Q4 20/21

Jun 21, 2021

Quarterly report

Hi, everyone. We will be starting now. I'm Anubhansal along with my colleague, Vivek Agarwal, will run this call. Vivek, over to you. We have 160 people, and we can start now. Thanks, Anand. Hi, everyone. Good afternoon. Welcome to InfoAzidia Limited Q4 'twenty one and full year twenty twenty one financial results call. As a reminder, all participants' line will be in listen only mode, and there'll be an opportunity for you to ask question after the presentation concludes. Please note that this conference is being recorded. Joining us today from the management side, we have Mr. Sanjit Chandani, Founder and Vice Chairman Sridesh Shogaray, Co Promoter and Managing Director and Mr. Sridharan Dhakkar, Chief Financial Officer. Before we begin today, I would like to remind you that some of the statements made today in today's conference call may be forward looking in nature and may involve risks and uncertainties. Finally, refer to Slide number two on investor presentation for detailed disclaimer. Now I would like to hand over the conference to Mr. Hitesh for his opening remarks. Thanks. Thank you, and over to you, Hitesh. Thank you, Vivek, and good evening, and a warm welcome to everyone for our fourth quarter and annual results conference call for FY twenty twenty one. As always, we'll start with the overall financials and then cover each business in more detail, and then we'll have Q and A towards the end. The audited financial statements and other schedules on segmental billing revenues, etcetera, along with the data sheet have been uploaded on our website, www.infohed. So let's move on to the stand alone financials. Billings in Q4 were INR415.7 crores, up 25.2% year on year. FY 'twenty one billings stood at $11.50.7 crores, down 9.3% year on year. Revenue in Q4 was INR $2.90 crores, down 10.2% year on year. FY 'twenty one revenue stood at INR 1,098.6 crores, down 13.7% year on year. Operating expenses excluding depreciation and amortization for the quarter were INR236.8 crores, up by 4.7%. And for FY 2021, expenses stood at INR 821.1 crores, down 5.6% year on year. Operating EBITDA for the quarter stood at 53.2 versus INR 96.5 crores last year, a decline of 44.9% year on year. And FY 'twenty one operating EBITDA stood at INR 277.5 crores, down from INR 402.7 crores last year, a decline of 31.1%. Operating EBITDA margins for the quarter stood at 18.3% compared to 29.9% in Q4 of FY 2020. For FY 2021, margins stood at 25.3% versus 31.6 last year. Cash EBITDA for the quarter, however, rose sharply by 68.3% year on year to INR179.5 crores. Cash EBITDA for the full year stood at INR331.6 crores, down 16.6% year on year. Deferred sales revenue stood at INR520.8 crores as of thirty first March twenty twenty one versus INR465.6 crores as of thirty first March twenty twenty, an increase of 11.9% year on year. And the cash balance in the IEIL group as a whole stands at, INR 3,592 crores as of thirty first March twenty twenty one as against INR $15.51 crores as of thirty first March twenty twenty. Key snapshots for the quarter. Q4 saw a sharp revival, both in terms of traffic and billing across all our verticals, all our operating verticals did very well in Q4. Billings in the recruitment vertical experienced growth, across most industry segments, but less especially by IT and IT mobile services. The growth in the underlying operating metrics signals a strong revival in the recruitment sort of space. In '99 Acres, traffic grew handsomely in Q4 across all our categories, residential, commercial and new launches. However, with the onset of the second COVID wave in Q1 twenty twenty two, we witnessed a sharp drop in 99 acres in terms of traffic in April and May. Since then, the traffic has recovered in the month of June. In Jeevan Sathi, we continue to invest in brand and marketing and user experience. The higher growth rate in both in terms of volume and value gives us the confidence to continue investing in the business for the next few quarters as well. Shipyard traffic gains over the last eighteen months are now getting translated into higher revenue growth. We continue to invest in improving both student engagement through comprehensive we continue to invest in improving student engagement, both through comprehensive content and more user centric product offerings. Moving on to the consolidated financial highlights for the quarter. At the consolidated level, the net sales for the group stood at INR 296.5 crores versus INR 327.6 crores for the corresponding quarter of March 2020. For the consolidated entity at the total comprehensive income level, there is a gain of Rupees 309.4 crores versus Rupees 115.2 crores from the corresponding quarter of March 2020. PAD for FY 'twenty one at a consolidated level stood at Rs. 1,108.8 crores versus a loss of Rs. 245.7 crores for FY 'twenty. This includes an exceptional gain of Rs. 1,134.2 crores as opposed to a gain of INR 182 crores last year on account of notional gain arising from fresh infusion by other investors and our JV associate companies such as Sumanto and PolicyBizar, etcetera. Moving on to business wise results, we'll first discuss Recruitment. In Q4 twenty twenty one, Recruitment segment billings were at INR 297.9 crore, up by 22% year on year, while revenues were INR 198.6 crore, a decline of 13.9% year on year. Operating EBITDA stood at INR99.3 crores, down by 24.3% year on year. Margins were at 50% versus 56.9% in Q4 of last year. For the full year as a whole, our recruitment billing was down 11.9% to INR 806.9 crores, while revenue declined by 15% to INR $7.71 crores. For the full year, EBITDA margin stood at 55.4 compared to 55.6% in FY 2020. And cash EBITDA for the quarter, however, in recruitment for the recruitment business stood at INR198.9 crores, up 7% year on year. NOCRE had a strong sort of we saw a strong performance in Q4 and improvement in NOCRE India with 22% year on year Y o Y growth in billings with March billings growing at 54% year on year. Overall, we saw secular growth with an increase in billings in platform usage and the number of customers across most segments, including IT and ITES and Consultants, which together account for over 50% of the NOK 3,000,000 top line. We saw a sharp upswing in job seeker metrics as well on the platform. New CV registrations per day stood at Rs. 16,000 sorry, 16,000 per day, a growth of 25% compared to Q4 of last year. Average e modifications per day also reached a record high of 512,000, a growth of 21% year on year, and 41% in March 2021. Recruiter engagement with the platform improved further in Q4, majorly led by IT, Healthcare and Pharma industries. We redefined our marketing strategy for the quarter with very limited expense as per the current business environment. At the same time, we also managed to maintain our market share of 50% plus in the country's traditional online classified recruitment business. Moving on to I'm Jobs and High Risk, Not included in the stand alone numbers, I'm Jobs reported a billing of INR10.3 crores for 2021. This is a growth of 54.9% from 2020. For the full year, FY 'twenty one, I'm Jobs and HiRIST added 4,300 new customers. And EBITDA for Q4 twenty twenty one stood at INR 1.6 crores, up from a loss of INR 2.3 crores in 2020. And cash EBITDA for Q4 for I'm Jobs stood at INR 5.4 crores. And for the full year, EBITDA was INR 6.3 crores. As some of you may already know, we announced and completed the 100% acquisition of Bangalore based Vayam Digital Private Limited this month, which is this month as in June. ZYAM is engaged in business or in the business providing SaaS based sourcing and screening recruitment solutions and providing end to end recruitment solutions with configurable play and play plug and play modules. Zuayam revenue for FY 2021 stood at INR 6.46 crores for the full year. The acquisition of Zuayam will leverage our strength in distribution and complement and supplement our RMS offerings. Moving on to the real estate vertical, 90 Acres. In 99 Acres, billings in Q4 stood at INR71.7 crores, a growth of 41.5% year on year, while revenues