Info Edge (India) Limited (NSE:NAUKRI)

Q3 20/21

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Feb 15, 2021

Good evening, everyone. Welcome to InfoEdge India q three results conference call. As a reminder, all participants' line will be in listen only mode, and there'll be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during the conference call, please raise your hand on your screen. Please note that this conference is being recorded. Joining us today from the management side, we have mister Sanjeev Pichandani, founder and vice chairman mister Yitesh Voprahy, co promoter and managing director and Sindh Vograhi, chief financial officer. Before we begin today, I would like to remind you that some of the statements made in today's call may be forward looking in nature and may involve risk and uncertainties. Kindly refer to slide number two of investor presentation for detailed disclaimer. Now I would like to hand over the conference to mister Ditesh Oblai for your opening remarks. Thanks, and over to you, Ditesh. Thank you, Vivek. Good evening, and welcome, everyone, to our third quarter FY twenty twenty one results conference call. As always, we will start with the overall financials and then cover each business in more detail. And then, of course, we'll have time for q and a. The audited financial statements file and other schedules on segmental billing, revenues, etcetera, along with data sheet have been uploaded on our website, www.infoedge.in. So let's discuss the stand alone financials first. Billings in q three were rupees 197 crores, down 1% year on year. Revenue in q three was rupees $2.72.3 crores, down 15% year on year. Operating expenses, excluding depreciation for the quarter, were 204.1 crore, down 4.9% year on year. And operating EBITDA stood at 68.2 crore versus 105.9 crore last year, a drop of 35.6% year on year. And operating EBITDA for the quarter sorry. And operating EBITDA margins for the quarter stood at 25% compared to 33% in 1920. On the other hand, cash EBITDA for the quarter stood at INR92.6 crores. It was up 8.9% year on year. And deferred sales revenue stood at INR93.5 crores as of 12/31/2020 versus 457 crores as of 12/31/2019, a decline of 13.9% year on year. The cash balance in IEIL and all of its subsidiaries stood at rupees 3,500 crores as of thirty first December two thousand twenty. This was rupees 1,519 crores as of thirty first December two thousand nineteen. We are expecting the revival of activities on all our platforms. I mean, traffic in the recruitment vertical has been actually at an all time high. We've been seeing, you know, registrations were up 25%, applications up 20%, you know, usage sessions, etcetera, everything is up 20% at least over last year. IT and ITES have been, you know, the verticals driving the recovery. And now, of course, many other verticals are coming back as well. In 99 acres also, traffic has started growing. There seems to be an improvement in demand for at least ready to move in houses. In q three, we experienced an all time high customer queries on the platform as well. In Jeevan Sathi, we continue to invest in brand and user experience. Over time, this investment has given us an edge over our competitors, and this is reflecting in our growing sort of user base. And Shiksha's traffic share with the competition is also rising once again. We are committing committed to investing more in the Shiksha business and and and in all the other content initiatives we have in education. And besides internal investments, we continue to explore investment and acquisition opportunities in areas of strategic interest through InfoEdge. Moving on to the consolidated financial highlights. At the consolidated level, the net sales for the group stood at rupees $2.77.64 crores versus rupees $3.35 crores last year. For the consolidated entity at the PAT level, there is a gain of rupees 678.15 crores versus a loss of rupee 61.6 crores from in in the same quarter last year. And adjusted for exceptional items, PAT stood at a loss of rupees $25.25.81 crores in the quarter ended December 20 versus a loss of 61.36 crores in the corresponding quarter of last year. Now let's move on to our business wise discussion. We'll first cover the recruitment business. In 2021, recruitment segment billings were at least 201.4 crores, down by 4.1% year on year, while revenues were at $1.89.5 crores, a degrowth of 17.7% year on year. The operating EBITDA stood at rupees 106.5 crores, down 20.6% from December 19. Margins were at 56.2% versus 58.3% in '20. Cash EBITDA for the recruitment vertical during the quarter stood at rupees 118.29 crores, which is an increase of 4% year on year. In NOCRI in 2021, we experienced a a good recovery in collections and billings. December the month of December, specifically, saw a growth in collections over December. The recovery is across increasingly, the recovery is across multiple industry segments. Of course, IT and telecom continue to do well. We also saw an increase in online transactions during the quarter. And online transactions are basically, you know, we have small a lot of small businesses who buy online, so that's a that's a healthy sign as well. And on the job seeker side, you know, new registration new CV registrations stood at around 15,000 per day in q three twenty twenty one, a growth of 25% compared to 2020. And average fee modifications per day stood at 440,000, a growth of 6% in q three, and eleven percent in December the month of December in 09/2020. The recruiter engagement on the platform has also further improved in q three, with December seeing a peak of activities post COVID. IT and ITES segments saw maximum growth in terms of job searches and job postings, followed by the pharmaceutical, health care, and real estate segments. We also saw a slight recovery in travel and hospitality for the first time this year. We did curtail our marketing spend, and this is despite our actually curtailing our marketing spend for the quarter. At the same time, we continue to maintain a very, very high market share and traffic share in the recruitment search segment. IIM Jobs, a company we acquired last year, reported a billing of 6.61 crores for 2021. This was a growth this was a growth of 35% from q three of last year. Moving on to the real estate vertical. In 1,900 acres, billings in q three were rupees 52.4 crores, a degrowth of 3.5% year on year, while revenue stood at 44.9 crores, a degrowth of 22.9 from rupees 58.2 crores in 1920. Operating for loss for the quarter stood at rupees 3.5 crores. Cash profit for the for 99 acres during the quarter stood at rupees 3.6 crores against a cash loss of rupees 2.8 crores last year. In 99 acres, in q three, billings further recovered, reaching 96% of last year's levels. All business verticals within 99 acres, new homes, resale, rental, and commercial showed sequential recovery in business compared to q compared to q two. And, of course, we saw resale and new homes recover much faster than rentals. We drove efficiency in our spends, which were down 15% year on year in q three, with lesser spends on both marketing and facilities. There was strong growth in demand on the platform as seen in the number of inquiries or responses on the platform, which actually reached an all time high in both new home and resale, and towards the end in commercial as well. And, of course, our our our our top of mind share with with our nearest competitor, MagicPix continues to be high. We continue to see a good sort of sequential momentum on listings and traffic and inquiries in Nigeria and Nigeria are hopeful of this trend continuing in the near future. More clients are require are likely to come back to advertise on the platform as normalcy returns to the market. We see the share of online medium in the overall spend to advertisers going up during and post this pandemic due to its inherent cost advantage versus print and outdoor media, and we will continue to invest aggressively on improving our core platform experience in all our business verticals to further strengthen our competitive position. Towards the end, we over the last few months, we've also seen more competitive activity in this vertical, and it is very likely that our marketing spends in 99 acres will go up increase going forward. Moving on to the Jeevan Sathi business. In Jeevan Sathi, billings in q three grew 17% year on year to rupees 26.2 crores, and revenue grew 15.5% year on year to rupees 24.7 crores. Operating EBITDA losses stood at rupees 27.6 crores in q three, up from rupees 9 a loss of rupees 19.1 crore last year. Cash loss for Jivin Sathi for the quarter stood at rupees 26.4 crores, up from a cash loss of 18.4 crores last year. In q three, Jivinsati also saw growth momentum sustained in a seasonally weak quarter. Both Diwali sales picked up to reach pre COVID levels of twenty percent plus. Business doubled down on some of the key differentiating features, like online verification, video calling, and video based online meetups to drive user engagement and improve platform safety. JeevanSathi continues to consolidate its position as it gets into position of strength in the Hindi speaking markets in North And Central India. Moving on to the Shiksha business. In Shiksha, in q three, billings grew 27.9% year on year to rupees 16.9 crores, while revenue grew 23.5% year on year to rupees 13.2 crores. EBITDA for the quarter stood at rupees 0.8 crores versus a loss of rupees 1.7 crores in q three of last year. Cash profit for the quarter stood at rupees 4.5 crores, up from the profit of rupee 83 lakhs in q three of last year. And we continue to sort of invest aggressively in our content sort of efforts to get more and more users onto our platform. Moving on to the strategic investments. Zomato, like you probably know, received an investment of US dollar 448,000,000 during the quarter in two tranches, US dollar $253,000,000 in December 2020, and US dollar 195,000,000 in November 2020. Key market investors like Billy Clifford, Mire, Fidelity, Tiger Global participated in these rounds. With these two rounds of funding, our fully diluted