Ladies and gentlemen, good day, and welcome to the Tanla Platforms Limited Q2 FY 2025 investor conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Ritu Mehta. Thank you, and over to you, ma'am.
Good evening, and welcome to our Q2 earnings call. Joining us today are Uday Reddy, Founder, Chairman, and CEO, Deepak Goyal, Executive Director and Chief Business Officer, and Abhishek Jain, CFO. Uday will share his perspectives on business imperatives and strategic progress made. After his opening remarks, we will be happy to engage with participants and address their questions. Before we start the call, let me draw your attention to the fact that today's discussion may feature statements that are forward-looking in nature. All the statements, other than the statements of historical fact, could be deemed forward-looking in nature. Such statements are inherently subject to risks and uncertainties, some of which cannot be quantified or predicted. A detailed disclosure in this regard is mentioned in the results presentation that is uploaded on our website. Audio recording and transcript will be available.
I now hand it over to Uday for his opening remarks.
Okay. Thank you, Ritu. Hi, everyone. Good evening. I'm sure you had a chance to review our investor presentation and my detailed data. Our revenue for this quarter stood at 1,011 crores, and Q2 saw a flat revenue, mainly due to slowdown in international business. We are witnessing several structural shifts shaping the CPaaS market. Digital interactions in India are surging, largely driven by the public digital infrastructure. While SMS remains relevant in this price-sensitive market, OTT channels are becoming increasingly dominant. WhatsApp has reduced the price of utility messaging from 30 paise to 12 paise, nearly matching the cost of domestic SMS. This price parity is making OTT channels a more attractive, cost-effective option for enterprises. As we move forward, we expect OTT channels to become the preferred medium to customer's interactions.
While certain market segments remain subdued, we have successfully adapted to these changes and captured additional revenue market share. Aligned with our strategic focus for FY 2025, we have strengthened our presence in OTT, particularly by leading category in RCS. Revenue from OTT channels have risen from approximately 10%-20% in Q2 FY 2025, with the OTT revenue exceeding INR 200 crores for the quarter. We remain Google's largest global RCS partner and have been named Meta's Growth Partner of the Year for the second consecutive year. In our platform business, we consistently focus on solving business challenges with a strong emphasis on greenfield innovations. In response to TRAI's mandate, we were the first in the industry to launch CTA whitelisting on our Trubloq platform.
To date, we have whitelisted 1.7 lakh URLs, representing 98% of all URLs across telco DLT platforms in India. So this is a milestone. Wisely ATP is also gaining a momentum, especially within the... With the growing regulatory emphasis on user protection from spams and scams. We recently signed another agreement with one of the largest banks, which is nothing but Axis Bank, for this solution. Moving to enterprise communications, the domestic SMS market continues to grow while the price sensitivity remains high. We have outperformed in terms of volume growth. The ILD volumes have contracted but have recently stabilized. This quarter, we added nearly 89 new logos, contributing INR 7 crores to our revenue, with 35% of this being on new channels.
With the global expansion as a focus, we have prioritized select international markets, and we are laying the groundwork for the better penetration of our Wisely and our MaaP platforms to expand our digital platforms and OTT channels offerings. The foundational work done in Q2 has positioned us to accelerate growth through OTTs and digital platforms innovations, and I'm very excited for what is ahead. Finally, I would like to take this opportunity to welcome Francois, the Executive Dean of London Business School, to our Tanla board. Let us move into Q&A. The management team and I are happy to answer any questions. Ritu, let's open it up.
Uday, we'll start the Q&A.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
... The first question is from the line of Amit Chandra from HDFC Securities. Please go ahead.
Yeah, thanks for the opportunity, sir. So my first question is on the WhatsApp revenue. So obviously, we have seen good momentum there in WhatsApp. It has reached an order of INR 200 crores. But if I see the sequential growth, it has been flat sequentially. Obviously, you mentioned that it was because of the WhatsApp pricing cut. But you know, if you can elaborate on what was the pricing impact, because in my calculation, the pricing impact was for two months, and it was only for the utility messages, which roughly is 40% of the volume. So the roughly impact would be around 20% from pricing. So is it the volume growth was 20%, and how do you see the volume growth panning out?
