Ladies and gentlemen, good day and welcome to the GTPL Hathway Conference Call hosted by Emkay Global Financial Services Ltd. 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 the conference call, please signal an operator by pressing the star, then zero on your touch-tone phone. I now hand the conference over to Mr. Mohit Dodeja, Emkay Global Financial Services Ltd. Thank you, and over to you, sir. Good evening, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. Anirudhsinh Jadeja, Promoter and Managing Director, Mr. Piyush Pankaj, Business Head B2B and Chief Strategy Officer, and Mr. Saurav Banerjee, Chief Financial Officer. I shall now hand over the call to Mr. Anirudhsinh Jadeja for his opening remarks. Over to you, sir. Good evening, everyone. A warm welcome to everybody to the earning call of GTPL Hathway to discuss financial performance of Q4 FY2025. We retained our position as the nation's largest MSO and are rapidly gaining ground as a significant player in the evolving fixed broadband market. Our business segments, cable TV and broadband, continue to report stable financial and business performance. Over the past financial year, we have been focused on launching consumer-centered products and services with the singular aim of providing better and complete viewing experience for our customers. In line with our consistent dividend-paying policy for the financial year FY2025, the Board of Directors has recommended a dividend of 20% of face value, INR 2 per share. I now hand over the call to Mr. Piyush Pankaj, who will take you through the KPI for the cable TV and broadband segment, as well as highlight our efforts throughout the year. Piyush. Thanks, Mr. Jadeja. Good evening, everyone. The usual KPIs for both the businesses are as follows. First, cable TV segment. Our digital cable TV subscriber base as of 31 March 2025 stood at 9.60 million. Among the total subscriber base, paying subscribers stood at 8.90 million. On an annual basis, the increase in both active and paying subscribers is 100,000, respectively. In the broadband business, active subscriber base at the end of the quarter stood at 1,045,000, 1.045 million, adding 25,000 new subscribers, which is an increase of 2% on a YoY basis. Home pass stood at 5.95 million as of 31 March 2025, of which 75% are available for FTTX. Home pass grew by 2.5% on an annual basis, registering an increase of 150,000 on an absolute basis. The broadband output for Q4 FY2025 stood at INR 465, increased by INR 5 as compared to FY2024. Average data consumption per month stood at 396 GB, an 11% increase YOY. We are pleased to share that we have been awarded with the much-anticipated HITC license, enabling us to operate and maintain HITC services for a period of 10 years. We will share more details on the HITC license and its accrued benefit once it is optionalized. However, I want to share that this new broadcasting mechanism will bring in significant efficiencies in terms of cost and reach going forward. We constantly keep evaluating options for either organic or inorganic avenues for growth. We continue with our expansion plan in other states across India and want to increase our total addressable market. Broadband business will also continue to see a rise in the subscriber count with our strong standing relationships and network of LCOs and B2B partners, and with the wide broadband penetration. Overall, our focus remains on efficiency, consumer acquisition, and retention, driven by value-accretive products and services, leveraging technology and judicious use of our financial resources. I will now hand over the call to Mr. Saurav Banerjee, CFO, who will take you through the financial performance of the company. Thank you, Mr. Piyush. Good evening to all participants. On a consolidated basis for the quarter, total revenue grew by a healthy 10% YoY to INR 8,989 million. Subscription revenue stood at INR 2,982 million, and the broadband revenue grew by 4% YoY, standing at INR 1,358 million. Consolidated reported EBITDA stood at INR 1,144 million at an EBITDA margin of 12.7%. Operating EBITDA for the quarter was INR 1,021 million with a margin of 22%. Net profits attributable to the parents stood at INR 105 million. Consolidated figures for FY2025 stood as follows. Total revenue grew by 8% annually to INR 35,072 million. Consolidated reported EBITDA stood at INR 4,625 million at an EBITDA margin of 13.2%. Operating EBITDA for FY2025 was INR 4,163 million with a margin of 22%. Net profits attributable to the parents was INR 4,709 million. On a standalone basis for the quarter, total revenue grew by 10% YoY and 1% quarter on quarter to INR 5,693 million. Standalone reported EBITDA for the quarter was INR 663 million at a margin of 11.7%. Operating EBITDA for the quarter was INR 5,800 million, thus implying a margin of 23%. Net profits stood at INR 80 million. Standalone figures for FY2025 stood as follows. Total revenue grew by 8% annually to INR 22,230 million. Reported EBITDA stood at INR 2,658 million at an EBITDA margin of 12%. Operating EBITDA for FY2025 was INR 2,296 million at a margin of 23%. Net profits for the period was INR 477 million. I would now request the moderator to open the floor for the Q&A session. Thank you. 