shareholding now stands at 19% in Sumato. InfoEdge Ventures announced the signing of its contribution agreement with McRichy Investments Private Limited, a wholly owned subsidiary of Temasek Holding Private Limited for a contribution commitment of rupees $3.75 crores. That's all from me from us today right now. And thank you, and now we're ready to take any questions that you may have. Thanks, Sudesh. We'll now begin the q and a session. Anyone who wishes to ask permission may raise your hand on the screen. We'll state your name and announce your turning the question to you. Yeah. So the first question is from Sachin Hemrani from Perfect Research. Sachin, go ahead and ask your question. Good evening, sir. I have few questions. Listing them together. Number one, how big is the size of opportunity for .com in India? How much can the overall market grow from here in the long run? Next, in the previous phone calls, you hinted towards working on a platform for the blue collar hiring. Can you please throw some light on any development in this regard? And the last one, what steps are we taking to device diversify our dependence of majority of our revenues in Okri from subscription to our recruitment database system? Thank you. Okay. Now the size of the opportunity, I mean, it's huge. I mean, you know, millions of people are hired in India. We are probably still maybe 25, 30% of the overall sort of recruit per market, and I'm definitely just to the white collar market. I don't think you know, some companies who maybe do half their hiring through Nocree. There are some companies who do maybe 20% of their hiring through Nocree. So we are still in that ballpark. And, you know, the market can be very, very large in the long run because I I guess it'll to some extent, of course, depend on how fast India grows. So if you believe that India will be a $5,000,000,000,000 economy, I don't know, five years from now or seven years from now or whenever, or a $10,000,000,000,000 economy ten years from now or twenty years from now. I mean, that's truth is that if that has to happen, then the number of companies in India in India will grow, the number of people they employ will grow, and all these people will have to be hired. So the the the overall sort of market could grow two x, three x, four x, five x, I don't know how much over the next ten or twenty years. But it, of course, it'll depend on how fast the Indian economy grows. Right? We can only sort of help people find jobs. We can't create jobs. So but but just to give you a sense, I mean, we work with close to 75,000 companies in India. Then the leading job sites in China work with over half a million enterprises. Right? And so so the smaller sort of companies, you know, the general classified portals in China, the ones who deal with the blue collar types type of companies. They work with sometimes over a, you know, 2,000,000 enterprises. Right? So that's how big the Chinese economy is. So there's no limit to how big this market can be in the long run. It'll depend on whether India fulfills its potential or not. But in the short run, you know, like I said, we are still maybe all maybe a third of all hires or a fourth of all hires happen through Noquix. So if can improve the user experience on our platform, if we can grow our database, if we can do a better job matching job seekers to recruiters, we can still up our growth in in in, you know, of of the number of hires through Nocree. The blue collar job board, you know, we are just sort of test marketing right now. We've launched a product, jobhead.com. It's fully functional. You can test it out. You can try it out. But right now, we are focusing only in MCR. So it's live only in Delhi, Noida, and Gurgaon. And we've been working on perfecting some of the features, perfecting the rollouts, taking out our digital marketing strategy, figuring out our job acquisition strategy, figuring out our resume acquisition strategy. And we made very good progress. And I think we are reaching a stage where very soon we will try and we'll roll it out to more cities. So I'm confident that by, you know, in the next six months, we would have sort of at least entered two or three other cities as well through job here. It's very, very early days. Right now, we are just focused on getting the product market fit right, getting jobs, getting users. We are not even looking to monetize right now. This is a five to ten year game. It's not likely to move on the needle in our business over the next twelve to eighteen months, but it's a good sort of it's a good space to be in for the long run, and they're getting in early. We are already I think we already have maybe the highest number of jobs in Delhi as far as the blue collar job board is concerned on on job head. Your third question regarding I I don't think I fully understood that. You said subscription reducing dependent on subscription and moving more to databases. Right? No. Reducing dependence on subscription database. See, 60% of our revenue comes from database subscription. That's exactly concentrated. Well, you know, you know, we want to grow our database subscription revenue also, and we've been very good. We've been working very hard to grow that piece. But in addition to the database subscription product, that's our bread and butter product. That's, you know, almost all companies who sort of our annual customers will not reuse that product because it's just very, effective when it comes to idle. Of course, our we could we could we could do better with our job listings product. For the longest time, it's been, you know, less than 15% of our revenue. And there is a team working on improving that product. We just rolled out, in fact, just two weeks back, we rolled out a branding product on mobile phones. Right? So we are rolling out mobile branding features slowly as we speak. We had desktop branding offerings, you know, but we didn't have anything on the mobile phone. But we are now working on that front as well. So a couple of products are gonna go live on that front. We are we've also sort of been working on a data product. So we've got something called TalentPulse, you know, which is, you know, sort of a data offering to help companies figure out what's happening in the job market, know where the talent is, what salaries are like, etcetera. So this is the first of its kind, which we are sort of which we are launching and early days on that one. In addition to this, we have a small services business we hire. We also have a small software business, RMS, you know, where we sell recruitment automation products to companies. We also have a campus hiring business called First North three. We have I'm jobs as a job posting offering. But, yes, you know, the database piece continues to be a a large part of our story at maybe at some point in time, it was 70%. I don't see it going low sixty sixty five ever because this is our bread and butter offering, and and a of the hiring takes place to this. But, of course, we are working very, very hard to grow the other products I mentioned in our portfolio. Arun, you're on mute. Thanks. The next question is from Deep Shah from Ambit Capital. Deep, go ahead and ask your question. Hi. Sorry. This is Vivekanan from Abbott. I have two questions. One is traffic trends in 3Q and and perhaps January in the real estate vertical. You you mentioned that the competition is now advertising aggressively, and and we see ads by housing as well. Yeah. What are your thoughts on on the traffic move there, and and how much would you probably need to raise your advertising investments here to mark to market? Second question is on collaboration with strategic investees in the ed tech and real estate space. You have spoken about this in the past. It would be great if you can give an update here. Right. So, you know, you know, like I mentioned, you know, we are seeing a return of, you know, of advertising activity from our competitors. Housing has been very, aggressive for the last few months on all media. We were quiet for a while because the market was not in very good shape. But now that the market is sort of bouncing back, we are likely to get aggressive once again. How much will we have to spend on advertising? Frankly, it would be a function of how much our competition and just. Spending. We are very, very rational players. You know, we are conservative. But, know, but with but if competition is active, we will be forced to respond, and you will see our ads spend go up this quarter in 99 acres. By how much? Hard to say. It'll depend on, like I said, what the others do. And, you know, every time you have some somebody advertising and others are not, you know, you see some share moments. But those are often temporary in nature because once the other player starts responding, you know, you sort of go back to ground zero. So in some sense, it's a bit irrational if everybody's advertising because the market will only can only go at a certain rate. It's impossible to meet the our market grow much, much faster. But then that's how it is. The other question regarding strategic investments. See, we've been investing in the four spaces we operate in in inside info, jobs, real estate, matrimony, education. We've, for a while, had this strategy to invest in adjacent sort of areas outside the company. Right? So we made a few investments in education. We have an investment in company called no paper forms. We invested in a company called UniverIT. We've invested in coding ninja. We've invested in HR services company. You know, we've invested in TEAL, which is a a a real estate sort of software company. We've, you know, we've just announced another investment in real estate in a startup. It's they're doing a b to b sort of pay in the, you know, broker tools sort of category. So this is and we acquired I'm Jobs last year, you know, as well. So this is an important part of our strategy. There's a lot of opportunity in every vertical. We know that we can't do everything in house. We've been upping our investment in innovation. We've been upping our investment in product development. Across our