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This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Bhanu Chopra from RateGain. Thank you, and over to you, sir. Because we want to have a trusted partner and advisor to each of our customers in pretty much every part of the world. And Those are the areas that I see we will continue to invest on. Perfect, sir. Thanks for answering my questions and all the best. Thank you. Thank you very much. Next question is from Nanav Deepak from Sundaram Mutual Fund. Please go ahead. Yeah, thank you for the opportunity. I'm audible? Yes, yes. Yeah, hi sir. So first question, uh, is on guidance. So you did guide that, you know, will be most likely achieving at the upper end of the guidance, which is around ₹3,100 crore, which basically denotes that, you know, you would have to grow on a QOQ basis in Q3 and Q4. And in fact, you would have to accelerate that towards the Q4. So just wanted to understand, so this quarter you did highlight that because the MarTech was a drag on a QOQ basis since there is an element of seasonality in the DMO, right? So when we say that we are looking at a strong H2, are we banking completely on DMO recovery or we have a revenue visibility to grow on a QOQ basis in Q3 and Q4 beyond the DMOs? Thank you and good evening everyone, and thank you for joining RateGain Travel Technologies earnings call for the 2nd quarter and 1st half of FY27. We are now halfway through FY27, and H1 has been about carrying forward the plan we laid out at the start of the year. Organic growth for the combined business was 15.7% in the 1st half. And if you recall when we spoke in May, we guided to 12% to 15% organic growth for FY27, and the 1st half is about that range. Our 2 largest smartech businesses, Properties and Destinations, each grew more than 20% organically year on year in H1. And we are maintaining our FY27 guidance. Operating revenue for Q2 FY27 came in at ₹745 crores, up 153% year on year. Despite the expected seasonality in our destinations business within martech. Adjusted EBITDA was ₹169 crores, growing 215% and ahead of revenue with the margin at 22.7%. Our focus on cash generation continues. Following our payment today on 5th November, we have now repaid 43% of the loan taken for the Sojourn acquisition. Chetan will take you through the details on margins, cash, and our balance sheet. Let me speak about our martech engine first. So that we are confident that we'll be most likely reaching or maybe even achieving that ₹3,100 crore revenue for the whole year. Yeah, so, um, good question. So we do see, uh, quarterly growth on the DMO business that you pointed out, but again, the big drag actually has been our corporate side of the business and the visibility that we have due to the bookings growth that we've seen in the corporate business and some of the decline that we've been able to arrest, we'll be able to grow back the corporate business on a quarter-on-quarter basis. And if we go from you know, the H1 being almost, uh, 20%, uh, constant currency degrowth in corporate to achieving a flattish type level in corporate in H2, that will, uh, that gives us the confidence that we should be able to come in at the upper end of that revenue guidance. So yeah, so again, our, our properties and destinations now are the lion's share of the MarTech business, more than 80%, and they continue to grow and I also think that there is a— there is an opportunity to continue to accelerate the growth in our properties business with, uh, with all the things that I talked about earlier. This is our largest engine contributing to over 80% of our total revenue. With Sojourn, Adara, Demand Booster, and Soho now brought together on one platform, we run martech as a single combined business. Starting this quarter, we are going to give you more visibility into it by breaking it into 3 lines of businesses within martech. These are properties, which is primarily hotels, destinations, and corporate. Each serves a different customer, has a different growth profile, and follows a different seasonal pattern. Showing them separately gives you a clear view of where the combined business is growing and where we are focusing our management attention. These breakdowns are based on management estimates and are unaudited. Let me take you through each one of these. Let me begin with properties. Properties includes our hotel marketing and brand engagement offerings, including Soho. Our proposition for hotels is to drive direct bookings and improve their marketing ROI. Because much of this business is outcome-based, we grow as our hotels grow. The new property additions on our commission model continued through the quarter. Our bidding models trained on our travel intent data decide in real time where and when to reach a traveler, and that is what turns intent into direct bookings for our hotels. Okay. And, and secondly, you know, if you just have to break, uh, your revenue up between DAS and distribution. So last quarter we had a benefit of favorable base in our DAS, hence we grew at 22-23% on a YOY basis in Q1. Now