Ladies and gentlemen, welcome to the Q2 FY24 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, and 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, sir. Thank you, Akshay. A very good evening, everyone, and welcome to the GTPL Hathway earnings call. We have with us today Mr. Anirudhsinh Jadeja, Promoter and Managing Director, Mr. Piyush Pankaj, Business Head, CATV and Chief Strategy Officer, and Mr. Anil Bothra, Chief Financial Officer. Without any further delay, I shall now hand over to the call to the management for the opening remarks. Thank you, and over to you, gentlemen. Thank you, Pulkit. Good evening, everyone. A warm welcome to everybody to the earnings call of GTPL Hathway to discuss financial performance of Q2 FY 2024. As one of the largest MSO and broadband player in this country, it pleases me to see us going from strength to strength. We have added 800K subscriber in digital cable TV business and 120K subscriber in broadband business year-over-year, and look forward to maintain our growth. The main strategy is to consolidate the industry and enhance customer experience through layering of services. I will now hand over the call to Mr. Piyush Pankaj, who will take you through the quarterly business and financial performance of the company. Piyush. Thank you, Mr. Jadeja. Good evening, everyone. The company has recorded its highest ever quarterly revenues, beating the previous quarter, and is well on track to be the highest revenue growth in financial year. Our KPIs have also increased both on a quarterly and yearly basis. First, I will talk on the digital cable TV business. Active subscriber base as on 30 September 2023, stands at 9.4 million, increasing by 350K QoQ and 800K YoY. Paying subscribers stand at 8.70 million. Paying subscribers increased by 400K QoQ and 700K YoY. In the broadband business, we have added 120K new subscribers, an increase of 14% on a YoY basis to reach 990K. Home pass subscribers stood at 5.55 million as on 30th September 2023, of which 35% are available for FTTX conversion. Home pass grew by 550K on year-over-year basis and 150K on a quarter-over-quarter basis. The broadband ARPU for Q2, FY 2024, stood at INR 450, an increase of INR 10 on a year-over-year basis and is stable on quarter-over-quarter basis. The average data consumption per customer per month stood at 310 GB, a 25% increase year-over-year. This quarter, we announced Mr. Kartik Aaryan and Ms. Rashmika Mandanna as the new brand ambassadors of our company. They will be part of our new ad campaign, the Ab Ke Zamane Ka Connection, to highlight the variety of services that we are well equipped to provide. On a consolidated level, revenue grew by 19% YOY to INR 7,900 million. The digital cable TV subscription revenue stood at INR 3,226 million, up by 17% YOY and 8% QOQ. The broadband revenue stood at INR 1,317 million, an increase of 10% YOY and 2% QOQ. The consolidated EBITDA stood at INR 1,351 million, with an EBITDA margin of 17.15-17.1%. Profit after tax for Q2, FY 2024, stood at INR 344 million. The standalone revenue stood at INR 5,121 million, an increase of 21% YOY. The EBITDA stood at INR 755 million, with an EBITDA margin of 14.9%. PAT for Q2, FY 2024, stood at INR 243 million. The net debt to equity continues to remain negligible as the company remains conscious of its CapEx and dividend efforts. This is all from my side. Thank you, everyone. We can now begin with question and answer session. Thank you very much. We will now begin the question and answer session. The first question is from the line of Vinit Manek from Karma Capital Advisors. Please go ahead. Yeah, hello, Mr. Piyush. Hi, Mr. Jadeja. Thank you for this opportunity. Can you hear me? Yeah, yeah, yeah, Vineet, go ahead. Hi, Vineet. So our first question is on the side of the margins. So we had marked an improvement in the margins from Q1 to Q4, but still we committed to stay on the 20% EBITDA margin by the end of Q4. So can you help us understand that how do you plan to achieve this 20% margin journey by Q4 with our expenses, which are increasing at a faster rate versus the revenue growth? So can you help us understand that? Yeah, Vineet. Actually, if you see, we have improved our 100 basis points this quarter. From 16.1%, we have gone up to 17.1% in the, in the margin. And, as, as, as you see that the NTO 3 implementation has happened, and because of that, Q2 is still showing a higher side of the cost, which is stabilized now. So we have increased our revenue, and we have increased the cost also. So now the cost is stabilized, so we are looking forward that, from here, the EBITDA margin is again going to improve. Last year, we were at 20%. That we are going to achieve by Q4. The new products are also on the anvil, which