Ladies and gentlemen, good day and welcome to MapmyIndia Q4 and FY2025 earnings conference call hosted by Anand Rathi Shares and Stock Brokers Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shobit Singhal. Thank you, and over to you, sir. Good morning, everyone. On behalf of Anand Rathi Institutional Equities, we welcome you all to Q4 FY2025 conference call of CE Info Systems Ltd. We have with us today Mr. Rakesh Verma, Co-founder and Chairman of the company; Mr. Rohan Verma, Managing Director, Mappls DT Private Limited and Geotrophy Systems Private Limited, which are subsidiaries of the company; Mr. Anuj Jain, Chief Financial Officer; and Mr. Saurabh Somani, Company Secretary and Compliance Officer. I will now hand over the call to Mr. Rakesh Verma for his opening remarks. Post that, we will open the floor for Q&A session. Thank you, and over to you, sir. Good morning, everybody, and thank you, Shobit, for organizing this call. I would like to start saying that strong growth in Q4 FY2025 and a good fiscal year overall. The board was pleased to express our gratitude to all shareholders by declaring a final dividend of INR 3.50 per equity share of INR 2, each at the rate of 175% for the FY2025. In Q4 FY2025, revenue increased by 34% year-on-year to INR 143.5 crore, and EBITDA rose by 47% to INR 58 crore, and PAT grew by 28% to INR 49 crore. EBITDA margins in Q4 were 40%. For FY2025, revenue rose 22% to INR 463 crore, EBITDA rose 15% to INR 179 crore, and PAT rose 10% to INR 148 crore. EBITDA margin for the full year FY2025 was 39%. We are happy that momentum picked up in Q3 and Q4 FY2025. Our map-led business EBITDA margin remains healthy at 47%, and our IoT-led business EBITDA margins expanded from 12% to 14% in FY 2025 as product mix improved and SaaS income increased. Our open order book grew to INR 1,500 crore at the end of FY 2025. Our order book achievements give us further confidence that we are on track to our stated milestone of crossing INR 1,000 crore revenue by FY 2028. Our consumer tech and enterprise digital transformation C&E revenue grew by 30% year-on-year to INR 252 crore, and automotive and mobility tech business revenue grew by 13% to INR 210 crore. Our map-led revenue grew by 29% to INR 345 crore, and IoT-led revenue grew by 5% to INR 117 crore. Our new licenses in automotive increased to 3 million plus in new vehicles, be it four-wheelers, two-wheelers, EVs, as against 2.5 million during FY 2024. Further, the number of new IoT devices installed, rented, and sold additionally during the year were 210,000, as against 290,000 in FY 2024 due to a strategic shift in focus towards SaaS revenue over hardware sales. We acquired new B2B and B2B2C customers, including many businesses and enterprises across industry verticals. Customer diversification, deconcentration, and retention continued to trend healthy. We have also started to build revenue from the Southeast Asian market in alignment with our JV company, Teralink Technologies. We are happy with the results of our prudent marketing efforts, which led to our crossing the milestone of 30 million user downloads of the MapmyIndia App, and see this as a foundation for future potential consumer business. B2C expenses for consumer business were controlled in this quarter, while we are, of course, continue to relentlessly innovate and invest in enhancing our existing products and technologies and working on further revisions. With this, I would like to pass on to Rohan Verma, who would give you more insight into the government business and the IoT business. Good morning, everybody. This is Rohan here. Thanks, Mr. Verma. We see large market opportunities both in government as well as in IoT. When it comes to the government, the way that MapmyIndia is positioned and for which we are carving out this space for our wholly-owned subsidiary, which was called VIDTEQ, we have renamed it to Maples DT, DT standing for Digital Transformation, Digital Twin, and Defense Technologies that we have been and can at a much larger scale provide to the government. Remember, we are positioned as a product platforms, APIs, and solutions company. In that sense, we are able to get high-quality business, which is impactful for the government as it goes about nation-building. The other part of the market opportunity that's quite exciting for MapmyIndia as a whole, as a group, as a set of group companies, is the IoT space covering both mobility SaaS and logistics SaaS, whether for people or goods movement. There are large opportunities there, but they have to be addressed in a prudent manner. For that, I have taken up the MD role in Mappls DT Private Limited, a wholly-owned subsidiary of MapmyIndia focused on the government business. I have also taken up the MD role in Geotrophy Systems Private Limited. It's a 76% owned subsidiary and is serving currently as the delivery arm for our IoT business of the group companies and also is focused on logistics SaaS opportunity. Thank you very much, and we'd be happy to take questions, I guess. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. 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 Mr. Shobit Singhal from Anand Rathi. Please go ahead. Thank you. Congrats, sir, on a good set of numbers. Sir, my first question is, how much of your order book now constitutes government orders? Because if I see your technical and outsourcing cost has almost tripled in FY2025 from 2024. If government orders are increasing in our overall order book, will this cost remain elevated going forward as well? In that sense, what is your margin guidance for FY2026 and 2027? Thank you. Wonderful. Shobit, this is Rohan. Yes, since government business, I'll, on your question, I'll answer it. In the last year, government business was, as a whole, from a revenue point of view, was in that range of 20% of the overall business. From an order book point of view also, I would say from a new orders point of view also, it was in that similar margin, similar% basis. Like I said, the government business or the market opportunity is fairly large. We are very differently positioned than other players in the government space. While other players are primarily services businesses and are, I would say, relatively in a weaker financial position from a type of business they're getting and how they're executing, we are product platforms, APIs, and solutions. Just to answer, one example is that we are not just talking about digital twin as a service, but digital transformation as an overall platform for all industries or all the segments of government, center, state, and local, to use us for a very wide variety of use cases based on MapmyIndia's products and solutions. On the other extreme, defense technologies, obviously, that is a big theme in the last few weeks that has come about. MapmyIndia has been working very closely with different arms of the government, which are defense and emergency response or law enforcement related, covering the domains of AI or signals or, like I said, emergency response based on a wide variety of solutions. I think this bodes well for the opportunity, but also we will be prudent in how we take that opportunity forward. Okay. The second question is, we are now halfway mark currently to our guidance of achieving INR 1,000 crore of revenue by FY2028, which means that we need to do around 30% growth in the next three years. What makes us confident of achieving that target, given that our A&M revenue has contributed around 45% now? That growth has actually slowed down since the last three years from 40% in FY2022 to 22% in FY2024, and now 13.5% in FY2025? You know, when you're talking about 30% growth, average CAGR, what confidence we have, this is not just for automotive. It is all inclusive. That's point number one. The second is the automotive business from the international operation is going to kick off. The JV has been formed. Certain revenues have started coming. I think it's a matter of one-two years where you will see a good automotive revenue from the international market also. Okay. Thank you. I will join the queue later. Thank you. The next question is from the line of Chandramouli Muthiah from Goldman Sachs. Please go ahead. Hi, good evening, and thank you for taking—good morning, and thank you for taking my questions. My first question is just around the mix of growth we've had this year. We have done close to 22% year-over-year growth for the full year. It appears that initially, I think at the start of the year, we would have thought IoT would have driven most of the growth. I think with the shift in focus on some of the SaaS revenue, it looks like it is the map-led business which has driven most of the growth. I think at the start of the year, we would have thought that EBITDA margin might be trending more moderate over the next three years heading into FY2028 because of IoT being the primary growth driver. Just going forward between now and 2028, do we expect IoT to remain the mainstay of growth, or is the shift in strategy now a little more focused on map-led higher margin growth? In that context, if you'd comment a little bit on your 35%-40% EBITDA margin range, how we should think about that as the new strategy sort of takes shape? Let me say a few words on the map-led, and then I'll ask Rohan to talk about what he's thinking about the IoT-led growth. See, the map-led growth of whatever we have achieved so far, if 30% in C&E and 13% in A&M has been responsible to create a growth of overall 22% because IoT was only 5%. Agreed. Going forward, the A&M and the part of C&E, which is the private sector, is expected to keep growing along with the international automotive business. We do see a good growth in this area too, which has a higher EBITDA margin if you are thinking like that. The IoT and government, Rohan can explain a bit what is his strategy short-term, mid-term. Sure. On the government, I've kind of talked