this quarter we are seeing a sharp deceleration of around 7% since your base has more or less normalized. So how should we think about, you know, distribution and DAS growth you know, for the whole year of FY27 since we had a sunsetting of a sub-brand of an OTA, and I think that is largely behind us. So just any flavor on the growth profile of DAS and distribution as we you know, move into H2 or maybe let's say whole year of FY27? Yeah, so on DAS, uh, we expect to grow double digit. for FY27, um, in, in rupee terms. And on distribution, we expect to grow single digit. But again, as I mentioned in my commentary on distribution, I'm very excited about our smart distribution product getting launched finally. We've been at it for a couple of years and now we are seeing bookings on it. Uh, there will be a hockey stick effect that will come into the smart distribution platform. Properties grew north of 20% year-on-year in H1 and contribute to 44.7% of our martech revenue. It remains our lead product for entering a new customer relationship, and from there we can expand into our Uno Direct Stack, helping hotels capture more of that demand themselves. Let me now talk about destinations. Our destinations business also grew north of 20% organically year-on-year in H1 and now accounts for 39.7% of our martech revenue. That growth came from our key accounts in the North American market and from co-op programs, which remains a focus as we scale them. The same AI-driven bidding models that serve our hotels help destinations identify the travelers most likely to visit, and our reporting shows them what That's been delivered. For DMOs, measuring economic impact now ranks as the leading strategic priority, and that is where our capabilities are setting us apart. Destination marketing also follows the travel calendar. DMOs concentrate their spend in the months ahead of peak travel seasons, and many begin new budget cycles in July, which makes the July to September quarter a seasonally softer one for this business. Visitors also spend on what they do once they arrive, and this quarter we launched Commission for Experiences in beta, a performance-based marketing solution built for the attractions industry. Um, I think that can take a couple of quarters, but whenever that kicks in, I think that will really accelerate the growth of our distribution business. And couple that with how we record our unified stack under distribution business, under distribution line of business, we've seen great amount of traction on both our direct stack and full stack which we account under distribution, especially in the APAC area. So this year may continue to be single digit, but I do think that Uh, in FY28, uh, all the signs that I see, we may be able to enter into now a double-digit growth on distribution. Okay, helpful. And my last question is a bit more strategic. So basically, you know, if you would have heard the latest con call of Google, you know, they did point out that they are earning less per queries on their Google search since more and more queries are being shifted to their AI mode, which is the trend right now. And I remember that in our base business, we do have paid marketing campaigns, which is related to Google Paid Search. So just wanted to understand, are we seeing any impact of that let's say in terms of marketing budget shifting from one channel to the other channel, an indirect impact on our ability to win more marketing budgets? Similar to the one that we have for properties. Many attractions are small and medium-sized businesses that want to pay only for results, and as that model gains traction, it opens a large and fast-growing adjacency for us. Our corporate business, which contributes 15.6% of our martech revenue, declined about 14% organically year-on-year in H1. And I want to be direct with you about why. Historically, corporate was not a priority within Sojourn, and since the acquisition, our focus has been on integrating properties and destinations where we have the most momentum. We're now turning our attention to corporate, changing its leadership and strengthening the team around it. acting on 3 fronts. First, we are sharpening our go-to-market by organizing our corporate sales teams by verticals, so each team goes deeper on airlines, cruise, car rental, और ट्रैवल ब्रांड Second, we are expanding the channels we offer advertisers into higher growth areas including TikTok, where our agreement is now signed, and connected TV. Third, we are adding more data products to the offering, which deepens our role with each customer and makes the relationship stickier over time. We are already seeing early traction with wins this quarter, including the European division of a leading financial services firm, a leading cruise line, One of the largest experiences booking platform. we have— we basically access all channels, and it's an outcome-based model. So, uh, when we go and sell to a property, they're not giving us a marketing budget. They are signing up for getting bookings on their direct website, and it's up to us where we deploy those marketing