Geojit Financial Services Limited (GEOJITFSL) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Q1 FY27 Earnings Conference Call of Geocheat Financial Services Ltd. Before we get started, I would like to point out that some statements made or discussed on today's call may be forward-looking in nature and must be viewed in the conjunction with the risks and uncertainties that we face. A detailed statement and explanation of this risk is included in the earnings presentation, which has been shared with you earlier. The company does not undertake to update these forward-looking statements publicly. 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. Satish Menon from GOG Financial Services. Thank you and over to you, sir. See, your voice is clear, but you're sounding distant. If you could come closer to the microphone, it would help.

Thank you very much, operator. Good evening, and thank you for joining us today. This is Satish Menon from Geojit. On the call with me today, we have Mr. CJ George, Chairman and Managing Director, Mr. Jones George, Executive Director, Ms. Minnie Nayak, CFO, Jay Shashidran, CIO, Mr. Rahul Roy Choudhury, CEO of Private Wealth. And Mr. Leju Johnson, company secretary. Before I turn on to the quarterly performance, let me briefly touch upon the operating environment during the quarter. Despite intermittent volatility arising out of global geopolitical developments, investor participation in India's financial market remained resilient. For a franchise like ours, With deep relations across tier 2, tier 3 cities, and a differentiated assistant-led approach, we believe this opportunity in Indian financial markets remains significant. GeoGeek's focus focuses on building lifelong customer relationship through advisory, wealth creation, and cross-selling across multiple products. We continue to guide our transformation from a transaction-led broking franchise into a diversified recurring revenue-led wealth platform. The transformation which I had covered in my last call, last investor call, contains three strategic pillars. One is expanding our recurring revenue through wealth management, PMS insurance. Second is... Strengthening our NRI business in GCC countries and other countries, including GIFT and DIFC initiatives. And third is the technological transformation to enhance customer experience. I will now turn to the Quarter 1 financial performance. Revenue for operation in Quarter 1 stood at 160.40 crores. This is 11% Y-on-Y growth. Profit before tax stood at 25.99 crores, while profit after tax stood at 19.83 crores. On a sequential basis, PBT grew by 4% and PAT increased by 14%. The company continued to maintain a disciplined cost structure. While investing in capabilities that are expected to strengthen productivity, customer engagement, and operating leverage for a medium term. As you would all recall, which we had stated in our last call, FI26 was a year of deliberate investments across technology, distribution, and brand building. These investments have continued in quarter one. With a clear focus on building long-term capabilities rather than near-term profitability. One of the highlights of quarter one which I would like to mention is that employee cost is up by 18 crores. Primarily driven by expansion of our sales force, recruitment for our DIFC subsidiary, addition to our technology team to support IT transformation, And Higher Employees Incentive. Align with the growth in the distribution business, what we saw in the quarter one. We believe these investments will support improved productivity and operating leverage over the medium term. Other highlights. The total customer assets increased to 1.11 lakh crores. Our mutual fund distribution continued to outperform with the equity market. Net inflow, market share improving to 0.473. It had increased in the last quarter also. And our equity mutual fund, AGM, increased to 18,500 at 1 crore. For AMC business, asset management business also continued to scale. Our asset management business has an area of 1,778 crores. Insurance distribution was a highlight of the last quarter. We have collected a gross premium of 103 crores, reflecting a continued cross-selling among our clients. A lending portfolio, margin funding, and loan against shares, mutual fund, increased to 755 crores in quarter 1 of FI 27. To conclude, the quarter reflects the continued execution of the investment we initiated last year. While we continue to invest in technology, distribution capabilities, and people, the underlying business indicators remain encouraging. Growth and Customer Actors. Client acquisition, improving mutual fund market share and continued expansion of our recurring revenue business reinforce our confidence in the long-term direction of the business. We believe the investment undertaken over the past year has created a stronger and more scalable platform, positioning us well to benefit from India's long-term financialization opportunity. While creating sustainable value for our customer as well as our shareholders. With that, I would like now to open the floor for questions. Thank you.

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

Participants, please press star and 1 to ask a question. Participants, you may press star and want to ask a question.