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 handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Varun Mishra from AS Group. Please go ahead. Hello. Yeah, hi. Can I hear you? Yeah, yeah. Please. Yeah. Hi. Thank you. I had a couple of questions. Firstly, starting with, could you comment something about the recent ongoing development on the national broadband mission 2.0? Broadband mission. Yeah. That is you're talking about the BharatNet project? Yes, sir. Yeah. BharatNet project, I think for. I think within 15 days or within 30 days, we'll get APO from this BharatNet project for Haryana and NER1 with consortium partner with LC Infra. We have participated in BharatNet project with LC Infra, and we are hoping that we are going to get the L1 with LC Infra within 30 or 45 days. Okay. All right. How do you think? We will announce it. Okay. Okay. All right. My next question is, how do the government initiatives have been taken regarding the broadband segment? How do you feel this will help us with the expansions in the future? See, we are very happy that government has started taking steps again to make the digital infrastructure, mainly the broadband infrastructure, in every state. In the early phase one and phase two situation, this project is, you can say, not totally completed, and the implementation has not happened on that level. Now, having the new for all the 15 states, 15 states and even the states which are independent, they are taking their steps. This all is going to help the broadband infrastructure in the country, and it is going to help us, the player like us, who is depending upon the infrastructures created by third parties and the infrastructure created by us. Okay. All right. And have you received any orders from any government agencies for the same? No, not now. We have. As of now, you haven't? The orders are in the pipeline, and once we get the order, we will go for the [audio distortion] and give you the information in the CV. For the LC Infra also, as the papers are not yet, but we will announce it once it is going to come in our folder. Okay. That is all from my side. Thank you. All the best. Thank you. The next question is from the line of Darshil Jhaveri from Crown Capital. Please go ahead. Hello. Good evening, sir. Thank you so much for taking my question. Firstly, congratulations on a great set of results. Hope I'm audible. Yeah, yeah, Darshil. Please go ahead. Yeah, yeah, yeah. Hi, sir. Sir, just wanted to get a bit of an idea. How do we see FY 2026 standing out? Any kind of revenue guidance and margin guidance? What do you see it as, sir? See, we are looking forward that we will do better subscriber addition in FY 2026 in both the business segments as we are changing the business structure also, or you can say the delivery, how you are going to deliver your signals in the market. In the broadband also, we are seeing that how we can expand more and more in the number of states, plus how we deeply penetrate in Gujarat. We are looking forward that we are going to do better than what we did in FY 2025 in the numbers, and same will reflect in our revenue and EBITDA. We are doing somewhere, if you see the last eight years, we are doing the revenue at 18% CAGR and EBITDA at 9% CAGR. We want to come back to that level in FY 2026, that we do 18% of revenue at least and 9% of EBITDA CAGR. That's the target which we are working on. Sorry, sir. I was hoping you were saying 18% growth in revenue, and in terms of EBITDA, I did not get you, sir. Sorry. Yeah, yeah. If you see the last eight years, in eight years, our CAGR is 18% in the revenue and 9% in EBITDA. We want to come back to that CAGR again. Oh, okay, okay. Sir, just wanted to know, previously, we've done higher, we've done 14%, 15% EBITDA. Sometimes it's also going to 20%. In terms of EBITDA, what is going to be a steady state? I think in the last two, H1, we did around 13%. H2, we were around 12%. What kind of margins on a steady state basis can we expect, sir? See, you have to, if you want to look for the operational EBITDA, you have to look for the slides on operational slide, operational analysis slide, which is given in our investor presentation, where you will see that we are doing at EBITDA [Foreign language]. We are going to maintain that. We did 24% last year, and this year, it is 23, 22%. We want to maintain and keep the EBITDA in that range, operational EBITDA in that range. Oh, okay, okay. Fair enough, sir. Sir, just wanted to know, currently, on the ground, how are we seeing the demand for both cable and broadband? A lot of people are—the cable growth has been good for us, but then is there some resistance? A lot of people want to just be able to watch it via internet, or I just wanted to ask, on the ground demand, how are we seeing it, sir? See, the demand for entertainment is there throughout. It depends that customers are delivery agnostic. They want the content to be delivered at their home effortlessly. That is what we are doing right now. The demand for entertainment is maintained. The thing is that, yeah, how you can in this challenging industry, how you will transform yourself and you make the bundles in such a way that you provide what customers need. That is what we are doing from the last three to four years after the COVID, and we will continue to do so. The demands are there, and we want to capitalize that. Oh, okay, okay. Fair enough, sir. That's it from my