whole verticals, we have close to 700 people working in in product development roles. But, you know, there but there are opportunities everywhere. And so every time we see a company which looks interesting and, you know, and but we don't wanna do it in house at that point in time. And, you know but at the same time, we want to sort of be in that market. We don't want to sort of lose that market or, you know, we if you find a good start up, we invest. That's how we are playing this right now. Hopefully, over time, we'll find some synergies between the our sort of properties and the company we invested in. For example, we are trying out something with TEAL, a real estate sort of analytics company we invested in to see if we can, you know, get offer any additional service on on nineteen ninety first to our users using their sort of data and their algorithms and their search. And we've tried something with one or two education companies as well in the past. So we'll we'll sort of you know, but but the long term sort of ambition here is to sort of be in multiple adjacent sort of spaces as well. Now if you look at Nocree, are there's a bunch of stuff we're doing in house. Like, we're doing the blue collar job portal in house. We are doing RMS in house. We are we've done sort of done first Nocree in house. But there are there could be other opportunities outside. And if we don't think we can do them in house or we don't have the resources or we or we wanna focus on something else, we would rather invest in them. And then maybe three or four years later, we'll see what to do with them. So that's the strategy strategic investment strategy. If there are if there's something we can sort of take in and scale up, we would rather acquire. Right? So there's something which, you know, we believe we can add a lot of value to immediately, and we can if you take them in, then we would rather acquire. Like, for example, IIM jobs. So despite the the slowdown in the hiring market, because we acquired IIM jobs and we sort of threw the might of our sales team behind it, we were able to grow our revenue from IIM jobs or billings from IIM jobs 35% last quarter. Right? So if we see something which is a direct fit, which is more in the area in which you already operate and which we can scale up tremendously, then we would rather acquire. If adjacent areas, we would rather invest, watch how these companies do over a three, four, five year period, and then see what next after that. Sure. Thanks, Satish, for the explanation. Just one small follow-up since you mentioned about IIM jobs. Is the growth in billing there a reflection of the verticalization of recruitment, or is it that you were able to extract synergies because of your sales processes being far superior? And can you give some more color on how this came through? Did did I'm jobs reach more number of customers who who currently use Nokri? Yeah. So it's primarily that. See, of course, there is some the product is very solid. It's not solid. It's a it's a good brand. Not only do they have high end high end jobs, they have another product which is sort of getting good traction called High Risk, which is a tech hiring platform, which they've been working on for a while. But what we were able to do, see, was was to so basically, take them to many more customers over the last nine months. We merged the two sales teams. We merged the IIM Job sales team and the Nokri sales team. IIM Job is working with maybe a few 100 customers because they had limited reach, because they had only a handful of people in sales. But we had like I said, we have we work with 75,000 companies. Maybe a few thousand of them can use I'm jobs. So that's what and that's something we do really well. You know, we have a solid engine sales engine. And through this engine, we took I'm jobs and high risk. High risk is still sort of a tiny brand that's but it's getting there to a lot of our customers. And because the product is rock is rock solid, when they started using it, they liked it. And, you know, and and we hope to continue to do more of this in in the coming quarters as well. Okay. Thank you. All the rest. The next question is from Anmol Gal, Motiviral Moswal. Anmol, go ahead and ask your question. Hey. Hi. Good evening. So just had few questions. First of all, can you give any update on the cache that we have raised three through QIP? You wanna take that? Say again? Cash rates of QIP and update on there. What's happened to it? So so there's nothing much has happened in terms of the utilization of that one. I mean, we already had cash offer up around 1,500 crores, you know, when we raised this money. Right? So we're continuing. And if you see that, you know, you know, even in q one in the top you know, in the midst of, you know, COVID, you know, the peak of COVID, we were cash generating. Q two also generated cash. And in q three, in fact, we generated on my own business cash, which is more than what it was in previous year. So we are cash generating, and that is despite of the incremental investment that we are doing in branding and marketing in the in matrimony business. So we have cash surplus, and we have not done anything very specifically from the QIP fund so far. Anything in the pipeline that we have that we can acquire from the cash that we have raised? Well, I mean, that's part of our strategy that we will, you know, we'll continue to invest, you know, through our P and L. And P and L, as I said, that we are generating cash as well as it can happen to our balance sheet. So this small strategic investment that it is just kind of talked about, you know, to a previous in a previous question. I think some of those investment will continue to happen from this. But if something, you know, large acquisition has to happen, we can use this cash, but there's nothing so far that, you know, we have anything to announce here. Okay. Sure. And secondly, my second question is towards 99 acres and towards the strategy that we are adopting from the same. So in general, where do we expect our marketing dollars to be? Will it be towards having more brokers on the website or towards the house owners? And the still, the listings are down by sort of 20%. When do you think that we can be at the previous year levels? Yeah. Yeah. So, you know, so we are we sort of target both dealers and owners. You know, it's actually free for owners. If owners can list for free, dealers, of course, have to pay to list and they buy subscription products. And and so our goal is to get all sort of genuine supply onto the platform irrespective of which source it comes from. So it could come from a dealer. It could come from an owner. It doesn't matter to us. But we want all the listings in one place because that's what gets us our traffic. Now our marketing doll our marketing campaigns today will target everybody. Again, you know, anybody who wants to list a property is you know, we'll encourage them to list to that on 99 acres and make it easy for them. Listings are not back as yet because, see, the broking business has the brokers are taking some time. One, of course, we are you know, we've been trying around with the business model as such. What was happening earlier was that, you know, we were getting a lot of repeat listings because, you know, brokers should get more inquiries as opposed to listing same listing a few times. And now in some of our markets, we have moved to a different model. We are encouraging our clients to move to a different model where we are saying, listen, why don't you boost your listing instead of posting it again? You know, so if you, you know so so hopefully, you know, it will result in a in less spam. So that one one that, you know, we have a shift in model there. We are trying out some new things in a few markets. And as a result, the way brokers are boosting their listings, so they're consuming the same number of credits, but they are posting fewer listings. The other is, of course, brokers have been slow to get back onto the platform with after COVID. What we've seen is actually a surge in supply from owners. We've seen more owner listings on platform. The Owner listings are, in fact, up 30% over last year. On the other hand, broker listings are down 30%. But even but but slowly brokers are also getting back. So now the market is actually a lot more open than it was, you know, six months ago or three months ago. But we are confident that all these brokers will also come back. But, yes, because of the change in model, you must you must still see fewer broker listings than earlier. Yeah. Sure, Hitesh. Thanks. This is very useful. Next question is from Sanjay Bhagava. He is from Rosa Plug, cofounder. Sanjay, go ahead and ask your question. Sanjay, you're there? Sanjay is on mute. He's on he's he's not. He's on mute right here. Can you hear me now? Yeah, Sanjay. Go ahead. Okay. So I'm a very small investor in. I just invested in stocks 750 shares. But one of the things I was intrigued about was I used to be on the founding team of PayPal, and PayPal looked at both sides, the consumers and the merchants. So I don't understand not really this much that well, but there seems to be a lot of focus on the merchants of the businesses. So is there also a focus or a plan focus on individuals and then being able to give them a whole suite of products which they can use? Because that may be a pretty good growth strategy for Nocri. So I just wondered your comments on that. Was there anything came on that side? Sanjay, when you say individuals, you mean. So I mean, everybody. You know? Because I think, normally, it serves individuals for many things, matrimonial, real estate, job seekers. You know? So it serves a bunch of people and touches them in different different ways. Right? So yeah. So and also in the budget, you have now people saying that they're gonna go into the big economy. And the big economy, people are gonna get pensions and so on and so forth. There may be. Maybe at some stage, there'll be a universal pension. You know? So even I'm an employer in some way because I employ domestic stock. I may have to pay them