Ladies and gentlemen, good day and welcome to GTPL Hathway Limited Q4 FY 2026 earnings conference call hosted by Emkay Global Financial Services Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aryan Tripathi from Emkay Global Financial Services Limited. Thank you, and over to you, sir. Good afternoon, 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 the management for the opening remarks. Over to you, Mr. Jadeja. Call of GTPL Hathway Limited to discuss financial performance of quarter four FY 2026. We remain the country's largest MSO while constantly deepening our footprint as a significant player in the fast-evolving fiber broadband landscape. Both our cable TV and broadband businesses delivered steady operational performance over the year. Over the past financial year, we have focused on launching and scaling consumer-centric products and services. With the newly launched GTPL Infinity, our HITS platform will enable to scale up operation, speed of ground implementation, and cost efficiency. In line with our constant dividend-paying policy from last nine years, for the financial year FY 2026, the board of directors have recommended dividend of 20% of face value INR 2 per share. I now hand over to the call to Mr. Piyush Pankaj, who will take you through the KPI for the Cable TV and broadband segment, as well as highlights of our efforts throughout the year. Piyush. Thanks, Mr. Jadeja. Good evening, everyone. The KPIs for both the businesses are as follows. First, Cable TV segment. Our Digital Cable TV subscriber base as of March 31st, 2026, stood at 9.40 million. Among the total subscriber base, paying subscribers stood at 8.70 million. In the broadband business, active subscriber base at the end of the quarter stood at 1.06 million, adding 15,000 new subscribers on a YOY basis. Homepass stood at 5.95 million as of March 31st, 2026, of which 75% are available for FTTX. The broadband ARPU for quarter four FY 2026 stood at INR 465. Average data consumption per month stood at 436 GB, a 10% increase YOY. The number of Indian households is expected to be from 322 million in 2025 to 345 million by 2028, alongside a rise in per capita income from $2,800 to $3,600. This growth is expected to expand India's middle class to approximately 715 million people by 2030, 2031, creating a strong foundation for higher television and broadband ownership and consumption. Television household penetration in India is around 60%, which is expected to be around 65% by 2030. India's demographic and economic trends continue to support long-term growth in television and broadband penetration. This quarter has become exceptional as the company has reported negative profit after tax. The decline in PAT is driven by mainly three factors. First, the revenue impact. Subscription, cable subscription, and ISP revenues were lower due to the lower operating days in the quarter, which is a two-day impact, and a marginal decline in subscriber base. The impact is of around INR 12 crore. Second is year-end accounting adjustments. Higher one time provision towards conservative accounting and impairment being the end of FY, which is the impact is of around INR 7.5 crore, and one time forex loss of around INR 9 crore. The revaluation loss due to INR depreciation linked to geopolitical developments in the Middle East. Because of that, the company has lost around INR 9 crore and the impact is there in the PAT. 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, and good evening to everyone joining us today. On a consolidated basis for the quarter, total revenue rose 4% year-over-year to INR 9,344 million. Subscription revenue came in at INR 2,850 million, while broadband revenue increased 3% year-over-year. To INR 1,394 million. Consolidated reported EBITDA was INR 908 million, reflecting a margin of 9.7%. Operating EBITDA for the quarter stood at INR 854 million with a margin of 18%. Looking at the full year FY 2026, consolidated revenue grew 7% annually to INR 37,466 million. Subscription revenue reached INR 11,862 million, while broadband revenue rose 2% year-on-year to INR 5,580 million. Consolidated reported EBITDA for the year was INR 4,321 million, translating to a margin of 11.5%. Operating EBITDA stood at INR 4,026 million, maintaining a margin of 22% compared to the prior year. Net profit attributable to the parent was INR 156 million. On a standalone basis for the quarter, total revenue grew by 9% YOY and 1% QoQ to INR 6,185 million. Standalone reported EBITDA for the quarter was INR 596 million at a margin of 9.6%. Standalone figures for FY 2026 stood as follows. Total revenue was stable annually at INR 8,685 million. Reported EBITDA stood at INR 2,369 million at an EBITDA margin of 9.6%. Net profit for the period was INR 56 million. Balance sheet of the company remains healthy with a debt to equity of 0.18 times as on March 31st. Net cash flow from operations for the full year stood at a robust INR 3,601 million, and we are also free cash flow positive for the financial year. Now I request the moderator to open the floor for question and answer session. Thank you so much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question, may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Thank you. Our first question comes from the line of Suvarna from Chanakya Capital. Please go ahead. Hi. Thank you for the opportunity. This is Suvarna from Chanakya Capital. Can you hear me? Yes, Suvarna, we can hear you. Please go ahead. Yeah. I have two questions. We have noticed that there has been no growth in Cable TV and Broadband