Good afternoon. This call will be in the listen only mode, and there will be an opportunity for you to ask questions after the management's remarks. Please note that this call is being recorded. Additionally, please note that this earnings call is scheduled for a duration of 45 minutes. If you wish to ask a question, please use the Raise Hand feature available on your Zoom dashboard. We will announce your name on the call and unmute your line, post which you can proceed with your questions. For today's call, from the management, we have Mr. Lalit Keshre, Co-founder and CEO, Mr. Ishan Bansal, Co-founder and CFO, Mr. Lalit Bhimani, Group Head Finance, Mr. Shiv Tallam, Head of Investor Relations and Corporate Development. I now hand over the call to Shiv. Thank you, and over to you, sir.
Thank you, Michelle. Good afternoon, everyone, and welcome to the call. Our results and shareholder letters have been published on the exchanges, as well as uploaded on the company's IR website. Before we begin the call, I would like to remind all the attendees that some statements or comments made on the call today by the management can be deemed as forward-looking, and hence may involve certain risks, and are not subject to any review. Such statements or comments are not guarantee of future performance, and the actual results may differ. With that, I would like to invite Lalit for the opening remarks.
Hello. Thanks, Shiv. Hello, everyone. Good afternoon, and welcome to our Q1 FY 2027 earnings call. This is our fourth call after we got listed. This past May, we reached an important milestone in our company. We completed 10 years of our journey. When we started Groww, we had a very simple and very big goal to democratize wealth in India. As I mentioned in my last call, that every quarter you will hear the same thing again and again. We'll continue following the same purpose for many more years. Our strategy has also been consistent throughout last 10 years, and that is to improve the user experience and keep launching more and more products that our customers want. This customer-focused strategy has also led to creation of a platform that is loved by millions of customers.
That strategy is also taken from starting from mutual funds to stocks, derivatives, MTF, and many more products. The most recent one being commodities, where we achieved more than 28% retail market share in terms of notional ADTO. The first 10 years of our journey was more about giving access to wealth, to investing, to millions of Indians and managing their wealth. The next one will move beyond just being an execution platform or a very good user experience platform to actually becoming like a true wealth management company. As part of that, over last few quarters, we have been building multiple products, including MF Prime and W, where we help customers on multiple fronts in building wealth. A lot of these products are basically very research-backed, where we help customers in figuring out the best investments, rebalancing, tax considerations, and many more thing.
That is the big focus area for us. Secondly, we continue doing multi-product on the platform, where we continue launching more products. The last one being bonds, which is scaling really well. This quarter also, you will see another new product coming. On credit, as we have spoken, it's a good compounding business for us. The focus there over last few months, over last few quarters, is showing good growth. Now it constitutes 34% in our disbursement, and very relevant for our investors. On AMC, last time we had announced about the [SSGA], State Street Global partnership investment. One development there is that now we have got SEBI and CCI approval as well. Lastly, on AI, we remain focused on it, on various fronts, in both serving customer experience and also on how we build products.
We believe that it will fundamentally reshape the investing experience, as well as how things are built, and we continue focusing on that. We are leveraging it across multiple places. Yeah. 10 years in, we believe we are still early in the journey, and we are glad to have you with us in it. With that, let's open to the Q&A. Thank you.
Thank you very much, sir. Ladies and gentlemen, we will now begin the question- and- answer session. Anyone who wishes to ask questions may click on the Raise Hand option available on your screen. Once your name is announced, kindly introduce yourself, providing your name and your organization name, and proceed with your questions. We will wait for a moment while the question queue assembles. The first question is from Dipanjan Ghosh. Kindly introduce yourself and proceed, sir.
Hi, this is Dipanjan here from Citigroup Global Markets. A few questions from my side. First, if I look at your employee expense number, it seems that you have been onboarding some employees to the overall organization, maybe because of the new product segments or post-integration with Fisdom. Just wanted to get some color, if I were to take a two, three-year view, how should one think of the employee additions given your aspiration to transition into more of a digital-savvy wealth sort of a company out there? That's the first question. The second question, if I look at your MTF growth, obviously, the momentum has been sustained. Having said that, I think a large part of the growth has been driven by increase in ticket size. Two sub-parts to this question.