Maybe with the, you know, pricing being similar to WhatsApp or SMS, are we seeing a shift, maybe or more cannibalization can happen of the, you know, domestic messaging volumes to WhatsApp channel? So how do you see it more from a structural cost?
Hi, Amit. Thanks for the question, and Abhishek here. You know, just taking a step back, right? The WhatsApp grew almost 100%. We were close to 100 CR, or little less than that, or 50 CR, couple of quarters back or six quarters back, right? We have come forward to 150 CR per quarter now. So that has been a robust growth journey, right? We do acknowledge that this quarter was definitely soft due to pricing change. And if you see, you can see the pricing has come by one-third, right? It has been almost cut by one-third.
We saw a significant volume growth, and from a channel perspective, we are seeing a good use case day by day in WhatsApp, and hence, you know, we are very, very bullish from a WhatsApp perspective. From a volume perspective, broadly, you're right. I will not call out the exact volume growth, but broadly, you are directionally on the right side. I can only say we continue to scale up adoption by various enterprises, and we continue to be very, very, very bullish on WhatsApp as one of the OTTs.
Okay. So, you know, we also mentioned that, the domestic messaging or the NLD volume growth has been 8%-10%. And the earlier commentary was that the ILD volumes have mostly stabilized, but again, we are seeing some, you know, kind of drop there. So is there any change that has happened which is, triggering the drop in ILD messages? And we earlier used to give the contribution of, the ILD to the revenue. If, you know, what the contribution has been, because earlier it was 25% of enterprise. What is the number of ILD, if you can share that? And how we see the overall... Because the, you know, volumes are increasing, but the mix is changing and, you know, the ILDs is going down.
So the overall impact is not, you know, we are not seeing the growth for the last four, five quarters. So how do you see the overall, you know, the growth scenario over the next two to three quarters?
Sure. So I'll take it up, and maybe I'll request Deepak to add after I finish. So you're right, you know, what we've called out earlier, ILD composition was nearly 25%. It has seemed little bit lower than that, but not way off than 25% mark. But it would be definitely lower than 25% what we have disclosed. Primarily, two shifts we have seen, right? Where we have seen ILD use case towards migration towards OTT as an alternative channel. And maybe one or two enterprises would have, you know, contacted with telcos directly, right? But having said that, what we have seen is that, you know, in Q1, we saw May, mid, and June was a quarter where we saw a sharp drop.
From then to now, we have seen a drop, but not that bad, and hence, Q1 quarter-on-quarter looks really little bit standing out. As we have called out in the letter, in that letter, from last one to two months, we see a volume little bit on a stagnant side or flattish. So we hope that we should not see a big decline from here. As you were seeing even earlier, just to call out that, you know, while yes, ILD SMS as a channel could be dropping, but we are trying to see an alternate source to WhatsApp, where we continue to gain the market share, right? So I would believe that we should have seen worse from an ILD and international perspective over.
But yes, we can't say unless it is done, but I don't expect a significant downside from here as it, as we speak. From an NLD perspective, the volume continues to grow. You know, we have seen how UPI volumes has grown up. From an NLD perspective, we continue to see a volume growth from a market perspective, and we believe we are only gaining market share there. Deepak, if you want to add something on this.
Yeah, Abhishek. So, I agree with you, as far as ILD is concerned, you know, you already stated, but you know, in terms of overall growth, you know, what we are seeing is, you know, we have a large chunk of, you know, existing customer, enterprise customers. We are present in almost 70-80%.
... you know, of the customer, where the CPaaS business is getting originated. And, currently, what we are doing is we are, you know, we are penetrating with RCS and, WhatsApp and, Truecaller to these customers. And, we, you would see in going forward basis that our wallet share is getting increased at these customers, which is going to give-- which, which is, definitely a very big growth lever for us. We are going to focus on that. Also, we, you know, your earlier question was, with, if, WhatsApp is cannibalizing SMS volumes. Yes, there would be some sort of cannibalization, but that is good for overall, you know, good for the industry, I would say.
Because, you know, a lot more new use cases are getting opened up with WhatsApp and RCS and Truecaller. So while there could be some, you know, sort of a cannibalization, but there will be a, you know, good amount of growth would be coming in overall volumes. Because customers are clearly, you know, seeing ROI through these channels. And our focus is, you know, on, you know, omni-channel experience to the customer. And that is really, you know, you would see in the coming quarters, you know, it is, you know, where you would see a, you know, a lot of growth coming in.
