Ladies and gentlemen, good day, and welcome to the CE Infosystems MapmyIndia Q1 FY25 earnings conference call, hosted by Anand Rathi Share and Stock Brokers. As a reminder, all participants' lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing the star, then zero on a touchtone phone. I now hand the conference over to Mr. Shobhit Singhal from Anand Rathi Share and Stock Brokers. Thank you, and over to you, sir. Thank you, Steve. Good morning, everyone. On behalf of Anand Rathi Institutional Equity, we welcome you all to Q1 FY25 conference call of CE Infosystems 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 that we will open the floor for Q&A session. Thank you, and over to you, sir. Thank you, Shobhit. I'm Rakesh Verma. Good morning to everybody. The company has shown growth across all the financial metrics, revenue, EBITDA or PAT. It has been a good start for the fiscal year 2025. The revenue grew at 13.5% to INR 101 crore. The EBITDA has grown 14.3% to 42.8% margin, and the profit after tax, PAT, has also grown 12% from INR 32 crore to almost INR 36 crore. If I give the business-wise breakup between Map-led and IoT-led, the total, out of total revenue of INR 101 crore, INR 78 crore was contributed by Map-led business, and INR 23.5 crore was contributed by IoT-led business. The sale of hardware, specifically, I wanted to address that out of INR 8.9 crore of sale of hardware, this number shows less than FY 2024 Q1 of INR 15 crore. Now, this reduction in the sale of hardware was compensated by the sale of services, which grew from INR 7.7 crore in FY 2024 Q1 to INR 14.6 crore. This was by some strategic design on one side, and the second, also, the non-availability of funds to Gtropy, which is our IoT arm. And that has been solved with the approval from shareholders on the ninth of this month. So we'll see now, again, the rise of hardware sales as time goes by. The EBITDA, if you look at it, the EBITDA has gone, for Map-led business, has gone up from INR 36 crores to INR 39 crores year-on-year, and from INR 1.4 crores to INR 3.7 crores for the IoT-led business on a year-on-year, which translates into 15% margin for the Map-led business and 15.7% EBITDA margin for IoT-led business. Now, the profit and loss statement that has been shared with all the shareholders in the stock exchange, one or two small detailed analysis or explanation I would like to give so that you can understand it better. There's an expense area of what is called technical services outsource, and that has gone up to INR 11 crores in this quarter as against it was... Out of that 11 crores of technical outsourcing services, primarily these services costs were incurred to support the revenue, which you find in sale of software of 92 crores. So other than that, the rest of the expenses are pretty much in line with what was in Q4 and what was in Q1. Now, with this little, financial details, I'll ask Rohan to share with you his thoughts and explanations on the various other financial and non-financial part of the business. Good morning, everybody, and thanks, Mr. Verma. As Mr. Verma said, we've got off to a good start in the quarter. A&M revenue grew 69.5%, and C&E revenue grew 16.9%. Basically, new customer acquisition was good across, you know, in terms of upselling, cross-selling, new use cases. I think all of those, we've seen good kind of progress on. When it comes to automotive, it's been interesting. We won a leading electric commercial vehicle OEM, as well as a utility, large utility vehicle OEM, and also a bunch of interesting key go lives across, you know, IC and EV, whether it's the Mahindra XUV 3XO or the BYD Atto 3, and in the two-wheeler segment, you know, electric scooters like Ampere Nexus or the Ultraviolette F77 premium electric bike. Similarly, kind of an advanced eHorizon, ADAS, and advanced EV software, basically, which tells about the road ahead to support autonomy, functions like intelligent speed assist or highway assist, as well as for giving range prediction to consumers. Those have started to see the adoption, and so premiumization of vehicles that is happening, EV or ADAS, you know, is seeing increased adoption of our solutions. Similarly, on the fleet side, you know, whether it's monitoring of mine vehicles for large metals or video telematics for employee transportation, all kind of schools are deploying our solutions. All of that is seeing growth. You know, on the, on the C&E side, growth has been 16.9%, and very, very interesting use cases, whether it's flood modeling, as well as water management, in East India cities. This involves 3D Digital Twin, mapping, which we are doing, as well as go-lives include, for example, the Dial 112 project of UP Police, as well as the prestigious Indian Army, defense project, which leverage our capabilities. But also on the corporate world, there's e-commerce, QSR, delivery and mobility companies which are using our APIs for various use cases like location personalization or address capture. Also in the BFSI and retail sector, multiple companies are using us for analytics, like, you know, credit assessment or store-wide sales prediction, sales analytics for business expansion, et cetera. So I mean, that kind of work, that's, that bodes well. Like we started the year with a INR 1,300 crore open order booked, we are well on track to achieve our milestone that we've set for FY 2027/FY 2028 of INR 1,000 crores and more and more adoption of our solutions, as well as innovations that we're doing in the products set us up, well. We also added in this last quarter this the offering for AI-driven data analytics and consulting for the company, and that gives us more kind of wallet share, closer access and closer engagement with customers, and gives us more reason why customers will work with us. I also want to address, besides the regular business update, something that has come up in the last few weeks. We've tried to stay quiet about it, you know, not making public statements, not responding to media inquiries, because