attention. Maybe a long way off, but that's the what I was saying. So so, you know, the way we sort of are organized and the way we run the the way that so we have different portals. You know? So we don't have one plat common platform for jobs and real estate or mat and matrimony. We don't have all of them on one sort of platform. We have different URLs, different platforms for these four verticals. The Nokri business is focused on recruitment, white collar recruitment. The 99 acre business is is for real estate listings. For matrimony listings, we have Jeevan Sathi. And for education, sort of content and classifieds, have shiksha.com. And they sort of don't talk to each other. These businesses work independently. They have separate teams, separate targets, separate goals. Everything is, like, different. That's how we operate right now. You know? And to answer your question on and and on in in all our verticals, we have actually, the way we are organized, like, North Korea, also, have one team of one team working on the recruiter side. Right? Which is because we are marketplace, like you said, two sided marketplace. We have a bunch of people working on building products for recruiters. And at the same time, we have a bunch of people working on building and improving products and improving the user experience for job seekers. Diptoe in 99 acres, Diptoe in sort of matrimony and and and Chixia as well. Now, of course, you know, what we offer on the platform, the kind of products we offer, the kind of services we offer are, you know, guided by our sense of what we think, you know, makes sense and what we think is relevant at this stage. And I like I mentioned earlier, and we are also while we are trying to do more and more stuff inside the company, we just launched a a job board for blue collar workers. We launched a an AI based tech platform for tech hiring. We acquired IIM Jobs for premium job seekers. We are working on a recruitment software product. At the same time, we're also investing in adjacent areas outside the company. Right? So that at some point in time in the near future, over a four, five year period, we can maybe look at offering more even more services to our audience. So that's the strategy we are following right now. Maybe it's a little different from eBay because I guess eBay was one platform and you had all kinds of buyers and all kinds of sellers on one platform. Our approach is a little different. It's more vertical rather than horizontal. Yeah. May I add something? Answer your question. Yeah. Add something there. See, Sanjay, if I read your if I heard your question correctly, look, we have got some candidate services, but 98% of our job seekers who come to Norfolk, they don't pay anything. You're allowed to put your resume up for free, allowed to apply for a job free. Everything is free. Do we see a big trust in candidate services where it becomes a big part of our business? We have no products in the pipeline, which will suddenly lift candidate services to where anyway, the other revenue that we get from employers is, to answer that question. Yeah. That's that's fine. You know, I I wasn't suggesting that you charge candidates, but I'm saying that if you have many more consumers or individuals and whoever pays, you know, so you just like telecom firms measure an ARPU and average revenue per user. You know, it doesn't matter who pays, whether it's a consumer or a business. It may be something interesting to look at, but I'm not sure. So No. Yeah. Sanjay, you're right. See, we have products like Sanjeev said for job seekers, and it's only maybe one or 2% of job seekers who pay for those products. But in absolute numbers, they're actually higher than the number of recruiters who pay. Says that the ARPU is much lower. Ticket size is much lower. Yeah. Please carry on. I I This point here. You are through, Sanjay? Yeah. Yeah. I'm through. Thanks so much. The next question is from Rashid Parekh, Nomura. So, Rashid, go ahead and ask your question. Hi. Thanks thanks for giving me the opportunity. Just two questions from my side. Right? First, on the blue collar market, could you provide Harish, could you provide just a little more color on what could be the opportunity size? What is the initial due diligence that we would have done that, you know, how big can the potential market be, let's say, over the next five to ten year perspective. Right? And can can it be bigger than where we are from, let's say, the the enterprise jobs perspective? That's the first. And second, just from the investee companies or or G1s are including. Right? What is the next, let it, three to five year potential value add that you see? Is it is it gonna be AdTech? Is it gonna be Jeev and Sathi which could potentially drive more value from where we are today? Thank you. In the blue collar market, it's very hard to say how big that market will be five or ten years from now. Clearly, in terms of volume, it's a much bigger sort of segment than, you know, the white collar market. There are 50,000,000 or 100,000,000 white collar workers, a number of blue collar workers are maybe four or five x or 10 x of that number. Right? So in terms of volume, it's a very large market, but it's unclear how monetizable it is. It's unclear what ARPUs will be like. It's unclear what the unit economics of that sort of space will be. And this is why we're taking baby steps, you know, which is why we have sort of just test here, test marketing marketing in Delhi to see what kind of response we get. Once we sort of figure out the lay of the land and in the and in the in the in the short term, we're not even looking at monetizing it necessarily because we just want to ensure that we build the right product and we get traction and we get users, and we are able to get people hired to our system. Once those sort of cross that sort of, you know, hurdle, then we'll think about monetizing. But, yes, of course, if you look at China, if you look at other countries, these markets are very large. Right? They're you know, the number one for example, 58.com, which is the generally classifieds portal in China, you know, they do a lot more revenue than the number one job site in China. Right? So and most of the revenue is from real estate and jobs. That's 90% of their of their revenue. But in India, unfortunately, that does not that's not how it is played out in now. Right? And up till now, nobody's been able to monetize the blue workers. Workers or the or or recruiters who hire blue collar workers. So it's all these things, you know, are are are the categories they develop and the economy reaches a certain size. And which is why and our and our in in my view, it's gonna be very hard to monetize for the next year or two. But once the this space becomes a little more organized, once you see many of these people entering into common employment, once you see millions of small enterprises, you know, finding it difficult if if they find it difficult to hire workers, start using portals, then who knows? So hard to say. I mean, volume wise, it's much, much bigger. ARPU is very, very low. And in fact, unit economics, question mark right now. Okay. Fair enough. And then just on the next value driver potentially, what what are your thoughts on that one? Sorry. Could you repeat that question? Just from a three to five year perspective, right, what could be the potential value driver? Is it is it likely to be Jeevan, Sathi, EdTech, or where where do you think your bets will be? See, one, we continue to see a lot of opportunity for to grow in in in Okri. Right? You know, of course, it's gonna be a function of how fast the economy grows also, but we are trying to add more and more sort of verticals. You know, like I mentioned, we have a campus hiring play. We're trying to do something in in in recruitment automation. We are trying to see how we can use more machine learning to improve the NLP platform experience. We are trying to see how we what we can do on the data products side. So we believe that the recruitment opportunity is itself very large, and still we still have a long way to go on that side, number one. We see a huge opportunity in real estate in the medium term. See, real estate was in terrible shape for a long time because of various reasons starting with, you know, demonetization, where the NBSD crisis, bunch of things happened, plus real estate, you know, was anywhere sort of very highly priced and so on. I think we are now again getting to a a point where the real estate is becoming an attractive sort of proposition. You know, prices have corrected, interest rates are low, you know, rental yields are going up, you know. So so, you know, and unless something every year every time I say there's something or the other happens, but in real estate, so I don't want to sort of make any forecast here. But if if the real estate market picks up for the for the next five, ten years, then we are said we deeply cyclical, we've been through a very long cycle. So if the market picks up, then it could sort of be a sort of big opportunity for us. Of course, we'll have to execute very well because, like we've mentioned I mentioned the call earlier, the market is competitive. We are a leader, but we are not a dominant player like we're in. So if you play our cards right, then we could be we may be able to sort of unlock some value in in in that category. Machinery is harder, you know, because, again, it's a three player market. It's partly contested, but here, we're not a leader. We are number three. We are, of course, cash rich, and we continue to invest aggressively, and we continue to gain share. But here, unless and until, you know, there is some sort of action in in in some like consolidation, something of that sort, will be hard for any player in this space to sort of break away and create a lot of that. Education is you know, we've been surprised by what we saw in education this year. Our education business had has sort of done well despite colleges being shut, despite schools being shut. So we're start looking at it, you know, we and we've also trying out a bunch of new