side, sir. Thank you, sir. All the best. Sure, sure. Thank you. The next question is from the line of Sahil Vodha from M&S Associates. Please go ahead. Hi, good afternoon. Am I audible? Yes, Sahil. Please go ahead. Thank you. My first question is, sir, during the last quarter, we spoke about broadcasters taking a price rise. Just wanting to understand if we were able to pass on the price hikes on our customers. See, yes, you're right. The broadcasters are taking the price up a bit. Yet, we are seeing how we can accommodate that and how we can pass very small costs to the customer side. As you know, customer is the market is still sensitive. We have to see how we can absorb those costs in our whole delivery system and pass a very small cost towards the customers. That's going on. We are going to implement that in this quarter one in the market. We'll see. Okay. Sir, have you seen any adverse impact of the same on our subscriber addition? No, we have not seen, actually. The subscriber surge has happened from the last week of March after the start of IPL and the end of Holy Ramadan period. We are very happy with the surge which is showing. Again, the customers are coming back into the fold, and the interest is coming back. No, we have not seen any deprivation because of the content cost increase and all. Basically, the consumer side, we are not mostly increasing. This is understanding between MSO and LCO, which LCO and MSO together, we put together, observe that cost. Okay. Understood. Sir, my second question is, in the current year, we saw only a small increase in our subscriber base in cable TV. The pace of customer addition has dropped off from 500,000 to about 100,000 now. Sir, what are the potential reasons for the same? Did the competition increase, particularly during FY2025, or were some other factors at play? No. The industry witnessed a higher churn during FY2025 as the event of expansion of different content providers in the industry, including telcos, new OTT players, and social media sites. We have seen that this year is particularly a bit challenging as you can say new content providers, regional content providers have emerged in the country. Yes, we have seen that for the two quarters only, that is quarter two and quarter three. From quarter four onwards, we have again seen that the market has neutralized. The churn has neutralized, and everything has again come back to the sea bush. Due to that two quarters, somewhere the churn has increased by 2%-3%. That is why, instead of 500,000, we have added just 100,000 subscriber base this year. We are hopeful that next year, again, we will come to at the same level of more than 500,000 addition in the fold. Okay. That's promising, sir. Similarly, I had a question for the broadband business. Sir, I was of the opinion that maybe price hikes undertaken by all the major players would have provided a flip to subscribers to explore fixed-line broadband. In this context, what are the potential reasons for a relatively slower growth in broadband business as well? Is there crowding out due to competition from other telcos, or is the B2B part yet to take off meaningfully? Both the reasons are there because the telcos have increased their offerings in the market. If you see, due to the advent of 5G, they have come with the clear fiber, which is, you can say, that still providing whatever quality and all. We will not talk about that. That has given a Euphoria in the market for the short term. Suddenly, for around four to five months, that has hit up the additions for everyone. I'm not talking about just, I'm talking about the whole industry. That Euphoria is over now. We are hopeful that because of the increase in the data prices by the telcos will start helping us in the wide broadband. Especially mobility data. Yeah, mobility data. That will start helping and giving us growth. Because of this Euphoria, we have not seen any movement in this financial year. We are hopeful that, or you can say that already we have started seeing some of the movements on the wide side, on the positive side. Okay, sir. Thank you so much. That's it from my end, and all the best. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Saket Kapoor from KAPOOR AND COMPANY. Please go ahead. Namaskar, sir, and thank you for this opportunity. Sir, firstly, if we look into this, our head end in the sky, the broadcasting services, are they in sync with what Starlink and others will be offering, or are they connected in some way to the same and hence the timing also, or are they different altogether? No, it's totally different. Okay, sir. Because for the delivery system for the entertainment, which is like cable TV, or you can say that TV broadcasting, the delivery of that. The Starlinks are more on the internet side. That is the satellite internet. Both are totally different. Both are through satellite, but that is for the internet services, and this is for the entertainment services. That is for the B2C customer. This is for the B2B customer. That's right. Sir, when we look at our financials on a yearly basis, what explains this depth in PBT, sir? Were there any regrouping of line items, or if you could just give us some understanding, especially for last year's March quarter versus this March quarter, I think there was any one-off item? How should one read into