Anand Rathi Share and Stock Brokers Limited (ARSSBL) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the Anand Bhatti Share and Stockbrokers Limited Q4FY26 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 Mr. Diwakar Pingli from EY. Thank you and over to you, Mr. Diwakar.

Thank you, Sophanali. Good morning, everyone, and welcome to the Q4 and FY26, Earnings Call of Anand Rathir, Shares and Stock Groups Limited. The company has published its results and has uploaded the investor presentation of exchanges yesterday, and you can also find it on the company's website. Before we start, a disclaimer. Some of the statements made in today's undue calls may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties which can cause actual results to take off the tools and activities. These statements are based on management beliefs and assumptions made by information currently available to the management. Audiences are hereby cautioned not to place undue reliance on these forward-looking statements while making their risk management decisions. On that note, let me introduce you to the management participating in today's conference call. We have with us Mr. Pradeep Gupta, Chairman and Managing Director, Mr. Rupeshwar Dugitra, Holton Director, Mr. Tarek Shah, the Chief Financial Officer, and other members of the team. Without further ado, I'd like to hand over the call to Mr. Gupta for his opening remarks, and thank you and over to your colleagues.

Thank you, Rivakar. Good morning to all, and thank you for joining Anandadishe and Stockbrokers Ltd. earning call for the last quarter and full year on date 31st March 2026. I am joined on this call by Mr. Rukh Kishore Guthrie, Whole Time Director, Tarek Shah, Chief Financial Officer, and few other members of our team. We will begin with an overview of companies' financial and operating performance, after which we will open the floor for questions. As we all know, FI26 was a challenging year for global economies and financial markets. The world was dealing with multiple headwinds, at the same time ongoing geopolitical tensions, shifting global trade dynamics including tariff-related Thank you. And fast-paced technological shifts that disputed established business models. Age-the-year progress, these pressures intensified with fresh bouts of adverse news, including the recent West Asia conflict, further weakening risk appetite. Global investors turned risk off in their outlook, leading to sustained FIA outflow and heightened across markets. Unsurprisingly, this combination of factors weighed heavily on investor sentiment, resulting in Indian capital market entering a phase of consolidation after several years of strong performances. While short-term disruption and periods of moderations are inevitable, the long-term structural derives of Indian market remains firmly intact. The steady rise in DMH account from 15.14 crore in March 24 to 22.2 crore by February 26 clearly reflects sustained retail participation and depot market penetration. Similarly, assets under management in mutual fund industry rose from 65.74 lakh crore. As on March 25 to approximately 82.02 lakh crore by February 26, representing 24.8 year-on-year basis increase. This growth underscores the continued financialization of household savings and a rising preference for market-linked investment avenues. In parallel, SEBI has been proactive in introducing a series of regulatory measures aimed at strengthening risk management framework, curving excessive leverage, enhancing investor protection, and improving the ease of doing business in capital market transactions. While some of these reforms may have necessitated short-term adjustments, And led to some near-term discomfort for a few participants. They are critical in laying the foundation for a more transparent, resilient, and sustainable capital market ecosystem over a long period. Overall, we believe that the industry is moving in a constructive direction. Although near-term conditions have clearly remained uneven, Overtime, the market is likely to favor firms that combine strong compliance standards, digital delivery, and diversified revenue streams. Coming to our company, financial year 26 has undoubtedly been a memorable year, marked by several significant achievements. We complete our IPO in September 25, raising Rs.745 crore from investors. These funds were used to significantly strengthen our business, notably for our working capital requirements. We received a corporate agency license to distribute insurance products in the same financial year. Since then, we have commenced distribution of both life and health insurance products to our clients, greenlighting a few sources of fee-based income for the company during the year. And last but not least, we continue to remain focused on enhancing client