Ladies and gentlemen, good day and welcome to the Q3 and nine months FY26 earnings conference call of RNFI Services Limited. From the management, we have today Mr. Simran Singh, Founder and Chief Strategy Officer; Mr. Krishna Daga, CEO; Mr. Nimesh Khandelwal, CFO; Mr. Mohit Chauhan, Company Secretary; Mr. Deepankar Aggarwal, Executive Director. 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. Please note that this conference is being recorded. This conference call may contain forward-looking statements about the company, which are based on the belief, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Simran Singh, Founder and Chief Strategy Officer. Thank you, and over to you, sir. Welcome, everybody. Thank you for joining the call. I'll just give you a few updates what has happened before starting the presentation between the Q2 and Q3, basically. We completed 10 years of our journey. The first five years were all building up right from the scratch, like a new car with new tires, new engine. Then the next three years, we started making some good money, and then putting that money back into it, back into the car, making it develop further on. Then the IPO gave us IPO funds gave us a further fuel to start our expansion in a very rapid mode, and, we've started growing very, very fast, and we expect to grow more massively in the coming few years with your support and guidance, for sure. Compared to the Q2, I would like to give you start, a few updates, which we had discussed last time. We had discussed about starting insurance telemarketing call centers, which we have started, and we have invested into them into the last quarter and expect them to start making good money for us in the coming quarters. So you will have to understand our business is any expansion which we do, it suffer, it affects the proper P&L statement immediately because of the manpower up being employed and no capitalization being done there, basically. So that's the difference between us and the other companies there. Second project, we started the SprintX Pro and the XCode, which has started doing well now, and it has already started making revenue there in that part. We launched another platform yesterday, which ContractX, and that is, will go into a beta stage in the next coming few days. Really many bank integrations, our agreements are done. We started putting some business on the remittance part, on the Forex business. So we plan to launch full-fledged in the first quarter of next year, basically, once we complete this pilot. Doorstep banking, we've, we've already finished the pilot with one bank, one scheduled commercial bank, and it's been doing really, really well. We've already signed up one another bank to do the Doorstep banking with them also. Few more pipelines in there. Motor insurance, IRDAI, IRDAI permission we received last time. We've launched that portal and started receiving traction from there also. Well, we discussed about AI and would not like to divulge more, but in the very near future, it will be a big, big game changer for our company. We spoke about launching new products. In the last quarter, we've launched 1 and about to launch 1 more product, making it 6 in a row, or 4 in the Q2 and 2 now. We'd mentioned about composite insurance license due to which we were supposed to apply. That got delayed a bit because of certain applications, so things and which were done, but it's all now completed, and we would be applying for that now, basically. Reinsurance. That's for the reinsurance, corporate reinsurance license. Overall, the company is doing well. We're expanding fast. We're investing a lot, for, so that it should give us a further trajectory in the coming quarters and years. So I'll take you through a presentation, a few slides, and then we'll open up for question and answers, please. Thank you. Next. Next. Next. Next. Next, please. You can see overall, the EBITDA, as on a nine-month, grown at a 46.9%. The PAT has grown by 63.3%, which is showing that we're leveraging a lot of our, things, basically, and we anticipate the gross profit to grow further and the PAT margin to keep increasing, basically. Profit growth is being led by high-margin businesses, by, like, delinquent loan collection business, which we are doing very well, EMI collection business. Even though top-line growth has been remained stagnant, it's again due to the DMT business, which we mentioned in the last call. Otherwise, the growth, other growth on the top line also has been very, very considerable, basically, because that is again a INR 20 crore-INR 25 crore lag there, which we have covered through other high-margin businesses. The orchestration business is doing major good revenue this year, and we anticipate it will continue and do it next year also. Technology-led businesses, including travel and CRM insurance