Ladies and gentlemen, good day, and welcome to the C.E. Info Systems MapmyIndia Q3 FY 2024 earnings call, hosted by Anand Rathi Share and Stock Brokers. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shobhit Singhal from Anand Rathi Share and Stock Brokers. Thank you, and over to you, sir. Good evening, everyone. On behalf of Anand Rathi Institutional Equity, so we welcome you all to Q3 FY 2024 conference call of C.E. Info Systems, MapmyIndia. We have with us today Mr. Rakesh Verma, Co-Founder and Chairman of the company, Mr. Rohan Verma, CEO and Executive Director of the company, Mr. Anuj Jain, CFO, and Saurabh Somani, Company Secretary. I will now hand over the call to Mr. Rakesh Verma for his opening remarks, after which we'll open the floor for Q&A session. Thank you, and over to you, sir. Thank you, Shobhit, and welcome to all the participants in today's earnings call for Q3 2024 for MapmyIndia. We are happy that MapmyIndia crossed for the first time a milestone of INR 100+ crore quarterly total income, and again achieved an all-time high in revenue in Q3 FY 2024, growing 36% year-on-year to INR 92 crore. While year-to-date revenue has touched INR 272.5 crore, EBITDA in Q3 FY 2024 grew 38% to INR 38.6 crore, and year-to-date grew 32% to INR 116.6 crore. With overall EBITDA, year-to-date EBITDA margin at 43%, year-to-date map-led EBITDA margin remains strong at 55.1%. IoT-led EBITDA margin has expanded to 10% in Q3 FY 2024 versus 8.2% in Q2 FY 2024, and 6.3% in Q1 FY 2024, and in year-to-date stands at 8.2%, expanding 730 basis points year-on-year. Year-to-date PAT is robust at INR 96.2 crore, growing 21% year-on-year, with PAT margin at 32%. Q4 FY 2024 will be also very exciting as we foresee the future. Not just we are happy with the growth of our core B2B and B2B2C business, we are also pleased to see our consumer business take shape with increased brand awareness and product uptake. A little more depth into what I said just now. Revenue for the nine months year-to-date, FY 2024, was at INR 272.5 crore, with a healthy growth of 30% year-on-year. Q3 FY 2024 revenue hit all-time high of INR 92 crore, driven by growth in higher growth in C&E market. EBITDA margins expanded by 50 basis points to 43% in nine months FY 2024 versus nine months of FY 2023. EBITDA and PAT grew by 32% to INR 116.6 crore and 21% to INR 96.2 crore respectively for the year-to-date nine months, FY 2024, year-on-year. Cash and cash equivalents at INR 516.1 crore at the end of the quarter, despite dividend payout. I would just like to help all the participants a clarification in the sense that the information that we have submitted on the stock exchange and the investor presentation, we stick to our 43% EBITDA for this quarter, although some of the... 42%, not 43%, while some of the calculations in the absence of not having the full information is being calculated, may be calculated at 39% for Q3. The reason is, we had taken a provision for approximately INR 2.5 crore in the previous period, where and we have been able to sell those inventories into the market, resulting in removal of that provision from the, from our P&L. We booked that in the other income category, rather than reducing the expenses. So what you see other income of INR 8.22 crore in the previous quarter, it shows as INR 11.54 crore in the Q3 of FY 2024. What one has to do is subtract the 2.5 from that INR 11 crore, in order to arrive at the correct EBITDA. I just thought it would help you understand why the EBITDA is 42%. As regards IoT business, as I said before, we are seeing a continuous improvement in the EBITDA of IoT business, from 6.3% in Q1, to 8.2% in Q2, to 10% in Q3. Now, one side, the revenue growth is happening in IoT. Other side, the EBITDA margin is improving. So IoT led—so all this is telling us that our strategy of the IoT business, along with Map-led business, is giving us good dividends. I think with this, I will close my opening remarks and let Rohan talk further, more in detail about the business. Thank you, Mr. Verma. Good evening, everybody. This is Rohan here. Like he said, we're excited about Q4 FY 2024. We've got a strong order book build-up based on very large new wins, and we look forward to sharing those developments with you, soon. Year-to-date revenue growth was broad-based. A&M was up 19.5%, and C&E is up 43.1% on the market side. And on Map and Data, Map and Data was up 37.6%, and Platform and IoT was up 26.5% on the product side. We've had multiple wins and go-lives in Q3 across our, auto OEM and N-CASE suites, covering Maps and IoT. And as I said, there's an exciting funnel ahead for that. Also, on the consumer tech, enterprises and government side, we've had multiple wins and go-lives covering both Map-led and IoT-led digital transformation. As regards the brand and B2C, we started a strong 360-degree marketing push for our consumer business. This has been highly effective as well as cost efficient in increasing the Mappls MapmyIndia brand awareness and product traction, as I hope all of you as consumers and interested, you know, interested citizens may have noticed. We're happy to see the start of ad revenue monetization for, of our app, as well as sales growth of our gadgets. So let me take you through A&M in a little bit more detail. On a quarter-to-quarter basis, it grew 12.5%. This is ahead of industry volume growth. Just to share, our auto OEM licenses in nine months, FY 2024, have crossed the previous full year, FY 2023, already. We've had multiple wins and go-lives. For example, a large Indian four-wheeler OEM, existing customer of ours for maps and tech, signed up for even more multiple new vehicle models across ICE and EV, and their new EV four-wheeler has also gone live. So that's an exciting, you know, continuity and expansion for us. A European two-wheeler OEM signed up for navigation with us, and there have been multiple go-lives