GTPL Hathway Limited (GTPL) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the GTPL Hathway Conference Call, hosted by Emkay Global Financial Services Limited. [Operator Instructions] I now hand the conference over to Mr. Mohit Dodeja, Emkay Global Financial Services Limited. Thank you, and over to you, sir.

Good evening, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. Anirudhsinh Jadeja, Promoter and Managing Director; Mr. Piyush Pankaj, Business Head, B2B and Chief Strategy Officer; and Mr. Saurav Banerjee, Chief Financial Officer. I shall now hand over the call to Mr. Anirudhsinh Jadeja for his opening remarks. Over to you, sir.

Good evening, everyone. A warm welcome to everybody to the earnings call of GTPL Hathway to discuss financial performance of quarter 4 FY '25. We retained our position as the nation's largest MSO and are rapidly gaining ground as a significant player in the evolving fixed broadband market. Our business segments, cable TV and broadband continue to report stable financial and business performance. Over the past financial year, we have been focused on launching consumer-centric products and services with a singular aim of providing better and complete viewing experience for our customers. In line with our consistent dividend paying policy for the financial year FY '25, the Board of Directors have recommended dividend of 20% of face value INR 2 per share. I now hand over the call to Mr. Piyush Pankaj, who will take you through the KPI for the cable TV and Broadband segment as well as highlights our efforts throughout the year. Piyush?

Thanks, Mr. Jadeja. Good evening, everyone. The usual KPIs for the both of businesses are as follows: First, Cable TV segment. Our Digital Cable TV subscriber base as of 31st March 2025, stood at 9.60 million. Among the total subscriber base, paying subscribers stood at 8.90 million. On an annual basis, the increase in both active and paying subscriber is 100,000, respectively. In the broadband business, active subscriber base at the end of the quarter stood at 1,045 thousand, 1.045 million, adding 25,000 new subscriber, which is an increase of 2% on a Y-o-Y basis. Homepass stood at 5.95 million as of 31st March 2025, of which, 75% are available for FTTX. Homepass grew by 2.5% on an annual basis, registering an increase of 150,000 on an absolute basis. The broadband ARPU for quarter 4 FY '25 stood at INR 465, increased by INR 5 as compared to FY '24. Average data consumption per month stood at 396 GB, an 11% increase Y-o-Y. We are pleased to share that we have been awarded with the much anticipated HITS license, enabling us to operate and maintain HITS services for a period of 10 years. We will share more details on the HITS license and its accrued benefit once it is operationalizes. However, I want to share that this new broadcasting mechanism will bring in significant efficiencies in terms of cost and reach going forward. We constantly keep evaluating options for either organic or inorganic avenues for growth. We continue with our expansion plan in other states across India and want to increase our total addressable market. Broadband business will also continue to see rise in the subscriber count with our strong-standing relationships and network of LCOs and B2B partners and with the wide broadband penetration. Overall, our focus remains on efficiency, consumer acquisition and retention, driven by value-accretive products and services, leveraging technology and judicious use of our financial resources. I will now hand over the call to Mr. Saurav Banerjee, CFO, who will take you through the financial performance of the company.

Thank you, Mr. Piyush, and good evening to all participants. On a consolidated basis for the quarter, total revenue grew by a healthy 10% Y-o-Y to INR 8,989 million. Subscription revenue stood at INR 2,982 million and the broadband revenue grew by 4% Y-o-Y, standing at INR 1,358 million. Consolidated reported EBITDA stood at INR 1,144 million at an EBITDA margin of 12.7%. Operating EBITDA for the quarter was INR 1,021 million with a margin of 22%. Net profit attributable to the parent stood at INR 105 million. Consolidated figures for FY '25 stood as follows: Total revenue grew by 8% annually to INR 35,072 million; consolidated reported EBITDA stood at INR 4,625 million at an EBITDA margin of 13.2%; operating EBITDA for FY '25 was INR 4,163 million with a margin of 22%; net profit attributable to the parent was INR 479 million. On a stand-alone basis for the quarter, total revenue grew by 10% Y-o-Y and 1% Q-on-Q to INR 5,693 million. Stand-alone reported EBITDA for the quarter was INR 663 million at a margin of 11.7%. Operating EBITDA for the quarter was INR 580 million, thus implying a margin of 23%. Net profit stood at INR 80 million. Stand-alone figures for FY '25 stood as following: Total revenue grew by 8% annually to INR 22,230 million; reported EBITDA stood at INR 2,658 million at an EBITDA margin of 12%; operating EBITDA for FY '25 was INR 2,296 million at a margin of 23%; net profit for the period was INR 477 million. I would now request the moderator to open the floor for the Q&A session.

