Ladies and gentlemen, good day and welcome to Aurum PropTech Limited Q4 FY 2024 earnings conference call. As a reminder, all participants' lines will be in 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. Sonia Jain. Thank you, and over to you, Ma'am. Good evening, everyone, and welcome to the earnings call for Aurum PropTech Limited for Q4 and financial year ending 2024. It's truly a pleasure to have you all online today with us. We appreciate your continued interest and support. Joining us today is Mr. Ashish Deora, the Founder and CEO of Aurum Ventures. We also have Mr. Onkar Shetye, Executive Director, who will share insights on our PropTech ecosystem, and Mr. Kunal Karan, our Chief Financial Officer, who will talk on the financial highlights of the company. Before we dive into the details, I would like to remind everyone that the forward-looking statements we make are subject to risk and uncertainty, that are detailed in our prospectus filed with NSE and subsequent annual reports. We encourage you to review these documents which are available on our website to fully understand the risks associated with any future projections or statements. We shall start the call with Mr. Ashish Deora, our performance over the last year. Over to you, sir. Thank you, Sonia. Good evening, everyone. It's my pleasure to welcome you to this 12th earnings call of Aurum PropTech, and I wish all our participants a very successful financial year of 2024-2025. Entering our fourth year of commitment to building an integrated PropTech ecosystem, I am delighted to share with each of you the progress we have made on this journey so far and the positive outlook we have for the next three years. The ecosystem we conceived has evolved, now featuring the right product fit, a balanced blend of professional expertise and entrepreneurial energy, a suitable capital structure, and Aurum's DNA of profitable growth with unit economics in mind. We strive to continue a similar growth trajectory over the next 12 quarters. During today's call, as we review our progress for the entire year, I would like to draw your attention to how the year has unfolded for Aurum PropTech. I will take this opportunity to highlight five of our achievements from the previous year. First point, on the rental vertical, I would like to once again share that we have become the largest rental management platform in India. Our aim now is to double our capacities in terms of beds to cross 50,000 rental units. Second, in the capital vertical, we acquired and specialized a single asset worth INR 70 crore in Pune, paving the way to apply for becoming one of the first MSME REITs in India. We are excited and encouraged by this path-breaking regulation by SEBI. SEBI Chairperson recently stated, and I quote, "Investors should have a positive view of assets such as REITs, infrastructure investment trusts, and municipal bonds, realizing their role for the nation's development." At Aurum, we aim to become one of the largest MSME REITs in India. Along with our AIF, Integrow Asset Management, we are confident that our capital vertical within the PropTech ecosystem is positioned for exponential growth. Thirdly, in our distribution vertical, we have successfully onboarded top developers last year across India, including Embassy, Tata, Tribeca, JB Infra, and M3M. Our prestigious clientele now includes Birla Estate, Adani Realty, Chandak, Shriram Properties, Raymond, Sunteck, Rustomjee, Puranik, and many more. Fourth point, what also brings us satisfaction is that we work with each business and our teams across companies and define specific metrics such as leads sold, live beds, developer relationship, revenue per team member, value of apartments involved, etc. This approach has enabled us to maintain a laser-sharp focus on the right indicators for our diverse products across the real estate value chain. Last but not the least, as we have consistently believed and articulated, our focus remained on profitable growth and unit economics. As a result, we have been able to significantly increase our revenue and, most importantly, improve our EBITDA margin considerably. Moving forward from the previous year to the current one, we'll further sharpen our focus on harnessing data to enhance the value that Aurum PropTech brings to the various stakeholders such as home buyers, developers, tenants, investors, and channel partners. Our focus remains on deepening our integrated ecosystems, maintaining sustained improvement on unit economics, and driving profitable growth across our three clusters. I will now like to hand over to Onkar to take this call further. Thank you very much. Thank you, Mr. Deora. We continue to display robust growth across our distribution, rental, and capital business. In India, it is estimated that more than 500 million individuals, that is, approximately 35% of the population, stays in urban areas. Also, it is estimated that 28% of urban households stay in rental housing, with this number being higher in megacities. Our technology suite in the rental cluster offers a complete stack of solutions for renters, property owners, and property managers. This year, our co-living business registered an 87% year-on-year growth. Additionally, we successfully acquired and turned around India's largest rental marketplace, NestAway. NestAway is now a leaner, efficient organization with better customer experience on its new platform. As we progress, our rental solutions will offer unparalleled choice, enhanced security, and convenience for users, value-for-money spaces, a hassle-free experience of discovering, renting, moving in, and an elevated community living experience for those seeking rental accommodation. As the real estate sector continues