platform, are showing steady momentum, and we'll see scalability very, very soon in that businesses, too. Next. This is our corporate governance slide. We've always told you, whatever good happens, we'll update you. We might miss something good, but whatever bad happens, we surely update you, and, that is what we have done. In improving further corporate governance, we've appointed one independent director from the parent company in our material subsidiary, RNFI Money Private Limited, also now. We discussed this presentation slide last time also. For anybody who new joining in, I'll explain the slide again, once again, basically. See, in between is the Relipay platform, which we want to, in the future, create as an orchestration, or as an infrastructure of railroad. We've got four major verticals. One is payments, which contains our corporate BC business, PPI, Aadhaar Pay, then the orchestration model, the value-driven model, and the others, basically. Then, on one side is the corporates, where, which is the banks, NBFCs. We were in BFSI space, now we are diversifying to the non-BFSI space also very aggressively. So on left-hand side is the deep integration of all these clients into the Relipay platform. Then we've got modules for fraud risk management, compliance, accounting, support, and then we have these agents or the sites on the right-hand side. So the business is completely based on one model, which is, like, more the number of corporates, more the number of products, more the number of clients, or more the number of sites, more the number of products through one Relipay platform, doing the play, basically, and trying and create an infrastructure, structure. Our active sites are INR 2.2 lakh. We do daily transactions of 1.3 million plus in December 2025, which is, like, a 28% increase from September 2025. These are the major events which have happened. AD-II License, we have already updated you, but it happened in the last quarter, so we updated here. But we've been appointed as recovery for Bank of India, Punjab National Bank. RNFI Money has got six new branches, two additional branches from Reliassure Insurance. We've got [Midea], as I mentioned. We're telling you the good, so we'll tell you the bad also. AEPS was stable, did not give us the expected growth. It gave us muted growth in the AEPS business. This is what has happened in the last quarter. Numbers are for. If you see the 4+ products, we've drastically increased by 15% on the number of products sold per site. So this again shows it's a drastic, what we're trying to implement is more the products on the sites. We have been concentrating now not only on increasing sites, but side by side, making more products on the site, because so that we'll be able to make more income on the sites. This average MV per site, this including the Payworld, hence it's not showing traction. Otherwise, it's around, roughly around INR 1,300, which we have been able to do, if you just take RNFI into consideration. So that is again a jump of around 12%-14%. The agent-wise clients, if you could see how the number of corporates are increasing and the number of products, we've been doing really, really well on that front also. We we plan to keep adding these corporates because we've started targeting the non-BFSI space also, so that should bring a lot of traction further on. All numbers are for you to see. You can see them better than me. So I guess if any, we could open ourselves to any question and answers we have. Next. Next. That's fine. Next. That's fine. Next. Thank you. Next. Stop. We look forward for your questions. Thank you. Thank you very much. We will now begin the question and answer session. To ask a question, please click on Ask a Question tab on your screen. When the moderator announces your name, kindly accept the prompt, unmute your audio, and go ahead with your question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take a first question from B.R. from AB Capital. Kindly accept the prompt on your screen, unmute your audio, turn on your video, and go ahead with your question, please. Hello, sir, Bharat here. Can you hear me? Yes. Yes, yes. Yes. Okay. Sir, I have a few questions, so let me just start. The first question is, like, on the mutual fund distribution business, like, what kind of AUM or revenue targets that you are setting up for the next one to two years? So, it's in a very initial phase, okay? But, we plan to launch something like a Bharat. If you could see, it's an app which is there. So we got a very big retail base. So we should be able to, they have in a few months garnered an AUM of already of INR 50 crore, which I last heard of. We should be able to do much more than that because our retail base is very, very big. But I guess the licensing will take some time. In the meantime, we'll get the product ready. Once we are