Ladies and gentlemen, welcome to the Q3 FY23 results conference call of GTPL Hathway, hosted by Emkay Global Financial Services. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions at the end of today's presentation. Should you need assistance during the conference, please signal an operator by pressing Star, then zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Pulkit Chawla, Emkay Global Financial Services. Thank you, and over to you. Thank you, Donald, and good evening, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. Anirudh Singh Jadeja, Promoter and Managing Director, Mr. Piyush Pankaj, Business Head, CATV and Chief Strategy Officer, and Mr. Anil Bothra, Chief Financial Officer. Without further delay, I shall now hand over the call to the management for their opening remarks. Over to you, gentlemen. Thank you, Pulkit. Good evening, everyone. I am pleased to welcome you all to our quarter three and nine-month ended December 2022 earnings conference call. We continue to be the number one MSO in India and constantly growing our subscriber base both in Digital Cable TV and broadband segment. Before I provide business update, let me use this opportunity to announce that we recently changed our brand identity to encompass entertain and connect. In order to communicate the wide range of products and services offered by us, including entertainment in the form of cable TV and OTT, and connectivity in the form of high-speed broadband, as well as new products and services to be launched soon. Coming back to the business update, I am extremely pleased and excited to announce to launch GTPL GINIE+, an OTT app aggregation product which offers subscription to the wide choice of OTT application in convenient pocket-friendly packs. It's an off-the-shelf product that can be used by cable or broadband customer of GTPL. The digital push in India provides immense opportunity on the broadband front. We plan to be a frontrunner who push internet service in existing and new geography by providing value-added service at cost of effective trade by following a customer-centric approach. I now hand over to Mr. Piyush Pankaj, who will take you through business and financial aspects of the company. Thank you, Mr. Jadeja. Good evening, everyone. I am pleased to announce the business and financial performance of GTPL Hathway, the largest MSO in India as per TRAI Performance Indicator Report. On the basis of our strong foundation and past performance, I am pleased to announce that we have entered three new states for our digital cable TV business, Delhi, Haryana and Uttarakhand, and other state, Uttar Pradesh, we have entered two quarters back. We are receiving positive response from these geographies and are planning to build on this to grow and penetrate our presence in these states. This is testament to the quality of services that we provide and the customer-centric approach that we follow. We are constantly exploring new opportunities in the digital cable TV space by expanding in new geographies where we can expand on a large scale on back of our expertise and experienced team. We have launched GTPL GINIE+, an OTT apps aggregation product, which offers subscription to a wide choice of OTT applications in convenient pocket-friendly packs. These packs will be available in one month, three month, six months, and annual subscriptions. GTPL GINIE+ will provide access to up to 15+ leading apps and will also offer up to 80% saving compared to MRP of these OTT apps. In addition, we also provide savings to the customer in the form of 100% guaranteed cashback. Our digital cable TV subscriber base as on December 31st 2022 stands at 8.90 million. Paying subscribers for digital cable TV stands at 8.30 million. On nine-month YOY basis, the increase in active and paying digital cable TV subscriber is 700K and 800K respectively. Subscription revenue increased by 3% YOY. In the broadband business, we added 130K new subscribers, an increase of 17% on a YOY basis. HomePass subscribers stood at 5.15 million as on 31st December 2022, of which 75% are available for FTTH conversion. The broadband ARPU for quarter three FY23 stood at INR 455, an increase of INR 10 on a YOY basis. The average data consumption per customer per month stood at 310 MB, a 28% increase YOY. The broadband segment provides immense opportunity, and we plan to capitalize on this by providing value-added services, and the launch of GTPL GINIE+ will help us to extend our broadband services and in retention of customers. Moving on to the financial performance. On a consolidated level, excluding EPC contract, in Q3 FY23, revenue grew by 15% YOY to INR 7,050 million. The Digital Cable TV subscription revenue stood at INR 2,775 million, up by 3% YOY. We saw a consistent growth in our broadband segment. Broadband revenue increased by 18% YOY, and revenue stood at INR 1,242 million. This was driven by a healthy subscriber addition, and we are on track to reach one million subscriber base by the end of this fiscal. Consolidated EBITDA for the quarter stood at INR 1,314 million, with a margin of 18.6%. PAT for the quarter stood at INR 376 million. We are a net debt-free company generating free cash flows and paying dividend history of last six years. Thank you, everyone. We can now begin with the question and answer session. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. 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 Parth from Alpha Plus Capital. Please go ahead. Hi. Good evening, sir. sir, firstly, congratulations for a decent growth in the broadband active subscriber base. sir, even in the last quarter, we had talked about this, that our ARPU on CATV business is actually coming down, which seems to be the case even this quarter, and it has come down substantially. if you could throw some color on the same. Yeah, Parth. Actually, as you know that we are entering into new market. As you know, we have given that from last one and a half years. We have gone into the South market, mainly Tamil Nadu, and then we have entered into Odisha, some of the Northeast market, and now we are going into the big way in the North market. What is happening that the new subscribers which are coming to us, they are coming at the at the lower to the average ARPU of our higher market. We are dominant in Gujarat, we are dominant in West Bengal, we are dominant in Andhra Pradesh, we are dominant in Maharashtra. All these markets, we are maintaining our ARPU or increasing our ARPU as we are dominant in those markets. As you go into the new market, you have to start from the a bit lower ARPU, and then you have to ramp it up with the time as you become dominant number one and number two, which is we endeavor, on which we become in every market number one and number two within two to three years. That is happening. Like in Tamil Nadu, we are already crossing now, 800K subscriber base in the Tamil Nadu state into one million. We are looking forward that we will take the ARPU up over there. Same is happening in the Northeast market as we entered in the last year, and now we are becoming number one, number two player over there. slowly you will see that, whenever you do the expansion, at that time you have to take a bit of hit in the ARPU. we are, we have to increase our ARPU at all the places as we talked in an earlier call also. Right now we are waiting because, we have to see if there is any regulatory change if it is coming, then we will do it at that point. Otherwise, we are going to take the call in the first quarter of FY 2024. Fair enough. That's great, sir. Sir, also, if you could help me with if, you know, on the ARPU side, if this is the ARPU that would be the lowest or we could see even lower ARPU going ahead? You also mentioned that as we get into newer geographies, which is understandable, ARPU would be slightly lower. Is that the case that the new additions would be primarily from newer geographies? That is what is happening, Parth, that the new additions are coming from the new geographies. Like in Gujarat, if I talk about, I'm a dominant player having 80% of the market. Here I'm just adding every year 2%, 3%. If I'm going into the new market, there I'm adding at 10%, 15% on that basis. Yes, the subscriber base is coming from the new market. We are making the strategy that how we are going to ramp up our ARPU. As, you know, from last few calls we are talking about that, and we will take some steps in FY 2024 regarding that. Fair enough, sir. That was really helpful. Last question on the margin front. We've seen margin come down a little bit from our normal levels. The reason for the margin drop is the same, whereby penetration into newer geographies will probably also lead to lower ARPUs plus have some additional cost, or is there some other factor which is probably leading to the margin compression? Yeah. If we talk about, we have gone into the North market, the whole of the North market, and we don't have any establishments over there. In other market, if we go, we have some establishments. There we had to start from the scratch. We had to create the whole establishments and everything, and then started doing the acquisitions and adding the subscriber base. All the costs have increased a bit in this quarter. Yeah. Because of, we entered into the new market and did those, the establishments from scratch. We have opened the number of offices over there. We did the recruitments over there, and all the backbones we had whatever we had to make there in the fiber and all we did it. We are going on aggressive basis on the acquisition fronts also and the swapping or you can say the taking the customers, direct customers also. Both are going on. The revenue will follow on days basis. This is a, I will say, one of the quarter where the blitz has come because of the high cost of establishments and all. We are going to again on the track as we are doing in the last five to six years, and we are going to