Ladies and gentlemen, good day and welcome to Q4 FY 2023 Earnings Conference Call of Tanla Platforms Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Ritu Mehta from Tanla. Thank you, and over to you. Hello, everyone. I hope you and your families are safe and healthy. On behalf of everyone at Tanla, welcome to our Q4 Earnings Call. Joining with us today are Uday Reddy, Chairman and CEO, Deepak Goyal, Executive Director and Chief Business Officer, and Aravind Viswanathan, CFO. Uday will share his perspectives of business imperatives and strategic progress made by the company, followed by Deepak, who will update us on the enterprise business, and Aravind will provide an overview on financials. After opening remarks, we'll be happy to engage with participants and address their questions. Before I hand it over to Uday, let me draw your attention to the fact that today's discussion may feature statements that are forward-looking in nature. All statements other than statements of historical fact could be deemed forward-looking in nature. Such statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. A detailed disclosure in this regard is mentioned in the results presentation that is uploaded on our website. Audio recording and transcript will be available on the website too. I hand it over to Uday. Thank you, Ritu. Good evening, everyone. Thank you for all of you joining us today. I'm joined with Deepak, our Chief Business Officer, and Aravind, our Chief Financial Officer. We have shared detailed disclosures of our results yesterday, and I'm sure all of you had an opportunity to go through the same. While we would be happy to take any questions on Q4 as part of a Q&A, our focus in the opening remarks will be to give you a very strategic update on our platform and enterprise businesses. I've been talking about looking at our platform business and enterprise business very independently, we will report EBITDA for these businesses separately going forward. In my opening remarks, I'll give you a perspective on our platform business, whereas Deepak would give a perspective on the enterprise business, and whereas Aravind will share the financial highlights. Let me talk about the platform business here. We see a significant secular tailwinds of digital interactions in India. We have seen 3x increase in digital interactions for the last three years, and it is accelerating. For example, the number of UPI interactions grew from 1 billion in FY 2018 to 86 billion in FY 2023. Estimates are it will touch around 430 billion in FY 2028. Tanla is strategically positioned to address this explosion in digital economy. Our strategy is to address the entire lifecycle of customers, our customers' customer in digital-first world. We will help enterprises acquire, transact, retain, and service their end customers through our platforms and solutions. This would require addressing multiple buying centers, be it chief marketing officer, or the chief digital officer, who are focusing on acquiring new customers, upsell and cross-sell to the existing customers. It always requires high ROI on the marketing spend. The CISO and the chief risk officer are keen on areas like data security, data privacy, spam, scam to ensure that customers are protected. Whereas chief operating officer and business heads are focused on seamless transacting experiences for their customers. For example, the OTPs and the e-way, e-KYC payments, et cetera. Given our platforms today, when we walk into any enterprise, every CXO in that enterprise is our potential customer for us. That is our thought process. We would like to service each and every buying center in an enterprise, in an any enterprise. We expect the TAM, the total addressable market size for this space, to be around INR 5 billion-INR 6 billion in India alone by 2027. And if we add a few adjacent emerging markets, where we started making inroads such as Middle East and South-Southeast Asia, the TAM could be around INR 11 billion in 2027. In this backdrop, let me give you a perspective of where we are investing and what is the impact of these investments. I will start with where we're investing in the platform business. We have invested over INR 175 crore in FY 2023 in innovations and improvements. Which is in our platforms. We have invested a lot of money in the talent and infrastructure, and we have built a separate dedicated team for our customer success team, and we are spending a lot of money on our Wisely brand. We'll continue to invest in this space going forward, but definitely, in the coming quarters, we will report these investments separately on quarterly basis. Let me talk about what we invested and what we built under investment, under innovation and improvements. We are focusing on four segments within the digital interaction space, which covers all buying centers within an enterprise. We call it as Wisely Communicate, then Wisely Engage, then Wisely Protect and Wisely Experience. When it comes to Wisely Communicate, the segment is all about orchestrating and delivering omnichannel, safe and encrypted communication to our customer's customers. When it comes to engagement, this segment works across entire customer lifecycle management, be it acquisition, cross-sell, upsell, and retention. This segment is mainly targeting at the chief digital officer