Sastasundar Ventures Limited (SASTASUNDR) Q3 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Q3 and 9 Months FY '26 Earnings Con Call for Sastasundar Ventures Limited hosted by Go India Advisors LLP. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Ms. Soumya Chhajed from Go India Advisors LLP. Thank you, and over to you, ma'am.

Good day, everyone, and welcome to Q3 and 9 Months FY '26 Conference Call of Sastasundar Ventures Limited. We have on call with us Mr. B.L. Mittal, the Chairman and Executive Director; Mr. Lokesh Agarwal, the Chief Financial Officer. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks pertaining to the business. I now request the management to take us through the recent business update that we'll open the floor for Q&A. Thank you, and over to you, sir.

Thank you. Good evening, everyone, and thank you for joining Sastasundar Ventures Limited's earnings call. We sincerely appreciate your continued interest and support as we progress through an important phase of our growth journey. Our philosophy has always been detailed in combining medical science, technology and purposed growth to make healthcare affordable and accessible. The core commitment continues to serve for strategy and execution. During the year, we -- after a steady revenue from last 3, 4 quarters due to automation, our growth came back. And therefore, from Q-to-Q, our revenue have risen by 11% Q-o-Q and by Y-o-Y 22%. There is an expansion in gross margin also from last quarter 7.4% to this quarter 7.6%, and from December '24 6.1% to 7.6%. During Q3 F '26, our business continued to demonstrate steady operational traction across both B2B and B2C verticals, reflecting disciplined execution and sustained customer engagement. For the 9 months period ended F '26, our performance remained despite transition challenges witnessed earlier in the year. Growth momentum was supported by improved vendor sourcing, optimization and procurement processes and automation across fulfillment and supply chain operations. Both our key platforms, RetailerShakti and Sastasundar B2C continue to remain center to our growth strategy. RetailerShakti maintained strong order volume supported by deeper retail penetration and enhanced supply chain efficiency. Meanwhile, Sastasundar B2C delivered robust growth supported by improved customer engagement, stronger repeat order behavior and expanding product categories. Our performance continued to reflect the strength of our capital efficient model. Over 9 months FY '26, we maintained stable revenue growth and improved profitability metrics, supported by better product mix, improved terms and disciplined cost control. My dear friends, we have posted a very extensive presentation this time in stock exchange. I would request all of you to read very carefully each and everything about the business model, how we are the most capital-efficient company in the country, both in terms of capital efficiency, both in terms of -- working capital efficiency and a highly growth-oriented platform we have been able to build. I am pleased to share that we remain firmly on track to achieve our stated guidance. RetailerShakti is progressing towards EBITDA breakeven by Q4 FY '26 and expected to deliver sustainable EBITDA positive performance in FY '27. Sastasundar B2C is progressing towards contribution margin positive in FY '27 with operating leverage improved as order density and customer acquisition efficiency strengthen. And as you have seen in the balance sheet that how we are funding our growth, which is required in a tech-oriented business that our total investment for futuristic technology less than our treasury income and thereby, the cash flow has remained positive by virtue of treasury income. For the future, our focus remains anchored on 3 key strategic priorities. One is technology and growth infrastructure. We continue to invest in building a high-tech AI-enabled platform that enhance customer experience, improve supply chain efficiency and strengthen personalized capabilities. The technology investments are expected to deliver measurable operating leverage benefit beginning FY '27 as adoption scales. Expansion across categories and geographies. We are actively expanding product categories, strengthening vendor partnerships and increasing penetration across unserved geographies. These initiatives are expected to support sustained growth momentum over the next 2 to 3 years. I'm very happy to announce that we already launched our JITO brand. The JITO is a very progressive strategy to distribute generic-generic offering under our own brand. And I'm happy to announce that we are the only distributor or we are the only the healthcare platform, which has a relationship with around 65,000 retail pharmacies. So quickly, we will integrate all our pharmacy retailers to our JITO distribution network. So overall, our vision remains to build a leading healthcare platform that combines innovation, empathy and technology to deliver affordable and accessible healthcare solution across India. With a strong platform engines, RetailerShakti B2B and Sastasundar B2C, we believe we are uniquely positioned to create a scalable and sustainable healthcare ecosystem. With this, I will now request our CFO, Mr. Lokesh Agarwal, to take you through the financial performance for Q3 FY '26. Lokesh?

Thank you, Mittal ji. Good afternoon, everyone. This side Lokesh Agarwal. So I'll take you through the financial performance of the company for this quarter. During this quarter, that is quarter 3 financial year '26, we marked a strong operating quarter for the company, reflecting a healthy top line growth, meaningful improvement in profitability. So you will notice that our revenue from operations has increased to INR 341 crores for this quarter, registering a growth of 22% as compared to year-on-year growth of last compared, which is driven by sustained traction across both B2C and B2B businesses. Gross profit for this quarter has increased by 55% year-on-year as compared to last quarter, while the gross margin has increased to 7.6% as compared to 6%, reflecting an improved product mix and operating efficiency. While employee benefit expenses increased year-on-year in line, which is in line with our strategic investment for talent acquisition and investment in technology, while other expenses are moderate and remains in line with our revenue. EBITDA losses have significantly narrowed down to negative INR 14 crores, which has improved year-on-year by 41%, while the EBITDA margin has improved by 4% in the corresponding quarter of last year, supported by higher other income, the company reported a sharp turnaround at the operating level, wherein the EBIT turned positive at positive INR 1 crores compared to loss of negative INR 37 crores of quarter 3 of last year. Further, you would notice 9-month financial performance has also improved drastically. The company reported a revenue of INR 928 crores approx, reflecting a 15% year-on-year growth driven by steady performance across core segments. Gross profit has increased 30% year-on-year to INR 70 crores, while gross margin has improved by 80 basis points. We ended up with 7.5% gross margin for 9-month period as compared to 6.7% of corresponding period last year. Improvement in our operating efficiency and higher other income supported a turnaround in our profitability with the company reporting PAT of positive INR 11 crores as compared to loss of negative INR 151 crores in 9 months FY '25. Overall, the performance reflects the company's focus on scaling revenue while improving operating efficiency. We are continuously investing in technology, talent and in our platform capabilities to translate into stronger margin, profitability and positioning the business for sustainable growth ahead. Thank you. With this, I leave the floor open for your queries.

[Operator Instructions] The first question is from the line of Amit from RoboCapital.

