Q1 26/27

Aug 14, 2026

Summary

Platform premium rose 49% and revenue 40% YoY, while service EBITDA reached INR 39 crores and adjusted EBITDA loss narrowed to INR 26 crores. Management targets FY27 adjusted EBITDA break-even and sees renewals and AI as margin and growth drivers.

Ladies and gentlemen, good evening, and welcome to the Q1 FY27 earnings conference call of Turtlemint Fintech Solutions. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note, this call is being recorded. I would now like to hand over the conference to Mr. Nitin Garewal, Head – Investor Relations. Thank you, and over to you, sir. Good evening, everyone. Welcome to Turtlemint's earnings call for Q1 FY27. Joining with me on the call are Mr. Dhirendra Mahyavanshi, Chairperson, MD and CEO; Mr. Anand Prabhudesai, Executive Director and COO; and Mr. Badri Sanjeevi, Chief Financial Officer. We would like to highlight that the management may make certain statements that may be forward-looking in nature. Please be advised that our actual results may differ from these statements. We do not guarantee these statements or results and are not obliged to update them at any point of time. I'll now hand over the call to Dhirendra. Thank you, Nitin. Good evening, everyone. I'll start with some update on the overall business, and then we will cover the details during the question session. At Turtlemint, our mission has always been simple, to make insurance easy to understand, accessible, and trusted for every Indian household. When you look at insurance penetration in India, there is a very large opportunity ahead of us. This is particularly true in B30+ and in the underserved markets, where potential policyholders need not just access to products, but also the right advice and support. We believe the combination of technology and a strong distribution network is the right way to solve this. A big part of our growth strategy is that we, what we call RAP, recruit, activate, and produce. We recruit individuals at scale, onboard them seamlessly onto Turtlemint Pro platform, train them, and then help them become productive over time. In Q1, we recruited more than 32,000 digital partners, taking our total DP base to about 6.9 lakh plus. We continue to invest significantly in training our digital partners across product knowledge, soft skills, and marketing skills so that they can build a long-term career in insurance. In Q1, Turtlemint Academy, our digital training platform, had around 55,000 monthly active users. The impact of these efforts has increased engagement and activation levels in our platform. Our past three months active DPs increased to 90,791 in Q1, compared with 72,244 in the same quarter last year. Another important part of our model is the relationship we have built with insurance companies. We work closely with our insurance partners to help them identify new pockets of growth, while also enabling them to manage underwriting at a very granular level. In Q1 FY27, for 17 insurance companies, our growth contribution was at least two times of the overall industry growth. If you look at the insurance purchase journey, one of the biggest challenges is actually getting and generating customer intent. This is where a significant amount of cost and investment goes. Our approach is built around solving exactly this problem. We bring together a strong technology platform and a large network of trusted advisors who can help customers understand their requirements, compare products, and make the right insurance decision. Our policy count up to Q1 now has touched 3.1 crores. For us, the relationship with the policyholder does not end once the policy is sold. Insurance is fundamentally a business of trust, and that trust is required when a customer buys a policy, but it becomes even more important later when they need servicing, when the policy comes up for renewal, and more importantly, when there is a claim. As insurance brokers, we represent the policyholder and support them across these requirements. We have therefore built our platform around the entire policy life cycle rather than just the point of sale. During Q1, we helped policyholders settle claims amounting to more than INR 26 crores, where there would have been some complexity, delay, or rejection. We handled around 1.5 lakh plus unique servicing requests during this quarter. Some key business highlights of Q1. We started FY27 on a strong note. Our platform premium grew 49% to INR 1,204 crores. A large part of it comes from B30+ markets. Our P3M active grew by 33% YOY basis. Our revenue grew by about 40% to INR 294 crores. We saw strong growth in renewal. Our renewal revenue grew by about 58%. We have stated earlier in our earlier call that we are in the business of book building and renewal, as we all know, it provides annuity to the business and also provides higher margins. Our service EBITDA grew by more than 90% to INR 39 crores as margins continue to expand. Our operating leverage comes from the shrinking of corporate overheads as a percentage of the revenue, and that continues to happen. On a YOY basis, our corporate overhead as a percentage of revenue came down from 32% to 22%. Sorry, from 30% to 22%. Led by strong growth, margin expansion and operating leverage, our adjusted EBITDA loss as a percentage of revenue compared to last year of -21% is