the yearly numbers and the downward trend which we have seen on an annual basis? See, a few things we have to see. One is that there is a dip in the subscription income by INR 280 million annually. That is because we have added 100,000 subscribers during the financial year with the deeper penetration in existing markets, or we have entered into the new market. As the company enters new markets, we have to keep competitive rates and give attractive speed, which ultimately impacts the overall output. The same has resulted in growing of revenue by 2%, [audio distortion]. Plus, you can see that there is an increase in depreciation and finance cost, a bit of finance cost. That resulted in having a negative, you can say, decrease in the PBT. This all we are countering it because our revenue will go up as we have just added 100,000. Again, we will come back to adding more than 500,000, and we will see that the revenue, same, we will see that the depreciation is going to be at least constant or a bit of increase of that, which will be covered by the increase in the revenue. We are looking forward that we will come back again back to the same PBT level which is there in the year. Sir, if you take the numbers just on a constant basis, INR 151 crore is what we posted, correct me there. This year, it is INR 64 crore. The difference is to the tune of INR 87 crore. You did explain about INR 28 crore and some depreciation impact. Over top of that also, I think there is something more which I'm missing, kindly address the same. Also on the ETL part, we can see that the expected credit loss also last year was INR 82 million. [Foreign language]. If you could just explain these two impacts. Third question is about the CapEx part. I think we have spent, or invested rather, another INR 380 crore in this year. If you could just explain to us the nature of where the main money has been invested, into which areas, that would suffice. See, at the EBITDA level, if you see, we have lost around INR 500 million at the EBITDA level. From INR 511 million, we have come down to INR 452 million. The main reason is the subscription income, which is down by INR 280 million. Some of the infrastructure costs, which we have incurred, have also contributed. That is why the other operating expenses have gone up a bit. We have contained our employee costs. If you see the net return of cost and all, it is at the line. If you come to the next slide, which is the analysis on operating margin, you will see that from INR 450 million, our operating EBITDA is down from INR 460 million to INR 415 million. That is somewhere around INR 45 million we lost over there. Apart from that, if you see, there is a 9% increase in the depreciation. From INR 337 crore, we have gone to INR 38 crore, which is an increase of INR 31 crore. This INR 50 crore plus INR 31 crore, if you will see, this is the INR 80 crore, which is coming into that in the PBT, this INR 80 crore. What we are going to counter in this way is that this INR 50 crore we are going to get back. More than INR 50 crore we are going to get back in the EBITDA side. We are hoping and we are working towards that. Plus, somewhere depreciation and amortization is going to be at a bit higher level, but not at this high level. We will come back to the same PBT level, or at least somewhere close to that PBT level. That is the target on which we are working towards. If you see the operating margin, operating EBITDA percentage, we are still maintaining at 22%-23%. Again, we will come back to that 24%-25% EBITDA margin with the time. Sir, on the CapEx in the ETL part? Yeah. CapEx, yeah, this year we did around we did the INR 355 crore of CapEx. Out of that, INR 230 crore of CapEx is in the CATV, and INR 125 crore CapEx is the broadband. And last one, what you have asked? The expected credit loss, sir, that has gone up from INR 8 crore to INR 15.5 crore. Yeah, yeah. That is totally on the account of broadcasters. If you talk about the trade payables movement, which is of around INR 209 crore, if you see, from INR 715 crore, we have gone to INR 924 crore. Out of this INR 209 crore, INR 213 crore is of broadcaster only. That's the increase. The same is in the trade receivable side. If you see, it has gone from INR 437 crore to INR 588 crore, which is INR 151 crore. Out of that, around INR 138 crore, INR 139 crore is from the broadcasters only. That's the way it has gone. Broadcasters, as you know, they are increasing the prices, new tariffs are coming, and everything is happening. Somewhere in the negotiations, still the movement is like this. Sir, last point on the broadband part and the penetration part also. Sir, going ahead, do we find OFC being the only way out wherein the broadband penetration is to increase, or as you mentioned about the air fiber and the other Wi-Fi devices being the new age of going into the hinterland or the area where fiber deployment is not there? Just want to understand how is the broadband penetration going to increase going ahead? And how much I think, sir, also we have heard that telcos are also not doing the regular CapEx in terms of the refurbishment for the CapEx for the OFC part. So where are we, sir, in terms of optical fiber cables, the expenditure on the same in terms of the broadband penetration going ahead? Basically, [audio distortion] three