Sir, my first question is on Healthbuddy. So what is the count currently, and what do we expect the count to be next year for Healthbuddy like next 2 years or so? And secondly, on Healthbuddy, what is the -- now currently -- what is the burn rate currently? And also what are the top 2, 3 items where there is a burn? Because I think on unit economics level, we may not be bleeding for Healthbuddy.

Yes, you are very right. So the Healthbuddy model itself is a positive contribution level. We are -- we don't burn even in a single penny out of the delivery. So current -- now, there are 293 Healthbuddies on the platform. And this will -- we will grow around 50% to 60% year-by-year. So by 31st March '27, we should be around 400 health buddies and then we grow continuously. And the top item of cash burn or cash investment is our salaries, so -- and advertisement. So the salary part is around INR 15 crores for B2C platform building and around INR 11 crores is our revenue advertisement. So these two things are basically cash investing items. From transitional level, we are cash positive, and we will continue to be cash positive. So there is no cash burn in transition.

And these salaries, these are essentially for the IT team or -- for building the platform. Is that right? Or these are -- these also include the delivery -- salaries for those who deliver the product?

No, we don't deliver the product because the products are delivered by HealthBuddies, so there is no delivery cost attached to this. These are purely tech-oriented people who are building the futuristic tech capabilities. So these -- we don't factor into our futuristic investment. We have a safest ecosystem building cost. So Sastasundar B2C retail platform, we are building a unique platform to provide, a, the personalized services by artificial intelligence using, say, counseling based upon our data. And, b, is the quick health delivery model, which we are launching. And, three, is the JITO generic module by which we can provide clear insight how the generic-generic medicines may be cheaper for customers. And fourth are the health records. So these are the futuristic plans, of which the team is building platforms. So these are not related to current infrastructure or current offerings. These are purely futuristic offerings upon which we are very, very positive. And these are very measured investments by us.

Right, sir. And secondly, on the RetailerShakti, sir, how do you see growth going forward, say, a couple of years from now?

So we -- internally, we have planned that we shall grow by 30% plus year-by-year for next 10 years or 5 years. That is how we plan the growth. But I mean, these are subject to so many variations upon Q-to-Q or even 1 year. So there may be some quarter where we grow slowly. There may be some quarter we grow fast and rapidly. But if you ask me next 5 years to 10 years, then we target to grow by 30% plus CAGR for 5, 10 years.

And the last question, if I may, is on the corporate action. There is, I think, a merger planned, if I -- so maybe you can throw some light on the corporate action on or what is the plan now?

So this is a very important agenda for all of us. So earlier, the SEBI has made a condition that there has to be a QIB to hold 25% equity post issue to maintain the public shareholding. So we are working on that part. And after closing of this account for this financial year '26, we will approach to our Board of Directors to grant the merger approval. And subject to that merger approval, we must be completing the merger and demerger process in next financial year.

[Operator Instructions] The next question is from the line of Avnish Tiwari from Vaikarya Fund.

First question I had was this GST change which happened last year. So all the inventory you had at a higher rate of GST, how do you consume that? How did the marketing companies compensated you for that?

So marketing companies -- I mean, pharmaceutical companies have not compensated. They have given 1 month extra credit to all the participants in the industry. So we have in our books the GST credit, which we were into the inventory, and we hope to cover up in the next 2, 3 years period of time.

So did it impact your gross margin for the third quarter because you had to consume this higher cost inventory and...

Gross margin is right now is not enough to consume. So we are not paying any GST. But going forward, our gross margin will enhance and our revenue will also enhance. So I think in the next 3, 4 years, and then we have -- we are working very sincerely to increase our offering in terms of Beauty Care and Personalized Care where the GST rate is high. So that we should compensate so that we don't have any other option other than to wait for adjustment through our revenue.

Okay. So you're saying the GST we have already paid to recover that, you need to sell higher GST -- like in future, you plan to recover that through selling items, which carry GST so you can claim that input tax, negative...

Right. So out of these 3 things, one thing it can be that we sell other items, and we increase our revenue. So I mean, that is not a very big amount. It's a very moderate amount. So we don't find any difficulty. I mean this is a change and changes for good for the country, good for the society, good for us also. The GST rate has decreased from 12% to 5%. But yes, some side effects are there. So we have to bear that kind of pressure on working capital, but there is not that much.

Okay. So the only impact we have is on working capital, not on the gross profit or margin because revenue and cost of goods, both are excluding the GST, right?

Yes. So there is no impact on that, except that working capital is plus for some 3, 4 years' time.

Yes, working capital is slightly elevated. And to compensate for that, the marketing company gave you 1 month extra payable. Like what was that?

They gave us 1 month extra credit, but that has gone fast. So that we have availed. But right now, the GST remain as it is.

Second question I had was that your gross margins are about 7.5%, 7.6%. And in this industry of distribution, what is the typical gross margins? I mean some of your competitors have like reporting around 10%. Some of these other kind of distributors, smaller ones have in that vicinity 8% to 10%. So is this business -- like can you help us understand your gross margin versus what we see at the larger companies' gross margin who are into the pharma distribution business?

Yes, you are absolutely right, but you have to compare after discounting the credit part. So we don't give credit. So we started our model without giving any credit. So our margin of 7.6%, if you adjust with credit, it is coming 1.5%. If you see the larger distribution company, the credit is as high as 60 days. So 60 days credit means 2%. So our credit is 0. So 2% extra, I mean, 7.6% to 2%, 9.6%, that is in line with the industry. So as we grow more, I think this credit data will be replaced by the digital data. We have started taking charges for data management from pharmaceutical companies. We have launched SastaSundar digital platform, SastaSundar podcast on YouTube that has started monetizing. So we firmly believe that this credit delta will be compensated by delta, by data and platform revenue, and then again, the platform fees that we charge from the retailers. So taking together, without even the credit delta, we should be able to reach around 9.5% to 10% gross margin. And then there will be substantial improvement by virtue of the JITO or brand -- our own label brand. So we hope that it will enhance as we grow.

Can you explain what do you do with data management for which your retailers will pay you about 2%?

Not 2%. The data plus podcast plus the trade generic. So 3 ability we are giving to the pharmaceutical companies. Data means we have the data because we -- our entire distribution is through digital. So we have the pin code based data that -- in which pin code, which retailer is buying, in which area, which retailer is not buying, in which area which retailer has what kind of inventory at their stores and which retailers, what kind of inventory they are returning. So all those are digital data. Those are very valuable insight for pharmaceutical companies.

