We factor in 17.4% AAUM CAGR between FY23-25E and overall revenue yield to decline from 45.9bps in FY23 to 44.8bps in FY24E to 42.8bps in FY25E leading to a revenue CAGR of 13% during the same period. We expect total opex CAGR of 11.1%, resulting in ~14.2/13.7% core EBITDA/PAT CAGR over FY23-25E.