stood at INR50.1 crores, a decline of 11.1% year on year. For FY 2021, Ling was down 13.6% compared to FY 2020 and closed at INR184.8 crores, while revenue declined by 23.8% and we closed the year at INR173.8 crores. The operating loss for the quarter, stood at INR15.6 crores, while EBITDA for the full year stood at a loss of INR22.2 crores against a profit of INR8.4 crores for the last financial year. Cash profit for INR99 Acres during the quarter, however, was INR5.7 crores against a cash loss of INR3.8 crores last year. In Q4 at 99 Acres, new homes, resale and commercial showed strong sequential business recovery compared to Q3. Rental recovery was a bit muted though. In Q4, our expenses were higher by 20% due to increased brand marketing spends and the launch of a new marketing campaign. Daily Fresh owner listings posted on the platform grew 14% year on year in Q4. Recovery in broker listings lagged a little, behind the recovery in owner listings. All India brand top of mind share continued to be strong and traffic in, Q4 grew 11% quarter on quarter and year on year. And our responses on the platform, grew at an average of about 35% in Q4 versus Q4 of last year, responsibility inquiries to, listings. Going forward, we expect the share of online in the overall spend to advertisers and meaning developers and brokers, to go up further post the second COVID wave, subsiding and lockdowns easing out as advertisers further realize the inherent cost efficiency of digital versus print media and coatings. Post once the lockdown restrictions are fully removed, we expect to see a broader recovery on all fronts listings, traffic, inquiries and revenue. Like I said, April and May were for Nyan Necars, were affected, because of the lockdown, and because of COVID-two. Since then, traffic has bounced back in the month of June, but we'll have to wait and see what happens going forward. We continue to invest aggressively in improving our core platform experience in all our businesses in all our business segments within The Americas to strengthen our competitive position further. Moving on to the Machinery business, Jeevan Sathi. In Jeevan Sathi, billings grew 12.2% year on year in Q4 to INR26.7 crores, and revenue grew 14.4% year on year to INR25.9 crores. Operating EBITDA losses stood at INR21.4 crores in '1, up from a loss of INR18.8 crore last year. FY 'twenty one billing grew by 15.2% year on year to INR100.4 crores for the full year, up from INR87.1 crores in FY 2020 and revenue grew to INR96.9 crores from INR84.7 crores in FY 2020, an increase of 14.4%. FY 2021 EBITDA stood at a loss EBITDA loss stood at INR 95.6 crores, against a loss of 62.2 crores in FY 2020. Cash loss for Jivunsati during the quarter stood at INR 21 crores, up from a cash loss of INR 18 crores last year in the same quarter. In Q4, growth momentum continued despite the slowdown in March due to rise in COVID cases. The key differentiating features in the platform like online verification, video calling and video based online meetups kept driving user engagement and the app rating on the Google Play Store continue to be one of the best in the category. Given Qadhi continues to consolidate its position as it gets into positional strength in the Hindi speaking markets. Moving on to education vertical, siksha.com. In Q4, billings in Shiksha grew 45.1% year on year to INR 19.4 crores, while revenue grew 16.8% year on year to 15.4 crores. In FY 'twenty one, billing and revenue grew twelve point seven percent and six point nine percent, respectively, and stood at INR 58.6 crores and INR 57 crores, respectively. EBITDA stood at INR30 crores versus the loss of INR1.4 crores in Q4 of 'twenty. Full year 'twenty one operating profit stood at INR4.1 crores versus a profit of INR1.2 crores FY 'twenty. Cash profit for the quarter stood at INR4.3 crores, up from a cash loss of INR1.2 crores in Q4 'twenty. We are continuously putting more and more efforts to get more and more relevant content on the platform. Talking about our strategic investments, our investee company Zomato has filed a DRSB with SEBI seeking approval for a proposed IPO. Thank you. That's all from us. We are now ready to take any questions that you may have. Log in in q and a session. Anyone who wishes to ask question may raise your hand on the screen. We'll take your name and announce your turn in the question queue. The first question is from Pankaj Kapoor from CLSA. Pankaj, go ahead and ask your question. Yeah. Hi. Thanks for the opportunity. I have two questions. First, on the bookings, especially in the recruitment business, does it also have some element of price increases? Or was it all volume led? And if you can quantify the price some point if there is one. Second, on the cash balance, you still have almost the entire fund that you raised last year from QIP in the books. Plus in the next few months you will probably get another INR $7.50 odd crores from Zomato IPO. So how are you thinking about it? Do you plan to keep it for some more time and wait for a larger acquisition? Or maybe change the investment aside and move for late stage funding? Or are you contemplating maybe even returning it back to the shareholders? Any color on your thought process there would help. Thank you. Yeah. Let me answer your first question. See, we Q4 saw a broad recovery in recruitment. We got a lot of new old customers back into the system. Customers were not renewed earlier. We were, of course, able to upgrade our existing customers also because recruitment actually picked up in Q4 in a lot of segments. So normally, what happens when activity also picks up is that you tend to give lower discounts. So while so that may have also helped to some extent. Did we take a very aggressive price increase in the quarter? The answer is no. We did roll out some new products for a certain set of customers, but that contribution of that to the growth in Q4 was minimal. To answer your other question on resource allocation and so on, and what we intend to do with the cash, well, see, our strategy remains the same. We continue to invest in different sort of parts of our The four businesses internally, of course, not generating a lot of cash, but we continue to invest we want to invest aggressively going forward in both Jeevan Sathi and 99 Acres, and if required, in Shiksha as well. We have been making a lot of investments in adjacent areas. We acquired Swam, for example, this quarter. We would like to do more such acquisitions, going forward in the spaces in which we operate. So that's the second bucket in which we are investing. Mostly InfoEdge, AIF continues to invest aggressively in startups. And, yes, we are, we will continue to scout for bigger acquisitions as well. But, you know, there we are likely to acquire maybe one company every, like, you know, two or three years. So we continue to analyze and, look at, all opportunities in all the space we are operating today, jobs, real estate, matrimony, education. And if we, find something interesting and which is also available at the right price, then of course, we will sort of press forward with it. So to answer your question, I mean, the idea right now is not to give cash back to the shareholders, but to utilize it for growth in all the sort of various buckets I mentioned going forward. The next question is from Parnamb Kshatriya from Edleweiss. Pranav, go ahead and ask your question. Pranav, you are Yes. Thanks for the opportunity. My first question is regarding this pandemic and the Phase two of the pandemic. Has there been any impact on Mokri business for non IT verticals because of this? And for other verticals, if you want to call out for any specific impact which has happened? Yes. So surprisingly, COVID-two has had no impact on the overall Nokri business. In fact, you were taken a bit by surprise. It impacted the 99 acres business, like I said, because the lockdown meant that people could not go out to look for houses, but hiring has moved online. Hiring is now all digital. Interviews are happening at home. In fact, it's become easier to hire now because you don't even need to