or chief marketing officer of any enterprise. When it comes to Wisely Protect, the segment addresses the areas of the data security and data privacy, spam and scam. especially making all digital interactions safe and complaint. When it comes to Wisely Experience, providing rich and seamless, delightful customer experience in a cluttered digital economy is a focus of this segment. We have six platforms across these four sub-segments. Our and all our platforms have a specific DNA. They are built for greenfield opportunities. They are built by, they're getting this entire ecosystem together. They are built for scale. They are built with a proprietary technology, and they're built as asset-light platform that are easy to deploy. These are deployed. These are deeply embedded in with our customers, and it's very hard to replace our platforms. All the platforms are built on Wisely, which we have been discussing for the last couple of years. Wisely is a single platform of platforms on which every other platform is built. This provides us with a tremendous speed, agility to develop new platforms. For example, we took 15 months to build Wisely Communicate, but we took only four months to launch Wisely A2P, our anti-phishing platform. Wisely A2P is our patented platform to curb phishing and scam and the biggest menace that is threatening the digital economy today. It is our biggest innovation in our history. The proof of concept with the three large banks have been encouraging early results. In parallel, we have also showcased the fantastic results of our sandbox deployment of A2P platform to our TRAI and other regulators. I'm personally very confident this made in India for world platform will be game changer to protect 1 billion plus users of digital economy. In addition to Wisely A2P, we have delivered 30+ innovations and improvements across our platforms over the past six months. We have invested in the state-of-art Kaizen centre to drive continuous improvement in our existing platforms by deploying best-in-class monitoring tools to deliver excellent customer experience once they are on onboard our platforms. Secondly, we are investing on talent and infrastructure. We have recently invested in building a state-of-the-art innovation and experience center in Hyderabad that houses around 150 of the India's top talent in cutting edge across blockchain, cryptography and very big focus on AI and ML. Built over 100,000 square foot area, this center is unique hub of innovation with the five garages and an environment which fuels innovation. The third biggest area that we are investing is the customer success and brand. We believe customer success and are significantly investing in the dedicated team from the industry to be custodians of our business impact and delight to our enterprise customers. We are also making purposeful investments in building our product brand Wisely to stand out the most trusted brand in digital interactions. Our significant investments are delivering business and financial impact. Let me elaborate here. When it comes to business impact, collectively our platforms touch more than 1 billion lives in India. Around 35% of our top 30-70 customers use 3/ 6 of our platforms. We have very high customer retention rate. Increased customer adoption is accelerating in our platform lifecycle. Our first platform, SMSC, took five years to reach 25 crores gross margin per annum. Our DLT platform, the Trubloq, reached 100 crores milestone in two years. Whereas Wisely Network, which is deployed with Vodafone Idea network, reached 100 crores gross margin within one year. Our Wisely OTP platform, I'm sure will reach 100 crores gross margin club in less than 12 months. So we're pretty excited about these platforms. Let me also talk about the financial impact of our investments. Our gross profit in the platform business are growing 20% plus for last 12 quarters. Our EBITDA margins are upwards of 70%. We have delivered strong growth at high margins. The platform companies are expected to operate at the rule of 60, which is revenue growth plus EBITDA margin percentage should be greater than 60%. We are operating at the levels significantly high, higher rule of 60 today, but our vision is to operate at least at the rule of 60 at a scale. In summary, we have a clear strategy that is working. I wanted to leave behind four messages for our platform business. One. We are an evergreen market with a large total addressable market. The second point, we have a track record of successful innovations and cutting-edge technologies like AI/ML, blockchain and cryptography. The Innovation and Experience Center is accelerating this further. The third point, we have shown massive customer adoption addressing the needs of several buying centers in an enterprise. The fourth point, our platform business demonstrate all SaaS platform characteristics, which are rule of 60, consistent, predictable growth rate, 70%+ EBITDA profile, high lifetime value for each platform. Interestingly, SaaS companies such as ServiceNow are typically valued at a P/E multiple of 100+. That is the power of platform business, and we continue to report, as I said earlier, both platforms and enterprise business separately from this quarter onwards. With this, I would like to hand it over to Deepak, who talks about enterprise