Okay. And then in the platform segment, obviously, VI DLT, the growth is, you know, there about 16-17% YOY. But, you know, in terms of the journey that we earlier alluded in terms of reaching, say, 100 crores kind of run rate in the newer products. So obviously, we have won some deals on the ATP side. But, I know what's the thought process there. Are we on track or, like, or we need some more innovation there? And also, in terms of the intangibles also, there is some sharp increase in the intangibles in the balance sheet. So if you can also allude that this is largely related to some, like, newer products, you know, getting into the monetization stage.
Amit, hi, Abhishek here. So you're right. I think the vision continues to be the same. We believe we are, you know, very positive on platforms. And a couple of platforms that we are already cashing is ATP, that you have heard. You know, MaaP, which is on RCS side, the Truecaller, which is our homegrown platform, has been doing very well. Coming back to ATP, you know, we had signed one large contract earlier in quarter one, and we signed another one in quarter two. And with the focus that we see from TRAI and DoT, you know, to protect users both from spam and scams, it only, you know, elevate us in terms of where we B2B stand.
You know, one of the large telcos also launched recently an anti-spam solution, which has also raised awareness, which would. And from there on, we see more, even more larger interaction from the banks on it. So it satisfies us in terms of our early on, you know, production and gain towards ATP that we have taken, where we, you know, not just need to find the scam, but also the scammer, right? But yes, the price discovery and the, you know, the contracting process is little bit longer. But our vision to take the platform to 100 CR run rate, which we have called earlier, remains intact.
Rather, you know, once we see a success and couple of customers have a good customer success stories here, we would like to take it to international as well, but it's too early to comment on that, right? So, so that was on the platform. Second, on intangibles, you're right, since, you know, couple of platforms have been under development, under progress, few we have called out, few is very difficult to call out at this stage. And that's why you see, some increase there. We do expect some capitalization to happen, in next one or two quarters, as some of the products that we have, you know, were in progress, is already converted to POC, or is in an implemented stage. So that's where we are.
Amit, let me add a couple of points on ATP, okay, right? Sorry, Uday here. See, we were the first one to recognize the problem statement in India, okay? We are the only one who has recognized this problem statement. Secondly, we not only recognized the problem statement, we also came out with a solution, okay, right? And we have deployed this platform with VI, and we demonstrated this impact with all the regulators and WhatsApp starts in India, okay? But people are very apprehensive about using the AI/ML models. They're not very clear, regulators are not clear, telcos are not clear.
But with the launch of Airtel, Gopal has launched the platform mainly on the voice couple of weeks ago, and it has really gone very well. So what we're really trying to say is, since now Airtel has come out with this platform, it will help us address the issues. One, the problem is big, so Airtel is the first one to identify that and acknowledge it by launching the solution. And they are using the ANML model. So they got approval from the regulators. So, you know, so with this background, like, you know, we should be able to accelerate our CTM on ATP.
... Okay, sir, thank you, and all the best.
Thank you. Thanks, Manav, thanks. Yeah.
Thank you. The next question is from the line of Balaji from IIFL. Please go ahead. Balaji, your line is unmuted.
Please go ahead.
Please proceed with your question.
Let's move ahead.
We'll move on to the next question.
Let's take, yeah.
Yes, the next question is from the line of Deepak Chokhani from Red Capital. Please go ahead.
Hello, sir. I've got two questions. First question is, out of the enterprise and platform segment, which segment do you think will drive the growth more? Or which sector is you, in your view, for the next one or two years, going to give bulk of the growth? And second question is, when do you think the VF Global merger can happen? Thanks.
VF merger. Okay. So, Deepak, couple of things, like, you know, so, I think both the platforms and enterprise are growing. And, in fact, platforms to a certain extent is growing on the back of success of enterprise business. Okay? Whenever we see the... For example, I'll give you a couple of examples where whenever the SMS volumes go up, okay, the Truecaller is the first beneficiary of this one. So they have to go hand in hand. And as of today, enterprise business is very, very large, and relatively, the platform business is smaller.