subscriber during this quarter. Could you please explain the reason behind it? My second question is, could you please provide more detail on the exceptional item of INR 56.89 million, and whether this is likely to be there going forward. Thank you. For the first question, yes, you're right. There is no increase in the subscriber base of Cable TV and Broadband both sides. Cable TV, as you know, we have started implementing Headend-in-the-Sky. We are concentrating right now more of converting the current subscriber base and going for the cost saving, which will start reflecting from first quarter rather than the expansion in this quarter. All the expansion and all the things will happen from the first quarter of FY 2027. We will start seeing some positive traction on that way. Yes, as you know, the competition is very high right now, and the environment is also not very favorable for the Cable TV business. Still, we are holding our base and retaining our base throughout. Plus, from the next quarter, we are going to increase our pace of operations in the Headend-in-the-Sky, and we have to start getting more subscriber base in that way. That's the way on the cable side. Broadband side, yeah, this quarter is a bit muted. Overall, in the year, we have added 15,000, but this quarter was a bit muted. From the next quarter onwards, we will start seeing the addition in the subscriber base again. Okay. The one-time which we have seen the exception, which is the investment impairment, which I have talked about in my statement about how it is impacting our PAT. That is the part of that is a one-time investment impairment of some of the investments, which the conservative accounting, our auditor has recommended us to take it, and we have taken this year. It is only one-time. It will not continue. Okay. Thank you. Thank you. Our next question come from the line of Richa Saini from HKR Capital. Please go ahead. Hello. Yeah. Sir, I had a question in line of the previous question. This particular industry has been consolidating since quite some time now. How prolonged can this consolidation phase be according to you? Any reason for this consolidation? Yeah, you're right. This industry is in the consolidation state, and we are also preferring to go for the acquisitions and do the consolidation of the industry. As you know that out of around 80 million of subscriber base, still 40-45 million of subscriber base is with the smaller MSOs, where with the change in technology and the quality and all, it is difficult for them to hold the subscriber base for long. As you know, the changing technology is happening, and whether it is OTT or whether it is other, YouTube and Instagram or Facebook, all have become the threat because they all are now the content company rather than social media companies. Because of that, you have to improve your quality, you have to improve your interactions with the customers. You have to, you can say, improve your quality. That is the problem with this industry, where smaller MSOs in the long term are not going to be able to do it. That's why the consolidation is required, so that you can retain those subscribers in the industry, and they will remain buying the DTH service. That's one of the reason that's happening in the industry from last four to five years. This year, as you see that our numbers have not decreased. It is almost same because we have reduced our acquisitions or consolidation activity, as we have concentrated more towards the Headend-in-the-Sky launch and putting the CapEx over there to create one of the state-of-the-art uplinking center and doing all the downlinking in the market. That's why we have not gone for the very aggressive consolidation and all, which we used to do it from last two to three years. Now we are doing it, and you would start seeing the results from the first quarter only, from this quarter only for the consolidation. We believe that consolidation is good for the industry as 800 MSOs are there in the country right now, which should reduce and fewer players should be there who can serve the customer better. Just to understand that we have been able to capture the benefit of consolidation to a certain extent, and we'll be able to get good benefit from it in future, correct? Yeah. That's the way we are working towards. We are very aggressive towards the consolidation. We will work towards that. After our Headend-in-the-Sky platform, we are going to be very aggressive for the consolidation of industry. Okay. Sir, from an industry standpoint, we now see that apart from us, only one other HITS operator remains active. Given this limited competitive landscape, could you help us understand what has prevented more players from adopting the HITS model? Now you have to broaden your horizon as for the competitors, because right now your competitors are everyone who is providing the content. That's why I have taken the name of, you talk about telcos, you talk about YouTube, you talk about Instagram, Facebook, everyone who all are giving the content or who are taking the eyeballs of the customer. Those have become your competitors, so you have to broaden your horizon on the competitors. You don't have to go for traditional competitors. Traditional competitors are always there, and they are going to remain there. You have to broaden the competitive landscape, and we are working towards on that basis that we have the competition with all the players who are providing content. Got it, sir. Got it. Sir, one more question. Sir, the Cable TV industry has been facing some structural