its march to $1 trillion size, structural demand for capital will increase and continue to increase. Since their introduction around seven to eight back, REITs and InvITs have gained traction in the Indian market, with 23 registered InvITs and five REITs collectively managing assets worth over INR 30,000 crore. In 2023, REITs and InvITs witnessed a significant surge in fundraising, collectively raising INR 11,450 crore. This year, SEBI's introduction of micro and small finance REITs is being hailed as a game-changing move that will transform India's real estate financing landscape. MSME REITs can be set up as trusts with an asset size of INR 50 crore as against INR 50 crore in REITs. Investors can invest in units of SMEs with minimum subscription of INR 10 lakh, regulatory guidelines that require listings of units on designated stock exchanges, and requirements to make investments only in revenue-generating assets which ensure guardrails for investor protection and transparency. Our capital solutions are the best place to tap this unlocked sector and use their tech platforms to create scalable solutions for property owners and investors alike. Aurum WiseX has launched a INR 70 crore revenue-generating Grade A commercial real estate property on its platform last quarter. As we move forward, Aurum will pave the way to make real estate investments more accessible to a wider set of investors and foster value creation within the regulatory framework. In the past five years, India registered more than 13 lakh home sales in primary markets at a CAGR of 20%. With an intensely competitive market, tech-enabled institutionalization of discovery, sales, and servicing of real estate has taken prominence like never before. This financial year, our distribution solutions, which include analytics, CRM, and broker aggregation, were able to demonstrate a robust growth. Our analytics business displayed a 247% year-over-year revenue growth, and in the broker aggregation business, we witnessed a 19% year-over-year growth in the units booked. Our CRM product, Sell.Do, was ranked number one as the easiest-to-use CRM across the globe by G2. I will now hand over to Mr. Kunal Karan to take us through the financial call. Thank you, Onkar. Thank you, everyone, for taking out time to join us on this call today. Yesterday, the Board of Directors approved the audited results for the year ending 31st March 2024. I will take you through the summary results for the company. To start with, the quarter numbers. Revenue from the operations for the quarter was INR 59.81 crore as compared to INR 57.31 crore in the previous quarter, up by 4.36%. The total income for the quarter was INR 65.73 crore as compared to INR 62.09 crore in the previous quarter, up by 5.86%. Revenue from operations for the year ending 31st March 2024 was INR 214.05 crore as compared to INR 126 crore in the previous year, up by 69%. The income for the year was INR 233 crore as compared to INR 139 crore in the previous year, up by 68%. Total loss for the year was INR 65 crore as compared to INR 40 crore in the previous year. EBITDA for the year was INR 22 crore as compared to a loss of INR 3 crore in the previous year. Now, the balances. Total assets of the company as on 31st March 2024 would be INR 644 crore as compared to INR 392 crore at the end of March 2023. Liabilities were INR 456.47 crore as compared to INR 157 crore at the end of March 2023. Equity attributable to the equity shareholders, INR 180.38 crore at the end of March 31st, 2024. Cash flow. Cash flow that was generated from operating and financing activity was INR 20 crore and INR 122 crore, respectively. Cash used from the investing activity was INR 166 crore. A net decrease of cash and cash equivalents for the year was INR 23 crore. Now, I will pass on the call to Riya to open the floor for the question and answer session. Over to you. 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 touchtone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Faisal Hawa from H.G. Hawa & Co. Please go ahead. Yes, Faisal. Congratulations on having such brilliant numbers on this quarter. Sir, two questions. How far are we from actually now taking mandates for entire real estate projects where we are almost the sole sellers or we kind of are guaranteed to sell most new properties? That's one. And secondly, can you give some color on how our student living and co-living projects are doing? And are we booking a lot of properties beforehand and then renting out? And that's where our major margins come from. And third is, Sir, what are the kind of changes we are making at NestAway further to now get it into good profitability? And are we holding 100% stake in NestAway, or there is a provision to make it 100% going forward? If you can give, Sir, can you give some guidance for 2024/2025 revenue figures for the entire Aurum PropTech universe? Thank you, Mr. Hawa, for your question. I will split this into two parts. The first part, which is on the distribution side, with respect to sole selling and the revenue guidance, I will take. The balance on the rental cluster will be taken by Mr. Hiren Ladva, my colleague. In the distribution piece, we have three key options: lead generation by the way of data analytics, customer engagement with AI-based CRM, and third being the broker aggregation piece. We have done a successful GTM of the broker aggregation piece where the objective is to get velocity for real estate developers by the way of them launching their projects on the platform. We commenced with a mandate model where we took a mandate to sell the inventory with our aggregated piece of brokers on the platform. However, we are slowly evolving that model to a more tech-enabled AOP model