about it before. I mean, we are going after that in a prudent way. We do expect significant growth from government side as well, but we have to balance it out with impact on financials potentially. IoT, actually, the opportunity is quite large. Whatever our assessment is of the last year, while we are very—actually, we are very happy with how the MapmyIndia core businesses of automotive, corporate, and government have been driving good growth in the IoT area as well, meaning that they are selling IoT well. That momentum will continue with a lot of IoT opportunities, led opportunities coming from these three areas. There's a particular reason why I've gotten into the subsidiary to look after the operations, the business, etc., because we feel there are opportunities to improve. That's a good thing. I mean, overall, if you look at IoT-led margins, actually improved in the years, but definitely growth was impacted. The good thing is the SaaS revenue keeps going up. So that's the culmination of both work done before and also in years by all the teams to kind of keep growing the SaaS revenue. At the same time, to get growth, you have to do both new hardware sales, which will result in future SaaS revenue, but also SaaS revenue because that's where the margin is. It's a relatively delicate balance. Again, we have to look at fixed costs. We have to look at variable costs as well as we have to look at growth. I would say this is in the short term, I'm looking at into how to make sure that the IoT business, specifically the part that the subsidiary is playing, how that business is put on a right path so that based on the right foundation, then growing it is strongly additive. In the long term, our thesis on IoT stays very positive. Got it. That's helpful. Just as a follow-up to that, if you're able to share, in this current environment where we are focused on growing SaaS, is there sort of a rough estimate of what SaaS revenue is as a percentage of our total company revenue and how that has been trending over the past couple of years as the strategy has been taking shape? IoT-led, we do break out SaaS and hardware, Chandru. What it is, is in FY2025, IoT-led SaaS was out of INR 117 crore of IoT-led revenue, INR 64 crore was from SaaS. This is versus. Almost 50%. Yeah. Yeah. It is about, yeah, maybe slightly more than 50% or in that 50% range, which was less than 40% the year before. Out of 112, it was ₹ 45 crore. So there is clearly a shift in the SaaS revenue in the last year. And the SaaS kind of is an outcome of previous hardware sales, but also a lot of the business that we are doing now is SaaS-led in the sense where we rent out the devices along with the SaaS. That is why we talk about new—I mean, we talk about selling or renting out IoT devices. Got it. That's helpful. My second question is just around the Indonesia business. I think you did indicate that it started contributing some revenue this quarter. I think on the presentation, there was maybe an INR 28 million loss at the net income line from that particular entity. Just wanted to understand over the next few quarters, when you expect the losses from this entity to get plugged. In your initial comments of over the next couple of years, you see meaningful contribution potential from this entity? I think the international JV is actually going quite well. It is actually a business development phase right now. We think that towards the end of FY2026, this share of loss should start going down. That is what our assessment is. Right now, you are seeing kind of a—we saw a INR 28,000,000 impact on our back due to the share of loss. As their revenues start coming in on their somewhat fixed cost base, by FY2026 end, we think that there should start being a turnaround. In the long term, in the five-year journey, it is going to be quite an incredible opportunity. Southeast Asia, for all intents and purposes, is a mirror of India in many ways, different, of course, in many ways. That is why we have taken this JV with Hyundai Autoever approach. The market opportunity in Southeast Asia is we see an equivalent opportunity to India. I think we are one of the strongest players jointly as Teralink Technologies to take up that market opportunity. Got it. I have more questions as John back to you. Thank you very much and all the best. Thank you. The next question is from the line of Abhishek Kumar from J.M. Financial. Please go ahead. Yeah. Hi, good morning. And congratulations on a good quarter. My first question is on the order book. We have seen significant improvement in fixed price order. I'm assuming some of it is because of the higher government order share. My question is, is it—I mean, how do we infer this? Does it mean that it's more lumpy now, or does it also mean that it could be more predictable given it is not linked to volumes? So that's my first question. Yeah. Your last part, you are correct. It will be fixed price gives you more predictability. No