now -9%. From a long-term view, our service EBITDA expansion continues through the strong renewal book that we have built and productivity gains. Our corporate overheads continue to reduce, and we expect over the next four to five years for it to come below 7% to 8%. I will let Anand cover the tech and AI part and the other initiatives that we have taken. Thank you, Dhirendra. Good evening, everyone. I want to spend the next few minutes on a few things that are central to how we think about the next phase of Turtlemint, cross-sell, second, our AI strategy, and finally, how we are building claims into a genuine point of differentiation. Our cross-sell focus is on getting motor-acquired digital partners to sell health and life. The way we drive it is through structured, continuous training. We teach a new skill, deepen the capability through support of subject matter experts on live cases that a DP is working on, and then reinforce performance through feedback. We track the cross-sell activation funnel rigorously. Year-on-year, we have been able to grow motor-only digital partners starting to sell health by 40-plus percent. Cross-sell activation is an important part of our strategy to profitably drive growth in health and life business without being in the chase for the same limited set of agents that are fiercely competed for by everyone else. Growth for us starts with how efficiently we can bring on new digital partners onto our platform and make them productive. We have built an entirely digital onboarding journey, no paperwork, no branch visits. Through this funnel, we have recruited over 6.9 lakh digital partners, like we already mentioned. We are now layering AI directly into the DP acquisition funnel. Our new DP onboarding rate continues to improve this year as compared to last year. Another success story on artificial intelligence for us has been on renewals. We have deployed voice AI agents to make calls to help customers with end-to-end renewals. These AI-called customers show a renewal rate that is higher by 500 basis points, primarily due to stronger follow-ups and use of local language by the AI. AI also now handles 55% of our support tickets. Nearly 2 million documents were fully processed using AI last quarter. AI not just is improving efficiency, but also it improves customer experience. Across various processes, we have seen our TATs reduced by 15% to 60%. We are pushing AI adoption in other areas of our work that support the business. All our teams, be it product, technology, marketing, content, or analytics, use agentic AI to automate various tasks and drive better outcomes. To share one metric, in the last quarter, 75% of the new code we generated was generated using AI. Finally, I would like to update you on what we are doing on claims, because this is where we earn the right to customers' trust. Dhirendra already mentioned, we handled over 26 crores of claims in this quarter. Our claim journey is designed for zero paperwork stress, end to end. Once the customer reaches out, she is assisted by a dedicated claims team that connects with her and takes complete charge of processing the claim. Customers get live claims tracking on the Turtlemint app, and we also have an expert evaluate each and every claim to deliver the best possible outcome. This expert could be a medical doctor, for example, in a health claim, and a trained surveyor for a motor claim. We also run a regular review process with each of our insurers on claims experience for our customers to drive improvements. The claims process is supported by automation tech to improve case evaluation, tracking, and prompt turnaround to customer satisfaction. We see significant opportunities here to differentiate ourselves from other brokers, and we will continue to push the benchmark for customer experience in this area. With that update, let me hand it now over to Badri, our CFO, who will walk you through the financial highlights of Q1 FY27. Thanks, Anand, and good evening everyone. Q1 FY27 has been a strong quarter in volume and revenue growth while expanding on our margins. Platform premium for the quarter was INR 1,205 crores, which has grown by 49% year-on-year. Our revenues for the quarter was INR 294 crores, which was a growth of 40%. Our revenue growth continues to be underpinned by growth in the active digital partner base. Our P3M active base, meaning rolling 90-day active, was just above 90,000 active digital partners for the quarter, which was a growth of about 30% year-on-year. This growth comes both from strong retention of prior recruited digital partners on our network and new recruitments in the quarter. Our renewal revenues grew to over INR 65 crores in the quarter. Across all product categories that we sell insurance policies in, our renewal rates are significantly stronger than the industry. Service EBITDA continues to grow faster than our revenues. In Q1 FY27, service EBITDA has grown at nearly 90% to reach INR 39 crores for the quarter. This is approximately 13% of our quarterly revenues. Costs below service EBITDA are fixed in nature, and we expect them to increase in line with inflation. These costs are primarily people costs and vendor costs. People costs relate to tech teams, corporate functional teams, certain back office operating teams, category management, and business development