about to launch, I'll surely, Bharat, give you an update of what we are targeting once we know a definitive date of about what we are about to launch. But we're working more on it as a savings scheme on a daily basis t hat's the plan. That's what we plan to do there. Sure, sir. So, next question is on the Forex business growth. So I've noticed that PAT, the profitability, I mean, the PAT margins are increasing quarter-on-quarter. I mean, even on the sequential quarters, if you see, it is growing. So can I know if this is sustainable for next one to two years? And, what could be the stabilized margins for this business? See, as you know, it's a platform business, railroad business. We keep optimizing it, and we anticipate it to keep increasing in the coming few years. That's for sure. Because, see, as we mentioned about the mutual fund system, which we are launching, there again, we're going to launch with the same manpower, with the very least expense, just on the launching of the platform and little bit of marketing. So once more products come into the picture, the margins would necessarily increase. So we anticipate it to increase further on year-on-year. Yeah, but what could be the sustainable margins in the long run, let's say two to three years down the line? It, the run has just started, so we anticipate it to grow very much further on, basically. It's just started. It's just the tip of the iceberg, is what we anticipate. There is a lot of regulations also, surrounded. Like, our whole business is about the regulation, regulated by RBI, so we keep focusing on that as well. So any new regulation, there might be up and down as well, so one has to take in that consideration as well. But in the near future, we anticipate it to- Right. Grow further, grow further. That's for sure. Okay. Can I also expect revenue growth in sequential quarters as well? Yes, 100%, because now the DMT has already panned out. So you'll see, you see the sequential growth is already happening for the last few quarters. But the DMT is like a high-revenue, less-margin business, so the revenue, we had to cover that revenue also. So now you'll see a very sequential growth in the revenue also in the coming quarters. No, my question is with respect to non-Forex business only. I just told you about the non-Forex business only. Sure. Sure. Sir, next question. Could you share the specific Q3 revenue and, you know, other numbers of just PaySprint alone? Well, should we email it to you, sir? Will that be fine? No, I mean, you can answer here it- Of the PAT. Of PaySprint. Standalone PAT. No, no, I mean the overall numbers, sir, for PaySprint. Our overall numbers of PaySprint. Yeah. So PaySprint have done actually extremely well because they have t he business banking and verification stack is doing massively well. Yeah. PAT is approximately INR 3.5 crore for this nine months. 9 months. And the revenue? The revenue is approximately INR 70 crore. 70 CR is the revenue, and the INR 3.5 crores is the PAT, which we anticipate the last quarter to do very well- That's right Because of the last, what we could see for the last 45 days. Okay. Sir, INR 70 crore for this quarter alone, right? No, no, no. The entire, the entire nine months, sir. nine months. Okay. Entire nine months is INR 70 crore. See, there again, the DMT business is- Yes, sir Grown down by 75%, so the revenue would shift there. It's gone more on a technology or more on a platform base, so, that is the reason there. Otherwise, that is the reason, majorly down by DMT business, otherwise it's grown massively there also. Okay. Can I expect the business to come back in the next one to two quarters? No, the profitability will increase. The DMT business won't come back. The regulations have changed, but the profitability will increase very massively there also. We anticipate that. Okay. Sir, in one of the slide, we have mentioned that 8% growth in active Sahayaks, right? Does that number include the Payworld Sahayaks as well? Yeah, it includes on both sides the Payworld SprintX, basically, where before and after both, because that's a club and we plan to. We've started doing marketing together, distribution in the field together, and that is how it's included, sir. Both on the back and the front, both ways. Okay. So is the integration of Payworld completely done now? Yeah. We expect you to show very good numbers from the next year there. It's, it's done. It's done. More or less done, sir. Okay. One last question, sir. Again, this is about the PaySprint APIs. Can you just tell me what are the high revenue generating APIs? One is the connected banking platform and one is the Sprint stack, verification stack, completely, which is generating a lot of revenue there, sir. Okay. Can I assume that these two APIs are contributing, let's say, like 75%-80% of the top