Please note that this conference is being recorded. I now hand the conference over to Miss Asha Gupta from EY Investor Relations. Thank you, and over to you, ma'am. Thank you, Steven. Hello, everyone, and welcome to the Aurum PropTech Limited Q4 FY 2022 earnings call. It gives me great pleasure to welcome the management of the company represented by Mr. Srirang Athalye, President, Aurum Ventures and Director, Aurum PropTech Limited. Mr. Onkar Shetye, Executive Director of Aurum PropTech Limited. Mr. Kunal Karan, CFO of Aurum PropTech Limited. Mr. Hiren Kumar Ladva, EVP, Investment, Aurum PropTech Limited. Before starting the call, I would like to remind you that anything that has been said in the call, which reflects any outlook for the future or which can be construed as forward-looking statements, must be viewed in conjunction with the risks we face. These risks and uncertainties are included, but not limited to what we have mentioned in the prospectus filed with SEBI and subsequent annual reports. You can find it on our website. With that said, I now hand over the call to Mr. Srirang. Over to you, sir. Thank you, Asha. Good evening, all. I thank each one of you for joining our Q4 FY 2022 call. This is the fourth quarterly call under Aurum management, and I'm glad to have all of you once again on this call. Today, we would like to walk you through Aurum PropTech's journey post taking over the control of the company from the erstwhile promoter in May 2021. In span of just 10 months, we have been able to build operations and generate revenue in the company with a hybrid strategy. We now have 2 SaaS and 4 PaaS products in the market. Our talent pool has increased from just 5 to 400 as on March 2022. We would also like to take you through a synopsis of recently concluded rights issue and our progress on organic as well as inorganic growth strategy. Before that, let me take you through the strong tailwinds witnessed for the PropTech sector in India, which strengthens our conviction for this sector. To start with, the real estate industry in India is set to grow to a $1 trillion economy by 2030. It is estimated to contribute 13% of the national GDP. This is further fueled by rapid urbanization in India, with reports estimating 75% of the national income to come from cities by 2031. To add to it, the digitization has seen a rapid pace and rapid growth in India, with Internet penetration standing at 47% as of 2022. The rising tides of the millennial generation are leading to meaningful changes to the consumption pattern and acceleration in technology adoption. In the financial year 2021, we witnessed over 40 billion digital transactions worth more than INR 1 quadrillion across the country. Further, a recent report by CII has estimated that PropTech investment will double to $ 1 billion in 2025 as technology is infiltrating every aspect of real estate. These tailwinds will lead to a long-term sustainable value creation in PropTech sector. Given Aurum Group's nuanced understanding of the real estate sector and experience of technology-led disruptions, we are best positioned to bring in digital transformation to the real estate sector. Our businesses are built with an eye for revenue and profitability and are based on strong governance, risk, and compliance practices. I am sure all of you would have noticed the operating revenue of INR 8.2 crore in the last quarter. This will go miles in creating value for all the stakeholders of Aurum PropTech. Aurum PropTech is also implementing a governance, risk, and compliance, a GRC framework within the group and invited companies. The board will monitor the GRC framework closely, ensuring the best GRC practices. Now, I'll hand over the call to Mr. Onkar Shetye, Executive Director of Aurum PropTech, to elaborate more on Aurum PropTech's journey until now. Thanks. Over to you. Thank you. Thank you, Srirang. Welcome, everyone, and thank you for your continued interest and commitment to Aurum PropTech. The real estate industry has traditionally been conventional, offline, opaque, and largely fragmented with a multitude of stakeholders. Our mission is to bring transparency, trust, increase efficiency, and improve consumer experience with technology in real estate sector. This will unlock a wave of opportunities for all stakeholders. We are developing an integrated PropTech ecosystem for consumers and creators of real estate. The real estate value chain has various stages, such as invest, develop on the research and creation part, research, purchase on move-in, move-in on the conduction part, use rent on resale on the utilization part. We believe that the size of the prize is large in tech-led integration of this fragmented value chain, and a meaningful and massive business opportunity in bringing efficiency for creators and bettering experience of consumers of real estate. Mapping these stages, our vision of PropTech ecosystem has four segments, invest and finance, enterprise efficiency, customer experience, and connected living. Each segment has products and services under it that address a specific problem statement in the real estate value chain. We have further categorized each of our tech, driven by business opportunities, in two segments: software as a service and SaaS, and real estate as a service, REaaS. In March 2021, we acquired 14% promoter stake and stepped into the shoes of controlling management of company, post which we increased our shareholding to 35.04% in June 2021 with an open offer. On 23rd March 2022, we successfully