Ladies and gentlemen, good day and welcome to CarTrade Tech Limited Q1 FY 2027 earnings conference call hosted by MUFG Intime. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aryan Sumra. Thank you, and over to you. Thank you. Good afternoon, everyone. I welcome you all to the Q1 and FY 2027 earnings conference call for CarTrade Tech Limited. To discuss the quarter's financial performance we have from the management, Mr. Vinay Sanghi, Chairman and Managing Director, Ms. Aneesha Bhandary, Executive Director and Chief Financial Officer, and Mr. Varun Sanghi, Chief Strategy Officer. Before we proceed with the call, I would like to mention that some of the statements made in today's call may be forward-looking and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website and on the stock exchanges. Without further ado, I would like to hand over the call to the management for their opening remarks. Post then, we can open the floor for Q&A. Thank you, and over to you, sir. Thank you, and welcome to all of you to the quarterly earnings call of CarTrade Tech, and good afternoon. I am Vinay Sanghi, the Chairman and Managing Director of the company. I first want to start by just running you through a presentation, and then we will be happy to answer all your queries and doubts post that. If you look at the presentation circulated, and we jump straight into the slide on the four-year growth story. If you look at the four-year growth story, it is for 16 consecutive quarters now the company delivered a 45%+ EBITDA growth. It talks about the consistency in performance of the company quarter after quarter. That 16 quarters is four years, and every quarter we deliver 45% EBITDA growth. It shows also partly the quality of execution and the economic model of the company, that this growth can be delivered over such a long period of time. This growth of 45% on 16 consecutive quarters gives us to a very internal goal which we have in the company, and something we have talked about earlier as well, of being a 40/40 company. A 40/40 company is a company which consistently delivers 40% profit growth and has margins of more than 40%. So we have got to get to the 40% margin yet, but that is part of the goal to complete very soon. But the 40% growth is consistently now happening for 16 consecutive quarters. Part of this gives us the confidence on the guidance we gave in an earnings call earlier of achieving INR 1,000 crore profit over the next four to five years. With this growth story, we feel pretty comfortable and confident of that guidance, which was given earlier as well. If you look at the rest of the data on the slide, we are compounding at scale 22% CAGR revenue for the last four years. EBITDA growth of 66%, PAT growth of 54% over the last four years. The CAGR margin expansion from 9%- 31%, getting to best in class. Capital strength, cash reserves continue to grow. As you know, the company has very little capital expenditure or operating investments remain, or working capital. Most of the monies or most of the profits, almost all the profits generated go to our cash strength of the company. ROC is healthy, still at 10%, as you know. If you look at the shareholder value creation, there has been almost a seven times increase in EPS earnings per share for shareholders over the last four years. 7x in the last four years has been the EPS growth. We feel very confident of the growth of the company and the position of the company. If you go to the next slide, as you see here on the top, 80 million users and they are still growing. Our Q1 users or the users in Q1 2027 are higher than the users in Q4 2026. I think it should give you great confidence on the brand of CarWale, BikeWale and OLX continue to be 95% organic as well. Traffic continues to grow even at this level and this scale. There are a handful of companies in India, which have shopping companies or commerce companies or classified or marketplaces which get more than 150 million users per year. Unique users. These are 150 million Indians every year. There are probably 10, 15, maybe 20 such companies in India. CarTrade Tech owns three of them, CarWale, OLX, and BikeWale. They are 95% organic on top. Out of all the companies in India, three of them is owned by your company, which gets more than 150 million users per year. I think that's another massive landmark as you can see. There are a lot of physical presence, 500+ physical locations with our abSure and SAMIL outlets. 1.5 million vehicle auction conducted, which shows scale. INR 230 crores of revenue. This is the highest ever total income in any quarter. I want to say that as well. We have never achieved an INR 230 crore total income. This is the highest ever in any quarter. Adjusted EBITDA is close to INR 100 crores. Profit after taxes, INR 57 crores, and a cash balance at INR 1,321 continues to grow. If you look at the consolidated results, like I said, the consolidated income is the highest ever. EBITDA is up 45%. If you look at the revenue from operations, it is almost equal to Q4. I think this is very rare in a company like ours, which is slightly cyclical in nature. Normally, Q1 is more muted than Q4, just the nature of the business. Then of course Q2, Q3, Q4 is dramatically over Q1. In this case, Q1 and Q4 are almost the same, which is a 16% growth in revenue, 45% growth in EBITDA. Margin, the healthy 31%. It was 25% last year. We've continued to manage our costs well. Total cost escalation is at 7%. If you see, the EBITDA at 45% in spite of the increments during the year. As you know that in April every year increments cycle is in April. Our wages have gone up because of the increment cycle, during the increase in the increment cycle. You also know that once this cost has gone up in Q2, Q3, Q4, you're unlikely to see any cost escalation. All the incremental revenue in Q2, Q3, Q4 goes straight to EBITDA profits. That's also something you're aware of. We've also had in this quarter, an exceptional Labor Codes impact cost of INR 3 crore, which is factored in the results, which is being shown here as well. If you look at the PBT, before exception item, it is also the highest ever PBT, at INR 77.59. That's also near 36% growth. If you look at PAT growth, 21%, and that's in spite of higher deferred tax provisions. As you know, we have tax shelters. Due to the standard, obviously, there's a higher tax provision. Also, there's a higher tax incur on OLX, which is now out of the tax-free bracket, and we pay taxes as usual in OLX. The biggest difference, if you see in these results, there's almost a INR 7 crore-INR 8 crore tax impact, there's a INR 3 crore Labor Codes impact. It's almost INR 11 crore in this quarter itself. In spite of that, company's grown at 45% EBITDA, 16% revenue growth. If you look at the standalone results, the consumer group, CarWale, BikeWale continued to grow at 18%. EBITDA is healthy at 33%. All the employee incremental costs are factored here, and margins are healthy at 33%. This is the standalone accounts and therefore also carries a Labor Codes exceptional item. The PAT has continued to grow at 12% in spite of the Labor Codes item. This is just standalone results. As I said once again here, if you look at Q4, revenues are at INR 79.38, Q1 this year at INR 78, which almost is the same, which shows the strength in the business that Q4 last year is equal to Q1 this year. As I told you again, the Q2, Q3, Q4 is likely to be much higher than this, and obviously this will surpass a lot of the milestones we achieved in the past in the next few quarters coming. If you look at the remarketing business, the growth is at 13%, profit growth is strong at 38%, margins up at 28%, and profit after tax is grown by 31%. If you look at OLX, it's probably the hero in the pack. A lot of you have been looking for this growth. We're happy to deliver this 29% growth to you. Obviously, the way our businesses are structured, a 29% growth has landed a 76% growth in EBITDA, right? The PAT is at 27% because the tax, as I said earlier, OLX is now taxable as an entity. 