Joglekar — Chief Financial Officer
Good evening. Thank you Zandeep Let me start with the markets. Equity market in Q1FY26 witnessed a sharp rebound from prior quarter levels. The nifty increased by 8.5% quarter on quarter while the nifty mid and small cap indices increased by 15% and 17.8% quarter on quarter respectively. RBI cut the repo rate by 75 basis to 5.5% while the 10 year GSEC yield decreased by 26 basis quarter on quarter to 6.32. Coming to data on the mutual fund industry industry quarterly average AM grew by 22% YoY and 7% quarter on quarter in Q1FY26 to INR 72.1 trillion.
The share of equity in overall AUM increased marginally quarter on quarter ending at 56.6% for Q1FY26 from 56.3% for in Q4FY25. Now moving to the industry flows, the equity category excluding index fund and arbitrage fund witness a gross inflow of INR 2.12 trillion and a net inflow of INR 0.82 trillion. Gross inflows were relatively flat quarter on quarter while net inflows were lower quarter on quarter. Categories with the highest inflow were Flexicap, small cap and mid cap funds. Moving on to SIP. SIP contribution for the quarter was INR 806 billion up 29% YoY and 3% QoQ.
Monthly SIP close in June 2025 stood at INR 273 billion an all time high. The fixed income category witnessed a net inflow of INR 2 trillion in the quarter after the net outflow in the prior quarter. The ETF category had a net inflow of INR264 billion at the end of the quarter. Unique investor in the mutual way industry increased to 55.3 million. That is an increase of 18% YoY. Now moving to our business performance we closed the quarter with total asset under management of INR 7.44 trillion. This includes mutual fund managed assets, offshore funds and Gibbsity.
Our mutual fund quarterly Average AUM grew 27% year on year and 10% quarter on quarter to reach INR 6.13 trillion. We were the fastest growing AMC in the top 10 both quarter on quarter and YUI in Q1 FY26 and had the highest increase in quarterly average AUM market share on Quarter on quarter basis among all AMCs. I would like now to share few highlights for the quarter starting with the market share. Our market share increased 23 basis quarter on quarter to 8.49%. Our equity market share increased 12 basis quarter on quarter to 7.04%. Please note that starting this quarter we have carved out arbitrage as a separate category for better representation.
The share of equity AEM in our overall AEM decreased by 0.3% quarter on quarter to 46.9% for Q1FY26. We achieved a double digit market share in net sales in equity plus hybrid segment in Q1 FY26 which is the highest market share we have achieved in last year eight quarters. We continue to have the largest investor base in the mutual fund industry with 21.2 million unique investors. We are humbled to have over one in three mutual fund investors in house. With us. During the quarter. We also completed the NFO of Nippon India Income plus Arbitrage Active Fund of Fund as end of the quarter the EM of this fund stood at INR 5.8 billion. I would also like to touch upon some of the important aspect of systematic book. I am happy to share that there has been a continued momentum in our systematic loops. Our monthly systematic book rose by 29% year on year and 4% quarter on quarter to INR 33.2 billion for June 2025. This resulted in an annualized systematic book of INR 398 billion. SIP market share stood at 10.07% for June 2025.
Moving on briefly to the ETF segment, we continue to be one of the largest ETF player with AUM of INR 1.74 trillion and a market share of 19.76% which increased 69 basis quarter on quarter. Our share in industry ETF portios is 52%. We also have a 51% share of ETF volume on the NSE and the BSE. Our ETF average daily volume across key funds remain far higher than rest of the industry. Our Gold ETF is Among the top 10 globally in terms of AUM as on June 2025 in Q1FY26 we launched four new products. Nippon India Nifty 500 Quality 50 Index Fund Nippon India Nifty 500 Low Volatility 50 Index Fund Nippon India BSE Sensex Next 30 ETF Nippon India BSE SenseX Next 30 Index Fund Moving on to our digital purchase Digital purchase Transaction rose to 3.57 million in Q1FY26 up 27% Y OI Digital Business contributed 75% of the total new purchases transaction in Q1FY26 Nepal India Mutual fund focused digital strategy in delivering results driven by a real time intelligent platform, simplified onboarding, tailored communication and pioneering content design to engage Gen Z Investors Nepal India Mutual Fund robust digital distribution framework, data driven targeted campaigns and best in class digital assets continue to strengthen its leadership across the overall digital landscape.