challenges due to the OTT platform. Now players like you, Airtel, Jio, we have started giving OTT with normal TV channels as a part of our set-top box plan. How do you see the Cable TV subscriber base evolving over the next few years with this? You see the whole world is moving towards the connected TVs, where you will getting the TV also with a cable connection or DTH connection, plus you are having one or two OTTs or three OTTs there in the home. That is the way which we look forward also, that the future will be like that because content you can say it is more of platform agnostic. Content has to reach to the customers. If it is a good content, customer will go and see that content, whether it will be on any platform. You have to go according to the customer perspective, so what their requirement is. If contents are getting available on those platforms, then you have to go for those platforms. You have to. We look forward towards ours as a pipe. If you see, we are a pipe which is sitting at home. Right now, we are distributing broadcasters' channels. We can distribute OTT also. We can distribute gaming also, which we have started. We can distribute financial services also. We can do layering of the services to the customers. You have the reach at home, how you are going to utilize that so that your customer is satisfied, whatever he wants, he's getting that. That's the way we look into the business, and that's why we are providing all type of combinations of different services. That's the way we look forward for the future. Okay, sir. Got it. Thank you so much, sir. I will join the queue for the further questions. Sure. Reminder to all the participants that you may press star and one to ask a question. Our next question comes from the line of Harsh from Alpha Alternatives. Please go ahead. Hi. Piyush, you are talking about this 4-5 crore customers in the MSO space, right? You are saying that you'll be very aggressive. Can you tell us in the next coming years, like FY 2027 and 2028, how much of this 4-5 crore customers you can acquire, very confidently? It's a very speculative question, Harsh, as you know. We are in talks with different players, big players I will say, and which you will start getting the announcement in first quarter only as now already we have implemented Headend-in-the-Sky, and now we are going ahead with the deal. I would say yes, good substantial number will come. I can't give you exact number, as you know, it's more exploratory. Yes, we are on the job and by next quarter call, you will get that, okay, this much number has come, and then we will start seeing the trends on that side. Yes, we are doing the consolidation, and one of our game strategy is that. This will be acquisition of MSO, right? Come again. Sorry, Harsh, not so clear. You're talking about acquiring few of the MSOs? Yes, we are talking about acquisitions. Yes, we are looking forward to go out and do it. Yes. Got it. Secondly, I just wanted to understand on your Cable TV base, how difficult it is to take a INR 5-INR 6 hike in ARPU? See, ARPU you can do higher. We are doing it this year also. We did it last year also. As you know, Indian markets are very sensitive about the ARPU. Mm-hmm. We are increasing it, and every time if you are seeing, it's increasing by INR 3 to INR 4 to INR 5, which is hardly, you can say 3%-4% increase. That 3%-4% increase will happen every year. That is going to happen. In three years' time, you will say, yes, 10%-12% increment has happened in the ARPU. Drastic improvement in ARPU, we are not looking forward to that. We are more playing the volume game rather than the value game here. That value is going to be 2%-3%, 4% maximum. Main volume game is going to give you the returns and the revenues. Is it the volume side will be taken care of by the acquisition of MSO, right? From there you'll see the volume grow. You have to- Inorganic, organic, everything. See, Harsh, I'll just give you the larger perspective on that basis that I've just given that we have 332 million households are there. Out of that, the TV households is just over 93 or 94 million, and still it is somewhere around 60% only. Still 40% is there, which is without TV, which is, you can say, non-cable, non-DTH, non-TV areas in country right now, which is somewhere around, you can say, 130 million-140 million households, which is there. That opportunity is bigger picture opportunity there, which you can increase, you can go for inclusiveness of them as becoming the TV households, as now one of the reason that we have gone for the Headend-in-the-Sky so that we can be present in every nook and corner of the country, and we can start. Mm-hmm The business in least time to 10 days. That's one of the prime thing that how you can bring this 150, 140 million households into the wave of your television and everything. That's one of the bigger picture target. Plus, the other target becomes, as I say, 40-45 million households, which is still with the smaller MSOs and they are like a low-hanging fruit for go and acquire them. Yeah, there is some cost involved. Yes, cost involved. You go and acquire them, and you increase your subscriber base on that basis. The third comes the DTH, because now you are at par with DTH from last 4-5 years, as you have the same number of channels, you have the same quality after digitization. You have a big portion of DTH as a competition where we can win back because DTH has won the customers from the cable and grow. Now the time that we should win from them. All those things. One more portion is your