76% growth in EBITDA, 29% growth in revenue. We think this is just the beginning. Clearly, all indications are that Q2, Q3, Q4, a lot of these revenue numbers will all be surpassed. We are very confident of the future of OLX. I know we have been talking about it for a long time. I am sure you all will be happy to see that you can finally see all of these numbers play out, right? It is gradually a hero in the pack. As we mentioned earlier and you may know, Varun Sanghi, apart from being CSO, has also earlier this year taken over as chairman of OLX as well. If you look at the next slide, which is some of the initiatives being taken by the company. I think one of the biggest initiatives in the quarter, which has been done from a product technology and partnership standpoint, we announced it earlier today, that we have gotten a very strategic partnership with Spinny. The idea there is transforming the entire buying and selling used car experience in India for all customers who are selling or buying used cars. As you know, OLX gets 20 million buyers and 3 million sellers a year on the platform. We are by far the dominant automotive platform in the country. Our intent is here to launch a retail transaction buying, selling model in partnership, to make sure these users get a completely seamless physical and online method to buy and sell a used car. The first such partnership is announced with Spinny, where consumers will be able to digitally sell the car or buy the car in partnership with all the physical capabilities and operation capabilities of our partners. Like I said, the first partnership is announced with Spinny. This partnership over the next two, three, four years will develop into something really powerful. There are a number of other partnerships planned with large dealership groups which are similar. We are in a conversation with very large dealer groups in India, and we will have some more partnerships as well with them. We also have 550 odd abSure signature outlets where these partnerships have become alive. We feel very confident about this whole used car physical online business, with all our digital capabilities and all the physical capabilities of all our partners in hand. As you know, this is going to be a never before end-to-end journey for all our users. During the quarter, we also announced the launch of VAYA AI, our AI product, which is adding a lot of value to these users on condition check, pricing check, matchmaking, et cetera. VAYA AI will also add a tremendous significance to these partnerships and to this physical and digital business. I think the one thing for shareholders here is that, obviously the consumers are going to get a fabulous experience, but the thing for shareholders is that we are moving more and more towards a large transaction margin in these businesses, and we think this could be a very large business for us in the coming years. You will see a lot of this in the next quarter, few quarters coming. We are forging these partnerships and relationships with various physical players, partly at our own abSure and signature stores, partly it's large dealer networks, and partly it's partners like Spinny. You'll see a lot more of this in the coming few quarters and years. If you look at the next slide, is the Elite Buyer. Elite Buyer has crossed 100,000 now in a single month and continue to grow rapidly. It's the first phase of Elite Buyer product which has got launched. As you know, we get millions and millions of buyers every month. Buyers in the platform are seven times the sellers. OLX itself gets 30 million customers a month. The scale of buyers is extremely high. We believe this will scale tremendously over the next few quarters. It's a significant opportunity for us. It's a significant opportunity to provide excellent customer service to our buyers as well. The first phase of product got launched. I think what's going on now is all the AI elements around it, matchmaking, condition, pricing agents are all partly live and going live in the next few days, and some of them are already live. This is going to be a tremendous monetization lever for us in the future, and you'll start seeing it in Q2, Q3, Q4, in the next years, and many years for that. We also believe that we indicated earlier this could be our largest revenue stream in the company. We do believe that one of the things getting launched in the next few weeks is that all business buyers on the platform will now have to move from free to paid with this product getting launched. That's a significant opportunity for us, and a lot of you will see this play out as time goes on. As you see, OLX has got a 29% growth, and therefore we feel confident about growing to even higher levels just because of products like Elite Buyer. Elite Buyer is one of the many initiatives. There's an Elite Seller initiative, there's a verification initiative, there are multiple other seller interventions which are taking place, multiple partnership interventions taking place. This is just one example of a significant thing done and continuing being done. If you see the next slide, it talks about how AI has gone and added a new car buying experience. I think many of you have been questioning and asking is, how will AI impact your business, and how will you help and differentiate yourselves? As you can see here, this has already gone live now. AI-assisted buying for new cars has already gone live. What you can do on CarWale, you cannot do on other platforms, including horizontal platforms. The ability to judge price, the ability to have an immersive experience, the ability to have an immersive showroom experience online and at the showroom is a very unique value proposition. As I told you, this traffic continues to grow. In spite of all the apprehension which everybody had on AI, this traffic continues to grow. I think that's the massive positive thing for us. For us, it's about continuously investing in this digital experience. Also, the amount of data CarWale and BikeWale save, the differentiated data, it helps us deliver products like this. As I said again, very confident about this product. It's gone live already. We've had great reviews around it, and we obviously think this will help new cars buyers and new bike buyers have an experience they've never had before. This is what I had. I'm happy now to clarify all your doubts and questions around the results or all the strategic initiatives which we had. We had also had a broad meeting, an analyst meeting, about three, four weeks ago, where we had talked about our future strategy. Any such question, I'm happy to take at this point. Thank 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 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. The first question is from the line of Swapnil from JM Financial. Please go ahead. Hi. Thanks for the opportunity. Hi, Swapnil. Hi, Vinay. I have three questions. The first one is on OLX. Your growth at 29% year-over-year is good. Looking at your last year Q1, if I can check growth also, it seems the 29% growth has come on a favorable base. Can you give some color as to, is that the right way to look at it, or like I'm missing something over there? That's one part of the question. The other part of the question is, you mentioned about the buyer monetization that you're able to do on OLX, and you have 100,000 people paying you. What was the number in the previous quarter, let's say Q4 for 2026? Sure. Thanks, Swapnil, and thanks for the question. I think the first part is that this growth or the growth of 29% got us to our highest-ever revenues. I think it's not about a base; it's just about getting the highest-ever numbers. Normally, Q1 is the most muted. You have to compare Q1 to Q1. I think out here in OLX, these numbers are even much higher than Q4 last year. I think the way to think about the numbers are that the growth is real. Also we'll think about it, that is, if Q1 is like this, what might be Q2, Q3, Q4? All these numbers would go on top of this. I think that's the other way to look at it. Therefore, you see this 29% growth and the 76% increase in EBITDA