things in education. Tried out we we sort of focus more on study abroad, for example, over the last few months. We need to go to that. So, you know, we have it was it's already in the fourth business side in switch, but it's showing some some signs of attraction. So we will take a deep people dive deeper and see what else we can do out there. Fair enough. Thank you. Next question is from Manik Jatiani. Manik, go ahead and ask your question. Hi. This is Lataj Jatiani. I'm his wife. Can you see me at all or what? We we can hear you. Yeah. Okay. Okay. You just need to hear me right. Okay. I'm I'm a small shareholder of your company, and I also happen to know Sanjeev earlier when I wrote a book, and he did ask for a copy of mine, which I mailed to him. But that's the part. I'm very happy to I appreciate that. Thank you so much. Yeah. Thank you so much. That's years back. It's very I'm very gratifying to see the kind of work you're doing as far as employment is concerned. It's one of the major concerns in this country. But I was really concerned about the kind of multiplier you had on Zomato in the month of December. And then subsequently, there's been a lot of talk about your IPO coming up. So I just wanted to find out how far ahead this is, and is it something that we can expect sometime in September? If you could answer that, thanks a lot. Yeah. Chetan, you wanna take that question? Yeah. So Zomato IPO, as you know that Zomato is an independent company. It's an independent board. And, you know, they are we have already kind of it's public that, you know, they they do intend to do IPO, and they are preparing for it. Right? Right now, there's nothing more than that. I mean, they are under preparation. And when this Zomato board will take a final call, you know, I think then only the IPO will proceed. So so far, that has not happened. Okay. So it's not even in the pipeline as of now? No. They are definitely preparing for it. Okay. But I can't really give you any indication as to the timing or any other details of that because the board has not yet taken. Okay. Because there was some kind of buzz about September, so I was just asking. Thanks a lot. Okay. Thank you. Thank you. The next question is from Utkash Solaburwala from Damas Capital. Utkash, go ahead and ask your question. Utkash, you are there? So maybe I'll take the next question while he comes to the call. The next question is from Vishal from Enam AMC. Vishal, go ahead and ask the question. Vishal, are you there? Vishal, you're on mute. Maybe I need to take next question. Okay. The next question is from Krishna Apala from Capital Mine. Krishna, go ahead and ask the question. Hi, sir. Am I audible? Yeah. Go ahead. Hi. Thanks, everyone, for the opportunity. I just have three questions. One is on first one is on nine 99 acres. So, sir, we have recently became profitable at the operating level. So how long before we see profitable at the pack level for 99 acres? That is one thing. The second one is on Shiksha. Post COVID, we have seen increasing online classes in the entire edtech revolution. So are we looking to expand Shiksha universe or product offerings in this edtech space? On the third one so we have an exceptional item of 703 crores on consolidated level. So can you please elaborate on that? What was it about? So these three questions from my side, sir. Yeah. I'll take the first two. Maybe, Chintan, you can take the third. See, the 99 acres, when will when will it become profitable at the bad level, etcetera? Very hard for me to say. Will depend on two things. One, how fast are we able to grow top line, you know, once the market recovers. Right? So, you know, if the real estate market starts to well and we are able to grow at 25, 40% per annum, then, of course, it's only a matter of time before it becomes profitable. The other, of course, thing it will depend on is how what the competitive intensity is like. So if competition is, you know, starts spending a lot of money, they start discounting aggressively, they start, you know, advertising like crazy, then the will be forced to respond. So so very hard for me to say how this will pay out in in the short term. Right? You know, our endeavor, of course, we would like to be rational as rational as possible, but, you know, we the number one thing we have to defend is our traffic share and our market share. So we would not no matter what, we can't afford to let go of that. And, Shiksha, you said EdTech is becoming a big part of the story. You're absolutely right. There are now lots of players in EdTech, lots of course to offer. And she just was primarily targeted at, you know, sort of university and college as in physical sort of colleges and courses. But, you know, we've been working on developing an offering to sort of help people figure out what, you know, options in edtech are out there. Actually, it's their offering was built under the Nocree learning sort of brand, and we've made some progress in in that area. And the idea why it was built under the Nocree learning sort of brand at that time was because, you know, in the beginning, you know, some of these courses were mostly for working professionals, while Shiksha targets students. So Shiksha is more targeted to students in class seven and twelve and students in college for, you know, who are doing MS, while the Nocree learning offering more targets working professionals who may want to upskill themselves. Right? So that's something we started working on. It's actually, you can go to Nocree and check it out. It's you can search on Nocree learning on Google and take you there. But still early it's early days for that offering. You know, we're still we we're just getting started. Because we are cash rich on the on the company level and I mean, Shikshar, I think we can expand the universe, of course, keeping our financials and the profitability in mind. Anything you're looking in the inorganic space, sir, from the edtech edtech offering? So we made a few investments in in some education companies. We've invested in companies that, like, called no paper forms. You know, they're basically an education software provider to universities and colleges. We've invested in a company called UniverIT. They sort of sell software to education. They have education offerings which target school students and schools. And we also have in that we also invest in a company called Coding Ninja, which is basically an attack player that that teach people think of them as an IIT online. So these are three investments we made in the last couple of years. And so let's see how they how these play out over time. But you're absolutely right. There's lot of opportunity in EdTech. In fact, EdTech is the one category which has benefited because of the pandemic. Right? And, you know but it's very also very competitive, and there are large funded players in it. So we have to be careful about how we play it. Alright. Just last question on the Yeah. Yeah. So there is one in a large entry as an exceptional item on consult. So if you follow in the end, the time when you are consoling, you know, consolidating financials with your associate companies, and if the associated companies have kind of raised money and your stake is diluted, what you really do is that, you know, on the one hand, there is a loss of, you know, stake that you have, and on the other hand, if this the the dilution happens at a premium, then you are gaining in that process. Right? So that's the kind of a gain which, you know, we are required to be account to be required to be, you know, taken into our P and L account. And that's what the, you know, exceptional item, you know, in the in the consolidation. And that's that's roughly around 700. It's a large entry because the amount raised over roughly around 400,000,000 during the quarter. Got it, sir. Got it. Thank you so much, sir. That that answers my question. Thank you. Thank you. Next question is from Puja Auja from 2012. Puja, go ahead and ask your question. Hello? Am I audible? Yeah. Go ahead. Oh, yeah. Hi, Villa. Villa. Hello. Pujair, you're on mute. Am I audible now? Yeah. Yeah. You are. Yeah. So my question was regarding the maximum business. The leading player is sort of getting aggressive in the Northern markets to launch new portals. So how are we planning to tackle that? What's his thought process there? See, the I mean, the number one player is in in the country is actually the number three player in the North. And you're absolutely right. They They've become a little more aggressive in recent times, and they've launched a few new portals. But they already have some 250 portals. It's not as if they've I mean, they've and I've been happy for a very long time. Right. So, you know, so, you know, but in in in this business, it's hard for a number three player in any market to sort of make series and roads in a short span of time. They will have to invest considerable money if they wanna make inroads, and then all Indian market is is our sense. Fine. We continue to be aggressive in the market. So is Shadi. So what so what what other Shadi continue to be aggressive in this market? And, you know, and often, what happens in in matrimony is that it's also about it it boils down to what is your share of voice when you're advertising. So if the number one and number two players are very aggressive, even if if you become slightly more aggressive, it doesn't really make a difference. You'll have to become very, very aggressive for you to try and get for you to gain share. Got it. Thank you. Next question is from Srinathvi from Bellwether. Srinathvi, go ahead and ask your question. Hi, Hitesh. Just wanna find out some qualitative feedback on traffic growth in our key sites like Nokri and Nine nine, say, on year or versus Jan. Any any sort of qualitative feedback you could share, that would be great. Yeah. So, you know, on in the Nocree business, we're seeing massive sort of growth in traffic. You know, registrations are up 25%. It was up 25% last quarter. Applications are up 20%, 25%. App unique number of unique applicants are up 20%. Mods are up. So on the job seeker