dollars. And as I had noted in my commentary, even if there is a channel shift, we have ability to use whatever channel we want to be able to deliver those bookings, and we are experimenting on these AI surfaces such as ChatGPT and, and, um, and Google to be able to run these campaigns and and drive direct booking. So, um, so to answer your question, the marketing budget shifting, at least on the property side, DMO and, um, in the corporate side of the business, uh, Google is definitely one of our channels and we haven't seen Um, you know, we haven't seen any— like, on, on the corporate side, if I— if you ask me what has been the reason for decline, could it be the systematic trend you know, that we see across Google? Yeah, we are not seeing any impact, uh, and also please remember on the property side of the business, uh, does not impact us. And as new channels emerge, we will use both our technology and data to utilize those new channels on the One of the largest vacation rental marketplaces. Along with this, we are also expanding into new verticals such as cruise lines, where we see good potential. Our airline and car rental customers are a natural fit for AI-driven performance marketing built on our travel intent data, and we are taking those solutions to them. We expect corporate to be broadly flat in the second half after the decline in the first. And to build from there. I want to now call out on Adyen on its own because it's where our go-to-market synergies are showing up first. Our Q2 was another record quarter for the region with new sales of about $2 million, more than 3 times what we did a year ago. We're gaining share in India, Singapore, UAE, Saudi Arabia, Egypt, and Sri Lanka, and seeing early traction in Australia, Japan, and Korea. More than 50 properties signed on our direct stack this quarter, and our teams are cross-selling Sojourn Commission across APAC, the Middle East, and Africa, extending our commission footprint in the new markets. On the flip side, the Middle East continues to face uncertainty. Our revenue from the region stands at about $500,000 run rate per month in Q2. I don't think so. I think the reasons have been more internal in terms of our areas of focus. As I mentioned, Sojan was really looking to deprecate this business and really focus on the core of the business that was growing much, much healthier. But our belief is with the combination of RateGain data that we have and the we will be able to revive this business as well. you know, footprint we have across all these different travel brands. Compared with around $970,000 USD a month before the disruption. That's slightly up from the $425,000 a month we reported last quarter for Q1. And while the region remains a headwind, the share we are gaining in the UAE and Saudi Arabia positions us well for the recovery as conditions stabilize. Let me now talk about distribution. Distribution remains stable throughout the quarter and year on year. We are seeing traction on our Uno platform with continued monetization of our order book and new contract wins. Much of that interest centers on our AI-led capabilities, which helps hotels decide which rate updates matter most and see where revenue is leaking. Our focus is on scaling this across our customer base while deepening execution with existing customers. Uno Channel Manager was recognized by Trip.com. as a favorite connectivity partner for the 3rd consecutive year, which reflects the reliability we deliver to our demand partners. Our direct track, bringing booking engine connectivity and payments together, is drawing interest, particularly in APME, as I talked about earlier, as hotels look for one integrated stack. Alongside it, Smart Distribution is now live with bookings flowing on the platform with more than 800 directly contracted properties connected. Thank you. Deepak, I'll request to come back for a follow-up question. Next question is from Nanav Anmol Garg from DAM Capital Advisors. Please go ahead. And supply partners being added steadily. Let me now talk about our 3rd engine, that is Dash. Our Dash segment had a steady quarter and grew at a healthy pace of 14% in H1, with volume expansion across key accounts and new contracts wins. In air, the prolonged conflict in the Middle East and sustained high oil prices are putting pressure on airline margins. Even as passenger volumes have held up. Skiff's State of Travel 2026 report, drawing on IATA's outlook, expects airline industry profits to nearly halve this year as fuel costs rise. And notes that airlines now need stronger cost discipline and better revenue management to grow. That need is bringing more carriers to Airgain. Airgain uses AI to turn pricing data into recommendations and plain language insight, giving revenue teams the speed they need when margins are tight And that's bringing more carriers to the platform. Philippines Airlines came on board in July, Vietjet Kazakhstan in August, and Vietnam Airlines, the national carrier, in October. On the OTA side, we expanded our relationships with some of the marquee names, including one of the