The first question comes from the line of Jitu Punjabi with EM Capital Advisors. Please go ahead. I'm sorry to interrupt, Jitu. You're not audible. Could you please use your handset on your handset mode? You're not audible, Jitu. Your voice is breaking. You're not audible, Jitu. I'm sorry, Juthu, you're not audible. I would request you to fix the issue at your end and get back in the queue. Thank you. The next question comes from the line of Arvind Singh with Maitri Investment. Please go ahead. So, Maitri's line has stopped. We'll move on to the next participant, Nimish Pandya, an individual investor. Please go ahead.

Hello, I'm how are you, sir?

Yes, Nimish.

Yes, you are. Yes, sir. Thank you. Thank you. Thanks for giving me this opportunity. So, sir, I have a couple of questions. So, my first question is, sir, recently we have added around 30,176 new clients during the quarter. So, are you seeing higher productivity from your branch network, stronger reference, or better digital acquisition?

We will take the second question after I reply to the first question. So, most of this edition of the 30,000 clients have come through the branch reference only, not much through the digital acquisition.

Got it, sir. Sir, my next question is, EMS and EIF has reached around 1778 crore. Given the strong performance of yield plus EIF, are you seeing any increased interest from H&I investors, and could you put this business scale faster than originally anticipated? What's your thought on this?

So, you are absolutely correct. Yield Plus, which is an AIF scheme under our asset management business, has done fantastically well, and I understand that there is no other comparison in the market. As of now, this product has been sold only to in-house clients. We have third-party distributors to distribute this product. It is now 11 months of performance, and sometime we will go up to the market.

My last question, can I ask?

Yeah, sure.

Yes, sir. This is regarding revenue. So, as you see, sir, revenue from operations grew 11% worldwide, roughly around 160 crore, while that has increased to 14% sequentially. Sir, would it be fair to say that the benefits of these investments made during FN26 are beginning to reflect in the financial performance? Your view, sir?

So, yes, yes, it has started to reflect. But as we said in our last call, we have invested hugely in people and IT. And these people are primarily there to acquire recurring assets. Insurance, of course, is an upfront income, so you get the benefit of that. But largely, the KPIs for these new people is to build mutual fund recurring assets, mutual fund, PMS, and AIF, which will go into trade. So some offshoots have been seen in terms of... Productivity, or in terms of covering the cost, it will take slightly longer time because most of the other recurring assets are on trade-based revenue.

Okay, okay. That's it, sir. That's it from my side. Thank you for giving us this opportunity, sir.

Thank you.

The next question comes from the line of Jitu Punjabi from EM Capital Advisors. Please go ahead.

Hi, is this clear now? Yes. Yeah, it is clear. Okay. Thank you very much. Sorry for the earlier misstep. So I have three questions. One, you talked about the cross-sell across the recurring asset categories. Can you calibrate that on how successful it's been? And two, if you were to look out over the next year or two, where do we do it? Does this part of assets actually go up? Two, three, four times, or does it go up much less? That's question one. Question two is, if I look at 8, 9 of your presentation, I'm sorry to interrupt, Jitu.

Your voice is breaking again.

Can you hear me now? Yeah, it's okay.

You're breaking up again, Jitu. Could you please change your location? If that would help. You are not audible, Jitu.

Does this help? Is this better?

Go ahead. We will see. You can ask your question.

Okay, so my second question was on the partnerships in the Gulf and the Middle East. Can you just calibrate what percentage of revenues comes out of that, and how much is that growing at, and how are those partnerships scaling up, and what's the direction? We're going to do more on that side.

Again, breaking up G2. Sir, were you able to pick up anything from his question that you would like to answer?

I've got the first and the second question.

Okay, so...

I'll go to the third question. Can you talk a little bit about succession policy, where CJ is there, Satish is there, Jones is there? So I'd just love to hear if there's some thoughts on succession.

Okay, I will try to answer your first question on cross-selling. So, Jiojit primarily started as a stockbroker. So, all those clients from 1987 till 2016 primarily came into the stockbroking. 2016 is when we started trying to get into mutual fund distribution through SIPs. And 2025-26, and when we started aggressively pushing Mutual Fund. So, in terms of penetration, when we talk about active clients in broking, when I say active clients, it means one trade in the last 12 months as per MSI records. It is close to 2 lakh-plus clients. When we look at Mutual Fund, we have close to 3 lakh-plus holding clients. So, these are the two largest products we have, and there is a definite cross-sell between people who are holding a brokerage account and people who are actually traded in the last 12 months who are giving us mutual fund revenue. I think it's close to 38%. But on the other two products, which is health and life insurance, the penetration is too low, and it is in lower single digits. So, we see a lot of scope in selling the insurance product, as well as still a 62% gap in selling mutual funds. So, we definitely feel our cross-selling prospects are very good, and we will continue to concentrate on cross-selling. On the question number two on JVs, I would request Jones to take up this question.