line? Yes, yes. Yes. Yes, yes, yes, sir. Okay. What are the expectations from the API that we launched, I think yesterday? Yesterday or day before- It's in the nascent stage, but it's, we've already got a lot of interest from a few banks for that system and a few corporates also, and that is the reason. After that only we started developing the system. It's. See, we expect escrow to start contributing in the next few months, and then this platform should also start contributing. Okay, thank you, sir. I will join back the queue and wait for my next turn. Thank you. Thank you. Thank you. Give me a moment, please. I now request Harshraj Jadeja to please accept the prompt on his screen. Harshraj, please accept the prompt, unmute your audio, turn on your video, and go ahead with your question, please. Harshraj? Hello. Yes, we can hear you. Yeah, can you hear me? Please go ahead. Yes. Yes. Okay. Okay. Yeah. I have a few questions, sir. In nine-month FY 2026, which business vertical has contributed the most to our profit growth? It's a diversified, diversified profitability. No single business has contributed a large sum. It's a diversified contribution from all. So you will have to understand, there's one development team, there's one major field team, so one HR team, one finance team. So it's, it's, that is the way. And some products, they might contribute high revenue, but profitability is negligible. But some products, they are low revenue, but profitability is more. On the payment side of the business, profitability will always remain less, but volume to revenue would be more. And for business like delinquent loans, insurance- EMI collection. EMI collection, the revenue would be lower, but the margins would be higher, sir. Right. We can't pinpoint any single product who has contributed major revenue, sir. Okay. Okay. So you're saying it's a diversified, profitability growth? See, that's the beauty play about our platform. It's like it's a very, very diversified business. We can't rely on one single product, and we plan to diversify it further on, and that is what we are working on, so that it should not affect us if any a s ours is a compliant, regulated business, so if any regulations change, it should not affect us. Underst- understood. Yes, sir. Yeah. So, understood. So my next question is, what growth initiatives and technology integration plans does, do we emphasize going forward? See, we have a 90-member tech team there in, which is in-house. We are—I would not like to diversify more, but we're working a lot on the AI stuff, and you'll see a lot of changes in the coming quarters, which will be shown by our balance sheet, and we present it to you also once we have completed what we are trying to do, sir. Right. Okay. Okay. Okay, understood. My next question is, from which region of the country do we see maximum Sahayak contribution? It's again, product-based. Forex would be contributed from Delhi, Mumbai. Insurance is, would be Gujarat, more would be there. AEPS business would be from Bihar, Odisha, Bengal. So there, again, it's a diversified business again, sir. For Sprint Verify, it would be again, the major Tier One and Tier Two cities. So that is how the whole business is based, sir. Okay. Okay. And, also, if you can throw some color on the insurance broking license status? Yeah, so we, reinsurance broking license, of-- it's, as you told us, for us, it's all about clients and cross-sell. So a few clients with whom we do insurance, they asked us, they had a bigger ticket size, and they, they asked us if we could do reinsurance, but we did not have a license. Our criteria requirements required by IRDAI were fulfilled. We did not require to put any capital or something. We just had to hire somebody with a reinsurance broking background. So we thought, why not apply for it, and pitch this as an additional one product, basically. So hopefully, in the next two to three weeks, we'll apply for this license. Can't-- you don't take my word, but once the application is completed, in the next two, three, four weeks, we will surely apply for that license, sir. Understood. Understood. Okay. And, so next question is, we had also talked about the expected growth in loan collection segment. So can you share some light in, highlight in terms of its strategy and path ahead, and how much business or growth are we expecting from it? We are expecting the numbers to grow more than 3 times in the coming few years. That's what we're targeting. We are in the process of finalizing our AOP. At the next con call, I'll be able to divulge you more on what numbers we are trying to achieve, but we're expecting a massive growth, and we are already on the path to that growth, sir. Okay. Okay. Next, next con call, right? Okay. Okay, sure. And, you also mentioned s o this is my last question. You also mentioned strong growth from PaySprint, given