Sir, you will give it to the marketing company, you mean, right, this data?

For pharmaceutical companies, we give without mentioning the name by categorizing the pin codes.

And second thing also you said, one is this activity you will do to get additional revenues. You said second activity also, which will help you on the gross margin. What was that? Your own JITO brand...

JITO brand, see, we -- I mean, I must emphasize that we are the only distributor who can integrate the pharmaceutical SOPS into JITO private label brand. So this is a very unique model. The ability -- as of now, we are the only company which has a 65,000 retailers on board in digital medium. So we have launched them, and we are making them enable to sell the generic-generic quality brand, JITO. And because now there is sustained demand from customer side because the new customers are coming to avail the benefits. And this model, we firmly believe that along with the separate channel and Sastasundar platform, JITO, this will substantially increase our revenue, and this will substantially increase our gross margin also.

Typically, how much margins you make on your JTIO gross margin or contribution margin with the some small cost in what is selling, right? You need to connect with these distributors -- retailers. So what is the either gross or contribution margin of JITO?.

So, JITO, as you know, the platform, we have a variable expenses of around 5%. So the JITO, the gross margin will be around 30%. So 5% -- 30% will be the gross margin. And out of that 5% will be the cost as happened with other medical distribution cost. So in JITO, we will be having gross margin 30%, contribution margin around 25%.

The next question is from the line of [indiscernible] from Prudent Investment Managers.

Basically, like you mentioned, we don't do credit. So -- but doesn't this create a bottleneck during expansion, the expansion that we're currently doing because I'm assuming the distributor you don't give a -- they don't want a credit to the pharmacies. So if we are going with more credit, doesn't this create a bottleneck in terms of growth and expansion?

We don't find any bottleneck rather. This is a USP. If you see the West Bengal geography where we launched first, we are the market leader, including all the credit giver players also. So if this has been the bottleneck, then we should not have been the market leader. And then looking to our second geography is Noida. We are very rapidly expanding. We are the fastest-growing distributor there in Noida. And then third geography, we went to the Northeast, we opened another fulfillment center, Guwahati. So there, again, we are the leader. So I mean, this is a choice to the retailers that they get a transparent price. They get the commitment to deliver next year for all the medicines. And against that, we give them extra discount. And the discount is as high as 1.5% to 2% more than any other distributor. And the credit if they get from banking channel or they get a credit from other NBFC, that credit cost is less than 1%. So this disintegrates this credit from that distribution, that will happen in due course of time because this credit clubbed with the distribution is very costly affair for retailers as well as for distributors because both are into trouble. So this is an innovation, and this is our USP, and we got market leadership by virtue of that USP, and we don't find any bottleneck in growth.

[Operator Instructions] The next question is from the line of Dhairya Trivedi from DJT Investments.

Sir, just wanted to get an update from you on the status on the new warehouses in Lucknow and Udaipur, and also on the capacity expansion in the existing warehouses. So if you can just give an update on that, please?

Yes. So as you have seen from the last 4 quarters, we were -- growth was very limited. And thereby, by virtue of the automation in Baruipur, so we faced the demand expansion very rapidly, and that made our warehouse very small in comparison to the demand. So we -- now we're looking to the forecasting, we target first the entire Eastern India and then Northern India and then the entire Northeast. So from West Bengal, we will be serving to Bihar and Orissa and Jharkhand and Chhattisgarh. So we need extra warehouse. So we have started -- we have automated the warehouse to make the capacity double. And then another additional fulfillment centers of around 80,000 square feet. That will be the addition to 156,000 existing. Noida, we are again building 1 lakh square feet new warehouse. And from Noida, we can go to Rajasthan, Jaipur, Haryana. And from this side, one part of the Uttar Pradesh. So we have to build in Lucknow to service the cities like Banaras, Kanpur, Ayodhya. And then from Rajasthan, we can't reach to Udaipur side, Udaipur, Chittor, Bharatpur, Ahmedabad. Ahmedabad is very near to Udaipur, and Indore, which is also an 8-hour journey. So these are the territorial thoughtful decision to build FCs so that we can cover a substantial part of the Northern India and Eastern India and Northeast India and some part of Ahmedabad from Udaipur before we build a new warehouse in Ahmedabad, Maharashtra and Southern India, so that we plan the next year. But this year, as of now, we want to cover the entire distribution angle in the region in which we operate.

So sir, when is this additional capacity likely to be completed?

The additional capacity in -- we have started in West Bengal, first, so West Bengal will be completed in next 6 months. Noida, we will start in next quarter. So it will take around 1.5 years. Guwahati, partially we have built and then we are building a new building there in Guwahati. That will take another 2 years' time. Lucknow, it will take 2 years. So therefore, it will take 2 years. So these are the 2 years planning. In the meantime, we will continue to serve from 3 FCs because we have a very large scale of FCs, those are automation process. So it takes a lot of time before we build a new FC.

And sir, if you can just give an update on what was the sales from JITO for this quarter?

So JITO, this quarter, we have just launched. So sales is not too much, in lakhs of rupees, but we -- I can tell you the start is very good and inspiring.

And what are the projections for the next, say, 12 to 24 months from JITO?

From 24 months, we must be reaching around 5% of the sales by JITO, and it will rise, I think next year, we will be doing around 2% to 3% because initially 1 and 2 years takes a total time for building distribution, for building procurement capabilities, building brand. And then it enhance rapidly. So we expect that next year, it should be 2% of the revenue and then 5% and then for next 2, 3 years, 10%. But we are targeting in next 3, 4 years, around 10% of our revenue from JITO.

Sure, sir. And we are integrating this with our existing network of pharmacy, right?

Yes, that is what the beauty is. We will build the JITO brand and JITO network absolutely a new phenomena without any cost. So there is no cost attach. We have the FC, we have the distribution, we have the technology, nothing. So I mean that is what -- the beauty of any digital ecosystem is that we enhance capabilities, we enhance offering without any additional cost.

[Operator Instructions] The next question is from the line of Pulavarthi Saikiran from Pulavarthi Advisors.

Just quickly understanding the working capital days, looks like especially on the payable days, there is a lot of volatility. If you can just help us understand how to think about working capital as percentage of revenue and working capital days?