One is in terms of customer acceptance of the product, how much more acceptance rate do you expect? Secondly, is the increase in MTF actually yield accretive for the cash business, given the ceiling in terms of brokerage can be relatively higher? Third question is on the active derivative customers. If I look at sequentially and look at the active derivative customer data, there seems to have been a little bit of softness in that number. Just wanted to get your sense of the underlying customer behavior in that segment. Those were the three questions. One data-keeping question, was there any ESOP expense during the quarter?
Awesome. Let me take, I think, one at a time. I actually noted down this time. The first question on the employee side, I think we are onboarding employees, at the same time, if you look at the expense increase in employees, it's largely pertaining to the appraisal cycle that happens during April. The increase is actually primarily coming from that. T here is a significant increase in headcount. In longer run also, we don't expect there will be a crazy increase in headcount. We want to build wealth also in a slightly different way, where it is more tech-driven, more AI-driven compared to a traditional wealth that is done with more RM focus. We will definitely have RMs also along with the AI and the technology.
In longer run also, we don't expect the org count to significantly increase in wealth as well as in Groww. On the second part of your question on MTF, I think there is still a lot of adoption pending. There are a lot of nuance kind of problems that we are solving, which mostly, I think, on the infra side internally. I think as we do better on some of those things, we expect that the penetration can increase as well as the ticket size can also expand further. MTF, I think, is growing slightly better than what we were expecting, partially due to the markets. We think we can keep on continuing the growth on MTF the way it has been happening from last year or two. On the third part of your question was on derivatives.
I think last quarter was relatively an exception, We should not read too much into the last quarter, actually. As a trend, what we are seeing is it is relatively stabilizing. Even last quarter, when I say last quarter, I'm talking about Q4 of FY 2026, and Q1 of FY 2027 also has some bit of kind of uniqueness because of war. Large part of that war also started in Q4 FY 2026. There is some, you can say, exception that is built into Q4 FY 2026. If you compare it with Q3, you will see that there is a improvement there, but obviously, over time, it'll stabilize. On the last question, I think on the ESOP side, definitely, I think roughly 10% of our employee cost is actually coming from ESOPs.
Sorry, just Ishan, just one small clarification. That is, this 10% number is true for this 1 Q quarter? I mean, just to be clear.
Yes. Yeah.
Okay. Sorry, one part of the question that maybe got missed was on the cash yields due to the-
Yes
ticket size accretion.
The cash yields are improving. We've been seeing that on a year-on-year basis, I think cash yields has improved by roughly 5%. We expect that to increase every quarter a percentage or two as the penetration of MTF keep on increasing.
Got it. Thank you, Ishan, and the team, and all the best.
Thank you. The next question is from Supratim Datta. Please introduce yourself and proceed, sir.
Yeah. Thanks a lot for the opportunity. I'm Supratim from Jefferies. I had three questions, starting with the first one. You have secured the license to provide U.S. stock options through the GIFT City route. Just wanted to understand that when are you planning to launch that service? Would it be limited to only U.S. stocks, or you are looking at expanding it to other markets as well? If you could give us some color on how would the pricing of this service be compared to domestic markets. That's the first bit. Secondly, there has been a article today indicating that margin requirements on expiry date could go up. Now, in November 2024, additional margin requirement was introduced on stock options. Wanted to understand what impact did you see from that implementation, if any?
Lastly, you have launched Groww Prime, W by Groww has been there for some time now. If you could give us some color with respect to client addition, traction that you are seeing of these two services, that would be very helpful. Thank you.
On U.S. stocks, I think we got the licenses. We, I think are in mode of testing the product. I think we will launch it soon, but generally it's very difficult to put a exact time when it'll come for the customers. We'll start with U.S. stocks, and obviously if it works, we'll figure out if there is a demand for other geographies. Accordingly, we'll take it forward from there. It's a learning curve with the new product, and we'll figure it out once we have more data. Once we launch it, we'll have more data, and we'll accordingly proceed further. On F&O piece, I think, honestly, this is news for us also because we are not hearing anything from SEBI perspective that they are thinking something like that, but news is news, we can't comment on news actually.
The third thing you talked about, sorry, I forgot the third part.
Prime and wealth customer.
Yeah. Lalit, do you want to take it?
No, I think.
The wealth piece.
Yeah. It's a bit early, Supratim. I think if you look at our history, our processes like build product 10X, and same thing applies for U.S. stocks also, right? Build customer experience that is 10X better than whatever exists, and go slow initially. Once you find the right direction, run very fast. I think on both, all these three products, be it U.S. stocks, Prime, and W, I think this quarter is a bit too early to comment about them. Maybe in coming quarters we'll talk more about them.