types of technology. One is via satellite through internet. Other is air fiber through internet. And one is the FTTH, fiber to the home technology, right? Yes, sir. The best solution and proven solution is the FTTH and cost-effective solution over the line and with durability, with good internet speeds. If you ask me, I don't think any wireless technology can beat wired technology. This is the best solution if you ask me. See, in India, all type of technologies will prevail, but the mass will go for FTTH at the long term. That's our view. Because of the data. Yeah. Because of data consumption, because of the durability, because as India will move towards more and more digital, the consistency and capability, you can say, that is going to require. That has to be given by the FTTH only. [Foreign language] mobility data price hike [Foreign language], 100% wireline FTTH, wireline broadband will grow. Sir, [Foreign language]? Basically, [Foreign language] cables of optic fiber [Foreign language] INR 300 crore-INR 400 crore we invested in optic fiber. Almost more than 100,000 kilometers infrastructure we laid in ours. And almost more than six to 6.5 million home pass we created. Yearly number [Foreign language]? Ha, average [Foreign language]. Yeah. See, if you have my last six years [Foreign language], so with cable and broadband, we have invested somewhere around INR 2,500-2,700 crore in the market. Out of that, 60% has gone into the broadband, 50% has gone into the cable. Cable [Foreign language] 50% of broadband [Foreign language] 50% has gone for the OFC out of that. Somewhere around INR 500-600 crore in last four years has gone into the OFC. Replacement demand [Foreign language]. How much would be the replacement in terms of the wear and tear of cable? I don't think replacement demand, if you ask me, I don't think there is a replacement demand [Foreign language]. It's very rare case. I think it's not less than 1%. Thank you, sir, and all the best. [Foreign language] Thank you. The next question is on the line of Maroon Mishra from AS Group. Please go ahead. Yeah, hi. Actually, I have some questions. As we have been expanding in the broadband segment, what revenue potential do we foresee in the future? If you see in the broadband, the broadband revenue we have at around INR 545 crore, which we made in FY 2025. The CAGR is somewhere around 17% in that from the last four years. We are going to maintain that. There is a 4% jump in this year, but we are looking forward that we will come back to the double figures very soon on this. Thank you, sir. Through the mission which has been initiated by the government, which wants to reach the remaining 170,000 villages in India which do not have internet connection as of now. Do we see an opportunity expanding over there? There might be competitors too trying to enter that segment. How do you see that? Basically, [Foreign language] rural broadband fiber penetration [Foreign language] potentials or benefit [Foreign language]. Okay, sir. Only we are planning, how are we planning to expand this over Pan India or specifically targeting some states? Right now, the Gujarat model is very completely very stable and good. 98% they are maintaining SLA, especially the GFGNL project and all. Almost more than 15,000 villages is covered this entire [Foreign language]. Yes, we are going to start with Gujarat. [Foreign language]. All right, sir. Do we expect any good potential amount of CapEx while expanding in these small villages? Because the majorly backbone invested completely government [Foreign language]. All right, sir. That's all from my side. Thank you. Thank you. The next question is on the line of Yash Mithave from Cruise Capital. Please go ahead. Hello. Yeah, yes. Hi, sir. In the previous quarter, we had discussed about the BharatNet project. I just wanted some clarity on that. You had mentioned about some litigation issue happening currently. No, no. There is no litigation happening currently right now. [Foreign language]. Okay, sir. My second question is, can you help me understand the operational and strategic process when scouting and entering a new state, given we may not have our existing setup of cable operators? No, no. Set-top box, right now, because it's a completely all India, the India is a DAS market, digital addressable system. Everywhere set-top box is there. We are already in 26 states, if you see, expanded. Already 26 states [Foreign language]. If you see the whole North East, all seven states, we are now there. Plus, we are just not in Jammu Kashmir, Punjab, Kerala, and Andaman and Cook and Lakshadweep. Otherwise, we are everywhere now in all 26 states. Sir, my last question is, when we add new customers now, would we be adding them at a lower margin since we are providing services at a lower cost than the main competition? See, whenever you are entering a new market, yes, you have to go for a bit lower price of. Okay. Not the lower price, but attractive schemes and all, which lower your ARPU a bit. You make it consistent after some time. Yes, when you enter, there is a cost which you incur as an acquisition cost for going into that market. You make it equal to your general ARPU. Got it, sir. Thank you so much. Thank you. A reminder to all participants that you may press star and one to ask a question. Participants who wish