Good evening, ladies and gentlemen. I'm Vidya, moderator for the conference call. Welcome CE Info Systems q3 FY23 earnings conference call, hosted by DAM Capital Advisors Limited. As a reminder, all participants will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during the conference call, please signal an operator by pressing star 0 on your touchtone telephone. Please note, this conference is recorded. I would now like to hand over the floor to Mr. Anmol Garg from DAM Capital. Thank you, and over to you, sir. Thank you, Vidya. Good evening, everyone. On behalf of DAM Capital, we welcome you all to Q3 FY23 conference call CE Info Systems or MapmyIndia. We have with us Mr. Rakesh Verma, Co-founder and CMD of the company, Mr. Rohan Verma, CEO and Executive Director, Mr. Anuj Jain, CFO of the company, and Mr. Saurabh Somani, Company Secretary and Compliance Officer. Now I will hand over the call to Mr. Rakesh Verma for his opening remarks. Thank you, and over to you, sir. Thank you, Anmol. I would like to welcome all the participants today for the earnings call of MapmyIndia for the Q3 FY23. Let me start the note on a happy note in a way that Q3 FY23 MapmyIndia delivered another strong performance with quarterly revenue up 56% year-on-year to INR 68 crores, EBITDA up 67% to INR 28 crores, PAT up 61% to INR 30 crores. EBITDA and PAT margins both expanded in Q3 FY23 on a quarter-on-quarter as well as on year-on-year basis, with EBITDA margin at 41.1% and PAT margin at 38%. The upselling and cross-selling of our products and solutions to existing and new customers continue, which bodes very well for the future of the company. Let me now talk about the Q3 performance itself a little bit more. Let me give you the color. The focus of the management in Q3 has been on continuing the growth trajectory in revenues year-on-year, while ensuring expenses are optimized and calibrated to see the company's overall goals of growth and profitability are maintained. One question that always comes up related to effective tax rate. The effective tax rate was lower than 35% in Q3 due to the reason of nil tax on unrealized gain as well as unrealized gain of INR 4.23 crores towards revaluation of investments carried at fair market value under the head of other income. Also, the lesser rate of tax applicable on capital gains than on business income. The EBITDA margin was higher in this quarter due to lower marketing expenses. Just to give you a number, the Q3 year-on-year revenue, as I said before, is up 56% to INR 68 crores. EBITDA is up 67% to INR 28 crores. EBITDA margin at 41.1%. PAT up 61% to INR 30 crores, and PAT margin at 38%. This will give you a good idea about what happened in Q3. All the time we have been talking about that due to the nature of business of MapmyIndia, of seasonality and lumpiness, the best way to understand MapmyIndia's performance is on a year-on-year basis for the same period. If we look at the nine-month period, which closes with Q3, year to date, year-on-year, what we have achieved is on a nine-month year-on-year revenue is up 46% to INR 209 crores. The EBITDA up 41%. INR 88 crores, and PAT up 22% to INR 79 crores. EBITDA margin for a nine-month period is 42.3%, and PAT margin at 33.9%. With this, we can see that we have maintained the EBITDA margin between 40% and 45%, which we have talked in the past. We have grown on revenue to 46%, which we have talked about in the past, that we definitely want to achieve a 40% growth in the revenue. One of the other question that has arisen in the past a lot about this Gtropy. We thought we would like to give you a very clear picture on what that is like. To give you a background, the company has been engaged in IoT-led products and business for over five years. To scale it up, it acquired 76% of Gtropy to scale up our business faster as there is a large market opportunity. Even though Gtropy is a separate company, the way to look at it is as a division of the company and to look at the consolidated IoT business. The high growth in IoT business compresses margins initially as device hardware has lower margins, but starts creating high margin SaaS revenue in future, typically 12 months down the road. The 9 months fiscal year 2023 revenue from sale of hardware increased to INR 31.8 crore year-on-year from INR 10.7 crore in the 9-month fiscal year 2022 period. If you want to look at or understand what was it like in the half year of FY 2023, the hardware sale was INR 20.4 crores. From INR 10.7 for the last year to INR 20.4 in the half year to 9 months this year, INR 31.8 crores. The sale of map data and services, including royalty, annuity, software and projects called MaaS, PaaS, and SaaS and subscription, the IoT business has given a subscription of INR 12.4 crores. The IoT business of the entire company has been a revenue of INR 44.1 crores. The revenue from the map-led business is INR 164.9 crores, making