for multiple EV two-wheeler OEMs. And then on video telematics for employee transport safety, as well as, you know, tracking of employee transport vehicles from large manufacturing companies, we've been doing in the mobility area. And also revenue from OEMs for our Mappls KOGO travel assistant and commerce solution has started. And of course, there'll be this large win in auto space that we'll share with you soon. On the C&E side, it's actually seen a sharp growth of 70.9% in this quarter, and this is based on nature of certain contracts. And hence, between A&M and C&E, we always see this kind of balance overall leading to a strong revenue growth. And it doesn't bother us too much when one or the other has a slight dip or a slight increase. Overall, this is what we look for. And growth in C&E remains strong at 43.1% on year-to-date, year-on-year basis. Multiple wins across industries, as I said, including for defense and drones. A large e-commerce and D2C sector companies have signed up for our Map APIs to cover better address capture, location-based personalization, and map-driven user experience improvement. We've seen drone 3D mapping and risk monitoring for large logistics company warehouse, as well as payment and fintech industry for location data-based risk scoring. A win for IoT-led logistics monitoring, including control tower solutions across cement, sugar, and steel industries, and also for the PMGSY road construction and food civil supplies distribution monitoring. Also, the government's Viksit Bharat campaign, where they're promoting all the schemes and campaigns pan-India. This is using our Map-led and IoT-led solutions, showing how we are an integral part of the government's digital transformation. Also for UP State Tourism & Ayodhya Metaverse, we've had business wins and delivered that, so we're happy to be generating revenue from that area as well. Maps and Data and Platform and IoT have been seeing steady growth as well on the product side. Our investments in both these categories, of course, continues full hog. On the B2C side, we saw our brand and app see traction in Q3, a strong ATL and BTL marketing push. As you can see, you know, we've started. We did ads in mainstream cricket, in TV news. Otherwise, we've done BTL at point of sale through on-ground events and outreach, as well as, you must be seeing us on social media, as well as moment marketing like during the Cricket World Cup, we were there with the Metaverse, et cetera. Our Mappls app, which is India's own maps app, seeing strong fit and traction with users through our own India-specific road safety features, and we're doing multiple MOUs with traffic police. Finally, as I said, our in-app advertising revenue was kick-started. We did a great campaign along with Cadbury's, where they were promoting local businesses, home entrepreneurs on the map, on Mappls. It was only done on Mappls, not on any other map or map app. And this is a win-win-win for consumers, for the client brand, as well as Mappls. So with that, I'll turn it back to the moderator. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone 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 will wait for a moment while the question queue assembles. The first question is from the line of Shobhit Singhal from Anand Rathi Share and Stock Brokers. Please go ahead. Yeah. Thank you. So I have two questions from my side. So in Q2 earnings call, you have given a revenue growth guidance of around 40% for FY 2024. Right now, if I see 9 months, we have done around 31% kind of year-on-year growth. So are we still maintaining this revenue growth guidance? The first and foremost thing that we shared in June 2023 was our overall visibility of and plan and goal to cross INR 1,000 crore in the next four to five years, FY 2027, FY 2028. And that, if you see, comes out to be a 35%-40% CAGR. No, depending on four years. Yeah, depending on four years or five years. So that extrapolated down to every year is a number that can come out. We are still gunning for our targets. There's nothing that has changed. We are quite excited for Q4. But I mean, holding us to a specific number when we've given an overall guidance, I think is going to be difficult or challenging. But yeah, we are still gunning for it. We think that Q4 will be exciting, but also our aim is first and foremost to be well-positioned for the next four to five years. Oh, okay. And also you have, you have spoken about the consumer app advertisement income. So how do you see the revenue contribution from it, going forward? Though right now it's on a, it's on an initial stage. It's on initial stage, but it's quite promising, and this is why we are keen to further invest in our consumer business. It has multiple benefits for the company. Standalone, it's an interesting business, but also the synergy with our B2B, with more people using our products, the data that we generate and the benefit it has to our B2B business. So we do see that going hand in hand as the consumer business and consumer awareness, consumer usage increases. There is built-in monetization through ads, through gadget subscription, gadget sales, and other commerce activities that we'll be able to you know, leverage. Okay. Thank you, sir. So that's all from my side. Thank you. The next question is from the line of Vimal Gohil from Alchemy Capital Management Private Limited. Please go ahead. Yeah, thank you for the opportunity. So my first question is on your marketing and business promotion expenses. We've typically done about INR 20- INR 25 crores every quarter since we've started reporting numbers. This quarter it was about INR 50 crores. So just wanted to get a sense on what should be the outlook there, given that, you know, you are going aggressive for advertising Mappls. The second question is, you spoke about monetization of the same. So if you could just... Is there a