margins. EBITDA numbers, actually. That's the first part. The second part is, Elite Buyers is a new program. These 100,000 numbers are getting surpassed. Every month, we do a number, and it gets surpassed the next month significantly. There are a number of products. While I don't want to talk about these growth numbers over the last one to three months, I think what's more important is we see dramatic growth in Elite Buyers over the next few months. I think that's partly about making it available to all our users, more and more users getting used to it, more and more users buying it. It's also introducing a lot of new features, which gives us a full developed product, which more and more people want. As I said, whether it's 100,000 in a month today, I think in a few months' time, we'll all be clear to say this 100,000 is a very small part of where we want to go. I think that's the way to think about it. Got it, Vinay. The second question is with respect to the partnership that you have announced on Spinny. I understand your incentive to get this partnership going and creating this kind of a platform wherein the buyers and sellers can transact directly on your platform. Right? Thinking from your partner's perspective. What are they getting incrementally through this partnership which they were not getting earlier? Because I believe for someone like Spinny, they already have a direct channel. They have their own setup and consumers coming to their platform- Sure. Working with them. You also mentioned there are some other partners working with you, will be working with you. Just, I'm trying to triangulate, what does OLX or working with CarTrade do to these other partners, which they were not getting earlier? Sure. I think what we've announced is a complete win-win. Like I said, almost 63% of people selling a car in India come to OLX. Almost everybody buying a used car coming to India come to CarWale or OLX, right? Any kind of used car. I think what the strengths of CarWale and OLX are the brand and the consumer, and the number of consumers we get. I think what Spinny's strength in this partnership is the physical capability and the operational capability. They have their own set of users, but really the capability is what we want to leverage. What we also have on OLX and CarWale is tremendous digital technology. This is aimed at giving you, as a seller or buyer, a very different experience on OLX or CarWale. How is the digital journey stitching the physical journey is the intent here. We think that collectively we can build a product which nobody ever experienced before when you buy a used car. One of the goals here, and we've talked about this earlier, in our partnerships with all our partners, whether it's a large dealer group, whether it is our own abSure stores, is so that someone like you can sit on a desk and order a car which is delivered to you. This is that journey or that digital journey we talk about where we want to partner with physical companies so that this entire enablement or transaction can happen online, number one. You'll see a lot of this in the next few quarters. We've actually built a foundation of it with our own 550 stores, and also a foundation with partners like Spinny and others which you'll hear about. I think this is that journey which we talked about to build a completely one-touch, one-click digital used car buying experience like never done before in India over the next few quarters and few years. It's a direction which is a very strong direction for the company. You'll see the strength of this. Along that, then comes loans, then comes multiple other things along with that. Our intent is, like I said, building a real power product where consumers can freely buy a large selection of vehicles from different supply sources, including our own, and have this complete digital experience sell or buy a car. The other thing which it does is in these partnerships, it obviously takes us into the transaction completely because it's entirely digitally done online on our platform. Obviously gets us entire into the transaction margin cycle of the business from listing fees and digital fees to transaction fees. Got it. Just the last one on your consumer business. Sure. You did highlight that the traffic trends in the business have been improving. Any color if you can share with us on the MAUs on what were the numbers on a year-over-year basis or a quarter-over-quarter basis? The YoY for the traffic? Yeah. I think the consumer group is up 7%. Aneesha, is that correct? Yes, sir. Is that correct? It's up in 7%, it's also up consecutively quarter-over-quarter, Q1 Q as well. It's normally up year on YoY, it's up Q1 Q as well. It's up across the board. Got it. Thanks, Vinay, for the opportunity. Thank you. All the best. Thank you, sir. Thank you. Thank you. The next question is from the line of Deep Shah from 360 ONE Capital. Please go ahead. Yeah, hi. Thanks for the opportunity. Vinay, on your previous answer where you said that it gets us into the transaction margin cycle of the business from listing fees to transaction fees. Here the model would be for every car which is actually sold, we receive some commission or there would be an upfront- Yes. listing fee that OLX No. Oh, sorry, Spinny will pay to OLX. How it would be? I think you should not think about one relationship with Spinny. You should not think about this just specific to Spinny. You think about it specific to all the partners and dealers which we have and all our abSure stores. This is not migrating, most of our monies today are collected from consumers who list or dealers who list. What would happen here is that it will get into transaction fee on margin share with all the partners we have. Understood. This is very clear. Second, this is for Aneesha. This time in other expenses, both in our standalone classified business and OLX, we've seen quite a sharp jump. Is there any one-off or is this a new run rate? How should we think about it? Aneesha, just quick thing. First of all, there's a slight increase. The numbers are very small in relation to our total cost, number one. Yeah. Number two, some of it is, at least in CarWale, in consumer group, it's been a little about we moved offices. Yeah. There's, for a very short period, a double rent, so that will go. Some of it is just tech tooling, which we've been obviously working on because of this whole AI work. Across the group, we've been working on a bit of tech. Like I said, the costs are very insignificant rupee terms, because on a very low base it shows an increase, but the actual rupee is very small. Aneesha, you want to go ahead and further clarify? Actually, you already clarified. The total other expense has gone up only by 3%. Like when I clarified in the consumer group, we have moved offices. That is the primary reason. The second is tech investments. Perfect. I think for a few months we had double office cost. I think that's what's happened. Yeah. Because naturally you take an office, you can't leave the office till you get the other office. I think that is the reason. Yeah, absolutely. No, this is very clear. Thanks for this. Which is the only reason to ask was in OLX. We live with this 60%, 70%, 80%, 90%, of course, in this range kind of incremental margins. There's no change to that idea. That's the only thing I wanted to clarify. This helps. Thank you. Yeah. I'd further clarify that now, we think a lot of the increments are also factored in the first quarter. Now almost all increase in revenue, we see no incremental cost really the next few quarters. Very clear. Thanks, [inaudible]. All the best. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your question to two per participant. The next question is from the line of Jyoti Singh from Haitong. Please go ahead. Thank you for the opportunity. Sir, two, three questions from my side. One, like you mentioned on the Elite Buyer side, that program already crossed around INR 1 lakh buyer with straight plan to make all business buyer paid. What is the expected ARPU that we are getting from there and timeline from the shift, and could pricing push buyers to competing platform? Another on the three AI agent that we are working matchmaking pricing condition assessment. What's the incremental cost of running this at scale, and how success being measured conversion lift and take rate retention like you very well mentioned on the cost side? If you can explain further. Thank you. Yeah. Thank you, [Jyoti]. Thank you very much. It's a good question. I think two things. One is on the Elite Buyer front, we actually see ARPUs varying now and maybe even increasing, because as you get business buyers in, that's what happens with the growing of volume. Until now, the big change is that, we would make it mandatory for business buyers who buy a certain number of products on the platform to be paid. I think that's the big shift to the Elite Buyer numbers, which will take place. That has not gone live yet. That will go live in a few weeks. So the numbers you see are without that going live, number one. Number two, the agents, matchmaking, pricing, and condition as you see, are aimed at people like you and me who, if you're buying a used product, you want to understand, suppose there's somebody selling it at a particular price, let's say it's, I don't know, INR 1 lakh. You want to understand what price you should pay. Obviously, the amount of data we carry, our agents are able to understand to guide you or help you negotiate so you can buy the used product of your choice, whether that's a car or another item. I think the condition agent by just imaging and agentic reading of images, you're able to tell condition of products like cars, et cetera, before you buy, which is a very big factor when you want to buy something. Matchmaking gives you more customers. That's how these agents function. I think your question is, when you start using these agents on Elite Buyer, which partly is being used, will your cost go up? I think there are two things here. One is that all these are paid users. Even if the cost goes up, there'll be incrementally tremendous increase in revenue, number one first. Number two, when you look at building agents, this is where the core technology of AI comes in, is how do you use agent without consuming tokens? I think that's the first question. You have to remember, we've been talking about this for the last six months to nine months, that all the data we have is our own. We're not using third-party data for these products, right? I think a lot of people have asked that why will we succeed or how will you work with LLMs in OLX and other places. We've been saying again and again, our biggest strength is that all the data of condition or price or matchmaking we use is our own data. We're not using a third-party LLM data to compute, right? When you use your own data, you can train your agents on your own data. There is a one-time cost sometimes, which is very insignificant. When you regenerate, compute every time, you produce results, because you're training the agent on your own data, and you train the agent on your own data, what we move towards an inference phase where the compute is very low. The incremental cost is almost insignificant after all the training is done. I think that's something we've been trying to explain for the last few months to the audience here. The big difference between OLX, CarWale, and many other platforms is all the data we use to compute and run these agents is our own. We don't use third-party data for this. I think I just wanted to clarify that. The incremental costs are very insignificant. Okay. Thank you, sir. Another question on the AI side, like, we are doing VAYA AI, and then another we done, we partnership with Spinny, and might be Spinny also using some own AI tools. Any synergy we are seeing there? No. I think Spinny's role in this partnership is mostly around the operational capabilities, and the physical capabilities that they have. A lot of the online AI tools or matchmaking agents, et cetera, are all VAYA AI, which is our brand as you know. VAYA AI has been created across all platforms of ours so that when you as a consumer come to buy a used car, sell a used car, or by the way, not only a car, it could be a bike, it could be any other used product, whether it is pricing, whether it is matchmaking, whether it is condition, whether it is new car detailing, new car pricing, bike pricing. It goes across all our platforms on our own data, it gives a one-stop shop for you if you're shopping for a car or a bike. It could be new or used. Anything you want to know, whether it's something simple like the legroom in a car to the price what you should pay on a new car To understanding that you want to sell your car and get a customer for it, to pricing a used car, to condition of a car or a bike for the matter. It covers every aspect. Vaya is launched as a short language model, as they call, or a small language model on our own data, which helps you get a complete experience. Therefore, the users on OLX get this experience, and Spinny or the other dealers or all the other abSure and other outlets we tie up with will provide the physical experience, but the digital experience and interface is ours. Okay. Thank you, sir. Sir, just one more question, sorry if I missed it. Every segment EBITDA margin has compressed in this quarter. This is largely we are facing due to the wage hike or any other reason also involved in it? Actually, margins in every business have gone up over last year, so that's not correct. If you group our consolidated margins gone from 31% from 25% last year. In every company, our margins have gone up over last year, so that's not correct. I think what you see, the margins are a little lower than the previous quarter. That's a phenomenon of the first quarter this year, where our wage increases have taken place and increments have taken place. The right way to compare the margins of the company, as you can see in a consolidated basis, it's 31%, it's gone from 25% last year. Actually six percentage points increase in margin have taken place in this quarter. I think that is the way to look at it. Sure. Thank you. As you see, because increments are done here, obviously you will see now in Q2, Q3, Q4, this 31% margin in Q1 will get surpassed, obviously in the few quarters coming quarter ahead. Great. The margin normally peaks by Q4. Yeah. Sure. Thank you, sir. Thank you. The next question is from the line of Siddhartha Bera from Nomura. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Hi, Siddharth. Sir, the first question is on this, sorry to sort of delve a bit more deeper on this partnership. If I look at the current app, I do see already Spinny, Cars24. Yeah These organized dealers have already sort of cars available on your platform, and most of them I see are like normal ads, not like the elite ads or something like that. Sure. How do you sort of make them shift to this model? What is the benefit they are getting, and what would be the reason for them to shift to a transaction-based partnership is something if you can help me understand. Sure. First of all dealers are using OLX. There are thousands and thousands of dealers, including Spinny and Cars24 and others, using OLX to sell cars, number one. With Spinny, specifically what we announced, is that we will get a more integrated partnership. What you're referring to is the earlier partnership or the earlier work we did with Spinny, which was like any other dealer, right? I think at this point, we're integrating, if you're a seller, how do you get an experience when you list your car or you want to sell your car integrated with the valuation purchase process, which will come live on-site, right? Which is the intent of the partnership. The experience itself for you as a seller will be differentiated. Number two, if you're buying a car, which is an OLX Plus or OLX Plus, CarWale Plus, Spinny or CarTrade car, your experience of the product will be very different, right? First of all, you'll have an online capability to buy it. We just say buy now, and the car will reach you, right? We're