Ladies and gentlemen, good day, welcome to Matrimony.com Q1 FY 2024 earnings conference call, hosted by ICICI Securities. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.
Should you need assistance during the conference call, please signal an operator by pressing star then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Banerjee from ICICI Securities. Thank you, over to you, sir.
Hello, welcome everyone on behalf of ICICI Securities to the Q1 FY 2024 earnings conference call of Matrimony.com. Thank you. First of all, thanks to the management for giving us the opportunity to host the call. We have Mr. Murugavel Janakiraman, the Chairman and Managing Director, and Mr. Sushanth Pai, the Chief Financial Officer, who are attending this call on behalf of the company. First I'll hand over to them for opening comments. Over to you, sir.
Thank you, Abhishek. Good evening, everyone. As indicated in our Quarter Four call, our growth momentum has picked up in Quarter One as compared to Quarter Four. We've also shown acceleration in profitability in Quarter One.
In Quarter One, on a consolidated basis, we achieved a billing of INR 124.5 crore. A growth of 2.9% quarter-over-quarter and 6.9% year-on-year. Revenue of INR 123.3 crore, a growth of 1.1% quarter-over-quarter and 6.3% year-on-year. Basically, on a billing basis, we almost reached a threshold of INR 5 crore annual revenue. The next milestone, big milestone, for us will be reaching INR 1,000 crore in the next within the next five years or so.
The key highlights for the matchmaking business are as follows: billing at INR 122.1 crore, a growth of 3.8% quarter-over-quarter, and 6.6% year-on-year. Revenue at INR 120.6 crore, a growth of 8% quarter-over-quarter and 5.6% year-on-year. We added 2.8 paid subscription during the quarter, a growth of 6.9% quarter-over-quarter and 11.5% year-on-year.
We continue to have the impact we create for our customers. We're happy to state that we create about 27,000 happy ended success stories in Quarter One. I'm also happy to share that Matrimony.com has won ET Brand Equity SHOP Award for the best use of digital and social media for its AI-based Valentine's Day campaign.
Now, coming to the marriage services business, revenue was at INR 2.7 crores, a decline of 5.8% quarter-over-quarter, and a growth of 49% year-on-year. Losses in the quarter was INR 3.1 crores, the same as last quarter.
The billing and revenue outlook for Quarter Two as follows: matchmaking billing revenue on a year-on basis, we expect to show a high single digit growth in Quarter Two, but, a decline compared to Quarter One, as Quarter Two is a seasonal quarter. On wedding services, growth is expected to similar level, and the losses will be also, will be, of similar levels in Quarter One. Let me now pass on to Sushant to comment on the key profitability highlights.
Thanks, Murugavel.
Firstly, I'd like to provide an update on the ongoing Google case and implications on our financial performance. The company had filed a commercial suit in the Honorable Madras High Court against Google LLC and its affiliates, challenging the service fee charged under the Google Play Developer Distribution Agreement, effective from 26th April, 2023. This was pertaining to payments made by company's customers for in-app purchases downloaded from the Google Play Store.
In this regard, the company, among other reliefs, sought for injunction from the Honorable Madras High Court against delisting company's apps from the Google Play Store. The Honorable Madras High Court restrained Google from removing or delisting the mobile apps of the company in the Google Play Store in India. On August 3rd, 2023, the Honorable Madras High Court rejected the plaint filed by the company.
The company, we, we have filed now an appeal. The company has filed an appeal challenging this order. Now, pending the outcome of this appeal, we have made the best estimate for the quarter and recorded the provision towards this disputed service fee.
This is the main reason for increase in other expenses in our financials. Despite this, and also having employee salary increments of about 7% in the quarter, we have shown growth in profitability both on a quarter-on-quarter and year-on-year basis. Our EBITDA margin for the matchmaking business in Q1 is at 24.1% as compared to 21.1% in Quarter Four, and 23.5% a year ago. This is a growth of 23.5% quarter-on-quarter and 8.4% year-on-year.
Marketing expenses are at INR 43 crore as compared to INR 45.3 crore in Quarter Four. We have optimized well on this front. Excluding marketing expenses, our margins in matchmaking are at 60% as compared to 62% in Quarter Four and Quarter One of FY23.
On a consolidated basis, our EBITDA margins in Quarter One are at 17.2% as compared to 15% in Quarter Four and 17.6% a year ago. Tax rate in the quarter is at 23.2% as compared to 15.7% in Quarter Four. The tax rate has now come to normal levels. Just to refresh, the lower tax rate last year was due to lower tax on realized gains on mutual funds, which were redeemed to fund the buyback amount.
