Ladies and gentlemen, good day and welcome to the Tanla Platforms Dasari Uday Reddy Q3 FY25 earnings 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Ritu Mehta from Tanla Platforms. Thank you and over to you, ma'am.
Good evening and welcome to our Q3 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 perspective on business imperatives and strategic progress made. After his opening remarks, we'll 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 statements other than statements of historical facts would be deemed forward-looking in nature. Such statements are inherently subject to risk and uncertainty, some of which cannot be quantified or predicted. A detailed disclosure in this regard is mentioned in the results presentation that is uploaded on the website. Audio recording and transcripts will be available shortly.
I now hand it over to Uday for his opening remarks.
Thank you, Ritu. Good evening, everyone. Very warm welcome to a warm welcome, and thank you for joining this call. I wish you a very, very happy New Year to all of you. I'm sure you had a chance to go through our investor presentation and my letter, which are very detailed. Let us straight away get into a Q&A. The management team and I will be very happy to get into more details in the call. Ritu?
Yeah.
We will now open the Q&A. You can assemble the queue.
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 the touch-tone telephone. 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. Our first question comes from the line of Deepak Chokhani with Reddy Capital. Please go ahead.
Good evening, Uday and everyone. I have three questions. First is, how long before we see industry tailwinds to do away with, and how do we plan to grow our revenues? That's question number one. Question number two is, VF International, when do you expect the approvals? And the last question is, how do you plan to deploy the cash? Thank you.
Abhishek, you want to take this?
Sure. Right. Thank you for the question, Deepak. Let me take you through our group's story. We are seeing an evolving market where we continue to see good volume growth from an analytics perspective. Of course, it's a very, very price-sensitive market, so we do see dynamics in terms of playing out, and which is not reflected in our top line. But as we see certain stability or a comeback on the pricing, we should see the growth momentum also building up. That was more from an analytics perspective. International business, especially ILD, continues to be getting impacted, and hence, if you see our enterprise business overall, it was a little somber. But on a positive side, if I have to talk about OTT business, it continues to really do well. The contribution from 15% to the overall revenue has moved to 23%.
All the channels, whether it be WhatsApp, RCS, and anything that I missed, are doing phenomenally well. RCS has seen a 4X of growth. We were recently awarded the RCS Growth Partner of the Year award, and WhatsApp has also shown a good resilience despite the pricing correction that we saw from last quarter, where we had a full quarter impact this quarter. We see a good growth momentum built up as well in that, so overall, I would say it's an evolving market. It's very difficult for me to say when we see the industry moving out. I can only assure you that we continue to maintain the market share and our market share in terms of the volumes and in terms of penetration, both from an OTT channel, continues to be robust. Your second question was on VF International.
I think we are also waiting for that D-Day. We have approached RBI and other regulatory authorities for the necessary approvals. We don't want to call out the date, but as soon as we get the approvals, we'll inform the stock exchange and to all the stakeholders. The third question was on cash. Yes, I think we are proud to say that we had a solid run. People, both from the sales and finance and other teams, supported to generate a solid cash flow this quarter. We had a cash flow of 180% of the PAT, which was highest in the last few quarters. We have two plans. I think, A, we'll continue to invest in the innovation and the talent, which is more organic investments.
I think Uday had spelled out earlier, and we'll continue to innovate ourselves, and we'll continue to focus and continue to invest in that area. Second, our capital allocation policy, which is 30% returned to our shareholders, continues. We have declared an interim dividend of INR 6 per share, which should be credited soon, and third, we will continue to look for an asset, whether it be organic and inorganic investments. We'll continue to look for an opportunity, so those are the three, I would say, three areas where we'll continue to invest.
Right. Thank you so much. All the best.
Thank you.
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from Sharad Kohli, who's an investor. Please go ahead.
Hi guys. I have a few questions here. The first one is, you guys talked about OTT volumes going up, but unfortunately, there's almost a fight to the bottom, right? So we have the telcos that are now getting into the space. Well, Bharti's been there for a while. They've been facing now competition from the OTT guys, and OTT guys are cutting their prices. So unfortunately, we are price takers, right? So what is your perspective in terms of when does the bleeding stop, right? Because I don't see an end to this, right? And so that's my first question. And let me be more specific on that question.