leading global OTAs and leading Indian B2C platforms. That's planning an expansion into travel. Yeah, thanks for the opportunity. A couple of things. Firstly, just, you know, continuing on the Deepak's question, Bhanu, do you think that as traffic on classified type of publishers sort of reduced, do you think that on other publishers where traffic is still there, we might face higher inventory cost? on these, uh, kind of platforms which might impact our overall margins. Along with this, we have recently renewed our partnership with fast-growing Indian OTA and signed a multi-year renewal deal with one of the largest global OTAs. In car, engagement continued across key enterprise accounts, including some of the largest tech players and leading car rental companies. Expansion discussions are progressing across key markets for RevAI, our price recommendation product. In hospitality, Navigator is extending its reach through our platform partnerships. With Carbeds, we completed integration and onboarding readiness during Q2 for the property ramp-up plan for October. With Duero, partner testing and integration are at an advanced stage ahead of the commercial ramp-up. We expect both to scale up in the coming quarters. Let me now talk about our AI across the stack. Because it really runs through everything I've described, and I want to be specific about what we have actually shipped. First, we built the MCP interfaces across all our data products. And connected them to the major language models, LLMs, so customers and teams can query our data in plain language. Lens Assistant brings this into Parity and Navigator. So a customer can now go into Claude, for instance, and run customer report— custom reports on our DaaS data. Yeah, so, um, we did hear, although it's not confirmed, but that, you know, clearly Google sees, uh, some challenges in their search business and the inventory cost and the way they do the price auction is also changing, although they haven't refuted, but there have been some claims on basically they're charging more for the clicks than they used to. Um, I do believe that even if that, um, even if that challenge is real, again, going back to the point of we are agnostic on whatever channels and we are now uh, you know, participating on discovery platforms, whether it's AI search or social. I see, uh, there could be a channel shift and maybe more of it moves to AI-led channels, and we would be participating on those as well. So I see it as a channel shift. If you ask me, do I worry about that? No, but I do worry about Um, if we have now personal AI agents, and those agents are directly booking with the hotel, what would that do to our Second, we are moving into our AI-led discovery. As travelers begin planning trips with AI, we are running paid ads on the AI-led discovery platforms in alpha within MarTech. So our customers can reach them where they start to plan. In our air and car DaaS offerings, AirGain now tracks how airlines, fares, and OTAs appear in AI-generated travel answers which opens up generative engine optimization, GEO, as a new opportunity. Third, we are using AI to run our business better. AI workflows now handle sojourn campaign management that used to need manual analysts. The industry need is clear. A 3rd State of Distribution report with NYU and Hedna covering more than 58,000 hotels found that over half of the hotels use or are procuring generative AI, but fewer than 1 in 10 have cut their manual work by more than 30%. Closing that gap is what our agents are built to do. We were also named as the fastest growing SaaS company at the Economic Times Enterprise AI Awards 2026. Let me talk about people and culture. We continue to strengthen our leadership team as we scale. This quarter, Chetan Garg joined as our CFO. Chetan was most recently CFO of Optum India, part of UnitedHealth Group, and held— earlier held finance leadership roles at Whirlpool, including VP of Finance, of Whirlpool Asia. I think that could be a challenging situation, but You know, we're trying to get ahead of the curve by building out a platform that eventually powers every booking that the hotel gets, whether it's direct or indirect. So when I say direct, it could be through a personal agent, through a voice agent, could be through search, could be through the direct website, or indirectly through intermediaries, and that we are participating in that value chain. of powering all those bookings. That's how, that's how we are thinking about it. He brings nearly 2 decades of experience across capital markets, risk management, and the integration of acquired businesses, and his focus will be on converting our growth into consistent returns. We also welcome Shobhana Kailash as our Chief Human Resources Officer. Shobhana brings more than 2 decades of people leadership across technology and SaaS. Including cross-border integration, and she will lead our global people strategy as we build AI capability across every team. That work is already being recognized. In August, People Matters honored RateGain at its Infinity Awards India 2026 for skills