wherein we get contracts across multiple cities with real estate developers. On an annual operating model, we sell inventory for these developers through our broker aggregation platform. This is primarily done to ensure that we are able to scale our offering across multiple geographies and locations, something that is a little challenging in the mandate or the exclusive mandate model where there is also demand for strategy and more people enablement on-site and projects. On the analytics piece, we are now being seen as more of technology partners when it comes to real estate project launches where our analytics platform provides insights on what kind of configuration, project mix, supply mix is to be offered to consumers before project launches. Post that, consumer profiling and GTM strategies are then enabled with analytics reports that are sent in by the analytics platform. The third piece, which is CRM, continues to operate in the same scalable model of enterprise SaaS across multiple geographies in the country. On the second question, with respect to revenue growth, this is the third year of our operation. This year, we have established a 68% revenue growth year-on-year. We will continue to demonstrate a robust revenue growth in the next coming few years. We are looking at a range of 45%-50% of revenue growth in this year and subsequent years going forward. I will now hand over to Mr. Hiren Ladva to take the rental platform. Thank you, Onkar, and thank you, Mr. Hawa, for your continued interest in the company and your wishes, as always. There are two questions from your set of questions which I will address. One is you had asked about how are we adding supply for student and co-living. So here are the supply acquisition strategy more or less. It remains the same in the sense that we go for the entire buildings, which are generally built to suit. Last year, when in the first half of the financial year, we were on a supply acquisition spree, and we were able to get ready to move in properties. This year, in this financial year, we will have a mix of both where slightly higher tilt is towards built to suit. I'll take this opportunity to share with you that we have close to 5,000 beds of student and shared living supply already signed up, which will be delivered to us over the next few quarters, right? So that sets us for a good financial year 2025 already before we even start. To add more color to it in terms of city focus, we will continue to go deeper into cities like Bangalore, Kota, Hyderabad, Pune, which are typically the attachment areas for not just students but also white-collar staff with less than three or four years of work experience, right? So that's going to be our city focus. Moving on to NestAway, I think you had asked about our state. So we are nearly 100% there, and we intend to not actively pursue any opportunities at the moment, but we are open to discussions at the corporate level at every point of time. Specifically for NestAway, our business focus right now, right from last year when we had onboarded NestAway, was in first turning around the business, which we have successfully demonstrated doing that for Q3 as well as Q4. In this financial year, since we have tested the breakeven, we have tested the unit economics, we will now go for expansion with a focus on the top six cities. So that's what we have planned. As far as FY 2025 guidance is concerned, we definitely cannot give specific numbers. But having said that, on a three-year roadmap, we intend to deliver more than 50% year-on-year growth on an annual basis or on a staggered basis. That's the minimum that we intend. However, as I said, every year, we'll review the plans minutely more in detail and will be demonstrating the numbers as we perform across the years. Sir, if we really execute well on a three-year CAGR of 50%, what will be our EBITDA levels at that time? Will it be around 30%? Broadly, if you look at this financial year, we have roughly 11-15 basis points improvement in our profitability margin. Across the next three years, we intend to have anywhere between 700-1,000 basis points improvement in margin that we will attempt to achieve on an every-year basis. Okay. Sir, after the promoter the rights issue capital balances put up, what will be then our equity? Our equity remains the same at 51%. Is that what your question? No, part of the equity is not yet paid up, right? The rights issues? Sir, you are asking about equity, yeah? So the equity of Aurum PropTech when announced and concluded, they are basically in two components, right? One is for the rights and the second is the call money. If you can elaborate the question a little bit more, we'll be able to answer that. What I meant is once the balance of the rights issue is put in, what will be our final equity of Aurum PropTech? The call money, we have already received. We have already received 90% of the call money. Total was INR 128. Out of this, we have received INR 122. Aurum PropTech equity is still. There are some shareholders who are following up that when they can put it. We are working on it. Thank you very much, Sir. Thank you. Next question is from the line of Bhavik Mehta, an individual investor. Please go ahead. Hi, everyone. Since the presentation does not have much details about the quarter four in particular, I wanted to understand that what are our initial growth targets for Q4 in terms of our ARR growth? So have we let go of that growth to get into a profitability mode given the EBITDA of, say, INR 20 crore in this quarter? And as a follow-up to that, is this a normalized rate of EBITDA going forward? So we'll answer your question again in two parts. One is post-acquisition of NestAway that was in Q2, FY 2024, we