teams. Vendor costs relate to our spends in marketing, tech tools, and other operating costs. These costs have increased by only 5% in Q1 FY27 to INR 66 crores for the quarter. As a percentage of revenue, it has declined from 30% in Q1 FY26 to 22% in the current quarter. Adjusted EBITDA for the quarter was INR 26 crores loss, or approximately minus 9% of revenues, and this represents about 37% absolute improvement over the prior year. For Q1 FY27, our profit after tax, PAT, was an INR loss of 38 crores, or about minus 13% of revenues. This has improved from INR 47 crore loss for the prior year, which was nearly 22% of revenues in that year. In summary, the key elements of our growth have been about executing on the following four operating principles. A, strong volume growth and revenues on our platform. B, continuing to grow the renewal revenues, which are a key driver for scale and profitability. C, maintain strong operating leverage in our business. D, be disciplined in cash management and working capital management that keeps our cash conversion from profitability very high. Thank you. I will conclude my remarks. Hand back to Nitin. Hi. We can take the Q&A. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. Participants who wish to ask questions may do so by clicking the Raise Hand icon at the bottom of your screen and wait for your turn to speak. We request the participants to introduce the firm you represent and ask your question or give comments. Wait for a moment while the question queue assembles. The first question comes from the line of Prayesh Jain. Yeah. Hi, team. Congrats on a good set of numbers. Just a few questions. Firstly, what brings seasonality to your business, particularly given that I think the assumption is the POSP business is motor heavy. So what brings in such a strong seasonality to your business? Right. Thanks, Prajesh, for the question. Purely from a motor industry point of view, if you look at how the market operates, H1 is about 45%, H2 is about 55%. The seasonality is driven by some festival factors, like for example, Diwali is a big festival period when vehicle sales are higher, JFM being the last quarter, the vehicle sales are higher. We operate in the rollover or the renewal market. When these vehicles come for renewal and that's when we get the business, so it follows from there. Basically, that's how the market is. Q1 for the market usually is about 16%-18% lesser than the Q4 market, and which is what we see in our business also. Having said that, if you were to look at quarter-on-year-over-year growth for Q1 over Q1, we have, for example, health has grown at about 45% plus, term life has grown at about 60% plus. This continue to grow, even though our Q1 is lesser compared to Q4. But you will see this, like we discussed in the last call, Q2 will be bigger than Q1, Q3 will be bigger than Q2, and Q4 obviously will be the largest quarter for the year. Okay. So you're saying health has grown at 45%, while your overall premium growth has been 50%. Life is driving and probably motor is driving, because health either way is a small portion. The motor growth still remains to be very strong, upwards of, say, 50%, right? That is a good conclusion. Yeah. Out of that. Yeah. Our growth has both the factors, the POSP growth and also the platform premium. We also launched on Turtlefin one new platform with one new partner, and that has also helped us in that. Got that. Second question is on the take rate. That is primarily because of the stronger revenue or stronger growth on the renewal business, right? Nothing else that has impacted the take rates, right? Or is it also some GST element, anything of that sort? No impact. Take rates are more or less similar of what it was before. Basically, it is a mix of renewal versus fresh. That is the only change. Yeah. Right. The other element is if I look at the cost. If we just do some back of the envelope calculations, overall other expenses have gone up by 35%. So cost per DP seems to be increasing by 12%. Why is that so? When you look at other expenses, that includes all the costs, including the POSP commission, Prajesh. The way to really understand as we present in service EBITDA terms, is that if you see service EBITDA last year as versus this year, we have improved it by about 3 percentage points. This includes a combination of productivity gains that we see from our frontline and sales employees, also what optimizations we are able to do and improve on the commission costs that we incur. Roughly out of the 3% improvement in service EBITDA from last year to this year, roughly 2% of it comes from the non-commission operating cost, which is all the people costs and the tech costs that we have above service EBITDA, and the remaining 1% also comes from the commission cost. That is the way it has been. Otherwise, your overall comment of saying that other expenses have grown, of course, there is volume-driven increase, which of course, commission costs have increased in line with top line. That really is what determines that particular percentage that you spoke about. Hope that was clear. Yeah. That is pretty much helpful. The other question is on the regulations part. You have the motor TP pricing element that was suggested by the Supreme Court. Do you think that could have a meaningful impact on your