C. E. Info Systems Limited (MAPMYINDIA) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the C.E. Info Systems Limited Q3 FY '22 Earnings Conference Call hosted by DAM Capital Advisors Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Anmol Garg from DAM Capital. Thank you, and over to you, sir.

Yes, thanks Faizan. So on behalf of DAM Capital, we welcome you all to Q3 FY '22 Earnings Call of C.E. Info Systems. We have with us Mr. Rakesh Verma, Chairman and Managing Director of the company; and Mr. Rohan Verma, CEO and Executive Director. So we will start the call with the opening remarks from the management, post which we will open the line for Q&A. So without any further ado, I'll hand over the call to Mr. Rohan Verma for his opening remarks. Thank you, and over to you, Rohan.

Good evening, everybody. This is Rohan Verma, CEO and Executive Director of Mapmylndia. We welcome you all. This is our first quarterly call after having become publicly listed. I thought of starting our talk with a little bit of revision of who the company is, what we do just for the benefit of those investors who are -- and analysts who are new to the company and those who may want to refresh since the last time of our IPO roadshow. So we are C. E. Info Systems, formerly known as Mapmylndia, India's leading provider of advanced digital maps, geospatial software and location-based IoT technologies. We are a B2B and B2B2C market leader for maps and geospatial products with a comprehensive suite of SaaS, Software as a Service; PaaS, Platform as a Service; and MaaS, Maps as a Service offerings. I have structured the talk basically to give you a sense of our business overview first, strengths and strategies and then we'll get into Q3 and 9-month FY 2022 updates as well as operational highlights. We were founded 26 years ago by a technocrat founding team with this vision that someday 80% of all data would have a location component to it and harnessing that could create tremendous value. There were no digital maps available for India at that time. And so the efforts of Mr. Verma and Mrs. Verma, who are BITS Pilani and IIT Roorkee Alumni worked in the U.S. with General Motors and IBM. Their effort to create India's first digital maps is what set the tone for this pioneering effort of the company to create a very unique company. And I joined -- I'm a Stanford electrical engineering graduate and an MBA from London Business School, and I joined in the early 2000s, 2004, when we started Mapmylndia, the online mapping portal. We basically offer, as I said, MaaS, SaaS and PaaS. Our products and platforms consist of digital maps and geospatial data, map location and navigation products and platforms for interactive mapping, search, routing, navigation, et cetera, GIS (Geospatial Information Systems), geospatial data analytics and geospatial AI, products and platforms as well as location-based IoT, fleet management and workforce automation products and platforms. Now we provide each of our platforms or products as APIs as well, providing a whole host of developer APIs and SDKs as well as we provide consumer-facing apps and IoT gadgets. And a large majority of our business comes from B2B and B2B2C where we package our solutions or location-powered consumer tech and enterprise digital transformation on one side and for N-CASE (Navigation Connected vehicles telematics and services, ADAS Safety, Shared mobility and Electric mobility), Automotive & Mobility tech. We -- our customers include new age-tech companies, automotive OEMs, businesses across industry verticals, government organizations, app developers and consumers, and we have leading marquee customers across segments that we've mentioned also before in the IPO, Hyundai, MG Motors, PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, AVIS, SafeXpress, Goods and Services Tax Network as an example. We signed long-term mutually renewable contracts of 3 to 5 years with our customers who we provide our products, platforms, APIs, et cetera, and we charge them fees per period based on either per vehicle, per asset, per transaction, per use case, et cetera, for the usage of our IP. And subscription fees, royalties and annuities primarily from the company's revenue from operations. There are ever expanding use cases for our maps and technologies. That is what has become interesting in just the last few -- in the last short period of time. Earlier this was a niche area, but now whether it's automotive, e-commerce, food delivery, transport and logistics, BFSI, government, defense, retail, telecom, everywhere, there's more and more usage of our maps and technology and scope for -- growth for us. And in terms of our DNA, it is all about innovation. I'll not go through that in detail. The slide is there in our investor presentation. But you can see how we continuously innovate to create new and new products to serve -- provide more and more use cases so that there's larger and larger addressable markets for us. That's the DNA of the company historically and continues to deal. Our maps, basically, our coal product has the most detailed coverage of the country, covering all the road kilometers across India, all the towns, all the villages about 3.1 crore places and addresses 40 crore plus georeference photos, videos and value-added location analytics data sets. And we are building not just a 2-dimensional map, but a 3-dimensional, 4-dimensional high-definition AI-powered digital map twin of the real world using all the cutting-edge technologies and our ability to not just acquire or survey, but also to process and productize and then deliver through a platform, various types of use cases of the map is what differentiates us and makes us fundamentally a product and platform company, not just a services company. Our SaaS products are there for geospatial analytics, GIS, et cetera, IoT, workforce automation and N-CASE mobility. And we've given a few slides or representations of the products. You can, of course, see them on our website and try them out as well. And finally, as I said, every product and platform we make, we deliver as KPIs through our Platform as a Service because we believe that developers are just the way software is eating the world, developers are eating software. And so by becoming a building block API of providing all sorts of functionalities, we can go embedded in all sorts of apps and enterprise tech stacks. There's a strong network effect in our business with our MaaS, SaaS and PaaS interacting with each other. We've built a very detailed comprehensive digital map over the course of 25 years, which is not easily replicable in a diverse and complex geography such as India, but also the fact that we have created these SaaS and PaaS products and platforms that utilize maps and the usage of which also enhances our map by giving us signals through analytics, through IoT, through sensor data, usage data, we're able to enhance each other in a self... And moreover, having served 2,000 enterprise customers across historically, there are so many use cases that we have been used for that we can easily upsell and cross-sell to customers going forward. So there's a snowball effect in our business going forward. We've talked about how our founding team is supported by a pretty experienced professional management team and the details we've shared in the investor presentation. So it's a very solid management team that we are operating with. And the addressable market for us area is set to grow very large as per Frost & Sullivan by the year 2025 to about $4.2 billion for digital map services and $44 billion for Navigation Solutions and Telematics, driven by the fact that about 3 million new vehicles are sold every year, there are about at 300 million -- 280 million existing vehicles on the road about 37 billion app downloads will happen in FY '22 and about $52 billion will be spent on enterprise digital transformation by 2025. All of these 4 key drivers where maps and technologies of Mapmylndia can be leveraged -- define the total addressable market for us. The government has been giving a lot of enablers in our sector especially liberalizing the geospatial sector and putting restrictions on foreign entities versus Indian entities like MapmyIndia and other things like GPS-based tolling, the drone liberalization, et cetera, which is opening up this market for us. So in summary, basically, strengths are B2B, B2B2C market leaders, ever expanding use cases, large addressable market with industry and policy tailwinds. We are a global geospatial products company, proprietary technology, strong network effect, marquee customers and a strong founding and management team. And we look forward to the future to augment our products, platforms and technologies; scale and expand our customer reach; drive expansion in international markets; pursue selective strategic acquisitions and investments; and as well as attract, develop and retained skill employees. So with that, I'll focus now on the Q3 and 9-month FY 2022 updates, and I'll first ask Mr. Verma -- Mr. Rakesh Verma, our CMD and Co-Founder, to give his remarks on this.