It's difficult to say, but both are growth engines, and they're not growing at the cost of others, like. They go hand in hand. Our focus is to grow on both engines. There is no doubt about that. That's number one. Number two is on ValueFirst. We have an agreement to go up to March twenty twenty-five, where we're going to settle with the outgoing promoter, Vishal, by end of March. Do you want to add on that?
Yeah, just to add on that, I think the question was when the VF Global will be integrated. So I think we are still awaiting regulatory approvals. As soon as the regulatory approvals are in place, we should be able to integrate and merge. We are in constant touch with authorities clarifying all the doubts. The owner is clarifying all the doubts that they have. It's more of the, you know, simple name change and so forth. As soon as we get it, it should be indicated. We hope, you know, we hope to get that done this quarter, but, you know, it's sometimes with, without, you know, it's very difficult to give a clear timeline.
Got it. Thank you so much.
Thank you.
Thank you.
Thank you. The next question is from Balaji from IIFL. Please go ahead, sir. Balaji?
We can't hear you, Balaji, in case-
Balaji, sir, your line is unmuted. Please proceed with your question. Sir, is your line muted from your side, Balaji, sir?
No, it is not. It is not.
Okay. Please go ahead, sir.
Am I audible?
Yes, sir, you're audible. Please-
Yes, Balaji, we can hear you. Please go ahead.
Okay. So, thanks for taking my question. I had a couple of questions. So first is on the CTA whitelisting through Truecaller that you have mentioned. So what is the revenue model here? And then is it one time in nature, and, you know, is it fair to expect any meaningful revenue from this? The second is also related to the statement that you made on 98% of the all whitelisted URL, you know, being now, you know, having been processed through your Truecaller platform. So, this would be, again, you know, how is this well above the 63% market share that you have in Truecaller?
Is it because it will be for, you know, you'll be doing it for different enterprises and that the 63% is just the is your share from a telco perspective? So I was just trying to get some color on that.
Yeah. So, Balaji, it's a very good question, like, okay, let me first answer on CTA registration and the monetization model, like, okay. When the regulation came, and we already have one month time to roll out, and it came in all newspapers, and then all the enterprises have reached out to us, and we quickly innovated it, and we launched with all telcos. So that's a big achievement right now, right? So our priority was to enable our customers, our enterprise clients. Okay? So that's number one. Number two is, yes, sometimes what happens is, like, you know, some enterprises are... So this platform is used by, I mean, this platform is deployed with most of the telcos.
And, sometimes what happens is, not necessarily each and every platform, each and every enterprise is using our platform to push their SMS. But when it comes to these kind of challenges, like, they kind of reach out to us, we always help them to register the CTA, whether they are our customers or not, doesn't really matter, it matters, but at the end of the day, when they reach out to us, Deepak and rest of our team, they always help them to-
... to register and help them to comply with the regulations. That's how, that's what we did it in two thousand and nineteen, and we launched our two products. Again, this is how we did it even with CTA registration. So effectively, more than 98% of the CTAs which are registered as of today, also registered on our platform. It shows how committed to help our customers to comply with the regulations like. When it comes to monetization, like, you know, we were not given a lot of time to think on those lines. And we have not yet monetized as of today, but we can't rule out in the future. But right now, we are not yet monetized.
It's difficult to quantify, like, you know, whether it is really important for us to roll out, et cetera, et cetera. But at the end of the day, with this CTA registration, Deepak is the right person to comment on that line. Probably we might have more traffic. So, Deepak, you want to add here?
Yeah, yeah, Uday. So, Balaji, how it works is that it actually, you know, you know, established our leadership position over here, that we are the first one whenever, and we on the, on the right side of the regulatory. There's a regulatory, you know, the TRAI came up with this guideline. No one was ready. We were the first ones to roll it out and to ensure that, you must have seen a lot of, you know, news, articles were coming in the newspaper that, you know, the whole SMS would get disrupted and, you know, and stuff like that, but nothing of that sort has happened.
That is primarily because we were able to roll out before anyone else and able to provide a kind of confidence to our customers that you are in the right hands. So that actually helps us in, you know, to ensure that our customers are sticking with us, and they are, you know, in the future, they would give us a larger wallet share, right? So these, you know, so this is what, you know, our CTA whitelisting solution has done so far.