Free Dish, because Free Dish has- Yeah They have increased tremendously only because there was no option in the rural areas for the other players to go into or have the reach to have to reach those households through your P2P or fiber or everything. DTH is, direct to home is too costly for them, and that's why they have gone into the fold of Free Dish. There is a 40-50 million subscriber base lying in the Free Dish, which you can now tap because you are also reaching there through headend in the sky. The possibilities are large. Yeah, we have to take it one by one, but possibilities are large and we can attack in every one, and there is a lot of work for next decade, I will say, that you can do this and increase this businesses twofold or threefold to fivefold. That's, you can say the large perspective is there to increase your business. Got it. Lastly, on your CapEx and depreciation, how should we model this going forward? Yeah, CapEx. This year we did around INR 290 crore of CapEx total. Out of that, around INR 110 crore is in the broadband and INR 180 crore, which includes the HITS CapEx, is INR 180 crore. We are looking forward that next year we will be again back to INR 350 crore somewhere. We are looking forward that INR 150 crore-INR 160 crore will be on the broadband and the rest will be on the cable and HITS. That's it. When will the CapEx peak, sir? Sorry, Harsh. Your voice is cracking. When will the CapEx peak out? Maximum will peak out means you're talking about the quarter by peak out or? No, no. You are doing 300 every year, right? Right That will come down to what, INR 100 crores of maintenance by when? Okay, you're talking about when it will start reducing. Yes. We are not looking forward to reduce it as we are seeing that this is the time for the growth, for both the businesses. As I said, you, the cable business, lot of HITS in cable business, there's a lot of potential. Same is there in the broadband side, as you know. In the broadband, only 46 million households are in the wired side right now. As you see, the wireless costs are going up with the time. This is the time where you can ramp up your thing. Out of 332 million, only 46 million, which is hardly around 13%-14% penetration is there. I will say this next decade is going to be both for broadband and cable, for both the businesses, where you can increase your stake and the whole participation in the country. I'm not looking forward for at least next three years that we will going to reduce our CapEx. Got it. Okay, thanks. That's all my side. Thank you. Reminder to all the participants that you may press star and one on your touchtone telephone in order to ask a question. The next question comes from the line of Vinit Manek from Karma Capital. Please go ahead. Yeah. Hi, Piyush Ji. Can you hear me? Yeah, yeah, Vinit. Go ahead. Piyush Ji, just one question from our side. It was really disappointing to see a loss this quarter. Sir, overall, despite of all the efforts that you mentioned on the call, that we have been doing it for so long, our margins have been at least on the operating side, that we used to say that 24% margin we used to make that was down to 22% and now it is down to 18%. In fact, if you see on a CapEx basis also we are seeing a decline. Our broadband business is also growing at a very slower pace. How should we look at the long-term business sustainability about the profitability of the business? Because margins have been falling and growth has not been so great for us. That was the first part of the question. The second part is that, can you slightly elaborate on the exceptional charges that you said on the investment that you have taken with the recommendation of the auditor, that what was largely attributable to the nature of it, if you can explain? Thank you. Yeah, sure, Vinit. I support that you are right Vinit, that this quarter is a bit disappointing because we have gone for the negative path. This year also, as I said that in the beginning also that we have a very muted number on both the businesses as we have not lost the number but yes, we have not increased the number which was expected that we should increase our number now. As the cable business side, I will say that we are more concentrating towards not going overboard of acquisitions and all, and concentrate on our Headend-in-the-Sky CapEx so that we can be ready for the future. That's why we have a bit muted. In the broadband side, yes, the competition mainly from the new technology which has come as AirFiber. And that has suddenly taken us on a leap. Now we are recovering from that as our monetization has started increasing now, and we are hopeful that next year is going to be better. That business also, and cable business also. Yeah. The profitability side, I would say we have maintained our operational profit, if you see 22%. Yes, you're right. That at some point of time, we were at 24%-25% in 2022 or 2023, and we have come down to 22%. We are looking forward that with the implementation of HITS, as we are going to save a lot of money in your delivery cost, which is directly going to increase your EBITDA. Plus, the new businesses which we are going to get, is going to increase that. You are able to control your cost. If you go through our employee cost and our operational cost, and also we have worked tremendously towards that this year. We have brought it down, both our other operating expenses and the O&M, and the employee cost. Plus, you can see the P&L cost also it is consistent. Same if you talk about the operational profit, slide number 24 