business. Thanks, Uday. Hello, everyone. Thanks, Uday for this call. Uday has given an overview of the industry and our approach to the platform business. Let me give you an overview of the enterprise business. We are India's largest CPaaS player with over 20 years of leadership in the communication space. Fundamentally, our business is about helping enterprises engage with their end customers across communication channels. When a bank is sending a OTP or a notification to its customer, it goes through our platform. If an enterprise is engaging in a two-way conversation with their customer, it goes through our platform. We are behind the scenes, touching over 1 billion people, enabling their digital journey. Our business model is pay-as-you-go. As the volume of communication between enterprises and their end customers grow, we grow. In fact, our business is very closely coupled with the growth of digital economy. As the digital interactions grow, we will grow. I'm very optimistic on the growth prospects of the enterprise business. Let me tell you why we are best positioned to build on our leadership in this space. Number one, scale. We have unmatched scale with over 30% enterprises market share in India. Our scale is not just reflected in volumes, but also in terms of our customer profile. We serve over 1,300 enterprises in India. 8 out of top 10 brands across all industry segments, or I would say across all large industry segments from banking, insurance, retail, e-commerce, travel, digital natives, et cetera, are our customers. We are the largest partner with the government and played an active role in enabling vaccination in India by providing authentication messages for Aarogya Setu app as well as CoWIN app through OTPs to schedule vaccine appointments and notifications. Our scale helps us deliver large campaigns for customers at short notice and provides tremendous references for our new customer acquisition. We acquire over 200 new customers every year as enterprises are keen to work with market leaders. Number two is customer stickiness. Once we acquire customers, they continue for perpetuity. Our business is not about just providing a gateway for enterprises to the telco. It is about significant integrations coupled with 24 by seven service requiring tremendous agility. We have built a culture of customer first, and our turnaround time to meet our customer requirements is an industry benchmark. Let me give you a few examples. We have given more than 10,000 customized APIs to integrate with our customers. In certain large customers, we have done more than 100 APIs integrations across their different systems. This is a constant process and is a key requirement to scale. Our strength in banking is due to our middleware application being deployed within banks' environment. Banks today deploy multiple CRM software to provide multiple service to their customers, be it banking, loans, cards, insurance, mutual funds and other products. To deliver notification to their customers, our middleware is connected to their multiple CRM systems. We support over 1,000 types of different use cases where customers receive omni-channel messages based on their engagement. This middleware process more than 2 billion messages per month for various banks. We are deeply integrated with all the major CRM systems across different verticals to enable enterprises send multi-channel messages to their customers. It is impossible to ramp up in any customer without these integrations. We have a huge head start, and it is not easy to displace incumbents. This is reflected in the fact that more than 50 out of our top 100 accounts have been with us for more than five years. If you look at our customer cohorts, every cohort has grown double digits CAGR from inception. New use cases. We are constantly seeing new use cases evolve in our business. UPI is a great example. As Uday mentioned, the number of UPI interactions grew from 1 billion in FY 2018 to 86 billion in FY 2023. Estimates are that will touch 420 billion mark in FY 2028. This provides a huge opportunity for us, and we are addressing these pains of the banks. There are lot more such opportunities. Let me give you some examples. AI/ML-based solutions. For a leading bank, we help automate relevant promotional messages based on user card swipe activity. Using machine learning technology, relevant offers are triggered to user basis, his transaction amount, location and card type. This program has resulted in two ways: increase in loyalty offers for the bank. We pioneered voice OTP. If the customer is in a remote location where SMS deliveries are low, we can enable a retry mechanism with the OTP getting delivered through a voice call. These are a few examples in terms of how traditional channels are seeing new use cases and fueling growth beyond OTP and notifications. I'll talk about newer channels. We are seeing new channels like WhatsApp provide a big opportunity for us. These are coming out with completely new use cases and not really substituting the use cases of SMS. We have made significant investments in WhatsApp, and it is reflecting in our results. We have grown our business over 3.5x from Q4 of last year to Q4 of this year, and we have raised an annualized run rate of INR 150 crores in this business. Let me give you a couple of