concluded our rights issue, and thereby our shareholding increased to 50.04%, substantiating our conviction in this sector. We thank you all for showing interest in the rights issue, which was oversubscribed with interest from varied investor base. The rights entitlements were actively traded, reflecting the interest of investors in the rights issue. The allotment of equity share was completed on 19th May 2022. The trading and listing approval was received on 23rd May 2022. The trading of partly paid shares commenced on 25th May 2022. With this, Aurum now has committed INR 343.55 crores to Aurum PropTech, an increase from our commitment of INR 80 crores, which substantiates our commitment to PropTech. With this aggregate amount of approximately INR 500 crore plus of cash and cash equivalent, which can be deployed towards the integrated PropTech ecosystem. Since May 2021, we have aggressively embarked on an inorganic strategy of acquiring robust products, experienced teams, and mature businesses in PropTech. In a very short time, the board of directors has approved acquisition of six companies, and we are integrating them into the company. Our acquisition started with Sell.do, a real estate CRM with SaaS annual revenue run rate of INR 13 crores at the time of acquisition. With our understanding of the sector, we added a broker aggregation platform, BeyondWalls, which added REaaS revenue to the business and increasing it to an ARR of INR 27 crores from SaaS and REaaS revenue. BeyondWalls is a discovery and transaction platform that matches channel partners subscribed to the platform to real estate buyers, enabling an informed purchase experience and augmenting the sale velocity for the seller. After addressing the buy/sell part of the value chain, we acquired TheHouseMonk, a rental management SaaS software providing an end-to-end technology suite for the rental management industry. HM has SaaS annual revenue run rate of INR 1 crore and services clients in India and overseas. We have further gone on to add REaaS businesses in the co-living and PG markets by approving acquisitions of HelloWorld and Grexter. With these, we will cater to the consumer at the beginning of its lifetime in real estate consumption journey. We have also approved acquisitions of CareerSocially, a data analytics company, and in past invested in Integrow Asset Management AMC. My colleague, Hiren Ladva, will throw more light on these in a few minutes. The acquisitions have been good accelerant in our quest to build the integrated PropTech ecosystem, and along with the technology products, have given us good tech and operations teams across the spectrum. In a very short time, we have been able to ramp up our presence to 15 cities, 500+ people team led by mature operating leaders from the PropTech industry. We have observed that many good tech businesses, including PropTech, have been struggling during COVID era, and recently due to the tech meltdown. We feel we can continue to selectively acquire them to a conservative valuation as we have been able to do so far. I would now like to hand over to my colleague, Hiren Ladva, EVP, Investments, to elaborate on our recent acquisitions. Thank you, Onkar. Welcome. Good evening all, and thank you for joining the call. As we have just announced, Aurum PropTech has acquired 100% stake in two exciting PropTech companies, CareerSocially and HelloWorld. Let me first talk about CareerSocially, which is a company under the name of Blink Advisory Services Private Limited, and is being acquired for a consideration of $3 million. CareerSocially is a data analytics company headquartered at Noida and started by three experienced data scientists who have extensively worked with data science-based companies prior to starting CareerSocially. The trio has built a robust data analytics practice with SaaS-based products and services for the real estate sector. Their SaaS-based product is called Agent Connect. Through its subscription service, it provides various value-added services to leading real estate developers, apart from connecting them with the channel partner community aligned with the project profile. This helps the developers amplify and activate their distribution network, especially when entering into new micro markets. With another product under its portfolio called AutomateLeads.ai, CareerSocially uses the power of data to run a recommendation engine platform. With this service, they provide actionable insights to developers for monetizing their inventory. Another data science platform called Automated Valuation Model is being developed using the power of machine learning and artificial intelligence to enable transparency in price discovery for property purchases. We already have a strong suite of offerings for the developers and channel partners community under Aurum PropTech in the form of just launched BeyondWalls and Sell.do CRM from the K2V2 stable, as well as great suite of products under the Aurum PropTech umbrella. The existing products from the SaaS stable and potential to build more along with the Aurum team and K2V2 capabilities will significantly enhance Aurum's offerings to the developer and channel partner community across the country. Going ahead, the founder team and Aurum PropTech team are jointly committed on a business plan for the next three years, under which we aim to expand the reach of their existing products, take them to new markets, leveraging Aurum's ecosystem and relationships with the property ecosystem. We also plan to bring