Welcome all of you. This is Rakesh Verma. I will have a very quick and brief statements. And after I finish my little part, I'll ask Rohan again to take you through more and more insights into the business. Last quarter was special to us -- rather very special to us due to the stellar response we received to our IPO being subscribed 155 times, the valuation at that point of time for IPO was set at INR 5,500 crores, the listing opened with a 53% gain. We gratefully welcome more than 1.3 lakh shareholders into our company. During the last quarter, Q3, and for the first 9 months of fiscal year 2022, we continued to manage and calibrate the company in a fiscally prudent manner, focusing on profitable growth over the course of the year while relentlessly innovating on our technologies, products and platforms and focusing on expanding our reach to customers. The momentum for our products and platforms is strong, and this will further cement our leadership position in the digital mapping and geospatial space. Now coming to the Q3 and the 9 months of fiscal year '22 report, let me first share with you the Q3 absolute number. The total income for the Q3 has been INR 52 crores, the revenue has been INR 43 crores. The EBITDA has been INR 16.7 crores. The EBITDA margin is 39%. The PAT itself is INR 18.5 crores with a PAT margin of 36%. Now let me take you to the 9 months. Here, I would like to help you understand that MapmyIndia business historically and even if I take you 10 years back, MapmyIndia business model is such that the business performance is best understood when we talk about year-on-year comparison. At the end of Q1, if the Q1 of this year versus the Q1 of previous year, if it is Q2, the 6 months ending this year versus the 6 months ending last year, if it is 9 months, it is a 9 months ending this year versus the 9 months ending last year. Once you understand more in-depth why that is important, probably you'll be able to understand the financial numbers in a much better way. So let me come back to the 9 months fiscal year '22 and compare that with 9 months fiscal year '21. The total income for the 9 months fiscal year '22 is INR 174 crores against the 9 months fiscal year '21 of INR 136.3 crores. When you look at -- compare these two numbers, you see there is a 28% growth in the total income. The revenue from operations, fiscal year '22 is INR 143.4 crores as against 9 months of '21 of INR 105 crores, a growth of 37% has happened in the 9 months year-on-year comparison. EBITDA for the 9 months fiscal year '22 is INR 62.7 crores as against 9 months fiscal year '21 was INR 33.6 crores, an EBITDA growth of 87%. If I look at EBITDA margin also, then fiscal year '22 is 44% and 9 months fiscal year '21 is 32%, which shows clearly an expansion of EBITDA from 32% to 44% at 12%. PAT for the 9 months is INR 65.2 crores as against 9 months fiscal year '21 of INR 40.7 crores, a growth from INR 40.7 crores to INR 65.2 crores is a growth of 60%. If I look at the margin also, the fiscal year '22, 9 months is 37% and the fiscal year '21 is 30%, an expansion from 30% to 37%, which is 7% expansion. MapmyIndia has been a profitable company, a cash-generating company and as we have seen at the time of IPO also that the cash and cash equivalent has been continuously rising from fiscal year '21 end of INR 336 crores, it has gone up to INR 389.6 crores in the period of 9 months. So I hope this probably will give you a better perspective of what has happened to the company during the 9 years from -- in this fiscal year. Now to understand Q3, in isolation, itself also, we would like to give you our understanding of what I can call it as a movement understanding, and I'll ask Rohan to give you some insight into it.