doubt about it. The other part, you thought that it was government linked, not necessary. Even in the private sector, automotive and not automotive so much, corporate definitely, the fixed prices help us a lot in planning our business, which are mostly related to the licensing of map data. Okay. Okay. So there is no lumpiness in order book to revenue? Lumpiness will be there quarter on quarter. I mean, see, to make it simple, maybe in Q1, one customer's lumpiness will happen. In Q2, another customer's lumpiness will happen. Q3, another customer. Q4, another customer. That kind of a customer-by-customer lumpiness will happen. If you are thinking about overall revenue for the company, what we are noticing is somehow they are getting, other than Q4, Q1, Q2, Q3, they are getting streamlined. Whereas in Q4, that's what you said about the government lumpiness completing the milestone is there. Okay. I'll just add that it's always best to look at MapmyIndia year on year, year to date, quarter on quarter, based on movements can mislead the understanding. Anyway, that's just we are repeating again from our side. Yeah. No, I understood. Second question is on the IoT. In 3Q, we had said that the decline was because of certain projects getting delayed, and they'll probably come back in FY2026. Any update on that project? Do we have any visibility of when that can start and therefore help our IoT revenue overall this year? See, in IoT also, there are lots of different opportunities that exist in our funnel, especially when we look at the enterprise. I mean, when I say enterprise, it could be automotive, corporate, government, any of them driving the IoT business. In that sense, the funnel opportunities exist. Specific project, I do not want to comment on specific project because you do not know whether and when it may come back. At that stage, we may have foreseen that it was nearer or almost there, I would say. Obviously, then later we must have said that did not fructify at that moment, or it had fructified but did not for whatever reason. Both that opportunity and other opportunities exist. That is a little bit what I was talking about, that we want to have an IoT business that is robust, that is kind of multi-ferrous with a large set of funnel from various enterprise customers across both the private and public sector. That means spanning the corporate world, government world, even automotive world. I think we are on the right path, but there are obviously a few things that we have to do, and that is the role I am playing in the subsidiary. Sure. One last question on defense. Rohan, you touched upon what we are doing, but given the modern warfare, drones, GPS becoming even more important, I just wanted to understand how we are looking at, do we already have a play, especially in drones, if we can give some updates on where we are, and are we engaged with some of the government agencies in catering to some of those opportunities that might come up? Thank you so much. Yeah. I'll say the following. If you look at MapmyIndia's suite of products and solutions, whether it's maps, whether it's navigation, whether it's tracking, whether it's workforce or field force or workflow automation, whether it's analytics, whether it's GIS or geospatial or digital twin solutions, and whether it's our capability not just to do this for India, but internationally. I think when you look at the sum total of it, and we look back in the last few years as to the defense businesses or defense customers and use cases that we have already generated revenue for, and hence that means that we have deployed those solutions for the active use of the armed forces. We are quite proud of and quite grateful that the Indian defense has chosen to work with us for various things. I would say drones, as you said, is definitely important, but it's not the only place. I mean, MapmyIndia can be used to equip feet on street, to equip vehicles, to equip command and control centers or war gaming or planning. Its use actually is across the land, air, and sea. In that, and we have disclosed in this quarterly highlights something around nautical also that we have done. Previously, we must have disclosed something that we have done for the army. The opportunities are tremendous, and already deployments have happened, and we continue to stay engaged for new ways that the government can leverage this completely indigenous AI first, navigation first, digital twin first, and digital transformation first set of solutions. Yeah, it's something that one of the reasons why one of the three pillars of Maples DT is defense technologies. I mean, we've called it out because we really believe that we can be leveraged well there. Thanks. That's very comprehensive, and I wish you all the best. Thank you. The next question is from the line of Anmol Garb from DAM Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity and congratulations for a good set of numbers. Firstly, I want