transformation in AI, digital, and future skills. Let me now turn to guidance for FY27. We are maintaining our guidance of revenue that we expect to be at the upper end of the ₹3,000 to ₹3,100 crore range that we had shared in the beginning of the year. This is consistent with the 12 to 15% year-on-year organic growth over pro forma FY26 numbers that we had shared in May. On margins, we expect to be in adjusted EBITDA margin of 22.5% to 23.5% as shared last quarter. As the work across Sojourn's product go-to-market and AI capabilities take hold, we expect growth to build through the second half, and we remain on track to be net debt-free by FY28. Understood. So right now we are not seeing any increase in the inventory versus the usual trend. That would be— okay, yeah, understood. Uh, just, uh, on the margin itself, uh, I understand that we are also getting some benefit right now on the margins as well. From the steep currency movement, uh, that we have seen, uh, right now. Um, so as this currency kind of stabilizes, do you see a margin pressure, uh, that might, uh, come up? If you can sort of indicate what is the, uh, pressure— sorry, what is the contribution of currency into the margins, uh, that would be really helpful. Either way, um, go ahead, Chetan. You want to take that? Yeah, I, I just to kind of, um, explain how we think about currencies and margin is. Most of significant portion of our revenue is dollar-based and significant of our cost is also dollar-based. So there may be some benefit coming from currencies, but it's not meaningful that we expect to be impacted if the currency stabilizes. I hope that clarifies. Uh, right, right. But I, I want to add also one more point. So yeah, I think net-net point is that we're not really benefiting from Uh, the, the margin expansion that you have seen is not a result of anything to do with currency. Our medium-term aspiration remains 15% organic growth. Constant currency year-on-year growth. So to close, the first half of FY27 was about building on the foundation we laid in FY26. As we move into the second half, our focus is on deepening wallet share, scaling enterprise adoption, and turning the scale we have built into durable, profitable growth. Our data, our products, and our leadership are in place, and the work ahead is execution. With that, I'll hand over to Chetan on his first call with us to walk you through the financials. Thank you. Thank you, Bhanu. I'm glad to be here, and good afternoon everyone. This quarter reflects RateGain's steady performance across revenue, profitability and financial discipline, supported by the underlying strength of our business model. Let me start with the numbers for Q2 FY27. We are pleased to report quarterly operating revenue of ₹745.4 crore, up 152.6% on year-on-year basis. On a sequential basis, our revenue was down ₹40 crore from Q1. 2 factors contributed to this, and both were expected. Q1 included a one-time benefit of about $2.5 million from the FIFA World Cup, which we also flagged last quarter. Q2 is also a seasonally softer quarter for our martech business, mainly in the destination marketing. It's really the cost synergies that we were able to realize as a result of, you know, taking all the platforms that we had, especially Sojan and Adara, and make it into one platform. So you don't need as many people in tech and product, etc., that you would have required previously. And we've also, as I've shared with you previously, we've consolidated our shared services on HR. And, uh, and finance as well. So the, the expansion has been a result of those cost synergies. But there's another important point I want to make. which I was making earlier, maybe which was left out, is that we are also seeing the huge benefit of, uh, productivity and efficiency gains as a result of AI. So what it would cost us to produce earlier is significantly lower now, and I see the cost of building continue to decline, right? So, uh, from a margin perspective, you know, I'm not really worried about it. I think it's, it's really for us to now see how we continue to reinvest anything north of 20%. To continue to grow the company, uh, faster. And, uh, the good news is that we, like I said, core of our business is growing north of 20%. Excluding these 2 factors, The underlying trend remained healthy and we continue to grow. Organic growth for the combined entity stood at 14% year-on-year in Q2, which includes Sojent's historical revenue from before the acquisition. Turning to our segments, our DaaS segment grew 7% in Q2 year-on-year with healthy performance across air, OTA, and car businesses. Our distribution business was broadly flat versus last year. What we are excited about is what really comes next. Smart distribution is gaining early traction, and we recently launched Agentic ARI and RateIQ. We expect these to start contributing to revenue in the coming quarters. Our Martech segment grew 300% year-on-year, largely from the consolidation of Sojent and healthy growth across our properties and destination verticals. Moving to profitability. We reported EBITDA of INR 