possibility that you could quantify what was the sales of gadgets? Sorry, revenues from sales of gadgets and ad sales from Mappls, because of Mappls, during maybe for nine months or quarter, whatever data you would like to share on that front. Thank you so much. Yeah. Vimal, I'll clarify. Our marketing and business promotion expense for Q3 was INR 5.3 crore, not INR 50. Yeah, I'm sorry. Yeah, INR 5.3 crore. My bad. Yeah. INR 5.3 crores. And if you look at standalone, you'll get a better sense, it's INR 4 crores, which was our... I told you all about the ATL and BTL activity we are doing. So I think for the amount of the value that we've gotten, it's quite cost effective. I don't know how many companies are able to be creative with their ATL, BTL, social, online, offline, cricket, TV news, which are mainstream, yet spends much less, but get large bang on the buck. So that's on marketing, and we continue to be efficient, creative, et cetera, to try to drive a lot more awareness within a, in a controlled cost manner... So the number is quite small, as you can see, compared to the overall number of revenue, etc. And as for the monetization value of the ad sales, it's right now small, so we're not—but it's not, it's not a trivial number, but it's also not a number yet that, you know, that is worth talking about from a materiality point of view, so. So just to clarify, or rather a follow-up over there, Rohan. When you say it's been very cost effective, what are the benchmarks that we're using when you say cost effective? Is it the revenue that you are getting or what exactly are we looking for? Right now, the focus is brand awareness, and consumer reach or consumer downloads. So we look at what is the reach, what is the awareness of the number of people who now know Mappls, MapmyIndia, versus what they knew, a quarter or six, or two quarters ago. That has significantly expanded. If you ask in your circles or, you know, you do these dipsticks, there'll be a marked difference in the awareness now versus earlier. Of course, we had announced, kind of, in the previous quarter, the milestone we crossed when it comes to the Mappls app downloads. I think we had announced last quarter that we had crossed 10 on Android and one on iOS, so 11 in total. We're not announcing the numbers for this quarter, but it's, we are quite happy with it. And so on all those metrics of brand awareness and product traction, the app traction, is how we look at cost effectiveness versus the amount we are spending. All right. Thank you so much. I'll join back to the queue. Thank you. We have the next question from the line of Anmol Garg from DAM Capital Advisors. Please go ahead. Yeah, hi. Thanks for the opportunity. So I had a few questions. Firstly, if you can highlight the reason for increasing the cloud hosting charges? So now the run rate has come to INR 4 odd crores, and how should we look at it going forward? You mean the communication, including cloud hosting expenses, right? Yeah. Yeah, that's it. Yeah. 3.94 crores. Yeah, see, over time it will increase. I mean, I would not say it will increase in line with revenue or any such thing. There's a lot of optimization that we continuously do, and it's a mix of public cloud and private data centers, hybrid cloud. So there's a lot of optimization at the engineering side that we have that we can do. So we don't see this as being a... I mean, it will increase, obviously, as the size and scope of our business and of our technology deployment, whether on B2B or B2C, increases, whether API calls or N-CASE calls or digital transformation calls or app calls, it will increase. There's enough engineering leverage that we have to control this, because public cloud is not the only way to go. I think we have enough expertise on private, kind of, deployments, et cetera. Sure, sure. Also, Rohan, if you can indicate how much of our auto revenue is coming now from the EV segment, because you talked about a couple of wins in this quarter and last quarter as well. And, if you can also highlight if there is any price difference between EVs and passenger vehicles for our maps. Yeah, EVs have more, require more services from us, more features. So, the realization can be higher, in EVs versus ICE vehicles. EVs, you know, across four-wheeler and two-wheeler, if you look at the overall portfolio, I would not say that it's still, I mean, even if you look at the industry, forget about us, I don't know what the total base, how much percentage it is. It's in the single digits if you look at the industry, you know. So for us, I mean, our attach rates in EVs is, let's say that it's, in a similar proportion, but I wouldn't know, and I don't want to give, but also I don't specifically know right now, what is the exact share in our business of EV and non-EV. It's just that almost every EV that is getting launched or is planned to be launched now in the industry, is going with our solution. Sure. Also, if I mean, previously you have highlighted some parts on the international expansion. So are we planning to build more comprehensive maps for our neighboring countries, which might require more on-ground people to collect addresses, data? Or are we planning to take our solutions based on the current maps that we already have? So just wanted to get a view on how we are trying to expand internationally. See, on international, we have two, couple of legs. Our software stack itself is quite powerful, right? I mean, in India, we are doing map, we are doing software, we are doing IoT, and now, and then we'll do drones. So there's, like, four legs to our business if you look at it from a map data, then software, then IoT hardware, and then drone-based solution. In international, we have the option to go with customers in different geographies with any or, or multiple parts of our offerings. So software doesn't. I mean, so each of these have different