servicing and satisfaction by adopting new initiatives aimed at delivering superior customer experiences and long-term value creation for all our stakeholders. As of March 31, 2026, our total assets under custody stood at approximately 944,155 million, representing a growth of about 16% year-on-year. Our margin trading facility books to date at around 11,019 million, up by about 61% year-on-year. While our asset under management stood at approximately $77,876 million, reflecting a growth of about 31% year-only averages. For the quarter ended March 31, 2026, Our consolidated revenue from operations stood at about 2,557 million EBITDA, and EBITDA at about 1,103 million, and PAT at about 416 million. For the full year, for financial year 26, Our consolidated revenue from operation stood at about $9,322 million, EBITDA at $3,796 million, and PAT at about $1,293 million. Our EBITDA margin for quarter 426 stood at 43%. While pat margin stood at about 16%. For the full year 26, Abirita margin was 41% and pat margin was about 14%. I am pleased to inform that we proposed a dividend of Rabuese 5 per share, subject to approval from shareholders. Our diversified revenue model continues to be key strength of the company, while broking and related services remain a primary revenue driver. The contribution from non-broking business such as margin trading facility and distribution income has increased steadily. This reflects our strategic focus on building a more balanced and resilient business model. One that is not solely reliant on market-linked broking revenues, but is increasingly supported by stable and utility-linked income streams. Our strategic direction remains clear and unchanged. As guided earlier, we are fully focused on maintaining a balanced revenue mix with a targeted revenue split of 50-50 between non-broking and broking segments. And growing both the segments at a steady growth rate. This approach is central to improving the overall quality, sustainability, and predictability of our earnings over long term. During financial year 26, we made steady progress across multiple strategic priorities. First, we continue to scale our distribution business in a structured and steady manner. We have expanded our offering across a wide range of financial products, including mutual funds, PMA, AIF, structure products, bond, and more recently, insurance. Our distribution income for the full year for financial year 26 is amounted to 1,129 million, reflecting a strong year-on-year growth of about 44.1% for the full year. This growth reflects improved cross-selling across our client base as per our focus approach to grow our distribution business. Our objective is to address the broader financial needs of our clients. Our approach has consistently been relationship-led rather than product-led, with a focus on understanding clients' evolving financial goals and serving them in a more holistic and long-term manner. Second, we continue to strengthen our margin trading facility, franchise, supported by improved capital position following our IPO and disciplined approach to risk management. We were able to scale the MTF book while maintaining current controls. Importantly, we closed the year with zero NPA in the portfolio, reflecting our continuous underwriting standards and strong focus on asset quality. As of March 26, our MTF book stood at about 11,019 million. Representing robust year-on-year growth of approximately 61%. Third, we remain focused on investing in our tech delivery platform, processes, and people. As highlighted earlier, our operating model is physical in nature, combining relationship-led service and robust digital capabilities. This allows us to effectively serve both assisted and self-directed clients. In parallel, we continue to strengthen our technology platforms, process automation, and internal tools to improve customer engagement and enhance overall team productivity. If we take a step back and view the company in a broader context, our underlying philosophy has remained consistent. We are focused on building long-term customer relationships. Increasing share of wallet through relevant cross-selling opportunities, and creating a stable growth-oriented business with a more balanced mix of broking and non-broking revenues. We are also looking at expanding our geopolitical network by sensing our branch network and business partner ecosystem. This will help in strengthening our presence in emerging Tier 2 and Tier 3 markets where growth is more evident in present Bharat. Our objective remains unchanged to grow both our broking and non-broking business in a disciplined manner, improve the quality of predictability of revenues, deepen customer engagement across product, and continue building a company-capable business. Thank you, Pradeepji, and good morning, everyone.