Now I would like to briefly update you on our subsidiary namely the AIF and Singapore Subsidies. Starting off with AIF, under the Nippon India AIF we offer Category 2 and Category 3 AIF and have raised cumulative commitment of INR 81 billion across various schemes up by 25% YoY in Q1FY26 we raised INR 7 billion of commitment being our highest quarterly fundraiser ever. We have launched a real estate scheme Nippon India Yield Maximize Optimizer INR with INR 3 billion of commitment raised. Fundraising is currently underway for 2 of our listed equity as performing credit, AI residential re fund and direct VC fund.
Deployment across all strategies was robust in Q1FY26 with 9 active investment in performing credit and full deployment in our venture capital FY across 14 funds with underlining exposure to 395/startup companies. Our future product pipeline includes Empowered India long only focused flexicap strategy Nippon India Credit Opportunity second performing credit fund on the offshore side, we continue to witness equity inflows in the quarter from international geography in Asia and Europe. Offshore AEM grew 10% year on year to INR 166 billion with our UC Equity Fund reaching an AUM of USD 543 million. We continue to expand our footprint in Japanese institutional and retail market.
In conjunction with NISA Asset Management Corporation Japan, we also continue to expand our footprint in new geographies in Asian, European and Latin American markets. Moving to Gift City as stated previously in Q1 FY26, we launched the Nippon India ETF Nifty 50 Bees Gift Fund which primarily offers Japanese investor vetted access to Indian equity markets through the NISA scheme in Japan. This follows our first Gift City fund, the Mipon India Large Cap Fund Gift launched in January 2025 to provide global investor access to our flagship large Cap fund. Our future product pipeline includes Nippon India Digital Innovation Fund 2B, our follow on VC fund of fund for repeat Japanese investors and Nepal India Sharp Equity Fund, a long short equity fund.
Now on to our Financial performance for Q1 FY26 Revenue stood at INR 6.07 billion up 20% bio and 7% quarter on quarter. Other income stood at INR 1.46 billion up 20, 12% y and up 5.3x quarter on quarter. Operating expenses stood at INR 2.29 billion up 16% y and 8% quarter on quarter. Excluding the impact of ESOP, operating expenses grew at 15.8% y for Q1, driven mainly by investment in talent, non Ms. Business and technology infrastructure. Operating profit stood at 3.78 billion, up 23% year on year and 7% quarter on quarter. Profit after tax stood at INR 3.96 billion, up 19% year on year and up 33% quarter on quarter. With this I would like to conclude my remarks and open the floor for questions.
Questions and Answers:
operator
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 their touchstone 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 Shreya Shivani from clsa. Please go ahead.
Shreya Shivani
Yeah. Thank you for the opportunity and congratulations on a good set of numbers. I have three questions. My first question is a data keeping question. Can you help us with the yields for the different segments for the quarter? I can see that sequentially your yields have really stood up. There has not been any declines, any commentary around. Second is on the volume data for the systemic book. The systemic folio. Systematic folio seems to have declined sequentially. Any reason, any explanation for that? And my last question is actually on the ESOP cost. You had guided that the ESOP cost for this year would be at about 48, 49 crores.
We were expecting the ESOP cost to be about. I mean it should have been more than the. What you’ve reported in this quarter is a sharp decline between last quarter and this quarter. And the run rate is such that it looks like the remaining quarters would see a much higher ESOP cost coming through. So if you can help us with that data as well. Thank you.
Parag Joglekar
Thank you, Shreya. I will take the yield and ESOP cost question and then I will ask Sagatha to take up the SIP book question. So, yields for the current quarter, the blended yield is 36 basis. The equity yield is 55 basis. Debt yield is 25 basis. Liquid is 12 basis and ETF is 17 basis. On ESOP cost, the yearly ESOP expected is around in the range of around 46 crore which we mentioned earlier. The current quarter cost is around 4 odd corrode for 11 crore. Overall for the new segment is 4 crore.
Shreya Shivani
Okay, so, so sorry. So the. This quarter the ESOP cost is 11 plus 4, right? 15 crores or so.
Parag Joglekar
11 crore total. 7 plus 4.
Shreya Shivani
Oh, okay, okay. 11 crores total. All right. All right. And for the full year it will be at about 46 or whatever. 47, 48, whatever you have mentioned. And for next year, sir, FY27.
Parag Joglekar
Next year it will be around 26. 27 crore.
Saugata Chatterjee
Hi Shreya, this is Savrata here. With regard to sip, actually SIP book for us this quarter on a month, on month basis actually has gone up. You know what had happened in the industry in March, April, there was a one time cleanup which the industry as well as we had done on the number of SIPs which were inactive. So hence there was some impact on the numerator which of course has settled down in June and July also. So the numbers will now stabilize at a as well as for us, what we need to see is the flow.