[Operator Instructions] The first question is from the line of Varun Mishra from AS Group.

Am I audible?

Yes, yes, please.

So I had a couple of questions. Firstly, starting with like could you comment something about the recent ongoing development on the National Broadband Mission 2.0?

Broadband mission?

Yes.

That is -- you're talking about the BharatNet project?

Yes, sir.

Yes. So BharatNet project, I think for...

I think within 15 days or within 30 days, we'll get APO from this BharatNet project for Haryana and L1 with consulting partner with LC Infra.

So we have participated in BharatNet project with LC Infra, and we are hoping that we are going to get the L1 with LC Infra within 30 or 45 days. Once we have that then we will announce it.

Okay. All right. And my next question is, how do the -- like the government initiatives which has been taken regarding the broadband segment. So how do you feel like this will help us with the expansion in the future?

We are very happy that government has started taking steps again to make the digital infrastructure, mainly the broadband infrastructure in every state. And in the early Phase 1 and Phase 2 situation, this project is, you can say, not totally completed and the implementation has not happened on that level. So now having the new for all the 15 states, 15 states and even the states which are independent, they are taking their steps. So this all are going to help the broadband infrastructure in the country, and it is going to help us, the player like us, who is depending upon the infrastructures created by third parties and the infrastructure created by us.

Okay, sir. All right. And sir, like have we received any orders from any government agencies for the same?

No, not now. We have...

As of now, current.

The orders are in the pipeline. And once we will get the order, we will go for the [ PR ] and giving the information in the SEBI for the -- with the LC Infra also as the papers are not there, but we will announce it once it is going to come in our [indiscernible]

The next question is from the line of [ Darshil Jhaveri ] from Crown Capital.

Firstly, congratulations on a great set of results. Hope I'm audible.

Yes, yes, Darshil, please, go ahead.

So sir, just wanted to get a bit of an idea how do we see FY '26 panning out? Any kind of revenue guidance and margin guidance? What do we see it as, sir?

See, we are looking forward that we will do better subscriber addition in FY '26 in both the business segments as we are changing the business structure also or you can say the delivery, how you are going to deliver your signals in the market. In the broadband also, we are seeing that how we can expand more and more in the number of states plus how we deeply penetrate in Gujarat. So we are looking forward that we are going to do better than what we did in FY '25 in the numbers. And same will reflect in our revenue and EBITDA. We are doing somewhere -- if you see the last 8 years, we are doing the revenue at 18% CAGR and EBITDA at 9% CAGR. We want to come back to that level in FY '26 that we do 18% of revenue at least and 9% of EBITDA CAGR. So that's the target which we are working on.

Sorry, sir, 18% growth in revenue and in terms of EBITDA, I didn't get you, sir. Sorry?

Yes, yes. If you see the last 8 years, in 8 years, our CAGR is 18% in the revenue and 9% in EBITDA, we want to come back to that CAGR again.

Okay. Okay. So, sir, I just wanted to know like previously, we've done higher. We've done 14%, 15% EBITDA. Sometimes it's also going to 20%. So in terms of EBITDA, what is like -- what's going to be a steady-state, like I think in the last 2 -- H1, we did around 13%. H2, we were around 12%. So what kind of margin on a steady-state basis can we expect, sir?

See, you have to -- if you want to look for the operational EBITDA, you have to look for the slides on operational slide -- operational analysis slide, which is given in our investor presentation, where you will see that we are doing at EBITDA level of 22% to 23%. So we are going to maintain that. We did 24% last year. This year, it is 23%, 22%. We want to maintain and keep the EBITDA in that range, operational EBITDA in that range.

Okay. Fair enough, sir. And sir, just wanted to know like currently on the ground, like how are we seeing the demand like for both cable and broadband? Like a lot of people are -- like the cable growth has been good for us, but then is there some resistance like a lot of people want to just be able to watch it via internet or -- so just wanted to ask on the ground demand, how are we seeing sir?