Profit after tax is at INR 14.2 crore, a growth of 24.2% quarter, quarter-on-quarter and 18.5% year-on-year. Share of loss from Astro-Vision, which is our associate company, is INR 8 lakh. Our free cash generation has been robust in this quarter at INR 23 crore for the quarter.
Return on capital employed, ROCE, annualized is about 21%, has increased from 16% in quarter one of last year and quarter four. Our cash balance is at about INR 350 crore. On the outlook for Q2 margins, our profit after tax in quarter two is expected to be better than the levels of quarter two of FY 2023, quarter two of last year, same quarter, even if we need to consider a provision for Google case, and that is dependent on the ongoing litigation.
We are also working on certain mitigation measures to address the impact. I would like to end with the customary safe harbor statement. Certain statements during this call could be forward-looking statements on our business.
These involve a number of risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. We do not undertake to update any such forward-looking statements that may be made from time to time by or on behalf of the company, unless it is required by law. We can open the floor for Q&A.
Thank you very much. Ladies and gentlemen, we will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. First question is from the line of Prakash Kapadia from Anived Portfolio Managers Private Limited. Please go ahead.
Yeah, thanks for the opportunity. A couple of questions. You know, if I look at ad spends, they are at an eight-quarter low at 36%. Wanted to get some more color and clarity, what has changed? Have, you know, industry dynamics become slightly favorable? Is there some change at our end to do, you know, ad spends from a measurable ROI perspective? What has changed? Can this trend continue? Given that we've seen billing and, you know, what,
Muruga and Sushant just mentioned in their opening remarks, you know, Q2 should be better in terms of, you know, profitability and growth. How does, you know, the year look like? Because historically, if I see, you know, we've had INR 19 crore as our best, quarterly profit.
Do we think we'll be able to cross this if this, you know, this ad spend is muted and, you know, that keeps on decreasing as a percentage of sales? These were my questions.
Thank you, Prakash. In terms of marketing spend, you know, the last quarter, when we planned for some marketing campaign, that we did not thought would be good. By the way, we are launching a new version of Bharat Matrimony and we're launching a new campaign soon, very soon. The marketing spend will come to earlier levels.
That way, it's a last quarter, another quarter. In terms of the profitability, the profitability would have been much, much better, if not for the provision which are on account of the Google-related issues. In fact, if you look at other expenses, other expenses moved from INR 16.3 crore to INR 20.1 crore, almost INR 4.4 crore increase in other expenses.
Most of the expense on account of Google-related things. If not, the profit would have been much, much, much better. But in terms of the thing, yeah, we continue to drive the growth. The marketing will be at the, probably move to the earlier levels, because of the plan which we already made.
Okay. So, if I understand this correctly, Muruga, you're saying there was some disturbance because of the new campaign. It's not necessarily, you know, reading in terms of industry dynamics have changed or, you know, some major change at our end where, you know, we are doing measurable or calibrated ad spends depending on the ROI or to reduce customer acquisition cost at our end. Is that understanding correct?
Yeah, I know that, yeah, definitely, definitely look at the marketing. A lot of look, you know, go to the marketing, we look at numerous things. Definitely, you know, the marketing spend, we look at the various outcome. Yeah, the industry team, as far as I think, nothing has changed. It continues to remain at a similar level. It's more of the campaign which we thought we didn't execute it and will be executed this quarter. Rather, the industry, the level of competition and the marketing spends remains more or less at the, at the earlier level.
Okay, okay. So only offset to marketing spends could be when, you know, revenue growth becomes higher, that could reduce as a % of sales?
Absolutely, yes.
INR 44-45 crore kind of run rate is fair to expect?
Yes, exactly.
Okay. Okay, understood. I'll join back if I have more questions.
Thank you.
Thank you. Before we move to the next question, reminder to the participants, anyone who wishes to ask a question may press star and one. Next question is from the line of Manish, an individual investor. Please go ahead.
Hi, sir. I wanted to understand a couple of things. One, currently, what % of your revenue would be dependent on Google Play Store or even, say, app and the other channels, which are website and physical? That is number 1. Number 2 is, if you can explain, what is the current revenue sharing agreement with Google? Like, did we have to pay a fixed yearly fee for listing?