building multiple digital experiences, which is our role. We're building all the customers are coming on our platforms, but we're building the physical capability and operational scale and capability of Spinny with us. Understood. Generally, if I look at the Elite program. I just want to add here that even because we've announced Spinny today, I agree with that, but this is being extended to large parts, very, very large dealer groups, for all kinds of vehicles. Also, it's being extended to, obviously, eventually to all our abSure and signature dealers, which are about over 550 of them. Okay. Got it. Second question is on the Elite programs. You do have shared about the sign-ups for the Elite Buyer program. Some numbers, if you can share, for the Elite Seller program or the verification program also will be quite helpful because I understand these are much more in terms of monetization opportunities which are there. I think each are different. We obviously believe the Elite Buyer has got the maximum opportunity because the largest base of users are buyers on the platform. There's a 7:1 or 6:1 buyer to seller ratio. Even though we get 30 million people, the buyer and seller ratio, there are obviously more buyers than sellers. Elite Buyer has limitless potential for growth. Also in the past, we've not monetized buyers, so it's a completely virgin territory. If you were to monetize a large part of our buyer base, which we feel very confident about doing in the coming quarters and years, you'll find that it is, like I said, our largest revenue pool in the group, right? The Elite Buyer program. The Elite Seller program has caught on tremendously well. About, I think 25%-30% now of our seller revenue is already on the Elite Seller program. I think maybe about 25% or so. We're finding that there's been tremendous traction with the product. The product improvements are going on every day, where there are a lot of AI being launched by Elite Sellers, too. If you're selling a vehicle or you're selling a phone or selling a laptop or a furniture item, the way you list, the way you price, the kind of tools you get to understand price, list, or condition, are all being adapted to the Elite Seller program. A lot of the agents we talked about, matchmaking, condition, and price on the Elite Buyer side, are also going to come on the Elite Seller side. They're two different trajectories, two different products, two different users, because sellers are sellers and buyers are buyers, which are going on parallelly. I think the way we talk about Elite Buyer is because it's a completely strong long-term opportunity. Then verification is really for our trust and safety in the platform. I think for any platform which has 180 million people a year coming, dealing in used products, or buying and selling used products, we also, as you know, have India's second-largest chat platform. We get 2.2 billion chats on OLX for transactions. We obviously need to make sure there's high trust and safety. Verification was built to provide that trust and safety more than a monetization tool, so that if you are buying a product from somebody else, you're able to do it in a manner which is adding to a lot of trust and safety in the process, even more than it has been so far. There are lots of AI and other tools being built around verification itself and moderation itself, so this experience becomes as good as it can be. Right. Understood, sir. Sir, last question on the consumer side. We have seen probably a slight moderation in the growth momentum there compared to the last few quarters. Some sense on where do you see the sort of mix in terms of OEM and dealers? How has been the growth there? There's no change. There's absolutely no change. We actually think it's been a reasonably strong quarter. Q1 is equal to Q4 in the automotive business. Things from Q1 always get better to Q2, Q3, Q4. Right? I think it's pretty much that's where it is. 18% growth and obviously we see this, we talked about it in the past as well. We obviously feel very robust and we feel the growth is robust and we feel obviously very optimistic about the new car business and new bike business. Traffic, as I said, again, continues to grow and therefore we obviously find that very confident over the next few quarters around the new vehicle business as well. Not much change in the mix of OEM dealer. I think it's pretty much the same. Aneesha, am I correct or no? Yes. Okay, sure. Thanks a lot, sir. I'll come back again. Thank you. Thank you. The next question is from the line of Divij Punjabi from Banyan Tree Advisors. Please go ahead. Yeah. Hi. Thanks for the opportunity and congrats on a good set of numbers. I had two questions. One was, I'm seeing a sequential drop in the MAU. I think it was INR 55 million in Q4 versus INR 47 million now. Is this just seasonal or is there something more that is there here? I don't think that's correct. Aneesha, you want to correct that? I think- Yeah. sequential is higher. I think our numbers are wrong. The sequential is higher. The sequential and your numbers are both higher. Q4, Q1. Yeah, I think you're looking at the wrong number. Okay, sure. Just an extension of this question. Yeah, just to clarify, Q1 is higher than Q4 last year. Q1 is also higher than Q1 last year, both years. Last year, quarter one. Correct. Yeah. Q1 is higher on both counts. Yeah. I think you've looked at the wrong number. Yeah. Okay. I just saw INR 55 million. Sure. No, no. I think you've got the wrong number. Okay, sure. Just an extension of this, what do you think, how do you look at the TAM for the monthly active users internally from a three- to five-year perspective for the consumer growth? We feel very optimistic. I'll tell you why, because two, three reasons. One is if you see the strategic presentation today around the slide we put, and even on our 30th June strategy presentation, when you look at a lot of the things we are going in the future to do, like I announced on the used car side, these partnerships are aimed to go to transaction and transaction revenue and give a better digital buying experience for used car customers. I think on the new car side, we're doing exactly the same, right? Think of a product here on CarWale where if you are buying a car, you come in CarWale, you find your dealer, you find a price, you find everything else, and then you're doing a test drive. CarWale, through that entire test drive process, handles you through that process. If you look at the experience, the immersive experience they're providing to you'll be shocked at how good that is when you do a test drive. Just think about the product where you got a price quote for a new car dealer and you don't know whether that price is right or wrong. All you need to do today is take a photograph of that price and put it on CarWale, and we'll tell you whether the price is right or wrong and what you should pay. There are multiple other interventions of test drive, financing, et cetera. I think what we're really saying is that the time you look to buy a car, which is finding out which car to buy, et cetera, to the time you actually buy the car, that entire experience is what we've launched, right? Piece by piece of it, right? We obviously feel not only are we playing in helping you decide many things, but we're also now playing a massive role in helping you complete the journey of buying a car. Obviously the TAM dramatically goes up over the next three to five years. This is with traffic growing too simultaneously. It's a combination of all of that, but we obviously with these new products which we're launching are feeling very optimistic next three to five years. By the way, there's also a thought in the future. These are things which we're debating at our CarTrade Labs at this point of time around products like membership, car membership to car servicing. Because of the scale of these users and car owners and bike owners, by the way, we can think of products like this. These are obviously new initiatives at a very early drawing board at this point of time. That also talks about the TAM going forward. There's financing, which is probably something already launched and out there, which also increases the TAM of what we're talking about for these customers. It is financing, it is servicing tomorrow, it is membership, it is of course going towards the transaction, it is insurance, it is all these things, right, which change the TAM of this business completely. Sure. Thanks. The second question is around the remarketing business. If you can just break down the 13% year-over-year growth into retail and repo, and if you can also share the outlook on repo for the year. Very strong on both. I think, if I'm not mistaken, it's 45%, 41%. 