Yes -- this is Rohan Verma here. As Mr. Rakesh Verma said, definitely the best way to understand our business is on a year-to-date, year-on-year basis. But to give some more color and detail of Q3, specifically versus other quarters, Q2 FY 2022 and Q3 FY 2021, Q3 FY 2022 revenue is down, the attribution of this is to the following: Sales of automotive OEMs were impacted due to semiconductor shortage, and this, in turn, definitely impacted us as well. The second is that if you look at the comparative quarters, Q2 FY 2022 or Q3 FY 2021, these all had benefited from post-COVID recovery pent-up demand in the automotive space. So definitely, those quarters had that benefit versus this Q3 FY 2022. Now as supply chains recover, quarterly revenues will get normalized and covered up. We're seeing that happen already in this quarter, also more new vehicle models pre-installed with MapmyIndia maps and technologies are going live this quarter. So that will also further help in growth in the time to come. The other part about our business that everybody should understand is that some of our B2B and B2B2C contracts that we get are milestone based, wherein revenue gets recognized at specific time frames. So this makes some quarterly numbers -- revenue numbers lumpy in either a positive or negative manner when looked in direct correlation to previous quarter or corresponding quarter previous year. So this is why the right way to look at our business and compare period is on a year-to-date, year-on-year basis and not on a quarterly basis. On -- so that's why we focused a lot on 9-month FY 2022. So that -- and this is kind of our opinion and suggestion even to our investors and analysts to look at it from that perspective. So now let me just give the commentary on kind of what the situation or operational highlights are for this quarter -- this past quarter. So it's looking more exciting than ever before. We are confident about the company's short and long-term future, Q4 as well as going forward. See, we're nearing the anniversary of the Government of India's geospatial sector reforms that happened on 15th Feb 2021, where the government enabled Aatmanirbhar Bharat in this area of national strategic importance and is encouraging Indian companies in this space through their policies and initiatives. And our team continues to innovate world-class maps and technologies and execute on the business with focus and energy. We welcomed a lot of marquee customers last year across -- last quarter across industry verticals and we thanked them as well. And we are also evaluating and pursuing some exciting inorganic opportunities that -- in the IoT and logistics SaaS tech space, as well as in the auto tech and augmented reality metaverse tech space. So that's kind of interesting for the long-term future, too. So let me talk about some customer wins and use case expansion. One of the leading European 4-wheeler OEMs went live with MapmyIndia for our in-vehicle navigation and focused on Automotive & Mobility Tech market for us first, and then I'll talk later about Consumer Tech & Enterprise. There were 2-wheeler OEMs rolling out with MapmyIndia to power their connected vehicles and turn-by-turn navigation, there was a leading EV infrastructure and mobility solutions company that started to adopt MapmyIndia for monitoring location and other parameters of their electric vehicles. And EV Commercial Vehicle OEMs went live with MapmyIndia for battery pack monitoring. MapmyIndia Shared Mobility platform was adopted by a leading taxi company and the Ministry of Road Transport & Highways of the Government of India signed an MoU with MapmyIndia for integrating information of accident-prone road stretches and for promoting our consumer app that gives real-time ADAS safety alerts to drivers during navigation to users across India. So you've seen we cover Navigation, Connected, ADAS safety, Shared mobility and Electric mobility. And you can see that we are strongly expanding in the Automotive & Mobility Tech space, including a strong momentum last quarter. On the Consumer tech and Enterprise digital transformation, frankly, there's a lot of updates, but because the number of customers could be very large, but I'll just name a few Fin-tech super app -- in fact, Bajaj Finance's super app went live with MapmyIndia to power their consumer-facing mapping services and for location enabling their digital transformation across their enterprise operations. A publicly-listed large leading QSR company adopted MapmyIndia for evaluating and selecting restaurant sites based on MapmyIndia's geospatial data and analytics platform, helping them understand where to open those hundreds of sites for their restaurants in an efficient way. Consumer durable brands adopted MapmyIndia for field workforce management and then the government's leading health agency selected MapmyIndia to power GIS for India's health services. And we also started to find key initial customers for our Metaverse and Drone 3D mapping solutions, opening up futuristic use cases. On products and platforms on map data, not just have we expanded our coverage on the 2-dimensional front to cover the entire country, all the road kilometers, all the towns, villages, habitations and 3.1 crore places and addresses, but we continue to expand our coverage for this highly accurate and precise 3D, 4D, high definition and information-rich hyper local maps. We're using drones to capture and offer high-res 3-dimensional photo-realistic data for parts of different cities, and using vehicle-mounted cameras and sensors to create and offer sub-meter, highly accurate, high-definition maps and 360-degree real view. Again, I'd like to remind everybody that as per the guidelines of Government of India, foreign entities are restricted from conducting vehicle-based ground surveys or street view surveys and also restricted from acquiring or reselling or reusing granular geospatial data, and this data cannot even pass through their servers. Therefore, for all customers, Indian entities who offer map data products and APIs would become the preferred supplier, and MapmyIndia is an Indian entity and the leading supplier in this space. On the flat products in -- SaaS and PaaS side, basically, we have taken a leadership position now in drone solutions being able to fly drones for our customers, acquire and process data, disseminate and deliver data in multiple formats. This is a sector that's set to explode and now we are a leading drone solution provider there. Also on the logistics optimization side, we've released solutions, which can heavily improve both unit economics as well as SLAs, capabilities of e-commerce, logistics, quick commerce and B2C companies. And there's a lot more updates on products, which people can see on our website. I'll cover the inorganic growth part and then Mr. Verma will kind of conclude. So we also -- the Board also gave us approval for acquiring 9.99% stake in a young, exciting auto tech and augmented reality metaverse company called Pupilmesh for a consideration of INR 49.95 lakhs. This allows us to bring our MapmyIndia N-CASE technologies along with cutting-edge augmented reality-based helmet kits and heads-up-displays for 2-wheelers and 4-wheelers and then glasses for professionals. We think this is pretty exciting, and we look forward to working closely with them to bring to market some pretty interesting products. And the Board was also informed about the company having identified a potential acquisition target in the field of IoT and logistics SaaS tech, this will substantially expand our ability to further penetrate the commercial vehicle market in India with solutions powered by our maps and technologies.

This is Rakesh Verma again. In the past, I have been asked this question many times about the dividend policy of the company. While the policy exists and it's very much there, but respecting the wishes of many requests, we did take it up in the Board meeting today to find out how we should proceed. So the Board in its meeting today discussed the dividend policy for the company and requested the audit committee to explore the possibility and make suitable recommendations for declaration of interim dividend. Accordingly, the stock exchanges have been intimated today. With this, I will conclude my part -- our part of presentation we thought about and leave it through -- and invite any kind of questions, hopefully, we should be able to give you the right answer. We are very transparent, and we'll be happy to answer any questions.

[Operator Instructions] The first question is from the line of Anmol Garg from DAM Capital.

First of all, congratulations on a successful IPO, Rakesh and Rohan. So just wanted to -- just on my first question, I wanted to understand how the order book for the quarter looks like? And also if you can share the breakup of revenue between auto and the consumer segment?

See -- this is Rohan here. Our annual new order bookings is what we track and monitor on an annualized basis or an annual basis. It's -- we are 3 quarters in. The last quarter is still to go -- the orders that we book are typically, let's say, from automotive OEMs when a new generation of vehicle platform, a vehicle model is decided. They decide which all vehicle models MapmyIndia will go pre-installed in. And based on the quantity and the rate contract, the size of contract and order is determined. Similarly, for APIs, when customers use our APIs and they decide on a minimum guarantee or for annuity-based business where people are using us for a particular use case, and then depending on the milestones yearly kind of payouts or revenues are decided. And for that, the total order is booked. So orders for these large B2B and B2B2C contracts, we track it on an annual basis. I can just tell you that based on the first 9 months performance of our annual order bookings, it is looking quite healthy. We are happy with it. We have one more quarter to go to complete the full year. And both -- or if you look at the orders that we have already booked or the pipeline that we have put together, we are quite excited about where that stands. That's one part. And then the second question that you asked is what's the split of revenue between our A&M (Automotive & Mobility Tech) and Consumer tech and Enterprise digital transformation revenue, it is skewed more towards Automotive & Mobility Tech in Q3, it could have definitely been even higher, but for the semiconductor shortage leading to automotive sales getting impacted. Consumer tech and Enterprise digital transformation, as I explained, from B2B and B2B2C contracts they were relatively muted -- relatively muted because the impact of that would have shown up either in Q2 or will show up in Q4. So it was skewed more towards A&M this last quarter.

Right. Right. And secondly, just wanted to understand how should we look at margins for this quarter as well as going forward? I mean, what can be -- what do you think can be a sustainable range for our margins? And also, if you can kind of break down the ESOP charges during the quarter?