See, the demand for entertainment is there throughout. It depends that customers are delivery agnostic. They want the content to be delivered at their home effortlessly. That's what we are doing right now. So the demand for entertainment is maintained. The thing is that, yes, how you can -- in this challenging industry, how you will transform yourself and you make the bundles in such a way that you provide what customers need. And that's what we are doing from last 3 to 4 years as after the COVID, and we will continue to do so. So the demands are there, and we want to capitalize that.

The next question is from the line of Sahil Vora from M&S Associates.

Am I audible?

Yes, Sahi. Please, go ahead, thank you.

My first question is, sir, during the last quarter, we spoke about broadcasters taking a price rise. Just wanting to understand if we were able to pass on the price hikes on our customers?

Yes, you're right. The broadcasters are taking the price up a bit. But yes, we are seeing that how we can accommodate that, how we can pass very small cost to the customer side. As you know, customer is -- the market is still sunsetting. So we have to see that how we can absorb those costs in our whole delivery system and pass some very small cost towards the customers. So that's going on. We are going to implement that in this quarter 1 and in the market. So...

Okay. And sir, have you seen any adverse impact of the same on our subscriber addition?

No, we have not seen. Actually, the subscriber surge has happened from the last week of March after the start of IPL and the end of Holy Ramadan period. And we are very happy with the surge, which is showing. And again, the customers are coming back into the fold and the interest is coming back. So no, we have not seen any deprivation because of the content cost increase at all.

Basically, in the consumer side, we are not mostly increasing. We are -- this is understanding between MSO and LCO, which -- LCO and MSO put together, we put together observe that cost.

Okay. Understood. Sir, my second question is, in the current year, we saw only a small increase in our subscriber base in Cable TV. The pace of customer addition has dropped off from 0.5 million to about 1 lakh now. Sir, what are the potential reasons for the same? And did the competition increase, particularly during FY '25, or were some other factors at play?

No. The industry witnessed higher churn during FY '25 as the [ event ] of expansion of different content providers in the industry, including telcos, new OTT players and social media site. We have seen that this year is particularly a bit challenging as you can say, new content providers, regional content provider has emerged in the country. But yes, we have seen that for the 2 quarters only, that is quarter 2 and quarter 3. From quarter 4 onwards, we have again seen that the market has neutralized. The churn has neutralized and everything is again came back to the same position. But due to that 2 quarters somewhere the churn has increased by 2% to 3%, and that's why instead of 0.5 million, we have added just 100,000 subscriber base in this year. But we are hopeful that the next year, again, we will come to at the same level of more than 0.5 million addition in the [ portfolio. ]

Okay. That's promising, sir. And similarly, I had a question in the -- for the broadband business. Sir, I was of the opinion that maybe price hikes undertaken by all the major players would have provided a flip to subscribers to explore fixed line broadband. In this context, what are the potential reasons for a relatively slower growth in broadband business as well? Is there crowding out due to competition from other telcos? Or is the B2B part yet to take off meaningfully?

Both the reasons are there because the telcos has increased their offerings in the market. If you see, due to the invent of -- advent of 5G, they have come with the clear fiber, which is, you can see that, still providing whatever quality and all, we will not talk about that. But that has given a euphoria in the market for the short term. And suddenly for around 4 to 5 months, that has ate up the additions for everyone. I'm not talking about just -- I'm talking about the whole industry. And so, that euphoria is over now. So we are hopeful that because of the increase in the data prices by the telcos will start helping us in the wired broadband...

Especially mobility data.

Yes, mobility data. So that will start helping and giving us so. But because of this euphoria, we have not seen any movement in this financial year, but we are hopeful that -- we can say that already we have started seeing some of the movements on the wired side, on the positive side.

[Operator Instructions] The next question is from the line of Saket Kapoor from Kapoor & Company.

Sir, firstly, if we look into this our Headend-in-the-Sky broadcasting services, are they in sync with what Starlink and others will be offering or are their offerings are they connected in some way to the same and hence the timing also? Or are they different altogether?

No, it's totally different, Saket.

Okay, sir.

It's for the delivery system for the entertainment, which is like cable TV, or you can say that TV broadcasting, the delivery of that. And the Starlinks are more on the internet side, that's the satellite internet. So both are totally different, yes. Both are through satellite, but that is for the internet services, and this is for the entertainment services.

And that is for B2C customer, this is for the B2B customer.

That's right.