Now, for example, I mean, if we assume that the complaint, sorry, the appeal that we have filed in the High Court does not go through, what % of revenue do we-- are we looking at sharing on a recurring basis that will become like a standard cost that we have to pay Google, and also the other places? These are the 2 things that I want to understand.
See, let me answer on the Google agreement. Google has a, you know, what we call a Developer Distribution Agreement. There are various tiers there. You know, it's not like a single line rate and all of that.
There are various tiers, various percentages. Right now, since we are under the process of litigation and also very sensitive, we are not doing any further comments on this particular tier, percentages, and all of that. Therefore, it is not like a single line easy statement to be, you know, referred from the Google, you know, Developer Distribution Agreement. Obviously, there is a percentage. Based on that reading, because we have an ongoing litigation, and there is nothing certain about all of these things, based on our reading, on the best estimate basis, we have made a provision on this particular case.
Based on this, we have given you some broad guidance in terms of even if we include this, what would be our profitability level in Q2? I think that's the way to read this whole, you know, Google case. The other thing is Google also has said that only in-app purchases will be, you know, covered under this agreement.
For us, also, it differs on a month-to-month basis, right? We can't control how many people are actually under in-app. You know, some will be outside, some will be through website and all of this. The percentage sort of differs on a month-to-month basis. Broadly, not all revenue goes under this Google distribution agreement.
Like, you know, we are also looking at various measures to mitigate this impact. Even if, even if we consider this impact, I have mentioned to you that our profitability will be better than what we achieved in quarter two of last year.
Sir, sir, I had a couple of more things. One is, what percentage of our revenue would currently be dependent on Google Play Store or app compared to other channels? Number one. Second thing is, you can also explain in the same context, the 4% number that you had mentioned in a recent exchange announcement. If you can just explain that also, that will be helpful.
Yeah. You know, broadly, there is a range. We believe it is in the range of 35%, sort of a number, 35% plus the in-app purchases. Like I said, it will differ on a month-to-month basis. The 4% number that came in was only an interim injunction. Since our claim is actually rejected, we have filed an appeal for on this case, and it will come up for hearing very quickly. The 4% was only an interim injunction given by the court.
Okay. Okay, sir. Thank you.
Thank you. Next question is from the line of Kunal Shah from Carnelian Asset Management. Please go ahead. Mr. Kunal, your line is unmuted. Please go ahead. As there is no response from the current questioner, we'll move to our next question from the line of Pulkit Singhal from Dalmus Capital . Please go ahead.
Thank you for the opportunity. I have few questions. First one is on the revenue growth on a quarter-on-quarter basis. We have seen a strong quarter-on-quarter revenue growth for now two quarters. For Q was 4%, I think, in my speaking, and 1%-8%. Is there anything to read in this from a structural basis, or would you attribute it purely to seasonality?
No, actually, we are considering to execute things. It come Q2Q and definitely, Q4, Q1, definitely have a better quarter. Also we are continuing executing. It's a combination of, you know, seasonality, plus also, our execution, things which are executing.
Okay. I mean, anything from, I mean, industry perspective, is the industry itself picking up, or is it, would you largely attribute it to your, own, execution?
I'm, I'm not sure the industry per se, because, you know, I, I, I think we are executing things, we are driving things. We expect to, you know, continue to drive the growth momentum on our matchmaking business. I'm not sure whether the what others are, you know, kind of, we can see, how the others are, they are doing all this. I think more of, more than industry care, it's a more of, how you are executing things.
Understood. No, I mean, the question really is, I mean, we've had usually single-digit revenue growth in the last five years, barring FY22. Is there anything that you see that gives you confidence of being able to deliver double-digit growth now because of things that you're doing differently? Or, I mean, because every time you talk about double-digit growth, but it comes as single digit. So that's why I'm trying to confirm from an annual basis.
Absolutely. I think we are slowly inching toward the double-digit growth. In Q1, you see the high single-digit, Q2, high single-digit growth. We may touch possibly on, possibly, I don't know, maybe high single-digit growth is what we can take it, then now, definitely are moving to the double-digit growth, budget-wise.
Secondly, on the A&P costs, we went from INR 56 crores to INR 182 crores in A&P over the last 5 years. The entire incremental A&P of INR 126 crores that we spent, in fact, we didn't even recover it from revenues.
The revenue increment was only INR 120 crores. I know we attribute it to competition for being one of the reasons. Two questions here: One, how are you even effectively you know, evaluating your ROI here? I mean, how, how does it make sense to spend INR 126 crores incremental without getting corresponding revenues? Secondly, when you talk about competition, actually, given Saathi's competitive intensity seems to have peaked out 4 quarters ago because their connections are getting better, the losses are coming down for the last 4 quarters.