Yeah, absolutely. Just one last follow-up. See, on the F&O bit, I do understand it's too early to comment on our news. Given there was a similar kind of increase in November 2024, did you see any change in behavior because of that additional 2% ELM margin requirement?
Not exactly. I think because it came with-
Yeah.
a lot of other changes as well, so it's very difficult to-
Yeah.
pinpoint why-
Got it.
attribute basically the change to a particular regulation because there were five things that happened parallelly.
Yeah. Makes sense. Thank you.
Thank you. The next question is from Prayesh Jain. Please introduce yourself and proceed.
Hi, good evening, good afternoon, everyone. This is Prayesh Jain from Motilal Oswal. Just extending the previous question on F&O. We've seen some slowdown in terms of your premium turnover on a daily basis if we look at the first few days of July data. I would presume that is, to a certain extent, impact of the BG regulations. How are you seeing this kind of trend impacting your Q2 performance? Just an extension to that, even if we back calculate the cash segment orders, assuming that the INR 20 per order on derivatives and commodities, then we are seeing a 9% decline in number of orders for the cash segment. Is that roughly right?
Coming to the first one, there is I think dip in F&O in the early July, like you said. It was there in the end part of the June as well. It was more correlated with, again, war than anything else, is what our estimation is. We saw that change once again, there was news on Iran war and the volatility again came back, then suddenly volume also went up. We are seeing the higher correlation with volatility than actually any regulations as of now. Our understanding is this regulation doesn't impact retail business anyways. Overall also from a market perspective, the impact looks relatively smaller compared to what everyone was estimating. Definitely there is some impact for industry, but not for us. Sorry.
The second part on the orders on cash side, you are right. This is primarily, you can think of gold and silver has a significant delta in this because if you look at stock orders includes ETFs as well, and ETF was a significant volume in both Q3 and Q4. We are seeing that that trend has now slowing down relatively because both these silver and gold are not performing, and hence there is a drop in number of orders.
Another question was on your broader strategy, right? Lalit and probably Ishan, you all can pitch in on here. Earlier when we started, we started with one product, which was mutual funds. We added cash delivery, cash intraday, derivatives. It was one product that we were adding at a time. Today, as we are working, we're building commodities, we're building wealth, we're building the AMC, we're building a new product that you've mentioned. We are looking into getting into U.S. stocks. How are you ensuring that the costs and the team tech bandwidth is well-controlled, and how confident you are with respect to execution of each of these things? Particularly wealth management is something that you've spoken a lot about.
What are your aspirations there in terms of anything that you can mention with respect to AUM or size that can be seen in the next two or three years?
Yeah. I'll take this, Prayesh. Overall strategy-wise, see, first thing I want to clarify that while we talk about so many products, all products are at different life stage. Commodities, for example, is now almost like adoption is more or less fair adoption, if I can say that, and so on. It started not now, but maybe two years back. When we were private then, we are not talking about products every quarter, right? We are always building multiple products, but every product, it is a different kind of life stage, right? Number two is that, on the people and cost side and everything, see, what we have realized is, one, our core business, our established businesses, they get more and more efficient in terms of building. The team sizes and everything, they get more efficient.
All the new products, if you see, so many new products that we have launched, effectively, it's all coming from the existing team. We create new pod structure and so on. It works more like a multi-threaded kind of org. If you have read about our pod structure philosophy, there are multiple parallel engines that keep running with very common, single top-level strategy. That is on second. As I said, all products are at a different kind of point. Commodities is very advanced. U.S. stocks is just starting. Hopefully, it'll be launching in few months. We can't promise right now, but depending on the experience, how experience comes. W is, again, we are kind of refining the experience, although there is some traction there and so on.
On your last question on the projections and stuff, I think, again, as I said in my previous answer, it's a bit early to give those. We are very confident. We are very happy with whatever we are seeing right now on the progress.
No, that's helpful. Last question from my side. When we think about, say, over the next couple of years, what could be possibly the important point in terms of cost, if you want to highlight, or in terms of revenue line items that you see as the risk to your earnings profile in the next couple of years?
Ishan?
I don't think so. As of now, we can't. If there is anything, we will let you know. I think as of now, there's nothing top of the mind.
Sure. Thank you and wish you all the best.
Thank you. We'll take the next question from Swarnab Mukherjee. Please introduce yourself and proceed.