I can't disclose, but we are, we are confident that with those new products coming into the fold, on GTPL, our margin is going again back to the 20%. As whatever hit we have to take from the NTO 3 and all, it's already happened in Q1 and Q2. Okay. So on the pay channel cost, the INR 434 crore that we reported this quarter, do you expect that expense to be at a steady rate versus the revenue growth going forward? Yes. So if you say the increase in the pay channel cost is not going to happen on that day, we are going to increase the revenue is going to happen in the higher pace. Because the revenues are still getting realized, cost is already stabilized. Okay. And how should we look at the other expenses, which is INR 182 crore for the quarter? So you do expect the similar growth rate going forward in the following quarters, or do you expect that to decelerate? The other expenses are going to be on the normal growth now. As you see, as you see, other operating admin and selling expense, which has, gone up by 4% quarter-over-quarter. And if I talk about the actual to actual, it has gone up to by around 19%. But INR 182 crore, which we are seeing right now, already considered, the, whatever increase we have to do. So, as, whatever the expansion we have to do in the north and all, which is we have to take, that's already taken in Q4 and Q1 and Q2, all the costs. So we are not seeing that it is going to go up much, and it will be on the normal rate only. Okay, okay. My second question comes to the broadband segment. So even on the broadband segment, our growth rate is now coming down to a 10% kind of a growth versus in the previous year and few quarters, where we were growing upwards of 15%-20%. So how are you looking growth over there? And has the B2C component of the subscribers that we were adding it on an organic basis has that come in or it is yet to come in for us? No, B2C is coming in a stable. B2B, as last quarter, we have added a good number. This quarter, B2B is a bit down, as some of the technical problems and all we have faced on some of the network. So B2C, whatever the numbers we are seeing, that 30K we have increased in the quarter. Around 35K is 35K is from B2C. So we have increased... We have increased from 950 to 990K, we have gone. That's 30K increase in the quarter. Out of that, 35K is the B2C, right. 5K is the B2B one. Okay, so the B2B revenue is yet to come in the coming quarters? That's it. That's it. Okay. And should we expect that growth rate coming back to 15%, kind of a growth rate, which you are- We are looking forward. We are down to 10% right now. Why, why we are looking forward, that it should come back to 15% again. Okay. Okay. Just one last question from my side. So, even on the depreciation side, we had seen a slight acceleration versus the previous quarter run rate during this quarter, which is INR 820 crores. So any one-off in that, or this is a steady state number that will be there going forward? As we consolidated Metrocast, so that's why you have seen some increase in the depreciation over there. So we have added the assets of Metrocast in our case, with the Metrocast and some other asset side. So that comes into the depreciation also, there it is. ... Okay, so this is a steady state number that will go forward? Yeah, that is, this is a stable number I will say, which is going to be. Okay. Okay, okay. Thank you. Thank you very much for taking our questions. Thank you. The next question is from the line of Urvi Shah from Dolat Capital. Please go ahead. The participant has left the queue. The next question from the line of Rahul Jain from Individual Investor. Please go ahead. Yeah, thank you for the opportunity. So with the World Cup going on, we may expect higher marketing incentive. So can you help me understand the typical structure between the advertisers, say Pepsi, the channel, for an example, Star Sports, and a broadcaster such as RJIL? Rahul, Rahul, we didn't get the question. Sorry. Hi, Rahul. How are you? Can you repeat the question, Rahul? Hello, am I audible? Yeah, yeah. Yeah, audible, audible. Can you repeat the question that- Yeah, yeah. Sure, sure, sure. Mm-hmm. So I'm saying, we may expect higher margin marketing incentive during the World Cup, as the World Cup is going on. Mm-hmm. Can you help me understand the typical structure between an advertiser, say Pepsi, and the channel, for example, Star Sports, and a broadcaster such as RJIL? Rahul, no, we don't get the margins from the advertisement side. Advertisement is only for the broadcasters. Yes, we get the enhancement in our subscriber base. Because of that, I'm seeing that right now, around 120,000 customers have come back within the first week of October, from, you can say, from post-October to