side, all metrics are going at a way. Healthy rate, app downloads are up maybe 30% over last year. So on the and, you know, we've seen the surge in traffic in on the traffic in on the job seeker side also actually got affected by COVID in the first quarter, you know, in the when there was a lockdown. We saw for the job seeker also leaving the platform, but they've come back with a bank in the last two, three months. That's on the on the NOK three side. And similarly, the Nigerian acre side, we are seeing a massive jump we've seen a massive jump in inquiries. Right? So the number of response in the platform, especially for resale, are are going to the roof. You know, we've in some months, we've seen even 50% growth. In some markets, you know, in some of the smaller cities, we've seen 80%, 90% jump in inquiries in in real estate. So on the on the on the user side, we are comfortable on in Shiksha, also, we've seen massive growth in traffic. You know, we've gained a lot of share impact over our competition in terms of traffic over the last few months. On the Machame side also, you know, we've been investing aggressively in marketing. So our user base are are the number of active user base has been growing at over 20% year on year. Thanks. Thanks, Satish. That's that's nice to hear. Sanjeev, just wanted to understand as in the the quarter post the QIP, you had spoken about, you know, capital allocation in concentric circles within our core portfolios. That's why you would kind of look at m and a activities. And at best, you know, in classified, something like auto would be a, you know, a complete outside opportunity. So just wanna understand, you know I think I had said auto would be a second consecutive. It's not a two consecutive. Yeah. Yeah. And and so just wanna find out, you know, how do we stand now? You know, is is deal pipeline an issue, valuations an issue, or or are we kind of just gonna wait it out and take a year or so and then Conversations take time to fortify and mature, especially when you're talking about larger acquisitions. So I think it's a bit of a conversation and waiting in. We've not we've not dropped the ball on that one if, you know, just wanna assure you. Sure. So so that basic strategy is in place and that's That's right. Are committed to our strategy. We are committed to our strategy. Let's see where it goes. Thank you. Thanks a lot. And the next question is from Hari from Hillford Capital. Hari, go ahead and ask your question. Hi. Thank you for taking time to answer my question. I my understanding is that the package the price when I look at the pricing package of matrimony players in India, right, they seem to be around 4 to 5,000 rupees for three months. While the global players have the ARPUs are far lower, I think around 10 to $15 if I'm not mistaken. So I was just wondering that that does this mean that the matrimony services in India, are they sort of sort of pricing out the average user, and is there sort of a pricing intervention intervention possible to drive conversions from free users to paid users? Well, you know, 4,000 to 5,000 is off often the list price, but in I'll tell you, at least in the North and West where we operate, we are not a very big player in the South. What the consumer ends up paying is a lot less because more most of these sort of services are heavily discounted. You know, if Jeevan Sathi were to start generating 4,005 thousand rupee per transaction, you know, we would have been we would be double the size we are today. But in the South, you're right. In the South, because matrimony.com is, you know, a leading player, they have maybe 80% of their market. They are able to command a price premium, and they're able to charge 4,005 thousand rupees per user per ticket. Having said that, let me tell you, see, the we just said the the matchmaking market is very different from the dating market. It's a very high involvement category. The entire family gets involved. It's a very big decision, and people don't mind paying a lot of money if they if they if they get the right service. Right? So it's and the people who are sort of active in this market are also older, so they can afford to pay. You know, most of our users are are 27, 28, 30 years old. And on in the dating market, on the other hand, I don't know how it is overseas, but in India, at least, the audience is much much younger. So there, you know, people are not willing to pay that much money in on a monthly basis. Also, you have to understand that dating users often stay in the market. You know, they sort of they have you know, they come back, they go, they come back again, so on and so forth. So so ARPUs for some reason are lower. But because match we have very high involvement category, entire family gets involved. It's a very big decision. You end up spending $20.30 lakhs in a wedding. You know, what is 20,000 rupees to pay to get the right partner? Right? It's not a big deal if you provide the Why it's massively sized in fact can can charge much more than what they charge today? It's just that there's too much competition in the market, and therefore, they end up discounting. That's super helpful, sir. Thank you. The next question is from Deep Shah from Amrit Capital. Please go ahead and ask your question. You for the follow-up opportunity. Vivek again. So first question is on the on the billing for shiksha.com. We we see that this has increased sharply in the last two quarters and has recovered. I mean, I I think it's a lifetime high. Right? So what what is going right for us in this business now, and and what are the interventions that we took reacting to COVID possibly. Second question is on the gross margins following the trend of several small customers of ours now doing online payments for for recruitment real estate, I'm sure, where the sales effort needed to renew low value transactions might have come down. Does that materially change your gross margin? And lastly, Sanjeev, if you could discuss about the performance of your older investees excluding Policywazaar and Zomato like Shopkirana, Ustra, Q Key, and so on. Thank you. Right. So, Shiksha, so listen. So it's not as we'd as if we did anything because of COVID. It's just that we continue to invest aggressively in creating the right kind of content for our users. It's mostly a content business. We've up our investment content. We're getting more reviews on the platform. The platform has become more stable. It's become you know, as we are we are sort of trying to see what we can use from Nocree also in terms of content to help you solve problems of students. We've launched some new tools in the platform to help you students understand, you know, what they can do with their careers and so on. So it's just let me be more focused on providing the right kind of content on our platform than we were earlier. We have taken our eye off the ball a little bit in Shiksha. We are back to, know, sort of doing the basic stuff. Right? We've also started, you know, making small inroads in, you know, study abroad counseling. Of course, it was actually hit by COVID this year because many of the countries were shut for a while, but we expect that business to also do better going forward. So it's it's basically just, you know, more focus on the customer, more focus on on content, more focus on sort of solving the problems that the fixer is supposed to solve. And that seems to be your link would return for the time being. It could also be that, you know, because of the pandemic, you know, because everything has become more digital, you know, education institutions are more open to this way, idea of spending more money online. A lot of our customers have upgraded in a big way this year, you know, because maybe they're more comfortable spending money online than they were earlier. So that's on the on the on the Shiksha side. Sorry. What was the second question? The second question was on gross margins And and, Satish, you made a comment earlier, so I wanted you to elaborate. Yeah. So, you know, it's it's not it's material in terms of number of customers, but it's not very material in terms of revenue because some of the low paying customers are the ones who pay buy products online and buy our services online. It helps us get new customers into our fold. So it's good from for the from a long term perspective because it brings down our, you know, sort of business development cost. But it's not material revenue, so it's unlikely to change our margin in the short term. Right. And and, Sanjeev, on the investees. Yeah. So, look, How can I continues to do well? It is, you know, servicing its customers. It's it it bounced back to it's much higher than pre COVID levels. It and it continues to track well. But it'll take time for it to sort of really scale up and be valuable. Right? Ustra bought it around from, you know, IFL Ventures, and, it's back up to 7080% of pre COVID levels, but still some distance to go before it gets back to pre COVID levels. Business which is we call ShoeConnect is doing rather well, and, that is showing real promise. So as as is Gramophone, but so so these companies are shaping up quite well, actually. So none of our, comp none of our investors have really been hit by COVID to a point where they had an extension of prices. And now they all bounce back or are bouncing back. Thank you. Next question is from Shrinath Me from Bellwether. Shrinath, go ahead and ask your question. Hi. Just wanna understand the real estate sector landscape more from a, you know, long term perspective. So it it has been a market where you have builders, brokers, and platforms like us. So we are we have been enabling, you know, the customer to the builder or the customer to the broker. And And and it's been a structure that has kind of survived now the test of time and and and it's it's done well. But off late, we are seeing these end to end players like, you know, Square Yards coming in, also building a technology platform, also having, you know, heavy call centers and acting as a broker and a and a kind of building up a tech platform. So I just wanna understand, you