more exciting data science products through collaboration between the incoming team and Aurum PropTech's in-house data science team. I will now brief you on the approval of the next acquisition, which is HelloWorld Technologies India Private Limited. HelloWorld features among the largest co-living companies in India, and is being acquired for a consideration of INR 38 crore for a 100% stake, as already mentioned. HelloWorld is a subsidiary of Nestaway Technologies, which was backed by marquee investors, including Goldman Sachs, Tiger Global, and Chiratae Ventures. HelloWorld is present in 16 cities across the country within India. They focus on the student housing and co-living needs, which typically serves the urban demography between the age of 16 years - 30 years, representing millennials and Generation Z. HelloWorld differentiates itself through an agile tech stack to reach out to the target audience and manage the onboarded tenants. It's got a right product market fit aligned with its property sourcing strategy and a streamlined and lean operations to deliver its services. The founders have spent extensive years in catering to the rental market and have tremendous insight into the social behavior and consumption pattern of the target segment. HelloWorld's B2C play strengthens Aurum PropTech's ecosystem play. As already remarked by Onkar, it plays a crucial role in serving a demographic that is just beginning their real estate consumption journey in the form of student living or as a tenant in a metro. With that, I would like to hand over to Kunal Karan, the CFO of Aurum PropTech, to give us an update on financial performance of the company and the rights issue. Thank you, Hiren. Good evening all. The board of directors has approved the audited results for the quarter and the year ended 31 March 2022 last year. Post the change in control, the company, after a gap of three quarters, has started generating revenue from the third quarter of the financial year ended 31 March 2022. During the year ended 31 March 2022, the company has approved and announced investments in five entities, out of which we have made the investments in three entities before the end of the financial year. In terms of quarterly performance, the revenue from operations stood at INR 8.2 crores, and total income INR 9.5 crores. In terms of the full year, we reported revenues of INR 15.8 crores in FY 2022. The revenue was driven by the start of operations in the credits business under Aurum PropTech, and also from the operations of the newly acquired subsidiary, K2V2, which we consolidated for two quarters. Loss during the year was INR 13.3 crores. The cash and cash equivalent, including current investments as of March 31, 2022, was INR 102.5 crores. I would like to take the opportunity to thank the investors for participating in the rights issue of Aurum PropTech. Amidst challenging market times, the company rights issue was subscribed 1.05 x. The size of the issue was INR 343.55 crores. The promoter shareholding post the rights issue was increased from 35.04% - 50.34%. Post the rights issue purpose and monetization of our real estate assets. Our available funds will be in the range of INR 520 crores, which will further strengthen and provide financial flexibility to the company to capture future growth in line with its strategic plans. With this, I will now hand over the floor to the operator for question and answers. Thank you very much and appreciate your continued interest in Aurum PropTech Limited. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their 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. A reminder to the participants, anyone who wishes to ask a question may press star and one at this time. The first question is from the line of Faisal Hawa from H.G. Hawa & Co. Please go ahead. With the current acquisition, this looks like your entire ecosystem or the entire, you know, range of companies that you want. It looks to be complete. Is it possible for you to give some kind of revenue guidance for the coming year, FY 2023? How do you plan to monetize this? Will you be approaching the real estate developers first and get business from them? Or it will be the other way around that you will create awareness over the social media and, you know, try to get customers and channel them and, you know, finding a house or probably finding co-living or helping them get a home loan. How will this actually work? Do you have any kind of live customers at this point of time? What is our month-on-month growth in the number of customers, paying or non-paying? Mr. Hawa, thank you so much for your question. We would like to take the response into three parts. One, with respect to acquisitions and how they fit in our ecosystem. We started the acquisition with the buy-sell journey, where we acquired K2V2, which was a CRM piece, providing its SaaS products to developers. We introduced BeyondWalls, which is a transacting platform run in coordination with the CRM, which helps the buyers, which is B2C, make informed decisions for their real estate purchase. At the same time, providing a service to developers in terms of monetizing their inventory with a higher velocity because of the subscribed distribution network of channel partners onto the platform. Once we have concluded the buy-sell journey, we then went on to acquire the rental management piece, starting with TheHouseMonk and then co-living. Our acquisitions, coming to the second part, with respect to revenue, our acquisitions and the