travel for an interview. So COVID two had no impact on our has had no impact on our fleet till now. Even job seeker metrics continue to be healthy. Recruiter metrics continue to be healthy. Of course, there was lull in hiring for some time in between because maybe there was a point in time when, you know, the entire a lot of recruiters were down with COVID, a lot of, you know, candidates were down with COVID. But on the whole, you know, we've not seen any major impact of COVID two on hiring at least on our business. Yes, hiring has been mostly IT and ITES led. That part of our, those sort of segments or those industries have grown, grew much more rapidly for us than the non IT sectors, which would impact a lot more, which have been impacted a lot more by COVID. Okay. Thank you. That's it. The next question is from Sudhir Guntapalli from ICIC Securities. Sudhir, go ahead and ask your question. Yeah. Thanks, Satish. Just want to check if you want to call out any one offs or so in employee expenses or other expenses during this quarter, because it looks tad higher than our usual run rate. Well, you know, we gave an increment to some employees in, I think, the second half of last year. So partly, maybe that. And partly, see, we were not expecting, you know, the company will do so well in q four. So almost all our sales teams met and exceeded their targets. There was a maybe a huge variable payout as well, in Q4. So that may have accounted for the part of the increase. So is it fair to understand, I mean, is it a fair understanding that, this would have otherwise been spread out over four quarters and probably it would have gotten accounted for in only one quarter? Not over four quarters because, see, the salary increase is what it was. I mean, we bought I mean, most many people in the company got a salary increase. And, you know, what you saw I mean, what there is only the salary increase for that quarter. And also, you know, the the variable payout is also only for that quarter. It's not as if the, you know, there was a variable payout which was made for the entirety. But, yes, you know, peep because the way our variable pay play, pay plan works is that if you exceed your targets, you end up making a lot of variable. So most people must have made 110, 120, 130% of what, their target was. On the other hand, in the previous quarters, because most people ended up making less than doing less than their target, they may have ended up with 7060%, 80% of what was their targeted variable. Yes. May I just add to that, just to help you understand it better? So when COVID first came in March 2020, right, and the economy virtually shut down, we did not let go of any people in April 2020, but we deferred the increments, right? And those increments were given, I think, in December, if I'm not wrong, if I'm correct. But they were not given retrospective effect. When were they given to them? December 1, Navi gave. December 1. And they were paid prospectively, not retrospectively. And therefore, that tended to depress the people payouts in the first nine months of the financial year because we were unsure what will happen. And when business began to come back, we gave the increments, but prospectively. So the increment that should have happened in April actually happened for some people in December. And for some people, it didn't happen in December. We were being very cautious. Yes. Yes. Got it, sir. And It is just one more question on recruitment. You alluded to the fact that surprisingly, it had no impact on COVID second wave had not much of an impact in the June also. So is it fair to expect that we have been seeing a period of depressed white collar hiring in the country for some time now even before the start of COVID and over the last twelve to fourteen months also? So is it fair to expect that we are kind of looking at a strong recovery in the white collar space? And probably one of the green shoots of that is the fact that despite such a lot of panic and fear around second wave, it has not really impacted our March earnings. Is that a fair way to look at it? Hard to say what is going to happen going forward. But what I hear from anecdotally from our sales team and what we are seeing in our company also, if there is any indication, know, hiring in at least of people with digital skills and IT skills is back to the bank. Right? I think the digital transformation story is playing out as we speak. And every company wants to add digital talent. And attrition rates are moving up across companies. Salaries are going up, like crazy, for people with the right skills. Now this is not happening in all parts of the economy. Like I said, it's only, you know, in some parts in some some some industries is where we are seeing this. But, you know, so, I don't know if this is gonna sustain, But right now, it's almost impossible to hire, you know, people in this market. It's that bad. If you have if, you know, in the digital sort of world. In the non digital world, I mean, things are not as loose. Got it. Just one last question. So maybe an extension of one of the previous questions. We already have around INR 3,600 crore cash on the balance sheet, maybe more than sufficient for any of our future M and Aearly stage investment options. So how do we look at the monetization plan from let us say a Zomato listing standpoint? Are we going ahead with that monetization of that stake? Or because we already have INR 3,600 crore kind of cash on the balance sheet, what is the thought process behind monetizing that stake in Zomato at this juncture? See, just one point I want to make you, 3,600 crore is not a lot of money in the digital world anymore, Right? You routinely head of companies in the digital world making $203,100,000,000 dollar acquisition that will be, right, of companies you've not even heard of. So I'm just letting you know that if you want to make a big acquisition, this money may not be enough. Now Sanjeev can talk about what we want to do on the Zamata's sake. Sanjeev, you're on mute. Sorry. Look, it's then the DRSP that we will monetize up to INR750 crores worth of stock. We stay with that as of now, up to INR750 crores. We will, of course, the final the RSP that we filed, and let's see what happens there. Next question is from Satvik from Pugilin Fund. Satvik seems dropped out, so I'll take next question. Next question is from Vivekananda Subramanian from Ambit Capital. Vivekananda, ahead and ask your question. Hi. Thank you very much for the opportunity. I have a couple of questions. One, Yves, you mentioned about a month, month and a half back that large part, I mean, percent, twenty five percent of your employees were also impacted by COVID. So does this second wave, the suddenness and the sharpness, does this change your outlook towards just having one office in NCR? I mean, would you want to change the way you operate? That's question one. Secondly, with respect to the previous question on Novato, Sanjeev, I heard that you mentioned there is an option to monetize up to INR 7,500,000,000.0 worth of sales. INR $7.50 crores, I said. Right, $7.50 crores. So does this necessarily mean that we will need to go ahead with it or could we potentially not sell? I mean, we have no further announcement to make on this right now. It's in the DRSP that we will monetize up to INR $7.50 crores. Let's see how the IPO proceeds. So I don't know if I got the first question, right? But basically, you were asking whether we will intend to go back to working from one office in Noida, right? No. My question was more about your operations being being focused on one city, right, NCR. Right? I mean, most of your over you know, central team sit there. Is there a plan to possibly change the way you operate given given how badly NCR was impacted during the second wave. I'm just asking the same question that I asked some time ago on tech hiring being so difficult in NCR probably. Will you consider being operating from other cities like Bangalore, Pune? Got it. Got it. So listen, so we have close to 4,005 employees, and many of our, the employees we have are in sales