Addictive Learning Technology Limited (ADDICTIVE) Earnings Call Transcript & Summary

Good afternoon, everyone. I welcome all of you to the earnings call of Addictive Learning Technology Limited for the first half of the financial year 2025. My name is Simran, and I'm the Investor Relations Manager at Addictive Learning. From the management side, we have Ramanuj Mukherjee, who is the Co-Founder and CEO of the company. We also have Abhyudaya Agarwal, who is the Co-Founder and COO of the company. As a disclaimer, I would like to inform that this call may contain certain forward-looking statements, which may involve risks and uncertainties. Also, this call is being recorded. I would now request Ramanuj to update on the financial and business highlights and the growth plans going forward. One more thing, after the management's commentary, we will open for question and answers. And you can post your questions in the chat box. Please do not do that in the Q&A. And yes, over to you, Ramanuj.

Thank you, Simran. Hi, everyone. So the financial numbers as such have been published in the stock exchange. And I'm sure if you have been tracking our company, you're already familiar with them. So I don't want to bore you with the exact numbers, but I think we are very happy that we have been able to deliver on our promises so far. And we have, in a way, like our profits have really improved, margins have improved. One question I have received from many of you is that, what about the margins can they hold or will they go down? Or will they get better over time? So I want to address that question first. You can share your questions on chat, and I'll do -- and I'm looking at them and I'll try to pick them up and answer and so as and when they fit into the story. And also one thing I want to do today is that I want to talk about 10 growth drivers in our company that I see really like playing a big role in our growth going forward. And I'd like to explain those growth drivers to well. And what we are trying to do, what we are planning to do and all of that. But before that, you are quick [indiscernible] on margins that people have asked us again and again. So I think the margin can improve, but we haven't tried to improve our margins very consciously until now. And -- but yes, like we are seeing as the business is growing and like there's significant scope of improving the margins. So -- but I don't want to promise anything on that as of today because we will -- I think we are a very small company with a very large growth ahead of us, and I want to prioritize growth rather than margin expansion. It's not a plan of -- it's not a strategical decision for us to maximize our margin at this time. Rather than that, I'd like to grow the business PAUSE faster. So that's the idea. Okay. A lot of interesting questions. 6 months before in a call, you mentioned a goal of achieving INR 100 crores per month in 3 to 5 years. No, we did not say that. So let's be clear. So I know this is getting a little complicated. People keep saying that like we save X and people add X plus Y and they say you said this in a call, no, we didn't say we'll add you INR 100 crore per month. We are trying to calculate something called SOM, okay? If you know TAM, SAM, SOM. So you're trying to talk about a Specifically Obtainable Market at that time based on all the products we had, what is the size, and we said SOM, not TAM by the way. Some people went and wrote on some forums that this is our TAM. That INR 100 crores per month, we see as an achievable Specifically Obtainable Market. Now somebody is saying that this is your INR 100 crore per month 3 to 5 years. No, we never said that, okay? Please go and check wherever you saw this and maybe review it, and you will be able to understand that we didn't say that. We said SOM is that. Now INR 100 crores x 12, INR 1,200 crores, that's what we said in our event, okay? So to clarify, we have said a targeting of INR 450 crores by FY '28. Can you clarify how this target and whatever the figure is final or subject to change? So INR 450 crore is something I haven't given a date by the time when we will achieve. INR 450 crore I see as a -- this is a natural target that we can achieve in the next coming 3 financial years, we will try to get there. So how did we achieve the INR 450 crores? So we said that INR 150 crores will be Indian core sales, INR 100 crores will be outside India international core sales and INR 100 crores will be services sales and INR 100 crores is manpower export, okay? Services sales is that which is services export and then manpower export, which is sending nurses, engineers, teachers abroad. So that's another possible area of business. So these -- all of these taken together is INR 450 crores. And I had given a breakdown of what we have achieved. This is in the Alpha Ideas that -- I think all Alpha Ideas only, right, so where I made a presentation. So that is with respect to that. So let me talk about this, I think, like these a bit so that people have clarity. So what are we saying? So these are the themes that we are trying to achieve, right? So for example, if we -- that INR 150 crores, I would say, is for our India core sales, is not very far because that is around -- if we do like INR 12 crores, INR 13 crores per month of core sales in India, that gives us INR 150 crores. We are doing INR 6 crores, INR 7 crores in India already. So that is probably -- would not even take 3 years could happen even earlier. So that is one part of it. International core sales is something that for INR 100 crores, if we are doing about INR 8 crore, INR 9 crore per month, that gives us INR 100 crores. I think that also is not very far for us because although we are currently doing about INR 1 crores or INR 2 crores of international sales per month, and this is -- these are obviously unaudited just like a ballpark number, I'm trying to say. So we are trying to do INR 1 crore, INR 2 crore per month currently. And do you -- do I think that I can go to INR 8 crore, INR 9 crore per month very fast? And the answer is yes, because we are seeing huge traction in those areas [indiscernible] how is happening, Okay. Like there are -- like when I come to the growth drivers part today, I will explain that what is happening. And I have some good news to share also in those areas with respect to international sales. Then there's a services export part. In services export, while we have -- we're doing really good in international core sales on Indian core sales. Services export, we are overall services sales. We are not doing so good yet. We are doing INR 10 lakhs, INR 15 lakhs of revenue every month in services sales. But we also have not been able to put in a lot of effort, a lot of bandwidth towards services sales yet. And we are getting to the part where we start really pushing towards it. So that is the third part. And the fourth part is basically your manpower export. So in manpower export, we are at least 1.5 year to 2 years away, we haven't made any much progress in manpower export, any progress at all. All the other stuff, we are already doing revenues. So manpower export, we are like really, really behind. So if you speed it up, either we have to acquire somebody who is in that space already doing well or a small business, we can rapidly scale or set up our own team in that space. But we are quite, like that's really far away right now. Like it's not even in my next 6 months plan to start working on it. Headwinds are we facing? It is execution challenge, Shekar. So there is no headwinds we are facing. There's a great deal of demand. There are two parts of it. One is that our courses in these areas where manpower export is in big time in demand. So manpower export in law is not possible. But it is possible in nursing. It is possible in physiotherapy. It is possible in engineering. It is possible in teachers. But in those, our courses are not very old. They are just about started. So nursing, our even first batch is not -- we barely started. We have some people who are running some small courses, but we haven't really had people clearing those exams yet. Those things are 6 months, 1 year down the line. So once people start tiering, we will have people that we can export, like we can -- we will find them jobs, we have to tie up. And then so these things are quite like not even closed right now, right? So we are going to get there eventually, but not -- we haven't faced any headwind. In just our -- one thing is that the people that we are preparing for this are 6 months, 1 year ahead from being in the place that we can send them abroad Other thing is that we haven't even started developing our teams in these areas. So it's execution challenge. And it's not an immediate priority given that other things are doing really well, we want to grow them faster. But yes, we will get there. There's a huge opportunity there, and you won't leave it, but we have time before we get there. Okay. There was one question I was trying to address. With multiple brands under your umbrella, do you plan to unify the overall brand experience, look and feel or each brand continue operating independently with its own identity? We want to have independent brands, independently operating. We are not trying to create unified look and feel or bring them under the same umbrella. That's not a priority, not -- I don't see how it will help our business at this time. Can you please update on initiatives like micro learning app, auto chat bots on websites? So micro learning app is very close to getting launched. We had