products available now have a mix of SaaS and PaaS products. The SaaS products are typically B2B oriented, providing enterprise solutions to real estate developers. Our PaaS products are B2C oriented, providing customer experience to purchasers and renters of the property. Though I'll not be able to make any forward-looking statements for the next year, with the acquisitions and at the time of acquisition, we have a visibility of up to INR 995 crores of annual revenue run rate from the five acquired companies as of April 2022. Sir, what is the figure? I missed the figure. It's annual revenue run rate of INR 95 crores as of monthly numbers of April 2022. INR 95 did you say, sir? INR 95 crores. I see that a totally new team has, you know, actually attending the phone call today. May I request that I joined the call around 3-4 minutes late. May I request that, you know, if you could introduce the team and probably also, you know, tell the team of what are their previous assignments and, you know, what is the kind of achievements that the team did at that point of time with their previous assignments? Sure. The team is not completely new. From the time we started attending these calls, we've been attending it along with Mr. Srirang Athalye, Group President at Aurum Ventures and Board Member on Aurum PropTech. I've been also present on the calls myself, Onkar Shetye, Executive Director at Aurum PropTech. I also have my colleagues, Mr. Hiren Kumar Ladva, EVP Investments, who has joined the team new and is looking at investments into products and companies, and also integrating these companies into the ecosystem. Mr. Kunal Karan, who is the Chief Financial Officer, who has also been a part of the calls earlier. In addition to this team, with respect to the overall team that we have now, there is a good operational bandwidth at every product level, including the industry companies who are running these products like independent PNLs. I hope I have been able to answer your questions. Actually, only thing which is in my mind is that you have acquired these, you know, it's like, you know, acquiring a set of like 10, 11 players in the IPL, you know. How will these actually, you know, all these players gel together and score the runs, or how will the revenue come, or, you know, what will cause the trigger for the revenue to come to Aurum? That is the question is, I'm not able to really have a clear answer on. Secondly, why are we not, you know, hiring more people from, you know, the ecosystem which has, you know, created the larger companies, you know, like, say, Flipkart or, you know, or say, handled the larger operations at a similar company? Okay, this is Hiren here. I'll try to answer a couple of questions. One is your initial question was on the trigger for the revenue. As a process, you know, we are still in the process of acquiring and consolidating the companies that, you know, we have invested in, plus there is a pipeline of investments that we are, you know, continuously engaged on. At the right juncture, when those discussions mature, we will definitely announce. As a thumb rule, it takes 3-5 months for any acquisition to, you know, hit the revenues, until the, you know, the transaction fructifies completely in the form of, you know, our board presence into these companies. I hope that answers the first question in terms of what is the trigger for revenue. All these companies would have their individual timelines in terms of. At least the announcements that we have made, we will have their revenues hitting our on a consolidated basis, hitting our revenues in the course of this year itself. Secondly, your question about the team, hiring team. Let me rephrase your question just to understand it correctly. You are referring to the operating team into these ventures that we have. And then you are seeking clarity on the recruitment of those operating teams. Is that correct? I might like somebody who is like the captain or the coach of all these companies that we have acquired, and who will, you know, get these people to, you know, work together, have revenues together, and, you know, which will finally lead to revenues and profits for Aurum. Because finally the shareholder is concerned about Aurum more than all these satellite companies. Okay, fair enough. In fact, me and, you know, I'll be developing a team within the Aurum PropTech itself. I would be responsible for that, which is to one, you know, track the business plans and AOPs of each of these companies. That's what Onkar has already mentioned. Onkar had also mentioned the second piece of, you know, the key focus area for myself would be to integrate this into the ecosystem play. As per our investment philosophy itself, right? We have identified the four specific areas or the segments, as Onkar has called out, and we would be focusing on these segments as our potential targets of acquisition, as well as potential product developments that we would be undertaking in-house. When we do this, we have an overall ecosystem play in our mind, which is catering to both B2C players, which could be you know four different types of personas that we have identified in the form of an owner, a seller or a tenant, or there could be somebody who is just playing a you know there is a channel partner play there, which is the second part, and third is the developer community. Broadly this four, and then there are allied service players also there, right? Catering to these different types of you know personas or customer segments, we have