Yeah, hi. So, regarding the JVs, at this time, we are only booking our share of revenue in the respective JVs, except for Oman, which is a subsidiary, Barjil, which is the biggest JV that we have. We only own 30%. So, we only book that share of revenue. And same applies for Kuwait, as well as for DIFC, which is a subsidiary. Regarding growth prospects for the Middle East, there is a lot of potential there, which is why we continue to invest. However, since March, there has been a lot of pressure in the business due to the Middle East conflict, and also very recently, Government of India has encouraged FCNR as a product line. So that has also affected inflows, but largely the... The mood in the Middle East is wait and watch considering the conflict at the moment.

I will add one more point on this. And George here, after getting this license to start a mutual fund in UAE, came out of the first fund during this difficult time. And the NFO raised around 20 million plus. Currently, what we also see in the Middle East in the short time is another pressure due to S&R, you know, these deposits, the deposit rates have gone up and the leverage that is happening. So, in the next couple of months, it will be, it will be slightly kind of a difficult situation as far as the Middle East based NRI business is concerned. With regard to succession, you know, as we announced the market, As MD of the company from 1st of October, Fadeesh Meran continues as the MD of Geojit Investments Limited. And the next line, as far as the company is concerned, on all verticals, we have competent professionals who have joined and groomed to take over. So we have a formal succession planning policy, and this is happening as per the plans. Thank you. Thank you, everybody.

You're again breaking. Thank you. Right, that's right. A reminder to all participants, you may press star and want to ask a question. The next question comes from the line of Dhaval Pandya with Arisa India. Please go ahead.

Hello, I'm Adul.

Yes, sir.

Yes, you are. So, sir, as we know that you are, you know, dominating the tier two and three cities, which is the most, you know, strongest geography of yours in the tier two and three cities?

So, we are based out of Kerala. We started our office, the first office, the first branch in Kerala, headquartered in Kerala. So, Kerala, as of now, all cities would be in B30 and can be considered Tier 2, Tier 3 cities. So, we are pretty strong in Kerala. The second comes to us, the second stage which contributes, the second largest is Tamil Nadu. So, it is Kerala, Tamil Nadu, Maharashtra, Karnataka. I mean, it will be not correct for me to get into cities because then I will have to main many cities in Kerala.

Yeah, that I understand.

Mr, looking at the current Middle East crisis, what will be your view on it and looking for what are the key things that you consider while expanding Middle East?

So Middle East, as I said earlier, right now investors have a hold in, a wait and watch. So, there is no real investment decision being made at the moment. We are also not investing in expansion because of the uncertainties. However, we understand that, as our chairman earlier mentioned, Burjeele has set up an asset management company on its own, and that is able to offer a different kind of... That has seen quite a bit of traction in the UAE. The other investments, we will not be pushing for expansion at this time.

Okay. Can you also tell us, like, what is the opportunity size in the web market that we operate right now means? So, can you...

If you look at just the UAE alone, even within the non-resident Indian segment, the investment appetite is quite global. So in a way, it's only half of a client's investment share that comes to India. So there is, you know, our JV in UAE offers different kinds of products. So, that is what they are looking at right now through the AMC. That is an example of UAE. The VC market is also quite similar.

Keith has been investing, has been in an investment phase for several years with the continuous building on technology stage for expansion and distribution. Do you believe the business has reached sufficient scale for investor to see a meaningful operating leverage or strong earning growth?

See, we will continue to invest, particularly in technology and people, for, you know, two more years. And with regard to the results from the investment, I must tell you that once there is some amount of, you know, stability in the market, particularly in the global market, as a result of this. Global uncertainty is arising from Middle East conflict. We will see significant progress. So maybe it will take another couple of quarters for us to see, but we will continue to have these investments done. I must clarify one point that we only started this serious investment last year, not long before. So it's not many, many years that we started this kind of investment in people. This is a new initiative started in 2526, and we will continue to invest in people as well as technology. You will have to wait for a couple of more quarters, particularly because of the Middle East development.

