Ladies and gentlemen, good day, and welcome to the C.E. Info Systems Limited, also known as MapmyIndia, Q3 FY26 earnings conference call, hosted by DAM Capital. 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anmol Garg from DAM Capital. Thank you, and over to you, sir. Thank you, Huda. Good afternoon, everyone. On behalf of DAM Capital, we welcome you all to Q3 FY26 conference call of MapmyIndia. We have with us Mr. Rakesh Verma, Co-Founder and Chairman of the company, Mr. Rohan Verma, MD, Mappls DT Private Limited, Mr. Anuj Jain, CFO of the company, Ms. Sapna, Chief Operating Officer, and Mr. Nikhil, President of the Government Business. I'll now hand over the call to Mr. Rakesh Verma for his opening remarks. Post that, we can start the Q&A session with the entire management team. Over to you, sir. Thanks, Anmol. I'd like to welcome all the participants to this call. I would like to start saying very openly that from many of the investors' perspective, the Q3 has been a weak quarter, and I'll try, I'll try to give as much explanations for that, and along with that, as Anmol said, the business leadership team is here, and they'll be able to they should be answering all your Q&A once I'm done with my commentary. There is a seasonality factor, but I don't want to harp on that much. Fundamentally, if you look at our some of the numbers that I will disclose, which normally we don't talk about it every quarter, we do it only at the end of the year, which is the open order book. The open order book, which was INR 1,500 crore at the beginning of the year, has increased to INR 1,750+ crore, INR 1,770 crore as of December 31, which is a big jump by itself, which means in the... Otherwise, it means that this year we have been able to book orders worth INR 600 crore. Now, that probably is a big number that we, we have been working on, and we have been successful. We had talked about our target for FY 2028, where we had said that we will reach around INR 2,000 crore as open order book. Now, that's the good side of it. Now, coming to the weak financial revenue performance or profitability performance, I would like to add simply saying that there has been a deferment or delayed deliveries from our side to the customers in Q3, and that more or less one part was related because of customers' request, which led to its delay. And another interesting thing that has happened is our working towards developing new age products, particularly AI-related. And we have been trying to include some of the AI elements into our products, and hence that's the internal reason, but it's very important to know, for you all to know, that the future lies in how much AI we build into our products and technology. So this is the overall commentary from me. I would like to add here also, saying that this is a general question everybody asks, is about the, about the Labor Code. I'm happy to report that the Labor Code practically was implemented by us in FY 2023 itself. So the auditors examined it now, and they found that no liability is incurred by the company, in the current quarter or current year. So, beyond this, the two questions that you will have in mind, whether we will reach INR 1,000 crore target FY 2028 or not, what would be our EBITDA margin for the FY 2026? Because we have given you a guidance of 35% EBITDA margin in FY 2026. We stand behind that. Q4 is halfway done. We all know, and there's no reason why we will not achieve that. As far as the revenue growth this year overall is concerned, I would simply say that the Q4 growth will be better than the Q4 a year back. I think with this, I would like to end my overall commentary, leave the time to all of you for asking questions. Mainly, Sapna and Nikhil would be able to give good answers for great opportunities going in ahead of us and whatever the misses have happened. Thank you. 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 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 Anmol Garg from DAM Capital Advisors. Please go ahead. Yeah, hi. Sir, first question is on the C&E business. The larger part of dip has been seen in this business. So just wanted to understand, how much of this business is currently corporate solutioning and APIs, SDK sale. And, in this year, have we seen the larger impact because of the impact in the corporate side of the business versus the government side of the business? That will be my first question. And second is, on our longer-term outlook of revenues of INR 1,000 crore by FY 2028, do we still stand there, given that it will require greater than 35% to 36% kind of CAGR over the next two years to achieve that number? Just a little bit on the C.E., the primary reason has been the delayed delivery of the government sector. Okay, Ankit, sorry, Nikhil will talk about. So your, your question, if I understood it correctly, were two parts. One is related to the decline in C&E, which I'll address, and what is the contributory factor coming from the government loan. And the second is, what is the spread going forward in FY 28, if I understood you correctly. Yes. So let me answer your question first. So this is the spread that you are talking is about 50/50 in the C&E side, government and private corporate. But primarily, if you see the decline has been 60%to 70% is due to government delayed businesses. And there are two reasons for that. I will