examples of what we are doing here. Commerce on WhatsApp. We have enabled highly personalized customer experiences via WhatsApp for our brands. These help businesses not only to differentiate themselves, but also to gain a sustainable competitive advantage. One of the use cases leveraging a cab booking over WhatsApp. Instead of booking a cab via various cab aggregators at the airport, we have worked out with an online travel company to provide a very simple user experience to book a cab to their destination from the airport. Whether it is integration with various cab providers or Google Maps or even a payment gateway, the whole journey is very seamless and liberates the user from downloading different apps for cab booking. Another example is solving one big logistics last mile delivery problem. We created a solution for a logistics player who provided a 24/ 7 process of handling shipments-related queries, customer interaction complaints, and other support use cases. This helped the customer in solving for real customer problems using our WhatsApp services. Customer feedback increased by 20% as the logistics player was able to identify and resolve customer pain points where shipments got undelivered. Just to tell you, we are powering State Bank of India WhatsApp banking service over WhatsApp. Their over 300 million customers will now be able to engage over WhatsApp with SBI for all their banking requests. There's another new channel, which is RCS, and we are equally engaged in RCS and taking the lead there as well and signing up customers. In summary, we have a very solid business and well-positioned to benefit from the digital interaction boom as we have all the building blocks required. FY 2023 has been challenging year as the pricing environment deteriorated in the first half of the year. We are now seeing more stability as there is realization that pricing alone is not sustainable differentiation. Customers realize that having a few minutes of downtime in OTP can disrupt their business. Customer service around two-way communication is our core business, and we are available 24/ 7 to solve their problems and provide new solutions. We are constantly innovating. I do not believe one can disrupt this business on price alone. I have seen multiple cycles in the industry in the past. We have seen price increases in the industry 2x in the last five years on our domestic business and around 3-4x on international side. My personal experience being in the industry for over two decades is that pricing environment stabilizes after a challenging year. I'm hopeful that history will repeat itself here. As the business environment has become stable, we have seen our enterprise margins come back to 20% levels. We think the worst is behind us, and we are looking at growth in FY 2024. That's it for my side. Thank you, and I will pass it on to Aravind. Hey, thanks, Deepak. Welcome everyone, and thanks for joining our call. You heard Uday and Deepak give an overview on the platform and enterprise business. I would like to cover two areas from my side. Quick overview on the year gone by and the way we are looking at the enterprise and platform business going forward from a reporting standpoint. Right? We ended FY 2023 with revenues of over INR 3,350 crores and PAT of around INR 460 crores. We had a slow start to the year and saw a drop in profitability. Like we mentioned then, over the past three quarters, we've seen a steady improvement in our profitability. Deepak alluded to it with gross margins of the enterprise business back to 20% and overall company level EBITDA also back to 20% in Q4 2023. Right? We generated over INR 200 crores of operating cash flow in Q4. I think the big takeaway for us is that we've stayed very, very disciplined in a tough environment, right? We've not gone aggressive. We've not made mistakes. We've kind of remained very disciplined and, you know, we stuck to our commitment to return cash to shareholders, right? We announced a dividend policy of 30% of consolidated PAT to be paid out as dividend every year. We announced a final dividend of INR 4 per share. This is on top of INR 6 interim dividend that we announced in August 2022. We also completed our third consecutive buyback of INR 170 crores. If you include the buyback PAT, the total outgo is over INR 210 crores in January of this year. We've been returning sizable amount of cash back to shareholders. Going forward, as Uday mentioned, we have two businesses, enterprise and platforms. Both of these businesses are part of our CPaaS market, but we will break down the financials right up to EBITDA from Q1 of FY 2024 on a management reporting basis so that there is better understanding of these businesses for investors and analysts. These businesses have slightly different drivers, right? We will look at metrics across investments, business impact and financial impact. To give you a sense for the platform business, we would share business metrics along customer adoption, customer churn and platform segmentation. Rule of 60, as Uday kind of alluded to, would be applicable to the platform business. For the enterprise business, we continue to give new customers breakdown, customer segmentation and customer concentration. From a financial metric standpoint, we already give breakdown up to gross margin. We would start sharing EBITDA for the two businesses. This is one more step as part of our disclosure process, right? We've been constantly adding our disclosures, and we think this would help investors understand our business better. With this, you know, I would request that we open the floor for Q&A. We'll be happy to take questions. 