Sir, one last question, if it's fine with you.

For the operator to decide.

Yes, you may go ahead. Yeah, so the GCC continues to be an important market for GOG. So could you share how clients assets and client addition from the UAE and broader GCC region have evolved over the past few years, and whether the pace... All the growth has picked up from the following launch of DFT Business.

From the GCC, our AUM would be a little shy of a billion dollars. In terms of DIFC, we have just very recently started booking some business, but it is still quite early stages. As I said, there are some challenges because of the conflict there. But otherwise, in the long run, we continue to be optimistic because GCC still continues to be a lifestyle destination for especially the H&I segment. So there continues, there is a story there and there is potential that we will pursue once there is stability in the market.

Okay, that's it from my side. Thank you very much for your time and patiently answering my call. All questions. Thank you.

The next question comes from the line of Yogesh Shroff with Magnus Hathaway Investments. Please go ahead.

Thank you so much for the chance to take the call. Thank you so much for the chance. So, a quick question. I think first is, what are the net cash levels in the balance sheet currently, and what are the plans for buyback? I think last quarter, also, you had said that you're planning on a buyback, and now that the rules from FEBI have been relaxed. So, what are your views? When can we expect a buyback to start? And there are some follow-up questions later.

With regard to your question on buyback, yes, that is true that we had made the statement last time that we will look at this opportunity, but also depends on other opportunities for investments like consolidation in the market on Monday, etc. So we will certainly be sensitive about these opportunities and certainly at the appropriate time, you know, we will take a decision and we will all come to know about it. The cash at the moment, see, of course, around 1,100.

The cash, yeah, 1,100 crores. Out of the 70% is used for MTF lending or NBFC lending and for other trading activities like BGA and all. The rest is invested in. Fuck it. And the next question was, I think we have added a very big sales team over the last two quarters. And when you look at the numbers in terms of new SIP edition or new client edition, the pace has actually slowed down compared to the previous years. So what do you feel on the ground? Is there like people are not willing to invest fresh money right now? What exactly is happening according to this?

You know, market has, you know, some amount of influence on the SIP, overall in the market itself, the SIP and above. But having said this, we are closely monitoring the productivity of our sales force. We have certainly scaled up our health insurance distribution, life insurance distribution. And we will continue to do that. And if you look at the numbers, yes, the speed has come down, but we will continue to, you know, work on this, and we are very hopeful that we will be in a position to scale up this. Having said this, I must tell you that we have slowed down already on... Recruitment because of the market development and the global, particularly the Middle East development, so we are waiting for further development on this. Currently, we are only doing selectively replacing the resources. Otherwise, we are not on recruitment at this stage.

Got it.

And if you can please elaborate more on an insurance strategy, so how many new clients or current clients are also a part of your other ecosystem, maybe your broking business or your mutual fund business? So what's the strategy for insurance business in the longer term? Because in a period of time only, we'll be able to use out our existing ecosystem in terms of insurance. So, are we targeting new clients there, or it's more of current existing client base that we are using for insurance distribution? And if you can just share some numbers around it in terms of what is the overlap between the two.

So, let me tell you, we are not focusing on new clients at all at the moment.

On insurance.

On insurance. We are only looking at cross-selling among our own clients. So, the cross-selling percentage also at this moment is very small. Less than 5%. It is less than 5%. So, it's a big opportunity there for us to, you know, still bank on our existing customer base. So, we are not looking at new clients' route for insurance business. New client route will be for mutual funds, SIPs, broking, etc. That will continue. Awesome.

This was super helpful. Thank you so much.

Thank you. Thank you.

A reminder to all participants, please press star and 1 to ask a question. The next question comes from the line of Yash Parker, an individual investor. Please go ahead.

Hi, sir. Am I audible? Yes, you are. Thank you so much for the opportunity. Sir, my first question is, last year you added nearly 700 employees, mainly in the sales force and management. I had indicated that in FY27, you will be focusing on improving the productivity rather than hiring. So, as we have finished the first quarter, could you share how the productivity of these relationship managers are progressing? Are you seeing improvements in AUM per salesperson or product penetration or revenue per employee? And where do you expect the full operating leverage from these investments to become visible?