levels of either investment required as well as return. And the general approach that we've taken is, yeah, we are product first, but we are also customer-led. So we are working with our customers who want to work with us internationally based on what solutions they need. And when we have these customers, it gives us a reason to build out the solution that they need from us. It is not necessarily that they want a map from us. It is in many cases now, internationally, they are choosing to work with us because our software is world-class. And as part of our software solution, if we also have to enhance the global map that we already have, and you know that we have anyways created maps for eight, 10, 12 other countries outside of India in the last multiple years. And for rest of 180, 190, 200 other countries and territories, we have compiled or integrated the map into our solution to make it global. If they require us to enhance that, we will do that, but software itself is something that customers are already asking for, and where they will ask for maps, we will do that as well. Sure, Rohan. And lastly, if you can indicate that, should we assume that advertisement cost would be in the high INR crore sort of quarterly range? Or I think that it would be, it will, it can again come down in the next few quarters. It's calibrated every quarter. I'm not going to give you a specific number. We really look at that quarter, what our objectives are, what is the marketing mix or spend mix, I would say, and will it help us achieve our objectives? And so it's not that we pre-decide that we will spend this much money. Every quarter, we are looking at, besides overall macro financials for the company, but also we're looking at what is the objective for that quarter and what do we need to achieve that. So it's a bit calibrated quarter by quarter. Sure, sure. Thanks, Rohan. I'll join back in the queue. Thank you. Ladies and gentlemen, we request you to please restrict your questions to two questions per participant. The next question is from the line of Nitin Sharma from MC Pro Research. Please go ahead. Yeah, hi, congrats on good set of numbers. Two questions. First of all, I would want to understand with the increase in the engagement with the government, how should we see the revenue contribution from the government to the overall top line for, say, next one to two years? Yeah, I mean, it's really good that the government is having a digital transformation agenda. So that way, you know, our maps and technologies are increasingly relevant in the government space. But we've told you some principles that we followed beforehand when we look at government business. We go in as a OEM, a product and platform company. Second is we focus on, you know, the quality of government business that we want to pick up, because we know through, not just in our industry also, or at least on the services side, I mean, there are not many product platform companies. But you have seen how people, you know, when they don't look at the quality of business, what happens to their financials. So we are careful on what quality of business we are picking up. In many cases, we work with systems integrators, so we are a kind of de-risked a little bit. So and also it's not going to be a large proportion of our overall business. I mean, that kind of portfolio between automotive, corporate, government, retail, you know, is something that we are, we keep in mind. So we pick as much business and there is more business to be had, but we are able to pick and choose and compete where we want to compete. Is it fair to assume that you will continue to remain 5%-10% kind of range or it has increased since then? Well, well, let me add a little flavor to this. This 5%-6% was something historical. Now, if you're asking me how much it can go up, it depends on the kind of business we pick up from the government. As Rohan said very clearly, it's the product mix, it's the quality of that particular opportunity. We, we are very selective in picking up the businesses. We just don't do any freebies, one. Second, we always do things based on a revenue-based projects in the or work for in the government. So that's why you may not be noticing us in some of the areas which probably do not excite us. It's not a question whether we have the technology or not, we do have, but we don't try to get into those and waste our time. Understood. Secondly, the drone 3D mapping and risk monitoring business that you won with the large logistics company, can you please help us understand how is it? Is it a one-time business or it's annually based? Something around that would be helpful. I mean, see, once somebody starts wanting to do these continuous inspections and monitoring, it starts becoming a recurring business. But it all, obviously, this drone business starts off with first time, and then as it becomes part of their SOPs to have, do the risk assessment, risk assessment can't be a one-time activity. It has to continuously happen. So at this stage, you know, it's early stages with that customer. It's also not fully deployed across... There are N number of upsells there in terms of multiple warehouses, multiple yards, and then multiple times. And then there's additional upsells of the software stack with that for analytics and other, and other things which are non-drone based. So it's good that, you know, we are having these multiple entry points or multiple end use cases, across different products for that same, for same customers or different customers. That's what's exciting to us about our business, that, you know, using this, we got into this customer who was not a customer before, but we know there are N number of more things to upsell. And even within the drone, there's a recurring business that can happen. Understood. Thank you. Thank you. The next question is from the line of Moez Chandani from