Hi. Thank you for the opportunity. Good afternoon, everyone. This is Swarnab from 360 ONE Capital. T hree questions from my side. First of all, on the MTF side, I wanted to understand, we had a very strong run in 1Q, but as we move into 2Q, the first 15 days or the trend looks fairly flattish, and possibly you are not very divergent from what it was in the industry. I just wanted to understand what has changed or what difference you are seeing from, say, the end of the quarter till now. Also for the particular quarter, I wanted to understand that in terms of the active users for MTF also, there has not been much change, although the assets have gone up quite sizably. How to read into this? That's the first one.
The second is, again, in the shareholders letter, you have mentioned about the NSE actives and the focus in terms of building that. When I look at, for example, in terms of the MAUs and DAUs, those numbers look fairly stagnant. In fact, DAUs have come off slightly from what it was in 4Q. How should we read into this? These are the two questions on operating trends, and then I have couple of smaller questions. Maybe I'll take it after.
Got it. I think, first one, I was not sure that I understood the question that end of quarter to today, you are looking at trends from F&O perspective, or you are looking at trends from cash equities perspective?
No, from the MTF book.
MTF book has, okay. The challenge, I think from end of the quarter and any time when we are looking at in between is, MTF specifically is the end of period number compared to if you look at even in last quarter, because markets were down literally on the last day, and there is an effect on MTF indirectly that comes. Similar is in this kind of last two weeks as well. The market, when they closed in 30th June versus what it is today is very different. Hence that shows up in the MTF book as well. It was a bullish trend to kind of now a more volatile trend and which has a negative impact on the MTF book. And the second part of the question was on the I forgot.
Yeah, on the MTF active users. What I see is it remains at around 0.13 million.
Talk about overall DAU as well, right?
Yes.
I think about the DAU also, I think again, if you compare it with Q4 had lot more volatility compared to Q1. If you compare it with Q3, you will still see a better trend. I think that is probably anomaly in Q4.
Okay, understood. Because MTF is, I mean, MTF is cash delivery-oriented, even still, you would think that Q4 would have been an anomaly from that sense?
Q4 was anomaly because I think when quarter ended, actually it ended at a negative note, hence the number was actually slightly lower. Q1 ended at a positive note and hence the number was slightly better. We are seeing that roughly INR 600 crore-INR 700 crore getting added on a quarterly basis on the book side, which is continuing. If you average it out, I think it will come to the similar number.
Okay. Understood. The other queries that I had was, one was that cash yields improving, where do you think it is likely to stabilize when you evaluate from your side? Second is that given that this quarter we have 1Q versus 4Q, we have seen some softening in volumes, because 4Q was more volatile, et cetera, on both on the stock side as well as on the derivative side. Still our float income has gone up quite substantially this quarter. Just wanted to understand that, what is playing out there? Is there more margin despite that, so people willing to maybe keep it in their pooled accounts, et cetera? If you could give some color on that.
Actually, float income has another variable, which is interest income as well. If interest rates have also changed between last quarter and this quarter. We saw the yields going up, which has benefited on the revenue side. Average balance also I think was probably not significantly higher than last quarter, hence the yield are up just because of the interest part of it.
Understood. If you could take the question on the cash yield.
Cash yield, I think it's again very difficult to estimate where it'll end because there is one variable because of MTF, it is doing well, but there are multiple other variables, like the average ticket size has also gone up over a period of time, which is also boosting the cash yield. Our expectation is that in the near term it'll definitely go up, but difficult to kind of estimate where will it stop.
Got it. Understood. Very helpful. Thank you so much. All the best.
Thank you. A request to all the participants to kindly limit their questions to one or two per participant, as we have a long queue. Thank you. We'll take the next question from Sanketh Godha. Please introduce yourself. Proceed, sir.
Thank you for the opportunity. This is Sanketh from Avendus Spark. My first question is on CAC. If I look at the CAC number per new NTU added, it seems to be around INR 1,900, and that number was around INR 1,400 in 1Q and around INR 1,000 in 4Q. It seems to be a sharp jump in acquiring new customer. Just want to understand, this could be the new normal or is it you spent little more on advertisement for any event and that's the reason it went up? That's my first question.
I think you probably already know that we do IPL in this quarter, and there's a significant amount of our marketing spends which goes into IPL, especially in Q1. If you look at it's not really directly correlated with how much acquisition that will happen. There is a branding benefit out of it. There are like, you can say if markets are doing well, probably we would have acquired significantly more. Hence, without the IPL spend, this number would have been significantly lower or more closer to what you were saying earlier.