I will now take you to our financial and business performance for the quarter and the full financial year ended, March 31, 26. During quarter 4, 26, our consolidated revenue from operations is put at 2,557 million, EBJTA for the quarter watch, 1103 million, while profit after tax is put at 416 million. This represents year-on-year growth of 28.1% in revenue, 51.4% in EBITDA, and 125.7% in PET. EBITDA margin for the quarter was a healthy 43.2%, while PET margin stood at 16.2%. For the full year 26, consolidated revenue from operations EBGDA stood at $9,322 million, reflecting year-on-year growth of 10.2%. EBGDA stood at $3,796 million and PAT at $1,293 million, translating into growth of 21.9% and 24.8% respectively. EBGDA and PAT margin for the full year were 40.7% and 13.8% respectively. Turning to the segmental revenue mix, the contribution from the broking segment, comprising broking and related services, and the non-broking segment, comprising interest income from MTF, distribution income, and other income, was 47% and 53% respectively for Q4-4-26. For the full year 26, the mix stood at 51% for broking and 49% for non-broking. Within the broking segment, revenue from broking and related services stood at $1,201 million in Q4-26, reflecting year-on-year growth of 14.5%. For the full year 26, broking revenue stood at $4,755 million, representing a slight dip of 6.8% compared to the previous year. Within broking, we continue to maintain a healthy balance between equity cash, equity derivatives, and other segments. This reflects our philosophy of encouraging an investment-focused approach among our clients rather than speculative trading. For the full year 26, the revenue mix across equity cash, F&O, and other segments stood at 51%, 41%, and 8% respectively. For Q426, the corresponding mix was 49%, 41%, and 10%. I will now briefly touch upon our non-working business segment. We continue to actively distribute a wide range of financial products, including mutual funds, EMS, AIF, insurance, bonds, structure products, and fixed deposits. Edge of Mark 31st 26. Asset under management stood at $77,876 million, representing healthy growth of 21% year-on-year. Distribution income for Q4-4-26 stood at $353 million, while for the full year-26, it amounted to $1129 million. Reflecting a strong year-on-year growth of 34.3% for the quarter and 44.1% for the full year. This growth reflects both on expanding product baskets and improved cross-selling across our client base. Our MTF book continued to scale in a disciplined manner and stood at 11,019 million as of March 31, 26, registering a strong year-on-year growth of 61%. As shared in earlier calls, we have guided towards achieving on MTF book size of 15,000 million by financial year 26. Participants may recall that we had reached the MTF book of 12,317 million, age of December 25. However, we saw a downfall in MTF book by 10.53% in quarter ended March 26. The main reasons behind this are as follows. Change in RBI policy for capital market regulatory, that change in policy reduced the avenues available from the banks to meet the working capital requirement of the company. As a result, we had to control our growth in MTF book. If we look at the market conditions, this quarter ended March 26, markets were buried, the nifty has fallen by almost 15%, and resultant investor sentiment has become adverse. As a result, investors became cautious, and we also became cautious about creating new positions and continuing existing positions which impacted our MTF book. Despite all this, our interest income from MTF book stood at 432 million during Q426. And 1,515 million during full year 26, which translates into a healthy 50.2% bio-wide growth for quarter 4 and 32.6% bio-wide growth for the full year. I am pleased to report again that we continue to maintain zero NPH on our MTF book as of March 31st, 26, once again reflecting our judicious underwriting practices. The book also remains granular, with approximately 61% of the outstanding exposure coming from clients with individual balances below 1 crore. Client loyalty and long-term relationship building continue to be a key strength of our operating model. As of March 21, 26, approximately 42% of our active clients have been associated with us for over 5 years. In addition, 83% of our active clients are over 30 years of age, a demographic we consider particularly attractive, as it typically corresponds to higher investable surplus, more mature investor behavior, and demand for a broader range of financial products. Our people remain a critical enabler of our relationship-led, research-backed, and technology-enabled business model. As of March 31st, 26th, our employee base stood at 2,214, representing a net addition of 132 employees year on year. We view talent as a strategic asset, continue to invest in building high-quality teams to support our long-term growth objective. Turning to our balance sheet, our debt weekly ratio stood at 0.62 age of March 31st, 26, compared to 1.8 age of March 31st, 25. This reflects a meaningful improvement in our capital structure and provide us with enhanced financial flexibility to support growth, particularly in a scalable business such as the MTF, while maintaining prudent leverage level. With that update, we can now open the floor for questions. Thanks.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants, you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question assembles.

A reminder to all, you may press star and 1 to ask a question.

We have the first question from the line of Socrates Parchal from iSight Pintrate Private Limited. Please go ahead.

Good morning to the team. I have two questions. My first question to Mr. Gupta is, how do you plan to guide the company's brookings and wealth management business over the next few quarters, especially in terms of bringing in new clients, expanding advisory models, and using digital platforms to improve the investors' experience? That's my first question. I'll ask my second question after. Thank you.