it a total of INR 209 crores. Just to repeat it, revenue from operations from IoT-led business is INR 44 crores and from map-led business is INR 165 crores, making it a total of INR 209 crores for the nine-month period. EBITDA for the IoT-led business comes out to INR 0.4 crore and for map-led business comes out to INR 88 crores. What it translates into margin is the EBITDA margin for IoT-led business is 1%, and EBITDA margin for map-led business is 53%, giving a consolidated figure of 42%. This probably will help you understand what has happened to how we are looking at the IoT-led business and map-led business. I would like to share with you that the nine-month fiscal year 2023 revenue from SaaS subscription for IoT-led business increased to INR 12.4 crore year-on-year from INR 4.1 crore in the nine-month period of fiscal year 2022. If you look at the half year that went by, it was INR 6.5 crore. There's a sharp increase in the subscription that we are getting as a logistic SaaS revenue for IoT business from INR 4.1 crore of last year to INR 6.5 crore for half year to INR 12.4 crore in the nine-month period. Also, as I shared with you that the EBITDA margin of the map-led business is quite, it remains as strong as it was before at 53%, and EBITDA margin for IoT business is 1%, giving an overall 42% margin. With this, I request Rohan Verma to talk about how this, these revenues are broken and the market segment and the rest of the rest of the clarifications for understanding. Thanks, Mr. Verma. Yeah, just opening remarks from my side as that in Q3 FY 2023, revenue growth continues to be broad-based, with A&M, meaning Automotive and Mobility tech, revenue up 45% year-on-year and C&E, Consumer Tech and Enterprise Digital Transformation, revenue up 76%. This is on the market side. On the product side, map and data was up 78% and platform and IoT was up 51%. For the 9-month FY 2023 year-on-year, A&M revenue was up 51%, C&E revenue was up 40%. Similarly, map and data was revenue was up 39% and platform and IoT revenue was up 50%. Whether for the quarter or the year, business is on a strong trajectory. As Mr. Verma talked about, as part of our financial discipline, we calibrated our marketing expenses down during the quarter, aiding in the company's profitability and were able to leverage the previous quarter's marketing expenditure to generate revenue and order book growth. On the A&M side, some of the qualitative business updates is that for automotive N-CASE, our sales for the company have outperformed the automotive OEM industry volume growth. That is, there's more attach rate of more number of vehicles for our N-CASE solution, vis-a-vis the rate of growth of vehicles that are being sold in the market in general. A large new four-wheeler EV OEM entrant into the Indian market signed up for our N-CASE solution. Also a large four-wheeler OEM that we had that was already sold onto our N-CASE solution was upsold for the ADAS use case. A very large two-wheeler OEM has signed up for our N-CASE solution. That's multiple other two e-wheelers EV OEM startups have signed up for the N-CASE solution. We continue to get more wins and more go-lives. On the mobility side, taxicab companies signing up for our video telematics solution to monitor their cabs and also ensure safety for their drivers and customers. High-value goods carrying companies signing up for our fleet security solution consisting of GPS, mobile digital video recorders, electronic locks, all combined on the same vehicle to provide security. Overall, our automotive and mobility revenue 9 months has gone up to INR 112 crores from INR 74.3 crores in 9 months of FY22, and was at INR 40 crores in Q3 2023 versus INR 27 crores in Q3 FY22. On the CNE side, we signed a multi-year extension of our contract with a big tech company, as well as an existing large market, marketing ad agency customer who was already using us, was upsold on our micro geo-demographic analytics data set for more and more cities. Two large banks and fintech companies signed up for our workforce and workflow monitoring management automation solutions, what we call our digital transformation platform. A large F&B restaurant chain signed up for our geospatial analytics for store expansion and planning, where to open more restaurants, more outlets, et cetera. Multiple tech-enabled companies, whether it's a, it's a famous used car platform that is, you know, well-known in the market or a D2C meat slash food delivery brand, as well as an enterprise CRM SaaS company. They all signed up for our APIs and SDKs, switching from the competition. On the government side, we continue to have multiple wins, including smart city wins for drone data acquisition, enterprise GIS integration with our command and control centers, and a digital address system. State government-level wins for drone data acquisition, large-scale mapping, ambulance monitoring for