Okay. The reason I asked, Ishan, this question was that, even in 1Q you had IPL, right?
Only one week of IPL was there in Q4. This had almost two months of IPL, that is the delta.
Okay, understood. Perfect. Second, just two data-keeping questions. In cash, INR 254 crore of revenue, what you made in the current quarter? Can you break it down as a percentage, how much came from INR 20 per order and how much came, which is linked to MTF book? That's one question. Second, if you can give a data-keeping the revenue from Fisdom and AMC will be useful.
We actually, on the first one, we don't disclose those kind of numbers. That's too much detail. It's not relevant. Also, we have, there is a INR 5 minimum. There is MIS, which has a slightly different kind of ticket size. There's a lot of complications there. Hence, I think average is probably what you have to work with. On the income or revenue from Fisdom plus AMC, I think it is part of the other income. Roughly, I think between both of them, we are lesser than 2% or closer to that number.
The reason I'm asking is that Fisdom, have you seen after you acquired a momentum improving? That's the reason I was asking.
No, no. We haven't yet seen the significant improvement in revenue on Fisdom side. I think it is still in the more of a gestation stage. We will talk about it once it becomes more relevant.
Perfect. That's it from my side. Thank you.
Thank you. The next question is from Abhijeet Sakhare. Please introduce yourself and proceed.
Hi. This is Abhijeet from Kotak. A couple of number questions. One is, if you could comment on the cost to operate line, which declined this quarter, and how should we think about the run rate going forward? The second number question is, we had disclosed this data last quarter on new customer assets on the platform, close to about INR 25,000 crore. A qualitative question. At the time of the IPO, we had disclosed a number on the affluent customer base and the overall contribution to the assets. Just wanted to understand the behavior of this customer profile, because as a platform, there is still a bit of a limitation in terms of offering assisted services or the wealth platform itself is sort of just starting to build up.
Just in terms of retention of these type of customers, if you could comment on that would be helpful as well. Thank you.
Lalit, you want to take it?
On cost to operate versus last quarter, you can see a slight improvement because last quarter had some one-time risk cost, which were taken. We expect this cost to continue as is with slight inflationary increase over coming quarters.
Sorry, there was one more question. I think on the affluent retention.
Yes.
Retention is actually significantly better compared to the other guys. I think once you have an AUM sitting with the platform, typically customer tends to stick with it. These are the customers who have been probably there with us also for a longer bit of time. There is a habit also that they have formed, and they probably really like it. That's why they would have stick. It's a relatively a quality base, and that's why their retention is very, very high. When I say very, very high, like almost 100%.
Got it. Sorry, one number on the customer assets.
Sorry, you were talking about the affluent assets?
No, sorry. No. Last quarter, we had the change in customer assets broken down into net inflows and market movement.
This time also.
Uh-
actually, the shareholders' letter, when you see the AUM, we talk about the inflows. If you subtract it, you will find the delta.
Okay, got it.
27,000 or something was the inflow, I think.
Okay. Sorry, I missed that. Thank you.
Thank you. The next question is from Nidhesh Jain. Kindly introduce yourself and proceed.
Thanks for the opportunity. I'm Nidhesh from Investec. My question is on a certain data point questions. Firstly, in RHP, you have disclosed year-wise customer revenue contribution on a yearly basis. If you can share the data for FY 2026, that would be very useful. How FY 2026 revenue contribution is coming from the year of origination of the customer. That will be very useful. Secondly, can you comment on how the ARPU trends are there for the customer that you acquired in FY 2026 and the customers that got acquired in Q1 FY 2027?
Q1 FY 2027 is actually too nascent to comment on the ARPU side. Overall, if you look at in FY 2026, the customer acquisition quality was better, and which we have seen across every year, that as the platform has become richer and bigger, the quality of the customer has been improving. We, as of now, haven't built that data yet, but we will let you know once we have the data, we'll share it with you.
FY 2026 ARPU, customer acquired in FY 2026, the ARPU is better than previous year, first year ARPU.
Correct.
Yeah. Thank you. That's it from my side. Thank you.
Thank you. We'll take the next question from Manish Ostwal. Please introduce yourself and proceed.
Thank you. My name is Manish Ostwal from Nirmal Bang Securities. My question on the first data keeping question, what is the average yield on a MTF book? The second question is on AI front. Use of AI, where you see the impact materially, running the business, operating costs will go down or better cross-selling of opportunities or maybe much more role in the wealth management business. Where you see the AI is impacting your business in a much bigger way? Thank you.