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 touch-tone 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. We have our first question from the line of Ronak Vora from AUM Fund Advisors LLP. Please go ahead. Hello? Hello. We can hear you, sir. Yes, Ronak. Go forward. Yeah. You said that we are back on the path of growth from FY 2024 onwards. What kind of growth, do we expect in the enterprise and platform business separately? Deepak, Do you want to give a color on the enterprise business first? Sure. Yeah, sure. Ronak, as I mentioned, you know, the worst is behind us, yeah. We are seeing, you know, good growth in FY 2024, though we don't provide any forward looking guidance. What I can tell you is that our existing business, our existing customers, they are intact. They are with us. They are very happy with us, with our solutions and with our service. They are growing. Apart from that, I mentioned in my previous, you know, earnings call that we have embarked on a very aggressive campaign to acquire new customers. We are very focused on that. We have seen some real good results in Q4, where we have acquired more than 50 customers which are large and we are onboarding them. Overall, yeah, I'm very, you know, I'm very hopeful for a good growth coming in in FY 2024. Okay. Because in the last three quarters, even though the number of customers have increased for us, the revenue translation and the enterprise business has been hardly flattish. Which is where my question comes in. Instead that we've onboarded around 50 customers or in the process of onboarding 50 customers in the current quarter. Going ahead, when do these 50 customers translate into revenue? Generally, what's the whole time cycle, if you can just help me? Ronak, usually it takes, you know, about six to eight months for customers to fully ramp up their volumes and their transactions on us. This is the timeframe what we are looking at. We would see that, you know, some amount of their business would start trickling in from Q1 itself. Okay. On the platform business? Ronak, Uday here. On the platform side, as I promised you earlier, like, we closely track rule of 60. Definitely we are very conscious about the growth as well as the revenue growth as well as the EBITDA margins. As I mentioned in my call, we would, our EBITDA margins on our platforms are very high, which is upwards of 70%. Yes, we ou r base is small as of today, when we compare with the e-enterprise business. I think, since we have the 6 platforms, which are being kind of. Okay. even though, I understand that you are Two platforms have already reached INR 100 crores club, and the third platform should able to reach in the next one or two quarters. The remaining three platforms, at least they'll be around INR 0-50 crores by end of this year. All six platforms so will be contributing something or other in this financial year. Okay. Okay. Thank you. Thank you. Thanks. We have our next question from the line of Balaji Subramanian from IIFL. Please go ahead. Good afternoon. Thanks for taking my question. I had two questions. The first one is on where are we on the consent management module for Truecaller? This was something which was expected to be approved by the regulator and any progress on that. The second thing is on, again, related to TRAI. Last week there was a news item that TRAI had called telcos and discussed the issue of spam calls, especially on the voice front. You know, do we see some opportunity there, just like how we have kind of moved ahead with Truecaller for SMS? Balaji, hi, Uday here. In terms of consent management, it is the regulator and it is the telcos who has to take the call. As far as our platform is concerned, we have been ready for quite some time. It is up to the regulator and the telcos to decide when they want to launch. We are not the one who's going to launch, right? That's the number one. Number two, about the spam calls. We are busy deploying our SMS phishing solution as we speak. First we would like to concentrate on SMS phishing before we really move to the voice. If I'm allowed to say SMS, the voice solution for, I mean, voice phishing is not that easy to deploy. We don't have any benchmarking products. Not that we have a benchmarking product for SMS phishing, but it's too early to comment on voice solution. Okay. Got it. Those were my questions. Thanks and all the best. Thanks. Bye. Thank you. We have our next question from the line of Amit Chandra from HDFC Securities. Please go ahead. Yeah, hi, and thanks for the opportunity. My you know, first question is on the enterprise business. You mentioned that enterprise business, you know, we are going to see the better growth in FY 2024. You know, the assumption for this growth is only, you know, based on the reversal in volume growth. If you can break it down, what's happening between transaction and promotional volume? I think promotional, you know, volume for FY 2023 has been down significantly. Also, are we also baking in any, you