So, I answered earlier for another question. It will take a couple of more quarters. Having said this, you know, our focus is on cross-selling among our existing clients using these newly recruited employees. We are also taking time in training them, and the market situation is also not exactly helping, particularly in terms of mutual fund inflows and SIPs, et cetera. So we are focusing on all these products and training them. So, in my view... Thank you. Let me also tell you that, you know, we also look at the productivity very grossly on a daily basis and we train them. All that are happening in the day-to-day life of a new employee, so it's very, very closely monitored.

Okay, sir. So, my second question is regarding the industry. So, every wealth platform today is investing in AI and automation. How is GOG thinking about using AI, not just internally for productivity, but also to improve advisory, quality, customer engagements, and cross-selling? So, would AI materially impact your cost structure over the next few years?

Thank you. So, we are definitely investing in AI, and it is across all these areas that you mentioned. The area that we started first is around the customer experience space, where The way we interact with customers and help to onboard them onto various services that we offer, that is where we have brought in AI to help go through that process with ease and with speed. That's something where we have started, and in that space, we are trying to remove a whole lot of manual interventions. Automate a lot of these processes, bring down documentation and physical forms to be used, and a whole lot of areas around that. So that's where we have started. That's one big area. We think that that will continue to be an area of investment. You talked about research, and you talked about portfolio analysis, and a whole lot of areas around that. That's something that we are looking at very closely. AI will definitely come in to help our customers to make decisions faster and better. And as an organization, we will have the opportunity to help customers choose on a day-to-day basis as markets evolve and respond to market conditions. So that's where the second area of focus that you have. The third, of course, is within our organization in operations and how do we make ourselves better and faster. So productivity improvement is, again, a key focus area. So those are the three areas I will top out, and there is work happening and projects that have already taken shape in all of these areas. Thank you.

Right, sir.

Could you also share what defines a mature GOG branch from a financial perspective? Like, how long does it take for a new branch or a newly hired relationship manager to reach a break-even? And where are you currently on the journey following the last year's expansion?

So, in terms of branch profitability, well, it takes around 18 to 24 months generally for a branch to get profitable, depending upon the location of the branch. If it is an advantage state for us in terms of Kerala, Tamil Nadu, it will break even faster. And when we go to north of India and all, it might take a slightly longer time. In terms of break-even for an employee, a new employee, it takes anywhere between, and since it is mutual fund, which is on trail, it takes anywhere between 15 to 24 months. Depending on the products you sell. So if the good market, if you are selling brokerage, you break even faster, you can break even in six months. But generally, since our focus is on mutual fund acquisition, which is a trail income, it will take 15 to 24 months generally.

Okay, sir. So, last question from my end. So, customer assets have crossed 1.11 lakh crore, which is an increase of 15% sequentially. Could you help us break down the increase between market appreciation with our net client inflows?

So most of this appreciation would have, most of this increase would have come from market appreciation because 1 lakh crore is a big amount. But we focus on the recurring assets, recurring assets of 26,000 crores. So that has grown. And when I look at mutual fund, and which is similar for the other products also, mutual fund we are at 18,000 crores. And over the year, Over the year, the net inflows would be close to 2,000 crores. So, most of it has come through net inflows only.

Okay, sir. That answers my questions. Thank you so much, sir.

Thank you.

The next question comes from the line of Arvind Singh with Maitri Investment. Please go ahead.

Hello. Am I audible? Yes. Hi, sir. Good morning. Sorry, good evening. So, my question is relating to our performance. So, in the last bull market, in the capital bull market, we haven't performed really well. On the top line, we haven't barely grown in the last two years, and on the bottom line, in the last five years, we have declined by a half. So, my question is that how do we perceive as investors Jiu Jitsu performance? Because we have not delivered anything on the pet terms or EBITDA terms. So, why do any investors choose Jiu Jitsu as an investment option?

It's an interesting question. Let me tell you, in our space, we have not been We're discount booking, and... What we do is we take long-term... Be clear about what we are doing. When we do, we always talk about transactions. Transactions are only a means to an end for us. At that extent, when there is, you know, market decline, particularly in the delivery business, that directly affects us. With regard to mutual funds, you know, it is a trade-income business. And last one year, particularly, we had announced the market also that we are planning investments in people as well as technology to scale up our business. For that, you will see the margins and profitability in coming quarters only, not in the immediate future. So we are doing a calibrated approach as far as our planning is concerned. We are focusing on our clients and how to create wealth for our clients. I am of the view that long-time investors... Look at GeoJIT as a long-term opportunity rather than a short-term opportunity.