date. And more are coming back on that. So I'm seeing the surge in our subscriber base, especially the subscriber base who has already have the boxes and all in their homes, and they have stopped the services, they are coming back. So that's where we have seen within a week's time, we have got around more than 100,000 subscriber base back in our base. Okay, so my second question is, like, do we have some leverage for the placement or marketing incentive when it comes to our 50+ channels that we own and operate? You are talking about leverage on what, on the World Cup? Or you are talking about in general leverage? In general leverage. In general, yes. If the number of racks are higher, then we take more incentives on those than the broadcasters, because they have to put all the 50 channels together. They have to put that, we should put them in our packages also and all. So that is, that is the case. So we get more incentive if their number of channels are higher. Okay. So, like, I understand that the full effect of NTO means that pay channel costs and placement revenue are higher on a year-over-year basis. But, can you explain the performance on a quarter-over-quarter basis? We have just two quarters. So we have started implementing on Q1, somewhere from the mid of April. And by this quarter, the whole market has got stabilized. So whatever increase has to happen at the pay channel side has already happened. And now we are at a stable stage from Q3 onwards, where the cost side is at least totally stable now. Okay, okay. Thank you for, thank you for this. Thanks. Thank you. Thank you. Ladies and gentlemen, you may press Star and One to ask a question. The next question is from the line of Urvi Shah from Dolat Capital. Please go ahead. Can you hear me? Yes. Yeah. Good afternoon. apologies, I got disconnected earlier. So, I had a quick question. We can see that there is higher increase in depreciation and interest on QOQ basis. So, what is the reason for that? Hi, Urvi. Yeah, the reason is that, we have consolidated Metrocast in this quarter, and, their depreciations and, their fixed assets are, are also came into our books. Because of that, we are seeing that around, from 173, that's gone up to 183. 173.78 crores, it has gone up to 82 crores. That is the increase of 8 crores, happened, and on the round percentage we increase because of that. Okay. Okay. Thank you. The next question is from the line of Rahil Shah from Crown Capital. Please go ahead. Hello, am I audible? You are audible. Yes. Yes, yes. Hi, sir. Good afternoon. This ARPU, which has stayed flattish, you know, quarter-on-quarter basis. So what is the outlook on that? I mean, do you see this increasing? ... You are talking about broadband business? Yes, yes, broadband, yes. No, I explained in earlier calls also, that we guide that the broadband, we are looking for more sort of value base, volume gain rather than the value gain. Volume gain. We think it is not that the RP range will be between 400-460. This is also what you are saying, that we have gone up from somewhere 450-460 in the last two years. If you see our trend from 400-460, that is only because that people are going for the higher packages, that we are going from 50 Mbps packages to 80 Mbps to 100 Mbps. Yeah. So that is definitely, we, we still consider, if you ask me, that, broadband business is more of a startup business. Out of 350 million homes, only 35 million homes are there in wired broadband. So it's still a long way to go. And, it's going to be a more of a, volume game like the telecom, and then a value game right now. Okay, so headroom is huge, and you, you see near term, good traction for that? Yeah, yeah. Okay. The traction is going to increase because, as you know, all the focus is there in the Digital India, the broadband, government is pushing it, everyone is pushing it. Everyone is going for the digital, and more and more as the more consistency we're going to require, as more financial transactions are going to happen through this, then, wireline broadband is the one of the most consistent providers and most consistent, you can say, giving the bandwidth and everything. So... And it's a proven technology, I have to say, it's a worldwide proven technology. So we are hopeful that, wireline broadband is going to grow, as it has grown in other markets. If we talk about US, already penetration is more than 70%. We talk about Europe, which is already more than 60%, China, 55%. So already those markets have already gone up. So we are looking forward, India will also come to 50% at least in wireline broadband. Based on your knowledge about the industry, by when do you expect India reaching that stage, in general? Yeah, we are looking forward that, half a decade, 5 years. Okay. Okay. It