different products and propositions that we are working on, either internally or scouting for potential targets. The second role, you know, the focus area that's for me is to ensure that both the in-house products as well as the acquired companies gel together into this ecosystem play that we have in mind, which starts with first, you know, ensuring that we make the right investments. Second, once the investments are made, the business plans are aligned, the AOPs are aligned. Third, continuously, you know, we have a forum called Entrepreneurs Forum, wherein we have all these investee companies coming together on a quarterly basis where we thrash out ideas, new areas of collaboration and growth opportunities, and we take them up as projects to implement them, more on the collaboration front amongst the ecosystem, right? These are the few levers that we have in the very early days identified as the way to establish the ecosystem play that we have. But going forward, yes, we will continue to improvise and build further. We also have a governance, risk and compliance forum, which would also have some of the metrics, and we will start sharing those metrics in the future calls as well. One of the metrics within that is to actually foster collaboration, not just internally, but across the ecosystem play, right? Yes, we have those plans, we have those ideas in mind, which would help address some of the questions that you asked. Srirang, your question was also that why are we not recruiting people from the ecosystem to run the company or to sharpen the focus of the company? The thing is the companies which we are acquiring are already led by the subject matter experts who have already kind of proved themselves. As we go on acquiring these companies, they become part of our team. For example, we have given a few examples where Mr. Prakash from CareerSocially is part of our team, then Jitendra from HelloWorld is part of our team. These are actually in this small span of PropTech industry, these are veterans who have already made their mark on the industry, and now they are part of our team. To coordinate all the efforts, Hiren has joined our team now. Hiren also has a substantial experience in building organizations, creating networks, logistic networks, and coordinating multiple activities. Hiren will be the key person who will coordinate it at Aurum PropTech level. With each acquisition we are adding a subject matter expert and what Hiren was referring to as Entrepreneurs Forum. All the founders of these companies we meet quite regularly to exchange ideas, to bring improvement into each other's operations and to build synergy. Everybody is very much hands-on and collaborating with each other. We have an abundant talent pool now with ourselves. As I think Onkar pointed out that when we started these operations, we were only five people in Aurum PropTech. Now as on March 31st, there are already 400 people totally working. If we possibly take next month in, we'll have a team of 600 people who are dedicatedly working towards all these objectives and the products. We have undertaken a recruitment in an innovative way because then the promoters of the investee company join our management and they are the best suited people to run this further. I hope that answers your question. Yeah. I've much better understood, and thank you for answering so patiently and so well. Thank you so much, sir. Thank you. Thank you. Thank you. A reminder to the participants, anyone who wishes to ask a question, may press star and one at this time. Participants to ask a question, may press star and one now. This is a reminder to the participants, anyone who wishes to ask a question, may press star and one at this time. A reminder to the participants, anyone who wishes to ask a question, may press star and one at this time. The next question is from the line of Amit Kumar, an individual investor. Please go ahead. Hello. Are you hearing me? Yes, yes. Yes, Amit, please go on. Yeah. I joined late. One question I have is, the property, what Kanishka, Majesco, can you throw some light on that? Can we phrase this as the property with Majesco Limited? Was that the question? Yeah. The assets that we acquired from Majesco, can you throw some light on its valuation? Sure. We'll give you a brief on what we inherited when we acquired Majesco Limited. There were two buildings there. One building was in a completed state, which was utilized by the existing Earthline-Majesco team, which had been vacated and was lying vacant when we acquired it. The other building was under construction. Both buildings put together had a combined square footage of around 160,000 sq ft. What we have done is, on the first building, we have gone on to lease these buildings to two marquee tenants in the financial sector, one being HDB Financial Services and the other being Worth Financial. Then balance space is also to be leased out. Post leasing of the building in its entirety, we will work out a path to monetization, which is basically liquidating that asset. The other building was under construction, which was close to 41,000 sq ft. We have completed construction of that building, gotten all the required approvals in terms of completion certificates, and we'll be following a similar path as we did with Q5 in terms of path to monetization. Okay. Is it possible to give some numbers about the valuation of the asset currently? It will be difficult to ascertain a value or give a forward-looking statement, but we expect the market to be