Okay, got it. Thanks a lot, and all the best.
Thank you.
Thank you. The next question is from the line of Yash Mehta from Artventure. Please go ahead.
Uh, audible?
Yes, sir, please go ahead.
Yes, please. So just two questions. I wanted to ask that we have registered a growth rate of 4% in the first half of this year. So will we be able to surpass this growth rate in the next two quarters for...? And will there be a better margin improvement in the next two quarters?
Mr. Mehta, like, you know, we would like to stay away from making forward-looking statements like, let's hope for best. Let's hope for best.
Okay, all right. Thank you.
Thank you.
Thank you.
The next question is from the line of Brahma, who's an individual investor. Please go ahead.
Yeah, thank you. In digital platforms, what is the revenue we booked in quarter two from VI? And will there be any revenue again, booked from VI in quarter three, or can we expect the similar growth of 15%-20% in digital platforms in Q3?
Mr. Brahma, hi, this is Abhishek here. Are you referring to the VI Firecore deal?
Yes. The business which we had with VI and which we have wound up, okay?
Yeah.
To what extent it is included already in Q2?
No, so the last revenue that we had was for Q4 last year. There was small number in Q4. In Q1, Q2, both we have zero revenue from VI Firecore.
Okay.
It completely. So we don't see any headwind because of that going forward on either issue.
Okay, okay. So because I have seen somewhere the statement given as it is normalized to 16%, wherein it actually do, degrew by 7.7%.
Sir, that was the reference for year on year. Last year, quarter two, we had 20 million, close to 20 CR, close to, as part of our top line and margins. That is not there in current quarter. So if I normalize for that, we would have grown 16% versus last.
Okay. Okay. So can we expect the line of growth of about 16%-20% in digital platforms in Q3 also? Or, my other question was with the Axis Bank, which we closed the deal. Will there be any revenue recorded in Q2, or will it be reflecting in Q3?
On the first question, it's difficult to comment. As Uday said, we will avoid giving a forward-looking statement. Only we can say is that, we feel very, very robust in terms of... promising in terms of the platform that we have developed and under developing. That is one. Second, from an ATP perspective, yes, the second customer that we have signed was mid of the quarter, so we did get partial revenue in quarter two. The full quarter benefit should flow through to us in quarter three.
Okay. Do you mind quantifying it, or, again, you wanted to avoid that?
I think, yeah, we have not disclosed that, so we will avoid that.
Okay, fair enough. No issues. Thank you so much.
Yeah. Sure.
Thank you.
... is from the line of Gopinath Chopta, who's an individual investor. Please go ahead.
Hi, Amara?
Yes, sir, please go ahead.
Yes. Hey, good evening, everyone. I wanted to understand an outlook on the MaaP platform. I mean, more in the sense of, what the management team thinks of its potential. I mean, let's say you consider Truecaller partnership and MaaP in four quarters from now, which platform do you think would perhaps add more to the bottom line? Right, that's question number one. And, the second question that I have is on the international expansion. I mean, in the last five quarters, we've more or less seen the top line stagnate. And, I mean, do the management think the future growth is dependent on how we expand internationally? And, how soon can we expect international markets to contribute meaningfully to the bottom line?
So, Gopi, couple of things, like, you know, without attracting the forward-looking statements, like, you know, all I can say right now is you can expect some news in the next couple of months on both the MaaP platform, as well as on the geography expansion line. We have been working on both the fronts for the last one year, and let's hope for best. I don't want to give any. I don't want to make any forward statements, but let's hope for best. All I can say right now is MaaP is going to be big. RCS as a channel is going to be big. We are investing a lot of our R&D and money behind our MaaP platform and RCS as a channel.
And just to add, you know, from an RCS perspective, you know, it's a rich media. We have seen, from a promotional messaging perspective, it's very, very good. We have started seeing a many use case, in terms of delivering messages through PDF, and so forth, right? So, we are seeing a good traction in domestic market, and, as they just pointed out, we do wish to expand it and take it further from here.
Good. Got it. Is there any sense of when the international markets could meaningfully contribute to the bottom line? If that's something, I mean, at least, I mean, not actually look at in the next five quarters or so.