new product launches. So can you please share some updates on the same? Yeah, we the connected banking platform is doing very well. The Sprint Verify platform has taken off, taken up. It's started shooting. We're doing a lot of development. We just launched the Sprint X Pro last quarter, which has started getting traction. Yesterday, we've launched a Sprint Contract platform. It's going to take us one to two months to get it on the beta phase, but we expect that also to give a lot of traction. Mind you, these all business are not only give us a one-time income, but they give us an annuity income also. So whatever we're building up, we're building up in the kitty. That's the beauty about all our businesses. Majorly, other than the Forex business, is most of the and the delinquent loan collection business, most of them build up our annuity income also. So that is, that is the advantage of our business there also. So we think it should give us a massive traction there, contribute a lot of traction to the top line and the bottom line as well, sir. Okay. Okay, understood. Thank you. Thank you so much, sir, for answering my question. If I have any more questions, I'll join in the queue. Thank you. Thank you. I now request Shlok, an individual investor, to please accept the prompt on his screen. Good morning, sir. How are you? Shlok, please accept the prompt, unmute yourself, and go ahead with your question, please. Shlok? Yes, yes. Yes. How are you? I'm fine. So my first question is: How are we trying to differentiate ourselves in terms of technology? Sir, I just mentioned, sir, we are working a lot on the AI bit. I can't divulge this more on a call. If somebody would like to come and visit to our office, please, more than welcome to our office, where we could show what we are doing, sir. Okay. Okay, can you please highlight why the growth in active Sahayak and ARPU as compared to last year was quite low? So basically, ARPU has been grown on RNFI as individual level, but we took off Payworld, and once any integration happens, a few of the agents fall out from the old company, they get away. So that is the reason the ARPU has not fallen. ARPU has increased for Payworld, RNFI for sure, but because of Payworld. But now it's, the integration is more or less complete, and you'll see the traction very much in the next quarter, sir. Okay, so my next question is: We saw the update on RNFI being recovery agent for two national banks. Yeah. How many such banks are we targeting, and what kind of growth in business it can add? So presently, we work around two to three dozen clients on the recovery front, of around few national banks other than this, this also. So the business is growing quarter on quarter very massively. There's a lot of traction. We are only one of the few players who have their own digital platform, own call centers, and own in-field staff, including Sahayaks, doing collection. We're working a lot on the technology there to optimize it, and not only the volume will increase, we anticipate the profit margin to increase also. So business, because there's a lot of business. Hopefully, if I b ut mind you, whatever I say, the regulations have to remain same and everything has to be same. We anticipate the business to increase and the margin to increase also because of tech play, which we are trying to do, sir. Okay. So my next question: Also, we did not see major growth in cross-selling of products. Can you highlight your thoughts on this? So there's a lot of growth. So there's a 15% growth in the four bucket cross-selling, sir, which shows that the cross-selling has increased massively, sir. It's going on increasing. We're working more, as I told you, not only we're working on the Sahayaks increase, we're working more on the product increase, so the cross-sell will increase, sir. Mind you, with the client cross-sell, if you are asking that, with the banks, the cross-sell takes time, sir. The trust has to be developed, the deliveries have to be done, and then the cross-sells happen. There's been a lot of cross-sell. The few banks we do mostly all the products with them. With a few banks, we do 40, 40, 35, 40% products with them. We're keeping on increasing there. We've been only in the BFSI space up till now. With the AD-II license coming in and Sprint Verify platform coming, developing out very nicely, we've started entering the non-BFSI space also, and we expect a lot of clients coming in there also. Okay, understood. Just one final question. If you can share some information of your Sahayak, like in terms of why they would like to stick with RNFI, or the kind of change they see while associating with RNFI, or their income growth. It would be- Sir- Really helpful. Yes, it's more about technology, UI, how you solve their queries, and most importantly the diversified product portfolio. That brings