I'm surprised you're saying that the competition intensity is remaining high.
You know, if you look at the thing, the marketing spend, increase in marketing spend, you know, every market, the marketing spend is much more than required level because of everyone step in market. It's a more of what is required. It can be able to think, it's a more of everyone need to up the marketing spend. It's a more of people are spending much more than every market, what is required.
We are also need to step your marketing as, as a number one player. Number two is that when Jeevansathi reduced, because JeevanSathi did a campaign, which we're talking about them, they are doing a campaign in South India and all, which they've stopped it, and now they're extending only to North India. They, they have not grown.
If you look at the JeevanSathi, I think they are sort of regrown compared to only what they have. They have balance in the market, you know, reducing the marketing some markets. They also change the business model, all these parts. They also the revenue have gone down, not gone up. If you read that, the revenue have only gone down. Yeah.
That's it. More like marketing spend is just while the JeevanSathi are 1 of the player, the other player as well. There's other, other number 2 player as well. The across India, not taking 1 player, because, we category of, 1 more player also. Marketing spend, we're looking at, across India. Everywhere, the marketing spend is more than we believe it's much more than what is required.
It's a more of increased marketing spend happening. The, the people are hoping that will join the growth. I think saying many times again, I think marketing is one of the one leader in the business, that's the one, the one leader. At this point, we are spending higher amount of marketing, which are necessitated by the increased competition.
More of, the intensity reduces, we have to do the marketing spend. At this point in time, it's not the case, we have to continue to spend this level of on required, plus higher level also. Well, JeevanSathi, since you mentioned about JeevanSathi, we have only North India. Other player, that they are another marketer, I mean, other another marketer.
Last question is on the app itself, we were doing some analysis. Our app ratings for the core app is lower than both the competitors in both the platforms. At the same time, I noticed that the number of versions that we had, the refreshes are lot lower in terms of the intensity every month or every two months. In fact, the other apps do it lot, lot faster. I'm just wondering, I mean, we have such a huge employee base, we talk about tech, and we have dominant market share, but our app metrics are not reflecting that. In fact, most of the reviews are quite bad, the recent reviews. You have comments on that?
Yeah, if you look at the same product that, we look at regional apps, be it, Tamil, Telugu, Kerala, Punjabi, all are regional app, because, for us, the regional apps are, are much more stronger. BharatMatrimony serves 1/3 of the market, but the regional app, if you look at TamilMatrimony in Tamil Nadu, TeluguMatrimony in Andhra, if you look at all the regional apps, the ratings are much better, all at 4.2, 4.3. In terms of refreshing, because we've been working on the, the much improvement of, BharatMatrimony with all the regional sites. Which is expected to go live very soon. Post the launch, we see that, we will have one of the, much better app, you know, product compared to other players in this category.
Once it goes live, we see that the refreshment will be much better, because more of it's a big change, a fundamental change in terms of the way the whole thing is getting approached. It's more of work on, we have literally been working on it for a very long time. Now, then fortunately, the refreshment will be much better. Understood, understood.
Thank you so much. Just one quick question on this Google, I mean, the expenses. Suppose this was to be normalized, suppose, you know, we lose the case, and this is supposed to be-- Does this get reduced from revenue, or would it continue to be added in other expense? How does the accounting work, typically? Right now, we have made it as a provision. It is in other expenses only, because revenue is separate with all other expenses. Got it.
Thank you, and all the best. Thank you.
Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Next question is from the line of Sonal from Prescient Capital. Please go ahead. Sonal, your line is unmuted. Please go ahead.
Yeah. Hi, this is Sonal. Am I audible now?
Yes, you are audible.
Sir, my question is with regard to this litigation we're having with Google. Just wanted to understand, you mentioned to somebody's questions before me, that roughly 35% of your top line comes, is linked to Google. Just wanted to understand the materiality of the impact if this expense was to be regularized, how much margins basically would be shaved off, as you said?
Yeah. Like I alluded to earlier, because it's an ongoing litigation and there are various sensitivities involved, and there is a service fee involved.
Mm-hmm.
Like, there are various rates, the DD is not, like, very straightforward and all of that. We have provided on a best estimate basis for the quarter, what we believe is right. Okay? What we have mentioned is, if we continue to provide for the next quarter as well, in spite of that, our profitability will be higher than what we achieved in Q2 of FY 2023.