I'll quickly take the first question and then I'll push it to Lalit. On the yield side, our pricing is fixed. Actually, it is 14.95%, and which is charged on this. There's a small delta between closing balances and average and stuff. Hence the yield slightly varies between that, but roughly the number is around 14.95%.
On AI, Manish, you answered the question partly yourself. First let's talk about building the business. All the product development and everything, all engineers use AI a lot. It helps in kind of building things faster, higher quality, and so on, and a lot more things in parallel and so on. That is one big leverage. Then on customer experience side. Customer experience side, you can think of support services. Now, earlier, if customer would call you, if everybody's busy, then you will have to wait. Now with AI, that kind of helps customers reach out to you faster, have their queries faster. The context that is available to our support executive is much, much higher. Customer delight is much higher. Then we have, today Groww's UX it serves 80% of the use cases.
For example, if you want to check your portfolio, you can open Groww and see. Let's say if you want to know, okay, I want to list all my stocks in the ranking of magic formula, which is a high ROC or low PE, and so on. You want to see, okay, I want to check the latest quarterly, some updates from the management and so on. There are few use cases which are very edge cases, which you can't accommodate in UX. There, AI can quickly go through all the data and then help you faster. That is GR1 and so on. Likewise, across the product, we see that. Over time, we will continue figuring out a lot more use cases that helps customers to make better investing decisions as well.
Thank you. We will take the next question from Dheeraj Kumar Reddy. Please introduce yourself and proceed.
Hi. Thanks a lot for the opportunity. I represent TVS Capital. My two questions are, I just wanted to understand what is the leg of product velocity beyond the products which you have spoken about. We see FDs, bonds, et cetera, which are where other players are probably doing better in the market. I just wanted to understand what are those two or three new products which the company is thinking from a three to four-year standpoint, beyond what you have spoken about. Secondly, how is company currently using existing customer data? Is there some sort of personalization in the way the engagement is happening? Because today the newsletter or even the app interface is probably more standardized. Is company trying to build something more personalized with the kind of data which Groww has today?
Just wanted to understand what is the thought process there, and maybe if you can elaborate more use cases on the AI, that would be helpful as well.
Yeah. I think AI, we already spoke, and as more use cases come, we'll keep talking about them. On the new products, see, I think we are very thoughtful about launching products. If you look at our sequencing also, we could have launched a lot of products three years back. We assess the demand, then we assess our experience, and then we do internal launches and then go and so on. It's very hard for us to talk about next three to four years because lot of products that we are launching, they will have their own new versions, next versions and so on. For next two years, for example, the current pipeline looks very strong. Next one to two years. W is going to be a mammoth, very large product. It's not actually a product, it's mixture of multiple products within W.
It's the full kind of set of products for affluent customers and HNI customers and so on. Bonds, we already launched last quarter, and we are seeing a very strong uptick there. We are very confident and happy about how it is progressing. U.S. stocks, we are going to launch now that its GIFT City thing has come around and so on. From product perspective, there is a very strong pipeline for us over next year and two. When we say products, as I said, best products are never done. You continue building them, keep improving the customer experience further.
Got it. Any numbers here, Lalit, as in, from example, bonds, how many customers have shown some positive response or even W for that matter? Any indications on how the market is reacting to a click?
We see good, as I said, very good indication. Numbers, it's a bit. It will not make sense. Basically, numbers will not give you the right data. We will talk about numbers basically in coming calls.
Got it. What about the user data? The second question which I asked.
That's quite a bit tricky also. Basically, user data, user privacy is very important for us, but we do things which help customers in multiple ways and so on. We have to take care of a lot of things there while doing anything. We use some bit of data to improve the customer experience. We might do it more, but we have to be very careful about how customer thinks about this, which is very important for us.
Understood. Got it. Okay, thanks.
Ladies and gentlemen, we will take that as the last question for today. I would now hand over the conference to Mr. Shiv Tallam for closing comments. Thank you, and over to you, sir.
Thank you, Michelle. Thank you everyone for attending the call. We appreciate all the questions. Please do feel free to reach out to our email on the shareholders' website for any further questions or clarifications. Thank you so much and have a good week.
Thank you, members of the management. Thank you, sir. On behalf of Billionbrains Garage Ventures Limited, or Groww, we thank you for joining us. You may exit the meeting now. Thank you.