medical emergencies, et cetera. As a result, our CNE revenue is up 40% for the 9 months, up to INR 97 crores in the first 9 months of FY23. On the product line wide side, the business updates are, like I said, broad-based growth across all the products, and we continue to innovate, you know, to release newer and newer products and new features across categories. Whether it's the map and data, the core foundation map that we have for the country or our geoanalytics data sets or the 3D metaverse and 360-degree real view maps, HD maps. Other platforms such as N-CASE for automotive, digital transformation platform, APIs, SDKs, our portfolios for IoT hardware and software for logistics and mobility, as well as our geospatial platform and drone-based solutions. Lots of innovation going on across all the categories, and we are very happy to see new use cases and new customers upselling, cross-selling happening for them. Also now, interestingly, the, our consumer B2C app, which we haven't talked about much in the run-up to the IPO, we haven't been talking about it much even post the IPO, but that's becoming an increasing focus. Good prospects lie ahead for our consumer app and B2C business based on recent pro-competition actions that are happening by the Competition Commission of India and Supreme Court. I think with that, I'd like to kind of conclude, and we can take questions. Thank you, Rohan. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. We will wait for a moment while the question queue assembles. First question comes from Mr. Anmol Garg from DAM Capital. Please go ahead, sir. Yeah, hi. Thanks for the opportunity and congratulations on the strong margin performance. Firstly, I wanted to ask on the auto business. Auto business for this particular quarter, even if we look on a Y-on-Y basis, looks a little bit weaker. If you can explain what is the reason for the same. That is first question. Second, wanted to ask that we have acquired some stake or minority stake in few of the companies, which are itself in very small sizes. What is the main strategy behind the same? Anmol, just can you clarify what you mean by automotive looks weaker year-on-year? It's been pretty strong performance. Automotive, if I compare the third quarter, revenue for automotive, with respect to the previous year, third quarter. See, first of all, if you look at automotive, year-on-year for the quarter, it's gone up from INR 27.7 to INR 40 crores ANM, so about 45%. Right. If you can also highlight on the quarter-on-quarter, what led to a bit of decline in the automotive business. Quarter-on-quarter, like we've always said, there is a seasonality in the company, for Q1 and Q3 are typically lower than Q2 and Q4. In automotive, specifically, the buildup of automotive happens in Q2 because that's when the manufacturers are building up the inventory for festive season. You know, those are two ways you can kind of think about about this and so that will give you some idea. Sure. Secondly, if you can highlight, your strategy behind acquiring the small. The main investment that we are talking about for this quarter, there's two. The main one is in this drone company called Indrones, which the board has currently approved today, that, you know, we can go ahead and invest up to INR 7 crores for 20% stake in this company. There are good reasons why we are getting deeper into the drone sector. Anyways, MapmyIndia as part of our own products, requires drones for our own mapping activities. Also it's synergistic with our overall offering of geospatial and IoT, where added on drone, this triumvirate, can offer various solutions to various set of customers. We were looking for the right... We are, we have found an interesting company in which to invest in and partner with closely. I think, Anmol, if you're asking what we have invested in few companies, small amounts. Is that your question? What is the strategy for that? Yes. Okay. When we make investments, our whole objective is how it will help MapmyIndia's business by itself. That's the strategy behind it. Then we make the investments. Just now, Rohan talked about Indrones. Previously, we did Gtropy. We have done, after that we did Kogo. All these are part of how that these investments will help lead to MapmyIndia's overall business. Yeah. I mean, essentially it is, each investment obviously has its own specific thesis, what Mr. Omar said, how does it help our company? In the case of the other two companies, eCharger and Cusmat, these are companies that we had put in some small money in even before the IPO had happened. There's a further investment that we have done. And the idea is one of them is in the space of AR/VR immersive metaverse-based training and solutions. And the other is in the smart energy network, EV mobility, EV-related fintech category. And if you look at any of these companies, maps and IoT solutions that we have a use case