it's a matter we are pursuing legally. But you know, post the quarter results as part of our quarterly media interactions, we were asked pointedly about it, so we had to address it. This is to do with a legal notice that we have served to Ola Electric for breach of terms and conditions of our contract. Just for context for you all, as you know, MapmyIndia has been building digital maps and pioneered this space, and building it from the ground up since 1995, servicing many, many customers. In 2015, Ola AI Technologies licensed and got access to our map data, and in 2021, Ola Electric licensed our APIs and SDKs, or software development kits and application programming interfaces, for their navigation in their vehicles and continue to use us. So, you know, for -- because we have seen certain breaches of terms and conditions, we have started the process or legal process. I'll not comment further on that, just to say that, you know, we are there to defend the rights of our company and our shareholders. And separately, also, let me just preempt, because there's been a lot of noise in the marketplace around competition that is coming up, whether, you know, Ola Maps has been talking about things from the product point of view or from the pricing point of view, as well as Google Maps has also been making, you know, statements around pricing. Two points I want to make. MapmyIndia is the premium map provider in the country, offering the best value to customers. And so we are pretty confident about our market position and, these different dynamics that are at play. Actually, we don't see a risk to our business. We only see kind of it's more noise and more awareness, more adoption happening, and we are, we believe we will be the winners, you know, disproportionate winner in the, market that gets added on due to all this, activity. Just mapping is a very difficult business. It's a very serious business. It requires long-term, expertise, investment, time, capital, and a track record of servicing customers across industry verticals for use cases that stress test the map in different ways for its-... accuracy and usability, and only that creates a map that customers would like to choose. There have been hundreds, if not thousands, of companies globally that have tried to get into mapping. In India itself, there have been tens, if not hundreds, of companies. We've faced competition for the last 20, 30 years. But in the world, you can count on your fingertips 4, 6, 8 companies that have sustained and succeeded, and in India, it is us. So we are there from an accuracy and quality point of view, and also we are not just standing still. We are innovating not just on the 2D side, but 3D, high definition, updation and near real time, so 4D. So many different features, so many different solutions. We are not a single product company, we're a multi-product, multi-industry company, where our maps are being used across the board, and we have solutions on top of it. So we are pretty confident on our competitive positioning. When it comes to pricing, we actually price based on value for customers. It's a mutual agreement, and we don't see an impact of this pricing by at least the foreign players on it, because in any ways we were price conscious. And if you look at kind of the history of other players, sometimes giving it free, sometimes charging, sometimes charging a lot, sometimes reducing, we've been fairly predictable, reliable, and value-based for our customers. In our conversations, this is not something where, you know, we are, we are overtly concerned, but we are deeply engaged with customers. We are also increasing awareness about our products and solutions, because the more that people know about our solutions, we, we feel that, you know, that will give us more market share. I'll conclude my remarks with that. Thank you, Rohan. I guess, Shobhit will take over from here now. 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 your handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shobhit Singhal from Anand Rathi Share and Stock Brokers. Please go ahead. Thank you. So, I have two questions. So first one is, so with the government focus on cadastral mapping, so cadastral maps target of having geo-referencing of around 6.5 lakh villages, of which around 3 lakh Indian villages have been done. So are we part of it, and how to look at revenue flow from this? Sure. Shobhit, this is Rohan here. Yeah, land records and cadastral maps, this is something the government in general over the last, you know, 10+ years, has been focused on. There's both a rural angle and an urban angle to this, and we've been participating in it. This is part of our addressable market. We are quite well positioned here. We are able to do the mapping of land records, not just 2D, but also now 3D with our drone-based digital twin capabilities. We are also able to offer software solutions on top of that through our geospatial platform, whether for, you know, property tax management systems, so that, you know, municipalities can earn property tax based on land records, or through our geospatial platform to help in urban or rural planning. As well as, you know, linking to this ULPIN, which they're calling the, you know, unique land parcel identification number. What we call is Mappls PIN, which is a unique digital address for every place. And so we can link the two, ULPIN and Mappls PIN, so that, you know, anybody can get their land parcel can be uniquely identified and services can be delivered to them, not just the location information. And so there are very interesting ways in which we are deeply involved when it comes to our mapping or software or other solutions in this. And so we are happy the government has put a impetus on us, which will aid in our addressable market and our growth in the time to come. Okay. And then the second question is in IoT. So hardware, so around 42% year-over-year decline in revenue and around 60% QOQ. So what, what led to decline in revenue? Are we facing any