roles. So we have sales of over 40 cities. So I think close to 1,500 people or maybe 1,200, 1,300, 1,400 people operate out of these cities, right, and these offices in these cities. In NCR also, we have multiple offices. We don't operate on a one physical location. Of course, for the last sixteen, eighteen months, we've been operating from home, that is what we intend to do for the next few months as well till, you know, this sort of COVID is behind us. It's had no impact on our business. We are doing okay. We saw no we see no reason to go back to working from office in a hurry. Right? Will we hire remotely? Answer is, maybe yes, because, this the way we are working seems to be working out well for us. Now will we be very will we be very aggressive about remote hiring? Maybe no, to start with, but we will experiment for sure, you know, with with remote hiring. Take Zuayan, for example, the company we acquired, they based out of Bangalore. So now we have a base in Bangalore as well, right? So if you want to expand our operation in Bangalore, we can always add more people in Bangalore. Okay. Understood. Thank you. The next question is from Neha Raffneja. Neha, go ahead and ask your question. Thank you so much for the opportunity. So my questions are in line with the online matchmaking business that you have, Jeevan Sathi. So where do you see the business going forward from here? And, do you see the business being profitable in the coming years? And what are your current marketing spend? The plan is to keep growing Jeevan Sathi at 20 plus per annum for the next few years. And now this will require investments, substantial investments in marketing if we have to gain share. So we believe that we'll have to keep investing in in the business, and mostly marketing for the next, three, four years at least. So, you know, so that that's that's that's the that's the current plan. I mean, last year we lost INR 60 crore 90 crore before year before last we lost INR 60 crore. Going forward also we may have to, because the market is very competitive, we are number three, number two in the North, but number three nationally. If we have to gain share, then we have to match the marketing spend of our competitors, who today are spending INR120 crores, INR130 crores a year on marketing. So, if we have to gain share, we'll have to spend at least that much if not more. Do you have plans for consolidate do you consolidations in this market? And where do you see yourself? No. It's a three player market, unfortunately, and therefore, no no player makes a lot of money. And we are all fighting each other, and the prices are also suppressed. Pricing is also depressed. So, you know, ideally, it makes a lot of sense for, players to come you know, to sort of come together. But whether it's doable or whether in the neck in the next one or two years is hard for me to say. I mean, we are open to the idea, but it may or may not be practical and feasible. And will you be on the buying side or the Yes, yes. We would rather buy themselves. Okay. Okay. Thank you so much. Thank you. You. Next question is from Krishna from Capital Mine. Krishna, go ahead and ask your question. Yes. Hi. Good evening and thanks for the opportunity. I just have one question. On our balance sheet, we have 2,329 crores categorized as other financial assets. So can you throw some light on what these assets are actually? So these are these are the have these aligned with the banks more than one year with original maturity. So one category is up to three months, second is three to twelve months, and third category is beyond one year. Okay. So these are essentially FDs only? That's right. Great. Great. Just any and, Hitesh, any light on PolicyBazaar IPO? When can we expect it? Maybe year end or next year? Senthal, you want take that? So PolicyBazaar is preparing themselves for the IPO. When they will have? I think that's little far off. Board has not really approved any plans. But we can certainly tell you that they are preparing for it. And as you know, that IPO preparation takes its own amount of time. So I think we are going through that. So as and when we are kind of ready for that and the RSP is filed, I'm sure there will be an announcement on that. Thanks for the opportunity. Yes. The next question is from Mehend Babla from Dallahal and Prussia. Mehend, go ahead and ask your question. Thank you for taking my question. My first question is about the other expenses. Quarter on quarter, there's been a sudden spike from INR 15.7 crores to INR 22.5 crores. Could you please explain that? Sorry, basic other expenses? Yeah. On the stand alone basis. Sorry. I missed the question. The other expenses line, the increase That's in the stand alone business. Yeah. Understand. Yeah. Quarter on quarter increase. Your question, other expenses have gone up substantially compared to last quarter. Yeah. Yeah. Okay. Hello? Yeah. Yeah. Just give us a minute. Yeah. So can I go ahead with the second question today? Yeah. Yeah. Please go ahead. So, Hitesh, my question was around like, for for us, Zomato and PolicyBazaar, it took, you know, eight to ten years of patient capital to, you know, become so big. Over the next now going ahead over the next, you know, eight to ten years or fifteen years, which segments or which sectors are you seeing, you know, potential and or or where you can where you're seeing it can be the next Zomato world, policy result? Sandeep, you're on mute. I take that question? So look, we don't do it top down. We don't do sectors. We don't we prefer to see companies and entrepreneurs. And if you like something, we invest in it. So we'd like to see what's bubbling up. We do it bottom up. We believe that's the best way to invest as opposed to pre deciding, hey, we've got four classified sectors. We don't have automobile. We got to do it. That's not the way we do it. Okay? Now if I talk about companies that are promising, I think in the direct investment and invoices made from its balance sheet to its subsidiary balance sheets, there are, I think, two or three companies that are looking promising, right? But of course, they are much, much smaller and much, much less valuable than Zimato and Palisibula right now. So these would be a Gramophone, a Shop Tirana, a ShipSea, a business, right? We are hopeful that one or two more may emerge, which will be really valuable. But look, with early stage, you can't say for sure. We would love all five or six to make it. But our past experience tells us that, look, if you've got six promising, in all likelihood, not all six will make it. So wait and watch. We continue to support continued investment, need to work with them. As far as the AIF portfolio is concerned, that's very, very new. So it's too early. It's still emerging. But yes, we've got some promising investments there also, but it's emerging. As far as the investments in the strategic spaces are concerned, which is investments in jobs, in real estate, in matrimony and in education classifieds, the consideration there is not necessary to build unicorns or invest in unicorns and have this great financial upside there. I think a big part of that intent would be to complete your offering to build your moat to tackle the new segment. And so you've got to look at it from that strategic prism. So for example, acquisition, on its own, may or may not become a unicorn or a separate business, but does it complete the offering of Nokri? For example, does it make your job listings product much more useful because it's enterprise response management service? Maybe it does. What does I'm Jobs do? Does it compute a gap in your portfolio? Yes, it probably does. Now will it become a 1,000 floor business on its own? May not be. But does it cover a gap in the market with the most round of Nokia? Answer is yes, possibly. So the prism for evaluating strategic investments is different from merely valuations. Thank you, sir. Other expenses have increased because of CSI spend, and which has also for bad debts basically, primarily. Okay. Thank you so much. Thank you. And next question is from Kaushal Shah. Kaushal, go