45% is retail, 41% is repo. Both have grown during the quarter, and clearly we feel very optimistic about the next few quarters for retail and repo both actually. It doesn't seem like any of that is slowing down. I think the good part of that business, again, here is that incremental. Normally, everything in the auction business we've seen in the last few years gets better in Q2, Q3, Q4, right? Q1 is probably the most muted, and you'll see some of that all happening in the next few quarters coming ahead. Sure. Thanks a lot. Thank you. Thank you. The next question is from the line of Garima Mishra from Kotak Securities. Please go ahead. Hi, thank you so much for the opportunity. Hi, Garima. Hi, Vinay. First question is on OLX. How many business buyers do you have in OLX? When you say all business buyers will become paid, how much per buyer do you hope to earn? Do you think this may cause some amount of buyer attrition? Yeah, it's a very good question. First, we classify business buyers by the amount they buy on the platform, right? If you buy one, I don't know, phone or one car or one bike, you're a consumer as far as we're concerned. If you buy more than one or more than two or more than 10, we know you're a business buyer, right? We classify you as a business buyer. Obviously, the first level of intervention now in the next few weeks is really to look at the extreme business buyer who buy large quantities and make it paid for them, right, number one. We believe there are hundreds of thousands of buyers who put in more than 10, 20, 30, 50, 100 conversations or buy requests with sellers, and they're all business buyers. They're in hundreds of thousands. They're not in tens or fives. They're in very large quantity. Our first role is to take the most extreme cases and convert them to say, "Listen, you're a buyer buying so many products a month, you have to pay," right? "You'll get these features with that." That's the first attempt. Then go down the funnel to the last one, right, over the next few months. It's a massive opportunity. Obviously, from monetization perspective, it's a massive opportunity. The attrition is a very good question, and that's why we've been very careful, and that's why I explained to the funnel management, which is take the most extreme cases, then go to the most marginal cases. The reason is because there is no other way for them to buy. OLX is, as you know, if you want to buy a used product, there is just no other platform in the country. I think they'll have to take a call, whether to pay a very minimal cost and avail of all these facilities which Elite Buyer provides to them or not. We know that the relevance of OLX to their lives, many business buyers or entrepreneurs like this have been created by OLX over the years. Therefore, we feel very confident that they'll take full value of the Elite Buyer program, and the business buyers will come and pay. I think that's what we believe. We think a very large percentage would convert to paid. Understood. Is it safe to assume that different buyers will have to pay a different fee? Sorry, can you ask the question again? Sorry. Different buyers will have to pay for different? Sorry, just repeat. Different buyers will have to pay a different fee. No. It'll be standardized fees. in proportion to how many transactions they make. No. It will be standardized. The fees are always standardized on OLX. It's online generation of fees. The fees will depend on your activity on the platform. It's very much like other platforms, right? Depending how much you want to use the platform, you pay on that basis, right? The fees are based on usage and not by buyer. Got it. It is going to be some per transaction kind of a number. That's how we should understand that. It may not be transaction, just may be by usage. OLX has got multiple methods of usage, right? You chat, you browse, you call- Sure. Yeah you also buy. You do multiple activities. All these activities are what we call usage. Okay. Are there any steps underway to make the platform more transactional? As in, currently, your GMV would be more of an estimate, given most of the transactions actually conclude outside the platform, right? Well, all our. Is there any thought? All investment in tech, the Elite Buyer program, the Elite Seller program, all, every single initiative, if you see the Spinny partnership, the dealer partnerships tomorrow, all, whether it's cars, whether it is two-wheelers, whether it's electronics, are going towards transaction. All, every single. The future of Elite Buyer, and we've talked about this in the last call, six months from now, three months from now, maybe even one quarter from now, will become transactional, right? You'll be able to Buy Now, sell now, verification, all these products, say [inaudible], trust, say escrow, logistics, all these are the future product plan which we've disclosed already. The intent is, yes, absolutely, like you said, that listen, if you're an Elite Buyer today buying somebody's phone, how can you press Buy Now and it come to you? Is it logistics? Is it shipping? Is it payments? All of the things that'll be under creation, under building at this point. If it's a car, how do you online sit and say, "I want to buy a car," and the car reaches you in two hours. These partnerships are forged. Everything we're doing in OLX is actually saying this in from discovery and chatting and calling and negotiating and buying, how can agents help you decide first with the pricing and condition and matchmaking, and then how can you actually do it through logistics and escrow and payments and all of the things, and partnerships. That is the OLX ecosystem, which is why we feel so confident and good about the business itself. I think the good part of it, without even entering the actual buy at this point, the growth levels have started kicking in already in the company. If you look at the company from one, two, three, four years ahead, or even one, two quarters ahead, you'll see a very different experience for Elite Buyer and Elite Seller than you even see today, which exists. Okay. Got it. Last question is again on this partnership with Spinny. How many- I just want to add one thing. Garima, sorry. I just want to add one thing. The eventual goal here is that if you're selling a, I don't know, you just list it. I'm sure everybody knows here, OLX is absolutely hyperlocal, which means it is actually displayed in a five-kilometer radius. The responses on some of these products on average are 50, 60 responses on a phone. Right? Means 50, 60 buyers for every phone. Sometimes our attempt is that, listen, can you sell it in 10 minutes? You have quick commerce for buying new products. Can you have quick commerce selling an old product? Do you want to buy a used phone? Can you have quick commerce for that? I think these are the kind of things we talk about at OLX strategically, and these are the kind of things we talked about in our 30th June meeting last month on how and where we want to go with it. Sorry for interrupting. I thought I'll just clarify further, but you can ask your question around. You had something on the Spinny thing. Sorry. Yes. No, thanks for that clarification. Yeah. How many incremental listings do your platforms get access to post this partnership with Spinny? Is it fair to assume that CarTrade will remain asset-light post this partnership as well? The listings, I think a