Concall — clean across the call.

At Jio Finance, our aspiration is to build a financial service institution of long-term national significance — one that is structurally sound, digitally enabled, and aligned with India's economic priorities. Our consolidated total income for the quarter increased 48% YoY to Rs 619 crores. As our businesses scale up, the consolidated total income from business operations has significantly increased from only 12% of our net income in Q1 FY25, to around 40% this quarter. Consolidated Pre-Provisioning Operating Profit for the quarter stood at Rs. 366 crores, up 8% year-on-year. We remain well capitalised, with a consolidated net worth of Rs. 1.4 lakh crores. Our Asset Management Company, Jio BlackRock Asset Management Private Limited, achieved a significant milestone during the quarter. The joint venture received regulatory approvals to commence operations in May 2025, and only within a few weeks of this approval, we launched our maiden NFO, or New Fund Offering. We are very encouraged by the enthusiasm with which the NFO was met by both institutional and retail investors. The AMC raised over Rs. 17,800 crores through the NFO, making it one of the largest cash and debt fund NFOs in the country. In our lending business, we evaluated market conditions and strategically pivoted towards secured lending in the latter part of FY24.

Jio Credit's AUM has witnessed significant growth over the last one year, from only Rs <strong>217 crore</strong>s in Q1 FY25 to Rs 11,665 crores in Q1 FY26, backed by a diverse suite of lending products, and a wide distribution network. Our Payment Solutions business, Jio Payment Solutions Limited is also growing at rapid scale, recording a Transaction Processing Volume of Rs. 7,717 crores, growing 93% year-on-year. During this quarter, Jio Payments Bank Limited's deposits grew to Rs. 358 Crores, a very impressive 206% year-on-year increase. Our joint venture with BlackRock for asset management, wealth management, and broking have now received all necessary regulatory approvals. We have also, in this quarter, successfully completed the acquisition of State Bank of India's remaining 14.96% stake in Jio Payments Bank for Rs. 105 Crores. Thus, Jio Payments Bank now is a wholly-owned subsidiary of JFSL. The payment bank's Business Correspondent Network has expanded remarkably to over 50,000 touchpoints across India, a significant increase from around 2,300 touchpoints in Q1 FY25 and around 20,000 in Q4 FY25. Our digital platforms continue to show traction with a highly engaged customer base. During the quarter, an average 8.1 million monthly active users engaged with our wide range of financial products and services across the JioFinance and MyJio apps. As we grow, our steadfast focus remains on four core pillars: Products, Distribution, Technology and Data Intelligence, and People.

Having laid the foundation for the NBFC in the last 2 years, it has been 5 quarters since we launched our commercial lending business and 4 quarters since we launched our first secured retail lending business. In the intervening period, we have successfully launched a full suite of commercial lending products, which includes term loans, supply chain finance, working capital loans and factoring. We have also built up a robust portfolio of secured products in retail lending namely Home Loans, Loan against property and Loan Against Shares, in addition to Loan against Mutual Funds. During the quarter, our AUM grew 16% QoQ to Rs 11,665 crores. Our strategic advantage in this competitive landscape is underpinned by four critical cost levers. Firstly, our Cost of Funds. Jio Credit Limited has received a "AAA" rating from both CareEdge and CRISIL for a new NCD facility.

This quarter, we successfully raised approximately Rs <strong>2,500 crore</strong>s through Commercial Papers and Non-Convertible Debentures at best-in-class rates. All our retail lending products - Home Loans, Loan against Property, Loan against Shares and Mutual Funds - have a fully digital and optimised journey for onboarding customers through the JioFinance app. Our digital journeys are fully integrated with the MyJio app - which serves close to 500 million customers across the length and breadth of India. For underwriting, we integrate three crucial data sets: bureau data, account aggregator data, and our proprietary alternate data. This alternate data, derived from the digital footprint within the Jio ecosystem, is unique to us. It not only helps us identify ideal customers but also provides early warning signals of potential defaults, enabling proactive and corrective actions. Overall, we have adopted a risk-calibrated approach, consciously targeting prime and near-prime retail customers and high credit-rated corporates.

JFSL's consolidated total income for this quarter was Rs. <strong>619 crore</strong>s, a significant increase from Rs. 418 crores in Q1 FY25 and Rs. 518 crores in Q4 FY25. The total income for the quarter primarily comprised of the following: 1. Interest income of Rs. 363 crores: This includes interest earned on our lending operations and income from our treasury operations. 2. Net gain on fair value changes on money market and liquid mutual funds of Rs. 196 crores. 3. Fees and commission income of Rs. 53 crores, on account of our insurance broking and payment service business. Total expenses, including provisions, for Q1 FY26 stood at Rs. 260 crores. This compares to Rs. 79 crores in Q1 FY25 and Rs. 168 crores in Q4 FY25. The increase in total expenses was primarily attributable to higher finance cost, which rose to Rs. 99 crores in this quarter. During the quarter, JCL commenced its market borrowing program. Additionally, staffing expenses increased to Rs. 64 crores and other operating expenses rose to Rs. 90 crores. Provisions on account of ECL stood at Rs. 7 crores. Our pre-provisioning operating profit, or PPoP, stood at Rs. 366 crores in Q1 FY26, versus Rs. 374 crores in Q4 FY25 and Rs 339 crores in Q1 FY25. Shares of Associates & Joint ventures stood at Rs. 31 crores in Q1 FY26, lower than Rs. 46 crores in Q4 FY25. Consequently, our consolidated profit after tax in Q1 FY26 stood at Rs. 325 crores, up from Rs.