should be there in- Then we'll be more than ready to capture a good market share there. Yeah, yeah. 50% penetration, that is with the recently up to 3 million households for the wireline broadband. Right. Right. Okay. And lastly, on you said the pay channel cost increase will not happen at the same rate as the revenue growth, correct? So what kind of... What are your expectations about the full year then, in terms of revenues? You've seen a good growth in Q2, so is this sustainable quarter on quarter? Any outlook then? As I talked about that, we are already YOY 17% increase is already happening in this year. I'm looking forward that, if you see my trend, from last five years, six years, we have the CAGR of subscription revenue is between 18%-21%. That's what we are going to maintain in this year also. Already we are at 17%, so we are going forward also maintaining that. It will be somewhere 18%-21% of subscription revenue. Yes, pay channel is now stabilized, so we are looking forward that, as revenue will grow and the cost will be a stabilized main cost, so that we will see that the margin will improve. From 17% margin right now, we are going to go up again on the normalized margin of 20%. That's what we are trying to achieve. Perfect. Perfect. Okay. And this, GTPL Genie, how is that doing? GTPL Genie is doing good. Initial days, I would say, because still the proactive news for the subscriber, around 90K subscribers has come, mainly more into the... More towards the broadband, cable is lesser. But yes, right now we are reviewing the whole, you can say, the offers, and by Q3, or end of Q3, we are going to relaunch Genie in the new avatar. So that's the plan right now. But yes, this Genie has, I think it's a good traction, 90K out. But we are seeing that the slowness has come more there in that point in time. So it's required a rejig, which we are going to do in this quarter. Okay, perfect, sir. Thank you, and all the best. Thank you. The next question is from the line of Saloni Shah, an individual investor. Please go ahead. Hello, sir. Good afternoon. Thank you for the opportunity. Sir, I have a few questions specific to the different revenue items. The first one being revenue based from activation. We've seen an increase in active and paying subscribers, yet the activation revenue is lower, if we see the YOY and QOQ basis. I think if you can just throw some light on how the subscriber base has moved on gross basis, addition of new subscribers, Metrocast subscribers, and churn rather than the net basis. Yeah. So activation revenue is more of what you are recovering at the time of putting the boxes in the subscriber home, which is, so activation of the boxes, what the revenue are getting it. Yes, activation revenue was very high in the past.... And it is getting better according to the accounting standard. It is getting better for five years. It's a better revenue which is coming back to our books. The realization of the money, it's already happened in the past. So see, this revenue is continuing at the time when the digital, that's, that actual digitization of the industry was happening, and the real boxes are getting created in the customer too. That was happening, and at that point of time, you are giving the boxes in bulk. It's like, because every customer, the new boxes has to go into their household, and you are collecting the activation income from them as you are putting the assets in their households. And those are getting paid for five years according to the index, and those revenues are coming back. So right now, India, I will say the activation revenue is very less because, whenever you are giving the box, activation is a normal course of business now rather than a special course of business at the time of tax implementation, when you are doing the whole digitization of the industry. So that is, that's why you are seeing there is a decline, and we are looking forward that activation revenue will be, in the range of negligible in the whole, you can say, the whole PNL. And you can see that in the Q2, also it's hardly INR 4 crore is there. It will remain in the same range, INR 3 crore-INR 4 crore, in the quarter, not more than that. Okay, sir. My next question being, what is the increase in the subscription income from cable TV attributable to? And then, like, what portion of it is NTO effect, and how much is the natural growth? Yes, if you talk about subscription income, right now, 8% growth is happening on this. The Q1 and Q2, if we talk about, there is a increase in the numbers of around 400K, which is mainly because of Metrocast, you can say. So somewhere in this, around Metrocast has contributed of around INR 18 crore. Rest is the NTO 3. If you're talking about H1 to H1. Okay, sir. And sir, my last question is, I think our other income is mostly attributable to EPC work that we do. So do we have any EPC contract expected to win? And also, if it's there, what is the tenure left on the existing EPC contract? So right now, we don't have any EPC. We have the O&M, operational maintenance of what EPC project we did. And right now, the 3 years has been lapsed. 