took a conscious call on making sure that unit economics are in control. However, having said that, if you look at the rental cluster, we have continued to grow at a robust pace of around 88% YoY. In Q3 to Q4, we have also established a robust growth in the distribution business. And that comes by the way of our analytics and broker aggregation piece. In both, we've been able to demonstrate a 30% growth. I mean, combined and distribution cluster, we've been able to establish a 30% Q1 through Q2. Going forward, we will have to also accelerate growth. However, we will not go completely offhand with our EBITDA margins. Like Hiren has stated earlier on the call, this year, YoY, we have increased or we have bettered our EBITDA by 1,150 basis points. In the next three years, we'll continue to increase our EBITDA margin in the range of 750-800 basis points. So given this INR 20 crore number, it actually is 30% for this quarter. So is this primarily due to some employee benefit reduction into less ESOPs, or how exactly do we read this? So given if you are aiming for a 50% CAGR, does that mean that we can see EBITDA levels of INR 100 crore+ in the coming year? So it's not as straightforward with respect to attributing that to one single criteria of increasing efficiency against employees on payroll, right? Yes, we have demonstrated a better performance when it comes to revenue per employee year-over-year. This year, our revenue per employee stands at INR 29 lakh per employee, whereas the year before, we were at INR 25 lakh per year. But there are other factors such as supply acquisition, product development that require capital inclusion and investment that also come into play when it comes to our EBITDA margin. Sure. And the second question that I had was that most product companies have, say, gross margins to the extent of 80%-90%. But given we showcase zero cost of goods sold, does that mean our gross margins are around close to 100%? For the SaaS products, yes, it would be in that range, 90%-95%. Okay. Obviously, rental cannot be counted in that. But real estate as a service and SaaS product, the margins would be in that category, right? Yes. For the SaaS as an entity, yes, it's 90%-95%. Sure. And on the balance sheet, I had two questions. So first one was that given the current cash infusion, what would be our net debt levels post this 100% receipt of the call money? Definitely, by the end of the next financial year, we will try to bring it down to zero so that by that time, again, maybe it's on our decision from the board we can go for the balance call. But definitely, the debt will get totally reduced. Sure. And the property. Just to add to what Kunal said, sorry, Bhavik, this is Ashish. We can bring the debt down to zero very quickly. But Bhavik said that this is a lease rental discounting that is against the hard assets. As you know, typically, a tech company would not have these assets. But these assets were there right from the Majesco time. And what we have done is with our capabilities, we have been able to lease all these assets now. And that debt is practically the lease rental discounting, which is not only at a very attractive rate, but it's also self-liquidated. So in a way, we defer the rights call by taking this LRD. And we can always prepone the rights and make this a zero or continue this. As it's a self-liquidating debt, we are not too concerned about these debt levels. Sure. So going forward, I think it was mentioned in the previous call that you might look at divesting these properties for growth as and when the need arises. So that still holds true, right? Yes, that still holds true. That holds true. We considered that earlier in the year as well. Since we were able to lease out the properties and it gives us a good equity income to the company, we thought that we can carry that on for some more time. And now, some of these leases will come before an escalation in next year or two. And then the value of the asset keeps going up substantially because of these escalations. Since we already have the results from the second call that we can do over time, we don't feel the rush to sell these assets that we already have. Having Having said that, the idea is to sell at some point of time because this is not our core business. Sure. And my last question related to balance sheet is, since property plant and equipment, we have INR 100 crore+. So is this attributable to any specific business? And would this grow in line with the revenue growth, or this is more or less what we would have in the near future in terms of property plant equipment? For this property, the growth in this PPE for this year is mainly to that asset that Ashish mentioned at the beginning of the call that we have taken it in Pune for the fractional ownership. So otherwise, the balance sheet will remain light in that sense. When this fractional thing happens in the next financial year, this will go down. Isn't it more of a current asset than so I'm just trying to understand the nature of this fractional project? So we cannot classify it as a current asset as on day or as on 31st March because that time, we are totally holding that. We couldn't demonstrate on that day that it is a property that is up for sale or like that because unfortunately, that time, the safety regulations were not in place as it is today. So in that sense, we have to keep it. We wanted to keep it actually outside the balance sheet, but unfortunately, we couldn't do it. That is what will happen maybe in the next quarter or when you will see the numbers again, the balance sheet on September end. That time this will go up. Eventually, this entire cash will come back to the company, and we would earn revenue over annual maintenance