a lot of stickiness. Lot of stickiness. A lot of hard work goes in training also for each product. Yes. So cross-selling, we say on a call, is easy. It sounds very easy, but, for the field, it's a very difficult job to do. The geography is very vast, training people, different language barriers. But, so diversified products is a key stickiness point, sir. Okay. Thank you very much for answering my questions. Thank you, sir. Thank you. Thank you. I now request Priyankar Sarkar from Square 64 Capital Advisors LLP, to please accept the prompt on the screen. Hi- Priyankar, please turn on your webcam, unmute yourself, and go ahead with your question, please. I think she's- Hello? Yes, sir. Good morning, sir. Hi, sir. Good afternoon. Sir, one basic question. I'm relatively new to the company, but one thing I'm not able to understand, sir, if the ARPU for the nine months is 1,183, and the number of Sahayak is INR 2.2 lakhs, then the revenue should be a multiplication of that into nine months, right? Yes. So that comes to INR 234 crore. So that comes to INR 234 crore, but the non-Forex revenue is INR 347 crore. So where is the gap of this INR 115 crore, if you can help me understand that, please? Actually, for ARPU, we are calculating only for Sprint Verify and Payworld business, not all subsidiary. Sir, sir, basically, ARPU only where Sahayaks are involved. Sahayak, uh. Where for Sprint Verify, connected banking, the Sahayak is not involved. For insurance into the corporate, the Sahayak is not involved. So we just classifying the business where the Sahayak is involved into the ARPU, where our corporate business is there and the Sahayak is not involved, that business is not classified as a Sahayak business, so we don't count it in the ARPU, sir. Okay. Got it. Got it. Sir, may I ask a follow-on question, please? Yes, please. So this gross margin of 37% for this nine months FY 2026, indicatively, next two to three years, I understand there's a lot of upfronting of cost because you're launching a lot of new products. Like, all of that, let's hope it will stabilize over the next 18-24 months. Thereafter, what is the gross margin that it can get to, and eventually leading to a growth in EBITDA level also, EBITDA margin? I can't give you a number roughly, sir, because the new product, what traction it's going to get- Regulation. the regulation is there, the traction which we Yeah. The traction which we are getting by tech play, which we are doing. But, sir, it's a platform, so this will, we anticipate it to keep increasing, if everything goes as per plan and what we plan to do. As I mentioned earlier, sir, we think this is just the tip of the iceberg, and we anticipate to increase considerably, sir. Because the expenses won't increase, it would further reduce, and the revenue- Okay. Will increase, sir. Yes, sir. Perfect. Okay, sir, thank you, and wish you all the best. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, to ask a question, please click on Ask Question tab on your screen. For follow-up question, participants may use the Raise Hand option. I request BR from AB Capital to please accept the prompt on his screen. Yeah. Hello- Please proceed with your question. Hello, sir. In the last conference call, you were guiding for 40%-50% year-on-year growth in non-Forex business. Do you stand by that, now as well? So last time also, I said, sir, we're targeting that, and I stand by that right now also, provided the conditions remain same, sir. I, we stand by that, sir. Okay. That's all, sir, from my side. Thank you. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, to ask a question, please click on Ask a Question tab available on your screen. We will wait for a moment, please. A reminder to participants, to ask a question, please click on Ask a Question tab available on your screen. As there are no further questions, I would now like to hand the conference over to management for closing comments. Over to you, sir. Thank you, everybody, for joining the call. It's been a 10-year journey for us. The journey has been, has ups and downs throughout the years, but after we've raised capital, the journey in terms of business has increased because it provides fuel to the engine. With the new capital raise, we are done, and the warrants we have issued and the funds would come in the next few months. We anticipate it to provide a further growth engine. Like I always say, thank you very much for your support, for keep guiding us. We'll keep learning. Any queries, please feel free to ask. If somebody would like to come and visit the office, more than welcome. That will give you more idea about what we do. We're in a different business. Our business is not. See, you will have to understand one thing: our business is not a balance sheet-intensive business. So it's a PNL-intensive business. So any investment which