Okay, sir. And sir, when we look at our financials on a yearly basis, what explains this dip in PBT, sir? Were there any regrouping of line items, or if you could just give us some understanding, especially for last year March quarter versus this March quarter, I think so there was any one-off item? How should one read into the yearly numbers and the downward trend, which we have seen on an annual basis?

See, a few things we have to see that, one, is that, there is a dip in the subscription income by INR 28 crores annually, and that is because of -- we have added 100,000 subscribers during the financial year with the deeper penetration in existing markets. We have entered into the new markets. But as the company enters new market, we have to keep competitive rates and give attractive schemes and which ultimately impacts the overall ARPU. And the same has resulted in growing of revenue by 2%, INR 28 crores. Plus you can see that there is an increase in depreciation and finance cost, a bit of finance cost. And that resulted in having a negative, you can say, decrease in the PBT. This all, we are countering it because our revenue will go up as we have just added 100,000, but we are -- again, we will come back to adding more than 0.5 million, and we will see that the impact in the revenue same we will see that the depreciation is going to be at least constant or a bit of increase on that, which will be covered by the increase in the revenue. So we are looking forward that we will come back again back to the same PBT level, which is there.

Sir, if you take the numbers just on a constant like-to-like basis, INR 151 crores is what we posted, correct me there. And this year, it is INR 64 crores. So the difference is to the tune of INR 80 crores, INR 87 crores. You did explain about some INR 28 crores and some depreciation impact. But over top of that also, I think if there is something more which I'm missing, kindly address the same. And also, on the ECL part, I can -- we can see that the expected credit loss also -- last year was INR 82 [Foreign Language]. So if you could just explain these 2 impacts? And third question is about the CapEx part, I think. So we have spent another -- invested rather another INR 318-odd crores in this year. So if you could just explain us the nature of where the main money -- where the money has been invested into which areas that would suffice?

See, at the EBITDA level, if you see, we have lost around INR 50 crores at the EBITDA level from INR 511 crores, we have come down to INR 462 crores. The main reason is the subscription income, which is down by INR 28 crores and some of the infrastructure costs which we have incurred. So that's why the other operating expenses have gone up a bit. We have contained our employee costs. And if you see the net pay channel cost and all, it is at the line. And if you come to the next slide, which is the analysis on operating margin, you will see that from -- we have -- from operating EBITDA is down from INR 460 crores to INR 416 crores. That is somewhere around INR 45 crores we lost over there. Apart from that, if you see there is a 9% increase in the depreciation from INR 337 crores, we have gone to INR 368 crores, which is an increase of INR 31 crores. So this INR 50 crores plus INR 31 crores, if you will see, this is the INR 80 crores and which is coming into that in that -- in the PBT, this INR 80 crores. What we are going to counter in this way is that, this INR 50 crores, we are going to get back -- more than INR 50 crores, we are going to get back in the EBITDA side. We are hoping and we are working towards that. Plus somewhere depreciation and amortization is going to be at a bit higher level, but not at this high level. So again, we will come back to the same PBT level or at least somewhere close to that PBT level. That's the target on which we are working towards. So if you see the operating margin, operating EBITDA percentage, we are still maintaining at 22% to 23%. And again, we will come back to that 24% to 25% EBITDA margin with the time.

Sir, on the CapEx and the ECL part.

Yes. So CapEx, yes, this year, we did around -- we did the INR 355 crores of CapEx. Out of that, INR 230 crores of CapEx is in the CATV and INR 125 crores CapEx in the broadband. And last one, what you have asked?

ECL.

The expected credit loss, sir, that has gone up from INR 8 crores to INR 15.5 crores.

Yes. In fact, that is on the -- totally on the account of broadcasters. If you talk about the trade payables movement, which is of around INR 209 crores if you see from INR 715 crores, we have gone to INR 924 crores. Out of this INR 209 crores, INR 213 crores is of broadcaster only. That's the increase. And same is the trade receivable side, if you see it has gone from INR 437 crores to INR 588 crores, which is INR 151 crores. And out of that, around INR 138 crores, INR 139 crores is from the broadcasters only. So that's the way it has gone. So broadcasters, as you know, that they are increasing the prices, new tariffs are coming and everything is happening. So somewhere in the negotiations, still the movement is like there.