in our investor presentation on that too. Yes, you are right, that in one look, this is the great situation, and this quarter is really, really impacting, which I have given in my statement also. Another one, we are talking about the impairments and all. Two parts are there. One is the impairment, which has happened on some of our old investment, which has happened. On those investment which we did, you can say, invested long time back in 2011, 2012, 2013, and along there. Those investments have become invalid, you can say, those according to the auditors. They have recommended to go for impairment for the more of like a cleaning of the books one time. That has appeared there, which is below the EBITDA, is around INR 5.7 crore, and EBITDA is around more of INR 2 crore-INR 2.5 crores. Totally is around INR 7.5-INR 8 crores. The second portion which, Vinit, we have got hit is because of our forex fluctuation. As you know that the accounting of HITS, the transponders which we have taken from Indonesia, where the contracts are in dollars, and we have started taking that in the depreciation plus those costs, which we have to do on ROE basis. Because of those fluctuations as on March 31st, the depreciation was very high for the entire. First and second actually it got back, but we have to go for it to the March 31st, and we got hit by around INR 9 crore because of that in the books, which is like a one-time. If those one-time would have not happened, these are the notional costs, I would say. We would be a positive having little margins and that is the case. Future, I would say, Vinit, we are very, very hopeful. As you know, we are rethinking on the whole business from last one and a half years, as we told you a year also. That's why we are implementing or taking bigger steps, where we are spending on the CapEx, on new platforms. We are spending on the CapEx in the broadband side also, on different technology side. All those things we are doing on the basis that, yes, we are going to implement our strategies in the coming years. Again, which I have talked that next three years, we are going to be very, very aggressive, which we used to around five years back. We are going to be used to those again. The next three years is going to be aggressive, and we are hopeful that we are again going to improve our margins, and again, we are going to start seeing the positive PAT, and again, the PAT will go up. It has reached to INR 200 crores at some point of time, and then it declined. We are hopeful that we will again reach to that level within next three to four years. Sir, the 18% margin that we reported, the operating margins that we reported this quarter was because of that one-time charges included in that from 22% to 18%, or that one-time charge is below the line item that we- No. It is below the line item. 22% is in operational slide number 24, if you see. 22 is full year, right? FY 2026 is 22%. This quarter it went down to 18% on our operating basis. Yeah, this quarter we have 18%. That is one of the exceptions because two days revenue has gone. Always quarter four is lower, Vinit, because in quarter four, you get just the 90 days, not the 92 days. If you see the quarter three, it was 24%, without exception, because you got 92 days there. That's why revenue goes up and down. It's better to see on the yearly basis that where we are standing. Okay. Got it. Thank you, sir. Thank you. Our next question comes from the line of Vrishti Gupta from VG Finance. Please go ahead. Hello, sir. Am I audible? Yes, you are. Yeah. My question is, what is the churn profile for cable customers, and which retention initiatives have shown the best result? Churn, if you talk about the industry, churn is somewhere around 17%-18%. We are at the same level. If I talk about 17%-18% churn, then you can say that if we are retaining our customer at the same level. I will say that it is a reducing churn year to year, because when the COVID time was there, the churn had gone up to 24%, and then it started reducing and reducing, and now it is at around 17%-18% it is there. We are hopeful that it will go down with time as more retention will come into that. We are doing all efforts on the retention, and that's why we are going down to 17%-18%. Still, industry, it is at 20%-21% churn is going on. We are doing better than industry on the churn matter. That is the case. Okay, sir. What is the strategy for set-top box upgrades or replacement, and how are the costs recovered? See, if you're talking about replacement and all, the replacements are happening, and generally, we are doing the replacement with our used boxes for this box. If it has to be in the new box, then there is a cost involved in that for the replacement. That's where we are recovering the investments in that way. There is a two ways you can replace if a box is not working. Either it has to be a refurbished box, which is like a used box, which is a retrieved and repaired box. Through that, you can replace at a very small cost. Or if you have to go for the new box, then you have to pay for the new box. That is the policy. Okay. How do we coordinate between business teams of cable and broadband to maximize our cross-sell opportunities? No, their teams are different. Yes. You can say that the collaboration is always there between the teams on the strategic matters. On the ground matters, where we have to give the leads here and there. Yes, as both the businesses are different, require different skills, so the teams are different. Yes, you give the leads, you collaborate between them in