This is Rakesh Verma. See if you can see our margins, we are very consistent all through -- I mean, whatever 3 years we had declared in DRHP or now, if you see the PAT margin stand-alone in Q3, we have 36%; 9 months fiscal year '22 is 37%; '21, it was 31%. So basically, the margin -- if you're asking, the margin is in the range of that 35%, 40% kind of a thing as far as the PAT margin is concerned. And what was your other question related to ESOP?

Yes, so -- if we can break down the ESOP charges during the quarter within our employee cost?

If there has not been any ESOP charges during the quarter, it's very small, but I'm asking my CFO just to give the number. You can ask the next question, I'll let you know -- INR 92 lakhs, less than INR 1 crore.

Right. Right. So what I wanted to ask here is that for this quarter, particularly, we have seen almost kind of -- I mean a 10 percentage point drop in the margins on the EBITDA level on a sequential basis. So any other increase in the cost that we should look at apart from the decline in the revenue, any increase in the cost that can also have going forward?

What you're seeing 39% EBITDA margin in Q3 stand-alone, of course, it's related to the lesser revenue from operations okay, in this quarter. But in spite of that, the margin is still maintained at 39%, which we consider healthy and 9 months year-to-date is 44%. So the 44% number is more sustainable type of a number on a year-to-year basis -- on a yearly basis.

[Operator Instructions] The next question is from the line of Kawaljeet Saluja from Kotak.

And congratulations, Rakeshji and Rohan for the successful IPO. I have a couple of questions. First is, I'm still trying to wrap my head around your quarterly performance. Now your press release says that Q3 revenues were impacted by sale of automotive, whereas the revenue was skewed more towards automotive segment, that implies a steep decline in enterprise revenue. And one would have logically expected that to be a bigger growth driver. So can you elaborate on the reasons for same and communicate your outlook on it as well?

This is Rohan Verma here. See, definitely, A&M revenue could have been higher if the automotive sales had not stagnated or been impacted due to semiconductor shortage. There were two things I tried to explain on how to understand quarterly movement of the company. One is, of course, on this automotive side. In general, with B2B and B2B2C contracts -- I'm saying generally, but it also applies to our Consumer tech and Enterprise digital transformation part of our business. There are some contracts which are skewed where we are able to recognize revenue based on milestones in particular time frames. Now it just so happens based on our order book and order bookings of the past, those revenue recognitions will show up more in Q2 -- or showed up in Q2 or will show up in Q4. So sometimes these quarter numbers move around, and that is what determines lumpiness in our revenue if you look at just stand-alone quarterly performance, but if you look at overall for the year, you'll see more steadiness or more -- yes, steadiness compared to...

More steady directions.

Yes, more steady directions.

Okay, Rohan, see -- I mean I think in the DRHP or in RHP as well, there was a certain order book mentioned and there were certain broad direction and rule of thumbs under which your revenue or order book or order wins translate into revenue. Does that still hold? Because looking at your quarterly performance, there seems to be some de-linkage in a way.

No, it definitely still holds because all our order bookings, all our contracts are intact. In fact, the -- I'm not supposed to give forward guidance -- specific forward guidance, so I'm not going to do that. But just to give a sense that the number of API transactions happening on our platform, which is determined by consumer tech companies, that is growing; the use cases which for enterprises -- for which enterprises are using us, that is growing. It's just a question of revenue recognition. And so which quarter it will get -- it will show up in. So I would say it's a good thing to wait for Q4 results and as well as going forward to get a better sense of where the direction is. But from our perspective, we are actually quite confident, quite excited for Q4 as well.

Okay, just a final question, Rohan. Are you going to be disclosing your segmental breakup of revenues, which is A&M and consumer-tech segment or other enterprise segment going forward? And would you be disclosing your order wins every quarter? Or would that be annual as well?

See, as of -- definitely -- with next quarter, we'll also be sharing our annual results. So you'll see the revenue split by A&M versus C&E. You'll also see our annual new order bookings. So next quarter, for sure, you all will get those numbers. We would like to, as of now, as we speak, maintain that hygiene of annual new order bookings as an annual metric reported and revenue split by market as a 6 monthly metric, of course, other financials, you are seeing quarterly. That's what our preference is at this stage, to reflect more of our longer-term business, but that's the inputs I can give you right now at this stage.

The next question is from the line of Vinayak Mohta from Stallion Asset.

Congratulations on a successful IPO. So I broadly had a question with regards to the order book. Over what kind of time period does the order book materialize? For example, you had mentioned that your order book is somewhere around -- the new order bookings for H1 FY '22 was around INR 260 crores and 2021 was INR 470 crores. So just wanted to have a broad sense about how this order book materializes over a period. A general average answer would also work so that it helps us in figuring out what is the general trend for the same?

This is Rohan Verma here, thanks for the question. You can think of the -- see the contracts that we sign can be anywhere from 1 to 5 years, depending on whether it's C&E or A&M, whether it's an automotive OEM or a longer-term enterprise or something that has to be -- can be immediately delivered and built. But if you had to go for an average, based on kind of what our historical order booking has looked at -- looked like, you can think of an average of 3 to 4 years, meaning 3.5-odd years. I'm just giving you some rough guidance for order to revenue recognition.

So -- just following up on this. So if you say that an order would be realized over a period of 3 years, so just extrapolating those numbers, you should like -- from what you've done in 2019, '20, and averagely, your revenues for the current H2 should be ideally relatively pretty much higher than what it was in H1. Is that a fair assumption to make given the order book that you have had in the past and -- given that you mentioned that it should materialize in the next 3 years -- 3, 3.5 years. So going forward, the growth in revenue should be much better given the growth in order book as well -- like H2 and then eventually FY '23?

Yes -- see, in absence of semiconductor shortage, that was not something one could have predicted. That's something that even we would have comfortably said. Yes, H2 typically for the company is better than H1, historically, if we are talking about. And based on the order booking, that's exactly what gives us the excitement about the future. But yes, I'd moderate my statement because of semiconductor -- I mean that's what happened in Q3.

Mr. Mohta, may we request that you return to the question queue for follow-up questions. The next question is from the line of Madhu Babu from Canara HSBC.

So what should be the directional revenue growth we should see in the automotive and the consumer Internet segment on a yearly basis during the quarterly [indiscernible] over the next 2, 3 years?

I think our 9-month growth on revenue -- EBITDA was 87%. PAT was 60%...

And revenue was 37%.

And revenue was 37%. We'd like to shy away from some specific...

But definitely, we are working towards a better number. I mean, it's really difficult for us to predict exact numbers.