know, again, three, five years out, how do you see this landscape playing out? And do you feel we also, at some point of time, would would you know, we did have all check deals and so on. So would we also need to morph into a a person completely carrying the transaction and not just enabling a handshake? Just want a a kind of a long term view on the scene. Thank you. So see, the real estate market is is large and complex, you know, and we operate in a lot of verticals within real estate. So we have a resale vertical. We have a new home vertical. We have a commercial vertical. We have a rental vertical. Now Square Yard is basically a big player in is a big broker brokerage in in new homes. Right? And and now they're trying to sort of build a tech platform, etcetera. And I don't know if they're still clients, but they were a client at one point in time. But see, the truth see, it'll depend on what shape or form the market takes. If the market starts getting concentrated around a few brokers, then our model will get challenged. So if, you know, there are five players like Square Yard and then between them, they have 70% of the market, then it's an issue. On the but today, for example, we work with, you know, a few thousand developers. We work with, you know, a few 100 channel partners. We work with 25,000 resale brokers. We work with owners also directly. So if the real estate market goes in a direction where there are more and more sort of dealers in the market, there are more and more developers trying to do their own thing online, there are more and more channel partners, you know, then it's good for us because we are a marketplace. On the other hand, if the market starts to consolidate around a few dealers, right, or around a few channel partners or around a few developers, then that's not good news for us. That's, you know, broadly the way we see it. Most parts of the world, you know, consolidation in real estate is very, very hard. I mean, in resale, it is almost impossible because the mom and pop shop business, you know, there is no is even I mean, today, there is no not even one real estate to a chain a brokerage chain offered for resale in this country. Right? Not even in the city. Forget about a national chain. New homes is easier. It's easier, but even that, you know, beyond the point, it's very, hard for somebody to get, you know, a board in a two, three, 5% share of the market. You see more different channel partners that, you know, active in different parts of the country. You see there are nuances. You know, it's hard to figure out if you're not close to that market, which projects are gonna sell, which projects are not gonna sell. But at the same, can but can real estate tech brokerages sort of exist online? Of course, they can. Mean, there's Redfin in in The US. There's a Zillow, but there's also Redfin. Right? So but but but marketplaces exist everywhere. You know? So that's a tried and tested model. How big marketplaces will become in India will all ultimately become a function be a function of how big the registered market actually becomes. Because if there is a lot of home ownership, then what you see is a lot of activity in terms of buying and selling of, you know, old homes as well. And for a real estate platform of the type we are to do really well, we want a resale market to develop That's not new homes is not enough. New homes is where we'll get our revenue for the first the next five, seven years. But in the long run, what builds a network effect is the resale platform where we already have an advantage. We are the largest. We have a big lead. But we want that piece to become larger and larger over time. But there is no reason why different models cannot coexist in the market over time. Will we become a broker at some at any point in time? Unlikely in the near future. But if the market, like I said, moves in that direction, you know, then we'll be forced to revisit our strategy. Yeah. Look. May I add? See, KnightMaker morphing into a share of transaction model, and therefore, facility enabling and handling each transaction is a bit like us that should not morph into a head of big firm. Right? You can't be a marketplace and then one head of big firm. There are about 8,000 recruitment firms that our clients are offering. There are I don't know how many thousands tens of thousands of brokers who are clients of, Mike and Acres. So, it's gonna be hard. You can, you know, you can do a separate venture if you want, a separate vertical if you want, which does that. But Mike and Acres morph into that is gonna be hard. Thanks. Thanks. That was very useful. Thanks a lot. Next question is from Utkash Solapurwala from Dammos Capital. So, Utkash, you are there? Yes, sir. Yeah. Go ahead and ask the question. Sir, can you explain our thought process on the Nocari learning, the vertical you have launched recently, and are there any plans to monetize it? No. No. So we are we should be already monetizing. But, you know, early days, what we are trying to do is see if we can build a marketplace of online sort of courses. Right? Now for any market to places, if you there have to be for to to start with, you have to have our online courses available for people to be able to sort of compare and choose and research, you know, then. Now because the edtech market has so, Nakhri, you know, learning's been around for a while. It is just that the edtech space was not so hot, and therefore, we were not focusing on it. But given that the ed we are seeing a lot more activity in edtech, there are a lot of course providers now. Right? There are many more online courses available than what's the case earlier. We have sort of started investing a little more in this platform. So we've got a guy running the show. He's doing a very good job. We made a lot of progress over the last few months. We are but still, we have a long way to go. It's nowhere close to where we would want it to be. We'll be getting we are generating our business model as lead generation for the attack providers. We have a few large customers. We are gen doing a lot of business with them. But it's still you know, so we're monetizing, but it's still very, very tiny. So we're we'll be able to use the job seekers data that we have to suggest them the necessary update that they should do to that or to their resume? Yes. That's the idea. That's why we actually built it under the NOCRI sort of umbrella because we believe that, you know, most of these edtech courses, which are there in NOCRI running, will be used to upscale, you know, top seekers. And we can use our NOCRI data to recommend to them or to help them sort of understand which skills are in demand, what course are in demand, and sort of guide them to take the right decisions over time. Thank you, sir. Next question is from Manos Vashpay from Barclays P and C. Manos, go ahead and ask a question. Manos, you are there? I'll take next question in the meanwhile. Next question is from Duresh Patak from GSAM. Duresh, go ahead and ask the question. Yeah. First, can you give the cash balance? Sorry. You wanna know the cash balance, Yes. Cash balance. Yeah. Jinder, what? $35,353,500. Including the cash balance with our subsidiaries? Yeah. Okay. And what I understood from some of the other questions that you answered that, like, you know, when you raised the money during QIP, it was as if, you know, we had the impression at least some of us had the impression that the transactions would close quite soon. And, you know, given the confidence that you are showing at that time No. No. Actually actually, I thought I clarified specifically that these things are lumpy, the opportunistic. We have some ideas, but they will take time. Could be twelve, eighteen months, anything. What I remember clearly saying, I don't know. I wanna clarify that right now, but, look, these things take time. Yeah. Yeah. No. I that also it came with those conditions that you're seeing now that these things take time, but it just sort of, you know, came we came out with sort some sort of an impression that you will close, you know, in the coming quarters, maybe not immediately. And now as I understand correctly, I mean, you're you're still in that process. Right? But, I mean, how would you characterize, you know, the timelines from the time at, you know, QIP fund phase versus now? Has it moved forward? Is it still there? Is it backwards? Like, how would you characterize it versus that time period? So we've had some more conversations. You know, we've had some more con we've had we bet must have met at least another ten, fifteen companies over the last few months in different spaces. Right? And we've had a few conversations. There are some small deals which, you know, could happen any point in at any point in time. But the large ones, like, you said, are, you know, lumpy and opportunistic. It takes time to cook a deal. And some often, it's a case of two steps forward, one step backward. So, you know, these things are not easy to execute. We are still hopeful, but, you know, I I won't say that I I we can't give you a clear timeline right now. Sure. And on the 99 acres, so without being a broker, what are the other things that you can do which can, you know, sort of like you said, you know, you've cleaned up the listings, so spamming is less. So what what are the other things that we can do to build more trust and, you know, provide consumers with some sort of a standardized processes, which brokers, you know, like, developers can be more, you know, organized, but broking community is quite fragmented, and everybody has their own set of things they do, and there is less trust among the buyers. So how can you, as a platform, create more standardization and more trust around that without being a broker It's a good question. See, one see, what you have to understand is that the real estate market in India is very, very opaque. There is a like the stock market where prices are available every day, you know what sort of stock is worth, how much. I mean, they are still very hard to figure out what the prices are like, what the last transaction was