and addressable market. So it becomes a good way for us to participate in and expand our addressable market and go deeper with particular partners in particular areas. So that's the, that's for the specific these two, along with Indrones that we are talking about today. Sure. Understood. Thanks for the detailed explanation. I'll join back in the queue. Thank you, sir. The next question comes from Darshan Engineer from Alchemy Capital. Please go ahead. Mr. Darshan, please go ahead. There is no response. I will move on to the next question. The next question comes from Shobit Singhal from Anand Rathi. Please go ahead. Hello, sir, and congrats for the good set of numbers. My first question is on the order books, year-to-date, if you can share. How many clients we have added in both our segments till now? On the order books, we have always maintained that it's on an yearly basis, that beginning of the year we'll disclose what is the order book during the year and what is the open order situation. That's the way I think our business will be understood better. There'll be a lot of confusion also of anybody's understanding. Yeah. We are trying to give every quarter an update on the new set of customer wins by sector, by use case, to give you a kind of a continuing update on what type of customer wins and what type of new order book is being built. As a metric and a number, we report it at the end of the year. You can refer to CNN Business Update and CNA Update, Business Update, to see what type of customers, you know, we are getting into our kitty. Okay. Sure. Second question is with respect to recent ruling on Google and after the ruling, they have done some changes also they have started making. What does it look like for our company? Are we doing some discussion with smartphone OEMs as well now? We purposely, you know, as we were coming to the public markets, even after that, we've never really talked about B2C business. We've been focused on just the B2B and B2B2C part of our business, and that's this that stands on its own ground, very strong, very growing, as you see with the numbers. This on B2C, we've always maintained that look in the right way at the right time. We will look at the business opportunity there. Our focus has been to build a really good B2C product, which if you use the Mappls app, and it tells of ours, you'll find it to be much better than Google Maps in many, many ways. The good thing is, the CCI has taken action, given an order against Google in October, saying that they have been conducting anti-competitive activities. CCI has directed them to make lot of changes to the way they do business so that they cannot constrain the ecosystem. Google attempted to go to NCLAT, and there they didn't get the relief. They went to Supreme Court. Even there, they didn't get the relief. They are basically having to change the business pending their appeal. We want to see, first of all, that all the CCI directives are implemented in full by Google, because that will truly open up the ecosystem. As based on how the situation develops, you know, we will look to what our strategy should be for the B2C business, who to talk to, what to do, et cetera. For now, core focus is to make sure the ecosystem opens up for consumer app alternatives such as ourselves. Okay, understood. Sir, my last question is on so there was some news that Ola is also about to launch its in-house navigation system for their vehicles. I think that they are our clients as well. What is your view in this? They are still using our maps. I mean, it's as we've said before, it's really not very easy to build maps. I think, we'd like to see the rubber meeting the road. Okay, sir. Thank you. Thank you, sir. The next question comes from Mausam Patni from Centrum Broking. Please go ahead. Yeah. Hi. Good evening and congrats on a good set of numbers. Two questions from my side. Firstly, your CNE segment growth has been very strong this year, this quarter. Is there any specific client that, or any specific new client that's driving this? Is it just an increase in volumes from existing clients that's driving the growth? It's a question of both, also it's a little bit base effect from the previous year's Q3. Previous year Q3 on CNE was not so great. It's a combination of those factors. If you look at the overall over the course of the years, you know, we have a good sense of how our revenue, you know, will pan out. Yes, it is a fact that, you know, we are able to accelerate now more use cases on the CNE side, especially if you look at, you know, some of the things we've tried to highlight in the customer wins. You would have seen bunch of state governments, smart city wins, these tech-enabled companies or, you know, this, the traditional kind of banks. Yeah, combination of both and that base effect from the previous year. Sure. Also, if I can understand better, why is there seasonality in the CNE