Okay. Thank you for the question. To be really frank with you, if you really see, we do have in our group a wealth management company separately than this company. Over here, this company is by and large focusing towards broking and distribution of products. But having said that, as a philosophy, we are addressing all the investment needs of a specific customer from all respects, whatever investment needs of a customer, by way of providing them various different investment products. Suitable to that particular investor. And what we are trying to do, we have created a basket of products suitable to a specific customer segment. As we are catering to almost all category of customers, we have created a basket and providing them along with the broking platform which is being provided to those who are interested in probably broking directly by themselves. On investment side, or probably trading on investment-based trading, not future and options largely. So that's our focus in this particular company. In terms of, you know, answering your question on technology side, we are strengthening that platform day in, day out, trying to provide that platform in such a way that all the deliveries which are going to be there as a relationship manager on the marketplace is going to be available on our platform, digital platform. Right now, broking is already there, which we are constantly improvising, and if you really look at our broking customer base number, almost 60% of the customers are already working on our digital platform. In terms of distribution, mutual fund is also available, and we will keep on adding our other distribution product, product for the distribution side on digital platform. So, as I said, initially, our focus is based on physical, where, you know, complete delivery on digital platforms are going to be available so that execution is available for the customer. But at the same time, our relationship managers are going to go speak to... Customer, have a touch base and understand, have a clear understanding about the customer is also going to be there.

Thank you. My second question to Mr. Tarak Shahid. As you oversee the company's financial health, how is Anand Rathi preparing to manage risk in broking and... Advisory business, such as market volatility or any compliance changes and any credit risk, you know, while keeping the profitability stable and growth on track. Just want to understand your plan of action. Thank you.

Yeah, I think Rupji can take it probably.

Yeah, yeah, yeah, sir. Thank you. Thanks for asking this particular question. So, there are two approaches which we have always followed in our particular, I can say, this particular company as well as overall group. So, first of all, we try to always see that how we can go into, I can say, business where customer interest will be protected at the first level. That is the first object. And second, we are conservative in terms of our approach towards the risk management side. A simple example I can share with you, like MTF product, which is a leveraged product from the regulator's side. And in that particular product, the regulator has defined a basket of almost, I can say, 2,000 plus stocks in terms of the MTF allowability. At our end, we have restricted this particular basket with our internal committee towards the selection of the stocks to less than 1,000 stocks in total. And many of the stocks where we have increased the margins as compared to whatever exchange is charging in the form of the MTA book, we have contributed and we have increased the margin level from our side. So we keep on doing our internal risk management in such a tight way that whatever regulatory is allowing, even we are controlling further towards that particular thing. And because of all those things like we have highlighted in terms of our MTA, so far in MTA book, we are running this particular business since the last eight years, eight years plus. We are also part of the QFB broker at the exchange level, and at our end, I can say exchange Vigilance, expense, surveillance is also always there, comparatively more tighter than the normal, I can say, other category of the broker. So, combining all these things, we are always conservative towards these all aspects. Last important aspect, which is related to in terms of the net equity ratio, because you have asked the financial health-related things. So, you might have observed in the numbers which we have shared. Our net equity ratio, also, we have reduced significantly, and currently, it's just at a 0.6 kind of And our endeavor is here that we want to restrict ourselves up to max 1.5 kind of debt equity ratio. I hope I have clarified your question. Thank you, and best of luck.

Thanks.

Thank you. A reminder to all the participants, you may press star and 1 to ask a question.

A reminder to all, you may press star and 1 to ask a question.

While I have a question to you, Sundar is here, I'm just going to kind of chip in with one question, more on the segmentation between two businesses. My question to Mr. Bhukta is, there's a guidance of, let's say, we've talked about the 50-50% brookings and non-brookings segments. How do you see that kind of shaping up, given the general condition of the market and things like that, how do you look at that kind of progressing over the next couple of years?