and other related charges, right? Yes, absolutely. That's the idea. Sure. Okay. Thank you so much. Thank you. Next question is from the line of Utkarsh Somaiya, an individual investor. Please go ahead. Hello. Thank you for the opportunity. I wanted to ask, was there any one-offs in this quarter? Please come back on your question. Hi. Am I audible? Yes, you are now. Yeah. Were there any one-offs in the current quarter? Any one-off line item in the P&L in the fourth quarter? Were there any? So there was no one-offs as a practice in the present quarter. But we have continued our product development efforts like we have done last year. So essentially, product development for us is across multiple stages. It starts typically with research activities, which goes into a POC. And once we have demonstrated a good POC for that feature, we take that into development, staging, and then production. Typically, because research comes in absent, we do not attribute that in the product capitalization. Whenever it comes on to feature development and scaling, we take it in. Actually, I think there is a little bit more of capitalization in this quarter if you want to connect that with the one-off. Okay. So as compared to the previous quarter? I think that is why we are trying to kind of, in our own minds, connect it with last financial year to this financial year because then it's comparable. And the 1,150 basis points of the improvement of EBITDA margin is in that. There are no one-offs. And that is what we are trying to focus on. No. So what I'm trying to understand is earlier, these expenses were expensed in the P&L, and now they are capitalized on the balance sheet. Is that what you mean? No, not exactly like that. So what has happened in the current quarter is that a part of the product development team that has gone into development has been capitalized. And for the rest of the year, mostly, it has gone to the P&L when it was at the research stage. So what has happened mostly, for the first six months, it was totally R&D. Only maybe for the third quarter, we could demonstrate that we are into development stage. So that is why it has started from the third quarter, the calculation. Can we expect this to continue going forward? Look, as we have proposed to the board yesterday, around INR 30 crore of expenditure we want to do for the development of the products that we are having on hand. And so that is what has been asked. Okay. The idea will be to kind of constantly be with the same practice rather than changing it. As we get mature with our own products and offerings, our idea is to kind of standardize this. Okay. Understood. Just one more last question. I am actually new to your company. If you don't mind, can you please spend a few minutes explaining your business model just to simplify it for us? It would be very helpful. Sure. Utkarsh, this is Hiren here. So our journey starts around 2.5 years back where, looking at the lack of tech penetration in the real estate sector, we began on a journey where we dreamt of digitalization of the entire property landscape in India. And to do that, we believed only in an ecosystem model of developing a PropTech enterprise, right? And since we had to focus on we wanted to focus on tech. We wanted to focus on disruptive ideas that could transform the property sector. We started with, on one hand, building a certain set of products which were in-house and a certain set of businesses that we invested in, right? So our first investment was into a real estate CRM, which is Sell.Do. And it was owned by a company called K2V2. We have 51% share there. That was the first acquisition in May 2021. And post that acquisition, they have developed another product, which is called BeyondWalls, which enables distribution of residential real estate. It focuses on Pune as a geography and has expanded over to Mumbai and Bangalore as well, right? So these two products focus on the distribution side of the real estate. We added one more product in the distribution side or one more business in the distribution side, which is a completely data science-enabled business called Aurum Analytica, which uses AI/ML algorithms to deliver a highly curated set of prospective buyers in the form of leads to multiple developers across the country. Some of the names, which Mr. Deora has already called out during his initial address, right? So if you look at the distribution side of the property sector, we have these three core businesses. The other. Sorry to interrupt you. So when you say distribution, you mean you kind of tie up you bring together the builder and the buyer. And that's what you mean by distribution? So in the property sector, we refer to distribution as the process wherein the developer is trying to offload their inventory into the market. This could happen through direct sale. It could happen through channel partners. It could happen through digital channels and the digital transaction model, right? So it could happen in not just any of these three, but it could be other ways also, right? So this is the area that we are talking about. You would charge a certain commission in between? Depending on the business model and what we deliver to the developer. As I said, there are three services that we have. One is a CRM, which is a completely SaaS product. It is charged on prepaid basis, on license basis, license/subscription basis. The second model, which is BeyondWalls, it's a digital platform wherein we have both a limited license fee, but predominantly, we have such as this commission model. The third model, which is the leads generation services, which is the AI/ML-based services, there it is on a per it is a packet of leads that we sell, right? So it's based on