We've also mentioned that mainly the other expenses increase is also because of, you know, the Google case, what we are pursuing. Because of all the sensitivities, we are unable to, you know, give you exact amounts and all of those things. Once the case becomes a little more clear and there is some more direction on it, because as you, as you have seen, we made already couple of stock exchange disclosures. It is changing very dynamically.
The plaintiff was rejected. We have filed an appeal. The appeal is coming for hearing soon. It can go into, you know, various stages as we go along. Therefore, because of the sensitivity, we are now saying, you know, we are giving you broadly what we believe will be a profit guidance, in spite of including the Google provision. Obviously, if the Google provision is not included, it will definitely be higher.
It will be higher.
Yeah. Also, the case is a multiple forum, because of CCI also. CCI already given the verdict on this one, again, this is also been disputed by the Google and all. Once again, the, the, the players will start all the, the, you know, the, the, the people who are with the You know, filed with CCI also once, once again went back to CCI, you know, kind of, in our view, that Google has been not following the CCI orders, which mentioned that, you know, Google should not be allowed to arbitrarily in terms of the Google billing choice. Anyway, this case is a multiple one.
Yes, sure. Sir, I have a second question. Any specific subjective guidance on the billing, which has gone up by 2.9% quarter-on-quarter, and this one, 9% Y-o-Y? Is this low? Is this quarter-on-quarter growth low, or is this like kind of a seasonal number, and this number will ramp up as we go further in FY 2022? If you could just guide a little bit more subjectively on that.
Yeah, definitely. Well, the Q2 is a normally seasonally low quarter, but actually we see that on a year-on-year growth, we're definitely inching towards a double-digit growth, thanks to the various steps what we are taking, various initiatives what we are taking. Yeah, just want to add, the number you are seeing is 2.9% quarter-on-quarter is on billing.
Mm-hmm.
If you see revenue, right, in matchmaking, our momentum has improved considerably. Like, for example, it has improved 8% quarter-on-quarter growth, so which is almost like a high single-digit sort of number on revenue.
Mm-hmm.
That's a good number or that's a good outcome for quarter one. Obviously, the consolidated billings of INR 2.9 we're saying also has marriage services, which sort of, you know, came down a bit this quarter because of various measures we are doing and creating a better ecosystem. But on matchmaking, I think the revenue momentum has continued reasonably well on a quarter-on-quarter basis.
Got it. Okay. Thank you, lot. That's it from my side. Thank you.
Thank you. Participant, to ask a question, you may press star and 1. Next question is from the line of Jana N, individual investor. Please go ahead.
Hi, thank you everyone for the opportunity. My first question is that, is there any long-term plan foR uncertain to enter the new markets like which we entered recently, Bangladesh? In the long term, not in the near term, like, let's say 5 to 10 years down, down the line.
Okay, what are the next question? Is it any other question? You said a couple of questions.
Next question is that, a simple one. We enter the marriage services like Mandap.com. Similarly, are we have any plans to launch new services in the long term, let's say, 5-10 years span?
Yeah, we definitely know, like, Bangladesh, we know. Yeah, we entered Bangladesh. Bangladesh is definitely one of the leading player there. It's a small at this point of time, but we definitely look at the opportunity.
We actually look for, you know, look for various opportunities, various markets to enter. We continue to evaluate those opportunities. Like Mandap.com, yes, we continue to expand our offering and continue to look for opportunity within services. Then if opportunity is appropriate, timing is appropriate, when we are ready, we'll, we'll continue to expand into those opportunities.
Okay. Just to ask a follow-up question, do we have any market research team internally or just... How, how it will be tracked?
Which one? Market?
Market, sir. Let's say, if you want to enter new market, after 5 years or new service, like Manda, after 5 years, are we have any internal market research team or how do you arrive at that point?
There are various ways. There are team, your internal team, your internal leadership team. we have a people, leaders and, you know, sufficient signal to decide, based on the decide, you know, which market or which business to enter.
Okay. All right. Thank you. Thank you. Thank you.
Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Participants, you may press star and one if you have any question. Next question is from the line of Anuj Sharma, M3 Investment. Please go ahead.
Yeah, thank you. I don't know if this was answered, but our ATV, ATV has come down this quarter. What's the trend out there?
The ATV is a combination of various things. It has basic packages, it has personalized packages, it has even Jodii, which is at the lower ATV. It depends on the combination of all these packages that the ATV is a derived number.