to understand that as our government business grows, it will also impact our receivable days, which has already increased by some bit to around 94 days. How do you think that we, where would this end up from the DFO cycle? How do you think that we are going to manage the thing? Anmol, we have given some explanation in our presentation. If you read it, in the last quarter, if we had a 34% growth by itself, that definitely impacted the year-end because you are talking about that for the year. Overall, we must say accepted that the government business does require a little larger receivable return, although we do not have any bank debt. That is very important. MapmyIndia is not short of cash, and we are not borrowing money to finance our working capital. This is part of the business that we will have to live with if we want to get into the government business also. Understood. Understood. Sir, just a clarification that we have written that our average duration is now three to four years from our order book, which I think was higher earlier at four to five years. Is it right to assume that our higher focus on government has particularly reduced our durations? Are the durations lower in these kind of projects? Okay. Any statement that we write is at a point of time. The point of time today is, let's say, April or May 2025. We analyzed the order book, open order book, and felt that three to four years will get this INR 1,500 crore converted into revenue. There is no magic number three to five. Next year, based on the order book, it might be three years only, or it might be five years. That is why we are giving you a current scenario. It is not a fixed thing. I hope that clarifies. Understood. Understood. Lastly, how are we thinking about advertisement spends for next year? Currently, it's only around 3% of revenues, I think. Do we plan to increase it to 5-6% levels, and would this have any impact on the overall margins per se? Also, jointly, if you can indicate that, should we assume margins for next year in a similar trajectory as this year? See, we have been always keeping in mind that we would like to get a margin of 35%-40% range. You are seeing that that's what we are delivering also, rather better than that. There is no change in that strategy. Okay? That's the best answer. Now, coming to your question of advertising expense, we do it for what adds value to the company. Primarily a B2B or a B2B2C company. We do it for that. As I have said in my opening statement, we have controlled the B2C advertisement, but it doesn't mean that we are not promoting MapmyIndia App. MapmyIndia App is a cornerstone for showing what our capabilities are and what our map data is like. It's not just how many users are using. It's also a capability statement. Understood. Understood. Thank you, sir. That's it from my end. Thank you. The next question is from the line of Gautam Rathi from CWC. Please go ahead. Hi, sir. Thanks for taking my question. Great set of results. Just two things. One, can you help us understand what portion of the current year's revenue was from the order book which was existing as of end of FY2024? Because in the annual report, we say about 15% of the revenue of that order book would be converted in the current year, right? What would be the actual? We don't have it offhand. Revenue from the current, Gautam, we actually don't have it offhand, so maybe we can put the question later to our CFO. Sure. Sure. Would it be in the range of that 15% or? To be honest, I don't know. I mean, I don't want to make it. We've talked about the open order book in a couple of ways. One is kind of new orders and then billing in the year, and hence how we reach the end of the year open order book. We've talked about kind of fixed pricing and volume projections. Obviously, the volume for FY2024 had this kind of one-time, not one-time, just had an extremely large single order. So X factor, anyways, everything is going well. We're happy with the actually new order bookings also. They bode quite well for future revenues. I mean, yeah. Got it. Got it. Thanks. Just the other thing, right? When you say three to four years, I'm not holding to that number, but is it fair to expect that INR 1,500 crore over the, say, next four to five years or whatever, it would be more equal, or is it like it can be also back-ended in the later part of, say, fiscal year 2028, fiscal year 2029? I don't know if I understood your question right. If you take INR 1,500 crore, whether you divide it by three or you divide it by four, you get a number. We have a certain growth plan for every year, which we have discussed. Naturally, the new orders which get consumed during the same year is a balanced amount. Sir, I understand that. I was just trying to understand the INR 1,500 crore number. Is it fine to expect that one-fourth of that INR 1,500 crore will be every year and then the incremental, whatever you get on top of it? Or is it that maybe FY2026 