For us, predictions are also kind of -- it's sometimes a bit easier because of order bookings in the past, which we know will translate into revenue in the future. It could be the timing here and there quarterly. So I think that order booking should give you a sense of kind of where we will go in the future.

Sir -- and secondly, can you explain the use case status for the Bajaj Finance, which we won this quarter. So how will be the revenue and subscription or transaction-based, just a simple view on that?

Okay. I mean, Bajaj Finance -- if you open the Bajaj Finance app. It's a super app in the sense that there are so many different functionalities that they are offering and so if you -- for example, one of the use cases is if you wanted to see a nearby merchant where Bajaj Finance is accepted for their various fintech offerings, that is powered by Mapmylndia maps and our APIs. And so every time Bajaj Finance app is open, people are geolocated or they are searching for the places nearby where Bajaj is accepted, they are putting in their addresses so that those locations can be determined. Those are all cases where Mapmylndia is getting used on the front-facing -- consumer-facing side. On the enterprise side, I think Bajaj is a pretty sophisticated enterprise in terms of being able to use data science and data analytics as well as very efficiently kind of monitoring and tracking their kind of field workforce. And so there's a lot of different location intelligence solutions of ours that they're using to analyze, to do location KYCs, to do risk assessment, to run all sorts of hyper-local analytics on potential applicants for loans, et cetera, and to give credit go/no-go decisions as well as also to monitor and optimize the kind of their field workforce movement and operations. So -- and we -- with our APIs, it's a per transaction model that we have typically with customers. So in this sense, the more these apps get used, the more revenues accrue to us. I won't obviously talk about specific customer, but hopefully, this gives you some color as to their or similar type of customers.

[Operator Instructions] The next question is from the line of Vivek Ganguly from Nine Rivers Capital.

I have two quick questions. One, the difference between the total income and revenue from operation is the financial income. Is my assumption, right?

Yes. The difference is the financial income, investment on the treasury or anything else like that.

Can you speak a little bit about the competitive landscape? One. Secondly, with the new government regulation that you alluded to, so would a company like Google be still be able to make -- collect the geospatial data, update it and also commercialize it? Or will they have to now buy it from a local player or something? What would it pan out like?

Thanks for the question. This is Rohan here. Yes, exactly. I mean, if you look at the -- so I'll answer this in two parts -- or let me answer the policy question first. Yes, if you look at the geospatial guidelines released by the Government of India, it does restrict foreign entities from doing vehicle-based ground surveys. They're not allowed to do terrestrial mobile mapping surveys. They're also not allowed to do street view survey, which is that 360-degree kind of street view that you see in the U.S., they are not allowed to do that either in India. And then when it comes to data that is granular, finer than 1 meter in horizontal or 3 meter in vertical, actually foreign entities are not just not allowed to acquire -- like they can't acquire any other data also from the field, but they're also not allowed either to resell. So they cannot become a supplier of that to any other company or organization. They're not allowed to reuse it and that data is not allowed to pass through their servers. So in that sense, companies which are doing that or continue to do that or may consider doing that will be in violation of the government's guidelines on this sector. So this does have a pretty big impact on the industry, whether for B2B or B2B2C or even B2C in future because essentially, the guideline is saying that foreign entities can use this data through APIs for serving their users in India. They cannot resell it or reuse it. So it's basically foreign-end entities -- end user entities like automotive companies or tech companies or enterprises are being asked that -- do definitely leverage the power of mapping and geospatial but work with Indian entities in this. Now what is important is for Indian entities to have the ability to service these use cases at scale and in a quality manner. So map data product companies, map data platform companies will be the people who can enjoy that benefit. And yes, we are well positioned as the leading and probably the only company in this space. So this is...

Rohan, quickly to follow on that. So if Google -- Google is a global entity, but they also have a company in India and they might have a couple of companies in India. So would it be considered as an Indian entity?

No, no. The definition in the guideline is an Indian entity is only that is owned or controlled. So if it is -- if it's a subsidiary of a foreign company, then -- and it's controlled by the foreign company, it is a foreign entity.

Mr. Ganguly, may we request that you return to the question queue for follow-up questions. The next question is from the line of Manik Taneja from JM Financial.

Just wanted to understand the sense of the impact of this milestone-based billing that we typically see on the enterprise, the consumer tech side, given the fact that this business is both a mix of fixed orders as well as volume-based pricing. So it will be very important to understand what's driven that. The second question is with regards to order booking. Rohan, while you mentioned that the order booking trends are quite decent and there is certain lumpiness to it, but would order booking during 9 months of this year be higher than what we witnessed in 9 months of last year?

The -- I missed the first question, could you just repeat the first question?

He is saying -- asking if the 9 months of orders this year, is it higher than the...

We -- honestly, we want to wait to -- we want to set an annual new order booking cadence with reported metrics because it's something that we'll want to continue consistently in the future. Order booking is also going to be lumpy, if you understand because an automotive OEM doesn't decide every quarter that they have to go with new models. So there'll be some quarters which are higher, some quarters which are lower. So in that sense, we want to also kind of set that expectation that giving annual new order bookings on a yearly basis and understanding that on a yearly basis is the right way to judge the performance and see the future potential for the company. But definitely, I can share with you that based on our visibility of the order pipeline and the bookings that we have done, 6-month numbers, you all know because we put it in the RHP, we are quite confident and happy about how things might pan out by end of March. So just have some patience on that so that we have the full year to be able to report that number.

The second question -- or actually, my first question was around the Enterprise and the Consumer tech business, which is where you suggested that there were certain milestone-based billings in the prior period, and that's why this quarter's growth was impacted. If you could give us some sense of the impact here because this is a business which has both fixed order billing or fixed billing business as well as volume-based billing. And I would reckon that the volume-based billing would have actually been seasonally strong in the current quarter.

So you're absolutely right. On the C&E side, basically, it's a combination of transaction-based revenue or subscription-based revenue and annuities, which are fixed kind of project-based on a yearly basis, et cetera. So we -- how to answer that...

In the CNG side, some of these fixed price contracts, particularly the contracts happen to end in Q4 every year year-on-year. It is just the nature of the beast. Just like -- many orders also come very nicely in Q4. I think maybe it is the way in India in the B2B and B2C kind of business, it's quite rampant or rather I say quite prevalent.

Mr. Taneja, may we request that you return to the question queue for follow-up questions. The next question is from the line of Bharat Sheth from Quest Investment Advisors.

Sir, pardon my ignorance, but how much -- do we have any business with any government body and how much that contributes if we have and how that is playing out?