those packages. Again, in a way, it's a license-based sale that we do. Right. Okay. So this is the distribution side. The other largest business that we started focusing on after we started the journey was the rental space where we believe there is a tremendous growth opportunity available in the Indian market, which is the formalization and standardization of shared accommodation as well as family living, right? So we started with the shared accommodation in the form of Hello World. From a capacity point of view, we are probably the third or fourth largest, but from a revenue point of view, we are the second largest shared accommodation player. Together with NestAway, which adds this family living business into it, we are the largest residential rental company in the country right now, right? So together, we have close to 27,000 units of rental beds or rental units available in the country right now, right? So again, there are two models here. One is purely rental in the shared living, as I said. Secondly is the family rental, right? So these are the two main businesses that we have. And the third set of businesses is in the FinTech or PropTech, or the capital side that we call it, right? So there, we have one, the fractional ownership as a business, which is in the name of Aurum WiseX. And the second business is Integrow Asset Management Company, which has the AIF license both in the residential and commercial space separately. So they already have three projects in the first AIF, which is the residential which is in the residential space. And the second AIF in the commercial space was launched last year in the previous quarter and will get actioned out in this financial year, right? So that's the third set of business that we have. Broadly, what we have done is we have looked at the PropTech landscape in India, cut it into several segments, made our choices to start with in these three spaces, which is rental, distribution, and capital. And then we aim to build our leadership into these three segments to start with, and then we'll and our aim to operate our business model, our eyesight is completely focused on 2030 from a long-term vision point of view where we believe that PropTech in itself will be a $100 billion opportunity. And we aim to establish our leadership across a select set of verticals within the PropTech sector. Right. Just one last question on which other players are kind of present in this sector, and how is the competitive intensity? So if you look at an ecosystem model point of view, there is hardly anybody you'll find with an ecosystem model in the PropTech. From an individual PropTech company's point of view, and then you start looking at subsegments. For example, if you look at distribution, then you can for the segmented also, there are listing internet-based companies like 99acres, Makaan.com, etc. There are very few with the data science type of capabilities that Aurum Analytica has. So practically, there's hardly any competition to Aurum Analytica per se. CRM point of view, there are many industry-agnostic CRMs available in the market, which also compete with our Sell.Do CRM. But there are very few real estate-focused CRMs. By the way, Sell.Do is the market leader in the real estate CRM space in the country as of today with more than 500 developers as our clientele at this point of time. And similarly, if you look at rental, so it's a fairly co-living space is a fairly well-tracked sector in the media. So you would have heard of our competition there in the form of Stanza, Zolo, etc., right? NestAway per se doesn't have a very direct competition to it in the family rental space as of now, right? So it is practically uncontested player there. In terms of fractional, again, there are roughly 10 odd startups which are there in the space as of now. From an entrepreneur management point of view, I can confidently say we are in the top five. The real estate-specific AIF or asset management companies with a PropTech focus or with a tech focus are, again, very limited, right? I would say Integrow stands more or less alone in this space. There are traditional asset management companies which are asset-heavy, right? That's a different class. We wouldn't compete with them. But from a PropTech kind of an AMC point of view, Integrow is also fairly alone in this. Understood. Thank you so much, and best of luck. I will get in touch with you to understand better. Thanks. Thanks a lot. Thank you. Thank you. Next question is from the line of Tushar Vasuja from Yogya Capital. Please go ahead. Hello, sir. Thank you for the opportunity. I would like to ask regarding the structure of our company. Right now, it's heavily subsidized. So do we have any plan to change it, or will it stay like this? In some segment of your question, could you please repeat the question, please? Yeah, no problem. Right now, our company is heavily subsidized. So do we have any plans to change it, or will it stay like this? You mean the company has multiple subsidiaries. Are we getting that correct? Yes. Idea is to keep it the same for now because it helps us to bring focus in each business, in each subsidiary. Also, every business has its own AOP. Every business has its own ESOPs that are issued to the team members in that company. They are directly impacted and directly aligned with the benefits of the growth of that particular business. We can always merge some of these companies amongst themselves or within Aurum because we own substantial equity, including 100%, in the company. I think from a focus point of view, it just makes sense to keep this structure for some more time. Okay. Understood. And my next question is regarding your profitability. So I know it's a bit of a question, but