anywhere in the range of INR 100 crore-INR 120 crore for these two buildings. Okay. Thank you and all the best. Thank you. Thank you so much. Thank you. A reminder to the participants, anyone who wishes to ask a question may press star and one at this time. The next question is from the line of Anoop Nambiar from Equity Intelligence. Please go ahead. Yeah. Thanks for taking my question. In the opening remarks, the CFO had told that there is INR 520 crore of capital for growth investment. This is basically including the INR 233 crore that we have already invested, right? Mr. Anoop Nambiar, yes, the combined cash and cash equivalent that we have is INR 500 crore plus, which includes the rights issue of INR 343 crores and the cash equivalent, which is the liquid assets that we have, the real estate assets that we have, and also the cash reserves available with the company. Okay, one more thing, like, when we speak of this four segments, can you just name them once again? The segments that I got was the REaaS, SaaS, and probably Capital as a Service. What is the fourth one? There are four segments. Investment finance, which typically take care of the wholesale and retail investments for developing and purchasing real estate assets. The second segment deals with enterprise efficiency, which deals with bringing in efficiency in the business of developing and selling and monetizing real estate. The third segment is consumer experience, which deals with purchase and renting of real estate, consumption of real estate, essentially. The fourth segment is connected living, which deals with the utilization and enhancing the experience of utilization of real estate assets, including renting and resale and monetizing. Basically, these segments comes under the reported segments of REaaS and the SaaS. Yes. These are the four segments where we have identified product opportunities. Further, the business is driven into two metrics, which is Software as a Service revenue and Real Estate as a Service revenue and business. Okay. Final question was on, you gave us INR 95 crore run rate on the current monthly discounted annual revenue. Of which, how much would be the acquired companies and how much would be the in-house? I know that we are developing something in-house also. Do we expect any revenues to come from what would be the revenue coming from the in-house? Sure. Our in-house products have just been rolled out, and we have witnessed a INR 3 crore-INR 10 crore revenue run rate here. A product called CREx, which is Customer Relationship Experts. It is a REaaS form of revenue. The balance of the ARR that we have identified at the time of acquisition is from investee companies. As I understand right, there is only one company that has started revenue contribution, right? I will explain this a little bit further. Once acquired, we take close to 3 months-4 months to complete the acquisition and take control of the company. Post which the revenues are consolidated at Aurum PropTech. If we have completed acquisition and control of two companies, K2V2 Technologies, which has got Sell.do and BeyondWalls as a product, and TheHouseMonk, which has got Monk Tech Labs, which has got TheHouseMonk as a product. Further, balance identified and approved acquisitions are under the process of consolidation, as we speak. Okay. From Grexter, HelloWorld, and CareerSocially, we have not booked any revenue so far? Not as of now. They are in the process of completion of control and consolidation. Exploring further. On the current INR 95 crore run rate, we have not included any revenue from the Grexter, HelloWorld, or CareerSocially. Am I right? You are correct. This is not consolidated under at Aurum PropTech as of now. As of now, what is the revenue these three entities are doing right now? Any, like, before consolidation and as we acquire? This is Kunal. I would just try to answer it in a different way. Look, this INR 95 crore that Onkar gave is based on the FY 22 numbers, and this includes all the acquisitions that we have made and the acquisitions that are in pipeline. They are not absolute revenue numbers, but they are revenue numbers that we know that we can draw after these acquisitions are complete. This is the revenue based on FY 22 run rate of these individual entities. It includes HelloWorld and Grexter revenue also. Seems like we lost the connection for the current participant. A reminder to the participants, anyone who wishes to ask a question may press star and one at this time. Participants, to ask a question may press star and one at this time. This is a reminder to the participants. Anyone who wishes to ask a question, may press star and one. Participants, to ask a question may press star and one at this time. This is a reminder to the participants. Anyone who wishes to ask a question, may press star and one at this time. As there are no further questions, I now hand the conference over to the management for closing comments. Over to you. We thank all the existing participants on the call for showing us your continued interest in the company. We intend to build it further aggressively and sustainably over the next few quarters, and we will be in touch and keep communicating our progress hereon. Thank you so much. We also thank all the investors who subscribed to the rights issue because of which the rights issue was oversubscribed. Thank you all. Thank you. Ladies and gentlemen, with that, we conclude today's conference. We thank you all for joining us, and you may now disconnect your lines.