4 years is already there, more there for the O&M of BharatNet project, which we did earlier. Yes, there is in the pipeline, as you know, the parliament has just passed the BharatNet project and sanctioned the amount. And we are expecting that the tender will start coming from December calendar. We are going to be one of the prominent player to go for the tender, especially in our strategic field. Apart from that, yes, we are looking forward for some of the government project, which is under the pipeline, and most probably some will come in Q3, some will come in Q4. So yes, we have the capabilities, and we are looking forward to take big projects with the government projects also, and BharatNet projects also. Okay, sir. Okay. Thank you so much. Thank you so much. I have no more questions. Thank you very much. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Madhu Rathi from Counter Cyclical Investments. Please go ahead. Thank you for the opportunity, sir. Sir, we are guided that, going forward, 50% of our subscribers will be from organic acquisition, organic base, and 50% will be through acquisitions. So if you could highlight the strategy that we are following, as well as what kind of valuation are we looking when we are going for acquisitions, as well as what rate have we acquired Metrocast? Like, what multiple have we acquired Metrocast? Metrocast, already we have given the figures now in the preview to the public. Already given the subscribers which we have gained, you can see that in the series in which we posted. So for them, we keep echoing what is the per subscriber base and what we did over there. Right now, yes, the strategy is the same. That is, because of the integration of industry, which Mr. Jadeja has also mentioned, that we are going to cross-sell the industry. Build the layering, build the layering of the services also, both the cases, both the cases. Yes, the strategy is same. This quarter, we have not made any acquisitions yet, but the acquisitions are in the pipeline. Already, we have completed one big MetroCast as an acquisition in the past as well. And, we are looking forward for next two quarters also to do some good acquisitions. Yes, organic is always continuing the point of the organic side, which is going on. So the strategy is same, we have not changed our strategy yet, and we are working towards that only. Sir, the multiples that will give for the acquisition will be similar to the Metrocast that we have given or, it will be, like in those range as well? No, it depends on the scale and the market which the OTT is or the market is working on. It actually varies market to market, so- Okay, sir. Can you just, like point out what will be the minimum IRR or the ROG that we'll expect from this kind of investment going forward? Minimum is IRR, if you talk about, we look forward that it is going to be more than the cost of capital, which is somewhere around 14%. So we look forward that IRR should be more than 14% where we are investing. Okay. Thank you, sir. My next question is: Sir, so Genie, we have seen a 90,000 subscriber base. So is this a profitable business for us right now, or it will... As the subscribers grow, we'll see profitability coming in? Not, not profitable, you can say, but yeah, it is, it is right now what we are seeing that, we are not, incurring any losses on this business. Whatever we have to give our OTT partner, we are giving it. That's whatever additional costs we are taking it, and we are making very small margins now. But yes, as I said, that we are reaching the whole thing and coming up with a more attractive, prices and more attractive packages on it and relaunching it. So that's going to be it. But yes, there is no loss in, this whole business. It's more of a profit, but very small margin. Oh, okay. Thank you, sir. So, so, like, the margin that we are guiding 20%, at what kind of subscriber base can we achieve that 20% EBITDA margin? We are looking forward to close subscriber base at around 10 million by this financial year. That's the target on which we are working. Uh- In the broadband side, we are looking forward for around, somewhere between 1.05 million-1.07 million. Okay. So between 1.05-1.07, we could achieve a 20% EBITDA margin going forward. Yes. Yes. Yeah. Thank you, sir. That was very helpful, and all the best. Thank you. The next question is from the line of