Where would you see a trigger point where the OTT players, because to me, it's such a, when you look at a player like WhatsApp, it is such a small market for them in terms of the overall business that they do globally, right? So when I look at this whole market, I don't see why would they stop at this 30% correction in pricing that they did the last quarter? Why won't they go lower to get more business in India, right, and kind of cut off Bharti's legs and stuff, right? So I'd like a more thoughtful response on that. My second question has to do. I know you made a comment on free cash flow. I mean, it was great this quarter, but I'm guessing that's because of all the cash that was held up by VIL.
And now that we are no longer their clients on this front, it's 183% of PAT. But if I look at the last two quarters, we had recovered 40% and 46% as a percent of PAT. So we were lower than historic numbers, which were closer to 85%-90%. So I think this is just playing catch-up. And on that point, on the dividend versus share buyback, I think it's great that the stock has corrected, but I really think a good capital allocation, at least from a shareholder perspective. I mean, as a shareholder perspective, I end up paying 36% tax on dividends that have come, right? So I think if you look at all the players globally who do a good capital allocation, they buy back their stock. If they think the stock is undervalued, they buy back the stock.
Specifically in the case of India, if you bought back your stock as a shareholder, I could exit the stock and pay the 20% or 15% long-term capital gains tax, sorry, 12.5% long-term capital gains tax, as opposed to paying 38% tax on dividends. That should apply to all shareholders, including the management as well. Finally, I had a question on the balance sheet. There was a massive increase in the platform's internally developed number, right? It went up from ₹85 crores to ₹146 crores. Basically, we are essentially capitalizing all of our expenses of development, which if you look at global platforms, they're typically expensed, right? Obviously, I can make two arguments here, which is that I won't understand the logic of doing this every quarter because normally there would be a balance between capitalizing everything versus expensing it.
When you capitalize something, you're kind of overstating your profits. If you can shed light on the reason why everything is being capitalized, and the number jumped up by almost 62 crores here in one quarter, so I'd like to better understand. I know the MaaP platform came into being, and that's why this was capitalized, but I'd like to understand more the logic between capitalizing versus expensing. That's it. Thank you.
Sure. Sure. So let me take the question from backwards, and then I'll ask Deepak to help me answer on certain questions on WhatsApp as well. So let me take your last questions, right? The last question was on the balance sheet. The way to read this is that we are a SaaS company, right? And we have two arms. One is enterprise business, and the second is a platform business. Enterprise business, whatever we do, as you rightly said, is not a mode for long-term. It is for here and now, which we are serving for our customers, and none of those expenses get capitalized, right? Which is the core business, or I would say a significant portion of the business. The second portion of the business, which you call out as a platform business, is for future, right?
So we are developing a platform which needs to be used for perpetuity, I won't say perpetuity, but in some sense, for a very, very long period, right? A very good example of that is the SMSC and the Trubloq that we installed in 2018, 2019, which is still being used without any major upgrades, right? So while asset is being put to use now, it takes a certain time, say maybe six to nine months to develop a platform. And when we are developing a platform, any SaaS-based company, I'm sure, takes it to work in progress. And once we go live, we capitalize it. So that has been our philosophy. We see a big uptick in the capitalized value because MaaP, which is one of the successful RCS platforms for us, has gone live. We have seen a very good uptick in the volumes.
We touch a billion volume in a month after we go live, and hence you see a higher capitalization that you see in our books. But we have a very clear philosophy on what to be capitalized and what not to be capitalized, and very clear called-out depreciation policies which get amortized over a period and very clearly stated in our financials and all relevant areas that you would like to see. The second question was on Free Cash Flow, right? I think it's not fair to assume the ILD and we've got a catch-up collection. I don't think so that's the right thing. This quarter, I don't think so, other than the normal business that you would have done with the partner you mentioned, any catch-up we have got from a cash commission.
I would say, yes, you're right that on a YTD basis, in H1, the free cash flow percentage was less, but there is no one-time major long outstanding payment that got collected has impacted our free cash flow. We do see some kind of little bit of seasonality, sometimes delays, and hence, even if I take on a YTD basis, it would be roughly approximately nearly 90% of our PAT, which we have delivered as a free cash flow from a full-year basis, right? The third, I think we'll put the position on dividend and buyback, which is returned to shareholders. I think buyback, if I understand correctly, is not anymore a same tax efficiency or tax policies. I think the regulations changed mid of this year. Having said that, we do keep evaluating this every quarter with our board, and we'll take your recommendation.