maintain our market. Super, sir. That's all from my side. Thank you for taking my questions. Thank you very much. The next question is from the line of Vinit Manek from Karma Capital Advisors. Please go ahead, sir. Yeah, hi. Thank you, Management, for this opportunity. Again, a similar question from the previous participant, that we have seen a significant increase in our other expenses, excluding the pay channel and the employee costs. Is this a sustainable number going forward or was any extraordinary during this quarter and we might see the cooling off of this number in the coming quarters? How should we look at the other expense line item going forward? Yeah. Other expenses, this is a exceptional quarter for us also as we decided to enter into new markets and there we have to do all the big establishments from the scratch, as I told. This is a exceptional quarter, I would say, on that basis. Whatever cost we have to incur for the establishment or creating my networks and everything has already been done in this quarter. We have started acquiring customers. Already around more than 1 lakh customers have come from those markets. Yeah, their revenues, as we are taking it in this quarter, their revenues will start coming from the next quarter. We will start seeing that the revenue will follow this cost and this cost will remain at this level only. Okay. Okay. Also, coming down to the subscription income, we have almost added 0.5 million subscribers this year, we are aiming to add 1 million kind of a subscriber by the end of this year. Our average growth for nine months within the subscription income has been closer to 2.5% kind of a number. With the NTO 2.0 clarity coming in now, how are we seeing the growth in the subscription income going forward? Can we expect a high single digit kind of a subscription growth coming in from next year or a similar kind of a number with the aggressive customer acquisition strategy will be there in the coming year? We are keeping that strategy intact. This is the risk that we are going back to the double-digit growth. The number of acquisitions as we will increase, as I say that we are expanding right now and just started expanding on the acquisition basis. There is a effect on the ARPU side. Those will get stabilized as we go forward. I will say in the next few quarters, and you will see that consistent ARPU is going to be there. Plus there is a plan to increase the ARPU. Already, the plan is there. We have delayed that because of NTO 3.0 implementation and all, and we have not taken this step. Whatever will happen, we are going to take that call in the first quarter of 2024. Here you will see that the ARPU is also increasing and subscriber base is also increasing, and we are keeping our target that we will go to the double-digit growth in the revenue side. Okay. Okay. Okay. Yeah, also coming on the broadband side. We had a good addition this quarter, but it is very similar to the previous quarter's run rate. I think on the previous calls, we mentioned that the large part of this addition is coming from the B2B side of it, and the B2B addition was slow over the last two quarters. Was it a very similar kind of situation this quarter also, for the broadband? How are you seeing this number accelerating? Because I think we are little bit behind our targets and our aspirations about the broadband subscriber addition. How should we look at that going forward? Yeah. This quarter also the addition, whatever addition has happened around 25K, this is pure GTC addition. Still B2B has not started contributing to us. B2B, as said in the last quarter also, we said that we are ready. Around 60K subscriber is already in the pipeline and which is getting integrated with our system. A bit delay has happened on that because of the technical unsimilarity between the networks, but that has already been solved. We are hopeful that as we talk, that integration is happening. By January end, the 60K subscriber will get onboarded, and we will start getting the revenue from there. B2B contribution, as I will say, it has not happened till date. Whatever 130K subscriber in last one year we added, that is all the B2C subscribers. As we started doing this, as we get the experience of onboarding and everything, we are hopeful that the B2B onboarding and B2B subscriber base will start getting addition every quarter in a good numbers, and that will start giving us the revenue side also and subscriber side also. Okay. Okay. Okay. Please, just a last question from my side. What was the nine-month CapEx that we have already incurred, and what is the remaining target for the quarter that we are intent to spend? Yeah. Total CapEx, which has happened in the 9 months is INR 355 crores, on which CATV CapEx is INR 180 crores and broadband CapEx is INR 125 crores. The guidelines which we have given that we are going to be INR 1,200-1,250 crores CapEx this year, we are sticking to that for the last quarter, that INR 100 crore more