FY25 marks the successful conclusion of a three-year transition phase, during which we reshaped our organisation and repositioned our business mix for the future. I am pleased to report that we delivered on all the key objectives we had set for the year — including AUM growth and mix, the run-down of our Legacy business, strong AIF recoveries, and improved operating efficiency in our Growth business. We have received RBI approval for the merger of PEL into PFL and are now working through the NCLT process, which we expect to complete within the next five months. Once concluded, we will operate as a single entity — Piramal Finance Ltd. As we look ahead, we are confident in our ability to sustain this momentum and continue building a scaled financial services platform that delivers consistent and high-quality performance. In FY26, we expect a sharp YoY increase in our consol PAT, led primarily by our Growth business profits.”