business? Auto I can understand because of inventory, CNE should be fairly smooth year-on-year, right? No, it depends. There are some contracts where our deliveries and our revenues are on specific quarters. Hence, I mean, there is of course some base load, and then there are some ones that affect the lumpiness in CNE. Sure. Okay. Also my second question was on your margin. Can you give some color on how your marketing and cloud communication spends are going to be going forward? Do you expect these spends to increase, or do you think this is more of a steady state in terms of where you are in your marketing and cloud expenses? Actually we really monitor and calibrate our spends. Okay? I'll talk about the marketing side first, I'll talk about cloud second. Marketing, we are able to calibrate up and down based on what our objectives are. Our objectives also include keeping an eye out on what kind of financial discipline we want to maintain in the company, what kind of growth and profitability goals we have. Every quarter we kind of take a view on that on how much to spend on marketing. If there's anything out of the normal, we will of course kind of, we will talk about it. You know, on the cloud, basically there are ways and means. Being a technology company, we figure out ways to optimize that cost. In general, I mean, in general, of course, we also believe that our cloud cost will go up over time, but probably not commensurate with the. I mean, that's the optimization we'll try to do to make sure that, you know, we get leverage on our technology spend also. Understood. All right. Thank you. Thank you so much for the question. Thank you, sir. The next question comes from Harsh Mulchandani from Kriis Portfolio. Please go ahead. Good evening, sir. Hello, am I audible? Good evening. Yep. Good evening. Sir, I have just one question on understanding the remeasurement of investments. These are all the investments which we have made across portfolio companies, and you will even in future, we'll see these readjustments happening through P&L because of an accounting entry. Is that understanding correct? Yeah, that's right. I mean, the revaluation is happening basis on recent rounds that they have raised or the... and the valuation reports that we just seen, the lower of whichever is the number, its fair market value. Sorry, sorry. Just to confirm, it's lower of cost or fair market value or correct. Right? You've readjusted it because your market value has increased, but still it is below cost. No, no. Look, Let me put it this way, if a new investment happens in that company, then the valuation at which that the investment happened, that's one. The fair market valuation report that we get, the lower of those two. Okay. Okay. Got it. If there is no subsequent investment which you are making, then in that case you will not make any adjustments. Even if we are not making subsequent investments, if that company has gone through a new investment, additional investment, then we will look at what is the current valuation of that company based on market, based on valuation and the investment that is made. Okay, got it. Got it. Just to put it in simplistic terms, only if there is a subsequent funding round, that is when you will make these adjustments, otherwise not. Irrespective of you putting the money or a third-party investor putting the money. Normally, yes. If a new funding happens, then only we think about it. Normally. Got it. Got it. Thank you so much. Thank you, sir. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat, ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. The next question comes from Pugar, an individual investor. Please go ahead. Sir, thanks for the opportunity, sir. Sir, I have been reading lot of things about the Google thing versus our MapmyIndia things here. As a retail investor, do you have anything we need to worry about, like, on the competition? Because I'm hearing they are very big players in the market, and we are still, we are not convinced with the way that Google is moving on. Any comments, sir? Anything that you can add? I would say that, you know, this, the... I mean, like I said, we've only focused on the B2B and B2B2C part of our business when in the run-up to the IPO and even post-IPO. This, this Competition Commission activity, Supreme Court activity, these pertain to B2C market opportunity, whereas MapmyIndia, the open, market is opening up for us to also have a foray in the B2C side. I would say two things as a retail investor. One, use Mappls app, get more people to use Mappls app, and be this, if things go well, this opens up a new opportunity for your company. Yeah, sir. Already starting using it. It is good, sir. Actually, I saw the diversion map. Thanks, sir. Thanks a lot, sir. Thank you. All the best. Thank you, sir. The next question comes from Pawan Kumar, an individual investor. Please go ahead. Sir, I want to know