launched our initial testing version. And then we are -- we received some feedback. And then we are incorporating those feedback, and we are going to launch it back again soon. But it's not available to the public right now. But we'll get there soon. It is in the process. Auto chatbots on websites, I'm not sure what that is. I'm not sure what you're talking about. I'm not able to identify, maybe you can clarify. There is a question from Ilish Jhunjhunwala, this is what is the process of coming up with the course? Please share some insights into the cost to create a core shelf life maintenance cost, et cetera, how do you qualify a successful course? So process of coming up with the course is that we try to identify markets where there is a great deal of demand, but supply of course, is not there or there is a huge like a demand that professionals have or maybe there is something to teach, we can create enormous value proposition. I'll give you an example. So recently, we realized that Indian tax professionals can with 6 months of study become an enrolled agent of IRS in the U.S. Now that's a great opportunity, right? So if you're doing tax in India, you're doing tax filing in India, whether as an accountant or a tax professional as a CA, if you can become an enrolled agent of IRS in the U.S., which you can give -- you can give the exam in India, right? You can give the exam in Bangalore, Hyderabad or Delhi. If you can do that, then obviously, it opens upgrade opportunities for that professional. Now that's an area for us to focus on. Now we are building courses. We are -- even we will initially run some ads. We'll run some communities. We'll see what problems people are facing with respect to these, do people have interest in this? And if we see -- for example, what is the cost of acquiring a lead in this space. So once we have studied that, then we'll build a course around it. And then we -- when we are reasonably sure that it has a chance of success and there's a significant demand or we can educate people and drum up demand. Then we will launch that course. I can give you another example. Recently, we realized that Android app development, there is a huge demand for this course, right? So a lot of people want to learn how to develop Android apps. And the cost of actual -- working on that. Hope that helps you to understand the process. What is the process into the cost of creating a course shelf life maintenance cost. So in a way, when you build up ports like this, there is no shelf life as such, like it is unlimited shelf life in some ways, right? We assume a 5-year of shelf life, but what happens is that your competitors will also launch. So if you're doing good in a market, people figure out that this course is doing well, then they will try to launch competing courses. And you have to keep improving the core quality and you have to create new content and you have to stay ahead of the curve, right? What you're seeing AI skilling. So yes, if you create a course on contract drafting or Android app development or tax or whatever, right? Okay? There was a version A. And now that generate AI is becoming big. So you will also say that, okay, here is how you can use generative AI to review your code or write a first draft of your code or this is how to come with a prototype of an app or this is how to find an app idea in the first place using generative AI, right? This is how Gemini can help you to find what is it that people are complaining about, about such app, let's say, you are trying to create a new CRM app and CRM app only for salons. Now what is it that we Gemini can tell you about Google reviews of such apps, what do people complain about, right? So you can now build an app around that idea and how to use generative AI there. So there's a lot. So courses also -- if you want to stay ahead of the curve, you have to keep improving your course, you have to create new content continuously, right? And that is where you can assume that a course will become obsolete in 5 years. Actually, it does not become fully obsolete, but you have to -- like we assume that for convenience that shelf life of course is 5 years, and we should keep investing to make 20% better every year, something like that, right? So that's a ballpark. It's not entirely true, but it gives you a picture of the question you're asking, and it will be different for each course. So for example, if you are -- it's a judiciary exam course, it is possible that nothing changes at all in 5 years or suddenly 1 day, everything changes, like maybe 80% of it changes because syllabus was changed by the government. Or let's say, criminal litigation course, nothing was changing. Everything was fine. Suddenly, there is a new amendment or entire law came and you have to change everything, right? So that also happens. So it's like there is no guarantee, there is no certainty things change, also do not change. So overall, we assume 5-year shelf life. How do you qualify a successful course? So two things. One is that there are many levels of success of course. So one level of success is that it is selling. People are buying. So you got the offer right, you got the service proposition, right? There is a product market fit. So that is one level of success. Another level of success is that people are getting results. So people bought the course and a certain level of people are getting results, there is an intermediary step which is NPS is high. So sometimes we launch a course and Net Promoter Score, NPS, is not high. So you know that people are not liking it. So we improve it, improve it, tell people like it and the feedback, the CSAT NPS goes up, and it's very high. So at that time, we decide, okay, we are doing well enough, and we can stop working on it as such, like we don't have -- we can't keep upgrading it, but it's working. And then finally, the success is that people are getting success from it. They're getting the results. 40%, 50% people are getting the results at least from the course. So then it is definitely -- it's very high. It's like where we want it to be. Okay. I hope that answered many of your questions. Revenue split of loss versus skill arbitrage versus data is good. I don't know. I don't even care. It keeps changing every month depending on what product is selling more. But this is becoming obsolete very fast, okay? Skill arbitrage has grown a lot because we have launched a lot of new courses in skill arbitrage. Obviously, the market size is much bigger in skill arbitrage. Data is good as a brand, we have phased it out because we didn't see any benefit of keeping that brand around. So we don't really have that brand today, like we're not even selling anything under that brand. We're selling it under skill arbitrage. Maybe all products are under skill arbitrage right now. Data is good is to have a data science and data analytics course, and we launched that also in skill arbitrage because skill arbitrage is generally a larger brand and it's a better brand. So we saw a benefit in selling it under skill arbitrage. So skill arbitrage is doing really well right now as a brand and data science courses are also selling from that. As guided earlier, will you be able to double revenue this year, which means INR 120 crore for the current year? Are you on track to deliver the same? So yes, we are trying to deliver INR 120 crores as we speak, but you never know like the minimum thing we'll do is we'll definitely double our profit, right? But I mean I cannot guarantee, obviously, but that's what -- it feels like you're on track for that. We are trying to achieve that. And in revenue-wise also, there is a good chance that we'll get there, but a lot remains to be seen in the last 3 months of the half year, right? So January, February, March, it will be critical years. We are very excited the way things are going. And as I tell you about the growth drivers, you'll understand why. So when we come to that part, I'll get there. Okay. There's a question from Rajesh Swaminathan. [ Upgrad ] has shown good growth in AI skilling courses, mainly due to enterprise like GCC, BFSI, ATC, are we catering to this segment. No, we are not trying to sell to enterprise. I had offers to buy some B2B course businesses. But I really see -- I tell you, I am -- one is that we see so much growth happening from B2C that we don't want to open a new battle front, that is B2B and I have personally sold to B2B. I have sold to like six of the 3O SENSEX companies. And my experience of working -- I mean, it's a very different thing. Like it will require a lot of different kind of effort, different kind of teams. And I don't want to start that battle at this point of time. We are happy like to deliver on -- like B2B, there is so much growth, international growth so much. I mean, I don't want to just start B2B right now. there is potential of B2B. If we start selling services, that is B2B. But B2B course is not really looking at it right now as an area of growth for us. When do we plan to start with service sales and service export and international manpower supply? There is some sound coming from somewhere. I'm not sure what it is. But yes, so services export, I am working this month. I am currently -- my high priority service export, and I am opening this up. I expect to hit like a lot of -- I mean, right now, our team is already doing 10, 15 lakh -- easily 15 lakh we are doing every month. But the goal is to take it 1 crore or 2 crores. It will have a huge good positive impact on our course sales also. It's something that is very much on the