explain, because it can be a question as to why that delay was there. So there are multiple factors, but if I were to attribute two major factors, because two states where we were working, in general, first, that the fiscal grant to the state for the national flagship projects that we are involved in, got delayed this time. Something we were expecting in May, June timeframe actually got converted into October timeframe, giving us very little headroom to do the billing or finish the work. So that's the fundamental underpinning. Within two major states, and I can name Maharashtra and Bihar. They went first, one, the urban local body elections, wherein we get a lot of revenue, and that stalled our entire work, leading to this revenue coming from quarter four and next fiscal quarter one. And the second from the state of Bihar also, which got delayed, though the work had already started. That's not in terms of the order booking being late, but because there was no work that we could do during that point in time, that got delayed. So these were two from that perspective. And the third answer that I'll give from the government side is that there is a lot of push that we could anticipate from Made in India to Owned in India. And if you see the major win that we have announced this year, area, is for Survey of India Integrated Geoportal, which is a big deal. It is an anchor project, which is going to scale in multiple states. And there, rather than relying on the outside components, we actually indigenize it in the wake of the focus that we were saying, Owned in India, which of course, delayed the project. But I can tell you with very definitive terms, not only that we could secure that business and also looking forward to far more stronger multiplier, but this led to a delay which is going to be taken care in quarter four and quarter one next fiscal year. Right. Right. Question? Second question related to how does it look in terms of FY 2028? Mr. Verma has already talked about the total order booking, which is a major thing from convincing the customer going in for our solution. And then second comes the delivery and execution. We are pretty upbeat with the kind of both organic and inorganic mix of competencies and capability we are bringing on board. We'll be able to do it very fast. Right. But do we still stand at our INR 1,000 crore guidance for FY 2028? Yes. I think, yes, that's what I mentioned in his initial commentary also. We do stand by that. Okay. Secondly, if I do look at some of the delays, if you can quantify how much has been the delay which will come in the fourth quarter? Because even if I consider similar Y-on-Y growth rate as it was there in last year, which implies that our revenue will double in fourth quarter versus the 3Q levels. So what was the total amount of deferment? So let me, let me respond to that. This deferment, as I said, is primarily on the government side, and four major cases, which we have already given. I wouldn't say that 100% of that is going to be consumed in quarter four. This is going to be, what I will say, something in quarter four, and lot of that in quarter one next year. So while we will have a good growth in quarter four, quarter-over-quarter or year-over-year, but I won't say that entire decline that was attributed for quarter three is going to be compensated for in quarter four and on. Right. Right. And, just the last thing, is from on the overall Government Business, in our business mix, how much that would be, as of now, and, and what was it, last year? In terms of percentage, 20% is the total government revenue of our total revenue. In this quarter. Revenue- Overall, overall. For the year. For the fiscal. For FY26? Yeah. Yes. Will it be similar last year in FY 2025? FY 2025 was almost same. Same. 18-19%, maybe a 1% here and there, but it was, it was like that only. The mix is generally the same. Okay. Sure. Sure. I'll get back in the queue. Thank you for answering my questions. Thank you. The next question is from the line of Vaibhav Mishra from Finvesta. Please go ahead. Hello, sir. My question is related to the margins, like, as you already guided that your guidance of INR 1,000 crore revenue by FY 2028 is intact. I just wanted to know the margin profile going ahead on the blended level, as we are venturing a lot into IoT related and new verticals. What kind of margin do we expect in FY 2027 and FY 2028? Okay, I don't think we would like to make any commentary on FY 2027, FY 2028 margin at this point of time. When we work on the budget and look at FY 2027 revenue mix, we'll be able to give you guidance at that time, which is at the next quarter. But at this point of time, I made the statement that this fiscal year, our margin definitely will be EBITDA margin will definitely be 35%. All right, sir. All right. And sir, another question is related to the recent developments in the IT sector related to some Anthropic launches. So does it affect any, does it affect our business in any way, positively or negatively? If you are referring to the AI part in general. Yes, sir. And, global AI summit is happening, coinciding with your question as you speak, let me tell you that we embraced AI much earlier, and therefore, the impact that we took is much earlier than the impact that you are seeing at large in the IT industry. The work that we are doing is an