153 crore, which is up 185% from the last year. With an EBITDA margin of 20.5%. As we have explained before, we add back the deferred consideration payable to the Sojent team. This payout depends on Sojent meeting revenue and EBITDA targets over 3 years ending in Q3 FY29. This quarter, the add-back was ₹16.1 crore. On that basis, our adjusted EBITDA was ₹169.1 crore, reflecting a margin of 22.7% on an adjusted basis. Understood, understood. And one last question is, uh, you know, do you see a fundamental risk to the DaaS business as because, you know, because of the AI, the data collection or scrapping might be more cheaper, that can possibly create additional competition and therefore creating some kind of pricing pressure. Do you see that effect? Which is an increase of 215% year on year. This brings our H1 adjusted margin to 23.7%. Now let me take you from EBITDA to Fed. Amortization of acquisition cost was ₹35.5 crore this quarter, which is up from ₹7 crore in Q2 FY26. No, I don't at all, because in DaaS, scraping has always been commoditized and easy. What it is difficult is when, you know, sites block you. And those blocking techniques are becoming extremely sophisticated, and we've been in this business for a long time, so we use 3 mechanisms to overcome that. One is a technology, uh, basis to continue to play this cat and mouse game and stay ahead of these anti-blocking technologies. Second, we actually get the data from our customers. So we, you know, in a way actually pull the data from the subscribers, which an AI bot obviously cannot get because these are formalized data partnerships that we have. And third, we actually buy the data in some cases also. So the composite of 3 is able to enable us to offer, uh, you know, this data on a very, very consistent and reliable basis. And as you know, this data is extremely important because prices are a big determining factor for any traveler, and our customers expect reliability and sustainable data input into their revenue management systems. So yeah, I, I don't worry about this at all. This is mainly due to the additional amortization related to the Sojan acquisition. Finance cost was ₹16.1 crore, reflecting the acquisition-related debt, or now, which is now on our books. Income tax was ₹22.7 crores. As a result, reported profit after tax was ₹74.7 crores, an increase of 47% from the last year. And, and the margin of 10%. Adjusting for the same deferred consideration, our adjusted profit after tax was ₹91 crore and a margin of 12.2%. Turning to the balance sheet, our outstanding debt at quarter close was ₹733 crore. We have maintained our discipline on debt repayment. And with our latest, uh, payment on November 5th, we now have repaid $53.75 million of debt so far, which is about 43% of our original loan. Moving to cash flow. Free cash flow generation for first half was ₹282 crore, which bringing EBITDA to free cash flow conversion for H1 to 87%. The higher conversion this quarter reflects a one-time acceleration in cash collected from the acquired Trojan businesses as well as the seasonality of our business. With cash of ₹239 crore, now our net debt stands at ₹494 crore as of September 30th. And our net worth was ₹2,218 crore as of September 30th. Sure, but thank you, thank you so much for answering my question and all that. Thank you. Next question is from the line of Nitin Padmanabhan from Investec India. Please go ahead. Yeah, hi, good evening, and I had a few queries actually. Um, so one is, uh, for the quarter, just to understand the seasonality a little better, Um, now you did mention it's because of destination. I'm just curious, uh, what would have been the impact from the corporate side of the business on this? As we look to model for the future. Because of the total $5 million that have dropped, $2.5 million is explained by non-recurrence of FIFA, but of the $2.5 Uh, would corporate be a reasonably, uh, reasonable contributor to the drop, or it's just largely destination on a sequential basis? Yeah, it's largely, uh, destinations. Um, Chetan, would you have that breakup? I, I do think that, yeah, uh, there would be something in the corporate side too, uh, but yeah, let me open comment on it. So actually corporate business has been pretty stable Q1 to Q2. So there's not much— not material decline. It's very, very stable. So it's really, uh, as we mentioned earlier, it's coming from FIFA and it's coming from destination business. Uh, to give some more color, if that helps, so historically when we look at DMO business, um, Q1 to Q2, we have seen, uh, seasonality of between 5 to 10%, right? So it's, it's, uh, it depends on a particular year, but that, uh, there is a significant seasonality in that business from Q1 to Q2. Got it. And, and there is no overlap between the FIFA and the destination side? So FIFA drove destination business higher in Q1. No, no, I'm saying the destination drop, there is no overlap of, uh, whatever. No, no, no overlap. That was there in the last quarter with destination is whatever. No, these are 2 almost, uh, separate factors. So we are— that FIFA