might be lower than that one-fourth number, and then you build on over the next three years? How should we think about the trajectory towards this hours? If we are doing our job right and we achieve our goals, then obviously, the number will increase. Okay. Thanks a lot. Thanks. All the best. Thank you. The next question is from the line of Amit Agicha from HG Hawa. Please go ahead. Yeah. Good morning. Am I audible? Yes. Thank you for the opportunity, sir. Most of my questions have been answered. Just a follow-up. I mean, how do you plan to deploy your INR 660 crore cash reserve? Any M&A or global expansions in the future? I think I did mention, and I also said it in the Z business interview in the morning. We do have clarity, clear vision that around INR 800 million will be deploying to grow our government business and the IoT business. That is the first thing that the clarity has come. Beyond that, as we have been saying always in the past, we want to keep the cash so that as and when any opportunity comes, like the joint venture with Hyundai Autoever came, and we could immediately deploy $4 million or whatever, INR 350 million into that joint venture. We are deploying. If you take it, just add up these three. Itself, it will show you that we have deployed and we are planning to deploy in the near future. All are related to growing the business and in terms of technology growth, new technologies, and even working capital, let's say. Thank you. Thank you, sir. All the best. Thank you. Before we take the next question, we would like to remind the participants that you may press star and 1 to ask a question. The next question is from the line of Jasdeep from Clockvine Capital. Please go ahead. Sir, thanks for taking my question. How has the government business grown in terms of sales from FY 2024 to FY 2025? Yeah. It's quite robust, the growth. I mean, overall, I would say it's grown that 40%-50% range. So in that sense, we're fairly happy with how that has grown. Got it, sir. And sir, most of this government business would be reflected in the Maples segment, right? Not the IoT-led segment. Both. In government also, we have disclosed in the past lots of quarterly, in many of the quarterly highlights, when you see, you would have seen IoT for state road transport corporations or for even emergency response or various things. In government also, we give our whole suite of solutions the same way in automotive and corporate that we do. Got it, sir. Thank you. Ladies and gentlemen, we would like to remind that you may press star and 1 to ask a question. The next question is from the line of Chandramouli Muthiah a from Goldman Sachs. Please go ahead. Hi. Thanks for the follow-up. Just had a follow-up question on, I think, some of the disclosures on slide eight of the quarterly presentation. You did mention that you have signed a few deals in social media, in e-commerce, quick commerce, merchant discovery, and so on. Just wanted to understand, is this new set of wins from a diversification standpoint for the company? If there's any color you're able to share in terms of your open order book of INR 1,500 crore, some of these newer ventures that you've been working on in diversifying the business, what would be the rough proportion of those in terms of efforts you've taken over the past couple of years? Chandu, these are basically good customer wins that we've had for obviously new use cases and new requirements and some from new customers and some from existing customers. Diversification in the sense that that is our core business. The upsell and the cross-sell deal has happened. Yeah. Look at the number of new customers and also the kind of growth in the existing customers. This upsell-cross-sell engine is working, continues to work, I mean. Got it. Got it. That's helpful. I think the other follow-up was just, I think, one of the earlier discussion points. You did mention that you do disclose the IoT SaaS revenue, which I think is the numbers that you quoted from the presentation. Is there some color on emerging SaaS opportunity within Maples DT? As I understand, I think some of the newer maps that are going into some of your automotive customers also have capability for recurring revenue if end customers choose to renew some of those packs. I just want to understand if there is some SaaS component in the IoT, sorry, in the Maples DT business as well now, and if there's some quantification you're able to provide for that. In the automotive, we have the solution under the banner of N-CAP, that navigation, connected, ADAS, shared, and electric. One of the focus that has happened very seriously is on the HD map, which is the high-definition map which is required for the ADAS now. Now, remember, we are in a much better situation to offer that solution because we have a very strong SD map also, the standard map also. When people talk about HD map in isolation without having an SD map, I do not know what they are talking