Thank you, Diwakar. Actually, if you really look at, we have already, I mean, in today's, I mean, in this year's, you know, performance, we can see 51% is coming from broking, 49% from distribution, but we are not happy with this kind of a scenario, because we have seen a good amount of traction in distribution side, which has grown by almost 44% in distribution side. But, you know, if we really look at broking and other, the broking side, it is not really grown in that particular patient. So what we are trying to see over a period of time, we are going to be happy. And I'm sure we will be able to achieve that 50-50% kind of a scenario. And we will maintain that by looking at that both the segment, which is broking and non-broking, should be able to grow at a specific steady growth. So, what we are seeing as broking should also grow constantly, continuously, year-on-year basis in a revenue term, and non-broking should also grow constantly, continuously, year-on-year basis. Right now, for quite a few years, I personally believe that our non-broking should be able to grow somewhere around 40 to 45% growth, which we have shown right now this year also. And in the broking side, since it is a market-denominated factor, but still we will be able to grow somewhere around 15% or so in a broking revenue. That's what we are trying to achieve, and we will be able to achieve, and we are trying to work towards it. Based on that particular growth factor, I personally feel that overall revenue number, what we are trying and aiming to achieve is somewhere around 15% to 20% growth year-on-year basis.

Thank you, that helps. Maybe I'll just check it out one more before the other participants come in. How should we think about the MTF stage going forward, given are the stress sustainable, or do you expect some competitive pressures to come in, because there seems to be a bit of competition, a lot of brokers coming into this particular segment. So, what's Anand Ratti's take on this particular part of the business?

I think this is a part and partial of, you know, looking at pressure coming by competition, delivering at a lower yield kind of, or generating lower yield or delivering at a low interest to various different customers. As of now, at Anandratti, we are not facing much of a, you know, pressure on that account because there is already a good pent-up demand available with us, and we will keep on addressing. The two things, as Mr. Ruputra in our address has already, you know, elaborated, that the whole funding requirement requires, the whole MTF book, expanding MTF book requires, you know, capital. And right now, we were present, I mean, in last quarter, because of various RBI guidelines, though it is being postponed to another quarter, but the requirement of margin was greater, and we were preserving cash for addressing those kind of requirements which were earlier being met by various different, you know, bank financing or NBFC financing. Over a period of time, we will be again at you to get those funding and financing from various different routes. And again, the extra or spare funding available for the company will start expanding our MTA group. That's how we are trying to probably address that issue. In terms of yield, I think there might be a possibility, but as of now, we are trying to maintain those yields which we have been able to generate so far. And we believe we will be able to achieve that yield because very municipal percentage of customers are utilizing the MPA book as of now with us. And we do have requirement and demand in the marketplace which can be addressed by us.

That's helpful. Swapnami maybe you can take the participants in the queue next, please.

Thank you. A reminder to all the participants, you may press star and 1 to ask a question. We will take the next question from the line of Swarna Mukherjee from B&K Securities. Please go ahead.

Hi, sir. Thank you for the opportunity and the progress on a good set of numbers. A couple of questions from my side. Sir, first of all, in the broking revenue, you highlighted that you focused towards the 50% kind of a growth.

So, in your growth strategy, I just wanted to understand that do you expect this to

play out as a function of market data that, you know, as we move towards a more normalized situation from where we are in the geopolitical scenario? I mean, how would you be thinking in terms of the active client, et cetera, and what are you doing to maybe build upon that part of the business that you're active client, these are just the number of trades that they are putting in on the value that they're putting in. So that's my first question. Second is, in your broking business, if you could highlight how much of the, you know, mix is from the derivative side and how much is on the cash, right? And if there is a future segment to that, if any impact you are seeing because of the STP. And thirdly, sir, in terms of the RBI, you know, regulation change related to the prop book of brokers. So, just wanted to understand if we have any exposure like that and if so, what is the proportion and what are our costs on that? This will be my question, sir. Thank you.

