Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Cost to Grow decreased this quarter due to no IPL branding event; Cost to Serve increased due to AI compute costs, more trading days, and a one-time INR10-13 crore hit - SEBI's CAS changes expected to normalize volumes; impact depends on implementation date - Margin Trade Funding (MTF) book shows volatility but grows ~INR600-700 crore quarterly; risk management includes higher haircuts and real-time stock reviews - Employee costs stable; variable pay amortized over 12 months; structural costs expected to rise - Competition addressed by focusing on customer value and AI tools; US stocks product in early testing with positive feedback - Wealth management AUM growing, mainly from Groww Prime; revenue included in other operating income - Market share expected to grow long-term; cash and derivatives market share to converge with NSE active market share over ~10 years - Order intensity increased despite lower volumes; revenue linked to order count and mix, not ADTV - New products include US stocks and MF Prime; integration ongoing - Lending book growing with new loan against shares product; float income stable, driven by treasury - AI investment focused on in-house tools for customer experience and cost efficiency - Over 50% customers use more than two products; focus on customer needs over pushing multiple products - Other operating income boosted by 30 IPOs and BSDA revenue - MTF portion of cash turnover above 5%, expected to rise with volatility