card. You will be able to see the impact of that in the current half yearly results, right? So really, really focusing on services sales in U.S. right now and seeing like really good potential currently. Manpower supply, not so much, one thing at a time. So sales will take precedence right now -- services export, services sales will take precedence right now. In fact, even before this meeting, I was working on that, just, that's like really, really a high priority area for our services export. Okay. Rohit Reddy, performance of existing auto funnels and plan of launching new auto funnels in both domestic and international markets. Very glad you asked that it. We are having tremendous success with auto funnels in last month and this month, huge, huge growth. And a lot of learnings have been there. I will share it like where I talk about growth drivers. I have a point on auto funnels so I'll come there. Expansion on sales team, current count and how much are we aiming to talent acquisition and retention? So we had an up and down in sales expansion. We had some failures and now we are back on track again with sales expansion. I will talk about that, we'll talk about growth drivers. But good news is that right now we are back on track and sales expansion is happening. Impact of macroeconomic factors given the mention of economic slowdown in our operations. We are not seeing any kind of impact of Indian slowdown. Macroeconomic sector that we are really looking for to is we are looking forward to Trump government in the U.S. because Trump's immigration policies should really, really benefit us, okay? I'll explain how. So I was talking to a CPA, a couple of days back, CPA, you understand, like what is CA in India, chartered accountant, CPA is for U.S. And I was asking him like how is he looking at his business. So he said that there are several people working in his firm who are undocumented immigrants. Undocumented immigrants, basically, there are -- so what used to happen. Let's say, you are an a content in Mexico and Guatemala, anywhere in South, in Latin America, you had great incentive to just jump border and start working in the U.S. because salaries in U.S. are higher and the border would -- you will not be stopped at the border. You are encouraged to migrate to U.S. for some time, it was going on. You must have seen this in the news and this became a huge political issue in the last U.S. election, right? So a lot of people moved into U.S., millions of people, 10 million, something like that, people moved into U.S. who do not have any visa, any employment visa. They just came to U.S. and started working. While many of them are unskilled workers, there are a lot of skilled workers also. So if you're an accountant, in those countries, you want to go to U.S. and get better paid jobs. So there would be -- because of the new policies, many of those people are already leaving the U.S. because they are worried what will happen once Trump is inaugurated or what would be the policies if they will be penalized. Especially the skilled ones are being very careful. And because of that, there is a lot of opportunities are opening up. So we believe that 6 months down the line, demand for skilled Indian remote workers will be huge. And huge opportunity will open up for people to migrate legally to the U.S., especially in certain domains where skilled workers are less in the U.S. So you -- like we will be able to see a huge, huge jump. And people when most of the news and everything they focused on impact on the IT industry on companies like Infosys, TCS or whatever other -- in these kind of large IT companies. But SME sector is the 80% employer. And SME sector also can be highly likely to appoint undocumented immigrants, and that's our target market, right? So we see a huge positive impact of Trump policies on our business going forward. Okay, Okay. So I have -- my chat has moved down. So I see a question, I'll just take the question. I can see next. Ankul Gulati is asking, what are regulatory considerations as you ramp up international core sales and services exports, do you need registration in various geographies? And you plan to have tie-ups in respective locations to fast track to go to market? So we have launched in a lot of markets. U.S. is a priority market. U.K. is a priority market. Canada is a priority market. We have incorporated our own entities in those markets. We have subsidiaries in those markets. We are facing challenges in some of those places in terms of, for example, we have been struggling to open a bank account in Canada. We have bank account in U.K., but we are struggling to get BNPL partner in that place. So these have been challenges. So sometimes we have considered going and tying up with some local players and sharing some revenues with them in return of these kind of things. But I guess in the long run, it is better for us to set up our own company. And these questions always come up that, for example, we are seeing huge traction in Nigeria last 14 days. Should we open up like this thing in Nigeria -- like subsidiary in Nigeria? But then, I mean, probably, we will not because there are so many regulations if you open locally. if you are just exporting services, that becomes easier. But in certain markets, absolutely, yes. In U.K., U.S., absolutely yes. In other countries, we'll see like sometimes we may have tie-up with some local partners to make things easier. Sometimes we are able to sell online courses. So it's not always necessary to open a local entity unless we want to have a BNPL partner there. So whenever you need a BNPL partner in that country, then you need to open an entity we're seeing or you need a local franchisees. So we'll see. We haven't decided it is a case-by-case decision to be made depending on how much revenue you're making somewhere and how much potential is there. Yes. And also, a lot of markets we haven't gone in. So for example, we are going into certain European markets because there are onerous regulatory requirements. So we'll do it when we are ready to meet those regulations, et cetera. So those are -- all those considerations there. And definitely, as we grow the challenge of global compliance is growing because you're operating in so many markets. Current consolidated revenue per month. I have been advised not to talk about specific revenue numbers, which are unaudited. But let's say -- like I said, you can break down like if you have to do even INR 75 crore revenue, you can calculate what is the per month revenue requirement, right? But revenue goes, it is not the same, it slowly grows up over time, right? So initial months are lesser and later months are heavier. Okay. Okay. So how much is in reserves? Whatever we have disclosed in the last financials, which you can see with those results have not changed in them. So we haven't spent money after whatever has been disclosed in the last financial reports, right? [ Oarants ] funds have not come in. We are still waiting for in approval from SEBI. So SEBI has raised many questions and we are answering those questions. so [ Oarants ] funds have not come in yet. Finding any acquisition opportunities? Yes, we are looking at a lot of acquisition opportunities actively. I'm going to share some special -- opportunities we are looking at very soon when you talk about growth drivers, very exciting ones we have. You mentioned about achieving INR 450 crores by FY '27. Look, somebody said FY '28, now somebody said FY '27. I understand your eagerness that we hit great numbers very fast, but it will take some time. It will not happen that fast. I don't want to give any confidence to you that we will achieve INR 450 crores by '28. I can tell you that we are trying very hard to achieve INR 120 crores currently, maybe even more, right? That is what I can say. INR 450 crores is achievable. We'll walk towards it step by step. Any plans to start quotes around UPSC NEET? No, no plans. No plans are targeting 10 to 12 school kids, not at all. Yes. So yes, Sadik. So if we keep growing at the way we are going, numbers are achievable. The market is there. Nobody else is doing really what we are doing. Somebody is asking about competitors. No, we don't have any competitors. We have competitors in every category, there may be some players, but nobody is doing all of these things in so many markets in the way that we are doing. Okay. Okay. I think we have -- okay. So there is a question I should answer this. Daksh Malhotra is asking, we expected to see INR 10 crore per month run rate basis commentary, INR 120 crore, INR 150 crores per annum, where did we fall short? Can we cover up in H2? We never said any of this. I don't know where you guys get this information go and watch our recordings in our YouTube very carefully. We never said this, right? What we said is that we will try to do INR 120 crores in the whole year, right? Now in the beginning of the year, we were doing INR 5 crore revenue, INR 6 crore revenue, right? We did not do INR 10 crore revenue in the beginning. INR 10 crore revenue, we are hitting now, right? So over -- see -- you have to understand, our revenue is not flat every month. We're not doing INR 10 crores per month. But by the end of the year, we might hit INR 15 crores a month or even more. So in the beginning of the year, the revenue was less and we are growing month-on-month. So over time, it goes up. So your calculation is wrong, right? And we never said any of this that we are saying our revenue was very much in expected lines. The way it happens in the H1. And in