is separate from the regular seasonality we see in badminton. Got it. And generally Q3 and Q4 should have much better, uh, should have a positive seasonality, uh, from destination. And what we are saying is the corporate business should actually pick up. Do you think the corporate pickup should happen within this season? year itself considering we have just started focusing on it, or it should take longer? In terms of pickup, you mean, uh, going from decline to flattish is our aspiration, uh, for this year, and, uh, our expectation is that you know, if, uh, the strategic bets are right, that we are able to get back to growth. Uh, following year. Perfect. Uh, that's very helpful. Uh, thank you so much and all the, uh, all the best. Uh, thank you. Thank you. Thank you. Next question is from the line of Chirag from Motilal Oswal. Please go ahead. Uh, sorry, uh, can I— I'm coming a bit muffled. Can you speak closer to the phone, please? Hi, uh, just one question I want to understand. Uh, in the AI adaptability of travel OTA and your counterparts on the vendor side, Which are the, uh, segment of our business and competencies feel that, you know, need to be, you know, have to be relevant that when, let's say, AI become a Uh, hello, can you hear me? Yeah. Yeah, so I was asking, uh, as AI become a new norm 2 years down the line, uh, which part of the segment of our business we think, you know, will be, uh, will act as an integrator in client ecosystem more easily compared to some of the businesses which, you know, have some AI disruption. Let's just say, for example, data analysis. So I mean, many such LLMs can do. So where we see ourselves in some of the segments where the AI disruption could anyway impact business and Uh, in some of the area where AI, you know, will help us to gain a good ground in the client ecosystem. Yeah. Yeah, so, um, I, I didn't get it, uh, properly, but I'll try to answer what I understood. I think you're asking, you know, where is— is AI a threat to our business or any part of our business? And, uh, where could AI accelerate, right? So, yeah, um, as I was mentioning earlier, you know, AI changes where travelers are going to discover trips. But hotels and destinations still need to reach them and measure what that spend delivered, and that's what we do. So, uh, I also mentioned it's like a channel shift, and we are already, uh, experimenting on these AI discovery platforms. And we are also tracking how, in our DaaS product, for instance, how airlines and hotels show up on AI answers. Which is very, very valuable to our customers. And if you think about it, our travel intent data even becomes more valuable as discovery fragments across more channels. Okay, and what about the Amciti integration with LLM models? I mean, um, how, uh, if you think, uh, you know, anyway, help us in getting more figures from the with these or other elements. Um, I, I didn't quite again follow your question. Is— I think the question is Um, how is AI helping us? No, no, I'm asking like, let's say, uh, any ChatGPT or any such similar platform, what is possibility that we integrate on backend with such, you know, ChatGPT or any other such LLM and Yeah, yeah. Yeah, so, um, I, I talked about that in our opening remarks. We actually, uh, the technology behind it is MCP, so we've already built an MCP on our DaaS product. So actually, a customer can go on to Claude or ChatGPT, and instead of coming into our platform and, uh, trying to query the data or their analysis, they actually can use their Claude or ChatGPT interface. query our data and build custom reports. And how monetization work in this model? Our monetization is basically on the data consumed. So whether you're consuming it via APIs, whether you're consuming it on chat surfaces or on our tool, it's based on how much data we are servicing up to you. So it remains the same irrespective of the channel you use to consume our data. Okay, yeah, fine. Thank you very much. Ladies and gentlemen, we'll take that as the last question. I'll now hand the conference over to Mr. Bhanu Chopra for closing comments. So thank you everyone for all your questions and for your time this evening. I just want to leave you with 3 things. First, the core of our business is strong. Properties and destinations of our MarTech business is over 80%. And each grew more than 20% in the first half. And Apnea had another record quarter. Second, we know where the work is. Corporate needs fixing, and we have new leadership and a clear plan in place to stabilize it in the second half. Third, our financial discipline is intact. We're maintaining our guidance. Margins are within the range, and we now have repaid 43% of our acquisition debt, on track to be net debt-free by FY28. We built RateGain to be the platform that helps travel grow, and I've never been more confident in the opportunity ahead. On behalf of all of us at RateGain, I wish you and your families a very happy Diwali. Thank you. Thank you very much. On behalf of RateGain Travel Technologies Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines. Thank you. Okay.