Ambit. Please go ahead. Hello? You are audible, sir. Please go ahead. Yeah, sure. Good evening, and thank you for taking my question. So my first question was on KOGO and Indrones. So can you just give a sense of how you're looking to monetize these products, and also what profitability would be or, you know, how soon you expect them to become profitable? Well, you asked about KOGO and Indrones. KOGO is in the in one kind of a business, Indrones is in another kind of business. Now, we invested there with the clear objective that it will help us in our ecosystem, the businesses to grow in their respective areas. To be specific, in case... Both of them, one has to, the KOGO has to do with Mappls app on one side, Indrones has to do with our drone business, pillar kind of is they can add pillar, become a pillar to our drone bus drone business. So, you know, these are both of them are startups. They will take some time to grow their business, and with time, we'll be, we should be able to leverage them. Yeah. I'll say it in my way or different way. See, drone is an important pillar for us as a company. Mr. Verma talked about it multiple times. Maps, IoT, and the third pillar, drones. Even four to five years ago, we had an investment in a drone company, and even now we have this investment in Indrones. Our objective as MapmyIndia is to become a serious, significant leader in the drone area. That's a combination of organic and inorganic. Investments in companies are just one way to learn. That's not the only play that we have in drone business. And we are seeing MapmyIndia's own ability to generate business through drones in the last one and a half years. Standalone supplying drones to the clients, doing drone as a service solution, or incorporating drone into our overall smart city GIS or 3D digital twin solution, which is paid, we are earning money from. All of that is happening. So doing an inorganic investment has multiple reasons. One is it could be looked at from a financial point of view, it could be looked at from a capability point of view, or even a learning point of view. So overall, if our drone business is growing, we are happy about that. And as for the KOGO part goes, as Mr. Verma said, one aspect is it's a AI-powered travel assistant and commerce solution, allowing people a new way to travel, a new way to book, discover, plan and book travel. This will be a great kind of add-on to Mappls app or capability that, you know, isn't there in our competitors. You can think of it like a ChatGPT for travel with commerce, bookings, et cetera. And it's also great add-on to our automotive N-CASE solutions, which we have been able to give to OEMs. So overall, it's that if it is satisfying that requirement, that itself is good to us, good, good for us, because Mappls app, our consumer business will grow and our automotive business will grow. Then beyond that, how the financial investment pans out, how their standalone business pans out, those are add-ons that we look at. Sure. Okay. Thank you for that. Also on your consumer mapping business, so you mentioned that downloads have been particularly strong, but is there any data point in terms of MAUs or DAUs that you can share with us for the Mappls app? Fairly, fairly engaged audience. It's, you can imagine navigation is a, quite a frequent use case. It's not just a download and, and not do anything use case. And even for gadgets, if you've bought and invested in a gadget who you want to use to monitor your vehicle, you can imagine it's a highly engaged audience. So we are tracking those. At appropriate time, you know, when, we will start sharing those on a more frequent basis. We wanted to give a stable plus quarter that, you know, we have reached a certain size and scale, and we've only been growing since then on all metrics when it comes to, downloads and, and usage or engagement. As we kind of put, you know, fructify or strengthen the focus on consumer business, then those things also will start tracking and reporting. All right. Great. Thank you. Thank you, sir. Thank you. The next question is from the line of Majid Ahmed from Smart Sync Investment Advisory Services. Please go ahead. Am I audible? Yeah. Sir, you're not very clear, sir. Am I audible now? This is a little better. Yeah, yeah. Thanks for the opportunity. Very good numbers. So my first question is, how far is the client retention in the automotive business? And, I want to need a break-up of, client retention as well as new customers or new clientele that's coming in automotive business. ... I think all the OEMs that we are working with, think about it then, to look at up to 3. I would say it's 100%. Okay, that's great. And, secondly, the question that I have is, as far as the UI experience, the, the Mappls software that you have, I think, going forward, when I saw your, some of your reviews, some of the locations and everything, that's all, I think, how far are you going to improve the experience? When there are so many of the locations, time of location, there's many review, there's many feedback. How far are you going to improve those tech platform going forward, so that it becomes more robust and it increases, network efforts for the customers? Yeah. I mean, I think, if you look at kind of the qualitative and quantitative reviews on social media or, App Store, Play Store for Mappls app, you'll be fairly happy as a whole. You know, people are really loving it. But, you know, if to answer your question, is the map ever perfect? Answer is no. That is our continuous endeavor, to keep updating and enhancing and improving, the map. And also, in the same time, is the software ever perfect? Answer is, again, no. We can keep improving our UI, our UX, our features, our bugs, and this is a continuous engineering effort to build new things, but also to keep the existing things improving. So there's a long roadmap that we have that