we do now would give money in the future, but hit the balance sheet in the short near term, basically. So we have to maintain, grow, also maintain profits also. So it's a balancing act because we anticipate a lot of growth in the coming few years. We're working towards that. Thank you for your support. And like always, I'll end with the line: They might be good, they might be bad, but we'll always be transparent to you. Thank you very much. Thanks a lot. Sir, I'm sorry to interrupt, but we have one question in the queue. Can we go ahead and take it? Yes. Yes. Yes, please. We have a question from Chirag, from Astrolite Investments. Chirag, please accept the prompt on your screen and go ahead with your question, please. Hello. Hi, Simon. Can you hear me? Yes. Yes, we can. can. How are you? Yes. Good, good, good. Thank you. Apologies, I joined the call a bit late, so I don't know whether this was covered. Just a couple of questions from my end. Can you give me update on the Forex business, what is happening over there, and then we can go to the next question? Yes, for the Forex business, the remittance tie-up is done with the two banks. We've started doing the pilot with those two banks, and the pilot is near about to end in the next few 30, 35 days, and the platform has already been launched. We anticipate to kick off massively from the first quarter of next year, sir, on the Forex side of the business, sir. Okay, okay. So this is after the AD-II license that we have received, right? Yes, sir. This is after the AD-II license, sir. Yes. Yes. And so, how will be the margins going forward in this business now? Sir, the problem with the Forex business was always that, currency is treated as a commodity. So if I buy a dollar today for INR 90, and I sell it at INR 90.50 in the next 1 minute also, the turnover will show as INR 90.50, and the margin as INR 0.50, which looks very, very bad, but otherwise it was an okay business. Now what would happen, the remittance part, the currency would not be taken into the consideration, only the remittance charges would be taken into the consideration, so the margins would increase massively, sir. Yeah- Also, we only had an FFMC license e arlier, where we could do currency only for two, two things, business and leisure. Now we can do for around 16, 17 products. Remittance were not allowed earlier, now we are allowed to do remittance also. So t hat would change the scope, sir. No, no, understood. Well understood this. Sorry, my question was more of the take rate part. I understand, the previous model on the FFMC. The take rate part, the margin is around 1%-1.15%, sir. Okay, okay. The blended across all the products? Yes, sir. Okay, okay, okay, okay. Any volume or throughput number that you can guide us on this business? Sir, as I told you, we're just finalizing the AOP numbers, sir. In the next quarter, if the board allows, we'll give you a guidance on the numbers we're targeting, sir. Okay, okay, okay. But what is the different value proposition that we will be bringing? Because I believe there are other AD-II licenses players also, right? So we've already got to see a lot of companies doing well in that space, but our major traction is we already have a distribution set up, employees there in every nook and corner of India. Our business model is not to be a number one in any space, but leverage our network, manpower, technology, and we get more profit out of that space basically by being a, not even a small player, a decent player. So that is what we're targeting, sir. That's the differentiator between us and the others, sir. Understood. But, just for my understanding, the SIHs will not be in this segment, right? So that's what is a differentiator here. That's what people don't, w e've got a lot of SIHs in cities also doing various products like EMI collection, domestic money transfer BBPS, these SIH. Then we got, sir, around a lot of base of our travel agents- Right. Who do a lot of air booking and stuff like that. So we've got a mixed base, sir. It's not only that we are present in rural area. Yeah, predominantly, if we say 200,000 agents, they must be semi-urban and rural, around 70%-75% agents, but like the 25% agents available in the rural Tier 1, Tier 2 cities, sir. Got it. Got it, Got it, got it. And on the non-Forex bit, how should we, w hile I understand there will be quarterly diff, variation in the numbers, but how should we read this 12% growth, year-on-year in the non-Forex business? Have you stopped few products there, or is, in general, the volume we know it- No, no, sir. As I mentioned, the DMT product, there was a guideline change in November 1 last year. So DMT was a high revenue, less margin business, so that has affected the top line. Mm. In fact, we've grown massive, i t affected my 63% business went down. That affect massively the top line. We've grown massively the top line also actually, sir. Okay. Because of that, it's not being reflected. Now, that has panned out after the third quarter, so you'll see a lot of traction there, sir. Understood. So sorry, how much was the DMT business in the total non-Forex? 