like, you know, what is the going rate and so on and so forth. Right? So so now $9.09 is sitting on a ton of data. We have asking data, asking prices for the last more than ten or twelve years now within the market. We are increasingly getting better and, you know, we invest in a company called TEAL, for example. Now TEAL is doing a lot of real estate analytics. They're in the business of title checks and litigation checks and some of those things. Right? So, you know, I think one sort of big area of work for us is how do we make the real estate market more transparent, you know, to both buyers and sellers. Sometimes owners are not able to sell because they ask for the move. They even owners don't know what going prices are like. So just because they bought a property in certain time for certain price, I think they should get that price or they they should get 50% more, a 100% off. So, you know, so what happens as a result, there's a big gap between what buyers and sellers are willing to sort of accept, and therefore, transactions take a very long time. So if we can make the market more transparent, if we can provide more information to people, if that information is credible, reliable, trustworthy, you know, the velocity of transactions in in the industry can improve. Right? And and if that starts to happen, then that that that'll be a very big win for the for everybody. So so that's an area which we would want to work on for the next, you know, couple of years and see what we can do on that front. We've already got a team working on a few things. Let's see if we can make progress on that front. In addition to this, you know you know, we can sort of work with, you know, our clients to help, you know, our our sort of buyers, prospective buyers identify, you know, which are the good dealers on our platform, which dealers are are are sort of good in a particular area or in a particular geography. So some of those things we can do to highlight, you know, the top dealers in in a particular locality or in a particular job. We got so many of them. Right? So there are, you know, bunch of things we can do. You know, we have a few ideas. I can't discuss everything here, and we are working on some of them. We have, for example, we just launched reviews on engineering because now, you know, there's a lot of information available on, again, you know, opaqueness. Right? So now we'll be getting reviewed on societies, you know, on localities. So sitting in home at your home, you can sort of figure out what people are seeing about different societies. You know, what is life like in, let's say, in Sector 115 right now. What is life like in this particular block, in this particular area? So a lot of these kind of things we'll do, and we are working on already to sort of just make it more engaging and a more attractive proposition for buyers so that everybody anybody who's looking for property, buying or selling properties would say, listen. Let me start the 99 acres. Okay. Alright. Thank you, Satish. Thank you. The next question is from Manos from Barclays. Manos, go ahead and ask the question. Yeah. Hi. Thanks for the opportunity. And, Itesh, my question was largely on a a very broad level at the segment level or probably the sectors because med tech and ed tech, these are the two very sought after segments a lot of people are working upon, including you. Beyond this, what what is your sense that couple of more sectors or areas you guys are looking at very closely, which which may be which may become very big over next three to five years time frame? Secondly, the second part of question was, do you have any side of gap to the number of investments you're going to make in next six months to nine months? The reason I'm asking is about to check on the available management bandwidth to focus on the investment which you guys keep on doing. So I think currently, are at 22 or 24. I'm not sure. But is there any cap which you are looking at for for year by year, or do you don't have that kind of numbers in mind? So you see, internally, are focused on just four categories, recruitment, real estate, jobs, and matrimonials for the time being. Right? And this is where sorry. And education for the time being. This is where we spend all the in the operating scheme, this is where we spend all our time. We are not looking at, you know, new categories to enter as an operating business. From an investment standpoint, yes, we continue to look at all kinds of opportunities. Opportunities, and we are more bottoms up in our approach. So we look at the what comes our way and then invest accordingly. But as a as an operating business, we are going to just focus on these four categories for the next, I think, eighteen to twenty four months. Right? As far as and then maybe I can let Sandeep can talk about what he's seeing in the investment sort of on the investment scene. And but to answer your other question, how many companies we could see invest in going forward? Because we already have a lot on our plate. See, what we've done over time is we've separated out financial investing from strategic investments. So we have a separate team looking at our strategic investment portfolio where we have five or six companies only, and we have a separate team looking at our financial investment portfolio, which is now a large part of which is now under the AIF. Right? So we have separated the two for acquisitions and strategic investments. It's the operating team which works with the strategic investment folks. And for the financial investment piece, it's Sanjeev and the AI team which work together. And there, you know, of course, we have teams, everything company. Maybe I'll I'll let Sanjeev comment on that as well. Yeah. So look. I think it should summarize better how we organize this. The financial investment team is, you know, 60 up to seven people. I mean, it probably will not go beyond 10. And, you know, and and and the the the fund is a $100,000,000. So you're talking about maybe fifteen, twenty, 25 companies over the next three years. And then you want to offer what you're seeing on the what new opportunities you can So look. We don't do it top down. We do it bottom up. So we don't sort of go and say, hey. We're look at the sector now. We've got the one company in this and one company in that. We don't give quotas and targets for that fashion. We simply say what's bubbling through. Just meet everybody. So we meet dozens of startups every week, maybe a 100 or so every month, maybe more than that even. And, you know, beyond that, we study others without meeting them. Maybe do phone calls, and right now it's on Zoom calls anyway. So you go a few 100 to invest in one or two. Right? And the the space we've liked, but the company is not right, the founder is not right, or the valuation is not right, we don't do it. As simple as that. Then these spaces will miss, and we'll live with it. That's okay. But we want to you know, we do it bottom up like I said. Thanks. I think that was quite helpful, Sandeep and Satish, and all the best. Thank you. Thanks very much. That was the last question we had. Any other question, please? There's some online questions in case you wanna take that. Okay. Let me just take a look at them. There's a question from Vishakar, Jay. Two questions. Two questions, basically. Vishakha Jain actually has come onto the call. I may or not. So, okay, I'll take these questions. So impact on billing due to COVID will not be mainly due to enjoy eight times premium pricing to your competitors. Highlight on other ventures like Happiness. So, you know, we we we never charge eight times of our our competition, but, yeah, you know, COVID has not impacted our our our our leadership. In fact, if anything, our leadership has got strengthened during COVID because we've gained share over our competition. So, hopefully, that'll translate into more pricing power also in in times to come. Advertising on 900 acres generates revenue from current Jariwala. See, you know, we take we are mostly focused on real estate advertising. We don't want to digress into sort of other areas. We've seen we've done that in the past in Northview. It's never a substantial part of our it was never never became a substantial part of our business, and you need to invest in multiple other things to make it happen. So for the for the near future, we are gonna be focused mostly on real estate advertising on, like, generic ads. Yeah. On on on on Happy and Married, I mean, like I said, it's back to what 70707080% of pre COVID. Most of our companies bounce back nicely. You know, there's a macro policy with our shops around Gramophone. They've been bouncing back nicely. Some have bounced back to pre COVID above pre COVID levels. So it's doing alright. Now, Hitesh, there was a question on, advertising in, nine acres and other stuff. I I I took that. Said, we are we are focused mostly on real estate ads. We're not looking to go outside real estate And learn from that. Via revenue. We don't think it it it can be material from this outcome. So I I guess we're done. Let me just check again. Vishalta, you have any question? Please go ahead. Yeah. Hi, guys. Sorry sorry to interrupt. As Hitesh just mentioned that it is not eight times. I I don't remember, like, in one of the earlier calls, I read that the they you enjoy premium to your competitor's price. So could you just highlight, like, what is the premium pricing you enjoy right now currently in Loughby specifically? To be honest, we've not been because, see, we have a we believe we have a close to eighty, eighty five percent share of the market. We don't really face any competition when we go out and sell to our clients. So I actually don't even know what competition pricing is like. I'm sorry right now. Okay. Thank you. These are the questions. Rick, you can go ahead to someone. Sure. Sure. Thanks, everyone. On behalf of InflowH India, we conclude this conference. Thank you, and you may disconnect your lines now. Thank you, everyone. Have a great evening. Thank you. Alright. Bye, guys.

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