what are your thoughts on it? When do you think you would be able to turn profitable? So as of today, we are sort of feeling confident considering that we have been able to improve the EBITDA margin considerably over last year, right? But still, we believe that it's a long way to go. And as you kind of get closer to profitability, every single percentage, every 100 basis points, becomes more and more difficult. But we have set our own internal target to improve the EBITDA margin every year by, as Hiren and Onkar said earlier, by 4%, by 400 basis points. And I think that if we don't have to compromise on growth because we also want to remain on a hypergrowth if we don't want to compromise on growth, stay on a high-growth stage, and constantly improve our EBITDA margin, I think we would be doing a great justice to our businesses. Okay, sir. Thank you. Thank you. Thank you. Next question is from the line of Yatee Agarwal from Super Procure. Please go ahead. Hi. Good afternoon. My first question is, how large do you think is the opportunity for institutionalization of rental real estate in India? What do you think? How great is the opportunity for that? So thanks, Yatee, for that question. We are a little short on time, but I'll try to elaborate. And I would encourage you to refer to the transcript of the previous call where we have already elaborated on the opportunity. Having said that, there is roughly around 2 crore of rental units demand in the country as of now, right? And this is across all different types of rentals, which is highly unorganized. There have been attempts to, at least from a listing point of view, put this available unit and match it with the demand, etc., right? What we are trying to do is to formalize a lot of early-stage rental space, right, which has been a laggard in terms of its quality of residences, the kind of living needs that the younger generation has, right, so which is not just the student living but also right out of campus when people move out of their small towns and into larger cities. And then they need good standardized community-based living in the current scheme of things, right, the kind of lifestyle they have, how close-knit they are, both digitally with their peers, which is not just their colleagues but also their fellow batchmates, right? So that kind of community living is something which is transforming the rental space, right? So to give them that comfortable, standardized, and a very tech-enabled living, it is one large opportunity that we are seeing in the rental space. That's an opportunity. They are head-on targeting. But at the same time, there are two, three other opportunities also which we are keeping a close eye on, which is on the other end of the age profile, which is only, let's say, the senior living. And before we actually go to the senior living through our NestAway offering, we are also addressing the family living, right? So there, if you look at how the entire rental or a tenant-landlord transaction happens, both the parties go through a lot of pain in kind of one right from discovering each other to transacting with each other, get the agreements in place, etc., right? And a bulk of the pain, which a lot of other startups have addressed, is only on this part. There is further pain which is there after the transaction has happened, right? So when the tenant is living inside their property and the landlord wants to not just receive the rent on time but also wants to ensure that the property is well kept, tenant also needs various support services, etc., during the night there. And that's where platforms like NestAway, which standardize this accommodation, minimize these interactions, minimize this pain, right? So that's what we are addressing right now, right? So just to go back to the overall opportunity, if the demand today is roughly 2 crore houses in terms of rental, the formalized or the organized capacity is somewhere around 2 lakh units only, right? And we are able to do even 10% of the pan-India demand. I think that itself is a multiple opportunity which could deliver exponential growth rates to us. Got it. My other question is, do you see further adoption in analytics and CRM business in Indian real estate? So let me take it up in two parts. One is the analytics, and the second, I'll come to the CRM. See, the analytics is definitely getting new pathways with AI and ML technology coming in, right? So the capabilities of what data can do for you is just exponentially growing. Now, for the last decade or so, more so with PropTech where a tech infusion or tech penetration had lagged in various different industries, the data has just started coming into play, right? So there's much more actionable data available, much better insights available. And we have the talent which is building various businesses, various tools, various products which are AI/ML-based, which will help address some of the pain points prevalent in what I call, let's say, distribution market. And what are those pain points? The biggest point you would ask anybody in the property sector is the trust factor, right? This is where data-based matchmaking, data-enabled transaction-enabling platforms, etc., right? Those are various products and businesses which will help address this particular aspect or this particular pain point of the property sector. And then the other pain point in the sector is the long transaction time that both the developer and the buyer have to go through. Now, with data-based, analytics-based models in place, one is able to do a much better matchmaking between the buyer and the seller, which is what our business, Aurum Analytica, is actually doing. And it's actually commanding a 30%-40% premium compared to a