H2, obviously, it will be more than H1. We are working on it. The two new segments, very small or not started as yet, service sales and export international manpower. We are targeting INR 108 crores in each by FY '28, what gives us the confidence? Okay. That's a good question. I like that question. So why do we think in service sales we will succeed. The service sales, we're doing some revenue already. And it has been a part of our placement efforts, right? So now what we are seeing there is that, number one, our sales strategy is old there. So we are really good at selling services to SMEs. And when we are putting effort in it, it is converting and we are getting -- like in service delivery, we have a certain quality that we are able to deliver at a very low cost. So we have a lot of advantages there. And we plan to capitalize on them. And I'll be able to give you more confidence after you see our sales numbers for this half yearly result, right. For international manpower supply, how can we say we will do INR 100 crores revenue? So see, basically, it's like this. We have a supply side advantage. In a lot of categories, we have supply side monopoly. So for example, in services also, we are the only supplier of paralegal services outside of U.S. for U.S. law. Now that is an advantage that other people do not have as of now. So unless somebody is able to create so many service providers. Like our only competitors are the people we only trained, okay? And so like we have huge advantage. And we are seeing those advantages materialize when we are going to those customers. And that is why we think we'll be able to do it. And the same thing for manpower supply. Manpower supply, we are seeing there are really unorganized players who are basically out. They are making INR 100 crore revenue or INR 30 crore revenue or INR 50 crore revenue or small, small players, very fragmented. No, they are not -- one person is not doing INR 100 crores, but there are like many small players like that who are basically touts and they don't have any training. They don't have any advantages that we have. We are able to create our own supply. And we have like really -- we are really good at creating these funnels where we are able to bring in a large number of qualified professionals. So for example, in nursing, in our first month, we were able to bring 3,000 working nurses into our funnel. So that's not -- that -- nobody has done it before us in India. That day in a month, they bring 3,000 nurses in one place and start training them for NCLEX exam. They don't even have, like -- so those are our advantages that will materialize over time. Okay. What are the other questions? Why are we looking to go international, when India opportunities are untapped. Simple -- good question, but simple answer. International margins are much better. Have you seen how much our margins improved in the last 6 months? It's because we started selling internationally. So if you want our margins to expand, we want our margins to expand. So definitely selling in U.S. is a huge advantage, right? If I am selling a course for INR 50,000, INR 60,000, INR 70,000 in India and are we able to sell the same course for INR 2 lakh in the U.S. Why should I not sell it in the U.S., right? And when I'm able to sell it in large numbers. So that's a big factor. Okay. Then One more question is that owners, founders are initially planning to increase take from 60% to 69%, where ends and thereafter issued where institutional investors subscribed and founder share brought down to 61%. Small percentage of watermelon is more than grape is okay, but why change of mind after press release? So it's like this that -- we had -- after we did the press release, we got a lot of interest from top investors in India. And they said that why are you doing this, you should -- you are increasing your shareholding and you should give us some shares we'll strategically help you, et cetera. And we also realized that -- I mean we are doing fine, and we have no -- I mean, the whole idle of increasing shareholding at this point will also -- I mean, we got some personal advice also that we have whatever -- we are trying to pump in whatever savings we have, me and [indiscernible] we're going to pump in all our savings into this. And they advised that why it is not -- it is -- we don't want our promoters to be under so much financial pressure that they don't have any savings. You should not put yourself in that position. It's not a good idea. And after some deliberation, we agreed that perhaps we should not be too greedy in that way and let good investors invest and we focus on growing the business rather than small percentage of shareholders. It really doesn't matter. We are a very small company. We are doubling, tripling, quadrupling our numbers. Our wealth will anyway grow that, few percentage wouldn't is not something for which we should put ourselves under such -- all our families under unnecessary strain. That was the idea. Some peers are focused on providing human resources to GCCs coming up in India. Any thought on that business line? We have been getting inquiries from GCCs for hiring our people because in a lot of areas, we have a lot of -- so for example, U.S. tax, U.S. accounting, U.S. finance -- like those kind of areas, we have a lot of demand. From GCCs are coming and caring that can you send us some people. So for placement, it will help our placement. We are also using those messaging in our advertising, but to cater to GCCs -- I'll give you an example. So the biggest REIT in India, they were our clients, okay? They were our clients for 2 years. But what I experienced is a massive pressure I mean how do I see. It's like B2B business is like you need to wine and dine the big corporate home shows, you need to take them out, and you need to like spend a lot of time with them because if somebody is giving you even a INR 10 lakh, INR 15 lakh worth of contract, they expect a huge amount of attention, a huge amount of -- literally like you have to spend a lot of time with them. And what I realized is that usually, it was me. Actually, I had to go and spend time with the Head of Legal, Head of HR, Director level people, COM and I didn't find that so much appealing. Like I am rather -- if I'm spending that much time on building a new funnel, I might be able to bring INR 15 lakh in a single day rather than spending 3 months pursuing a single contract with ICICI Bank, right? While we have done that, I decided consciously that it is much easier to expand in the B2C business. Second, you guys are also saying this in the chart that quantifying success in B2B business is very hard, right? Because you don't have any data. They have the data. Only they know if it was successful, unsuccessful, what, and they don't always share that with you, and it becomes very hard to like -- it's not an easy business. And there are a lot of other issues also. There was a time when BlackRock came to us and said, we want you to teach contract drafting to all our India, these procurement managers, et cetera. And we said that, okay, fine. Here is a proposal, everything, and it was about a INR 20 lakh contract -- okay, INR 20 lakh per year. And they said, but you cannot tell anyone that you are a client of BlackRock -- sorry, sorry, BlackRock is your client. And we said, this is against our policy. We will not work like this that we cannot -- why should we not be able to say it, we'll not work with you even that -- They said that we'll not to work with you, I said no problem. We don't want to work on such unreasonable terms that you cannot mention to anyone that we are your client. What is this? Like we are -- we don't want to work on those terms. There are time when we worked with a big oil and gas field, and they wanted to train their lawyers. And we could never come to a decision on what is the success. Like we want to build a course keeping in a success in mind, right? But those things have been a challenge. And it really whenever we -- even if you got a big client and we started working on it, the amount of resources we had to put into it to satisfy a client like that and the returns we got were not justified. So we thought let our competitors do that. So now if somebody comes and say we want this, we send the deal to our competitors, let them waste their time. Who we want to focus on our international expansion at this time. Okay. So any other question? Okay. There are a lot of questions I see that we have answered earlier. So would you guys mind if I jump into our growth drivers? I had to talk about 10 growth drivers, new developments that will drive great results for us, these 6 months and even more than that. And then if you have further questions, you can repeat them, okay? Okay. So I wrote down basically 10 points. So one, first thing I want to mention is the growth driver is that we launched new courses in our U.S. and U.K. markets, and we saw a huge traction. For example [indiscernible] these course we have been selling in India, training their lawyers who became solicitor in U.K., right? but they became solicitor, qualified solicitor in England to practice. So it's amazing. So then we said why can't I sell this in U.K.? [indiscernible] per capita lawyer, it's all common, why can't see this in U.K. itself, that will [indiscernible] seeing huge traction, we're very, very happy with the number of students you're getting every single month from U.K. solicitor qualification exam course. We are seeing traction in our leads in common law countries -- such countries, right...