ahead and ask your question. Hi. Am I audible? Yeah. Go ahead. As do you look any competition coming from LinkedIn or any big thing in professional networking in your recruitment vertical? And again, one question. As Hitesh said that you are not willing to give back any money via dividend, so any bonus on bonus plans on your list? Thank you. See, LinkedIn has been around for maybe twelve, fourteen years. We've been competing with LinkedIn. Has anything changed on that front? Has anything material sort of happened on that front, which we would want to report? The answer is no. We continue to compete with LinkedIn like we were competing. We've been competing for the last few years. Oh, okay. And that one As as far as bonus issue is concerned, look, you know, we haven't discussed it really. But, my personal sense is that, look, you are we will be prepared to give a bonus when your EPS is high enough and there's predictability. Now given COVID and the uncertain environment, there isn't so much predictability and therefore which is why we haven't considered it so far. It's not even discussed. Okay. Okay. Thank you. Next question is from Vivekananda from Ambit Capital. Vivekananda, go ahead and ask your question. Hi. Thank you for the follow-up opportunity. Hitesh, Sandeep, would you like to share any update on the recruitment areas or segments where we are not that dominant, especially the non IT side or BFSI? And if you could give us a bit more qualitative color on the kind of customers that I'm Jobs and Iris have signed on? That's question one. Second, we were talking about the management reorganization, think, in fiscal 'twenty and or mid of fiscal 'twenty mid of fiscal 'nineteen with respect to the real estate vertical where we wanted to focus on few new revenue segments. Any update on that? Yeah. So let me take your questions question on I'm jobs and high risk and segments where we are not as strong. See, basically, NOCRI is a dominant player across segments. So whether it's IT companies or non IT companies, every company uses NOCRI to hire. IT companies, of course, hire a lot of people and they see a lot of lot more value in NOCRI. A lot of hiring is skill based. But where Nocree, and when when LinkedIn comes in, where LinkedIn is sort of used for more passive hiring, you know, hiring of seekers who are not looking for a job, where Nocree used to be used more for active job seeker hiring or of job seekers who are looking for jobs. And that continues to be the case. Now where, IIM jobs, made some inroads, was in management hiring. So hiring of, you know, management graduates in good institutions, premier institutions, Which companies, like, for example, if you take some of the top companies in India, they hire a lot of, people look at the best, sort of b schools they hire from those schools. They hire they do a lot of campus hiring. They hire very high quality talent from the IMs, from, you know, the other sort of good business schools. And that's where Nokia was lagging a bit because, see, while Nokia had all these jobs and they had all these job seekers, you know, some of the because we had a lot of them, the premium guys are getting lost, right, on on the platform. And IIM Jaws had built a good brand, in this segment. So we managed to use IIM Jaws to get a lot of these customers who are not using Nocree aggressively for hiring this kind of talent into our fold, Right? That's been the effort till now. Hyris is still tiny. Okay. Hyris is still very, very small compared to I'm job and compared to Noffri. It's a but it's emerging as a as a decent tech brand. Again, our intent, our intention will be, when we love to see how it plays out in real life, will be to position Hyris as a premium tech hiring brand, unlike Noffi, which is which is like a mass tech hiring. So that let's see how that goes early days on that front. That's the second part of the question. Second was on, I think, 99 acres re management reorganization. Yeah. Yeah. So we are, you know, so what we've, you know, earlier, we used to look at 99 acres as one business with one team managing everything. So, you know, over time, we realize that we are actually in maybe three or four different verticals in the real estate business. So the jobs the retail vertical is very different from the commercial vertical, which is very different from the new home vertical, which is very different from the rental vertical, right? So what we've done at least for the time being is we've reorganized the product team at least. So we have separate teams working on each of these verticals. So separate platform teams for each of these verticals. We are now moving towards reorganizing the engineering team also, platform wise or vertical wise. Right now, we have one sales team, which sells to all our customers. But there also, have separated out the new home piece to a large extent. So that, we have a separate set of people who work on, you know, customers who sell new homes. Right? So it's largely done. We are 70% there. Continue to of course have one brand, Indian Acres. We are not launching separate brands. Right now that's not the intent. But that's where we are on that journey. Thanks a lot. Any comments on the debate? This is a perineal debate with respect to 99 acres. The debate between remaining classified player and and and a full stack operation. And secondly, do you have anything to report in respect to the collaboration with some of the investees that operate in the same area? You had made those investments a couple of years ago. Yeah. So, know, full stack versus classified. See, of course, classified is our core business and we are primarily a listing and marketing platform. And that's where 95%, 98% of revenue comes from today. About maybe one or 2% of our revenue today comes from services we provide to owners. Right? And, the the plan is to grow this piece over time, faster if possible, to provide more and more assisted services to owners. Are we looking to go the whole log and become brokers? Definitely not in the retail segment, definitely not in the, rental segment, you know, right? I mean, that's not the current plan. Could we invest in companies outside which do stuff like this? Maybe we could. But that's maybe experimented with AllCheck Deals a few years ago, and we then shut it down. So AllCheck Deals was supposed to be, like, channel partner for selling new homes. It did not work out for us at that point in time. Could we revisit that idea? Maybe we could at some point in time. Let's see. Let's see how it evolves. Not seeing norm. We've invested, like you said, we've invested in a couple of startups, in the real estate space outside TEAL, which is a TEAL is one of them. It's a real estate analytics company. We did some we've tried trying out some integration with TEAL, right now in nine ninety eight early days. So not nothing much to report on that front. The other investment we made is in Rahul Yadav's company, but that is very, very recent. So again, not much to report on that front. Thank you very much. Any more questions, please? This was the last question we had for today. The next question is from Hari. Hari, go ahead and ask the question. Hello, sir. Thank you for taking my question. My question is on Jeevan Sathi. This year we have I think burnt INR93 crores last year, so we burnt INR65 crores. And I think if we sum up for the last five years, I think we have burnt around INR220 odd or INR230 odd crores. So I was just wondering from the outside in, it doesn't seem like a super exciting market that's growing very quickly. So what is that we are seeing in this market that we are continuing to invest so much money here? Well, see, we are a really strong player now in the North. We are a strong number to Nindi Bell. We are close to 40% share. Why we are spending this much money this much money right now is to gain share, Right? And we've gained share over the last few years. We believe that if you keep investing this kind of money for the next two, three years, we, you know, become a leader in the North. You know? And, and hopefully, at some point in time, there'll