Sir, last point on the broadband part and the penetration part also. Sir, going ahead, do we find OF being the only way out wherein the broadband penetration is to increase or as you mentioned about the AI fiber and the other WiFi devices being the new age of going into the hinterlands or the area where fiber deployment is not there? Just want to understand how is the broadband penetration going to increase going ahead? And how much -- I think, sir, also we have heard that telcos are also not doing the regular CapEx in terms of the refurbishment for the -- CapEx for the OF part. So where are we, sir, in terms of optical fiber cables, the expenditure on the same in terms of the broadband penetration going ahead?

So see, basically, I have 3 type of technology. One is the via satellite through internet. Other is the air fiber through internet and one is the FTTH, fiber-to-the-home technology, right? The best solution and proven solution is the FTTH and cost-effective solution over the line with durability, with good internet speeds. So if you ask me, it's -- I don't think any wireless technology can beat wired technology. So this is the best solution, if you ask me.

See, in India, all type of technologies will prevail, but the mass will go for FTTH in the long term. That's our view.

Because of the data.

Yes, because of the data consumption, because of the durability, because as India will move towards more and more digital, the consistency and capability, you can say, that is going to require. And that is -- that has to be given by the FTTH only.

[Foreign Language] 100% wireline FTTH wireline broadband will grow.

[Foreign Language]

[Foreign Language] INR 300 crores, INR 400 crores we invested in optic fiber, almost more than 1 lakh kilometers infrastructures we laid in order and almost more than [ 6,265 homepass ] we created.

[Foreign Language]

[Foreign Language] with cable and broadband, we have invested somewhere around INR 2,500 crores to INR 2,700 crores in the market. Out of that, 50% has gone into the broadband, 50% has gone into the cable. So [Foreign Language] 50% has gone for the OFC, out of that. So somewhere around INR 500 crores, INR 600 crores in the last 4 years has gone into the OFC.

[Foreign Language] How much should be the replacement in terms of the wear and tear of cable [Foreign Language]

If you ask me, I don't think there is a replacement demand [Foreign Language]. It's a very rare case. I think it's not less than 1%, I don't think.

The next question is from the line of Varun Mishra from AS Group.

Actually, I have some questions. So like as we have been expanding in the broadband segment, what revenue potential do we foresee like in the future?

So if you see, in the broadband -- the broadband revenue, we are at around INR 545 crores, which we made in FY '25. And the CAGR is somewhere around 17% in that from last 4 years. So we are going to maintain that. There is a 4% jump in this year, but we are looking forward that we'll come back to the double figures very soon on this.

Okay, sir. And like through the mission, which has been initiated by the government, which wants to reach the remaining 170,000 like odd villages in India, like which don't have internet connection as of now. So like do we see an opportunity expanding over there? Like there might be competitors too trying to enter that segment. So how do you see that?

[Foreign Language]

Okay, sir. So like only we are planning -- like how are we planning to expand this like over pan India or specifically targeting some states?

So right now, the Gujarat model is very -- completely very stable and good 98% they are maintaining SLA, especially the GFGNL project and all and almost more than 15,000 villages has covered this entire gram panchayat. So yes, we are going to start with Gujarat. [Foreign Language].

All right, sir. Like do we expect any good potential amount of CapEx while expanding in these small villages?

[Foreign Language]

The next question is from the line of [ Yash Mhatre from Cruz Capital. ]

In the previous quarter, we had discussed about BharatNet 3 project. I just wanted some clarity on that. And you had mentioned about some litigation issue happening currently.

No, no, there is no litigation happening currently right now. [Foreign Language]

Okay, sir. And my second question is, can you help me understand the operational and strategic process when scouting and entering a new state, given we may not have our existing setup of cable operators?

[Foreign Language] Set-top box right now because it's a completely all India -- the India is a DAS market, digital addressable system. So everywhere set-top box is there. It's not...

So we are already in 26 states, if you see, expanded. So already 26 states [Foreign Language]. If you see the whole Northeast, all 7 states, we are now there. Plus we are just not in Jammu Kashmir, Punjab, Kerala and Andaman, Nicobar Island and Lakshadweep. Otherwise, we are everywhere now. We're now in 26 states.

And sir, my last question is, when we add new customers now, would we be adding them at a lower margin since our services are -- we are providing services at a lower cost than the main competition?