So Ramanuj sorry to cut you -- Ramanuj, your internet is unsatable. Your voice is going in and out.

Okay. If I'm not audible, I'll have to switch my Internet. Let me know if I should switch. Am I audible now?

Yes, you should switch your Internet. So after you said launched new courses in the U.S. and U.K. markets, we couldn't hear you.

Okay. Is it better now? Or should I still switch? I'm collected -- I mean if you are not working, I'll connect to a mobile Internet, should I switch?

This is better. After you said we launched new courses in the U.S. and U.K. markets, we didn't hear anything else. So you'll have to say it again.

Okay. Okay. Did -- could you hear me on what quarter we launched in U.S. and U.K. markets?

No.

Okay. So see, there -- the -- so we have a solicitor qualification exam course which we have been selling in India. And so far, about 10 people from India have qualified as an attorney -- sorry as a solicitor in England and Wales, right? So we thought that why can't we launch this program. in U.K. and also in a few other countries like Malaysia, South Africa, et cetera. And we launched it, and we saw massive traction, right? Especially in U.K., we were overwhelming response in U.K. We are selling this course every month in U.K. currently and really, really great traction, right? So this is something that happened. Also, we have launched a paralegal program in the U.S. So he told U.S. paralegals that look, there are two things which are disrupting your future as a paralegal, right? So number 1 is that generative AI is taking away a lot of voluminous work. So all your work related to discovery, all your work related to documentary review and all of that. A lot of that work is reducing in volume, and a lot of people are not getting jobs or are losing their jobs as paralegals. So our -- what we are saying is that you have to learn higher end work. You have to learn how to draft patents, how to draft contracts, how to strategize and how to add more value to the lawyer with whom we are working, right? And this has been resonating a great deal. We are seeing great traction in U.S. for our paralegal programs. So these are -- and we plan to launch a lot of new programs also. We are planning to launch programs around technology, Android development and other stuff and those also should be doing very well. Am I audible now? Am I not clearly auditable?

Yes, yes.