business, on the renewal part, particularly? The other question, again, probably, this has been discussed even in the previous call, but just to put this, the commission regulations, if it comes through. Now, for example, you have INR 100 of premium today and you earn INR 100, and out of that you are paying INR 70 as sharing with the distributors. So you are earning 30 net of the sharing. If the commissions are, say, cut by some percentage points, you maintain the ratio or you also take a hit? How does this happen? How would you think about this? I am sure that there is still uncertainty about whether commissions are being cut or not. Just hypothetically, if for some reason, like even at the time of GST, the commission were cut, so you kind of maintained your margins and let the distributor take the full hit, or you also took some hit. How did that happen at the time of GST? These are my last two questions. Thanks. Right. Praj, related to the Supreme Court judgment that has come out. There are two parts to that. One is the higher TP reserving that the insurance companies will do. That is a little, sort of right now, what we hear from the insurance companies is that other than ICICI Lombard, and maybe one more insurance company, other insurance companies are waiting for the GI Council's appeal in the Supreme Court and waiting to hear the outcome of it before they look at their provisioning. The ramifications or the impact of the industry are yet to be ascertained. But from the seriousness of getting all the vehicles insured point of view, it is definitely sort of a very important point because like we all know, more than 55% of the vehicles are uninsured even for TP. Which is where a distribution platform like us come in play, where we are able to carry out this distribution in the last mile, even those markets where the TP penetrations are very low. Now, if there is an implementation of a policy, like for example, denial of fuel is one of the things that is being suggested, that if anybody without a TP policy should not be given fuel and bring some kind of control. What I have seen in the past is, when these two-wheeler fines were implemented in 2019, the awareness of this requirement for a TP policy goes up significantly and the demand shoots up. Then you see a surge in the number of policies that get insured on the platform, both coupled with the distribution network and the increased awareness, it creates a massive tailwind. Whenever it happens, we are a little, waiting for some kind of movement there, but I think there could be a lot of action in terms of how much growth we can see driven by this particular initiative. From a regulatory, again, I've been asked this even in the last call and during many conversations. It's a bit speculative, so we do not know. The key principle is that insurance is a business of distribution, and tech is the right way to create that distribution through the last mile advisory network. That is something that we have built. The government is definitely, there's no doubt about this fact that insurance penetration has to be increased and everybody in the country needs to be insured. That is definitely our agenda. Part of the developmental agenda. The industry is large, and there's a massive opportunity here. We'll continue to grow and continue to execute. The economics, we will see how the economics play out. At least the health example is available in front of us, where we have had now at least three full quarters of the GST reset related to commission. The overall absolute value in terms of revenue, we have seen growth and we continue to see the growth. Even on the margin levels, we continue to see good growth. The way we had operated that time was, whatever reset happened in the market, that reset was passed down, but we also saw increase in the volume in terms of how much business started happening on the platform, and that led to growth in both the categories of product that were impacted, life and health. We are assuming that is what will play out. Obviously, once we have more clarity is when we will know our strategy and we will decide what is to be done then. Got that. Just last, slipping in one more. Any mix that you want to share about on fresh and renewal, whether premium or revenues, whatever you can share. Revenue, so renewal revenue last year was 19%. This year- 22% It has gone up to 22% in Q1. Revenue, okay. Thanks. Yeah. All the best. Yeah. Thank you. Yeah, the next question from the line of Aditya Miglani. Please go ahead. Yeah. Hi. Am I audible? Yes, sir, you're on. Yeah. Hi, team. Congratulations on the great results. I have two questions on my end. Firstly, I was just trying to reconcile the bridge from 13% service EBITDA margins that we have, or at least as of FY 2026, to the 24%-25% margins in four to five years that was guided by you, I believe, in last quarter. If I assume our take rate to be constant, I believe the biggest lever that we have on our hand is the customer acquisition cost, right? Since that makes up around 90% of our variable costs, and currently around 80% of our revenue from operations. If I just do the math on how we get to those margins, I believe these 80% from 80% of revenue from operations will have to drop down to around 70%-72% of revenue. My question is it the case that POSP partners are paid out lower