Thank you for your question, Satna. Typically, I will start addressing point by point on your questions. You asked about the broking revenue. Technically, if you really look at it, our focus is how to probably stabilize the broking business. I mean, if you really see, across the board, we do have cash market broking business and derivative market broking business. And if you really look at the derivative market broking business, Again, there is a split of, you know, future and options market in equity side, you know, commodity side market, which is a commodity volume, and third is currency market. Now, we always, our endeavor is always to stay at it and address the needs of investments. Rather than heavy trading and over-liberaged trading, because in derivative, largely, if you really go and see, you know, options and F&O markets are largely leverage positions, and that should be given, or that should be utilized, that platform should be used by those kind of investors who understand that space well, and that's where we say if you understand really well, you must become active in that particular space. Having said that, from our expertise, I think we always try to create product, we always try to create strategies to, you know, look at investments needs. Why I'm saying that, if you really look at our, you know, share, revenue mix, which is your second question also, between cash and, you know, derivative, it is split into 50-50. So we are largely denominated looking at cash market segment, broking business, and then if you really look at derivative businesses, we again started focusing and trying to see how we can create a hedge position or we can create a position where probably your, you know, losses are limited and you are not over-leveraging yourself for the customer. And those kind of positions we are allowing to take a customer. So having said that, we are focusing on commodity businesses where probably arbitrage kind of opportunity can be utilized and used by the customers. And guiding them, if they are convinced they are executing those kind of traits on those platforms. Similar situations are there in future and options segment also. As a result, most of the time, even if our derivative books are there, I think they are going with a specific pace and growing under a specific pace and do not really hampering because of, you know, various different regulations which are coming in act. Because with us, most of our customers, I am not saying all of our customers, but a large portion of our customers. are using these, you know, activities, and they are already calculating their cost, and based on that, if, you know, markets are providing the opportunity, they are exhibiting trades, and we feel that is happening. So, that's how we are trying to manage our revenue mix. That's how we are trying to make our broking revenue more stable, so that, you know, the market, you know, eventualities do not really hamper. We create a scenario pessimistic, optimistic, and reasonable, and based on that, we are trying to constantly work towards it. Obviously, we have not reached to a level where we can create a balance, but we are constantly working towards it to reach to a balance croaking revenue, which can be, you know, less impacted from the market volatility. Now, coming back to your RDI book on the prop side, just to clarify you, in this company, we do not deal with proprietary book. We do not have a single pie or a proprietary activity in this book. So that rules and regulations are not at all impacting us in this company. I hope I have addressed all the pictures. Yes, sir.

Understood, sir. Very clear. Thank you for the detail. Yeah.

Just to add to that, sir, in terms of the AUM side, which I have highlighted in my communication also, that AUM side, even in last financing year, which was really tough from the, I can say, market perspective, where market was down on, I can say, the full year basis, if I will talk, then it's down by almost 4%. Then also, we were able to enhance our total AU amount to group inside that asset under custody. We were able to increase by 16%. And because of, I can say, that particular increase, we are having a particular, I can say, confidence level, where we will be able to grow going forward in this particular current market scenario also.

Right, sir. So, I mean, just to clarify, I think this is the great data that you have highlighted. Wanted to understand that this like EUC that you have increased, how much can we attribute to maybe say active client increase and how much can we attribute to say organically the individual books have grown.

So, these AUMs which we are talking about, that AUM or AUC, that increases there from the, I can say, more from our existing client base. At the same time, we are continuously adding new client base also. Total, I can say, total number of client side, if I will say, then we have increased last financial year or total client base by 12% in total number. Active client base, surely last year, the activity level was a little bit down, so it was almost, I can say, 3% down. But the positive part is in terms of one side, the total number of client has also been announced and second side, the AEM from even existing client is also increasing on constant basis.

Understood, sir. Very clear. Thank you. Thank you so much. Thank you. And all the best, sir, for everything, sir.

Thank you. Thanks, Mr. Mukherjee.

Thank you. A reminder to all the participants, you may press star and 1 to ask a question. A reminder to all, you may press star and want to ask a question. Thank you very much. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference back to the management for closing comments. Over to you, sir.

So, thank you, investors. Thanks a lot for participating in this. As I said, our endeavor is always going to look at investors' viewpoint, investors' interest, along with our customer interest, because we do follow a policy of customer-centric, and we are customer-centric, and our policy is to look after the customer's interest first, our investors' interest first, and simultaneously grow the company over a period of time. So, we'll keep on doing that. We'll be happy to answer any kind of a question which is coming in anyone's mind. Separately, also, Mr. Ru Bhutra and Mr. Tadak Shah can probably address if required separately. Thanks for your participation.

Thank you, members of the management. On behalf of Anandati Share and Stock Brokers, that includes this conference. Thank you all for joining us and you may now disconnect your lines. Thank you.