We have a reasonably good business with the government. How it is playing out means you want to understand -- typically, we try to limit our direct business with the government, 10% to 20%. But indirectly, if we are an OEM, then we don't put any limit. We have done some very interesting and very good business with the government, including GST and you might have seen some of those names in the RHP or with CBDT, the Central Board of Direct Taxes, or with different ministries also. So I don't know what is your other concern related to the government.

No -- and my understanding that as per [ DHRP ], it was forming around 40% of the FY '21 revenue. Is that a correct understanding?

No, no, no, government has been historically less than 10% of our revenue.

What I was said was direct business with the government, we try to limit it in 10% to -- not more than 20%, 10%. But indirectly also our business happens with the government where we are part of some other systems integrator where we act as OEM.

For example, you must have seen the drone show that happened yesterday in the Republic Day. This was all possible with the help of the new regulations in drone sector, which is called the DigitalSky platform, now their HappiestMinds is the systems integrator, and we are the OEM underlying. So like that with various other organizations, Goods and Service Tax Network is the name that we have put in the RHP or Central Board of Direct Taxes in the past, where LTI, Larsen & Toubro Infotech, was the systems integrator. So that's how we are participating. And then what I said in Q3 is one of the government's leading national health agencies or authorities has become our customer as well for GIS and APIs. So you'll see that play out in future as well.

If you can give a little color?

Mr. Sheth, may I request you to please repeat your question?

It is reflected under which segment?

Under C&E. You'll see that reflect under C&E.

The next question is from the line of Siddharth Vora from L&T Mutual Fund.

Sir, if you could explain a bit on the acquisition 10% stake you have bought this quarter, how do you -- what is your thought process behind it? And how do you think it will benefit us? And if it is a big thought, then why just start with the small 10% [indiscernible]?

Yes. See, what we look for in inorganic is the ability to work with companies which have very complementary on the -- see, there are two sides. Either we will look at revenue-led acquisitions or we will look at technology-led acquisitions or strategic partnerships. So this acquisition of 10% stake in Pupilmesh, which is -- it's an augmented reality, metaverse tech, auto tech, heads-up display kind of IoT company and systems company. The thinking behind this is, work with companies which have a very complementary offering and have expertise there where together, we can actually build a solution which is quite novel in terms of its use case and that is sunrise in the -- and has a sunrise potential in terms of going forward. So what -- the first product of this company, which they've kind of -- which they've been co-building with us actually for the last year or so is actually a helmet -- it's a helmet kit that gives you turn-by-turn VR guidance in the helmet like a heads-up display, which allows the driver or rider of a 2-wheeler to not have to look at a mobile phone mounted on the handle bar because the navigation and other kinds of calling or other things comes up in the eye line without driver distraction. So they have this interesting capability around projection onto helmet. So this can go from what the product is called Navisor, Navigation visor. This will be there in the 2-wheeler segment. We are also working with them on a heads-up display for the 4-wheeler segment, where you can put up on the windshield itself some augmented reality-based turn-by-turn driving directions or road safety alerts like pothole ahead or speed breaker ahead or ADAS alerts. So we feel that both for the 2-wheeler and 4-wheeler, this will allow our solutions to go into the hands of the OEMs as well as the end vehicle owners in a nice way by collaborating and creating a full stack solution. We are the mapping software, and they are the delivery mechanism. And then there are more futuristic things around Metaverse and AR, which is too early to talk about, but kind of exciting for the kind of collaboration we can do in the longer term with them.

Mr. Vora, may we request that you return to the question queue for follow-up questions. [Operator Instructions] The next question is from the line of Ravi Naredi from Naredi Investments.

Sir, how would -- this end-to-end drone solution is big opportunity in size?

I think basically, if you look at the 2-wheeler market -- if I remember correctly, about 16 million vehicles, new vehicles sold -- new 2-wheelers sold every year. So a lot of accidents happen because they are distracted as they are riding. People are looking for a better solution going forward, a connected solution, even if it's a 2-wheeler. So market opportunity is honestly quite large. Of course, it's a question of how much the price of this helmet kit can be brought down. It operates with the help of Bluetooth and connects to the -- our app, which streams the information and projects it onto the helmet's visor. So -- overall, if you're trying to understand the overall market size around Navigation Solutions and Telematics, we had shared it in the RHP as well, about 44 by 2025 for N-CASE, Mobility tech, that's what Frost & Sullivan had kind of talked about as the addressable market.

Mr. Naredi, may we request that you return to the question queue for follow-up questions. We'll take the next question from the line of Prateek Kumar from Antique Stockbroking.

Just wanted to understand on this employee expense, there's a dip on a quarter-on-quarter basis. Is it related to ESOP -- difference in ESOP charge? And in general, how are you looking at employee inflation in your business?

The employee expense actually shouldn't have fallen that way. What we had done was in the last quarter, we had made a provision for bonus for the employees for the whole year. And when -- and the bonus amount provision was made quite good -- a large amount. So actually, as a matter of fact, probably that would have reduced the profitability last quarter. So this quarter, we have not made any further provision or we don't intend making further provision even next quarter for bonus payment.

Mr. Kumar, may we request to return queue for a follow-up question. We'll take the next question from the line of Tushar Sarda from Athena Investments.

And congratulations on [Technical Difficulty].

Hello. We can't hear you, Tushar.

Hello. Can you hear me?

Yes, now we can hear you.

Congratulations on excellent listing. My question is, you're talking of market size of $4 billion and $44 billion. So in 4, 5 years, what kind of market share do you expect? Or is there some absolute revenue target?

See, these are the total addressable markets as defined by Frost & Sullivan. How much penetration and adoption of our technology or uptake amongst the addressable market will happen will determine -- end up determining the market -- actual market size over the time to come. The addressable market is basically 20 million new vehicles sold every year, can come embedded with Mapmylndia maps and technologies. You are seeing more and more 4-wheelers come with our technology, even at the lower end, now 2-wheelers coming. So I mean -- so like that, different apps, which are coming pre-installed or using Mapmylndia APIs, you are seeing popular apps like PhonePe using Mapmylndia or now the BFL, Bajaj Finance app like that, there are so many apps. So those are the opportunities. Enterprise is spending on Enterprise digital transformation, whether in the private sector or public sector. So that is all the various addressable market opportunities for the company as maps and allied technologies become more and more salient. And so we are on that journey -- as Mapmylndia, we're on the journey to educate the market that you see 10 other companies or 5 other companies or 1 other company in your industry vertical are leveraging Mapmylndia for these use cases to benefit themselves. Why don't you also do the same otherwise you will have a competitive problem where the other companies will go ahead of you or these are good things that people are doing in various industry sectors to create value, why don't you also adopt it? So it's a continuous education and network effect that is being built. How much absolute revenue we can get to will be a function of how much adoption happens of our maps and technology in the time to come. And we are doing our best to aggressively kind of educate and hoping that customers also see the value in that. And definitely, more and more customers have been seeing value in that. It's apparent from the inflection point we've seen in the last few years

Thank you, Mr. Sarda. May we request that you return to the question queue for follow-up questions. The next question is from the line of Rajat Jain from RAS Capital.