CapEx will happen, and that will be 50/50% in CATV and broadband. This is the situation right now. Okay. Okay. Thank you. Thank you very much for patiently answering my question. Thank you. Ladies and gentlemen. As a reminder, in order to ask a question, please press star and one on your touchtone phones. The next question is from the line of Yash from Sushil Finance. Please go ahead. Hello, sir. I had a question regarding the CATV business. My first question is, do we expect going forward in the next two to three years after acquiring substantial market share in the new territories, the margins to expand and reaching the levels of 12%, 10%, which we were doing previously two years back, or how is it? Hi, Yash. Hello. yes. That's the expectation. As you know, we are going aggressive in the acquisition mode right now. Mm-hmm. As, if you see one of the strategy which we launched at the IPO time is the consolidation of the industry. We wanted to do it from 2020 onwards, but we have not started then due to COVID and everything. Now we have started. We are going on aggressive way for the consolidation, for the acquisitions. As we go forward, as we get more and more subscribers, we become dominant in those markets, the revenue and ARPU will grow and the benefit growth which we were doing from till last year, that you will see that it is back in line. That's the way we are making it, and that's the strategy on which we are going now. Okay. Thank you. My second question is this. With respect to the GTPL GINIE+ which was launched I think 10, 15 days back, as I can see on your website, there are four different packages which are offered. Could you just throw some light as to how much would be the margin which we can expect from these plans? Going forward, I'm not able to see like a prominent name, Netflix being like, OTT being offered to us, to the customers. Do we have any plans of onboarding them? Lastly, it was recently announced that IPL would be on JioCinema. What are your views on that? Do we plan on doing some partnerships with them as well, or how is it? What are OTT plans? First on the GME Plus. GME Plus product, we have launched, which is more of a app aggregator and available to all CATV and broadband subscribers, existing and new. It's GTPL. It is a off-the-shelf product which a customer can go directly and purchase it at a very competitive price. We have make it available in one, three, six, 12, all types of period. Plus there are four packs of different choices for the customer. A customer can have whatever value according to their choice, they can take it. Yes, you can talk about Netflix. When we launched our hybrid box, Netflix was integrated on that, within that. Yes, we are in touch with Netflix to provide us the app which Netflix has promised. Still some negotiations are going on. As we wanted to launch GME Plus and all other apps we have, app already we have closed, so we have gone ahead and announced. We are hopeful that Netflix will also come into the fold very soon, and we will start providing Netflix to our subscriber base, to our customers. GME Plus is, you can say, on the margin side now. Yes, there is a margin, but we are more looking towards it for the stickiness and the retention of the customers, and it is available for our all 10 million customers, including CATV plus broadband. We are looking forward that this is going to increase the stickiness. Plus all the choices of content which are also required, that is we are offering. There is going to be a margin, and the margin in such a way that it is not going to impact my EBITDA margin. It will be of the same level. Yes, that is the case. Coming to the Jio side, that JioCinema is a CATV IPO application. Overall, it's good for the customers. The viewers get a. Regarding the customer or OTT application. Yeah, it is part, it's going to be part of our OTT application also. That is going to happen. Yeah, it is good, it is good for the industry and all. Viewership is going to increase. TV is going to be there throughout in the houses. The connection is going to be there throughout in the houses as we understand and also as per the analysis and all. Somewhere Disney and Hotstar is also improving their marketing and everyone, which is good for the industry. Thank you so much, sir. Really helpful. Thank you so much. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask your questions. The next question is from the line of Raj Ojha from GB Capital. Please go ahead. good evening, sir. Sir, thank you for the opportunity. I have, two sets of questions from my side. The first one is, sir, what are the growth triggers or the growth drivers points for our broadband business, and do we see any uptick in ARPU? The growth driver as I will talk about, the total households in India is around 310 million, out of that only 30 million is right now, hardly 10% is the wide broadband. We always call this broadband business as a nascent business right now, which has to increase rapidly. If we talk about, Eurozone, they have already crossed 60%. China is at 50%. U.S. is at 80% penetration of the wide broadband. Somewhere India will going to catch up at those levels with the time. There is a large opportunity, where the customers are there, you just have to reach those customers through infrastructure and start providing the services. It is a large market. The growth driver is that, in India it's a volume growth which we are looking forward for. Apart from that volume growth, we are looking forward that 2%-3% will happen every year in the volume growth. That we are pushing. Plus, we are going to do the layering of services over the broadband, which, will fetch more money from our households. We'll try to do that. That's the strategy on which we are working. Okay. Okay. That's helpful. Second question is, sir, how is the response in our new states which we have entered on the cable TV side? Are we planning to scale it up or what are our plans to scale up the business? Yeah. The response is very good. Actually, being a number one player in India, and having the best quality services established, lot of responses are coming from those markets. We have just started around two months back and already got more than 1 lakh subscriber over there. We are looking forward that within a one year we are going to cross a million subscriber over north market. The market is big. This is a English speaking good market. The ARPUs are going to be good on those markets. We are expecting that. Yes, one million plus in the next one year time in those markets. Okay. Okay. Thank you. That's it from my side, and all the best. Thanks. Thank you. Ladies and gentlemen, as a reminder, please press star one to ask a question. We have the next question from Richa Meena from ICICI Bank. Please go ahead. Ms. Meena, your line has been unmuted. Please go ahead with your question. Ms. Meena, if you have muted your line from your end, please check and go ahead with your question. Hello. Yes. Sorry. Good evening, everyone. Sir, I wanted to know if you could throw some light on the high AGR dues that could be seen in the balance sheet. Come again, please. AGR dues. High AGR dues, how are we planning to go about it? AGR dues? Yes. AGR dues is on the contingent liability side, which is consistent from last three years. It is coming into the balance sheet. This is the DoT which has given the demand for the on GTPL Hathway before 2016 when the internet business and cable business was together. Based on that, they have given the demand on cable business revenues adding back. This is already contested in the court. According to the lawyers and all, we have a very deliverable case. Already retrospectively, MIB and DoT have given that any revenues coming under the MIB licenses perspective, the MSO licenses and all, that is not to be included in the calculation of AGR. We are very positive that retrospective they have already given. For later years, earlier years also, lot of disputes and everything is going on, and it's up to the date right now in the court. We are hopeful that we will come clean out of that. Okay. Thank you so much, sir, and all the best. Thank you. The next question is from the line of Dharma Venkiteson, KB, an individual investor. Please go ahead, sir. Good afternoon, sir. My first question is regarding the increase in the pay channel cost. We have seen almost a 15% increase year-on-year for the nine-month period. What is the reason behind this increase, and how do you see that from next month onwards major players have announced a price hike? Whether we will be able to pass on those price hikes or our pay channel cost is going to get even higher from here and it might have an impact on our margins. Yeah. I always explain this in my calls, earlier calls also, that whenever you are looking for the pay channel cost, you have to club it with the marketing and placement income, which is showing in the income. One is that you are paying to the pay channels, and second is what you are getting from the pay channels. You have to go into the what is the net increase happening on the outflow side. If you go on that basis, that you will find that there is much growth on that part. We are GTPL being a number one player and we have known for the best negotiations in the market. We always, try to keep our costs, at least, those costs, at the par level. If you combine these two, you will see that, there is not much increase in the, pay channel cost. Sir, regarding the increase in the channel prices that the major players have announced, which will come into effect from February, what is your comment on that? Thank you. NTO 3.0, we are calling it NTO 3.0. Yes, we are waiting for the implementation on that side. As you see in NTO 1.0, when NTO 1.0 happened, the industry had lost some of the subscribers initially, and then again they gained it. NTO 1.0 is good for everyone, every stakeholder in the industry. We are looking forward