The second thing is, we don't have a target ATV. ATV is an outcome. What we do is we believe that on a daily basis, what, you know, based on all our analysis, we have to charge a particular number to a customer, and we have methodologies to determine that based on our inferences. That's how the ATV is an outcome. We don't have, like, a target ATV that we measure ourselves on. It is also a resultant of all the segmentation strategies that we have. The ATV is at a particular level.
We are not very disturbed or whatever, that, you know, the ATV has come down. One quarter, it may come down. If you see the last 7, 8 quarters, it has always been in a particular range, and the reasons for that are because of that. However, I think it is more than the ATV, it is actually good to see the paid subscriptions. If you see whatever we are doing, the paid subscription is growing, growing at 11.5% year-on-year. Which also means that, you know, whatever strategies we are adopting on the ATV, on the segmentation and all that, it is working on the paid volume spaces. I think that is the way to see this whole track of ATV.
All right. That's, that's helpful. My second question is on EliteMatrimony. How, how is it shaping up and what is the proportion of revenues now EliteMatrimony is contributing?
EliteMatrimony is one of the lowest in terms of segment, in terms of business, but again, it's sort of fairly doing well. You know, thanks for... Sorry, because of competition reason, we don't give a specific revenue of EliteMatrimony, but definitely we are, we are looking at some of the, the growth opportunities.
Okay. One more, if I may question. The marriage services, we have been putting a lot of efforts. You know, when do, when do you expect benefits from those efforts to show? You know, which will be, I think, the marriage season will kick in later. Do you expect marriage services to be ready with the bouquet of offerings, or it will still take some time? Thank you.
We are still making some changes on the wedding services. Our, our plan is to actually achieve a sales breakeven sometime this year. We are working towards updating. In fact, there are some other changes, why some drop in the revenue, as I making some changes.
We are sort of fairly confident of getting into a sales-based breakeven even maybe on a monthly basis, before the end of this financial year. I think that's the goal we're working towards it. Also to, you know, work on what are the strategies for, you know, driving the growth and for ground deliveries. The immediate thing, the, the plan for this year is, as I said, get to the, sorry, achieve the sales breakeven.
Okay. Okay. All right. Thank you so much. Thank you.
Yeah. Thank you.
Thank you. Participant, to ask a question, you may press star and one. Next question is from the line of Kunal Shah from Carnelian Asset Management. Please go ahead. Mr. Shah, your line is unmuted. Please go ahead.
I think we are not able. Yeah, it looks like we are, we are challenging.
There is no response from the line of Mr. Kunal Shah.
Again, some connection issue.
A reminder to the participant, anyone who wishes to ask a question, may press star 1.
If there are no further questions.
There are no further questions, I would now like to hand the conference over to the management for the closing comments.
Yeah. Thank you. Thank you, ICICI, for hosting this call, and we look forward to speaking with you during the quarter. If you have any questions, please do write to us. Thank you. I think Mr. Anuj Sharma on the phone.
We, we have one last question from the line of Mr. Anuj Sharma from M3 Investment. Please go ahead.
Yeah, thank you for taking me out of this queue. See, one question on this litigation with Google. We see, you know, I think a lot of people or other service providers will also be affected due to this particular charge. Now, do we see... It, it, it seems more like an individual fighting versus a company. Do you expect more and more companies to join together against this, or it will be more of an individual-driven fight?
No, it's a lot more companies. Almost around 20-25 companies are in this fight. Even Meta, they put almost in 15-20 companies that joined the fight. Apart from that, you see the OTT players also went to CCI. I mean, it's affecting a good number of companies because it is about all the companies selling digital goods and services.
That includes the matchmaking, dating, product, EdTech companies and media companies, OTT players. So, so many companies are getting impacted. Even there's a company, Universal Group. Yeah, so there are many companies are part of this group because it's sort of, selecting people offering digital goods and services.
Affecting lot more companies, so it's, definitely, if you call it Google tax, taking a certain percent of revenue, with, so which we've been fighting on, but it's not one company.
All right. That's, that's useful, wish you all the best. Thank you.
Thank you so much.
Yeah.
Thank you very much. If no further call, thank you, to ICICI for hosting this call. Thank you, Abhisek Banerjee, and all the participants and the investors, and I look forward to continue staying in touch. Thank you so much.
Thank you very much. On behalf of ICICI Securities, that concludes this conference. Thank you all for joining us. You may now disconnect.