So I can only say that two things, right? One, OTT channels are very, very promising. So from a domestic market perspective, we have to, while, yes, the SMS volume is growing, our alternative focus as well has been on developing and on growing our OTT channels, and the platform business. On the international markets, I think it would be difficult to talk anything further than what Uday just said. We are all invested in. You would have seen the investment that we have been making out in these areas, and it takes time to gestate and generate a meaningful revenue out.
All right. Thanks a lot for answering the questions, and I wish you all the best.
Thank you.
Thank you. The next question is from the line of Dhaval Jain, an individual investor. Please go ahead.
Hello, sir.
Hi.
Yeah. So I just wanted to, like, I've been on the call, and I know that you were not able to give the forward guidance on the revenue front. I just wanted to know, because we have been stagnant in our revenues for almost four quarters now, and it's an achievement that we have been hitting a 1,000 crore mark. All right. So I just have seen that on a financial front, 44 crores of employee expenses have increased to 54 crores. That's almost a 20% jump in the employee cost, and that has led to our margin dip of 2%, I think. So unless and until we are not doing a revenue growth, is it fair enough to understand that our margins will, you know, decrease further or is going to stay constant?
So, Tawal, I think growth is our priority, so we'll continue to hunt. I think Deepak, Uday and all other leadership are fully focused on growth. You know, no, without growth, no company can sustain margin, that is for sure. So I think our prime focus is definitely a growth and a profitable growth. Coming back to margin, if you see our gross margin, the gross margin has been a narrow band of 26-27%. We dropped, despite VI Network deal impact, which had an impact of 200 basis points, you know, our margin has been able to sustain with the narrow band, as I said, right? And we saw a slight dip of 60-70 basis points quarter on quarter.
Having said that, you know, we continue to focus on growth, and hence, that would help us sustaining our gross margin. Coming back to indirect cost, it's a conscious investment that we have made. We are doing our investment on go-to-market and product solution, newer OTT channels to fuel our future growth, right? So those are the investments that has been consciously being made by the management. But as I said, our prime focus would be a profitable growth and our entire focus is towards that.
Another follow-up question. As I see, our trade receivables are increasing consistently. So in the March FY 2024, we were at INR 842 crores of trade receivables. Now, it increased to INR 1,004 crores. Almost a 20% jump in trade receivables as well. So I just wanted a more clarity on this.
... Sure. I think there are two reasons, right? One is from the shift of international business to domestic. We've generally seen international has a lower DSO base and lower things, so AR collection is much better in international markets, so that is one reason. Second is, you know, if you see our cash, it has been INR 75 crores, despite giving a dividend of the last quarter. We did see some delays in getting the POs and hence collections getting spilled over to next quarter. We have almost collected INR 150 CR plus, by the fifteenth of October and so forth. So I think, it's more to do with the mix of business, moving from international to domestic.
I think we should see a good collections this quarter. I'm not too much worried, frankly, about it.
Sir, this is the last question. And it's not, again, trying to ask you for forward guidance. I just want to understand that our trajectory of our company has been phenomenal in the last five, six years of the revenue growth. I just want to ensure that, you know, going forward, are we going to see what we are going to do? How is it going to pan out? Because now we have reached INR 1,000 crore constant revenue run rate per quarter. So going forward, you know, with the RPM, it would be like INR 1,250 crore per month, per quarter of the revenue or, like, do we have some target on that?
So we do have our internal targets, and as I said earlier, it is difficult to share forward-looking. But I can assure you that, you know, we are not sitting complacent, right? I don't think our ambition is to be at where we are today. Our ambition is much beyond what we stand today. Entire focus of Deepak today and the leadership are towards growth, as I said. So I would not be able to reveal any other number from here, but definitely, we are much more ambitious than in what the number reflects as is.
All right, sir. Thank you so much.
Thank you.
Thank you. Ladies and gentlemen, we would take that as a last question for today. I would now like to hand the conference over to the management for closing comments.
Thank you, everyone. That was the last question for today. In case we could not take your questions due to time constraint, please feel free to reach out to investor relations team. Good evening.
Thank you. Thank you.
Thank you.
Thank you. Bye-bye. Bye.
Thank you. On behalf of Tanla Platforms Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.