So the working capital volatility remains because of the nature of the business and because of this GST environment also. So some quarters have up and down. But as a business model, say, for next 3, 4 years, the working capital in our business should be almost negative or 10 days working capital, you can say, because we are building a model whereby through our technology, our inventory will be around 21 to 20 days -- 22 days, and that will be funded by our receivables. So fundamentally, the business will not need any capital. But yes, as of now, we need a capital until we achieve that kind of cycle. And the JITO brand will be needing some working capital, and that is a working capital intensive because we depend upon contract manufacturing. We don't have our own plant to manufacture. So that will require another 60 days working as far as the JITO brand is concerned. So yes, quarter-to-quarter, as I said earlier also, there will be some volatility. But fundamentally, this is an efficient working capital model.

And just as of now, as of December 2025, what is the cash on books?

Cash in -- there are 2 parts of our company. One is the Sastasundar Ventures Limited. So one is the financial part, there is one NBFC called Microsec Resources and one is the Sastasundar Healthbuddy Limited. So as on 31st March, Sastasundar Healthbuddy Limited has around INR 403 crores of treasury. And Sastasundar Ventures, other NBFC business has around INR 100 crores treasury. So total treasury in the company level is around INR 500 crores, and Sastasundar Healthbuddy Limited has INR 400 crores.

And one last question, sir. So if you remember, you also mentioned that Sastasundar, which was like a [indiscernible] health business has [indiscernible] from INR 110 crores to 135 crores. And then currently, this quarter, we have been at INR 24 crores. How do you see this growing probably in the next 18 to 24 months, sir?

So Sastasundar business, I think for next year -- from this year to next year, we must be growing around 100%, and the growth is coming very nicely. We are very happy. And I believe in next 12 months' time, we shall reach at the level where we handed over to Flipkart. So in 2 years' time, we will be happy to see that we are fully capitalized as a company. And we got the capital, from that capital from treasury income, we are building business. And whatever we have lost, we gained again at the same level. So Sastasundar next 1 year, I'm completely hopeful we'll reach at the level where we handed over into Flipkart.

Perfect, sir. And just to confirm, sir, in your opening remarks, you mentioned that retail shift will be EBITDA positive starting from next year. And at this point of time, Sastasundar is brought towards the contribution margin level. Is my understanding right?

Yes, absolutely right. And I'm very happy to say that in January, if you see the January month, then January month, RetailerShakti is already EBITDA positive. And Sastasundar is already a contribution margin positive. So I'm firmly hopeful that the next quarter, RetailerShakti, we should be EBITDA positive. And next -- I mean, EBITDA positive that means there will not be loss 0.1% EBITDA. But next year, RetailerShakti, we are hoping to have 1% EBITDA. And Sastasundar, we are already contribution margin positive company in the month of January. And next year, certainly, we will be contribution margin positive company. And Sastasundar, also this cost of -- the cost, we are incurring with a purpose. I just tell you the example of how the RetailerShakti and why the Sastasundar. So I tell you the case margin -- cash generation capability in RetailerShakti is 4% of the revenue for to, say, after 5 years when it develops, say, it -- turnover at that point of time is INR 5,000 crores. Say, just for an example, the RetailerShakti business model will generate 4% of the case. So that is around INR 200 crores. But the Sastasundar cash generating capacity will be 8%. That is 4% more. So say, Sastasundar revenue is INR 2,000 crores. So we will generate case INR 160 crores. So against that INR 160 crores for next 3, 4 years, if we are investing INR 125 crores, that's a wise decision. And this is basically purely a trading profit loss. And then the type of evolvement which is coming into artificial intelligence and the type of composite logistic model, I mean you can compare any other company in India, and I would be happy to gain my knowledge. I mean we have given in the presentation on Page #14 that our total capital raise is INR 350 crores, and I have posted a 9% post-tax cost of capital debt is INR 431 crores. The total capital deployed is INR 783 crores. Out of that INR 100 crores we repaid to the Mitsubishi. Net capital out of buyback is INR 683 crores and treasury is INR 403 crores, net asset is INR 197 crores. So the IPR business, the capital deployed is only INR 83 crores. This INR 83 crores, if I compare it, say, for next 5 years, with cost of capital, it become double INR 200 crores. This INR 200 crores, I realized in 1 year in Sastasundar alone. And Sastasundar, when we partnered with Flipkart, we realized out of 75% stock, INR 800 crores, so any 1 IP, I mean the SastaSundar Health and Happiness podcast itself to YouTube channel can generate this kind of profits in next 3, 4 years time frame. So this is our business, only INR 83 crores we have invested in building the entire company, IPs, including RetailerShakti and SastaSundar. And you can compare any other digital company in India which can demonstrate this kind of capital efficiency and working capital efficiency, I would be happy to learn. Even a small startup, which raised INR 83 crores, INR 100 crores, burn that money in 3 months' time.

[Operator Instructions] the next question is from the line of Jatin Jadhav from Sahasrar Capital.

I had 2 questions. The first one is how should we think about the capital management between retail RetailShakti (sic) [ RetailerShakti ] and Sastasundar B2C over the next 2, 3 years?

So both businesses are one for us. So large part of the capital goes into the fulfillment center building or technology building where the capital goes on. And RetailerShakti, as I already said, it's almost breakeven at corporate level, including its corporate costs. So RetailerShakti, we don't find any major capital outlay for next 2, 3 years, which is self-sustainable level. And Sastasundar, as I already said that we earmarked INR 150 crores to spend for building new technology. Out of that around INR 50 crores, INR 60 crores we have already spent. So another INR 100 crores that will be funded through the treasury income for next 2, 3 years' timeframe. So the company's capital and treasury will be intact. And out of the treasury income, we'll be investing for building futuristic Sastasundar platform, including JITO. So if you find -- there are some companies which are building their own brand, brand-specific retail distribution channel, and you see their capital investment and that kind of company and the company itself, we will be able to build without any investment. So that kind of efficiency we bring on table that absolutely distribution of generic-generic brand is being launched, is being scaled up without any capital outlay.

Got it. My next question is, what advantages does RetailerShakti have versus its peers like Entero or any regional distributor, especially if competition starts increasing?