integrated content and services platform based, which taking into account, a lot of AI things without that we could not have been able to deliver. So it is integral to our part. We innovated in that long time ago, and we again invested in that. So the recent hiccup that came in converting that into billing, the order into billing, was also from the modified scope of work that we saw from some of the private enterprises. So the 30% has an impact coming from private and 70% from the government. That 30% wanted to ensure that what are the AI component that we are going to be deploying. So that delayed in terms of rationalizing them, but the good news is they are fully on board with our competencies on AI. So answer is, I mean, we are already there, we are making investment, we have made investment, we took the impact, and therefore, it is not going to be, even likely going to impact in the manner in which the other IT sector is going to be impacted. All right. Well, that's good to know. Sir, one last question, small. Regarding the 20% kind of growth that we were targeting in FY 2026. If Q4 is going to be like 70%-80% kind of growth, YOY on YOY basis, to get to some number around 20%, overall? I think, when we say INR 1,000 crore FY 2028, order book is there, so I think anybody can do the calculation, please. Sir, I was talking about FY 2026, like Q4. Like, are we... I think Q4 is going to be bigger, as you said, but, are we going to reach around 20% kind of a growth in FY 2026? For that, Q4 has to be around 70% kind of YOY growth. So that's what I- I'm not. I did not make that statement. I made the statement saying that Q4, year-on-year, will be better than last Q4. All right. All right, okay. Okay, thank you so much, sir. Thank you for your time, and all the best for the future quarters. Thank you. The next question is from the line of Rishabh Rathi from Goldman Sachs. Please go ahead. Hi, sir. Good morning, and thank you for taking my questions. Just in terms of IoT business and the map-led business, we've been seeing IoT business has been growing sharply, and hence the mix of revenues from IoT business has kept increasing. So how do you look at the steady state or the medium-term outlook in the mix between map-led and IoT business? In terms of the order book as well, you might have more visibility in terms of the mix between the two. So how should we think of a steady state or a medium-term outlook between the two? And just secondly on that, how should we look at the timelines for the revenue burn of the INR 1,770 crore order book? That will be my first question. I think Rohan can speak on the IoT thing. Yes, good afternoon, everybody. The IoT business is kind of on a steady growth path. We went through a management transition first half of the year, and the organization is fully stable. In fact, kind of fully geared up for accelerated growth. And the growth from the IoT business is coming not just from the subsidiary, Gtropy, which is charged with kind of executing on the IoT delivery, but there's also quite an increased focus within the parent company, the listed entity, MapmyIndia, as well as the government subsidiary, Mappls DT, in terms of the strength and go-to-market around IoT. And we all know that IoT has a huge TAM. So in that sense, you know, we have unleashed or, you know, kind of freed up everybody to also go after IoT in the set of customers that they focus on. So it becomes a good upsell and creates stickiness among the customers. And also, we are being able to go after new customers, where IoT is the first thing that is sold, and then they can upsell maps there, too. So, IoT, we are hopeful will be on a pretty strong growth path. It's like independent vector to the map business. At least from the government side, I can talk about that. There's a lot of map business that is there to be achieved, and Nikhil kind of talked about delays in some, but we'll see that kind of correct itself over the course of time. So steady state, we don't want to kind of, kind of put a fixed number, I think, because we want to let both of the businesses kind of achieve whatever best they can achieve. From a resourcing point of view, I think we are happy to kind of resource both the businesses, given that Mappls has pretty strong margins and IoT has pretty big TAM. Thank you for that. Just a second question. Auto production in third quarter Y-o-Y increased at around 18%, while our A&M revenue growth seems to be slightly lower at around 15%. Why has just there been a decrease or a slight miss from the production? Yeah. So, we do see, I mean, if you look at the industry growth versus the, growth otherwise with respect to MapmyIndia's A&M business. Yeah. Am I audible to all of you? Hello? Yes, ma'am. Okay. So, so yes, as compared to the industry, we do, I mean, the growth has not been as much as the way industry grew. But please also look at, you know, our technology infusion is primarily happening in the vehicles which are connected. It's not happening in the non-connected vehicles, so that's that could be one of the reason why you see a difference there. In general, we have been seeing, more and more, more and more adoption of our technology, of our products into, vehicles, into both, four-wheelers, two-wheelers and commercial vehicles. So that's been a pretty good growth story that we have there. Specific, specifically, if