challenges here? And typically, what is the gestation period for said income to flow once the hardware is sold? Shobhit, I don't know if I understood your question very well, but let me try. If you think that you didn't get the answer, you can ask me again. See, IoT, we are pretty bullish, and it's going on the very nice track. Like the way from INR 8 crore to INR 50 crore to INR 100+ crore growth you have seen in the last three years since we got serious into the IoT business, this year also, I'm pretty confident that we'll have a pretty good growth in the IoT business. Just don't look at the Q1. I think I tried to answer that right in the beginning, that one was lack of funds with the Gtropy, which we needed to get approval from shareholders, which we have gotten approval now. So going forward, you will not see the, that as a reason for not having the growth. Growth will be there. But the good thing also, if you look at the SaaS part of the IoT business, it has shown very good results. I think it's almost like 16%, something like that. 90% growth in the SaaS business of IoT. Okay, thank you. Thank you. The next question is from the line of Chandramouli Muthiah from Goldman Sachs. Please go ahead. Hi, good morning, and thanks for taking my questions. My first question is just a follow-up on the IoT business. Thanks for your earlier comments on that. So just trying to understand the interplay between the software part of the IoT business and the hardware part of the IoT business. You think that the hardware part is sort of an installed base on which the software bit can be annualized potential revenue there? This quarter we've seen a meaningful pickup in the software part of the business, which I'm guessing is slightly higher margin. So just trying to understand how the interplay between sort of hardware installed base and, you know, software annualized revenue should ideally work in your plans going forward. Sure. Thanks, Chandra, for the question. This is Rohan here. You, you're right, SaaS is definitely higher margin, and, as you said, hardware, we treat hardware as an install base. So when we install the hardware, then, that customer takes the SaaS from us going forward, so it generates those SaaS annuities. So, you know, the more our install base, the more our SaaS revenue will grow. You know, sometimes actually this kind of quarter pause or quarter reduction in hardware just kind of shows you the strength of the SaaS business, also of the IoT, with a meaningful pickup in SaaS income and hence margin. But there's such a large addressable market out there, and we have such great hardware, and we're going deep into the design and engineering of this hardware also, so that, you know, we can make really specialized solutions or app-appropriate solutions for the different segments of the Indian market, whether it's in the auto OEM side, where a line fit win, for example, we had talked about last year, or whether it is in the aftermarket for various sectors. You know, there are so many sectors where IoT can be useful, energy, logistics, mobility, you know, consumer gadgets. So there's a huge headroom. We are very excited. Keep this quarter as a one-off when it comes to hardware. We are very focused on growth of the IoT business, and they both kind of support each other. SaaS anyways, will keep happening, and then as hardware base grows, SaaS further gets that fill in. Got it. That's helpful. My second question is just on the INR 1,000 crore target that you've set for yourselves in FY 2027-28. That would imply sort of mid-30s to maybe 40% annualized top line growth. Just looking through your financials over the past 3 years, it looks like 1 out of 4 quarters, sometimes because it's a B2B business, might be a little slower versus that run rate. So just trying to understand, in FY 2025, how to think about, you know, that, slight lumpiness in the business. Is this sort of the one-off quarter that you foresee in your business planning for FY 2025? And do you see, you know, the balance 3 quarters as being on track for that, you know, 35%-40% growth target that you've set out for yourselves? Chandra, you're right. Like, if you look at... I mean, let me answer it in a nuanced way, actually. So, if you look, we're our revenue is predictable based on our open order book, right? And so you've seen over the last few years, the track record of our open order book and new order bookings. That has grown significantly. I mean, you know, it was INR 1,300 crore at the beginning of this year. It was INR 900 crore, if I'm not wrong, the year before, and the year before, I think it was INR 700 crore, 699 crore. So, and, and that will all add up into revenue in the coming time. So that's what makes us fully, you know, very confident, fully confident of achieving our revenue milestone of INR 1,000 crore by FY 2027, FY 2028. In our business, this is an annual business, as we've explained before. Yeah, it, there can be lumpiness, so quarter and quarter movement can be there from here and there. We are not concerned overly about it, because we know if something doesn't work out in a quarter, it will work out in the coming quarters. So in that sense, I just want to give that, I mean, reiterate that we are, we are confident about our revenue milestone, and the business is building up in that direction very nicely. Got it. That's helpful. And my last question is around the Hyundai contract that you've discussed over the past couple of quarters. I think there was some commentary in the investor presentation for this quarter that there was a ramp down in some of the older contracts. So just trying to understand, is the ramp down related to some of the older Hyundai business ahead of the pickup? And when exactly would you say the new Hyundai contract, I think the INR 400+ crore that you mentioned over a period of time, when exactly is that flowing through into your business planning? Yeah, Chandra, you're right. We, this ramp down was in fact, with the old program of, Hyundai