Yes, I clearly -- so that's one very good thing. In fact, we expect to hit about our target currently is to hit INR 4 crores to INR 5 crores revenue every month from these international from these international markets, especially U.S., U.K. and Canada. But there have been two things which have been slowing us down for the last 2 months. We would have done it already. But for this couple of things. One is that this is a quarter when in the U.S. and U.K., there is Black Friday sales, Christmas sales, year-end sales, and this is the financial year-end, right? So any -- there's like budget dumping on ads. So ads become sometimes 3x, 4x more expensive. So we decided to hold on to a budget rather than spend it all now. We want to hold on to a budget and spend from January when the ad price will go down significantly and our ROS will be much better. So yes, so that's one reason. And then also, we have been like we had heard so much about how ease of doing business in India is not that great. But when you're trying to open bank accounts in Canada, then operate bank accounts in U.K. Those are also providing pretty difficult. So yes, we have been looking for a BNPL partner in U.K. for the last 3 months, and it's so hard to find one. So if -- by the way, if you know any BNPL partners in U.K., Canada, please connect us, we would look forward to it. I mean if you actually know people, we have -- obviously, we know how to Google. So don't Google and tell us. But if you have good connects and do help us with that. But yes, so these are -- these things once solved, will get even faster traction. Then we entered new markets this month, great traction in Nigeria, South Africa, Philippines. These are markets we haven't tried before, but now we are trying -- I have also -- so these are some of the things, right? Another huge area that we saw, I have been actually traveling in Southeast Asia for about a month last month. I just came back to India day before yesterday. So I met around 20 start-ups, legal tech and EdTech startups in Southeast Asia. And what I realized is that all of them are struggling to they are -- even if they're very good, their market is very small. Like, for example, Thailand has about 50,000 to 60,000 lawyers. That's it. And every year, they add 6,000 layers. Now even if they have built a very good, let's say, platform for lawyers or they have built a SaaS product for lawyers, same thing in Vietnam. They are struggling because even if they are not struggling, they're happy whatever the market is very small. So my pitch to them is that you have built a good product. What if I take this product and launch it in India, where there are 20 lakh lawyers? Or I mean, you can -- they can't even imagine the scale of the market. What if I can launch your thing in U.K., U.S.A., where we are getting traction, where we are already doing business? What I can do -- what if I can do it for your -- whatever, some other course, et cetera. So services businesses. So I have a lot of acquisition targets in my funnel right now. And what I'm offering them, I don't have to buy them what is the best, most beautiful, crazy thing is that I don't have to spend money buying them, right? I initially I was thinking I can acquire. But then I realized that what I'm proposing to them is that I'll open a JV with you in India, right? I'll give you a small 10%, 20% equity, depending on what you contribute. And we will have rest of the equity, and it's like free money for you, right, whatever we sell you are getting or getting into a market that you have no access to otherwise. And they are open to such deals, which is very, very interesting business model for us going forward. We may be able to bring very mature, very good softwares that is relevant for our existing target market for our existing users, we can rapidly drive their adoption, even there are some AI tools that they have developed that we might be able to introduce here. So these things we are looking at. Okay. Very good news is that finally, we have narrowed down on two universities, one in U.S., one in U.K. And these are universities we will be able to buy at a very reasonable cost. We are looking at about -- there are two universities, one, we are able to buy at around $200,000, another at about $1.5 million, $2 million. We haven't finalized any of the deals, but these are the current prices that are being discussed. And what would happen is that if we can purchase this universities, we should be able to even our international core sales can go up a lot -- we'll be able to give people MBA degrees, Master of Science degrees, even perhaps LLM degrees and other degrees, right? So that can be a total game changer for us in terms of how fast we can proliferate in the U.S. market, even international markets, right? Imagine, we are able to give a recognized degree in the U.S. can be a total game changer for our business model and total different capacity to pay. And unlike in India, you might know that in these countries, we can have for profit companies operating as universities. In India, you can have only nonprofit, right? But in U.S., U.K., you can have for profit companies as universities. So we are looking at a couple of for profits such universities as what potential acquisition targets. Please pray for us that they go through in the next 6 months would be a total game changer for us, okay? Somebody was asking about auto funnels. So our auto funnels are doing really, really well. We finally figured out how to make auto funnels work in India. We are getting traction for auto funnels outside India as well. So yes, auto funnels have finally started working. We spent 6 years trying to crack it, and we are getting great results right now. In fact, we are even planning some auto funnel-based brands. So we are launching an entirely separate brand where there are only auto funnels. We are selling auto funnel-based courses. And this can have a huge impact on our business in the months to come. In fact, we have innovated a new type of funnel, which we are calling a community funnel. That's also doing really, really well. There are different types of customers in different stages of awareness and different stages of problems. So there are people who are bottom of the funnel. I don't know if you are familiar with this concept, top of the funnel, bottom of the fund middle of the funnel. And different sales environments are suitable for people at different stages of that funnel, right? People who are at the bottom of the funnel are already ready to buy. They already have huge awareness and they know their problem, they know the solution. They're looking for a solution. They're out in the market looking for a solution. But that is bottom of the funnel. There is another kind of customer who have awarded some problem, but they are not aware that there is a potential solution. And they are harder to sell to, they need a longer sales cycle and a different kind of -- different kind of approach is needed to build trust with them to build awareness with them. So that takes a longer time. So we are experimenting with these different funnels with people at different stages. We are seeing success in scaling up our sales team. So a very interesting thing happened. So we scaled our sales team, and then we had a setback. The setback is that we had hired some directors from ATIC background who disregarded our established sales culture, sales processes, and that was a slowdown. We caught it and fixed it. It took us 2 months to like identify and fix it, but we lost 2 months of sales academic growth from that, but now we're back on track in growing our revenue coming at from sales team.

Ramanuj, we can't hear you.

Can you hear me now? Abhyudaya, why don't you answer the question. Abhyudaya mentioning a question in the chat. Why don't you come and answer that Abhyudaya. I'll just switch my internet and see you happen.

Yes.

You were mentioning -- I was saying you were explaining top of funnel and bottom of funnel. So I was talking about that.

No, you have a question no? That how our courses work, et cetera. Do you want to explain -- do you explain that question?

I didn't ask -- I said that you were saying something about how our course -- there was an investor who had asked here -- one attendee here that how our courses are different from LinkedIn and Udemy. You want me to answer that question. You had answered it long back. Right now you're deep into your conversations, so I'm not sure this is a good time. But what I was saying is an explanation of your top of funnel and bottom of funnel concept that there were some people here who were saying that how your questions are different from LinkedIn and Udemy to understand the introductory business model, whereas there are other people who are asking...

You can answer that question, answer that question. My internet is not working...

I can answer that. That is not a problem. So for example 1 second, let me just position this properly. Give me a second. Okay. So how our courses are different is, if you go to a Udemy or a LinkedIn Learning, those are canned courses, video-based can courses, subscription model. And there is no course outcome that they can deliver. The best you can do is they can track is that you have watched the videos -- and completely watch the videos and maybe given an MCQ test. Now that is not going to give you any career outcome in life, at least they will not know and you will not -- that's not how you will learn a skill, right? So our business model here, we have a road map. So how do you get success? There are three things you need to do to get success. One is you have to learn skills. Second is you have to build your track record. And third is you have to do outreach. Now skills you can't learn by watching videos. It's like if you have to learn swimming or riding a bicycle or singing, can you learn that by just watching our canned course, [Foreign Language] that's not possible, right? So you need a coach before whom you practice, who gives you correction, right? So we are proprietary, like we have created a proprietary LMS, where you can submit proper assignments at a professional quality level where you get evaluation and feedback on that, okay? So that is the -- where people learn skills. Then we have a leg where you have to build your track record. So those skills that you have, how do you showcase them publicly? How do you network with potential employers. We teach that stuff, help you to do that. And that is how our learners get career results. This is how we are different from a Udemy, LinkedIn Learning and nobody focuses in the market at this level. People might say, I'll train you how to become a CPA, how to crack UPSC exempt. Okay? UPSC exam I crack, I can become a civil servant. But in the private sector, nothing works like that, nothing is exam-based. If you are good at your job, firstly, knowledge, which is being imparted in MBA, IIT, any degree, any executive program. They are imparting knowledge. That is not giving you skills. So step 1 is we're helping you built skills. Second thing is we are eating now even with placements and even getting work that enables you to get placed or to do side gigs. And 70% of our learners are above 30 years of age, okay? So there was somebody who had asked the question also that why can't we find such people in the industry. So these guys are doing this for an additional upskilling, they want to have a side income, all of that. Okay. I hope this was clear. Okay. Shekhar has asked, what are the typical profiles of students for -- are the LLB graduates looking to improve their skill sets. So 70% learners are above 30, which means they are practicing lawyers, okay, 30% will be below 30, maybe law students who want to upskill, get jobs, to add...

Not just lawyers, all sorts of professionals, right? But if somebody is 30 years of age, above 40 years of which you can understand they have 10, 20 years of experience. And even they have a desire to learn more and the money also to pay. Yes, Abhyudaya, continue.

Yes, that was what I was saying. So you were saying for logic order typical profiles. And do you want me to take more questions?

You can take more questions. If you find any good questions, please take them.

Okay. But your 10 are over? Growth drivers...