I talk about a few of, you know, a few... So I think that's where I would like to close my response. Got it. Thank you, and all the best. Thank you. The next question is from the line of Vishal from Bajaj Life Insurance. Please proceed. Yeah. Thank you. This is Sujit Jain from Bajaj Life. This is to Rakeshji. So when we say that in the base quarter, fourth quarter last year, what growth we clocked, we will have better growth fourth quarter this year. And just to reach a respectable number of 15% overall growth for FY 2026, it means we can... I mean, without putting you to a number, but easily do a sales of something like INR 200 crore, a respectable number. So is that the case that we'll have a good, robust fourth quarter? I wish I had the liberty of disclosing the number exactly. Now, one is on, still 15 days are away, and the second thing is we are working on it, closely to see what best we can get. So when we have said it will be better than last year, year on year, that's the best I can share at this time. I I know I'm disappointing you, but, please think about my situation also. We will attain 35%+ EBITDA. Fair enough. And when we look at the opportunity for this company, you know, the INR 1,000 crore number, when you look at the TAM and overall use cases, looks quite doable. However, as we go quarter after quarter, we are lagging behind. So, A, in terms of our long-range planning within, I presume it will be three years, but broken into periods, do you do one-year planning or you do a quarterly tracking of that long-term plan? . Okay, I can answer that. Definitely, we do the three-year planning, as you said. Otherwise, we would not have talked about FY 2028. Quarterly planning is a very internal thing, where the focus is also on three top parts. Part one is, what is the funnel that gets created from the customers, which can be converted into orders? So there is a certain percentage of funnel that gets converted. The second part is, how much we'll be able to generate in revenue. That is a function of how much we are able to deliver. The third part is collection. How good the collections are happening. So this is the way internally, the business leaders, they conduct the four areas we have, the automotive, the corporate, the government, and the IoT. All the four business leaders take care of that. That, that's our planning and execution process. Government is. See, the audio of some of your colleagues was not clear. You can check with other participants. But government, we heard, is 20% of this full year business, full year revenues? Yeah, you heard it right. 20%, maybe +20%. Last year, it was -20%. Within that, how much would be state agencies and how much would be central agencies? I mean, one has to look at the exact numbers, but overall, like, I will just say that we only pick up the orders where we know we can get money collected. Can I add on to this? Nikhil, you add. So if you ask from the funding perspective, majority of the things that we do, and when I say majority, let me define 90%, around that mark, is central funded schemes. Now, sometimes this allocation is done by, of course, central government, but sometimes it is used or disbursed to the vendor by the urban local bodies or the state. The state is a very small component, let me tell you that. It is primarily urban local bodies and the central government. But primarily, the 90% is funded. Like, say, I'm just giving you an example. When you say AMRUT, or previously we used to say Smart City, all these actually fund goes to urban local, who actually makes the disbursement, but these are centrally funded schemes, if that helps your question. Yeah, thank you. And one last question to Rakeshji, and if Rohan is there, is that: how do you bring more granularity to business so that if one piece doesn't work for a quarter or even for a year, other pieces kind of pull in, in terms of revenue growth? That is one. And a path to monetization for Mappls. Thanks. Rohan, would you like to say something? Hi, sir. I mean, basically, now the business is resilient and diversified. Automotive is a different vector, corporate, different vector, government, different vector, and IoT to logistics, let's say, different vector. And from a product portfolio point of view, also pretty diverse set of products, map-led, IoT-led, and you'll hear this over the course of time, what we call GIS-led, which is more GI, GIS software platform-led. So I think we have all the pieces to be able to go after all these opportunities well. Okay, it might be taking a quarter or a few quarters more than, you know, what we would have liked, and probably what investors would have liked. But the fact is that we are always pretty heavily product-focused in terms of building the product, and also heavily go-to-market focused in terms of diversifying our customer base. So that's how we put together the strategy to be pretty resilient and diversified business, but of course, with the same course, which is kind of around this maps and around this IoT, and around our software or technology capabilities, where AI is playing an increasing role. So that's what I'll say more on the B2B, And on Mappls? Which one, Mappls? Rohan can speak a bit, but doesn't matter. You're talking about the Mappls app, because for us, Mappls means our entire business. Which one you are talking