Kia. So, and the ramp up has actually begun. If you notice all Hyundai Kia cars on the road currently, in fact, actually have already switched MapmyIndia on, which were on the road, and even their companion app now has MapmyIndia. So we are very excited and grateful to Hyundai. It's the most, one of... if not... the most, one of the most advanced automotive players when it comes to technology, and they're fully leaning in to all the advanced tech for what we call N-CASE for the next generation. And we have a very close and strong relationship with them. So, Q2 ramp-up of the next generation has begun. And, you know, over the course of time, you know, this, fairly lucrative contract for us will, will unfold in terms of revenue. Got it. Thank you very much, and all the best. Thank you. The next question is from the line of Ikshit Naredi from Naredi Investments. Please go ahead. Um, hello? Yes, sir, please go on. Yeah. So my, like, my basic question is on business, so on our Map-led, like, business. So, like, I have a question. My first question is: Why your maps are not updated with current geographical changes? Like, I think it's 6-7 months older, I think, and if you talk about the geographical change. And, my second question is, why your maps are not work through Apple CarPlay or Android Auto? Can you please guide me with this? Sure. I mean, if you use Mappls app, it actually fully works with Apple CarPlay and Google Android Auto. Maybe we can take it offline to discuss, you know, what specific issue you are facing, but a fair number of consumers are using Apple CarPlay and Android Auto compatible Mappls app and quite liking it. And again, on the map update point, you know, actually, we have the most kind of agile way of updating our maps. We call it real-time rich. And so when a new bridge opens up, or a new road opens up, or a new place is inaugurated, it is first on MapmyIndia's map. Of course, you know, India is a very vast country, so there could be places here and there, for sure, which are not updated. But the moment we get to know, and we are continuously proactively tracking through all sorts of methods, you know, automated and semi-automated, based on our customer usage and our consumer usage, our own teams', you know, data acquisition, pipeline surveys, et cetera, you know, we are able to kind of ingest, I mean, first validate, then ingest, and then publish immediately. So any specific kind of, you know, map feedback, if you have, or if it's related to some specific car, which was an old car of an OEM, which didn't have internet, you know, the earlier generations, those may be the reasons why you might be seeing old geography generically. But otherwise, if you're using Mappls app, I mean, or our connected automotive solutions that are coming to market or our APIs, you're getting, I mean, the most frequent map updates. Okay. Okay. And my last question is, like, if you talk about the Ola Maps and Google Maps, all things, do you think there's any pricing pressure on us or in future or maybe like, if we talk about, is it easy to switch your customers to the company, like Ola Maps or Google Maps? Can you please comment on this? Is it easy to switch? Yeah, I kind of in my opening remarks, talked about it. See, one side, if a product is really, really bad, the product option for the customers, then regardless of the price, customers are not going to take it, right? So that answers one kind of competitor. And the second part is, you know, we've been dealing with competition for so long. And, you know, competition has been pretty arbitrary with pricing. But as we've kind of stuck close to the customer and price based on what value we give to the customer, and it's been of mutual agreement. So, you know, obviously the response on pricing for the foreign company was not to a new entrant who just came a month ago. I don't think the big tech companies are that agile. It's obviously a response to us, and yet it's not, it probably doesn't go enough, but that's the best that they could do. And I think we are fairly close to our customers. They're fairly confident and happy to continue working with us. And I think some of these things show these pricing activities show a little bit, you know, the hand that others believe their products are not actually strong enough that they have to use such drastic pricing as a lever. And the second part is, how easy is it to switch? It's not that easy, to be honest, depending on how deeply integrated the solution is in a use case. And so MapmyIndia tends to work with fairly large enterprises or large tech companies, you know, who actually have the ability to pay meaningful amounts of, of money. The solutions are deeply integrated. This also means, of course, when you are in new customer acquisition mode, you know, we also have to work hard to, to migrate, customers from another map, to, to ours, and that's kind of our, B2B, enterprise life cycle journey. So is there an immediate threat or, or even a medium-term, long-term threat to our existing customer base? No. Based on our value of our product and the pricing and the whole value proposition, do we see us getting a meaningful share out of the growth in the market? Answer is yes. Okay. Okay. Okay. Thank you, sir. Thank you. Anyways, sir, we believe in you and believe in our company, so all the best. Thank you. Thank you. The next question is from the line of Moez Chandani from Ambit Capital. Please go ahead. Yeah, good morning, and thank you for taking my question. My question was more on the partnership that we had with ClarityX. So just wanted to see, have there been any incremental revenues coming in from this partnership already? And then also, how do the revenue and profitability sharing agreements work in this partnership? I think Rohan talked about, you know, MapmyIndia is keen to develop its AI-based data analytics and consulting business. Now, you brought ClarityX into the picture. The idea of ClarityX is to provide that kind of an activity so that MapmyIndia's