we want to achieve, and hence you are seeing every few weeks, new updates going out on Play Store and App Store. And also on the map, of course, you know, we have this monthly release cycle as well as real-time rich release cycle, where, you know, when—like, for example, when this Mumbai bridge opened, the MTHL, the Atal Setu, you know, the moment it was inaugurated by the PM, it was there on our map, available for people to navigate, whereas in others, you won't have seen that. The other thing is we also updated the toll information, so that when people were kind of doing that cost, time and cost, time and toll fee, cost-benefit analysis, they could see that on Mappls, which they couldn't see on, on others. So, I mean, it's a continuous effort, we and we have to keep working on it. Any feedback to us via social media or otherwise, we love getting it, and teams get onto it immediately on Mappls or software. That's great. Last and final question, I just wanted to get more information about the use cases on the NBFCs and, in the food delivery business. How far are you going to... Like, I just want even more detail on it. We talked about a lot of use cases covering the C-commerce, covering, BFSI sector. I think you can refer to that. Okay. Thank you. Thank you very much. All the very best. Thank you. We have the next question from the line of Ridhima Goyal from Acquaint Bee Ventures. Please go ahead. Hi. Thank you so much for giving me the opportunity. I have two questions. One is, I just wanted to know what is our repeat business from the automotive and mobility segment customers? Like, for example, if Mahindra and Mahindra has your, you know, map services, then how frequent they come with you and, you know, get the maps on their vehicles? I mean, I think for every vehicle that they produce from the factory for that model, goes built-in. I mean, not naming any specific OEM, goes built-in with our solution. And then the updates happen through the software, through the cloud. I mean, mostly nowadays it's connected vehicles, so nowadays the updates are for new vehicles that are rolling out, updates are happening from the cloud. But still, there's a large legacy of vehicles where, you know, the updates have to happen through the service center, et cetera, where people have to go in and they flash the new update. But more and more, you'll see over the next one, two, three years, all of this happen real-time, just like it happens on our, on our app. So we do contracts with them for a particular model, and for every new model, we have to do a new contract. Is it right? There are platforms which have multiple models, and so it's not specifically sometimes every model. It's a platform could cover multiple models. Understood. Just wanted to know, like, what is our mix between fixed and variable income in terms of both these segments, automotive and this C&E parts? Like, how much is coming from the fixed part of revenue and how much is coming from the variable? Like, per vehicle or per app or per delivery kind of thing. I think if you look at A&M, mostly it will be... I mean, it'll, large amount will be volume-based. And if you look at C&E, it's a mix. I mean, you know, specific numbers, I think, I think we share yearly, annually, with the order book, et cetera. But, but just to give you some flavor on that. See, overall, if you think of MapmyIndia. I'm talking about overall, there might be exceptions. That it is always an annuity SaaS kind of a business, where every—I mean, even if it's automotive, the vehicle that comes out, if I signed up a five-year contract and for every vehicle that leaves the factory, I'm getting X INR, it's kind of annuity from a conceptual perspective. So that's how you should, MapmyIndia, that's how MapmyIndia's future business is pretty much predictable. Till the time something new happens, then that adds more to the flavor. Okay, so is it like, we enter for a five-year, five-year period, and the customer will give annuity every year for one particular vehicle only? I mean, no, no. Take it that if a, if a, automotive OEM is going to sell 100,000 vehicles over five years, and every year if they're selling 20,000 vehicles, then every year on a monthly basis, they will give us X amount of money for those 20,000 vehicles. I just told you that on a conceptual basis, you think of annuity or you think of in terms of volume. It's volume-based contract. There are per vehicle per month or per vehicle per year fees also. I mean, it's not as straightforward. I think generally you take it like that at this point of time. In future, you'll be hearing also that add-on thing, where there might be additional revenue coming from certain services that's being rendered on top of this. But at this point of time, that's what you can consider. Okay, understood. And my second question is related to your drone business. I'm actually not getting it. Like, how are we monetizing our drone business revenue? Is it like we are selling drones to the customer, or we have our own drones and we are just doing the, you know, maybe any kind of analytics that we are selling? How is it working? It's a mix of three ways. Yeah, we are selling drones to customers who want the drones. The second is we are providing drone-based services or drone-based analytics, as we put it, where customers, for example, they don't want to buy the drone, they want the outputs based on the drone data collected. And the third is drones, we monetize as part of a overall solution that we have to give to the customer, where drone is one way of data collection, let's put it like that. So all three ways we are able to... So we have our own drones. We sell to clients, and we provide solutions based on drones. And how much is the drone business? I'm sorry to interrupt, ma'am. We request you to please rejoin the queue for follow-up questions. The next question is from the line