Very good questions. I would request to please see Page 5 of my presentation on the stock exchange, where we have clearly demonstrated that how value additions we give to retail pharmacies. So there are 4 factors which remains -- one is the reliable fulfillment of all medicine needs. So any retail pharmacy say wants to procure out of 50,000 SKUs, they have to depend upon 15, 20 distributors. There is no one distributor. That is very inefficient. The distributor take around 10 to 15 days' time to fulfillment, there is no certainty. As a RetailerShakti today, any retailer gives order online, next day, there is a guaranteed delivery. That thereby, they ensure that guarantee delivery is there. They are able to reduce their inventory level by ensuring the guarantee. Then we are only company which give them clear discount scheme absolute transparently on the screen without any discrimation. We -- our margins are certainly better that we give any state of credit. But again, after credit cost also, that becomes more superior for them. And there is an absolute easy to -- written policy that they just need to put into scheme next day, [indiscernible] good materials from them. So these are the 5 clear cut benefits. One is reliable fulfillment of all medicine needs, better margin initiate of credit, help reducing inventory level, clear discount schemes transparent pricing and simple return process for unsold high inventory. So these are the clear things. And then I'm very happy to inform all of you that soon we will be launching a RetailAir that will be the AI-driven SaaS platform that we will be given to all the retailers free of cost. From there, they can manage the inventory, they can manage their billings and they can automate put order into RetailerShakti. So this, we will be launching in another 3, 4 months' time. And we have invested around INR 10 crores into this RetailAir. And this will be available without any cost to all the retailers who are attached with RetailerShakti platform.

The next question is from the line of Deepesh J. Sancheti from Maanya Finance.

You guided for PAT positive next year, supported by treasury income. How should investors think about core operating PAT, excluding treasury?

Let we disclose every presentation. Every quarter-to-quarter presentation, we show separately how the treasury income is and how is the operating profit. And as per Indian accounting standards also, the balance sheet profit and loss account quarter we also give separately. So if you see the presentation that we posted to the stock exchange, given separately.

I'm talking about when will we get PAT positive without treasury income?

Okay. So PAT positive, there are 2 components. One part is the RetailerShakti, so -- and one part is Sastasundar. So RetailerShakti, the next year, we will be PAT positive. This is our working needs, for which we are working. And Sastasundar, we aim to be PAT positive sometimes in year '28, '29 or '29, '30.

Okay. And this JITO, which you have launched, is it connected to the Jain International Trade Organization? Is it similar to this? And are we leveraging that JITO also?

No, I mean we don't find any connection with the Jain International. JITO is our registered trademark and it's for medical and medicine, this is our registered trademark.

And what specific strategies in your inventory management or receivable collections are optimizing this working capital cycle? Because those are the 2 key variables for us to get a positive cash flow.

Yes. So we are the best company in terms of the capital efficiency. So we don't give any credit. So there is no headache for managing the receivables. For inventory, we have clearcut demonstrated and developed an AI-driven algorithm whereby we can predict our demand very nicely, very actively. And we have built a direct relationship with almost all the pharmaceutical companies in India. And going forward, next 5 years, we think that we will be a negative working capital company because our inventory will be at 22, 23 days' time, which will be funded by pharmaceutical companies by giving similar kind of credit. So we are working towards that, and this company will be running without any working capital need.

The next question is from the line of Abhishek Singhal from Perpetuity.

I just wanted to understand because I was hearing from you the fact that the model you're building is very capital efficient. And we might either have a negative working capital at best, say, 10 days or with some investment in JITO a bit more, which essentially means not more than 5% of sales is your net working capital requirement. Now in that scenario, when you start hitting INR 5,000 crores, INR 7,000 crores kind of top line, the total deployment required will still be significantly less than the cash that you have in hand. And plus in our journey towards that INR 5,000 crores, INR 7,000 crores, we actually start generating cash. So technically, the cash that is lying in our books at this point of time, a part of that might not be required for growth. So I'm just thinking aloud, sir, given there is some change now with the government proposing for buybacks and the way our stock is today valued at around 0.5x EV to sales and stuff. So is there a thought process inside that there could be some distribution of cash through the buyback route?

Just why not, Abhishek? As we have demonstrated in the current year, we bought back capital of Mitsubishi from the same thought. So INR 100 crores we paid to Mitsubishi. And because this is a step-down subsidiary, so first action, we have to complete the merger in the holding company for which we are working. So post merger, and yes, this will help that there is a government initiatives to make the buyback free. So we don't intend to hold cash unnecessarily, which belongs to shareholders. So -- and by that time, I think from 2 years now onwards, our merger will be completed. Our capital investment in Sastasundar will be almost over. We can see that whether we can do the buyback, and I can recommend to our Board of Directors. And yes, there's a very thought upon which we can work upon.

That's quite helpful. And sir, just on the retail Shakti side, you talked about...

Sorry to interrupt Mr. Singhal. Please rejoin the queue for more questions.

Sure. I will be back.

The next question is from the line of [ Shaket Kapoor ] from Kapoor & Company.

If you could just explain the merger process and where are we, sir? And post the merger, how will the entity look like? Sir, I'm new to the company, so pardon me there.

So post merger, the Sastasundar Ventures Limited, first thing is that we are changing the name. So next 10 days, the name will be changed from Sastasundar Ventures Limited to HealthX Platform Limited. So in HealthX Platform Limited, this healthcare company, Sastasundar Healthbuddy will be merged. So HealthX Platform Limited will have all the business of Sastasundar Healthbuddy Limited, which is a digital health care platform business. And then there is an NBFC company, which is called Microsec Resources that will be demerged and will be listed separately. That will be NBFC company and that will be listed separately. So every shareholder who are -- right now is the shareholder of Sastasundar Ventures Limited will have shares of Sastasundar Healthbuddy Limited. The 80% holding of Sastasundar Ventures into Healthbuddy Limited will be distributed among the shareholders of Sastasundar Ventures. And Sastasundar Ventures Limited shareholder will get another share of NBFC company, Microsec Resources. That is how it will look like.

Okay. So there will be 2 different entities for the nature of different activities that we do. That is how frequently?

Yes, it is two focused entities, yes.

Focus and when we look at our peer comparison, Entero would be the only organization where we can look at a like-to-like comparison or depending upon the business model since it is mentioned that we procure medicines in bulk from the manufacturer. So if you could just give us some more understanding on our peer comparison?