for renewal versus new premiums, and that is how the customer acquisition cost goes down, as our renewal book is scaling? Or is it a function of some other cost here that we are seeing here? Yeah. We have seen our service EBITDA expand. If you look at our DRHP, we were at about minus 12% in FY 2023. That went to plus 12%, and now we are at about 13% to 14%. This expansion, and while the growth has happened, right, so we will continue to grow. This large part of this expansion happens by the renewal book building that happens. Renewal from a service EBITDA point of view, if I were to compare renewal service EBITDA to new service EBITDA, renewal service EBITDA is about 2.5 times to 3 times higher than the new service EBITDA. Now why is that so? One is that the CAC itself is lower. In the market, there is a certain behavior at the time of renewal, that happens, in terms of how much, costs are incurred from a CAC or a payout point of view. Then it's a function of the market. The market itself has a lesser cost at the time of renewal. Second is that we accrue more benefits as we have a better loss ratio, better terms with the insurance companies around the renewal book, better persistency. We get some additional benefits. These two factors combined largely improves our renewal margin. As the share of the renewal, like for example, in this quarter also, renewal growth has been about 60%, 58%-60%. That drives increase in the service EBITDA expansion. We expect the service EBITDA in the near term from 14% to about 2% improvement, in the near term, about 16%, then 18%, and then that is how it goes to about 23% to 24%, as the renewal book expansion keeps building. Got it. When you say CAC is lower, and I believe customer acquisition cost, mostly is just commission expenses to POSP. Am I right in thinking that commission expense being lower as the renewal book grows is basically somewhat lower payouts on renewal premiums versus new premiums? Is that a correct way to think about this? Yeah. I will explain this. Service EBITDA has two, three components. One is the cost of commission. Second is any cost of direct marketing that we would have done to create that transaction. Third is the entire sales force cost. Fourth is all the direct tech APIs that are getting used. After subtracting all of that from the revenue, we arrive at the service EBITDA. In a renewal business, our cost around the sales effort is almost negligible. We just mentioned, now a lot of the renewals we are doing through direct AI renewal calling. Second, the other support that we need to ensure that the business happens in new versus renewal is almost negligible, is about 0.2%. The only cost that remains is the payout that goes. There is no marketing in renewal that is to be done. So only cost that is the payout. Now, by virtue of all of this cost going down, anyway, the ratio of that payout becomes lesser, the cost becomes lesser, and generally in the market for renewal, the cost structures are lesser for us, at the time of when we are renewing the policy. I hope I have explained the Sure. One more question I have is, probably, again, I'm just doing back of the envelope calculations of FY26 numbers that I have. Probably if I just look at our new versus renewal revenues, I think, ballpark, I'm seeing service EBITDA margins being around roughly 10% for our new revenue and 26% for our renewal book. If you just look at our somewhat long-term guidance, I think this would imply our renewal book or possibly renewal revenue as a percentage of overall revenue, going to about 70%-80% over the next four to five years. Right now, I believe it is around 20%. How do you see renewal revenue basically scaling up as a percentage of overall revenue, say, in the next four to five years? Aditya, I'm not able to confirm the exact numbers, but I'll try and help with some of the ways in which we think about growth and renewal revenues. For example, our renewal revenues this quarter have actually grown by about 66% over the prior year. That is significantly faster than the growth in the new revenues. Yeah. I think that we certainly expect, and why this happens is also because, of all the efforts we put in improving the renewal rates across all the asset classes that we insure. I think that is fundamentally the most important point. Second is that if we, while we don't give this data out, you're not far off from some of the points you said. Even today, if you look at our premiums on renewal- Nearly half of, let us say, our annual premiums are coming actually from, let us say, health and life businesses that we have. Some of this queue that you mentioned that, hey, over time, will your renewal share of your business keep increasing? We're anyway seeing that already in our premium business. It should reach those kind of percentages that you speak about. Some of the other service EBITDA numbers that you mentioned for new and renewal, we can maybe talk about it or update in the next call maybe. But overall, to confirm to you, we are growing much faster than new business and renewals. Second, also that our premium shape is also showing that renewals premium is higher. Finally, there's one other point I can add, is that what Dhirendra just mentioned that, in how we negotiate our commissions and rewards and et cetera from our insurance companies, we