lot of Spinny cars are listed, of course the listings would dramatically increase because they'll be buying a lot more cars from OLX as well. Yeah, what you said is absolutely correct. CarTrade is not in the business of taking positions or owning inventory or owning physical infrastructure. The reason we are forging a number of these dealer group partnerships and partners with our own stores is because we are very clear that we're very good at brand, we're very good at having so many customers, building experience, building digital technologies, building AI tools, but we think that the other companies can do what they can do, the whole operational, physical side of it, right? That's the reason for the partnership. We will stay asset-light and obviously physical asset-light for sure and working capital light probably. That's it from me. Thanks so much for taking my question. Thank you. Ladies and gentlemen, it's a request from us, please limit your question to two per participant. The next question is from the line of Angad Saluja from UBS India. Please go ahead. Hello. I think maybe are you on mute? The current participant has gotten disconnected. We'll take the next question. The next question is from the line of [Pooja Seth] from YES Securities. Please go ahead. Hello, good afternoon, sir. Hello Thanks for taking my question. Sir, first question is, can you throw more light on our strategic partnerships that we are doing with Spinny? How you are seeing this partnership to be evolving in next one to two years, and what kind of incremental top line we are seeing from this partnership? Additionally, how we are planning to charge them, like it's via subscription-based model or the transaction-based, commission-based. How we are charging them? Sure. Thank you for the question. I think like we've talked about in the presentation, this is the first partnership. We feel for our sellers or buyers of cars, and there are 23 million of them on OLX and CarWale, we feel that this is a very differentiated way of doing something to sell your car or buy a car which you want. I think these partnerships with all these players, Spinny specifically, help us get there. We see a massive growth in obviously volumes in this business, and obviously revenue from this business in the coming quarters and years. This is just a beginning for us. Of course, now you'll see a lot of work around retailing, and you'll see a lot of work around this buying experience, selling experience for all users changing or improving or getting enhanced through AI, through all these forged partnerships over the next few quarters and years. Massive obviously upside we see on both revenue and transaction. I think the one thing is our charges on this would be on margin sharing or commission basis. Therefore, that also helps as far as our overall margins go. Okay. Sir, my next question is on OLX India. I think earlier someone has also asked this. The other expense for OLX India has increased year-over-year. What are the key headers which lets this much increase in the expenses? Aneesha, did you hear the question? I couldn't fully hear the question. I think was it revenue increase or was it cost increase? Okay. No, cost. I think. You want to answer that, Aneesha? You want to answer that? Yeah. I think we answered in the previous question, too. This is owing to some amount of tech investments which we have done. There are a lot of tech initiatives that we have taken, but since it's a tooling cost, we don't expect it to grow rapidly every quarter. I think Vinay clarified this on the overall cost base, too. The cost is incurred in quarter one, which becomes a new base, but quarter-on-quarter, it doesn't really move from here. Okay. Sir, my last question would be around as, because of this partnership, do you guys have any view or the adverse implications because of this partnership, like concentration risk or dealer network or some margin pressure can be there? Is the question that because of the partnership, the margin pressure come in? I think the margin only improve, right? These partnerships or any kind of relationship like this doesn't increase our cost structure. It actually improves margin- Okay. only. Okay. Any kind of dealer network concerns will be there because Spinny also be coming to the platform, and they're already holding a good name in the second-hand market. I think all the partners we have obviously strong names, and are strong names. I think the objective here is that to use their strength of their customers, their capability, their operation excellence, and look at how our customers and our digital experience and technology capability marries, so that you as a customer get the best experience. Obviously, it is tying up with credible and very strong partners so that you can get the best of CarWale, OLX, and them. Okay. Thank you so much, sir. Thank you. Thank you. The next question is from the line of Keyur from ValueQuest. Please go ahead. Good night. Hi, Keyur. Yes, we can hear you. Yeah. Congrats on the great set of numbers. Two questions from my end. First is, do we have any timeline on the new OLX products that we've spoken about in the past, as grow logistics, some of the others, and also on Elite Sellers, any numbers that you can share in terms of the traction that you're seeing? Sure. A lot of the products we've talked about in the 30th June presentation, even today, some of them are already out and launched. The rest are within this year for sure. Maybe next quarter, maybe the quarter after that. These are not long-term products. These are immediate, which we talk. They're under work. Everything we've spoken about is now. You might see something in few days, you might see something in one month, you might see something in three months. Everything we speak about is currently we're working on. They're not very futuristic as far as we're concerned. We're not talking about the next year or the year after that. Everything we've spoken is now, and like I said, some are launched, some are being launched. That's the first part. On the Elite Seller we spoke, it's actually had tremendous traction in the last few months. A large percentage of our sellers are now adopting to be Elite Sellers. I think almost 25%, Aneesha, correct me if I'm wrong, of our seller revenue is maybe a little more than that. It's coming from Elite Seller. Obviously it's taken off extremely well. The number of tools we are adding to that, like I talked about matchmaking, pricing, condition check, which will improve that number even further. It's been a massive success to the seller program, like Elite Buyer has been to the buyer program. We've actually formed a very strong structure where we are saying number of features which come on buyer side, come on Elite Buyer, number of new features that come on seller come to Elite Seller. In this case, both are highly paid, so you have to pay to get these features. You can continue to be a free user if you want to be, but then you don't get all the features of Elite Seller and Elite Buyer. Got it. Sorry, I didn't quite catch that. You said 25% of OLX overall revenues would be- No, 25% of our seller revenue is what I said, I think. Understood. Okay, got it. Approximately. Yeah, sure. Okay. The second one was on the used car financing opportunity. We again saw 30th June IDFC partnership. Yes. Besides that, anything in the offing, and also some qualitative guidance on the kind of take rate one can expect here? Yeah, this is another very strong initiative for us. It's part of our entire used car program where, because there's so many buyers, almost all car buyers, used car buyers come to OLX or CarWale, and obviously our approach is to integrate finance here. Also, you got to remember, used car financing in India is very under-penetrated. I think some data shows that less than 20%, 25% of used car buyers get organized loans. Obviously, with the used car market at 5 million, 6 million cars growing and likely be 8 million to 10 million cars in the next four to five years, used car financing will become a massive