your dividend policy, sir. Last year you paid INR 2. I want to know, like, what's your dividend policy, sir? We have a dividend policy as part of the corporate governance, where the board looks at the end of the year, what dividend we should be paying. There are few factors that the board would like to, will look at it. One is, what is the requirement of the cash that we need for our portfolio investment investors. Like, to be very specific, we have invested in 3, definitely 3 very strategic investments, Gtropy, Kogo, and what we did today in Indrones. They are directly going to impact or help in MapmyIndia's business. We have to look at what may be the requirement for that. The second is, for our further growth of the company, we may look at some more additional investment opportunities in the areas which are related to our business. That's the second bucket. The third bucket is also what is required for the normal requirement and safe requirement for the business of our company. Considering these three factors, the board will look at how much dividend to pay. Definitely we'll be paying dividend. How much to pay is something that the board will take a call in the next board meeting, which should happen in May, when we declare the new earnings call, that earnings call. Thank you. Thank you, sir. The next question comes from Bhavya Doshi, from Kriis PMS. Please go ahead. Yeah. Thank you for the opportunity. Sir, sorry for asking that question again, but I wanted to understand, Bhavish Aggarwal tweeted because they have acquired one company, GeoSpoc, Ola. Ola has acquired one company which is into this mapping. Just trying to understand, like you alluded, like it is not easy to build maps, but has there really been, like, indication probably they're wanting to switch, or will we still be part of their ecosystem or something around that? Any thoughts regarding that, sir? As of now, neither Bhavish nor Ola have communicated anything to us. We have a contract with them, where we are working with them. They have acquired a mapping company. Let's see. Let's watch out what happens. As Rohan said, it's not that simple to make maps. Got it. Got it, sir. That is reassuring. Thank you so much, sir. That's it from my end. Thank you, sir. We have a follow-up question from Darshan Engineer from Alchemy Capital. Please go ahead. Mr. Darshan, please go ahead. Hello. There is no response. I will move on to the next question. The next question comes from Kevin Gandhi from CapGrow Capital. Please go ahead. Hello. Hi, sir. Hello? Okay. Sir, my question was part on the B2B platform business, like the prospects of the B2B platform business. As per my understanding in the B2B2C platform business, the Google seems to be a dominant player. What are the prospects that we are looking into the B2B platform business as of now? If you can share the total addressable market and what lies ahead for the segment? Thank you. Google is a dominant player in B2C, Kevin, like direct to consumers, not in B2B2C. That's one point. Our market we have explained before is ANM, CNE, automotive and mobility tech or consumer tech and enterprise digital transformation. Where our various variety of products and solutions, products, platforms, maps, softwares, APIs, they go to many, many sectors. The addressable market for this, Government of India themselves have said by 2030 will be a $14 billion market. Frost & Sullivan during the IPO process have put out the report. It's there in our investor presentation. The second half of the entire PPT talks about that. I'll direct you to that. Okay, sir. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. The next question comes from Manoj Shah from Laxmi Investments. Please go ahead. Yeah. Hi. Good afternoon. My question is with respect to your, in your presentation, you have mentioned that, you have sold to an large marketing ad agency customer, some data. Can you explain basically what was the application of your data or for that particular customer, specifically? Yeah. To basically help, you know, the use case is to help advertisers figure out where do they do their, you know, advertising spend or where do they do their micro-market spend, like location. It will help them use or understand which micro location, which colonies or which cities, for example, to do what type of advertising. It's a very popular use case. A lot of customers require it. More and more we are reaching out to more customers with that offering. If I'm not wrong, like this can be, maybe this can be potentially used to the sort of FMCG company. Basically, if I understand that's what you're doing is trying to superimpose the. We negotiate very many- The data on the country or the district level or a very micro level mapping kind of it. Yes. the company can know where their customers are or they can target the particular region or a district or within the further district, sub-region level kind of a... Is that true? Yeah. Yeah. Yeah. Rural or urban, both at a micro level. All these FMCG companies and consumer companies could be your potential clients. Yes. Is that correct? Yes. Yeah. Is this your only customer or you have tapped other customers? We have many. Historically, we have many such. I mean, we were reporting a new win for this quarter. Cool, cool. Thank you. Thank you, sir. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. The next question comes from Amit Mishra, an individual investor. Please go ahead. Hi, everyone. Yeah. Am I audible? Yeah. I missed the first part of the conf call. Can you please explain on the 3 acquisitions you have done recently, what potential you see with them and how you would want to leverage your existing business through these 3 acquisitions? We will be putting up the earnings transcript and audio in the next few days. I think you can hear it then. I don't know. You have already explained it? Yeah. Who, What's your name, please? Sorry. This is Amit Mishra. Yeah, we explained it. We went through it. Yeah. Maybe in a couple of days when we upload it, you'll be able to see it. I'm sure everybody heard it. Thanks. Yeah, thanks. That was the only question. Thank you. Thank you, sir. The next question comes from Ashish Chopra from Goldman Sachs. Please go ahead. Yeah. Hi. Thanks for the opportunity. Just 1 question. I think in the first half, when you had shared the Gtropy revenues, you had mentioned that out of the INR 24 crores, INR 8 crores was built in standalone, right? Could you just share a similar number for the 9 months? I think 9 months Gtropy that you've shared in the presentation is a total of around INR 44.1 crores. How much of that would be built in standalone? I would say the IoT business now we are showing it clearly is INR 43 crores total. Am I right now? Yes. Out of this, see, what happens is when the when the billing happens between Gtropy CE Info Systems to the customer, Gtropy to the customer direct, so the entire thing in the consolidation knocks off each other. That way, if you try to. I can tell you the Gtropy standalone also. How much is the Gtropy standalone for the, for the quarter you are asking or nine months you are asking? Either should be fine. Whichever number you would have. Nine months. 42. Huh? Forty-two. 42. 42 it comes out to. Here you see 43 crores is the consolidated number. 44 is the consolidated number for IoT, 42 crores is the revenue in standalone Gtropy. Okay. See what- The question was. Yeah. How much did MapmyIndia bring, right? That's your question. Yes. Yes. Which was INR 8 crores. I think the number that would compare with INR 8 crores that we had shared in the first half financials. Yeah. I would say it's probably around 15, 16 in the 9 months, maybe slightly more to 20. I mean, the way we think about it, actually, that's why we are trying to explain that we think of this as one consolidated business, one that's IoT-led and one that's map-led. So whether Gtropy independently sells or MapmyIndia sales team sells, at the end of the day it's called our IoT as a solution to customers. And we are one consolidated kind of company. If you get a chance, look at the investor presentation, which will very nicely explain this consolidated business, IoT-led and map-led business. Sure. Sure, sir. Will do that. That was it from my side. Thank you so much. Thank you, sir. The next question comes from Vimal from Alchemy Capital. Please go ahead. Yeah. Thank you very much, sir. Sir, My first question was on consumer tech. Basically if I were to look at this business, and we've been reporting the segmental for the last seven or eight quarters, and assuming an average of INR 30 crore revenue per quarter, we are currently clocking. We have current quarter, we've clocked lower than that. Just wanted to get a take from your side on this part. I have one more question please after that. I mean, look at it year-to-date, year-on-year, you'll find good growth. It's 40%, 9 months year-to-date, year-on-year growth. For nine months. For 9 months. I think it's okay. Wait for Q4 to make a quarterly annualized kind of judgment. My sense over here was just that, you know, this 40% also includes 3Q FY22 and where, you know, we had very soft revenue. So that's probably taking into consideration a slightly lower base. So which is why I was comparing it on a near-term basis. The point that I was trying to make over here is that are we seeing any customer spending slowness? The soft base. Over here or anything to read? Yeah. The meaning of soft base was yearly revenue is lumpy. Some of it gets shifted 1 quarter here or there. That's why sometimes that quarter-to-quarter number might look weird. If you look at it over year-to-date basis, it'll look, you'll get that trend and see then, see whether we are, you know, on track or not. Understood. Sir, if you can just help me with one data