business grows. That's the fundamental relationship between MapmyIndia and ClarityX. Right. The revenue is accrued totally to MapmyIndia, and the profits accordingly. Okay. So all the revenue is accrued directly to MapmyIndia on this? Yes. All right. Understood. And secondly, on some of these new initiatives that we've talked about earlier, international markets, drones, as well as consumers, any updates in terms of growth there or any incremental revenue contribution or new projects that we've seen here? On international, actually, yeah, things are building up quite well. We'd say that, you know, in the next couple of quarters, you'll hear some serious announcements from us. So, I mean, I would say stay tuned for that. It's very interesting. We're quite bullish on international. I think we're quite well positioned. On drones, yeah, things are very going quite well. You know, more and more of our solutions, whether for government or for infrastructure clients, warehousing clients or public sector, private sector, you know, this whole 3D digital twin mapping is picking up. And the fact that, you know, we are full stack drone solution provider. We're even going deeper into design engineering when it comes to drones. So, you know, besides the fact that obviously we have a geospatial platform called NGIS, fully in 3D, 3D maps, other kind of abilities, our IoT. So it does, I mean, so it is, it is building up well. Of course, it's the third pillar of our business. It's coming up soon. And so just the way you've seen IoT grow, we are quite, you know, bullish about how the drone-based business will grow in the time to come. And finally, on consumer, you're seeing consumer adoption just increasing rapidly, whether for Mappls app or Mappls gadgets, and there's a whole host of kind of announcements or product enhancements that we'll be talking about it. And so, yeah, these are what we are, three things that we are doing for the various long-term. We're working hard and passionately and enjoying it. You know, making good things, innovative things, unique things, valuable things for customers and users. Got it. Thank you. Thank you. The next question is from the line of Anmol Garg from DAM Capital. Please go ahead. Hi, thanks for the opportunity. I had a couple of questions. Firstly, from the last two quarters, we are seeing increase in the technical services outsource cost. If you can indicate what this pertains to, and what can be the normalized level that we can expect for this expense? It was so, majority of it was related to the projects for which we have earned revenue, which is shown in the financial statement. So these are from time to time, depending upon the projects, such costs get incurred. We do not want to build that kind of, by increasing the people within the company, because they are project specific. So if you're asking the question, what kind of this cost will happen in the future? It will depend on the nature of the projects that we take, undertake and try to convert it into revenue. Sure. I'm sure. Secondly, just a continuation on the Hyundai and Kia contract. So as contract comes into queue, can we expect a strong increase in auto revenue going ahead, in second quarter? And also, in continuation of that, in this quarter particularly, so if you include the IoT business as well, then, it looks like that the auto business actually grew ex of IoT, despite the Hyundai and Kia impact. Is my understanding right, overall? See, I mean, Anmol, like we've said, we're not a quarter-on-quarter business. Look at us annually. It'll, it'll help everybody understand us better. So obviously, directionally, the fact that Hyundai, Kia has gone live, you know, that, that will start building up the revenue, and it's, it's a fairly large amount over a period of time. So I don't want to kind of say quarter-specific. On the IoT side, as Mr. Verma explained already, you know, the, the, there was a reason why hardware sales were reduced by design. And, and obviously that situation has changed now. And so, so overall, the ANM was still good. You know, considering the ramp down of various programs. And so I don't want to go into specific customers, and because of that, what the specific impact is on revenue, because we have a portfolio of customers across that. Sure. Thanks, Rohan. That's it for me. Thank you. The next question is from the line of Abhishek Kumar from JM Financial. Please go ahead. Hi, good morning, and thanks for taking my question. First is on IoT. You know, I just first wanted to understand, you know, given that the fund approval has come just last week, and that means essentially almost half of Q2 also gone. So are we looking at a softer Q2 also, or is there kind of a pent-up demand in hardware, and we can make up, you know, for the lost time in Q2? Yes, if you are looking, thinking that, is that business lost? Answer is no. The business also has, you know, you can keep it alive, and so going forward, now that the funds issue is not there, you will see the increased hardware sales also happening. Because as Rohan also pointed out, that the more the hardware we sell, the more the SaaS revenue for the future happens. So I don't think there is anything to worry about IoT business growth from the last year, wherever we were at INR 100 crore, you will see the good growth in that in this year, too. Okay. Second, on the SaaS revenue itself, you know, my understanding was that it's kind of sticky on the installed base. So I was a little surprised at the sequential decline from Q4 level of the software revenues. So is it because, you know, some of the hardware where we have given a kind of annual subscription were not renewed? And if that's so, if you can just give us a percentage of retention? That's not exactly true, because along with the hardware, also some SaaS revenue happens. No, I understand that, but if, if it was INR 18.5 crore last quarter, that must be linked to some hardware which is already sold. So a decline from that level, I'm just curious. Okay, so