obviously get paid for scale, we get paid for quality, and so on and so forth. One of the key quality metrics also centers around what renewal rates and loss ratios we're able to drive for our insurance customers. So where we get some differential incentives and so on from insurance companies, that also becomes margin accretive for us. At this minute, I think these are the three key points I just wanted to highlight on what drives our renewal margins over time. Sure. Just as one last question. Basically, for better outcomes for the insurers and for better, I might say, persistency displayed by the platform, possibly one angle was the cost side that we just discussed, but the other angle is that the take rate itself might go up because of this, right? That is on the revenue side then. That's right. Yeah. Got it. Thank you so much for that. Thank you. That was my last question. Thank you. Participants who wish to ask questions may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. We request the participants to introduce yourself and introduce the firm you represent and ask your question or give comments. The next question comes from the line of Ansuman Deb. Yeah. Hi. Am I audible? Yes, sir. You are audible. Yeah. Hi. This is Ansuman from ICICI Securities. My question was on the productivity. One of the big levers which we think can happen is the improvement in productivity. To that end, if you can give some description about the recent cohort of hires that you have done, DP hires that you have done maybe in the last one year and in the last two, three years, how the productivity is panning up recently, and what gives you some kind of confidence that this will keep on growing, because that can be a significant growth driver in our business. So that is question number one. And question number two, you made very interesting points on AI, on how you think your AI is helping in your costs. In your mind, whatever EBITDA margin you were thinking which you can achieve, let's say in FY28 or FY29 or FY30, can that have a positive surprise driven by the AI initiatives that you are doing, at least your initial sense on that? These are the two questions. I'll take the first one, Anshuman, and then hand over to Anand to help in the AI question. Anshuman, it's a great question in terms of improvement in productivity. Across all the cohorts, whether they are digital partners who onboard on the platform six, seven, or even eight, nine years ago, or those who have joined our platform last year, across every cohort, we continue to see our cohorts perform better as compared to the prior years. This is driven by the fact that each cohort, we support the DPs through the renewals of their existing policies they have, or we help in the cross-sell agenda that Anand spoke about. Or even through inflation in the insurance policies year on year also, the premium does go up. Even for quarter 1, if I can just highlight two numbers anyway disclosed now, which is like while our revenues have grown by about 40%, we also highlighted that our P3M active base has grown by about 30, 32%. This itself shows that while the P3M active base has grown by 30, 32, and the difference is all contributed by productivity improvement from our existing cohorts of digital partners, which includes last year's new who'd have produced this year as well, which was a specific point that you made. Just to confirm, it's not just last year's new to this year. Across all the older cohorts also, we see improvement. Anand will On the AI and what impact it can have on EBITDA in the long run, definitely, we see a lot of opportunity. We are using AI in two, three ways. One is, of course, automating our business processes, and there we are able to drive cost savings. But the bigger opportunity is in using AI to drive growth. We have recently done some work in terms of using AI to improve the onboarding experience for our partners, make it more customized. For example, if you're a small business joining the Turtlemint platform, you will see a very different experience from, let's say, if you are a professional trying to earn some part-time income. These types of customizations of experiences is possible through AI, and we are seeing some very good results in terms of conversions as well. I also mentioned about renewal calling and how that's been able to push up our renewal rates. There are lots of growth opportunities, and using AI to build completely new opportunities. The cost of AI has not been much in terms of what we've needed to do, especially on things like coding and so on. The cost has been fairly low. What we are able to do with it is quite exciting. We do expect it to help us do new things and better performance, and that should reflect in the long term, in the EBITDA, but it's very early right now to talk more comfortably about this. Thank you. The last question is on the DP attrition. Any kind of change in those rates? I know you're doing great in terms of additions, et cetera, which is also shown in the numbers. Any kind of things that you want to share on the DP attrition side? More or less, Anshuman, it remains the same. Basically, over the years, we know that in the first 18 months there is a learning curve, and you see some attrition of about 28%-30% in the first 24 months. Then, the attrition rate drops to 2%-3%, where