of Sanjaya Satapathy from Ampersand. Please go ahead. Yeah. Hi, sir. Thank you a lot for the opportunity. Can you hear me? Yes. Yeah. So my question is that, the company balances has, I mean, there's so much cash, and still the company is looking at almost INR 500 crore of equity capital fundraising. Can I just hear your thoughts on that in terms of what are the kind of deployment that you are looking at in terms of CapEx or anything else? Well, yeah, the company has INR 500 crore. It has generated over the last X number of years from its own internal accrual. Now, and for that, the company gave a nice plan, a roadmap, saying that we want to achieve INR 1,000 crore revenue over the next four to five years. So this is one part. The company historically has always worked on the next five to 10 years kind of a... That's the kind of a thinking company has, always. So in the current context, we came up with this whole, thinking that if we want to grow in the international market, if we want to really accelerate the drone business, if we want to get active into the consumer business, then there would be money required for, for these businesses, which will help us for the not only, not, not just the next five years, but beyond five years. So what we might end up after raising this, this fund is over the net two, three years, we will invest this amount organically or inorganically, so that our business gets built for the subsequent, five, 10 years again. So that's, that's the reason we are doing it. Understood. And so my second question is that, in your opening remarks, as well as press release, you have mentioned that you are very excited about quarter four, and in fact, you had mentioned that at the end of previous quarter as well. Is there anything more to it in terms of the specifics that you can share with us, or it is just that it's just a subjective thing you have mentioned? No, when we say we are excited or we are happy about, about what's going to happen in Q4, we had mentioned it in the last earnings call also, that H2 is always better than H1. And also we had mentioned that Q4 is always better than Q3. These are some of the statements we had made last time also. Obviously, things, certain things happen in Q4, and that's all we mentioned that we are excited about Q4 also. So nothing extraordinary or different from the historical trends? No, not historical. Otherwise, also, we say that Q4 is always better. Understood. Understood. Thanks a lot, sir. Thank you. The next question is from the line of Amit Thawani from Clear Blue Capital. Please go ahead. Hi. Thank you for taking my question. I was just reading the roadmap to INR 1,000 crore, and I was looking at the biggest contributor, I believe, you know, is the mobility segment. Can you just, can you just, you know, you quantified the opportunity at INR 6,000 crore. So, and you also quantified the addressable market at INR 34 crore devices with the industry adoption of INR 3 crore devices. Can you tell me what kind of devices are we talking about out here? Okay, first, let me help you understand. When we said, what you look at the mobility part of it, that we talked about that there is a INR 9,000 crore addressable market. So you can explain, no problem. You're talking about the mobility, market. I mean, we talked about multiple markets, automotive, corporate, government, and, and mobility or, you know, mobility/IoT. You can, you can think of it like that. We talked about overall addressable market for us, which we are focused on, is INR 8,700 crore, out of which we want to get INR 1,000 crore plus. Yeah. in that mobility, what is it we are selling? We are selling these IoT devices, trackers, GPS trackers, Okay ... video telematics or dash cameras, infotainment systems, a bike, smart bike gadgets, et cetera. So for four-wheeler, two-wheelers, or for trucks. We are selling these devices, and then we are selling subscriptions along with it. So, if you look at kind of our IoT business, you know, in the... You're seeing that being reported in the last, I would say seven or eight quarters. And you're seeing how the IoT business has been growing quite fast, and also you're seeing the margin improvement, you know, quarter on quarter. The base of vehicles that exist in the market is, you know, in the order of 300+ million vehicles, so 30+ crore vehicles. You know, out of that, we believe the target market for us will be 10% of that, which means 3.3 million. That's the target market. Out of that, we will generate some X amount of money, which will contribute to that INR 1,000 crore between automotive, corporate, government, and mobility. So, I hope that gives you a sense. I mean, if we are, if you are seeing the numbers, IoT net business year to date is about INR 70 crore out of our INR 270 crore. You know, that extrapolated over the next four to five years, you know, INR 70 on INR 270 is about 25%. So that extrapolated on INR 1,000 will start giving you some sense of what we are talking. So is it fair to say that logistics will be the primary customer here, logistics companies and? See, there are three subsegments we've talked about: personal goods mobility and people mobility. Logistics is goods mobility, and so each of them has their own. So yeah, logistics is definitely one large segment when it comes to, you know, the usage of this technology. Across industry, logistics, not just as an industry, but logistics for across industry. Actually, when you think of this mobility, think of that, the other three segments we talked about, automotive, corporate, and government. This mobility really, when mobility is, can go into any of those three, plus also in the consumer side. So that's the whole... That's the way you should try to read it. And so is this mostly data generation-based business, or is this more- IoT device and SaaS subscriptions. Okay. Okay, SaaS subscriptions. Got it. Got