now, as I said, part, some of the hardware... The hardware also sales happens in couple of different ways. One is with the, with the, software subscription, the other is without software subscription. So when, unless until one digs into the details, you will not know. In my mind, I don't think it has gone down from the subscription level. You should look at it at an annual basis, not quarters. I mean, this is not necessarily a quarterly subscription. It could have been, that it is an annual subscription also, which might have gotten a fillip to the Q4. Okay. Okay, understood. Fine, and one maybe last question. You know, we have, you keep saying that we should look at it on an annual basis, the revenue. So while we have a 35%-40% kind of revenue CAGR to achieve our target, every year, from now till FY 2027, 2028, you know, should we look at the growth in that ballpark, 30, 35%, or it's more like a back-ended, kind of, revenue, that we are looking at to achieve our INR 1,000 crore target? I mean, it's like we said, I mean, look at... I think I talked about this earlier. You look at the open order book, how it's progressed from INR 700 crores to INR 900 crores to INR 1,300 crores. Fairly predictable, you know, that the revenue will grow based on these open order book growths as well. So we have the confidence, we are saying it again, again, and again, that we will cross this revenue milestone by FY 2027, FY 2028, of INR 1,000 crores, and business is building up in that. We don't want to give, you know, specific guidance on specific dates beyond what we have said. We were focused on executing fully, and things are looking good. Understood. Okay, that's helpful. Thank you. I'll come back in the queue. Thank you. The next question is from the line of Nitin Sharma from MC Pro Research. Please go ahead. Yeah, morning. Thanks for taking my question. So firstly, can you please talk about how big is this 3D Digital Twin project is, and how much time will it take you to complete it? Sorry, Nitin, we couldn't hear the question clearly. Yeah. So, can you please talk about how big is this 3D Digital Twin project is, and how much time will it take you to complete it? Oh, okay. No, as I guess, kind of specific customer, we probably can't talk about, you know, size, et cetera. I mean, there's sometimes a stock exchange requirement because of which we have to do, but on our own, we are, you know, we are... If it's not required, we won't talk about individual customers. But yeah, project is very interesting. It's to help in kind of modeling flooding in the city, which obviously means that it has to be 3D map, because you need to see, kind of, you know, where water builds up and where water can flow out from. Complex project, geospatial project. and 3D mapping of that, getting a 3D digital twin of that is required, and we have all the capabilities, you know, across, you know, ground-based or, or even, like, inside water-based and, and of course, aerial-based capabilities, to do that, from data acquisition to processing to kind of the, the, the platform. So yeah. The rough timeline for this project or any project of a similar nature in your understanding, and with related to it, have you based on your conversation, do you think that this whole flood situation in many cities opens opportunities for you from other state governments are looking for similar solutions? They're huge. I mean, yeah, typically projects. I mean, again, won't talk about this specific, but you can imagine a couple of quarters these take. It's not an overnight solution to do all that. But you know, couple of quarters. Couple of years. And not a couple of years either. These are like, you know, the type of projects we tend to take, we've always said is, you know, things that we can chew, things that we can deliver, things where customer will pay us. We are fairly picky in what we focus on, or at least we try to be. Yeah, you know, each of our use cases are applicable, and that becomes very interesting. So each of these opens up more opportunities for, you know, other cities and other flood-prone areas. And that will be the endeavor, you know, to kind of, you know, show that, you know, we could do it here, so we can do it somewhere else, and that's how the business will grow over time. If I can squeeze in a small question. So, the 40% EBITDA margin guidance previous to you, is it intact, right? You're talking about the EBITDA, EBITDA guidance? EBITDA- Yeah, yeah, right. Margin guidance. See, there, there's like multiple parts to our business, right? You know, that's a high margin business from a maps SaaS, PaaS point of view. But we also want to continuously invest in our products, you know, to keep making innovations like, you know, cutting-edge innovations, which are world-class. I mean, we are not stopping at just making a good enough product or a bad product. So we really want to make, you know, products that are superb. So. And we have to invest for that, we want to invest for that. And the other is that we really do believe that, you know, one of the things that will unlock growth for us is more people getting to know about us and our solutions. And so we are starting to do that activity. You may have seen recently. I mean, it's not a Q1 topic, but you may have seen recently in the India, Sri Lanka kind of ODI series, we are very prominently placed as a sponsor. And so more people knowing about us will make them curious about what we do and give them trust that we are large enough for them to entrust us with, you know, the their time and their money and as a consumer or the enterprise. So there's a bunch of investment we wanna do in products and marketing to unlock further growth. So, you know, EBITDA is an outcome of that also. And so I don't want to kind of say a specific number, just that, you know, we, we, we have this mind that, you know, we are profitable doing business, and we're working towards that. Understood. Thank you. Thank you. The next question is from the line of Vidyadhar