They are not over, wait, wait. So I will just -- there are -- I have come up to 7. There are 3 more growth drivers. So I'll quickly wrap them up. So one is that I have realized that there is a huge market for canned courses for business owners in the U.S. And this is also a part of my service sales strategy. So for example, currently, I'm working on a product, which is about how a business owner can solve their problem with respect to reviews. Now it might sound like a very small problem to you. But if you're running a salon service or a medical service or a restaurant or hotel or whatever, especially in the U.S., it can be a huge problem for you. Any small local business have a huge problem with reviews because your happiest customers orally tell you [Foreign Language] very nice. Thank you very much. Give you a tip, but they don't write reviews. Whereas the unhappy customers go and write bad reviews. On top of that, there is a problem that your competitors might be buying reviews from some services. And you are not -- you don't want such kind of fake reviews, et cetera. Then your competitors might be writing bad reviews against you and give you bad ratings just to pull you down in competition because people look at reviews before going somewhere, right? So then there are a lot of platforms which are also biased against you. They're in favor of their advertisers and biased against you, so they will promote the reviews of their advertisers and paid sponsorship people and all of that. And they will have bad reviews against you and not publish a good reason. People are actually facing this problem. So what if I can give you a 10 hour course which solves this problem for you. And we show you how actively to solve these problems. Now this is a very specific problem that specific business owners have and they're ready to, let's say, pay $100 one time to get that knowledge and get the SOP and all the things that they can implement in their business. Now okay, they paid 100 -- so now they paid $100, but what happens is that they don't have the time to do all these things to implement all these things. So then we can sell a service to them, right? And it is a virtual assistant service. We have virtual assistant course so virtual assistant can implement all these things. So these are some of the things that we are seeing, like canned courses for business owners that solve specific problems. Now this is one random example I gave you, but we have identified 19 different areas where we can create such canned courses, which can make a huge difference. It can be for -- how to set up the right dashboards using data science for small businesses. They can't hire data science, data analytics people, they don't have the money. But if somebody can do it for them at a lower cost, they're okay with actually doing that. Then how can they, for example, improve the return on their ad spend, how can they have -- let's say a law firm, you're running a law firm, but you don't have a block, but through a blog, you can get inbound leads. Now we have a content writing course, or we have lawyers in India. Can we get them those gigs. So these are some of the things we are working on very exciting right now. This is -- this will be really a major area, canned courses for business owners. It will be a revenue stream as well as our source of services export for us. So it's a services export funnel for us, in fact, right? So finally, we have been able to rapidly start new categories in the last 3 months. We launched Android app development course, nursing course, even school teacher migration. We realized that there's a huge demand for school teachers in the U.S. itself that they want people in remote areas, they want to import school teachers who can come and teaching schools, to kids. And you can't believe there are so many teachers in India who would be very happy to go to U.S. and get a job there. But in U.S., school districts are struggling to find this -- find any good teachers for their students. So these are some of the categories where we are rapidly able to launch and make progress. We launched something for support and operations. So there are a lot of people working in support and operations in India. They are facing two problems. One is that there is a rapid automation due to AI. So a lot of -- nature of jobs are changing. On the other hand, many of them have become senior, they are not growing anymore in their career. So how can they have career growth right? So we have launched courses for them, and we are seeing huge traction there also. So these are some of the good things that we have developed the ability to launch new categories very fast and make them successful. So this is very exciting for us. So these are the 10 growth drivers that I wanted to quickly tell you about if there are any follow-up questions, then happy to take them. Abhyudaya, you can also take questions, please feel free, Pratul you can also take. Yes [ Prinsawin Rafaka ] is asking, is there a possibility of the course content be pirated, distributed online illegally? Yes, there is a possibility, but we have a very good legal team. We are able to take it down rapidly. We sue them, we get them taken down and also get them removed from wherever such piracy happens? And second thing is that our courses are not like Udemy, LinkedIn that you just take the content and it's enough, right? Like we explained -- Abhyudaya was explaining that maybe you can watch a video of swimming, but will you learn to how to swim by doing that, you need somebody to actually train you. If you watch Rahat Fateh Ali Khan singing, can you learn saying. No, you need someone to teach you, right? So our...

I can say if you want.

Sure.

Basically what people are buying into is the system of feedback plus placement, ability to actually pitch independently to clients, handle the client, okay, clear interviews. Now that stuff is not inside only the PDF or the recorded video or class recording. So if they just get a copy, hard copy, there are obviously systems to prevent this and to detect this. But let's say, every system can be bypassed. So if it gets bypassed, the value of the course is not in that, and we -- our learners know that. We say it openly also. Even in the event that I conduct, we say that it's not about the content. You're not paying us or buying just the content. You're buying the whole ecosystem, like a gym, the trainer, the nutrition coaching, the diet coaching, all of that...