non-AI-based service that is prevalent in the same space, right? So I mean, the scope of analytics in this space is just left to anybody's imagination. So in fact, we are ourselves not just with Aurum Analytica, but we are also internally working on data as a strategy not just for one business but across the entire ecosystem, how we are able to deploy this to improve not just the growth but also customer experience across all different businesses. Second point on CRM, it's a highly yes, I would say it's a highly competitive market. There are many industry-agnostic CRMs in place. But real estate sector in itself is a very secular space. As I said, the typical length of a transaction is around six months after the buyer has visited the product, which is, in this case, the site, right? And there is a lead time after that. Now, to manage that entire process, you need specific CRM which the developers as well as channel partners are able to utilize to kind of improve the customer experience, improve their own lead closure and win rates to better understand what are the client needs, etc., right? So real estate-specific CRMs will stand a good chance to grow in this market given that, yes, the data penetration, tech penetration in the property sector is increasing, right? Having said that, yes, the generic CRMs are also entering into this space. But yes, there is an entry barrier to them because they need to develop the property-specific features in it. Got it. Thank you. Thank you. Next question is from the line of Sanika from Sapphire Capital. Please go ahead. Hi. Can you hear me? Hello? Your voice is a little feeble. If you could speak a little louder. Am I audible now? Yeah. This is better. Yes. Yes, sir. So we have guided for a 45%-50% kind of a growth, right, on a control basis. Yes. What are the drivers for that? How it's going to get this growth? I think the guidance on 45%-50% revenue growth is essentially going to come from one large sector that we have seen a traction in, which is the rental marketplace. A combination of family rentals and co-living continues to drive a substantial amount of growth at Aurum PropTech's ecosystem. Okay. And one more question on the EBITDA side. So we have said that every year, we are looking for a 400 basis points increase in EBITDA on a control basis. So how are we looking at that? So see, very conventional answer, yes, there is a fixed cost which is in the form of our very little of that is in the form of leadership team. But the product and engineering team, which have developed some of the products, we've talked about their capitalization. But beyond the capitalization part, as these products are getting ready, they are getting deployed, we are now going to be able to address or rather grow these businesses in a wider net which will reduce the fixed cost, right? So that's one part. Unit economics at various businesses, we have specifically NestAway, which is a very visible example. But beyond NestAway, across all of the products, which is all services, including the SaaS products, we have undertaken over the last couple of quarters a lot of optimization initiatives which is on rationalization of not just the team structures but also on what kind of tech platforms we are working on, what kind of tech products we have deployed. To give you an example, NestAway in itself, through its tech reorganization, has been able to deliver savings of roughly INR 14 lakh a month, right? This is just by looking at what are the alternate product tools available. There are certain products since we have an in-house product team, they keep on building more features which are part of the same product, right? So for example, we have a mini CRM of our own developed by HelloWorld in itself. That kind of negates the entire cost of an outsourced CRM in itself, right? And it's a very rental-specific CRM that we need which is typically not available in the market, right? So these are some of the levers to which both on tech side and on people side, we have been able to and we would continue to improve on the profitability margin. Okay. Okay. Just one last question. What kind of risks are we looking at which can hamper our growth? I think macro risks continue to remain in the sector. We are also, I would say, cautious about certain policy changes that come in, be it in the rental space, be it in the distribution space. The way we have tried to mitigate it is that we have been able to quickly adapt to these policy changes and get them institutionalized in our business processes. At the business level, risks that are typically, I would say, inherent strong dependency on people, dependency on relationships that we see primarily in the distribution side of the business. And that is where we are fundamentally making some changes in the business model where, for example, we are moving the mandate model to a more AOP-driven model so that we are doing more of a tech play and lesser of a relationship management play when it comes to contracts with these. Okay. Okay, sir. Thank you so much. Thank you. Next question is from the line of Reuben Mathews from Equity Intelligence India Private Limited. Please go ahead. Mr. Mathews, you can go ahead with your question. As there is no response, we'll move ahead to the next question. As there are no further questions, I would now like to hand the conference over to Ms. Sonia Jain for closing comments. Thank you, Riya. We thank all the participants who have joined us today, and you have kept on continuously tracking us. We thank you for your continued interest, and we look forward to seeing you again in the next call. Thank you very much. Thank you. On behalf of Aurum PropTech Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.