Ginde from Som Asset Managers. Please go ahead. Yeah, thank you. So my first question was that in your annual report, you have discussed in detail about addressable market size in various areas, such as drones, as a service, drone solutions, defense, B2C, digital maps and services, et cetera, a lot of, MEA map markets and SEA. So, and given what is the addressable market size improvement, likely increase, likely up to the, 2030. So how should we understand this? That is this also like, I presume, this will also start contributing to revenue over the next few years and probably will contribute something to your revenue by FY 2027 and FY 2028, when you are targeting INR 1,000 crore of revenue. So should we expect that the said revenue to come from these new areas, to go to INR 1,000 crore? Or if anything comes from these areas, it will be, it will take your revenue to a level higher than INR 1,000 crore. And would you also, at some stage, give us more clarity, just as you are given on your roadmap to INR 1,000 crore from the areas which you had mentioned. Will you, at some stage, give us, roadmap, of revenue from these areas, also, so that we have much better clarity on, your overall revenue? Business is ongoing. Product technology and innovation is also ongoing. So when you think like that, and a year back, we had given our roadmap of INR 1,000 crore, we drilled it down that where and how it will happen. Now, do we have all the contracts, orders that will, that will give us that INR 1,000 crore today? The answer definitely is no. But I guess we look at the holistic picture and then say that this is how the big market is there, and within that, we carved out our addressable market, and within that, we mentioned that we would like to achieve a INR 1,000 crore. Now, that's a very good milestone we have set... for ourselves, and we have communicated to every investor. So whether it will come from the new one or whether it will come from the existing one, there's nothing like that. Existing one is only that INR 1,300 crore open order, if you want to think of. But every year, like from 699, 700 to 900 to 1,300, we built up. The team, business team, the sales team, is building continuously more and more orders every year. So that's how the business is run. I hope you will understand and appreciate that. No, no. What I am saying is, for example, the roadmap which you gave us of your INR 1,000 crore certainly did not include B2C digital maps and services, the advertisement, in-app advertisement, as well as going or doing MEA, going to MEA and SEA to do maps. I presume you will do that before FY 2027, FY 2028. So that was my question. So if you could, because the- Today, we have not given any indication for that B2C advertising or, or whatever you are calling it. We have not given you that. Now, and we have not said that the, that we will be earning revenue from that. If we earn, we'll let you know that what, it, that, that it is happening. As of today, we are not making that statement. So are you saying that these are unlikely to contribute significantly to revenue by FY 2027, 2028? I think we've answered the question well. I mean, I- Okay. So my second question was on this ClarityX thing. From the answer you gave to one of your earlier questions, suggests that in this partnership, the entire revenue will go only to, MapmyIndia, and nothing to ClarityX. Is that correct? Yeah. MapmyIndia is going to generate the revenue from it. MapmyIndia is selling these solutions. See, if you look at it from MapmyIndia's angle, we're a product and platform company, meaning that we are selling our maps, our softwares, our APIs, et cetera. But at the end of the day, we want to solve customers' problems. And if we, as a company, have our DNA being product and platform, you know, but customers need solutions. And where the customer needs analytics and consulting, this is more bespoke and more professional services. And then there are other expertise also that is required, which are these AI models for analytics, where, you know, geospatial data is only one component. There might be other, other components, too. So these two companies together, MapmyIndia and ClarityX, can deliver on a larger set of needs of customers, I mean, in the specific area of AI-driven analytics and consulting. So for MapmyIndia, what it does is it, it increases our basket of offerings, so we can have a higher wallet share, and we can be closer to the strategic planning and monitoring of the customers. It gives us more opportunity to upsell and be engaged, but we don't have to build that delivery capacity around that, for which ClarityX is building that, expertise, and we have good, strong, close collaboration with. So revenue will of course accrue to MapmyIndia, and that's kind of what will help grow the business. Thank you, sir. Let's move to the next person. Yes, sir. It's from the line of Deepak from Sundaram Mutual Fund. Please go ahead. Yeah, thanks. Sir, earlier you made a comment on, you know, Ola Maps and that the product quality is not up to the mark, and Google Maps, there is no pricing consistency. Okay, and whatever is happening in the mapping space. So can you please explain with a small example, let's say, taking an auto-complete or a direction map APIs, what could be the pricing differential between, let's say, Google Maps, or Ola Maps or you, on an API basis? I mean, what is the price differential? Post this- I mean, I first of all, so I think anybody who's using that map or the m- products that power that map, I think first you should talk to them or try it yourself, and then figure out whether it's even worth the time, forget about the money. So I don't want to go into kind of comparing to a product that has no track record and... Just look and just search on Google or Twitter on what people are talking about it. I mean, it's-- I don't think it merits too much discussion. You know, now, when it comes to Google, which is a serious player in this space, you know, there are customers