So the peer comparison, I would request you. Definitely, we also see their balance sheet and performance. So at the business level, we are similar to, say, teammates of Apollo Group or Entero of this nature. So business buying medicine, storing and selling to the retailers business-wise same. But the key differentiator you must factor into that what are the key differentiators. One is the credit-driven business, one is the business by building a cash company. And second factor, once you build the case, you must also see that building business like Entero, how much capital they have to put to buy the rights of a pharmaceutical company that is called the distribution rights. And I must be -- and you must recognize the fact that company like [indiscernible] Sastasundar, we have not spent a single penny to acquire any right and 95% medicine across geographies, we buy directly from pharmaceutical companies. That is how there is a strong differentiation in the businesses. You must also see that how much capital Entero has deployed, how much capital the business model like us can deploy. The capital versus the cash generating capacity. In the next 4, 5 years, we must build into 2 businesses, then you will find very effectively the differentiation. So business-wise, we can definitely create as far as the gross margin is concerned and as far as the growth is concerned. And then growth, again, organic growth or bought out growth. So bought out growth needs capital and then the shareholders' harder money goes into that and then the value accretion is difficult. So that is how you can factor into. So definitely, you can follow those companies. But I would sincerely request you to study my presentation. In this time, I've given a very comprehensive presentation on the stock exchange and you factor into capital efficiency, growth efficiency into that model. And then you factor into how much ROE, ROCE we are giving, how much ROCE this model can give, then the completion will be right.

Okay, sir. I'll definitely go through and then come back again. My second question was on the post merger, what would be the promoter stake in both the entities?

As of now, the Sastasundar, Microsec Resources, NBFC promoters will be the same thing. And in Sastasundar Healthbuddy Limited, the promoter equity will be around 58% to 60% depending upon the ratio.

And for Microsec sir, what...?

Sorry to interrupt Mr. Kapoor...

[indiscernible] I missed his comments, madam. No questions...

Microsec Resources will be 75% promoter and HealthX, it will be 58%.

Okay, sir. I will join the queue. Sir, who will be the remaining shareholders for 40% that would have my question. If you could answer that, I'll join the queue.

Yes, definitely. So one will be the Rohto Pharmaceutical Company, which holds around 16% in Sastasundar Healthbuddy Limited. This is Japanese, one of the largest eye care company in the world that will be holding. And then some FII, some QIB and the balance public.

The next question is from the line of [ Athar Syed ] from Smart Sync Services.

Athar here from Smart Sync Services. Sir, I wanted to understand, like I'm a little new to this company, first time attending your concall. So just wanted to know like what is the differentiator between us and our competitor in terms of like how we operate because if you see like we are just like a distributor. So anyone can enter into this segment also and also the old player like PharmEasy and 1mg and other people also started their businesses. So what is the key differentiator between us? If you could explain, it would be great.

Very good question. Sincerely request you to please download my presentation into BSE, NSE website and see that we have given X our sector key differentiator. So our core operating capabilities, one is the key differentiator is our efficiency. So we are the most efficient in terms of putting capital. We paid the entire IPR business there by just putting INR 83 crores. We have given the detail on Page 14.

Sir, actually, if you don't mind, I actually heard this thing. But apart from this, I wanted to understand like in Mumbai, government also started there is something called Janshakti Ayushman Kendra (sic) [ Jan Aushadhi Kendra ] , like it is government-backed medical center, so basically. So I also met some pharma companies also 2 years back. They also said that the biggest margin also to take by distributors like companies who distribute -- like companies who distribute pharma products. So government has started this program where they directly cut off these distributors and directly taking this pharma products from the companies and selling it through the medical. So it is not like what we can say very tough for us to maintain our business and this industry.

No. I mean the government cannot deploy the technology into any type of business and cannot build the distribution network. That is not the government's job. So whatever government does, government does for making access and affordable health care to retail public to general public, not for distribution network. And even if the government does, I mean, they will do -- definitely, they will do because there is a very, very large market. So we will also do -- and the government is doing in West Bengal also, but we are the market leader. So that you see the competition builds more business. And the business where there is no competition, there is no growth also. So this will keep on going.

But it will slash our margin as I know...

Sorry to interrupt to Mr. Syed, please...

This is my only one question this...

Please rejoin the queue for more questions. The next question is from the line of Praneeth, an individual investor.

I was wondering in terms of -- in the presentation, the company has laid out the fact that for Healthbuddy, the contribution margin is going to be 0.5% to 1%, whatever is left over. So I was wondering for Sastasundar, what is the split between, let's say, online versus the Healthbuddy distribution channel? First question. And overall, how is the margin difference from both the channel, let's say, Healthbuddy versus Sastasundar app? And how is it planning on scaling? I understand that you want to scale it up to -- or it will be PAT positive by the end of '30. Could you just give some -- what are the milestones that we need to keep tracking and how is it going to go there?

So I must explain you that Sastasundar app and Healthbuddy is the same kind of model. And they are not 2 differentiated model. Healthbuddy are the local partners on pincode wise who handle the prescription, checking compliance and last mile delivery. So the Sastasundar as a company, we receive all the 100% orders through digital medium. Substantial more than 50% orders come directly through app. Some orders come from the dashboard, which we install in the Healthbuddy service center. So these are only one model. And the contribution margin, which we are talking about Healthbuddy is the integrated margin of Sastasundar app and Healthbuddy.

So we'll only have 1% contribution margin from this particular business, right? That's the idea.

As of now, yes. And from next 2, 3 years, this 1%, we expect to rise around 8%...

Understood. And one more question regarding you mentioned the fact that the previous participant that a lot of distributor companies spend a lot of money in acquiring the pharmaceutical rights. Could you explain why does Sastasundar doesn't need to spend it? And how exactly -- how much are we saying because we don't need to spend and why don't we need to spend?

So we have not spent any single penny of acquiring any rights. Whatever money we are spending in building our technology and building our brand. So that are paying off to us and will continue to pay in the future.

But why don't we need to acquire those rights because we're just taking it from the pharmaceutical companies because as I'm aware, you need to get the code from the pharmaceutical companies to distribute in a particular area. So do we need to pay for it? Or how does that work?

So that's what I'm telling you that we acquired those rights basis on our efficiency, basis on our capabilities, basis on our fulfillment centers quality. So they work with us initially through distributors, then they have seen us, they have seen our terms of payment. They have seen our goodwill, they have seen our working capital, and they are happy to work with us without any payment of distribution rights.

So basically, your goodwill is your payment to them, basically. Is that the right understanding?

Yes. Yes. I mean I must tell you that we never in our history of the company, we have not delayed a single day payment to any pharmaceutical company. Our tax record is absolutely 100% tied. We have not dispute of any kind of any single paisa with any pharmaceutical company.