about. We are definitely working on a lot of those technologies. Our SD map will be going as part of supporting along with the SD map to the automotive company. These are some of the new things which we are working on. As a matter of fact, we have some wins also. Got it. Got it. That's helpful. If you could give us some sense of the split between two-wheelers and four-wheelers in your automotive business. If you could give us maybe the latest sort of rough color on what the average pricing would be for a two-wheeler customer and a four-wheeler customer, just in terms of ratios, if that's something that you're able to share as well. Of the GAF, if I have to give you some answer, what I can safely say is that in the two-wheeler, we definitely have almost all the two-wheeler companies who matter, the top 7-10 companies, we are there. That is one part of it. Now, if you are asking about what is the price in the two-wheeler versus four-wheeler versus a commercial truck, the prices are a function of two things. One is a function of what the market can bear. If you have a ₹2-4 lakh worth of a two-wheeler, certainly the price would be different. The second factor we consider also is what all it includes in the solution that we offer. What we include maybe in a four-wheeler, it is not the same thing as in two-wheeler. Accordingly, for every case to case, the prices are different. I mean, I am talking about even internally. We have to examine each customer carefully of what their expectations are or what the price they can bear. We accordingly provide them the solution. Got it. Just the 3 million new vehicles this fiscal year with the automotive business where you've sold licenses, if you could give us some split of that volume between four-wheeler, two-wheeler, and CVs. Also, if you could give us some split between sort of ICE and EV, if that's possible. Maybe another time, I'll collate that and we can have a discussion on that. Got it. Got it. Thank you very much and all the best. Thank you. The next question is from the line of Aman from Stallion Asset. Please go ahead. Hello. Hi there. I hope I'm audible. Hello. Yeah. Yeah. I wanted to understand on our mobility and tech solution business. What we do is that. I was going to say earlier. Sorry. The voice is not clear. Hello. Is it better now, sir? Yeah. Yeah. Sir, I wanted to understand on our automotive and mobility tech solution business side, we see that there is a lot of competition has come up on this segment. OLA Maps have come up with their product, and Genesys have completed their development on the product side in the automotive side. Sir, what gives us confidence to stay ahead of the curves in terms of product development and in terms of right to win? You are talking about automotive, right? Yeah. As I think what you are saying, you might be listening to those noises. Entry into the automotive sector is not that simple, number one. Number two, the entry, what we are also hearing the noise is HD map, HD map. As I said clearly, just an HD map is not an answer for any automotive company's needs. The noise will be there. We are watching that, and we are pretty comfortable that it's not going to impact us. Understood, sir. Just wanted to understand that only that because new players are coming into this segment, the per vehicle charge on the subscription basis which you do might not start a price war among these kind of players. Okay. You are right. The price war happens when in a B2B business, the supply chain people try to create a war so that they can get a lower price. Now, that's a challenge always there in a B2B business. We stick by what we think is right. Understood, sir. That's it from my side. Thank you so much and all the best. Thank you. As there are no further questions, I would now like to hand the conference over to the management for closing comments. We are really thankful to all the shareholders, the fund managers, the analysts for encouraging MapmyIndia to reach to this level. We hope your support and trust in us continues. I just like to inform all of you that on 30th of May in GEO Convention Center from 2:00 P.M., we are going to conduct an investor analyst meet. We encourage all of you to attend where you'll get the three things. One, what we have achieved since IPO and what we talked about, where we want to reach INR 1,000 crore. That's one, what we have reached or what we have achieved. The second part is the remaining half of the revenue, which is another INR 500 crore, how we plan to get that in the next three years. Finally, the third part would be our big vision of going beyond all these and talking about how MapmyIndia is shaping up for the next 5, 10 years. That is the purpose of that investor analyst meet. Thank you so much. John, you would like to add something? Thank you very much, everybody. Thank you. On behalf of Anand Rathi Shares and Stock Brokers Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Okay. Thank you.