the same areas. Technical people are there who are going to help each other. All those things are there. All the synergy is there on the helping side. Yes, the broadband team is different than the cable team. Dedicated teams are there. Okay. In the broadband, what is the expected ARPU mix as customer moves to higher speed tiers? Right now, ARPU is INR 465. If you see from last three years, the ARPU was at around INR 440, and it has gone up to INR 465. We have not increased our package price. We have reduced it a bit. Because customers are migrating to higher packages, higher speed packages, because of that, we have shift. The last two years, we have seen that around INR 25 increase has happened in the ARPU, and we are looking forward that increase will come in the future also. Okay. Further, I also wanted to know that how long does it typically take us to convert the Homepass into a paying broadband customer, and what steps are short in that timeline? What steps you have taken? See, once you make the Homepass and you declare that it is available for sale, generally it takes 18 months for converting those homes passed up to around 17%-20%, or attracting the customer that way. It depends on the area. If it is a very dense area, then it can go up to 25%-30% also. If it is a rural area, it might be 10%-15%, but yes, the industry normal is 20% conversion of the homes passed. That's the best. We are at around 17%, 18% right now, but we are attracting more and more with time. Okay. How do we prioritize which neighborhood or circles to roll out next, and what commercial criteria drive that choice? Those are. I think we are going into the details of operations, that how we do that for 10 years and all. That we can connect offline, and I'll give you all the details of those. What are the criteria we keep it for different areas, and whether it is rural, whether it is urban, what type of speed and what type of packages we have to take on those areas. All our different criteria. If I talk about that, if I am doing something in Anand, it's a different strategy. If I'm doing something in Sanand, it is a different strategy. If I'm doing in, you can say, Nasik, that's going to be different than if I'm doing in Bombay, it is going to be different. That's the way, that's the operational thing. It's not a standardized thing. Standardization is some basic standardization, but you have to work according to the market or according to the customer you are targeting on those markets. Okay. Thank you so much, sir. Thank you. Next question comes from the line of Viral Jain from MSJ Finance. Please go ahead. Yeah. Hi. Am I audible? Yes, Viral, you are. Yeah. Thank you for the opportunity. Three quick questions from my side. The first one was on the CapEx side. Can you just provide us a guidance for the CapEx plan for going forward, let's say for two years, from 2027 to 2029? And what will be the split between the cables, broadband and heads? And how much of it will be for growth, and what will be the maintenance CapEx? Yeah. We are looking forward to somewhere around INR 350 crore per annum. That's the CapEx which we are looking forward. Out of that, around INR 150 crore is going to be in broadband, and the rest, INR 200 crore, will be in the cable and HITS. Cable and HITS together because people are going to get into HITS with the time. That's the way. If we talk about the maintenance CapEx, maintenance CapEx will be somewhere around 50% of both sides, going to be in the maintenance CapEx, and 50% is going to be the growth CapEx. That's why we are going ahead with the CapEx. That way you can say next two years, somewhere around INR 700 crore, what we are trying to. Out of that, INR 350 crore will be the maintenance CapEx and INR 350 crore will be the growth CapEx. Got it, sir. My next question was with regards to the ROCE. If we look historically from FY 2014 to FY 2018, we could see that you were doing ROCE of around 12%-15%. During the COVID year and post, it grew up exceptionally high to around 25%. Post it, we can see that it's already coming back to normal range of 12%-15% in FY 2023 to FY 2024. However, the last year we saw that the ROCE was in the single digit. What could be our expected target for ROCE in FY 2027 to FY 2030, and what will be the initiatives will it drive? Yeah. Because, see, the normalization is somewhere around 15%. This year is exceptional, as I said, that we have not gone for big acquisitions and all, or increasing the number in both the businesses as we were more concentrating towards implementing the new platforms or structures in such a way for the futures. The investment has gone towards that, and the CapEx of the new platforms and all. That way the incremental or the sustainable CapEx is required more rather than the growth CapEx, which we did. That's why you will see the ROCE has come down a bit. Going forward, as I have mentioned that there is going to be a good growth CapEx spend, and that is going to increase the ROCE. We are hopeful that we will achieve back again 15% in next two to three years ROCEs. Back to 15%. Got it, sir. That was all from my side. Thank you. Thank you. Thank you. As there are no further questions from the participants, I would like to hand the conference over to the management for the closing remarks. Thank you, and over to you, Deep. Yeah. 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 MUFG IR, who are our investor relations advisors. Thank you, and have a good day. Thank you, sir. On behalf of Emkay Global Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.