30 crore, sir. INR 30 crore. Sir, there is an incremental effect of INR 30 crore. INR 30 crore. Incremental, sir. In the first half, only up to, only up to September, it was a INR 30 crore downside, sir, because of the DMT business. Okay, now, so let's say in 2Q, we did INR 120 crore of non-Forex business. How much of that was coming from DMT? It's roughly, I'll have to give you the exact number. Roughly, it's around INR 30 crore in the first half, Q1, Q2. Q1 or Q2 with DMT, INR 30 crore. Yeah, sir. Basically, there is an incremental downside from last half to this half is INR 30 crore. In the first half. Till September only. Okay, okay. So, and sorry, can you just explain to me what was the change in the DMT rules? The RBI regulated it, saying, every Aadhaar or every, Registration. Actually, there is a change in criteria for remitter registration. Earlier, it was OTP based, now it is Aadhaar biometric based. So a lot of people have moved to bank accounts, basically. That is what happened in that segment, sir. Okay, but now that that transition has taken place, and now we can expect the growth to come back again. Yes, sir. So the fourth quarter, in the fourth quarter, that transition is taken away, sir. Yes, sir. Understood, understood. Okay, so it was more like a quarter impact, this- It was a three- It was a 9-month impact. It was a nine month impact. Okay. Okay, okay. Sorry, sorry. The decision came into effect in November 1, 2024. Last month. Understood, understood, understood a nd how are just the last point in mind, how are the business trends in, let's say, the EMI collection, the insurance, cross-selling, and all those selling products? So everything is growing at a scale which we wanted to and anticipated to. We are. You joined in late, Chirag. I mentioned ours is not a balance sheet-intensive business- Right. It's more of a P&L business. So any expansion we do for the long term, it hits our balance sheet immediately in the short term. So we're doing a balancing act between doing profitability and spending to grow at the future. So we require a lot of fuel for the future to grow massively on the network, sir. That's what is happening, sir. Understood. Thank you so much for your answers. Apologies, I joined a bit late, so I got a bit repetitive. Thank you, sir. Thank you. Okay. Thank you. We have one more question from the connection of admin. Kindly introduce yourself and go ahead with your question, please. Please accept the prompt on your screen. Yes, kindly unmute your audio, introduce yourself, and go ahead with your question. Hi, this is Vedant Punjabi from Artha Energy Projects. Sorry for joining late. I actually had some issue. I just wanted to ask one quick question, and that is: over the next few years, what are the operating levers that you see driving the growth of the business? When I joined, I heard you say that we have substantial growth anticipated over the next few years. So will it be distribution expansion or monetization per outlet? How do you envisage this growth? And as an investor, what are the levers that we could probably keep an eye on to track such growth? So basically, sir, as we always say, the mention is the platform is going to remain the same. The team is more or less going to remain the same. So as you rightly said, we plan to increase the distribution, so increase the number of sites, then increase the more the products on the sites, thus leveraging the sites to get more monetization. And on the left-hand side, the corporates, we keep increasing the corporates. We've, and we started entering the BFSI space as well, so we'll see a lot of traction there. And then on the corporate side also, we keep increasing more products, thus monetizing the corporate also. So these are our few parameters, sir, which we are- Leverage. Our leverage point is the expense remains more or less same, increases by a fixed cost, the fixed cost remains same. In fact, we're working towards lowering it and increasing the revenue. So it's an effect which will work both ways. The revenue would increase and the expenses would come down in the future, and that is how. But if it doesn't come down also, it stays around that number. That is what we intend to do, sir. Okay. Understood. All right. Thank you. Thank you. One moment, please. Ladies and gentlemen, that was the last question for today. Thank you, members of the management. On behalf of RNFI Services Limited, that concludes this conference. Thank you for joining us, and you may now exit the meeting. Thank you, all. Thank you. Thank you. Thank you. Thank you.