point. We were, until last quarter, we had actually started disclosing the project and period survey expenses. In fact, we were giving out the whole detailed breakup in our SEBI disclosures. If you can just help me with that. Last quarter, it was about 24 crores. How much was it? 2.4. Sorry, INR 2.4 crores. Sorry, my bad. How much was it this quarter? It is disclosed this time also. If you, what we have put on the stock exchange, you'll find it. What we have written is just to clarify that it is now put as part of other expenses. That's all. Yeah, understood. I just wanted a breakup of that, those other expenses, sir. How much? Into... detailed one and only. Just a second. That's okay. I don't know if we have it. Overall numbers. He's asking. Just a second. I'm going to tell you. Yeah, sure, sir. No problem, sir. Last time you were saying was how much? INR 2.4. 2.4. Yeah. Okay, sir. How much is this? Can you just go and look at that? I think it might take some few minutes. No problem. I'll take it, I'll take it offline, sir. No, no issues. Take it offline, and you can talk to us. Right. Right. No, no problem, sir. Sir, just, I wanted to clarify on, you know, we've done extremely well on saving on operating costs. I mean, we've looked at, you know, reducing our marketing expenditure. We've been fairly disciplined. Is this a more sustainable kind of a run rate? I mean, INR 2-3 crores a quarter. Should we take the OpEx as the current OpEx as a normalized run rate? Because I understand it tends to be lumpy, but on in normalized scenario, would this be the run rate that we should, we should probably factor in going forward? Well, you know, as Rohan explained before, we tried to calibrate it, keeping in mind what's the revenue happening and how much is expenses, because we have both the goals, the revenue growth goal and also an EBITDA goal. Since we have committed for the last 12 months that our EBITDA will be in the range of 40%-45%, and we certainly want to make sure that that happens. The top line growth also has been healthy. As Rohan also explained that the last quarter where we spent more on marketing expenses resulted in lot of benefits of that marketing expense which we tried to consume this quarter. The point you are asking is this sustainable? It will all depend on what's happening overall on the profitability, on the top line growth, and then we make those decisions. This we can't put, cast it on a, just saying that this is it. Understood, sir. the point that I was coming from is that, sir, you are growing at a fairly rapid pace. I mean, 9 months you've grown at almost 46%. Of course, that includes acquisitions. you know, you, and going forward, you know, if we are looking at structurally higher growth rates, there should be some kind of operating leverage that could, that should flow through. you know, I was just, you know, finding spaces where, where is that where, you know, where we can, we can find some operating leverage or what is that line item which will probably grow, slower as compared to your revenues. The employee benefits definitely is growing at a normal pace. It's not so that's where you get the operating leverage, because employee benefits is one of the major expense of the company. Okay? Other than the material which is the hardware, which relates to the hardware. That's not an operating leverage part. Also, and let me with your permission, let me say something that we have to really look at the entire year-to-date numbers and understand that where we are spending and why we are spending. Understood, sir. Understood. Thank you so much, sir, for the clarification. I'm wishing you all the very best. Thank you. Thank you, sir. If there's no one else, let me just conclude by saying something. If you look at our investor presentation, you'll find that we have clocked INR 209 crores for the 9 months this financial year, in 9 months. The last year financial year we had clocked INR 200 crores. We have crossed that number already, quite well. Similarly, the EBITDA last year for the full year was INR 86 crores, and we have crossed that number also to INR 88 crores. The percentages you had already seen. We need to, we are happy that we are on the right, we are on a track where it feels quite good, and we are moving in the right way towards both revenue from operations growth and EBITDA and PAT growth. Thank you. Thank you, sir. There are no further questions. Now I hand over the floor to the management team for the closing comments. Thank you, and over to you. Yeah, we'd like to thank everybody for taking the time to come and attend the call. I hope that you got a good picture of what's happening with us right here, and look forward to speaking again next quarter. Thank you. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Chorus Call's conference call service. You may disconnect your lines now. Thank you, and have a pleasant evening, everyone.