basically 95% of the people after 18 months retain on the platform. In the year five or six, the total number of people who are retained on the platform is about 65% of the original active. It continues to be the same. At least in the last year when we had given those numbers, they were same. For Q1 also, on track in terms of what has been our historical average. Thank you. I'll get back. Thank you. Thank you. The next question from the line of Darshan Javeri. Please go ahead with your question. Hello. Good evening, sir. Thank you so much for taking my question, sir. Firstly, congratulations on the great set of results, sir. I just wanted to know, I think we are trying to increase our service EBITDA by, I think around 2% year-on-year. So by when can we break even on our PAT, sir? What is our aim for that, sir? We gave some specific guidance in the first earning calls post-listing in the month of July. What we broadly indicated is that we will continue to grow our business by about 40% year-on-year. We also indicated that we will try really hard for the entire year to be adjusted EBITDA break even in the current year. We also indicated in the last call that, given the seasonality in the business, some of this profitability should come in the second half of the current financial year. So that is the way we do. That is the overall guidance we gave. Yeah. I know that, sir. Just wanted to know in terms of our bottom line PAT, like not this year, maybe a year or two down the line, what do we see? A rough range, or what is our ambition towards that, sir? No, I think the gap between adjusted EBITDA and PAT, if that is what you are saying. Fundamentally, sir, let me just try and elaborate in two ways. There is really not too many costs between adjusted EBITDA and PAT if you consider that our ESOP costs are modest, which I guided. For this quarter, for example, the ESOP cost is about INR 7 crores, and that is it. Then interest income follows, and then possible tax expenses follow. Of course, there are amortizations and those costs. We are not too far from PAT. I am not able to give a. I think full year PAT, maybe. I do not want to give a specific guidance on that. This year, I just want to reiterate it, adjusted EBITDA is what we are saying we will try and achieve positive this year. PAT profitability should not be too far away from us. I just want to leave it at that, if that is okay. No. That is completely fair enough, sir. I just wanted to know, I am a bit new to the company, so pardon my question. The platform business that you are doing, I think our competitor, like Policybazaar, a competitor for this or is it completely different? How do you see competition for yourself? Who would you consider a peer and is there more people that can come and build what you have built? How difficult would that be? Could you just help me with that a bit, sir? Yeah. Darshan, just to get you up to date on the business. We started in 2015. It has been 11 years since we started our operation. In the first five years, in October 2015, is when the POSP regulations came in. Around that time is when we saw a few players start off. We had early mover advantage. We were the first one to start, and we built out the POSP platform. I would say the time to build the technology and scale in the POSP business was in that period. There have been about two or three players that have come out, including the name. There have been a small set of peer group. There are several other players that started in the market, but over a period of time they have disappeared. Largely, it is a two, three-player kind of a market right now. In the last few years, the market has moved towards POSP. The number of POSPs entering the system has grown at a CAGR of 40% in the last five years. The amount of business done by the POSPs has grown again at a CAGR of more than 40% in the last four to five years. About 50%-55% of the POSPs have been appointed by brokers. Within those brokers, there are about two or three players who are driving the POSP business. The number of POSPs appointed in the market from a number of POSP's share point of view, Turtlemint has the highest share that we had declared in the DRHP till the last numbers when they were available. For any new entrant, the challenge now is quite high because the players have become pretty large. The tech needs to be built out where you need to integrate with all the insurance companies for several new products and then bring it on to the POSP. You have to recruit, you have to do training, you have to put them on a career path of insurance and build trust over a long period of time. Create the last mile brand to drive this business. For a new entrant, I would say it will be challenging. There are two, three players right now. The entire POSP business market is growing at a healthy 30% plus CAGR. We see that happening for the next four to five years, and it will be within these three players is what we see. Yeah. Thank you, sir. That's just what I said. Thank you so much, sir. Thank you. That was the last question for the day. Thank you very much, sir, and thank you, members of the management. Ladies and gentlemen- Thank you. Ladies and gentlemen, on behalf of Turtlemint Fintech Solutions Limited, that concludes this conference. Thank you for joining us, and you may now exit the meeting.