that NTO 3.0 will also happen on that way. We are geared up that there should not be any chaos in the market and all. We are going to control that as we have the experience of NTO 1.0 and maintain the cost to the consumer on that basis also that their household cost should not increase. That's, that's the way we are endeavoring. Yes, they are coming up with the different rates or not, but we are going to make the things in such a way that the cost should not increase at the consumer level and all other benefits should get passed to the MSOs. Okay, sir. Thank you, sir. My second question is regarding the newer geographies which we are entering for our B2B business. In these newer geographies, whether we have entered organically or do we have done some smaller acquisitions or consolidated the smaller players and brought it in house, anything of that sort, or is it a full and full organic growth in these newer geographies? We go for both strategies, inorganic and organic. As I say that our strategy is going big in inorganic, which we use, which we not used to do earlier from last two years because of the COVID. We are going to do inorganic and organic both. Whatever number I have given you, 1 lakh plus number in those market, that has come from inorganic and organic. We are taking up the both the strategies and going from it. Okay, sir. Regarding our the 4K status, the status quo remains the same, right? Is there any other further update or it is the same as previous? On which you're talking about? Sir, on the, we have, on the views which we have for that, our B2B businesses that was supposed to be happening in December. ETR and all you're talking about, our status quo is maintained right now. This quarter there is no movement on that. Thank you, sir. My final thing regarding GENIE+ +. From whatever your answers you have given previously, I understood that GENIE+ Plus is more of a product to make the customers more sticky rather than the product which we upsell so that it will get additional revenue. It's not like that kind of product. It's a product to increase the lifetime value and make the customers more sticky. Am I right here? You're right. The margin is there. As I said that the margin is there. As whatever EBITDA we are maintaining, that margin we are getting in, so there is no negative impact on the EBITDA and all. That is going to be positive only. Yes, this product is to provide all type of content to our customers. We are becoming content agnostic in that way. Till date we are providing Star TV, Sony TV, Quick Die, we are providing also Viki. This is the case, and it is going to increase the stickiness of our customers being on our platforms. Sir, and just a small final one, sir. I saw your interview on CNBC today morning. In that you had mentioned you had hinted that there might be a possibility of merger with Jio. Like is it so or are we only right now collaborating on a technical and an IP level and we will continue to grow on our own? Like what is the end game in this? Is what I am trying, really trying to understand. Very, very speculative question, but still I'll just say that, whatever benefits, being a partner we have to get from the Jio we are getting, and we are very happy with that, Jio being our partners. Whatever guidance, knowledge transfer, vendor negotiations, all we are getting. We are working on our strategy. The plan is there, but we are working on our strategy, our plan, and we are growing market and, we are performing, we are giving the dividends, we are debt-free company, consistent performance throughout. subscriber base is growing and everything is happening. Yes, we don't know. We have to see how the future unfolds going forward. But we are keeping our strategy intact and, going ahead and, doing the business. Sir, to summarize, right now the collaboration is purely on a technical and knowledge level as of now? That's right. That's right. Okay, sir. Fine. Thank you. Thank you for answering the questions, and all the best for the coming years. Thank you. The next question is from the line of Yash from Sushil Finance. Please go ahead. Hello. Just a follow-up question. Could you just elaborate a bit on NTO 2.0 and how does it affect us going forward? What are our ways to tackle the same? We are calling it NTO 3.0. Yes, we are anticipating that not much of change will happen. It will give us the opportunity to increase our revenue and bring more transparency in the market of the consumers or any stakeholder. We are trying to keep the cost to consumer at the same level, so that there should not be any negative impact on the market on that basis. We are anticipating that not much will change at the consumer level and it is going to help us in growing our business. Okay, sir. Thank you. Thank you. Thank you. The next question is from the line of Rama Manohar, an individual investor. Please go ahead. Hi, sir. Just I have one question. Why not to invest total money in the broadband sector rather