know, price hikes in NLD side or any further, you know, price hikes in NLD, you know, pricing on the enterprise, on the enterprise business? Secondly, on the enterprise business, you know, margin expansion, can you please provide us with the any kind of walk that you have that what led to this margin expansion? You know, is it the, is it new base or is there something that is like one-off in this? Yeah, Amit, it's Deepak here. First of all, I spoke about, you know, growth in enterprise business. It'll come through two counts. One from existing customers and another for the new customers which we have recently acquired. Let me tell you, the customers that we acquired, they're very large in size, we are very hopeful that, you know, we would, you know, that they would ramp up very well with us. As you asked a very, you know, a good question that how, you know, what will happen with promotions and transactions. Yes, I agree. The last couple of quarters we have seen that banks have not been spending so much what they used to do it earlier on the marketing campaigns, on promotional campaigns. We have seen some sort of, you know, some sort of a de-growth, I can say, on those volumes. Let me tell you, our, you know, focus and our majority of our business is on transaction base, and we have seen good growth coming in on transaction side. I mentioned about just about UPI itself, you know, that itself is a use case which has been growing tremendously, you know, and it's growing very in a big time. We are seeing overall, you know, as I said, you know, banks will grow, the number of transactions go up, our business will also go up. If, you know, if e-commerce companies they sell more and they do more transactions, you know, we do more transactions. It is straight away related with our, you know, with our customers' growth. We see that, you know, the growth is coming because digital adoption is increasing. That is that. As far as pricing is concerned, as I mentioned, in last five years, we have, you know, we were able to increase or reset the prices twice. One, it was, if I am right, it was in 2018, and then it was 2020. You know, we have seen the worst as I've said, you know, last year. I'm pretty sure, you know, I'm hopeful, I would say, that, you know, things will reset again in near future and we would be able to see, you know, some price hike and better margins. To answer to your last question that, you know, no, it is not one-off. Yes, our margins have improved. That is largely due to two factors. One, with the, you know, the overall prices have stabilized. You know, we are not seeing, that kind of, you know, competition basis prices because even our, competition and everyone has realized that, you know, price, as I mentioned in my, you know, earlier also in my statement that price is not the one through which you can actually win the customers. You know, you need to provide, support, you need to have domain expertise, you need to have. I'm sorry, sir. We are unable to hear you. I think we lost Deepak. The prices have stabilized and we were able to bring down, you know, our cost as well, our input cost as well. You know, with these two factors, we were able to, you know, increase our margins and Q4. Hope I have answered your questions, Amit. Okay. you know, it was helpful, sir. you know, on the platform business, so Uday you mentioned that, you know, the rule of 60. Currently we are operating well above that, so the margins are pretty high in the platform business. you know, should we assume that with scale coming in the platform, you know, business because we have, you know, four to five, you know, major products which are either in incubation stage or either to, you know, gain scale. you know, with the scale coming in, you know, the margins that we're operating at the present, it will come down or is it fair to assume that we'll operate, you know, within that rule of 60 rule, you know, band, you know, when we rescale? Or like in Wisely A2P kind of a product, if it gains scale, then what margins can we assume for that? Amit, basically like, you know, definitely our intent is to operate at the rule of 60. As you rightly mentioned, the scale is pretty small as we speak. I don't see any challenge even when all 6 platforms go live and they start contributing like. They should able to operate at the rule of 60. That's how we, that's how. In fact, the way we work in the Innovation and Experience Center is each platform is housed in one garage and it has got a dedicated team, right? It has got its own budget and it's got its own roadmap. Everybody is mandated to operate, at a scale and at certain KPIs. The whole team is pretty clear about what they're supposed to deliver. Our intent is to deliver minimum 60, if that's what you want me to commit. Our intent is to operate at minimum 60. Okay. You know, like one last thing. You know, obviously the, you know, platform is, you know, the growth driver for us. How do you see the competition evolving here? Because, you know, right now, we are not at scale, but still, you know, there are, similar products being launched by the competition also. How do you see the pricing here? Is it more capability-driven or it is more pricing-driven? How, you know, like these factors, you know, like determine the success for any product. Amit, it's a