So my question is, considering we are the market leaders, about 80% share, in the B2B and B2B2C segments, your revenues as a percent of the total addressable market still seem pretty miniscule. So can you shed some color on that? I mean, we're talking about the total addressable market reaching -- as you said, for Telematics and Automotive reaching $55 billion. So I'd just like to understand what kind of revenues could our company see in the next, let's say, 5 to 10 years?

Let me help you first explain this addressable market versus the market size versus market penetration versus where we are today. The addressable market, example, you can take there are 140 crores of people living here and one can drop food service every day to all the 140 crores. That can be considered as an addressable market. But what would become the market size with -- and what is the market penetration, then you can understand where everybody is. In our case also, adoption of this technology for which the addressable market exists is going to happen gradually in a certain time frame and being the market leader -- and we have become the market leader because of the fact that we entered early, we have been educating and bringing the products and solutions to the customers for some time, and we'll continue doing that. So we will be able to keep increasing the market penetration also as customers start adopting and understanding the value of it. So that's why we find it very difficult that when the market -- addressable market is so large, how do I predict what will happen to us even 3 years down the road in terms of our revenue. Any prediction will -- can be with a lot of guesses and one may go totally wrong. So at least as of now, where we are, we have shown a healthy growth in the revenue. We have shown healthy growth in the order booking. We have shown healthy growth in EBITDA and healthy growth in PAT. I mean that's the best we can answer at this point of time. Maybe in the future, we might be able to give you more information as we understand better.

Thank you, Mr. Jain, may we request that you return to the question queue for follow-up questions. The next question is from the line of Amit Jain from Monarch Networth Capital Limited.

My question is related to competitive landscape only. So let's say -- just I'm taking a hypothetical situation, if government decides to tweak the policy, how will it impact our business -- our business model?

You asked the question if the government decides to do -- what to the policy?

No, just decides to again change or tweak the policy and make it favorable for the foreign -- I know I'm just asking, but it can happen because government can decide at some point of time to reverse their policy.

Yes. This is Rohan here. See even outside of the policy, I'd like to say that our maps are much more accurate, precise, reliable, comprehensive, feature-rich and more updated as well as our technologies or SaaS and PaaS are world class and offer a whole host of functionality. So that's -- if you look at the competitive landscape, Mapmylndia is actually the best or the preferred supplier for customers who are looking for solutions that we offer. So even if you look at a one-to-one basis for B2B and B2B2C customers, Mapmylndia is the premium or premier provider of choice. So this is answering one part. The second part, I would just like to submit that globally, if you look at the sector of geospatial, it is becoming increasingly inward looking because it's a strategic sector. It has an impact on national sovereignty, national security, borders showing in particular way, have extreme sensitivity, data sovereignty issues about where the data is held and who benefits from it. And if you look at companies -- countries like Korea, China, Russia, you'll find that these are secularly moving policies towards more inward. So that might give you a sense of where the government may or may not do -- what more or what more not they might do with the policy.

Mr. Jain may we request that you return to the question queue for follow-up questions. The next question is from the line of Ankush Agrawal from Surge Capital.

Just again on the market opportunity, right? If I look at some of your global peers, say, like TomTom or Zenrin, their location intelligence revenues currently is about $500 million, right? And these guys operate across multiple geographies. So I'm just trying to understand what could be our addressable market because what we are doing is currently licensing the maps intelligence, right, which is what these companies have done, which is where the location intelligence business is around $500 million. So if we, as a company, have location intelligence of just one country, which is India -- so I mean, the addressable market, if you are saying it's like $45 billion, that is very different, right? That is Mobility solutions. Those are like geospatial analytics and all that stuff, right? But maps -- core maps intelligence, which is our business, that can't be like even $1 billion opportunity in India. That is what my understanding is looking at your peers' revenue globally. So can you help me understand what am I missing over here?

Yes. So I'll help you first with saying that, look, Mapmylndia is definitely a map company, but also a technology company. And I think that's what differentiates us. So I'd like to just make that a little bit clearer. Definitely, our core product is our map data or Maps as a Service. But if you look at Mapmylndia's offerings, I had shown that table containing eight different products, whether it's mapping, location and navigation APIs platforms, whether it's geospatial analytics, GIS and geo AI, whether it's IoT, field force management, workforce automation, fleet management, whether it is N-CASE mobility solutions (for Navigation, Connected vehicle telematics, ADAS, Shared mobility and Electric mobility) or it's in general, location-powered Enterprise digital transformation and developer APIs. If you look at any peers of ours globally, you'll find that Mapmylndia has actually out-innovated all of them to create a much broader stack so that there is, frankly, a much larger addressable market for us going into the future. Now historically, India -- for India, this is -- we have been an early bird in the sense that we've innovated and created these capabilities, but the Indian market was not yet advanced or mature or had the understanding the way Japanese market or European market or American market or even increasingly the Chinese market has been on the technology adoption curve. But as people know, India is many times late, but then many times even faster in terms of adopting the latest technology, especially when it enables the digital transformation. So that is one point. And the second thing I'd also like to kind of give you some more insight. Okay, our core map, we have been building for India primarily. But if you look at our entire SaaS and PaaS suite, Software as a Service and Platform as a Service, APIs, et cetera, they are actually geography and data agnostic. We have created under our Mappls brand and Mappls platform a global solution having integrated 200 countries other maps so that customers, either Indian or international looking for a global solution or a non-India solution can also come to us. So I mean, what we have been able to create is a very exciting long-term potential for our company based on 25 years of investment in creating products and technologies that are world-class. That is what will show up or play out in the years to come.

The next question is from the line of Rishit from Nippon.