be consolidation, in the space. So that's the idea right now. Why are we spending this much money? Because our competition is also spending a lot of money. So we are also forced to spend. It's a competitive market. If we don't, then of course, and it's like a digital market. But I think do believe that this market can grow, continue to grow at 1520% per annum or 15%, 17% per annum for the next few years. It's not and if if there was to ever be consolidation of the space, then the margins also could be healthy for the players who are left in the business. Understood. That's super helpful. Thank you. Next question is from Sofnil from GM Financial. Sofnil, ahead and ask your question. Sofnil, are there? Hello. Can you hear me? Yes. Please go ahead. Yes. A couple of questions actually. One is with respect to the merger of I'm Jobs with the standalone business. So is that complete? And going ahead, will you be reporting the numbers as a merged entity? And second question is a bit on your investment strategy with respect to the industry portfolio. So so we so in the food delivery space, we have Zomato as an investment, and you also have invested in dot pay, which, you know, we cater to the same category of, you know, the they address the same problem, actually, which is delivery of the customers, and they're and they are, you know, we're competitors to each other. So any thoughts on any rationale behind these investments? And how do you look to these investments from your perspective? You. Did you want answer the first part first? Let me answer the first part. So we are in the process of carrying out the legal integration. We are in the midst of it. We have had our shareholders meeting and creditors meeting. The second motion is also passed. Probably somewhere in July, mid or maybe in August, I think the legal merger should be complete. And after that, it will be compiled. As far as Dotpay is concerned, look, it is not just a restaurant billing or in premise billing remote billing app contactless billing app. It is it's a horizontal play. One use case is restaurants, but they're going to be several other use cases. So as the company evolves, we'll see more and more of this happening. But yes, what has caught the media attention and there have a couple of articles is because NRAI is pushing DotPay and promoting it as an alternative. But no, DotPay does not deliver. We do not have a delivery fee. DotPay is a contactless billing app, and it is delivered with a menu card, and you can do it. The next question is from Nancy Desai from Barclays. Nancy, go ahead and ask your question. Sorry, sir. This is Salil from Salil. Thanks, Anand. Okay. So the question is, any thoughts on how the blue collar hiring space is shaping up? And if, say, the two COVID deals had had any impact on the way hiring takes place in this segment? And what would be your strategy to play here? So we've been test marketing product job here in the NCR market for the last few months. Results have been encouraging. Early days, but clearly what has changed in the last few years is that everybody has a smartphone and has people have become digitally savvy. So it's very easy to get job seekers in the blue collar space onto your app, onto your platform. The harder part is actually getting the SMEs to use the platform to hire, which is what we've been working on. But I think that will also sort of become easier. Once SMEs also start digitizing that will also become easier. So I think fundamentally, now is there a viable business there? Is it possible to make money? Time will tell. But yes, I think the market is ready, for for for collar. I mean, for a blue collar business now. Of course, there's lot of competition. But like I said, we've sort of, been test marketing in Delhi and see how we are happy with the results. Right now, we're not focusing on revenue. We are not we're basically trying to get the product market fit right. And once we are confident, then we would roll it out nationally as well, which I expect to happen over the next few months. And just to clarify, you're saying the, the supply side is fine. Is the demand side that is where the problem is? Yes. So that's an interesting problem to understand. It's a better problem. Okay. Great. Thanks a lot. The next question is from Manik Jatiani. Please go ahead and ask your question, Manik. Hi. Good evening. It's very nice to talk to all of you again. There was just a small question. It's probably a little off, the real subject. You know, there's the whole retail market of a lot of investors who would like to invest in in Voyage, but, it's, at 5,000 rupees. It's not really within the reach of a whole lot of retail investors. So has there been any plan or is there any idea at all that you would like to split the stock and make it more accessible to the broader market? Okay. We haven't discussed this. But look, it's a thank you for the suggestion. We will certainly at least discuss it. I'm not sure saying we'll do it, but at least we'll discuss it. Whether it's a bonus or it's just an oxblate, we'll have to just figure out or maybe do nothing. Let's see. But thank you, Ms. Jatin. Thank you. Thank you. Next question is from Arnaud Kapoor. Arnaud, go ahead and ask your question. Thank you. Can you hear me? Yeah. Thanks for the opportunity. I just wanted to understand, you know, given that we have so many b to c and also b to b businesses and given the trend around, you know, super app, you know, which has been working in China and many corporates and large corporates in India trying to replicate, given that, you know, we work on the spectrum of, you know, basically, the entire life cycle of a human being, do you see an opportunity to integrate them even though their investments in different companies and strategic investments and some of them are are our own to build that kind of an ecosystem where you are able to monetize cross leverage, cross sell, upsell across the various businesses? That's it. Thank you. No. I mean, to answer your question, there is no such plan. We don't think given the nature of our businesses, which are sort of, life events actually in the lives of most people, it's not as if people are on our platform every day of their lives or one of our platforms every day. We don't think they sort of lend themselves, to the idea of a super app. And we would therefore rather sort of let each business, figure out its own strategy, rather than distract them and sort of get them to work, together at the back end. So, I mean, we've discussed this several times in the past, but it's not on the agenda. And by the way, in my view, it's very, very hard to build a super not just for us. Thanks. I totally agree. I mean, there could be just opportunities in cross selling, like in insurance and other things that you can come from building a database. Thanks so much. The other question was answered on. Actually, I'll just comment on that. See, in the past, we also thought you can sell you know in your resume form in Nocree who's single, who's married because you pick up that data. So maybe you can sell Jeevananthi services. But when we actually had to promote it, when we acquired Jeevananthi first, right, and we try to promote it, people are mad at us. So although we're technically allowed to do it, we have the rights, we stopped doing it. So the truth is when you're looking for a job, you're not looking for a house and you're not looking for a spouse. No, it's somewhat even though your demographic may be the same. And it's about what you're looking for when you're looking for it. So proxelling is harder than it sounds is what we have learned. Thanks for the answer. Thank you. So in case there are more questions, please raise your hand. That was the last for the moment. So, Vivek, there are no more questions coming in. So you want to take it ahead? So on behalf of Venkatesh, we conclude this One question left. I'm sorry. So I may take it back. Yeah. So question is from Ajith Yagi. Ajith, go ahead and ask the question. Hello. Yeah. Hi. Just one quick question. We've been hearing about the fact that even the private