it. Got it. Thank you. Thank you, sir. Thank you. The next question is from the line of Divyesh Mehta, from 3 P Investment Managers. Please go ahead. Hello, sir. Am I audible? Please go ahead. Am I audible? Please go ahead. Yeah. So my question will be largely on the IoT segment. If you look at the sale of hardware revenue for the last three quarters, it has been somewhat flattish. So is there any change in the, is there any change in the sales strategy? Because while you've improved our EBITDA margins, the sale of hardware revenue should also scale up, so that incremental, revenue revenue flows in, right? That's the first question. Second question is, have you looked at, AIS 140 advantages, which is a incremental opportunity for us, or do we already cover them with the regulation regarding this? That's it. So that AIS 140, if you said it, it's part of that mobility for—for the logistics, for the goods transport. You can make, take it there. Any commercial vehicles. Any commercial vehicle to be very, if you want to look at it that way. And we are, we have the opportunities in that space also, and, we, and things are happening in the right way. See, the whole IoT business, as you see, the EBITDA is moving in the right way, going up to 10%. The basic reason is the more the SaaS revenue is kicking in with, and the operating leverage is happening, the EBITDA keeps going up, will keep going up. And we are work, that's our sales strategy. But, sir, like, the sale of hardware revenue should also gradually increase, right? Because it has been at the same runway. Also, if you can share, like, AIS 140, what would be the mix of the devices you have sold? How much? Is it a meaningful share or not? What is the opportunity here? Divyesh, this is something we control and we calibrate. It's the sales strategy is to cover both growth and profitability. It's something that our teams are capable of doing both. Okay. It's something where do we focus our energy in which quarter? Also, keep in mind, we are just not an IoT company, that I have to only drive the revenue growth for IoT. Okay. The calibration and controlling every quarter becomes part of the sales strategy. That's it, then. Thank you. The next question is from the line of Sarang Sanil, from RW Investment Advisors. Please go ahead. Hello, good evening. First of all, happy New Year to the entire team. My first question is the additional marketing expense that we incurred this quarter, was this absorbed in Mappls segment alone and nothing on the IoT side? We don't look at it like that yet. I mean, Sarang- It was absorbed in Mappls. Oh, okay. It was absorbed in Mappls- Okay. to answer your question. Yeah, because you report EBITDA margin separately, so I was just wondering, you know. Oh, my bad, sorry. I said it wrong. Mr. Verma corrected me. It's absorbed there in Mappls app. Okay? Okay. The marketing expenses were to build the brand of MapmyIndia, to build the brand of Mappls, to get more users on the Mappls app. At this point of time, that's what we did. I'm not saying in the future we may change or not. Got it. Got it. Got it, got it. My second question is, could you please elaborate on the revenue model and Mappls KOGO assistant that we are now involved with the auto OEMs? For OEM, our revenue model stays similar. It's part of our N-CASE suite of solutions, and hence we have these per-vehicle and per-vehicle, per year, per-vehicle, per-month fees. So that revenue model in OEMs doesn't change. And then for consumer side, there's a bunch of things. There's a membership subscription, if you want really low prices on bookings, and then there's some commerce transaction-based revenues if you purchase items or, or, or do bookings through, through KOGO, so. Sure. So the Mappls KOGO assistant is just an integration we've done to the existing OEM devices, right? It's more capabilities in our N-CASE suite, so to make our offering more appealing and add more use cases to OEMs, who can then offer such solutions to consumers. All right. So my last question is, I'm not sure if you are allowed to discuss about it, but, we would love to know the status of the planned QIP. Status of? The planned QIP. Planned QIP. Oh, status. The status is simple. On the twenty-ninth of December, the shareholder postal ballot approved it by 99.2% of the 85.5% shareholders who voted. So the company has the opportunity over the one-year period, from now onward or from 29, December onwards, to go ahead with the QIP when everybody is ready, the market is ready, we are ready. That's the status as of today. Sure, sir. Thank you so much, and all the best. Thank you. The next question is from the line of Kshitij Saraf from Tusk Investments. Please go ahead. Hi, good evening, and congratulations on the continued good performance. My question is slightly related to the use of QIP and how you're thinking about investing in the business going forward. So we've had a good addition to the business via Gtropy on the IoT side, and you mentioned the plans on the drone side of the business as well. Just a bit more color on how you plan to invest this going forward would be helpful. Would it be safe to assume that majority of the cash would be used in organic activities that in the past we've relied mostly on bolt-ons? Well, we are talking about it could be a combination of organic and inorganic. We haven't given any numbers to that. For all the three businesses we have talked about, for international market expansion, for the consumer business, and for the drone business. That's exactly what we are communicating to everybody. Okay, got it. That's helpful. Thanks a lot. Thank you. Ladies and gentlemen, due to time restrictions, that was our last question. On behalf of Anand Rathi Share and Stock Brokers, that concludes this conference. Thank you all for joining us. You may now disconnect your lines. Thank you. Thank you, everybody.