We'll decide whatever board recommends, we'll take it forward. And the first one on OTT channels, and maybe I'll request Deepak to help us here. Deepak, if you're there.
Yeah, yeah, I'm there. Abhishek. So on OTT side, I would like to say that yes, there is. WhatsApp did reduce the prices for utility messages, but they also increased the prices for promotional messages. And today, WhatsApp's more than 85% of the revenue comes from promotional and marketing messages, and only 15%-17% coming from utility messages. So that's the split. Having said that, we should also remember that most of the utility messages or transaction messages which are getting transacted in India today, most of them are regulated, whether it's banking or it is insurance sector or it is SEBI, the market alerts and everything. So these messages cannot be replaced by any of the OTT players. So they are the SMS is going to stay. So there's no threat from OTT channels over there.
The real, but other than the regulated message, yes, so there is a play in the transaction side, but there's a very big play on the marketing side, and that's where we are working, so we are, as Abhishek mentioned, it's not just about Meta, we are working very closely with Google, that's our next big thing, and we are seeing a huge growth over there, and price-wise also, it's quite competitive compared to Meta. Customers are very happy with the kind of response they're getting and the ROI they're getting. We are building a lot of solutions around that.
Currently, we are creating stickiness, not only from the backend side of it, where we have Tanla's MaaP platform deployed with the telcos, but we are also building a lot of solutions on top of it so that we can have a huge stickiness with our enterprise customers, and they see the real value over there. If you really ask me, a few months from now, we would see a huge not only growth, but our market share is also going to increase in a big way.
Can I follow up with those responses, please?
Sure.
Okay. So first thing, since I have Deepak who just responded, so Deepak, my first question to you is, in terms of market competitiveness, right? I know that you're saying so my first question is, the MaaP platform, is that exclusive to you guys? What is stopping Route Mobile or Bharti or Gupshup? Is this exclusive deployment for Tanla on the telcos platforms, or can those guys develop their own MaaP platform and also have their base set up with the telcos?
Would anyone like to take this?
Yeah. It's not exclusive partnership. As you rightly mentioned, Sharad, they can develop on their own and deploy. But having said that, I have not seen any telcos developing the platforms and deploying on their own.
Yeah, because I'm just looking at the word which Deepak said, stickiness, right? For stickiness to be there, I mean, unless it's exclusive, tomorrow, like you said, people come and undercut pricing and all that stuff.
Sharad, stickiness. Most importantly, I tell you. Okay, let me explain. So when we talk about MaaP platform, it gives us end-to-end visibility, right? So we are in control of the entire messaging journey, right? So we have full control over it. And the stickiness comes when we have our solutions built over it, and customers are tightly integrated to that. Let's say, for example, we are doing for a couple of metro rail, right? So once you are there, you have closed the customer. And there are a lot of journeys we build. So customers are not going to move away. I mean, we have recently Axis Bank. They were very happy, and we are building a lot of journeys for them. So they are not going to because it's going to be a huge task to move to someone else, right?
So we are integrating a lot of such journeys, a lot of such use cases on RCS and on other OTT channels, which is going to give us huge stickiness. And as far as enterprise customers are concerned, they would see the value over it. Beyond a point, they're not going to see a price, what price they're paying. They would see what ROI they're getting on those channels.
Okay, let me just be more direct, right? So I'm just like we're tracking this for I've been with you guys for nine years now, right? And there's been literally no growth. The only growth that's really come from, and I get the whole argument, volume versus pricing and all that stuff. I've been long enough in this stock and this industry globally to understand how this works, right? My only concern is that this is typically our best quarter, and our numbers were very disappointing, right? And I understand investments made in employees and all that stuff. It's actually a very simple question. What triggers are you going to look for, or are you guys looking for so that I have a better understanding where you say, "Okay, I think the bleeding is stopping"? And this is more a general question.
It's obviously not in your control, and I understand that. When do you see the industry players stop totally saying, "Okay, let's stop screwing everybody over, and let's let the price stability"? Do you see that in the near future, or do you have no visibility on that?