to ask a question to the management may press star and one. The next question is from the line of Ram Acharya from Stay Cautious PMS. Please go ahead. Hello. Hello, sir. Hi. My first question is on the subscription income. It has been experiencing a decrease for multiple quarters now. What is contributing towards the same? I believe on a sequential basis, it has moderated, but it has been decreasing for multiple quarters now. Can you please help us, enlighten us on this? See, if you go for the standalone from the last eight quarters, if you see, from the last year, it has increased. It has gone up to quarterly base. I'm talking about the standalone. It has gone up to INR 225 crore for the quarter, which was at INR 208 crore, INR 206 crore, INR 205 crore last year. First two quarters also, if you see this financial year 2025, that is we are at INR 225 crore and INR 221 crore. From third quarter, we have come down to the level of INR 210 crore or INR 211 crore. That is what I explained earlier, that two quarters, which is July to September and then October to December, was bad for the whole industry. The churn rate has gone up on those periods. Because of that, you will see that in the whole year, we have just added 100,000 more paid subscribers, which we were expecting to add more than 500,000. Yes, you're right that last year, it has started showing the increase from INR 2.06 billion-2.07 billion per quarter. It has gone up to INR 2.25 billion. It has got muted down, and we are at around INR 2.08 billion-2.09 billion in the standalone I am talking about. Overall also, if you see, it is the same trend which is happening in the console of the consultants. We are hopeful that, as I said, from March onwards, mid-March onwards, as the advent of IPL and the end of Holy Ramadan period, we have started seeing again the increase in the subscriber base and the revenues. We are hopeful that we are going to go into the green side in the subscription revenue. Okay. My follow-up was on the IPL only. You are seeing an increase in the subscriber base and the revenue till now? Yes. Okay. Sir, with regards to your placement, carriage, marketing incentive, do we as a company benefit from higher advertisement spend or is it linked to price charged by broadcasting channels? The advertisement income includes both, but yes. Partially, it is linked with broadcasting channels. Partially, it is with the free broadcasters, and partially, it is our advertisement revenue, which we earn for our local operating channels. All three are included there. A couple of questions on the financial part. For reason for sudden jump in the activation income, the earlier guidance was it would start diminishing over a period of time? No, but activation revenue has diminished, gone down only from, if you see, from 17.4, it has gone to a we're talking about quarter three to quarter four. Quarter four from 3.3- 4.4, that's an abrupt one because that is one of the accounting, you can say, because of that it has gone. Otherwise, if you see the year to year, it is going down in the consolidated also and in the standalone also. Got it. Sir, below the EBITDA interest cost has risen by 29% year on year. We have gradually seen net debt negative position turn to a minor debt positive one. How should we look at debt and when do we revert back to the net debt negative position? Yeah. As you understand that we are going into the new platform a little bit higher, and we are doing the capitalization. This is one of the situations right now as we are in the middle of implementing that. Once that implementation will come and the effect of those will start showing in the business, again, we'll come back to net debt position. That's the way because yes, we are doing the whole investments through internal accruals and through some of the working capitals which we are utilizing, working capitals and all which we are utilizing. Those levels will go down with time as the CapEx ends and within this business will start coming in. The benefits will start coming in. Okay. Sir, just the last question. Sir, in your investor presentation, it mentions a sharp rise in average data consumption for this quarter. Do we experience higher associated costs when data usage by consumer rise? No, it is not proportional, you can say, a bit yes, but not proportional as we use the technology of pairing and caching and all. With the utilization, your costs do not increase up to a level. Yes, if it has gone up to a closes a bit, then you have to deploy some of the cost on that. It is not proportional. It is very minimal, you can say, the increase because you are using caching or pairing technologies and utilizing in a bandwidth in a better way. Thank you, sir, for the helpful insight. All the wishes. Thanks, sir. Thank you. A reminder to all participants that you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to the management for their closing comments. Thanks. I would like to express my thanks to every participant who took their time out to attend the call. I would like to thank Emkay for organizing this call. For any queries, please feel free to contact with Orient Capital who are our investor relations advisors. Thank you and have a good day. Thank you. On behalf of Emkay Global Financial Services Ltd, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.