You will not get the result. Even if you get access to all the videos, all the PDFs, you will not get the results. You -- for that, you still have to put in the effort and the real result comes from practicing, right? And you need coaches and guidance for that. Okay. Any other question? What is our marketing spend percentage of revenue? Do we have a ceiling. So we try to keep it around 30% to 35%. CAC is about 35%. Can you give the future guidance of your revenue and profit? So our goal this year to double our previous year's profit. We are very much on track to do that. We are looking forward. We will try to -- I mean we are trying to hit a revenue of INR 120 crores this year. And it seems it is still possible. I cannot guarantee it could be less also, but it looks like we should be able to hit INR 120 crores for this year. Any other question? You might beat you also the way things are good. Yes. Any other question? Your success in test prep courses is commendable, don't you think it can become your biggest revenue generator for us. Yes, it can. Our test prep sales team has not been very effective. There is huge scope for improvement. We think there will be a huge improvement in the years to come. And we will become very big in this space. It can be a huge source of revenue for us. You're absolutely right, Ashwin. Any other question? For 2 months -- last 2 months, we had in October and November, we did not get the results we hoped from sales team, but our overall sales number has been good. So don't worry about that. But yes, there has been -- it's not what we were expecting, but [Foreign Language]. It's not loss like please don't confuse another revenue loss. But yes, we could do better, and we didn't do as good as we were hoping to do the last 2 months. Can you speak about what is you the most? What worries me the most. One is that as we are growing our revenues so much. The more and more students are coming, I need to make sure that students are happy. The satisfaction level of students should not drop. And that means I have to expand my capacity as my sales is growing and to do that very well without any mistakes is a challenge. Second, one worry that I have is that I'm growing across the world in so many countries, compliance failure can be very costly, right? So there can be penalties, there can be stuff like that there can be censures from the government, there can be bad publicity. So I'm working very hard to make sure that compliance failures does not happen. So that we don't have all those problems. And what is did you ask or what other thing is now already I think these are the two major areas. See, our sales has been good. Our growth has been good. Even if sometimes what happens, let's say, let's say, I'm trying to get INR 15 crore revenue per month. If I don't meet it in a certain month, it will happen 2 months later. So that's the only risk that it's not a big risk, right? So if you have a target of doing a certain revenue, and you don't -- you are 2 months later or 3 months late, not a big deal. It's -- I mean, okay, for an investor who was expecting this much growth, may be a big deal. But from a promoter perspective, we are not worried about that because we are having great growth anyway. We are having profits anyway. We are going in the right direction. And so even if it is 2 months, 3 months, late, big deal, right? So even if the share price comes down, it will come back up anyway. So we know that because we are doing so well as a company. But you can say it's a little bit of risk as a shareholder may -- if you have our short-term shareholder, then you might want to think about that. Long-term shareholders have nothing to worry. Neither do we have anything to worry. Are you compliant with GDPR, CCPA, PIPEDA regulations. Some of those, yes, not all of those. We have to -- that's why we are -- because of GDPR, we are not selling in Germany, for example. But in the countries where we are selling, we are compliant. But yes, we want to move our privacy compliance. Earlier, you had spoken about going offline too. Is that plan still on? We have so much growth on the carts from online. That offline is a plan, but I don't have management bandwidth right now to do offline also. And off-line is also very costly from a CapEx point of view. So I will do it at some point. I don't know when. That's not anywhere in the plan right now, but we should do it at some point of time. When the time is right, we'll do it. Any plans on NSE, BSE Mainboard listing? No. We are happy where we are. We'll take our time. Any plan of further equity dilution. No, no plans. I will -- what -- when would I want to do an equity dilution, let's say -- I mean, please don't hold me to this, like, but let's say, we hit our like maybe a few years down the line, we hit like INR 2,000 crores, INR 3,000 crores market cap, and we need a little bit of equity infusion to grow certain business line, maybe then, not otherwise. It is too early for us. We don't want to dilute ourselves so much. And also, if you remember, why I wanted to raise money before the U.S. election because I had some concerns about U.S. election. And that concern did not materialize. So now I have no incentives to raise money. Anyway, we had done the warrant just before the U.S. election to make sure even if Trump didn't win and all the good things we are expecting didn't happen. And if there are certain negative pressures on us, it wouldn't have mattered. Now so it is not -- that is not a concern at all for us. So no dilution any further. Okay. Any other questions that I can answer. Yes. If you can connect us with good companies that fit our thesis for M&A, please feel free to reach out to us. You can reach out to Pratul. Pratul has shared his email ID on chat. With 65% of Indian below 23 years of age, what are the target areas for you to address their needs rather than what you're already doing in law, nursing, teaching? So our focus will always be people who are over 30 years of age. As of now, at least, we see massive scope of growth there. People who are still in college, usually don't have the money for the kind of courses we are selling nor they are the ideal market for the kind of courses we are selling, maybe in test prep to an extent. But otherwise, we want to continue to cater to people above 30 years of edge. They are our ideal customers. But it can happen that junior people also buy who are very ambitious, who want to learn more, some of them still come and buy. We don't stop them from buying, but we haven't been launching courses keeping the youth on as such on mind, more like mid-career professionals. AI development, good or bad for our company and courses? Very good. We love it, right? Because you can see how AI is not one thing, right? There is new software, new things all the time coming, all the changes happening. That means people who want to learn more, we have more things to offer. We have better value propositions to offer to them. So we see it as a very good development. Okay. AI is great for our business, Akshay. Okay. So I don't see any other questions -- electronics manufacturing services is growing exponentially in our country, do we have any course in that? No, we don't have anything in that yet, but I do plan to have courses in electronics engineering, electrical engineering, piping, manufacturing type of engineering, a lot of those courses, not for our country, but because that has huge manpower export potential, huge demand in Europe, huge demand in U.S., huge demand in Canada for Indian professionals, but not engineers who just graduated, but people who have experience. 3, 4 years, 5 years experience, they can easily get Visa, they can easily go abroad, get paid really well, much, much better, and that's something that we are looking at. Anything on your dividend policy? We have no dividend policy right now. I can't promise anything on that. Okay. If you did not find it encouraging that our business is growing so much, the 10 growth drivers, which are going to drive growth in the months and years to come, then what other encouraging news can I share with you? Foreign language course is not on our card. Foreign language courses can be great. But I mean, I don't have any current plans for this right now. Yes, our business have network effect elements, huge network effect elements. All of this is network effect. You see how it is going. So you start courses, then you sell services so that people who are buying courses can provide services, can get work, can get tactical exposure. Your cost of services is lower, you have a huge supply side advantage. It's a network effect. Then you are sending -- then your manpower supply business can also benefit from that network effect. So all of this is totally connected. How do you customize the courses for other cars, for example, cultural differences, how do you manage? So we hire people in those counties. We hire Indians who have -- Indians or Nigerians or even Filipinos, who have migrated to those countries. And then we help them -- we get them to modify our courses for best results. And sometimes, it is even cheaper than. It has been working really well. I'm sorry. So I'll give you an example. We hired a Google engineer who migrated from India, right, just a year back. Now we got him to modify our courses in our data science courses for the U.S. market, and he's even teaching, he's even creating case studies. So that's making a huge difference to our data science cores in the U.S. And I think those things are working really well. How do you -- have you hired salespeople in those countries? No, we are not hiring salespeople in those countries. What we are doing is that we are hiring sales feeble in our country who were earlier working in BPOs, doing sales in that country. So who are the people who are selling in the U.S. from Indian BPOs, we'll hire them, right? We'll not hire people in the U.S., hire people in India who do U.S. sales. We'll hire people in Philippines who do U.S. sales. That's the way we are doing it. Online marketing courses. We don't have, of course, on online marketing yet, but you can expect soon enough online marketing courses from us. We have one course on content marketing, one course on social media marketing, but yes, we'll do more on that soon, especially performance marketing is a huge area of interest for us. You will soon see a course performance marketing from us. Any other questions I can answer? See, it has been 1.5 hour. I like to wrap up, that is the advantage when you can sell from India to U.S. and your salespeople are in India, that's a huge, huge price advantage because your cost of sales is so much lower. There are two famous companies who have built their entire businesses around that. One is called Zoho. So they sell software to SMEs, but from India, and Freshworks, same day sales software, but from India to SMEs, and their sales teams are in India. And we are trying to do that in EdTech. Abhyudaya is saying that primarily, our model is built in India sales to the world, though open to hiring talent from other developing countries like Philippines. How do we hire people for post content? Yes, that's an ongoing hiring process, which is always going on, right? So if you are building a course for CPA in the U.S., right? So we'll hire CPAs who will guide us. Then we'll have a team of Indians, who'll work with them and build the course out. Okay. I think we have answered all the questions. We are with you in the Daksh is saying we are with you in this journey, we look forward to seeing you in INR 45 crores by FY '28. Thank you. Thank you very much. Okay. Thank you, everyone. Really, thank you for coming and spending your precious time with us. Take care. Have a great evening. Bye-bye.