Understood. But if you were to spend that money, how much do you think you have saved by having such a strong marketing -- strong brand presence in the market? So over the geographies you already are in right now?

Sorry, please repeat your question. We didn't get your point.

Basically, I understand the goodwill is saving a lot of cost. By having the goodwill, you're getting the pharmaceutical company's distribution without paying any rights. I was just wondering for us to understand our shareholders, how much did the company save by having the goodwill versus, let's say, another distributor coming into the market newly for the existing geographies? Like what percentage...

That you can compare, say, if any benchmark of the market, the other markets are right purchasing around 30% of the revenue for rights. So say our revenue of retail is INR 1,000 crores. So 30% of that is coming around INR 300 crores. So we are going to buy the distribution rights from an offline distributor. We have to pay INR 300 crores.

Understood. This payment you're talking about just acquiring the distributor not to the...

Sorry to interrupt Mr. Praneeth. Praneeth, please rejoin the queue for more questions. The next question is from the line of Avnish Tiwari from Vaikarya Fund.

Two questions. One question is this, when you are supplying your own trade generic JITO to pharmacies, wouldn't that be a conflict with your pharmaceutical marketing companies who are supplying medicines to you because it will undercut them? That's my first question. Second, if I combine because you have a tight schedule here. Second was that when you're talking about somebody else, your competitor growing through acquiring distribution rights, why -- like is it just that you are able to grow organically at a high rate? Or if you were to also grow at high rate, you also will need some acquisition like 30% growth aspiration which you have, can you do that organically or without acquiring these rights? That is the second part.

Yes. So second question, we are fully confident that we can grow 30% plus year-by-year for the next 10 years without any acquiring any description right? That is number one. And number two, we don't find any conflict between JITO generic generic and branded medicine. Both these are 2 segments. There are 2 separate kind of customers. The people who will buy the branded generic, they will continue to buy the branded generic. The people who will buy the JITO generic generic, they will buy the JITO generic, generic. And this compete between branded generic and JITO generic or any other generic generics, we don't find any merits from the perspective that 100 crores new Indians are coming to buy the medicine either to but not having any access. So there are 100 crore people. Out of that, around 20 crore people are suffering from either one of the chronic disease, diabetes, blood pressure, heart disease, they don't take medicine because they don't have access to medicine. Now the India is, I think, is the fourth largest economy. It's going to be developed country by 2047. And thereby a whole bunch of 100 crore people will come in the medicine decade. They will need medicine. And because they have the limited capacity of paying, this generic, generic will grow very rapidly, and we want to capture that state in a very calculated move. And both markets are different markets. Both are different customer base market. And there is already generic, generic, medicine which are selling into the market, something not new. From initial, from last 50 years, there is a market. But it is growing very rapidly nowadays because of the new customers who are coming. So I hope this address your questions.

Yes. Yes. So you want to sell to same retailer or it will be 2 different kind of retailers in which will market branded generic versus JITO?

So all 4 formats, we will go aggressively. I mentioned in the presentation about all 4 formats.

No, I meant to ask you one pharmacy retailer is there, he will be selling both JITO and the branded generic, which you have purchased...

Yes. Yes. Both are available at the digital platform, they can buy both. So this is another medicine like any other medicine. So we don't want to retail pharmacies to sell, they make order online.

They purchase online only.

The next question is from the line of [ Shaket Kapoor ] from Kapoor & Company.

Sir, Slide 20. When we have mentioned about warehousing and the expansion that we are doing [Foreign Language] will be needing to invest in the technology? And sir, second question was regarding at what valuation did the investors which you mentioned, I think the Japanese and the biggest retailer, I think so from Japan, at what valuation they invested in the company which will be demerged, which will merge with and then getting demerged?

Rohto Pharmaceutical invested around INR 225 crores valuation. The Mitsubishi invested is around INR 700 crores valuation. And second question is about building your new warehouse additional investments. So the additional investment in building new warehouses, we are still working that what kind of facility we require. But I can tell you the West Bengal where we have placed the orders. So West Bengal, we will be investing around INR 10 crores for additional capacity of 80,000 square feet warehouse. And Noida, we are working. So I'm not able to give you the exact figures. So these are the things. And the AI automation, yes, this will be a good part because -- but any automation cost will recover in 18 months of time. But we believe that going forward, because of the substantially improvement in the AI technology. So this picking process, the rating process, the dispatch process, all are -- will be run by the AI, the route channeling, the delivery part, so payment receipt part, all AI will play the major role. And we have a complete team. As I have said that we've already remarked INR 25 crores per year budget on the artificial intelligence studio team that will be building both process of Sastasundar and retailer Shakti, and we don't find any additional expenses on any part of it.

Okay. So you mentioned INR 10 crores investment.

Yes. INR 10 crores, yes.

Right sir. I will join the queue if I may add only one part when you were mentioning about the differentiating aspect in the aspect of the legal aspect, are there any big entry barriers that our model cannot be replicated by other people since everything is in the public domain, and we are giving more insights on how we work. What would be the key enabler or the key entry barrier that makes us a differentiator and it will take -- it will take a trouble for the other people to replicate our model because as you mentioned that the volumes will grow substantially over a period of time?

See, the first entry barrier is building the relationship with all pharmaceutical companies. So either you have to buy the distribution rights from the existing distributor, there's a very cascading effect will take 10 years' time frame. And you have to spend, say, INR 2,000 crores to buy those rights. Second is the building technology. So building technology, anybody has to spend 5 years time frame. And third is bringing the warehouse efficiency. There is again a 5-year job. So it's not an easy task. It is not only tech company where I build a technology and start. It's a technology plus fulfillment capacity plus relationship with pharmaceutical companies, which works in a very tight zone. And then bringing all sort of retailers, all sort of consumers. So I must say that like Zomato, like Blinkit, these are open mode, everybody knows, but I mean, it's not meaning that everybody can start company like Blinkit or company like Swiggy. So I mean these are the things -- every business, I mean, there is nothing to hide upon. So this is an execution. Idea is not new to execute. The execution is the differentiating factor.

Sir, you mentioned about the alignment...

Sorry to interrupt Mr. Kapoor. Please rejoin the queue for more questions. [Operator Instructions] The next question is from the line of [ Athar Syed ] from Smart Sync Services.