So Sharad, let me answer that in the sense that I'm also going to give a direct answer. We are not in control of the industry, okay? Right? And the telcos are involved, the tech giants are involved, right? The enterprises are involved. Everybody's involved. We are not in control of everyone, right? So that price war happens a number of times. This is not the first time. So this is, so we don't know when it's going to stop, which is not in our control. Let me be very, very clear here.
Okay. But is there something which, sorry, go on.
Sorry, your voice is cracking, Sharad. Come back.
Yeah. But I mean, typically, you would get some sense, right, in terms of discussions, either through your take rate and stuff. I mean, is there an argument to be made that you guys are delivering a certain service, right? In terms of getting on these servicing guys, making sure the promotion's going up, is there an argument to be made that your take rate goes up to make sure for the shortfall in pricing cut? Are you guys in a position to have that conversation with WhatsApp and other players that, "Hey, listen, instead of getting a 20% take rate, can we go up to 25% to kind of," you guys are still providing a service, right? Is there enough legs there or strength you guys have to have those discussions?
So someone like WhatsApp, like on the Meta, all the decisions are now made at headquarters. And also, it's a global pricing policy. They're not targeting just for India or some parts of the world, right? So it's a global policy. So we don't have any preview to WhatsApp the strategy. But having said that, they always, I mean, talk to the large players like us to get the feedback, but it is up to the Meta how they're going to implement their strategy.
Okay. And just a follow-up question for Abhishek. Abhishek, out of that 85 crores going up to 146 crores, that's 62 crores, right? I've asked this question in the past, and your comment on SaaS platforms, that SaaS platforms do capitalize. Yes, SaaS platforms do capitalize, but they capitalize the tech part of it. So I had asked these questions about two years ago. What percentage of this capitalization is actual tech versus employees? What is the split?
Okay, so there are two things, right? One, any platform that you deploy would have a hardware second license. And third, employee cost would be fully integrated to develop those softwares, right, or those platforms. Now, it would be unfair that we will capitalize only on hardware and software and not the muscles behind the mind who is creating that platform, so as I clearly said, the enterprise business has zero capitalization, which is namely, which is both Karix and ValueFirst from an enterprise perspective. ValueFirst has Tanla, which is primarily focused more on platform and SaaS. Their only R&D team working on the platform business. Those employee costs, to the extent they're deployed and working for the platforms, are capitalized. For example, any corporate support, any customer service team, those employee costs are not capitalized at all.
Now, you see this as a bigger number because, as I said, any platform, all platform takes a cycle of six to nine months to develop and get deployed, and that's why it looks a little bit of an over number, a bigger number. But just the example that I gave right now, it's a very classic example of Trubloq, for example, which has been deployed for the last six plus years, right? And we have hardly had any major upgrade post that barring in some silos and so forth. So that's how we have to see it, frankly.
That's fine. And my last response to you on the comment you made on the buybacks, I completely disagree with you on that part. I mean, I've been in this market for 25 years. I ran a fund. Buybacks are done when management thinks.
Let's allow others to ask the questions, right?
That's more.
Okay. Sharad?
Yeah, yeah.
Thank you. Our next question comes from the line of Amit Chandra with HDFC Securities. Please go ahead.
Yes, sir. Thanks for the opportunity, so you mentioned that we have seen the impact on the ILD volumes as there has been a shift to WhatsApp, so in earlier calls, you mentioned that most of the ILD volumes now are critical volumes, and the shift has almost stagnated or it has been stabilized, but we are still seeing the shift happening, and also, if you can give some more color in terms of what proportion of the ILD volumes, you still see that there's a risk of shift happening to WhatsApp, and also, if the shift happens, what kind of gross margin impact we see? Because in general, ILD is high gross margin in terms of absolute margin versus in WhatsApp, what we make is lower absolute margin because of the pricing difference.
Secondly, on the ones we have seen scale-up on the WhatsApp OTT side, but because of the pricing impact, how it has impacted the gross margins because we have seen the gross margins for the enterprise business also coming off.