Karan Mehta from Nirzar Securities. Please go ahead. Hello, am I audible? Yeah, Karan, please go ahead. Thank you, sir, for the opportunity. I just have a couple of questions. So, firstly, there's a new concept of LAN sports, where people playing online games stream their videos and performance over the web. This is more like a social media handle, where good videos attract a lot of viewership. So do we have any plans to enter into LAN sports, and what's the opportunity size in this? Also, what's the business model that could be employed in this to create a new robust revenue stream? Right now, we don't have any plan on this, Karan. Yes, we are going to introduce gaming, as we are talking about the layering of the business, but that is going to be with some, with our partners, like we are doing it with the OTT. And we are going to play on the margins, like we are playing on the OTT. But, this type of product is still we have not considered in our stable, Karan. Yeah, actually, I mean, such ideas did come to us before earlier, but we have not yet considered or tried to go ahead with it. But if it's done in the future, maybe we might. I'm not sure. Okay. But sir, just wanted to understand, like, we have seen that cable business is a very stagnant business. Broadband is the new leg of growth that, I think, will be, would be there in the media industry. So, don't you think, having this kind of diversification in the broadband business itself will create a new revenue stream? Karan, first, I disagree with you that the cable business is not a growing business. We are looking forward that we will grow in the cable, as a cable company. I'm not talking about the industry. Industry might be stable. But yes, as a company, as we are consolidating, and we have lot of opportunities to grow as around 35 million subscriber base is with the smaller MSOs, which is up for the grab. Plus, the TV industry, or you can say the whole cable and satellite industry, is growing, it's still growing at the... TV is growing at the rate of 1.66% year-over-year. Still, 100-150 million subscriber base is not having TV in the homes are not having TV in the country. So still, we look forward that cable business is a growing business, and you can look it in our numbers also, that our subscription remains in the cable, and the numbers are still growing. Yes, the second thing, which is coming on the broadband, you are right, that one by the monopoly-like sunrise, as I said earlier in this call, that is monopoly-like startup business and in sunrise sector. So a lot of growth, more growth, rate of growth is going to be higher in this. And you're right that this type of product, which is more of premium products and going to attract more and more customers to it, and the social media trends. So yes, we should consider this now. So thanks, thanks a lot for bringing it to our attention. We will see that what innovative product we can introduce. Okay. Sir, just one related question. So, Reliance has initiated RISE program, which is Reliance Initiative for Sports and Entertainment, which has acquired IPR for streaming online games. So, now being a Reliance Group company, what could be the potential benefit that we can gain from this? See, right now, we have not talked about the content sharing with our parent company. We have to talk about those strategies and all. We are more focusing on our cable and broadband business, and how we are going to lay out more and more services to the pack. That is, that is more of... Yes, content sharing, we have to see, because a lot of things comes into play in that, but whether they can share this with their subsidiaries or their associates or not. So all those, all those things comes into play, but yes, we have not explored that right now. Okay. Sir, just one last question. What are our expansion plans for this fiscal in both cable as well as broadband business, this and next fiscal? Expansion, we can say that already we are at 22 states. We are looking forward to go for one more state and two more cities. So somewhere that we are going to consider in this next two quarters. Already the plan is there, and we are working towards that. In the broadband side, yes, main focus on the new expansion part is going to be from the B2B. Already we are covering some of the states. Surely we have to cover all the 22, 23 states where we are present in the cable, and we are working towards that. What's our presence right now in the broadband? How many states? Right now, if you talk about, we are present in around nine states, which I have given in my presentation also. If you see, the first slide of my presentation, investor presentation, you will get our presence in the cable and broadband both. Nine states? Yeah. Which states