using them. You know, I think we are much more agile as a company when it comes to providing solutions and providing value. So if it's taken so many years for this big tech company to respond, you know, in one way, you know, whether it comes to pricing or even product, I mean, I'll just give you that example. You know, we launched 3D junction views. Actually, it's been there in our automotive product for many, many years, actually starting with BMWs and Hyundais and all of that for, like, 5, 7, 8 years. But people started to take note of it with Mappls app 2 years ago, you know, as Mappls app became popular, and people just really loved the feature. Now, we noticed that, you know, just in the last month, they announced a feature called Flyovers, where, you know, it verbally tells you, "Take a flyover." Now, India is. First of all, it's not just flyovers. There's not one type of flyover. There are, like, complex flyovers in India. There are underpasses. There are other complex intersections. So I would say this is a very weak way of solving the very specific needs of Indian customers in a way that we give the 3D junction views, where you visually see realistically what that junction is going to look like and which turn you have to take. So I mean, we are just much more agile, much more hyperlocal. We understand the nuances of customers, and so pricing wise also and product wise also, I think we offer better value. Of course, we'll have to fight it out. It's a competitive market, all of those things. And, you know, those are what we are doing. And then there's a whole host of solutioning that we do around maps that these other people are far, far, much further back, because over 30 years, we've innovated so many solutions, that there's so many use cases where they're not even a factor. So it's a small fraction of our business where we intersect with these players. And even in that small intersection, I think we are fairly well, placed. I mean. Okay. Thank you, sir. All the best. Thank you. The next question is from the line of Amit Chandra from HDFC Securities. Please go ahead. Yes, sir, thanks for the opportunity. So my question is on the continuation of the competitive intensity that you have mentioned. So, in light of the higher competition, how do you see the margins of the map segment? Obviously, we have known that we have seen that it is around 50%, but with higher investments that you're planning in terms of technology, can we see some contraction there over the longer term? And also, in terms of pricing, obviously the pricing we have, you know, and we have a very high market share in the auto segment. Have we ever seen the OEM asking for any pricing discount, or we believe that the pricing that we have is still very low and there is a scope for improvement there? If you're talking about the auto segment, auto OEM customers typically go for 4-5 years of contract. Okay? So now the earlier Hyundai Kia agreement or contract has ramped down, and the new contract is in place, and the revenue has started this quarter. So it's not that every day we sit down with auto OEM customer for negotiating or not prices. Now, we are always providing through our N-CASE solution, some upselling. Now, if there's an upselling some new features, then we sit down and negotiate an additional or addendum, whatever you call it, to that agreement. So that's how the automotive OEM is happening. Now, I don't know if you are talking about the pricing for the one Google type of competition versus the new entrant. The new entrant is giving everything for free. So let that, let that happen. Let them do it. And any serious user, I doubt, will ever think of using something which doesn't work. Coming to the other one, who have reduced the prices, I don't think we are very concerned about that either, because as Rohan said before, that probably they were responding to our pricing, and that's what took them that time. It's just a matter of coincidence, at the same time, the new entrant also talked about it. Just like the nuance of that pricing is, you know, for small customers, it's a headline number, it's misleading. For small customers, that discount is 70. It's actually up to 70. For large customers, there's no change. So, you know, there's too many still marketing versus, you know, actual, you know, kind of on ground, there's differences. So I mean, just like for small developers who have very low propensity to pay, very low volume, very low value, you know, we also have free plans. I'm just, you know, we are cognizant of it, we are watching it carefully, and, you know, we are addressing what has to be addressed. Also, is there any, is there any clause of any volume-based discount? Because now we have the dominant market share. So as the volume increases, is there any chance of any, on a pricing-based discount that the OEM can ask? Because we have seen that happening, with other players and, who work very closely with OEM. So, automotive is a different market, and this API and developers is a different market. I, I'm sorry, maybe I should have been clear. This pricing that these people have done is to do with API and developer market. It is not a relevant topic in the automotive OEM space. Okay. Okay, sir. Thank you. Thank you. Ladies and gentlemen, that was the last question for today's conference call. I would now like to hand the conference over to the management for their closing comments. Well, I would like to thank all the participants, and I would like to say with a high level of confidence that we are pretty much on track, and year FY 25 has started on the... in a nice way. So let's hope that we continue doing a good job in the years, quarters, and years to come. But again, the last small statement that please look at us on a year-over-year basis, and this quarter-over-quarter, we will happen through either lumpy or whatever reasons. So that's my request to all of you. On behalf of Anand Rathi Share and Stock Brokers, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.