Congratulations on the successful IPO. Just wanted to understand on the previous question a bit more, right? Obviously, that will require a lot of investment to cater to the additional opportunities that we're talking about outside of the core maps, right? What are the -- are we committing any -- are we sort of talking about any investments that we'll continue to do every year? And investments on tech and obviously, investments from a management bandwidth perspective. Any color you could provide there would be helpful. And just additionally on the seasonality part, right? I mean, if I look at FY '21, 4Q was also pretty heavy, right? If you could just delve a little bit more on why 4Q tends to be so seasonally heavy, that would be useful, so two questions.

Yes. So on the management bandwidth and kind of how do we look at this -- so in terms of technology, let me just say that a lot of our technology platforms are already built. I mean these are all our N-CASE Mobility suite or IoT, mGIS or WorkMate. These are all SaaS products and PaaS products and APIs that exist. So there is a lot of investments in technology that we have and keep continuously doing. And it has that leverage of building that technology for India or for international. It's more or less the same. It's a global SaaS and PaaS play, now but on the tech side. On the business side, definitely, management bandwidth is something that we will be augmenting, and we'll be talking about that in the quarters to come. We have some strong plans on that front because there's frankly a lot of business to be generated in the international markets. However, it will not be at the cost of going deeper into the Indian market, which is where we have full stack capabilities, a strong established presence and the market is also growing fast on that. I think I missed the other questions or I don't recall the other questions.

Just on the seasonality. I mean 4Q in FY '21 was also seasonally heavy. I mean, if you could just provide a little bit more color on why that is the case usually?

Seasonality, we explained seasonality in terms of basically being a B2B, B2B2C company with contracts. There is lumpiness in revenue depending on the terms of the contracts with -- on terms of some contracts. Historically, second half of the year has been better than the first half. And then the semiconductor impact in Q3 on automotive affected, so that's kind of what might have changed Q3.

Thank you, Mr. Rishit, may we request that you return to the question queue for follow up questions. The next question is from the line of Ankit Babel from Subhkam Ventures.

Sir, just one question. How you compete with Google in terms of pricing? What is the pricing difference? And secondly, for a customer, are you the only choice or they have an option between you and Google to choose?

Yes, see -- both good questions. And so if you look at Mapmylndia's offerings, two things. One is on accuracy, reliability, precision, we are professionally generated, professionally moderated versus crowd-sourced maps. And also, we have a lot more types of mapped content and a lot more types of APIs as well as SaaS and solutions that Google Maps does not offer. So when we go to a customer, we compete on two points primarily, the quality and accuracy of our map versus that of Google Map. And so if you see we offer 2-wheeler-based routing APIs, traffic -- that trust-based routing. Our search is down to house address level. Our maps are more real-time updated when new places come up, like just yesterday, we posted about that Netaji Subhas Chandra Bose statue on the map or when Atal Tunnel had opened up, it was immediately available on our map. So on precision, on the quality and accuracy and updatedness of the map and the second is on the capabilities, we can offer a functionality, we can offer that Google Maps cannot offer. These are the two things why customers select us. Also on price, we have the flexibility of pricing so that we can deliver a significant value to the customer. So if there is no other choice, it is based on value pricing. If there is a choice where the use case for them, Google can also work, then we have the flexibility and the agility in our DNA to be able to still win the business. So -- but like I said, primarily, we are able to compete purely on the quality and comprehensiveness of our solutions. In many cases, Google is not even the competitor.

Thank you Mr. Babel, may we request that you return to the question queue for followup questions. The next question is from the line of Arpit Shah from Stallion Asset.

I just wanted to understand how does the company make money from the automotive OEMs? Like is it one time? Is subscription or is it hybrid? Like how does the company make money from the automotive OEMs?

Yes. Basically, with automotive OEMs, based on the vehicle models that they plan with each vehicle platform, they figure out which ones Mapmylndia will go pre-installed in. And based on the feature set that they want from our maps and technologies and the volume of vehicles that they plan to pre-install us on, we agree on a per vehicle fee, which applies to usage for 3 to 5 years of -- by their customer so -- it could be longer also. And so essentially, in a simplistic way, you can think of a per vehicle fee we get paid.

So is it one time or you have a recurring revenue?

Yes, there are also top-ups of recurring revenue depending on the set of feature set or services that the OEM is taking from us. If you started to see, a lot of the cars are coming connected, becoming connected cars, so it's not just embedded navigation, but a lot of connected vehicle services that we are providing. So it's -- so there are top-ups of per vehicle per year that have started to come in the last 1, 2 years as it's -- the connected vehicle -- the vehicles are starting to come connected only in the last 1, 2 years from OEMs. So that per vehicle per year top-ups will also start showing up in future.

Thank you Mr. Shah may we request that you return to the question queue for followup questions. The next question is from the line of Tushar Pendharkar from Ventura Securities.

Sir, I have one question related to the tax. Our tax rate in this quarter was very low, near to 16%, 17%. Is there any reason behind that? Because in last 2 quarters, we paid around 25%, 26%.

Can you repeat the question? The line was not very clear.

Okay. Sir, our tax rate in this quarter was around 16%, 17% compared to 26%, 27% in Q1 and Q2.

Just a second, I'll give you the answer. The tax rate is -- you have shown is lower this time. I think it probably has to do with some other income side of our income, and that's why the difference might have come, but numbers are accurate.

Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for closing comments.

This is Rakesh Verma. Definitely, I would like to thank all of you. I mean 250 of you came on call -- or 320. I mean that shows your confidence in Mapmylndia. I would like to reassure you that we are on the right track. This has been the very first call. And Mapmylndia is a company that believes in long-term growth of the company in every front. We -- while one side, we are trying to make sure that we maintain or keep the market leadership in India, keep -- dive more deep into the Indian market, but at the same time, we have all aspirations, and we are working towards it. And in the coming quarters, you'll hear from us how we would like to move into the global market now that the technology and the product is ready, which is fully competent and fully geared up to meet the world market needs. An agile and young growth company like Mapmylndia with the deep tech behind us, probably we should be making some serious inroad across the world. In the end, I would like to again request you to understand that this quarterly earnings, previous quarter, last year's quarter is not something Mapmylndia is used to. And while we will keep reporting the earnings the way it is required under the statutory -- as part of statutory requirement on those numbers, but understand if you want to understand Mapmylndia better, think about year-on-year, on a year-to-date numbers rather than quarter, previous quarter and the next quarter. These are changes of a technology company, which is a product and platform company and which is trying to build a long-term standing in this industry. With that, I would like to thank all of you once again, and thank you so much

Thank you. Ladies and gentlemen, on behalf of DAM Capital Advisors Limited that concludes this conference call. Thank you for joining us and you may now disconnect your lines.