Followup. Just wanted to know two aspects of your business. One is working capital, like how we don't give like I mean credit to our medical store and all retailers basically. And second is what is the average EBITDA margin in this business? Like in terms of Entero, it is 4%, but our EBITDA margin is very much fluctuating, sometimes it is 3%, sometimes it is 1%. So what is the on an average EBITDA margin in business?

So first, if you compare with the Entero, you must compare how much capital they have deployed. You see 9% post-tax return on equity and then calculate their EBITDA margin. Then you will find that they are EBITDA negative. If you deploy your excel sheet from the day 1, how much capital they have taken from the shareholders, put 8%, 9% CAGR on that and then bring how much money is coming. So EBITDA itself showing is maybe a misleading factor, if there is no return on equity and if there is no economic value addition. So our company, you must see that from economic value addition perspective, we have given the retail working, how capital has been efficient, and we have given the detailed IRR on the capital also. So that you must see. And the EBITDA positive will be the cash generating capabilities. And EBITDA itself is we don't see. I personally see the cash flow. That has come from the PT. So say my company is making 4% EBITDA positive. So what 2%, 3% you will find is the depreciation, 2% is the interest and the net cash flow will be less than 10% of the return on equity. So if I'm building a company whereby the return on equity after depreciation and after tax and everything is 10%, what is fun of making that business. We are building a business which we can generate return on capital employed by more than 50% year-by-year, which can generate the cash flow and which can really build a great company without much of the capital. So there are -- these are the 2 differentiating points. And I must request you that you must analyze in your deep research and then we can make another debate.

We'll take our last question from [ Shaket Kapoor ] from Kapoor & Company.

Yes, sir. Only a concluding point about our relation with the pharma companies and we getting an edge on other companies. So how had we were able to model it out in a way that we did not have to pay those registration fees. And as you were mentioning about when comparing with other players in the same space, what correct steps have we taken that we have been able to do so, sir?

So I think the first part is the hygiene of the warehouse and hygiene of the fulfillment center. So if you see in India, most of the distributors' warehouse, if you visit, those are in old kind of structure with tin on the roof and not very clean, not very hygiene, not very cold storage. The success in the fulfillment centers are all international standards. All are absolutely modernized, absolutely air condition and with a good hygiene practices, all employees are fully paid employees. And then one if you see the very prominent figure is a purchase return. So you must be aware that all pharmaceutical companies except the return of expiry drug. The industry average of those return is more than 2%, while Sastasundar return is less than 1%. So that is how they save. In Sastasundar's history, we never delayed any payment to any pharmaceutical company by even for a 1 day. So absolutely timely payment and absolutely predictive demand and absolutely cooperation as far as the distribution is concerned. And then the second factor, we give them reach to Tier 2 cities even villages where they were not able to reach. So if you see if you map the West Bengal area in 30% of the area, they don't have any distributor, but they have the retailers through which they can reach to anyone anywhere in 24 hours. So that kind of the reach to pharmaceutical companies and with the efficiency model, with a goodness in terms of inventory, this is a strong value addition we add to them. And for that, they are happy.

Right, sir. And sir, for warehouses in West Bengal...

Sorry to interrupt Mr. Kapoor. We have other participants waiting for that. The next question is from the line of Amit from RoboCapital.

Followup. Sir, my question is on Retailer Shakti. I was looking at some numbers. I think last year, we did about INR 950 crores of revenue. And this year, if I calculate, I don't -- I seem to have missed the number if it is in PPT, but the number could be in the range of INR 1,100 crores or INR 1,200 crores or so. So we haven't grown much this year compared to last 3, 4 years. Earlier, we're growing above 100% CAGR. I understand the CAGR can come down, but this looks fairly lower growth this year.

I fully understand. I'm aware about, as I mentioned in my opening remarks also that this year, due to the automation issue in our Baruipur area, the growth was not that much as happened in the past year, but that you have sorted out. And if you see in this quarter, that growth has come back. So we grew by 10% to around 10% Q-o-Q. And I am happy that January, February, March may be the one of the best quarter in the company and looking to the January trend, so that growth has come back.

Yes. So we are confident. I mean, you think that...

Sorry to interrupt Amit...

Have been...

Sorry to interrupt. Please rejoin the queue.

I'm not asking a question. I'm just...

No, we are comfortable by growing 30% year-on-year CAGR for next 10 years. In between some quarter, there may be some issues.

The next question is from the line of Avnish Tiwari from Vaikarya Fund.

If you were to compare your reach in terms of number of retailers you are reaching out to and the revenues you generate compared to, let's say, Entero, how would you compare that metrics? I understand capital efficiency and all other things you described are really, really good at your end.

So the availability is the key issue. So any retailer who is opening or running the shop, they have to deal with 20 distributors. So instead of 20 distributor, he can deal with 1 distributor only. So that is the most part. And on an average, any retailer has to keep 40 days inventory because of the uncertainties in terms of the fill rate. By retailer succeed, that can come down from 40 days to 10 days because there is guarantees takes the delivery. So his inventory level is substantially low. So these are the critical things which we hold as a competitive advantage.

No, no, I meant to ask you that your revenue from Retailer Shakti and number of retailers you are reaching out to compared to Entero's revenue, which is much higher and number of retailers they are reaching out to. So do you -- is it right to find that they are generating more revenue from a similar number of per retailer they are reaching out to compared to you? Or the other way to analyze this?

No, no, there is no other way because they are a credit-oriented company. So their relationship with few retailers will be very, very deep because they give the credit. So per retailer-wise margin because of the credit orientation, the Retailer Shakti is a superior -- Entero is superior model.

Not only margin per retailer, revenue also, you think they will be higher because they're giving credit?

So revenue higher, but at the end of the day, by making revenue higher by giving more retailers credit, what I am making that is very important. So you see that whether that model will give you 15% ROE for next 2, 3 years. If the 15% ROE, any company cannot make, then what is the purpose of the business.

Ladies and gentlemen, we'll take that as the last question for today. I now hand the conference over to the management for closing comments.

So my dear friends, I thank you very much. I would again request you to go through my presentation, which we have posted in the stock exchange that we made a very detailed presentation giving our business model as well as our futuristic plans. And please bear with me any sort of quarterly fluctuation because we are a start-up company. We are still building the great company for India. Thank you.

Thank you very much. On behalf of Go India Advisors LLP, that concludes this conference. Thank you all for joining us today, and you may now disconnect your lines.