You know, that book is increasing on a month, on month basis. So we did not have any impact of the inactive folios on our sig book because they were, as it is inactive and they were not contributing to this sick book at any point in time. Got it. And our market share on SIP folios continue to grow. Rather our discontinuation percentage is much better than the industry, you know, as we speak.
Shreya Shivani
Got it. Just one follow up on that systematic folios thing. So is this cleanup a regular activity or. I mean just, just for my understanding, I’ve seen it first time in the past so many years. But is this something which would happen on regular basis going ahead or this was, I mean this was just a one off. How to think about that?
Saugata Chatterjee
Yeah. So at an industry level, AMC had taken a stance that they want to do it one time for all AMCs. And this was a large cleanup which has happened over the. Over a period of three months. And across all ANC’s, everything was done. So it’s not only pertaining to a particular month or a particular anc. And we feel that is, this is the, this is an activity which has been done probably, you know, industry might take a view after 6 months, 12 months if the data again throws up some numbers which needs attention. But as of now it’s a one time cleanup.
Shreya Shivani
All right. All right. This is very useful. Thank you. And all the best.
operator
Sure thank you. The next question is on the line of Mohit Mangal from Centrum Brooking. Please go ahead.
Mohit Mangal
Yeah, thanks for the opportunity and congratulations on an excellent set of numbers. My first question is in terms of, you know, we have launched quite a passive funds, you know, last quarter and even this quarter we had launched an MNC fund. So just wanted to know how are the inflows in that and if you could give a color on the passive fund, how much, how much, you know, we were able to get into those things.
Saugata Chatterjee
Yeah, so thanks Mohit. So passive as a strategy. If you have been following our calls every quarter we keep mentioning that we will keep feeding unique ideas in the market and hence some of the funds which we have launched in the last three to six months have been unique and we keep seeing a lot of interest as the fund is launched and it is open for subscription. We keep seeing flows coming into it. We don’t target any volumes in this fund so they predominantly will not show any size coming up. But over the period of time it builds up as investors start flowing into these satik for ideas when it comes to the nfo, the MNC fund which is more July specific of course it’s something which has just got closed.
Our idea again aligning to our thought process in the past if something is very unique, something is very distinct as a strategy we will launch and hence you know, this fund was aligned to our thought process. We came to the market after three years with a new fund in the active space and we have got reasonably good response in this fund.
Mohit Mangal
All right. In terms of the distributor commission I think we have rationalized but, but if I look even in terms of yields. Yeah, can I Go ahead. Hello. Yes sir, you can. Yeah, sure. So in terms of the distribute commission rationalization I think we have done for the most of the, you know, equity schemes and there have been around two days decline in yields if I look, you know, as compared to yoy. So just wanted to know in terms of yield decline, should we expect two. To three bids going forward for say. For the next two to three years as well?
Sundeep Sikka
So actually the yield decline is mainly due to the telescopic pricing where the size, the higher the size is lower the yield impact will be. And so we have communicated earlier also that on a blended we should see around 2 to 3 basis year on year, top in the yields.
Mohit Mangal
Okay, understood. And lastly in terms of you said in your opening remarks that you know we had a double digit market share which was the highest in eighth quarter. So just wanted to know I mean if you just throw a color as to you know how much we have gained that, that it was the highest in eight quarters.
Sundeep Sikka
We don’t disclose the numbers but the overall growth in is in the double digit on the net flows.
Saugata Chatterjee
All right. For us, for us the equity net sales has always been you know, on the higher side. And last quarter was also in the double digits which we continue to build on. And so that’s, that’s the reason why the market share has been you know, one of the best.
Mohit Mangal
All right, all right, thanks and wish you all the best.
operator
Thank you. The next question is from the line of Lalit Dev from Equator Securities. Please go ahead.
Lalit Deo
Congratulations. So just the question was on side as well. So like, like on the ETF side you mentioned that have around 17 basis points. Now in last quarter it was around 15 digit points. So any like, any particular reason why we have seen an increase in yield on the ETF side and secondly on the equity book as well. So now this two basis points of compression. So like this is a probably like as we are mention that yield decline is roughly going to be around 2 to 3 basis points on an annual basis. But over the last 15 to 18 months the yield compression has been slightly higher. So is it mainly because of the higher payout ratios to the distributors? Is that something which. These are the 2 questions.