sector will have to post their jobs on a government portal now. Can you throw some color on that? Is that expected to have any impact on our business? Not really. We've been getting stuff like this for the last fifteen years. It's not really materialized till now. And of course, every state has its own sort of plan. And we continue to engage with some of these governments. Now it's possible that some, you know, some sort of states would take it more seriously than other states. But, you know, right now we don't see it, see any. Cuts. And I guess if they do it, they'll probably do it for blue collar jobs. Ajay, where did you pick it up from? I think it was there in some of the newspapers recently. We'll see. Over the years, we've engaged in many state governments on subjects like these. I mean, nothing's ever materialized. And my sense is whenever we engage with them, they're more focused on the idea of blue collar job seekers and sort of helping them get jobs than on white collar sort of job seekers. Sure. No, it was I think in one of the dailies. Maybe Sanjeev, I'll forward that to you just to see if it's again like one of those things which has been happening on and off? Or is there anything more tangible? Actually, in many, many states, there are already a law that if you have any vacancies, it's mandatory to notify the local employment exchange. But nobody does it because we don't see too much value in doing it, and the government does not go after them. So that seems to be an archeque provision, which is there, but it's not used or implemented. But I mean, different states are different, and who knows, tomorrow is a new day. And by the way, in the past, we've also helped state governments put some of these platforms together. I don't want to name them, but we worked with a couple of them to sort of help them also. But for some reason, these things have never taken off. Right. Sure. Thanks. We have one more question from Zara, Fred Winter. Zara, go ahead and ask your question. Hello? Yeah, please go Yeah, sorry. I was on mute. Can you hear me? Yeah, yeah, please go Yeah. So I had a couple of questions. When you think of your core business, is it just the verticals you're in right now? Or are you open to the larger universe, if you will, of the classifieds business? Like are you open to other segments? Yes. So right now we are mostly focused on the segments we are in, which we think are very large. So we jobs and careers, for example, is a large category. We mostly play in the white collar job seeker space. Yeah. Now we need to look at blue collar. We need to look at ATSs, blueprint software, blueprint services. But right now, most of our business comes from the white collar sort of, sourcing, space. Similarly, Nine Nine Acres, like I mentioned earlier, we now begin to look at Nine Nine Acres as four different verticals. You know, the rental business is very different from the resale business. The resale business is very different from new homes. It's very different from commercial. In Shiksha, which is our education business, we started a study abroad, sort of, business within the Shiksha business, which is a separate sort of, game altogether. So I think in the in the verticals we operate, there are sort of, many opportunities which we would rather go after first. But yes, but we are not close to the idea of starting a fifth fifth vertical, especially if it's in if we have if we understand this space. So classified something we understand and appreciate, you know, and we know we can run classified businesses. If a good opportunity comes our way in the classified sort of space, we will definitely evaluate it. So if you were looking at it, when you say that's your specialized skill, if you will, does that actually translate for a new space, if at all it had to? Like, if you were looking at a space, what are the sort of necessary conditions, if you will, for a classifieds business to succeed? So sorry. Some of these Go on. Sorry. You want to complete your question? No. Because, like, some of the business I mean, in fact, most of the businesses that you are in in your classified space, they are growing at a certain scale at a certain rate, if you will, and they've all always been sort of markets of scale. Right? But it's not like you're able to rush the pace of growth beyond a point. Yeah. And and organic and a nice, slow and steady, not slow, but like relatively speaking compared to the size, it has been your style forever. So I'm just sort of trying to understand just that. And is it inherent in the nature of classifieds for it to not be pushed to grow beyond the point? And also, like I said, what would be the necessary conditions, if you will, when looking at another space? So every category is different. So let's take jobs, for example. Now if India starts growing at whatever 70% per annum for the next few years, the the non free business could start growing at 40% per annum. Right? I mean, we are already seeing that kind of growth, for example, in IT. Right? Because IT markets are hot right now. Right. So, you know, it's not as if classified business cannot grow at the No. No. Yeah. I've been sort of tracking your company since you listed at some level. So I understand that. I'm I'm just sort of, yeah, trying to sort of understand. I mean, you can it does not constrain your ability to grow in other areas is what I'm trying to get at. And therefore, if you're looking at other markets. So we are not actively considering entering other sort of verticals right now. Like I said, our focus we are both focused on entering adjacent vertical adjacent to the ones we already operate in right now. So we would rather do a careers platform than do a car portal. We would rather do know, spend more time and money on building a rental platform inside 99 hectares than something else. When you say than, what is what sort of, why are you rejecting it? Is it simply because you feel that the bandwidth you have is adequate only to cater to what you're in right now? Or is it because you keep saying cars, but cars is probably more sort of from a capital allocation perspective is not the kind of business you'd be in. So I'm just wondering if there's an evaluation criteria there? Or is it just no, let's stick to adjacent stuff? No. No. So we are not like I said, we're not close to the idea. But see, two or three things have to happen, have to go sort of be in place before we start a fifth vertical. One is that, you know, the market should be large. Addressable market should be large. We don't want to enter into too many small markets. Two, we don't want to have I mean, it's very, very hard to displace an incumbent, which is if the incumbent is already very strong. So we not want to enter markets where there are strong sort of players already. Right? And, you know, and if and any space we enter into, we should have something unique to offer to the customer. You know, something unique, something relevant, which others are not doing. Otherwise, it doesn't make any sense. So the truth is that, you know, the the, you know, there are lots of startups today and they're all trying a bunch of things. Most regular or sort of, you know, categories are already taken. They're already, you know, established players and they've been added for a while, and they're pumping in tons of money. So we for us to enter a new category, like I said, you know, you know, the offering has to be unique. The market has to be large. We have to be early. There should not be too many established players because that makes it virtually impossible. So these criteria have to be met for us to before we start our fifth quarter. Okay. All right. Fair enough. That's helpful. Thanks. And just, on the other side, on the investment, the AIF fund or just wondering if this is I know, again, very early days and you've talked about how you need patient capital and it takes ten years to build a business. But are you all really looking at possibly having a venture fund business as a vertical sometime in the future, Well, eight years the AIF is a venture fund business. It's just that we only