very, very good question. Like, I love to clarify this point. We have some evidence here in the sense like we were the one who has developed and deployed the Trubloq or the DLT platform, which is the biggest blockchain use case in the world. We won minimum, we won around 60% market share consistently for the last two years, right? In fact, we are gaining market share every quarter. The reason being we don't just innovate and forget it. We keep innovating, keep improving our platforms. Okay? That's where our that's what our DNA is like, right? Yeah. We, in fact, we don't copy anybody. If somebody wants to copy us, most welcome, right? It's not that easy. We have created the second evidence, which is Wisely Communicate, which we launched with Microsoft. The third evidence is Wisely A2P. We are always ahead of the curve. We're always good at identifying the opportunity. We are good at identifying the greenfield opportunities and we're good at building the solution or the platforms on time and delivering the impact to the customers. We have the evidence here. I don't really care about competition, and we are much ahead of the curve. I would like to leave it there. Okay. Thank you and all the best for the future. Thank you. Thank you. We have our next question from the line of Deepak Chokani, an individual investor. Please go ahead. Hello. I have a couple of questions on Wisely A2P. First is, when can we expect it to move to the next stage? Is this product something which is mandatory for the banks or are they adopting it voluntarily? Third is the patent in India or abroad? Yeah. Deepak, Sudhir here. Good question. Sorry, what is your first question? Sorry. What is the ATP? What is the first question? When does this move from POC to the next stage? See, the POC we kickstart it on probably 25 days ago. India's top three bank, which is Kotak, ICICI and HDFC are on this platform, and they're extremely happy with the results. In fact, if in fact, we should able to get into commercial discussions very soon. That's number one. Number two, is it regulated? As of today, no. The problem is so big, which all of us are fully aware of it like, okay? Whether regulation comes or not, the banks and all the enterprises are looking for this kind of solution like, okay? They have to. They have to. It is the responsibility of the board. It is the responsibility of the CXOs to protect their users. As of today, in fact, each and every bank in each and every enterprise has a lot of budgets for towards the cybersecurity, and they're willing to spend the money on a solution like. As long as we deliver the impact to the users in terms of protecting their users, I don't see any much challenge in commercializing this product. Please allow us to update in the next one and a half months time. The problem here only here is it's a greenfield opportunity. It's first of its kind of solution in the world. The pricing, when we have to price to our customers, so we don't have any benchmarking products like. It takes a bit of time for us to close the deals, but once we close with first one or two banks, that will become the benchmark for other enterprises to follow. First one or two deals are very important for us. Sure. Sure. Do you think the Q1 will have some bit of it? Before I answer that, Deepak, like, let me, I'll update you. You know, recently, TRAI formed a group where Ministry of Home Affairs, Reserve Bank of India, SEBI, and all the regulators in India, including insurance regulator, came together and they are looking for this kind of solution like. That's where we have demonstrated our platform a month ago, and they're pretty excited for the solution. So yeah, we don't see any challenge in commercializing this platform. Stu, don't worry too much about this quarter, next quarter, but it's. As I told you earlier, this is the biggest innovation came out of Tanla in the last two decades. You know what I mean by that. Yeah. That's, that's helpful, sir. The last question on this, is this, is this patented in India or abroad? We have applied, in all markets, in important markets. That's how we always do, including India and Europe and US. Perfect. Thank you so much. Thank you. Thank you. Thank you. A reminder to participants to press star and one to ask a question. We have our next question from the line of Mohit Motwani from Nomura. Please go ahead. Hi, thanks for the opportunity. I had three questions. One is around, you spoke in the last quarter about integrating some of the large banks and e-commerce companies in the coming quarters. Just wanted to get a sense of where are we at, where are we now from the, that standpoint. Have the revenues started flowing in, and what's the scale of that? Deepak here. As I said, we have, you know, completed the integration with some of the very large customers. It takes time because, you know, then there's a testing phase, you know, which usually go on for about eight to 10 weeks, where we get, some, you know, percentage of, you know, their business. Once that testing is complete, you know, and all the integrations are done, then, slowly, you know, volumes, ramp up. That's the, you know, that's the life, you know, cycle of any, you know, onboarding any customer. I mean, as I mentioned, we would see some amount of revenues coming in in Q1, but overall, the, you know, the