Okay, sir. Extremely sorry if I sound repetitive, but, sir, in the last year, you have added a lot of people, but we are not seeing the results. In the EU, in terms of the EMCs, they have increased their EUM almost double in the last three, four years, but we are not seeing any impact on our performance. So, Can you throw us some light? Where is this gap coming from?

I think with regard to this mutual fund, AUM growth, you are mistaken, Parash. Yeah, our market share has also gone up in mutual fund net inflows as well as mutual fund AEM growth. Last one year, the number of people have gone up, but as Mr. Satish Manon mentioned earlier, you know, it takes almost, you know, anywhere between 18 months to 24 months if a new resource is focusing on, you know, mutual fund distribution or SIP distribution, etc. And particularly when the stock market is not very kind. So it is not that we will immediately break even from increased recruitment. The people cost has gone up. We are aware of the point that these are investments we are making in the front end, and it will take time to break even. We have announced this to the market also. We are also making significant investments in technology that also will possibly see only in the coming quarters in terms of results.

Okay, okay, so great to answer. When can we see the visibility in our growth in terms of the spread or revenue?

This is something that I told you that in the next couple of quarters also you will see pressure of expenditure because we are continuing to spend. And the earlier recruitment people have to become fully productive and profitable. So this is our current approach to that. As I said earlier, we are not hiring at the moment because of the market situation. We are only doing necessary replacements, and other than that, we are not hiring, although our plan was to hire aggressively. We are looking forward to the market, you know, evolution on this.

Okay, okay, and one last question from my side, sir. Are we ignoring the brokerage side fully because our review in the online platform is not very great, sir, because our customers are not satisfied, so why there is some specific gap in terms of our servicing in the brokerage industry?

Some more clarity on that in both App Store as well as the Google Play Store as well as the Apple App Store. Here's the trading application.

So, we are not, let me come and clarify one point. There is absolutely... We need to focus on, you know, for example, the significant part of the technology investment is going towards broking only. So there is no question of neglecting broking. That is our main business.

Okay, okay, good. Yes, sir, and I wish you all the best.

Thank you.

Participants, please press time, want to ask a question. The next question comes from the line of Nikunj Banshawali with Walmfort PMS. Please go ahead.

Thank you for the opportunity. Sir, from the previous quarter, our employee expenses have gone down by about 19-20 doors. What is the main reason for this?

You are saying it has come down from the March quarter. That is primarily an impact of the incentives paid. So, if you look at the January, February, March quarter, the large portion of the income had come through insurance distribution, where the incentive outflow is huge. Comparatively, in the April, May, June quarter, the insurance income was less. So, that is the primary reason for reduction.

Correct. And this is the normal employee cost going forward quarterly.

Yeah, yeah. Yes, correct. But like our chairman just said, as of now, the fresh recruitment is slow, and we are right now hiring only replacements. But in the time, we have a view on what is happening in the geopolitical situation and in the markets.

Right. And, sir, could you please help me, what is this overseas AUM consists of? What is the take-up for that? Is it just into equity mutual fund?

These are mutual fund AUMs only. It could be Indian mutual fund as well as overseas mutual fund. But really, all trade-waring.

Okay, okay. Okay. All right. That's it from my side. Thank you. Thank you.

The next question comes from the line of SANA and Individual Investor. Please go ahead.

Hi, sir. Good evening, and thank you for the opportunity. Sir, my first question is, if FY27 unfolds broadly as management expects, what are two to three operating metrics that you believe investors should monitor each quarter to judge whether GeoJet is doing or is successfully executing on the market?

So, uh, Since we are investing in people and technology to increase our recurring business, AEM and income, I think that is the number which investors should track.

Okay, answer one more question. Beyond adding new clients, how are you measuring productivity improvement within existing customer base?

So, in terms of customer, we are looking at how much cross-sell we do to each client, but in terms of employee, we are looking at net inflow per employee, net insurance premium per employee, net brokerage income per employee, all those metrics.

All right, sir. Okay, that answered my question. 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. Satish Menon for the closing remarks.

I have no closing remarks as such, so thank you for joining this call. If you have any further questions, you can approach the company secretary. Thank you very much. Have a nice day.

Thank you, sir. Ladies and gentlemen on behalf of GOG's Financial Services Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.