got two LPs, okay? Sorry. So we only got two LPs, that's InfoEdge and Temasek, right? Right. But is We that are as of now, the thinking is that we are unlikely to go down the path of raising larger and larger funds with 20 LPs and 10 LPs and 30 LPs. We want we're happy with one like minded LP in addition to InfoEdge, where both are patient, both are perpetual capital and both have a long term view in India. So see, if you look at historically, exits in early stage investments in India have been hard and difficult. So strategic if you leave out Flipkart, strategic sales have not happened at any kind of valuation, which will give investors a lot of joy and will return the whole fund or something, right? That doesn't happen. And from early stage, from first check to IPO, often takes twelve, thirteen, fifteen years. We were the fastest at six years, and we were good and lucky. I think MakeMyTrip took ten years. I think Just Diode would have taken about, what, seventeen, eighteen, twenty years. I think India might took about maybe twenty years. I think Metamid took twenty years. So you've got to have really patient capital. Now if your regular venture fund is eight plus two years, it doesn't cover the distance from first check to IPO. And therefore, venture funds in India, very many of them had a hard time if they invest early stage in getting great exits. And that's not so easy, which is why our fund is twelve plus two years. And which is why our fund only has two LPs and both have a long term view in India. So tomorrow, if you don't want to exit at the end of fourteen years, you can just devour the shares to the LPs if the assets are good. Yeah. No, get that, Sanjeev. But I just wanted to know if what happens five years later? Or I mean, just what is the if at all there is or this is still just the first fund and you will see how it plays out? Or is there some kind of within the framework that you've created in terms of eight plus two is not enough so on your terms. But is there an intent to then venture into that space? Or is it always going We to have already ventured in the space. No, mean in terms of growth. Yes. Well, look, the intent is obviously we will like LumoFund should the experience be good. Okay. All right. Fair enough. All right. Thank you. That's it from my end. Thanks. The next question is from Arpit Shah from Stalin. Arpit, go ahead and ask your question. Hello? Sir, this is Amit Jiswani here for Arpitsha. Sir, my question is about the reinvestment. We're sitting on INR 3,000 crores of cash on books, and we've not been able to reinvest. The opportunity corona is now coming to an end, hopefully, and yet we're not able to reinvest the cash flows. The interest that we would be getting with 5% yield is about $1.50 crores. We'll be getting $7.50 from Zomato. Your cash next year will be near 4,000 crores. Keeping in FD is not good capital allocation. What is our capital allocation strategy? And how are we not how are we controlling up for more when other people are making so much money? Shinta, you want to address that? I think Shinta has already addressed it, but let's have your volume now. So, look, cash has always been central to our strategy. Right? We can use it as a defensive strategy. We can also use it as an offensive strategy. Last year, when we went ahead and did the QIP, the thinking about, you know, raising money, about trying to do an inorganic growth has always been there in past two, three years inside the organization. Have been thinking about it. We have been preparing ourselves for it, right? And accordingly, it was not so much about COVID, but that thinking was already there. So we went ahead and we raised money. And, you know, and we are still open. You know, we have kind of sent out the messages saying that, yes, we do want to, you know, look at, you know, the large acquisition. If that happens in any of the four verticals that we operate in, we are happy to look at it. We are also happy to look at it, some of these strategic minority stake in adjacencies or any of the differentiated business model, which can help us to readdress the market that we are addressing or kind of create some kind of synergies with the product that we are offering or create more modes for our businesses, we are open to look at that as well. Now as you know that this type of strategic investments or acquisition does take time, and we have been saying that we need to be patient about it. So that's what it is all about. So so certainly, are open to look at the the ideas, and we are open to look at the inorganic growth opportunities. And then and that's that's why we are keeping the capital. You can turn it back. So, Chintan, just one question. Since, like, we've seen companies like Baidu on the EdTech space, which you are present in, they have scaled up well. You've got so many startups which are, like, something which is outside your space, something like dream level. Why what is stopping us to buy these unicorns as well? Like, what is our what is our thinking behind it? Do we wanna make this $50,100 crore acquisition, or we are open to 100 to $100,000,000 acquisition as well? I don't I don't understand the reinvestment strategy exactly. So, look, as long as anything is around our four key verticals that we are operating in, it could be an early stage or it could be later stage. Right? As long as it makes sense and the asset is good. Again, I'm saying that the idea of raising money was not to look at some distressed asset and do some kind of financial arbitrage and gain value out of it, but it's all about how do we can build strong businesses. And each of these categories that we operate in, we think that in the long run, they are all large, you know, multibillion kind of categories. And, you know, we want to gain leadership in that. If something is going to help us to gain leadership in these four verticals, we are open to look at it. As earlier, Itesh also indicated, we are not close to the fifth vertical idea, but that's right now not on the table. So just last one question. Sorry. What is our expected IRR on the INR 3,000 crores of cash that we already hold probably INR 4,000 crores next year if we don't invest. So what is the IRR we investors should expect from that kind of like what's your expected IRR on the reinvestments that you have right now, the cash that we are sitting on? It depends what we do with it, right? If we actually deploy it to buy assets or to invest in companies or to invest in internal business, there is we have one IRR. Now quite honestly, that's a hard spreadsheet to pull off because it will be fiction. And you can write any number, it will be fiction, right? Now the however, we don't utilize it, it will be fixed dollar an error, which is whatever post tax 3.5%, I don't know what it is. Got it, sir. Got it, sir. Thank you so much. I wish you all the luck. So that was the last after the gap of many questions. So we may wait for a minute or so in case there are any questions, else we'll wrap it up. Yeah. We have one question. Okay. So next question is from Rajan. Rajan, go ahead and ask a question. Yeah. I I I just wanted to check. Do you have anything in the health care vertical? Look, we have invested in one company called MedCorns from the balance sheet, which is into Google Health Care. We keep looking at health care. But health care, it's a hard business model. Most business model in health care are I mean, we can't we still got to figure how they'll make money, how we'll do it financially viable. And when we see something good, we'll do it. So it's not as if we are close to it, but we haven't made a big, big, deep foray into health care just yet. Thank you. So we don't have any more questions as of now? I'd to one more thing. Have also made an investment from the AI from a company called TrueMates Healthcare. It's a pharmaceutical distribution company. So with this last question, on behalf of InfoEdge, we conclude this conference. Thank you, everyone, for joining in. You may now disconnect your lines. Thank you so much. Bye bye. Thank you, everyone, and have a good evening. Thank you.