we are present? Okay. Okay. Fine, fine, fine. Fine. That was very helpful, sir. Thanks a lot. Thank you. The next question is from the line of Ketan Athavale from Robo Capital. Please go ahead. Hello, sir. Thank you for the opportunity. Can you please reiterate your guidance for FY 2024, 2025, and 2026 on consolidated basis? Ketan, right now, I can just say that we are looking forward to come back to our group's CAGR, which is, if you see total revenue of somewhere between 8%-13%, and the same was growing in the range of 8%-13% in the case of CATV, and around 15%-16% in the case of broadband. So that's, that's what we are looking forward for the next two years also. EBITDA growth was in the range of somewhere around 12%-13%, which we are looking forward and will maintain that. This quarter, we made around 7% growth in the from 35%-25%. We look forward that somewhere we will maintain that CAGR, which we did it over the years in the EBITDA side. Subscriber base and all, yes, in the next two years, as I said, that we are going to cross around 10 million this year. We look forward to have 1 million more subscriber base in next two years in the cable side. And in the broadband side, I have said that we are going to cross 10.05 million or 1.05 million, 1.05 million somewhere, and we are looking forward that the next two years, we look forward to 1.2 million between 1.2-1.25 million in the broadband side. That's, we are B2B business, so, yeah, we have to be there. Okay, got it. Thank you. Thank you so much. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Sahil Bajoria from Individual Investor. Please go ahead. Yeah. So thank you for the opportunity. So I have a couple of questions. So as, besides the smaller LT acquisition, so, what is our natural expansion strategy? Like, like in the current presentation, as we have shared that, we are expanding aggressively in states such as Delhi, Tamil Nadu, Andhra or Haryana. So sir, can you share, like, our progress in these states, for, like, year to date? Yeah, sure. So if I talk about Andhra and Telangana, we are already crossing 1 million subscriber base, which we achieved in last 3 years. And still we are going very strong over there, and looking forward that we will continue to grow on Andhra Telangana market both together. So if I talk about Maharashtra, we are already more than 1 million in Maharashtra, and going very strong over there. Maharashtra market is a tough market, you can say, but lot of opportunities are there for the acquisitions, which we are looking forward to grow as in acquisition side in Maharashtra. Tamil Nadu, already in last 2 years, we have grown more than 1 million subscribers, and we look forward that more and more we will be coming to the field. Here, we focus even more on the organic side, as in than organic on acquisition side. Acquisition is more happening in the north market, where we are talking about Delhi, Haryana, Uttar Pradesh. There is more of acquisitions market we are looking forward, that we will do the more acquisitions over there and grow number of them. So that's the strategy on which we are working. Every state has different strategy based on the their dynamics, based on the numbers availability, based on the number of players investing over there, based on the number of premises working on those market. So and based on the what ARPU is going into that market, what type of packages are being presented and all. So all those things are there, but yes, specifically for the state, I have given you what are the strategies which we are looking forward. Okay, sir. Also, sir, just a follow-up question. Like, given our strong position in Gujarat and West Bengal, so like, what is the headroom of further expansion or like consolidation in these states? Yeah, there is lot of headroom in the West Bengal market. So, we are number two player over there, not the number one. So still, lot of headrooms to become number one over there, so we are looking forward to that. In Gujarat, we are number one and dominant, and we look forward to meet competition with the DTH, on which we are doing that. So that is, that is the case in these two markets. Yeah. Thank you. Thank you, sir. Thanks for the perspective. Thank you. Thank you. Ladies and gentlemen, this was the last question of the day. I now hand the conference over to the management for closing comments. Thanks. I would like to express my thanks to every participant who took their time out to attend the call. For any queries, please feel free to connect with Orient Capital, which is our investor relations advisor. Thank you once again. Have a good day. Thank you. Ladies and gentlemen, on behalf of Emkay Global Financial Services, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.