See, whenever you're entering a new market, yes, you have to go for a bit lower price of -- not the lower price, but attractive schemes and all, which lowered your ARPU a bit and you make it consistent after some time. So yes, when you enter, there is a cost which you incur as an acquisition cost for going into that market. And then you make it equal to your general ARPU.

[Operator Instructions] The next question is from the line of Ram Acharya from [ Stay Cautious PMS. ]

Sir, my first question is on the subscription income. So it has been experiencing a decrease for multiple quarters now. So what is contributing towards the same? I believe the sequential basis, it has moderated, but it has been decreasing for multiple quarters now. So can you please help us, enlighten us on this?

See, if you go for the stand-alone from the last 8 quarters, if you see, from the last year, it has increased. It has gone up to -- quarterly base, I'm talking about stand-alone, it has gone up to INR 225 crores for the quarter, which was at INR 208 crores, INR 206 crores, INR 205 crores last year. First 2 quarters also, if you see this financial year '25, that is we had at INR 225 crores and INR 221 crores. From third quarter, we have come down to the level of INR 210 crores or INR 211 crores. That's what we -- I explained earlier that 2 quarters, which is July to September and then October to December was bad for the whole industry. And the churn rate has gone up on those period. And because of that, you will see that in the whole year, we have just added 100,000 more subscriber base, which we were expecting to add more than 0.5 million. So yes, you're right that last year, it has started showing the increase from INR 206 crores, INR 207 crores a quarter, it has gone up to INR 225 crores, but again, it has got muted down, and we are at around INR 208 crores, INR 209 crores in the stand-alone I'm talking about. Overall also, if you see the same trend happening in the [indiscernible]. But we are hopeful that, as I said, that from March onwards -- mid-March onwards as the advent of IPL and the end of Holy Ramadan period, we have started seeing the -- again, the increase in the subscriber base and the revenues. So we are hopeful that we are going to go into the green side in the subscription revenue.

Okay. So my follow-up was on the IPL only. So you are seeing an increase in the subscriber base and the revenue till now?

Yes.

Okay. And sir, with regards to your placement, carriage, marketing incentive, do we, as a company, benefit from higher advertisement spend, or is linked to price charged by broadcasting channels?

The advertisement income includes both. But yes, partially, it is linked with the broadcasting pay channels, partially it is with the free broadcasters and partially it is our advertisement revenue, which we earned for our local operating channels. So all 3 are included there.

And a couple of questions on the financial part. So for reason for sudden jump in the activation income? The earlier guidance was it would start diminishing over a period of time.

No. But activation revenue has diminished gone down only from -- if you see from 17.4%, it has gone to -- we're talking about quarter 3 to quarter 4 from 3.3 to 4.4, that's an abrupt one because that is one of the accounting you can say, because of that it has come. Otherwise, if you see the year-to-year, it is going down in the consolidated also and in the stand-alone also.

Got it. And sir, below the EBITDA interest cost has risen by 29% year-on-year, and we have gradually seen net debt negative position turn to a minor debt positive. So how should we look at that? And when do we revert back to the net debt negative position?

Yes. As you understand that we are going into the new platform and we are doing the CapEx and all. This is the one of the situations right now as we are in the middle of implementing that. Once that implementation will come and the effect of those will start showing in the business, again, we will come back to net debt position. So that's the way because, yes, we are doing the whole investments through internal accruals and through some of the working capital, which we are utilizing working capital and all, which we are utilizing. But those levels will go down with the time as the CapEx ended and business will start coming -- the benefits will start coming.

Okay. And sir, just a last question. Sir, in your investor presentation, it mentioned the sharp rise in average data consumption for this quarter. Do we experience higher associated costs when data usage by consumer rise?

No, it is not proportional, you can say, a bit, yes, but not proportion as we use the technology of pairing and caching and all. So with the utilization, your cost do not increase up to a level. But yes, if it has gone up to -- crosses a bit, then you have to deploy some of the cost on that. But it is not proportionate. It is very minimal, you can say, the increase because you are caching or pairing technology and utilizing the bandwidth in a better way.

[Operator Instructions] As there are no further questions from the participants, I now hand the conference over to the management for their closing comments.

Thanks. I would like to express my thanks to every participant who took their time out to attend the call. I would like to thank Emkay for organizing this call. For any queries, please free to contact with Orient Capital, who are our Investor Relations Advisers. Thank you, and have a good day.

Thank you. On behalf of Emkay Global Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.