Yeah. Hi, Amit. So you're right. We have called out earlier that we have only seen the bottoming out of ILD business, but that's why we will not comment on the timeline or give a revised scope. We do believe that there's nothing further substantiated left to see a further drop out of here, but it's very difficult to call out considering what we saw in the last couple of months, right? And especially, I do remember that in last quarter or Q1, I have called it out, but this is not what we see. Having said that, what is at least good in some extent is that while we see ID volume coming down, it to some extent getting either compensated through an OTT channel shift or through international markets, right?
So we are able to maintain and sustain the overall revenue top line to a very narrow range because of our international business and also the OTT channel shift. Second, on gross margins, if you see my gross margin has been a narrow range, right? We still deliver 26% plus margin despite ILD dropping significantly year on year, right? And not just quarter on quarter. So I would say instead of getting to what the price scenario would be, because even WhatsApp is evolving from the pricing point of view, their structuring point of view, I can only say that our endeavor would be to sustain at a similar level of gross margin at overall level. And I think I don't see any reason why we should significantly lose that even in the near future.
Okay. And you said that the pricing impact has been there this quarter. So the shift of volumes in terms of lower pricing is already there in the quarter. So from here on, from the next quarter onwards, we can see the huge volume growth happening that is there on the WhatsApp channel that is reflecting on the WhatsApp revenue. Or still, you feel that there is a pricing risk or some kind of adjustment left on the WhatsApp side?
Yeah.
That is first.
On the enterprise side.
Amit, you have specific questions?
Go ahead. Sorry.
No, no. So on the enterprise side, OTT, WhatsApp, the fall has been very steep. Obviously, it has been because of the ILD decline. But this is despite the domestic volume going up. So the ILD is causing a lot of pain for us in the last three, four quarters. So obviously, I explained that. But on the WhatsApp side, obviously, we have a lot of triggers. But what was the volume growth, if you can give some clarity on that so that we can get a picture on how the growth will pan out in the next quarter in terms of volume growth?
So I think it's very difficult to segregate this thesis, right? I can only tell you a couple of things, right? OTT as a channel continues to really do well, right? Our share from OTT channel at 15% moved up to 20% at the first of the year. And Q3, we are at 23% at the overall mix. I don't see any reason why between RCS and WhatsApp and other challenges within OTT, why will they not continue to grow? I think one of the growth thrust areas is OTT for us. And we do strongly believe that both WhatsApp and RCS will continue to do well. It's difficult to segregate what would be the volume growth versus price and so forth. But as we speak, we are able to create a lot of new use cases.
We are able to create a lot of promotional differentiation even in various OTT channels that we are working with our customers, and we are also trying to create an agnostic platform or agnostic solution for our customers where they can hook in and choose what channel that they want to use, so I think OTT will continue to be promising, including WhatsApp. Yeah, so I think that's what was your overall question. Did I miss anything, Amit?
No, no. Thank you. Thank you. I will be back in the queue. Thank you.
Thank you. The next question comes from Tejas Shah with Laser Securities. Please go ahead.
Yeah. Hi. Just wanted to understand, we are always trying to, if we see the presentations, we are always saying if we had Vodafone, then the business would have grown 18%. Now, the Vodafone, I think we've lost that client, correct?
Yes. That's correct.
Just to clarify, Tejas, yeah, just to clarify, Tejas, why yes, you're right. Vodafone revenue, which was the VIL firewall deal, let's not club entire Vodafone because we still continue our strong relationship. But the firewall deal that we lost do not have revenue base both in quarter two and quarter three, which means quarter on quarter, there's no impact of it. Having said that, Q3, which is the same quarter last year, we did have 14-15 CR worth of business with them. And hence, to do a right comparative reflection, we do call out that number saying, "If I keep X of Vodafone, our growth rate would have been this." Now, of course, I do understand investor sentiment that that's factored the matter. Vodafone is no more associated from a deal perspective.
But just to bring clarity to our investors and to shareholders, it becomes important for us to discuss.
Okay. And do we see our margins going up again, or this will take around two or three quarters more?
The gross margin, if you see, had been in the narrow range. If I see last 12 quarters, we have been in the range of 25% to 26.9%, right? So we have been in that bucket of 25%-27%, I would say. I don't see, and I do believe that while I don't give a forward guidance, just to reflect on it, that we believe we should be in a narrow range from a gross margin perspective. When it comes to PAT and indirect cost, if you see this time, we were significantly impacted by a one-time Forex loss, which is the euro currency depreciating significantly. We believe, and if I go back for a longer period, that Forex has neutralized over the period of last four quarters prior to Q3.