about? Mappls app. Mappls app, you know, we have touched almost like a 40... I can share some data. Mappls app, we have touched 45 million downloads. Now the app is very stable. People are liking it. That's the overall feedback we are getting from the users. User community is really using it. So the whole idea was to make sure that the Mappls app gets accepted by the users as a serious choice. Now, just overall Mappls, if you talk about, which has APIs, SDK, data, everything, we just did some computation and found that we have 10 crore, 100 million users in some way or the other. Monthly. Monthly active users. I'm talking about MAU. So the popularity of Mappls as a, as a business from a data perspective, from a software perspective, even from a hardware perspective, is increasing really very well. That shows us the future. The Mappls app by itself, someday something will happen to that very nicely. I can't talk about it today till the time we have a very concrete plan on that. Thank you. Thank you. The next question is from the line of Shobit Singhal from Anand Rathi. Please go ahead. Yeah, sir, what is the revenue contribution expected from the newly won project with IOCL, Survey of India, et cetera, in the next 12 months? Well, if you look at IOCL, let me put it into two different buckets. The next year, if you ask me, it will be around, close to INR 20 crore. Revenue. Revenue. And from Survey of India, I would expect around. So the one, I can only comment on the one that we have already in our pocket, but we also have, you know, add-on business opportunity from Survey of India. Right. So I will. Oil and gas also. Okay. As well as IOCL-related projects. So but to just briefly answer your question, it will be to the tune of around INR 7 crore to 8 crore. This is for the full year, you are saying, for Survey of India? This is for entire next fiscal. Okay, understood. It's the current order book in hand. I'm not talking of the pipeline, which is also very interesting, but I'm keeping it only limited to the ones that we have in the pocket. Understood. Sir, what is the current status of our joint venture in Indonesia? Rohan? Yeah. So it's in build phase. You know, this is something that we had expected. And, so what, TLT, TLT, TerraLink Technologies, has been doing, and they are active in terms of kind of presenting the, the updates on their social media, tltmaps.com and, through TLT Maps on LinkedIn, et cetera. The product is getting made nicely. MapmyIndia is contributing its part for various countries, and they also have partnerships with other local, providers in a variety of countries. The, the, the go-to-market is happening to a variety of OEMs, of course, Hyundai Kia being one of them, because it's the parent company for the majority partner in the JV, for Hyundai AutoEver. But there are also a lot of other OEMs that, they are targeting, who are liking the quality and accuracy of the maps vis-a-vis the other incumbents. They have also now opened up the enterprise sales of the TLT maps and solutions to other non-automotive customers in the corporate and government world. And also, they are also going down the path of advanced maps, ADAS maps, RST+ and HD maps, similar to kind of how we've been doing in India. So I would say it's in a good build phase. We have to be patient, allowing them to kind of build out a strong product. And, kind of once monetization starts off, it's another India-like opportunity. So that's what gives us the confidence that in the three to five years, you know, seven-year journey, it's gonna be a pretty good contributor. The way what we have done here in India, without us, with us kind of already having generated revenue, from, from the JV. But, yeah, I mean, if you notice, kind of our P&L, it is impacted every quarter by a couple of INR crores of, you know, kind of operating expense-related losses, but that's to be expected in a JV, which over the course of time, will contribute, you know, in the tens of INR millions, over time. Understood. Sir, last question is on our IoT business. What kind of revenue, what kind of contribution do we see on an overall mix going forward from IoT-led business? Because last year, it contributed around 25%, and as of nine months, it has contributed around 35%. Will it be in this range, or will it increase going forward as well? I answered that question before, that, you know, these are independent vectors, IoT and maps. You know, both have their own TAMs and their own opportunities. Automotive, corporate, and government have huge, kind of opportunities, both around map-led and IoT-led. And the teams are, you know, expanding focus on both, and the teams are also expanding. And then, of course, we have our own international focus as a company, I mean, independent of the JV and other in various geographies. So, at least I wouldn't want to put a kind of percentage band. Both the businesses should contribute, you know, as much to the overall kitty of the company. And, you know, there's operating leverage baked into both. So, you know, but it'll, it'll always be additive, you know, from a profitability point of view, besides growth. Thank you, sir. That's all from my side. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one. The next question is from the line of Gautam Rathi from CWC. Please proceed. Hey, hi. Thanks for taking my question. Mr. Verma, thanks for giving some clarity on how you look at Q4, right? But even if—so the question which I want to just have some views on is, if you deliver the Q4, which you're talking about, at least, right, do you have the visibility on the funnel that you would be able to maintain the current order book also at the end of Q4, right? Because the revenue which you deliver in Q4 seems to be very large. And if you have given an order book in Q3, which you have, to sustain it, you would have to have another INR 200 crore of inflow. So how do you look at the funnel or how are you seeing the funnel? I think few things have happened in Q4, where because we are talking about the order book, open order book as of thirty-first December. Since then, January has gone, February halfway is gone, and things have also happened, but those numbers are not disclosed at this time. So to answer your questions, question very nicely is, yes, the new order book has is happening in Q4. Oh, great. So, if I want to just summarize, you were trying to say that at the end of Q4 also, it's fair to assume similar or better order book levels, closing levels, right? Yeah, it seems like that only. Great. Great. Anyway, Sapna, do you have some idea? Should be like that. It should be around that only, maybe better also. Could be, yeah. Maybe better also, she's saying. Great. Which means the inflow for the year, which is INR 600 already, should be like somewhere around INR 800, which looks like a strong number after a few years, where we have seen this number at around 550-600, barring FY 20. Yeah, we are also anxiously waiting, because, you know, both Sapna, Nikhil, and the third one, who is not here, Ankit, they are doing their best to garner as much as orders, because they don't just look at the quarter. Great. Quarter, the delivery team under them are more looking at. These folks are really focused on how to get in more orders and orders and orders. Okay. I will just add some. I'll just add from my side. If you look at the confidence level and kind of focus and energy level of the teams inside, it's quite heartening to see. I mean, I get the pulse directly from the IoT team, but also the government team. But also when I see the energy with which the automotive and corporate folks, you know, in the whole team, from the leadership downwards, it's really a strong place we are in. Sometimes numbers don't show up, like it didn't show up in Q3, but it doesn't change the fundamentals and the outlook for the business. Thank you. That's helpful. Just, if I may, another question, right. So, like, like Rohan mentioned on the call, right, the way you look at the business, there are five vectors, which is IoT, MAP, consumer, auto, and government. We understand there are overlaps between IoT and MAP. But if you just circle out, say, specifically consumers, right? When you remove government/defense business and also remove the IoT business, which saw a strong growth, that vertical seems to be decelerated a bit, consumer and enterprise. Was there anything specific beyond government or IoT, which led to this slowness, or is it fine? Like, if you can just help understand better. IoT is not important. Yeah. IoT is. So basically, yes, when it comes to the reduction in the business for C&E, majority is attributed towards government, but there is private sector also that's playing some role over there. There has been a delay in us being able to bill our customers in quarter three, primarily because, you know, I think Nikhil had touched upon this slightly while he was explaining and he was talking. There's been changes in scope of work in some of the projects that we had undertaken, and the changes were primarily around infusion of AI for these specific customers. That is something that we have been able to do, and the results will show up in Q4 and subsequent Q1, but that also did impact us in being able to in the reduction in C&E business. If you say, majority was government, private was also. Private sector also played some role there. Got it. Got it. So mainly it's, it's a slight delay in delivery and nothing else changed, right? It's just because you are introducing this, this new, new features ability in your products. That's, that's what led to it. It's primarily coming as demand from the customer. As far as infusion of AI in the company goes, it's been happening for years across our different product lines, and it has been. In fact, our entire data creation process is already AI-enabled. Superb. Thanks a lot. Thanks for answering the questions. Thanks. Thank you. The next question is from the line of Sri Narayan Ramkishore Mishra from Baroda BNP. Please proceed. Thank you for the opportunity. So my first question is, in the presentation, we have highlighted one-off of INR 26 crore in Q3 FY 2025. So just wanted to know what was the nature of this one-off and what kind of margins we made here, and did 4Q FY 2025 also include these kind of one-offs? Can you repeat your question? You were not loud enough. Can you- Okay, I. Repeat it once. Is the question that you know, this one-off, you know, reduction that happened in quarter three, is that gonna happen in future? Is that your question? No. No, no, no. So in the presentation, we are highlighting that, third quarter of last year had INR 102.6 crore revenue, right? Okay. Yeah, yeah. That's right. So what