business for banks, NBFCs, and companies like ours. I think this is our initiative to say, "Listen, if someone's buying a used car," and like I told you, 25 million people, approximately 23 million people a year come for used car buying and selling on OLX or CarWale. How do we give them loans, right? IDFC was the first such partnership which has gone live. Obviously, we are talking to a couple of other very large banks and NBFCs. Our attempt is that anybody coming on a platform to buy a car should get a very simple, easy one-click journey to buy a loan for that car. Right? We have an advantage in this business, obviously, because all the customers are here. Obviously we have a distinct advantage here, and we are just building digital capability, integrating deeply with these banks to make sure the experience is great. Take rates will come and take rates are very high in the used car financing business. They tend to be anything between 2%-3% depending what you do. Obviously, our attempt is more than the take rate right now, is to really gather a certain market share of loans across these financials and across these consumers. To ourselves, say asset light, we're not going to lend money to people. That's not our nature. In a complete marketplace model, build this business, which has limitless potential in the next one, two, three, four years. I must also say that we're doing the same for used products, where we also want if you're going to buy a used television or a used refrigerator or a phone, we are able to offer a used product loan for that purpose, which is a much smaller loan. That's also underway in various partnerships, which we'll shortly announce, so that if you come here and buy a used phone, you get a loan seamlessly for that or a used refrigerator or a used television for that matter. Understood. No, this would be a kind of a pre-approved or a product. Yes basically online can be done entirely. There's nothing offline to be done. Absolutely. The attempt is to do that. Yes, the attempt is to do that. Obviously it requires work with multiple financials, and integrating in technology and risk capability, and that's underway right now for used products. That it is a very easy process once you identify to get your loan. Got it. Perfect. That's it from me. Thank you. Thank you. The next question is from the line of Jinesh Gandhi from Oaklane Capital. Please go ahead. Yeah. Hi, can you hear me? Yes, we can hear you. Hi, Jinesh. Hi, Jinesh. Yeah, hi. Quickly on the Spinny partnership, correct me if I'm wrong with respect to my understanding. If Spinny is today displaying 100 ads on OLX and 20 cars get sold, today we are getting listing fees for the 100 cars. Under the new partnership, we will be getting transaction-based revenues on the 20 cars which get sold. That's the simple way to think about this partnership. There's other nuances to that. Yeah. The simple way of the partnership is that, I think the biggest thing with the partnership is that, if you are a seller or a buyer, how do we integrate the experience so that it's seamless and digital for you with our technology and customers and obviously their physical capability. The monetization part of that is what the question is of course, if a certain margin per car is earned, what percentage of that margin is shared and how it is shared. I think we obviously feel that's highly advantageous for us when we go into a margin share model. Right. Effectively, we move from fixed pricing to transaction-based or outcome-based pricing. It's moving more from a listing-driven model for all our partners. I mean, multiple dealers and multiple players not moving, but probably adding on to a listing-driven model, adding a transaction layer on top. Got it. In this partnership, we won't be charging listing fees from Spinny. It would be sharing the margin. I don't want to get into specific, I mean, I don't want to get into specific discourse about Spinny because this- Okay. whole partnership model is not just about, obviously for us, Spinny is a very strong partner and a very strong business. Right. It is really about how we take this across multiple products and multiple partners. Got it. One of the challenges which we had on OLX or CarWale with respect to the GMV was that it was difficult to ascertain whether transaction happened on the platform or not. How does that get solved? We're not trying to solve that. I don't think we're trying to solve that. That's not the attempt of this. No, we are not trying to solve that. Yeah. I think we have a Mark as Sold feature which gives us some indication on how many people mark or sell products. The purpose of a whole lot of this is so that if you're selling a phone or you're buying a car or a bike, we are able to go through all the layers of those frictions for you, right from identifying a person, to judging the condition of the product, to giving you good quality products, to pricing it correctly, to the logistics and delivery of it. Right there's a series of partnerships, That's the attempt. I think so that right through the time you want to sell or buy something, to the time you actually do it, whether you do it in 10 minutes or whether you do it in 10 hours. Right in that entire process helping you. That's the goal of the product team. It's not anything else at this point. Sure. That is well understood. Yeah. Spinny will continue to leverage on their own platform as well like they do today? Of course. Spinny is a very strong company and they do their own thing. We are partners for them for this product. They continue doing what they're doing. Of course, OLX and CarWale continue to do what they're doing. I think today the world has come where you forge partnerships which are win-win. Being the kind of company, an excellent company they are, and our strengths are very clear as well, being the digital platform we are. It's a partnership which is ideal for both companies. Okay. Any sense on scale of Spinny in terms of the number of used cars they sell in a year? I don't want to get into Spinny's. I don't want to, honestly, this is more an earnings call. This is not about the Spinny partnership. I would just like to refrain. Maybe some of the things is something they could answer, but as I said, this is just an earnings call. This is not about the Spinny partnership, this call. Got it. Last question on this partnership, we indicated that this is the first partnership in a few more. Yeah. In terms of the salience of large dealership groups to OLX and CarWale, any sense on either in terms of number of listings large dealerships would have or percentage of listings these large dealerships would have on OLX? I mean, we're not going to be able to quantify them now just for you in this conversation. The idea is the same. The idea is that, listen, suppose you're a large luxury dealership or you're a large small car dealership, do you have a strength in some of these buyers and sellers of used products, right? Do you have a strength in operation capability which we could leverage? That is the attempt here. I think the attempt is that, listen, how do you get your users and your capability and marry the physical side of that business? No, that's fair. Aneesha, lastly on the tax rate. Going forward, obviously, OLX will be on normalized tax- Yes. Consumer business will continue to be on low tax for another couple of years- Go with that shelter Console will be around 23%, 24%. That's the way to think about it. Absolutely. From tax rate. Correct. Okay. Absolutely. Great. Thanks. Thank you, Jinesh. Thank you. Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to Mr. Aryan Sumra for our closing comments. Thank you, and over to you. Thank you. I would like to thank the management for taking the time out for the conference today, and also to all the participants. If you have any queries, feel free to contact us. We are MUFG Intime, investor relations advisors to CarTrade Tech Limited. Thank you so much. Thank you. Thank you very much. On behalf of CarTrade Tech Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you so much.