So I think those impacts, the Forex impact at least should not be there next quarter is what we believe.
Great.
And that was to the tune of 4.5-5 CR.
Okay, and I think normally the third quarter is the best quarter that as a company we get. Going forward, is there any chance of increasing the top line somehow? Wherein because it's been stagnant, top line has been stagnant. Either we are losing some customers, gaining some customers, but then we are not moving anywhere in terms of the top line.
No, no. I think, Tejas, I would say that the whole discussion with leadership and the management on the ground, I think we leave Bharti and work only on grow, which is growth. I appreciate your feedback, but I can only say that we are almighty and all minds are behind saying how do we grow, whether through platforms, through OTT channels, through global expansion, and so forth, so our endeavor would be to continue to push while yes, while external challenges are there, our endeavor would be to continue to put through all three levers to ensure that we come back to the ground.
If you can throw some light on the, I think, gaming what I think we've sold some subsidiary, if you can throw some light on that. Gamooga, I think, is from.
Gamooga.
Okay.
No, no. I don't think so. We have sold it. It's just a change of ownership. I think we believe one second, so I think what we believe is that Gamooga best fits with Karix in terms of what we deliver and what we serve to our customers. And hence, from a synergy perspective, we are just merging it with Karix. It continues to be our own company, our own platform and tool. It's just that it's changing hat from Tanla Platforms to Karix, our own 100% entity.
Okay. Thank you. Thank you. Thank you.
Thank you.
The next question comes from Ashish Gupta from AG Capital. Please go ahead.
Hello, sir. Good evening. Sir, I have a very quick question. One is regarding the platform side business. So we are seeing from last few quarters, we are growing somewhere around 15%-16%. So I wanted to understand some color on whether this growth will be sustainable for two to five years, or do you think that it will be tapered off, or we can do better than this? That's my first question.
So Ashish, we don't guide, but I can only tell you that platform is one of the growth areas where we continue to focus. We had two old platforms, Trubloq, SMSC, which has been consistently doing well. We launched ATP. We had one couple of customers there. We have launched MaaP, and we have touched a billion dollar, a billion volume last quarter in a month. So I would say we'll continue to focus on our platform. That is an opportunistic area for us for future growth. It would be hard for me to put out a number in terms of what would be the growth rate that would be there in the near and long-term future.
Yeah. No, sir. No problem. So I just wanted some sense that, okay, we could sustain this or do better, but I got your point. Second thing, sir, I wanted to understand on the enterprise side of the business, and not from our company, but from an industry standpoint, for next two to five years, sir, what is the projected growth rate of that overall industry? If you could shed some light on that, maybe because you would have access to a lot of research reports. So I wanted to sense how the overall pie will grow. Is it like 5%, 10%, something like that?
See, I think it is a little bit dynamic in my view. If I keep the pricing aside for the second, I think in my view, NLD, which is the local SMS business, should grow at a lower double digit in all sense. But when it comes to platform and OTT, it should definitely continue to grow at a double digit without any second thought about it, right? So that's how we see. I think if you ask me, overall industry was primarily impacted by ILD, and SMS volume continued to do well. There definitely was a price sensitivity, which we called out earlier. As soon as we see some normalization there, I think we should see a good growth in the Tanla from an overall industry perspective.
Understood. Thank you so much, sir. And last question, sir, on the so assuming there is no new platform-related employee cost, so sir, do you think that there is a wage inflation could be somewhere around 10% for next two to five years, or do you think that this could be lower?
I think it's difficult to call out at this stage, right? I'm saying, for example, we are known for our innovation. So we cannot keep our hand tight saying, "We'll not innovate anymore," right? So we'll take this question. We'll keep you posted if we see an opportunity for future, what we are working on. So we'll keep our investors and stakeholders updated about it. But it's very difficult to give a very hard number saying, "We'll grow, the wage will grow or not grow by this percentage.
Understood. No problem, sir. Thank you so much. That's what I wanted to check. Thank you.
Thank you. Thanks.
Thank you. Ladies and gentlemen, that was the last question for today. I now 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 constraints, please reach out to our investor relations team. Good evening.
Thank you. On behalf of Tanla Platforms Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.