Parag Joglekar
Thanks for the question. So on the yields on the ETF side our yield has gone up due to the composition of the various fund in the ETF segments which has resulted in an improvement in yields where the higher expense schemes has sizably grown. So that has helped us to improve the overall yield on the ETF side. On the overall yield. Yeah. We always mention that there can be some drop in the et cetera yield on the consolidated basis 2 to 3 basis. Last couple of years we have seen a slightly higher drop mainly due to the our size going up significantly in last two years which has impacted the overall yields.
Obviously the new flows come at slightly higher cost compared to the stock and that is also impacting. But that is not the only reason. The size is the main reason due to telescopic pricing it will impact the overall yield on the AUM.
Lalit Deo
Sure. And so this back on this the on the new asset classes which is sif. So just want to understand this sar then the new fund which is in the, in the PY that the long shot exist this will fall under this SIF category guys. Or this is an AIF piece?.
Saugata Chatterjee
So that is an aif, you know strategy. The ones which we in the opening remark which is in Nippon India Sharp Equity Fund, a long short equity fund that will be on the AIF side.
Sundeep Sikka
But I think under SIF also we will be launching a couple of fund different things. I think we are still awaiting the launch of these but I think we remain open. I think we have built up a great team and so I think you will see for us I think SIF will be very important category going forward.
operator
Thank you. The next question is from the line of Madhurkar Ladha from Nuama Wealth Management Ltd. Please go ahead.
Madhukar Ladha
Hi, good evening. Couple of questions from my side. Number one, so how have your inflow market share shaped up in this quarter? And two, there is this new discussion paper on for MCs which basically talks about if your scheme size crosses 50,000 crores you can launch a new scheme and new inflows would not be allowed in the old scheme and the new scheme can charge a ter which is up to the old schemes. That was sort of my understanding when I, when I read that paper. If you could you know help explain what is the logic behind this and. It would seem that. This would be marginally positive for the AMCs. Is that the right way to sort of think about it? Some you know, background thought process will be helpful on this topic. Thanks.
Saugata Chatterjee
Yeah. Yeah. Hi Madhuba. This Sarvant. With regard to the. Yeah. Hi. With regard to the flows, you know compared to the previous quarter last quarter flows has been definitely better. The flows are in the, you know, double digit, you know, lower, double, lower side of the double digit. And hence we continue to get both in our equity market share because our net sales market share is better than our overall equity AUM market share which definitely helps us to grow our overall equity aum. So and SIP flows and the lump sum flows are adding to this growth.
Sundeep Sikka
Madhukar, Sundeep this side, touching on the SEBI proposal, I think there are different views,, I think that we talked across the industry also especially launching of additional schemes in the same category in the EM cost of 50,000 crores. One of the view is that with the increase in size it becomes more difficult to move with the portfolio. Our view is a little different. I think we are of the view that it’s not about this size. I think it’s more to be continuous things for research and the risk management capability to remain relevant for investors. So we actually do not have either a very positive or either a negative. But I think if you have to while we wait for the proposal to you know get through because it’s still a consultation paper but we do not see any negative in it.
Madhukar Ladha
So. And Would this be sort of marginally better? Because given that you can launch a new scheme which, with a TR which is equivalent to the earlier scheme that would. I would tend to understand it as that you would get a slightly additional yield. Is my understanding correct on this or am I missing something out of here?
Sundeep Sikka
Well, I think we like to wait. And watch for the final guidelines. But I think again as I’ve always mentioned in past asset management business is a volume game. So I think whether I think it’s one basis point, getting extra yield or reduction in yield that is, you know, I mean it’s a short term positive or negative. But the idea here is going to be that how can we scale up 2x3x5x from here? And that is where the actual growth of the AMC is going to come from. So. But we’ll wait and watch. But I think like I said, there is nothing negative in it. There might be a little positive bias in it if it was to come in the form and manner as expected has been proposed.
Madhukar Ladha
Understood sir. Thank you and all the best.
operator
Thank you. Before we take the next question, we would like to remind the participants to press star and one to ask a question. The next question is from the line of Muskan Chopra from Motila Loswal. Please go ahead.
Prayesh Jain
Hello. Just a couple of questions. Firstly, is there any change in behavior in customers particularly in the last six months wherein we have seen that the markets have been volatile and do you think that the preference for stronger brands versus purely looking at the returns and even among distributors of brands over commission payouts is that is there any change in the way the distributor and the customers are behaving or it’s based on return.