was that, and what kind of margins we made in this business, one-off business? And 4Q FY25, did that also include such one-offs? If you're asking about that INR 26 crore. Last year. Last year, Q3. It was a one time. Okay. But it was a one-time thing that we got with a good margin, r espectable margin, and that is. Of course, if it was a one-time, so what, at the end of the day, what you see is that this year, if I remove that INR 26 crore, then the reduction is not that much, and the growth has happened. But that's not an excuse from our side, because the one-time things also are important for us. But fourth quarter of last year did not have any one-offs, right? So that would be like for like, growth, which you are saying in 4Q FY26, when we would grow. So, I should assume that fourth quarter did not have any one-offs. Is that understanding? No, the fourth quarter doesn't have any one-off. No. Okay. Okay, got it. And, I'll again, sorry, I'm asking it again. On the deferment issues, so, again, if you can, you know, give some color on, you know, whether we are facing any issues, you know, from the customer end in terms of adoption, or is it more at our end that, you know, we more from a readiness perspective that, you know, these deferments are happening? And, you know... Okay, then, next question I'll ask later. Are you facing any different problem from the customers because of which you, it is, it got deferred or something else, our readiness? If the question is related to if there is any doubt in the minds of the customer in our ability to execute, I mean, that is not the case, because that is manifested by our always growing booking orders. The customer's way of, you know, showing confidence materially is in the form of the businesses that they award. Which they have been doing plenty, plenty, and it's growing. Rest assured on that side. Also in our ability to execute, let me tell you, that it was delayed because of the reason that we already cited. I do not see any doubts or I don't have any concerns with respect to our execution as well. No, nothing of the sort. Rest assured on that part. Okay. Okay. Okay, thank you. And so on the order book side, if you can highlight, you know, what kind of orders we have from government and, within that, of course, you had already highlighted the mix between state and central. But I think when the schemes are funded by central government, but although the disbursements are to be made from state governments, then these are more likely, you know, to get delayed, because states have their own constraints and funding issues. So, is that understanding correct? Yeah, yeah. I will—let me respond. I understand your doubts as well. Let me clarify that. So we could have grown much faster in government space than what you are seeing today. But we are very choosy in picking up the type of contract we should take. There are a lot of state government, even if the funding is from the central government, there are a lot of businesses which other geospatial agencies take. But since we know that there is going to be a lot of execution problems also tomorrow, the recovery problems, we do not tend to get into those, you know, use cases. The use cases primarily we take, for instance, if I give you an example, even if it's happening at the state level, Project Naksha, there is a central agency, Survey of India, involved in executing and giving approvals. Once that happens, it becomes much simpler. I don't say government, you know that government is never simple, but it becomes much simpler as compared to had the state been instrumental in both approving and granting. So these are the kitties which are earmarked for states, but there are no diligencies which actually orchestrate and, and, and monitor this. So that makes the life little better, if that answers your question. Yeah. Sir, on the order book mix, in terms of government projects? If you say mix, so very high on map-led. But when I say map-led, as I said in my initial remarks, we are integrated content and services, which means a lot of data as well as lot of development. Rohan talked about GIS platform. Our mix primarily goes from this combination, from the map-led side, which is 60% to 70%, and about 20% we have this IoT mix. And remaining 10% is a very, you know, different AI kind of tools that we are developing for some, I will say, security and intelligence agencies. Okay. Okay. Okay. Thank you, sir. Thank you. Ladies and gentlemen, we will take that as our last question for today. I now hand the conference over to management, management for closing comments. Over to you, sir. Question? Closing remark. Okay. I would like to thank all the participants for for patiently hearing our business leaders about what we have done and what we plan to do, and hope your confidence in MapmyIndia's future continues. The business is absolutely on the track. The management team, leadership team is on track. So how the market reacts, something I do I have not been able to learn yet. That's the thing I would I wish I can learn from all of you, but business is doing well, and this hiccup of quarter by quarter, I had talked about it long time back, that it will happen. 2028, we still hope we can make it. That's, that's how, where we are working on. Thank you. Thank you. On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line. Thank you.