than cable TV? In metro, many people are cutting off this and moving out from cable TV. Does it make more sense making all the investments in the broadband side? Even broadband, we have a competition in the future, maybe the wireless, if we get 5G, they may introduce maybe some sort of set-top box or something else to receive the signals. That time we have a competition, right? A different strategy which you are talking about. We look forward in this way that cable business has a lot of potential going forward. Still the TV households are increasing. Still there are very large market of cable which has to get consolidated. The third point is the return on cable. ROI is very quick. You can say between maximum between 10-18 months you are getting the ROI back. If I talk about the broadband business, ROI is a bit late. It's 24-30 months which you are going to get back. Still, the ROI basically say cable business is best. Growth is there, lot of potential to do in the market right now. As we were starting the convergence of the services, bundling of the services, entertainment plus broadband plus OTT plus we will add more services, layering of the services on that. It's good to be in the business and start winning the customer that whatever it wants. We are a pipe reaching to the customer house. We just have to provide all type of services to the customer to keep customer intact with us and generate more and more revenue from that households. Still we are adding very few numbers in the broadband sector, right? I think because the market people, if you are not adding, maybe they may take connection from either Airtel or JioFiber and other things. Seeing the numbers 30,000-50,000 are very less, I think, considering that we have built a base of around 10 lakhs, right? 5 million HomePass. Is it not a little low? No. On the extraction level, if you see, we are the doing best in the industry because we are operating, if I talk about B2C, as I said, we are just operating in the Gujarat market and 6 of the cities. That's the way. If you go on the extraction basis, we are the best in the market right now also. Yes, we are starting the B2B in our cable markets which still to take off. We will see that how it improves in the fiscal 2024. We are very vulnerable on this broadband business. There's still a lot of potentials in whichever market we are present, and we are going to do excel as we are doing right now. My last question. Do you think this margins are going to improve for the next quarter, or they are going to be like this only? Making INR 30 crore-INR 40 crore profit like this, how it is going to be? As I said in the beginning that during the call also that this is a exceptional quarter where we did the exceptional establishment cost for the new markets as we have a huge presence on those markets. We have to establish our offices, my networks, new manpower, everything, bandwidths, everything we have to do from the scratch. The customer has to follow that. All the revenues are going to follow that. Yes, this is a exceptional quarter. We are looking forward that from here onwards this will not be an issue anymore. Sir, one last question. Sorry again. See, ours is a company actually backed by Reliance and other things, but why our company stock is trading like in a narrow range, maybe even after five years of an IPO when our profits were INR 40 crores and the company has come at, maybe at the upper this year at INR 170 something it has listed, it was listed. Now it is still trading at INR 130 despite our profits are around INR 200 crores. Why our maybe big investors not coming, maybe mutual funds are not showing interest. Are you taking this serious that people are not coming to us? Whatever we have promised as a management, as a board, whatever we have promised, in the IPO, we have made that we are going to increase. If you see In the broadband side, we have increased five times in the subscriber base. In the cable side, we have increased around 2.6 of the subscriber base. The revenues have grown fivefold in the last six years. We are paying dividends from last six years. Last year, 30%. All those things are happening. We are managing our cash flow much, much better as we are net debt free company right now. We have paid around INR 400 crores of debt, in the last, five years. Free cash flow generation is happening in the business too. That's from the management side and the board side, I would say. Share price and all, it's speculation. We can't comment on that. Thank you. That will be the last question for today. I now hand the conference over to the management for the closing comments. Thank you everyone for joining the call. Be safe and healthy. We look forward to interact with you with the Aircel-Bertel annual results somewhere in April. Good evening and have a great day. Thank you. On behalf of Emkay Global Financial Services, that concludes this conference. Thank you for joining us. You may now disconnect your lines.