Sundeep Sikka
So I think broadly I think there it’s not anything has changed in the last six months, but there is a continuously difficult to see industry has been evolving over the last few years, four, five years. What we have seen is investors are maturing a lot. First I think we have seen whenever there’s a market volatility, they do not react overreactively. They used to do earlier we, earlier I think we first took five years back. There was a very high perform, performance remains paramount. But that was, that is not the only thing the brand and the comfort that you get from the brand that also plays a very big role.
That’s why you have seen some of the bigger brands getting bigger. So I think overall I think it’s a package of performance, it’s a package of brand and also the service experience that you’re able to give but one. Thing is very clear. It is not only dependent on brokerages, it is not only dependent on performance. It’s a package that the investors are looking at and that is with what is deciding which is differentiating between successful AMCs and not so successful AMCs.
Prayesh Jain
Answer with respect to your flows, could you give any color whether you know the flows are very widely distributed between the. Between the schemes or still kind of lopsided between the small cap, large cap and mid cap?
Saugata Chatterjee
Yes. So the flows from our perspective, I think the best part is we have been able to get flows across our funds which if you see the various market cap offerings which are there across all market cap offerings we have flows. And that primarily because we have a very strong SIP book which cuts across most of these categories and over a period of time we have also seen that the more we are able to communicate with the distributors and the investors on the various categories which we offer to them, we are able to get reasonable flows in those categories. So for us it’s quite widespread. We have de risked our business flows over the last two years and hence the net sales growth is also very strong.
Sundeep Sikka
And also what helps us is a very granular sip. 75% of our sips by value are less than 10,000 rupees. So I think so that also adds to the stability and long term profitability.
Prayesh Jain
Another question on SIS between the team and SIF team.
Sundeep Sikka
I think your voice broke in between. But if I’ve got your question, I think could be existing team have been used for sis. I think we are proud, I think of our team. I think in one what kind of they are creating for the investors. I think SIS is a different business vertical and we do not want, we want to take it very seriously. We do not want to be as just one other product. We see that as a new business line for us. And that’s the reason I think from our point of view while the option what you said was always there but I think we thought of creating some of the best professionals for this. And we leverage wherever we can, wherever the regulations allow us to leverage internal research. But the idea is we see this vertical as a very, very critical separate line of business for us going forward. So I think we’re investing in it very differently.
Prayesh Jain
And last question.
operator
Sorry to interrupt sir, but your voice broke in the middle.
Prayesh Jain
Is this better? Yeah, yeah. I’m asking from an investment book standpoint. There is a movement from, you know, equity related assets and other assets to debt. Is there a change in approach towards the investment book in terms of how do we managing it.
Sundeep Sikka
So we have just rationalized some of the our exposure on the equity side. This is this seed cap in which. We have been investing. That is the only change which we have done.
Prayesh Jain
Okay. Because even on your mutual fund schemes while you know sequentially from about 510 crores to 480 crore on the equity side. AIF you mentioned that there is some seed fund realignment. So just checking there whether some approach in terms of thinking about equities being at the top or some approach there.
Sundeep Sikka
I think I’ll just give you directional. Approach rather than quarter by quarter. I think whatever is required for seed capital we’ll always have that. But broadly I think what we want to do is from the proprietary book of the company. I think we don’t want it to be volatile with the market conditions, you know. So I think it will be basically more on the fixed income side rather than equity.
Prayesh Jain
Got that? That’s very helpful. Thank you so much.
operator
Thank you. The next question is from the line of Ms. Meghana Luthra from Intradecities. Please go.
Meghna Luthra
I just had one question is how much scope do we have to cut down on distribution commissions and what proportion is already like how many percentage of the schemes have already been cut?
Sundeep Sikka
I think we don’t have a target for that, you know that how much it has to be cut further and all. I think we’ll continue evaluating. It also depends on the market conditions, various things. But I think, I think the only thing I’d like to answer is I. Think it’s a dynamic and the thing will keep evaluating at different points of time. So at this point of time. Three schemes which are 45% of our equity. Aum, you know I think we’ve already cut there. So what again, again I’ll repeat, we don’t have any target. It all depends on the market conditions, industry and various other factors.
Meghna Luthra
Okay. Is there anything lined in this quarter that you would be cutting or maybe.
Sundeep Sikka
Not there is anything, I think in. The next quarterly call we share with you.
Meghna Luthra
Oh, thank you.
operator
Thank you ladies and gentlemen. As there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Parag Joglekar
So thank you all of you for joining this conference call and for any question if you have with which you want any insights you can touch base with Aarash, our head of IR and we will be happy to answer them. Thank you.
operator
Thank you. On behalf of Nippon Life India Asset Management limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.