real impact will come, you know, maybe in about six months' time. Sure. Can you give a sense of, you know, what has been the contribution from NLD and ILD? I believe this was 95% was NLD two years ago. Has that mix shifted or it remains the same as of FY 2023? No. This is Aravind here. You know, we've not called out Mohit, in terms of NLD, ILD contribution. So in Uh, and it was sorry. In your analyst meet, actually there was 160 billion of NLD transactions and 9 billion of. Yeah, we got a volume. Okay, okay. No, no. Pricing is very different, right? If you look at it roughly about 30 odd% of the enterprise business, 1/3 of the enterprise business would be NLD. That's ILD, sorry. This is volume basis, right? You are saying. No, revenue basis. Revenue basis. Okay. Okay. One more last question was, you know, have you considered, you know, entering the new product category like email? If yes, then, you know, would you be pursuing any inorganic opportunity for the same or it will be more in-house? Deepak here. We do provide, you know, email services to a select few customers, and that is primarily for, you know, transactions. Let's say for a couple of very large private banks, they do send, they use our email services and, you know. We are not too focused on email. We are focused on newer channels, as I mentioned in my statement, like WhatsApp, like Truecaller, like RCS. These are the channels which really excite us, and we feel that, you know, we can build a lot of new cases, new use cases using these channels. They provide, you know, two-way communication and, you know, we can achieve a lot through these and they can complement to our overall SMS business. Sure. The last one, if I may squeeze in. You know, your contribution from WhatsApp has been increasing very heavily over the last year. Do you see this increasing more forward? Because it might be enjoying higher margins, do you believe that at the company level margins, WhatsApp can aid and, you know, improve it even further? Yeah, definitely. It is, you know, it is more like, you know, building the use cases around, you know, around WhatsApp. Okay? Building, you know, some interesting user journeys, some complex user journeys which can help, you know, enterprises to, you know, interact with their, customers. When we do that, we, you know, we definitely make more money. Customers are happy to pay us more and happy to pay us for such solutions and that goes into our margins. Definitely, yes. FY 2024, we have some big plans on that. Sure. That was helpful. Thank you so much. Thank you. We have our next question from the line of Milind Karmarkar from Dalal & Broacha PMS. Please go ahead. Yeah. Hi, gentlemen. Hi, Uday. Thank you very much. I think the results were quite good, and congratulations for delivering on the 20% promise which you had given a few quarters back on EBITDA. I had a one basic question about as we increase our platform business, I'm sure, there will be an improvement in margins. Just wanted to hear from you that do we have sufficient scope for growth in the margin? That was my first question. My second question was on, you know, the use cases like the one which you, which was talked about, which was a travel company using the cab aggregators, and making it easier for booking of cabs. What kind of, sort of commercial opportunity do you think in these type of use cases? That were my two questions. hi, Milind. Uday here. Thank you. Hi. Aravind, you wanna take the first question? The second one goes to me. Sure. Sure. Sure. Sure. I can. Milind, like Uday said, right, we have six platforms. Some of them have already scaled, and all of them we are confident of scaling, right? From a market potential standpoint, there is a lot of headroom, right? We'll obviously execute and scale them up. Clearly we are not opportunity constrained from a platform standpoint, right? Right. Each of these platforms are platforms of scale, right? The timing is obviously what one is looking at. Definitely, you know, Uday kind of talked about it in his opening remarks. You know, one good direction is that our scale of platforms gaining scale, that speed is actually accelerating, right? Sure. Which is a good positive. You know, from that perspective, definitely there is headroom. Obviously once you look at it, the integrated company margin play will play out, you know. I, we still look at these two very differently and individually, Milind. Yes, there is headroom on this, right? Okay. Maybe on the second, let me ask Deepak to give you, perspective. Yeah. on that. Yeah. Hi, Milind. You, you asked for, you know, I think your question was how we charge our customer, how we make money on such kind of solutions. Am I right? Correct. That's absolutely correct. Yeah. This comes under, you know, our solutioning part. Okay? WhatsApp is a channel which provides. Yeah. Two-way communication. SMS is another channel which provides maybe one way, you know, channel, you know, one-way communication. Right. Right. Now, we have to provide solutions on it. You know, so we have to sit with our customer, understand their business problems, and see how it can be resolved by using different channels. This is how we resolved for this particular case. How we charge them, we charge them for our solution, and we. Maybe our fee would be for the bots what we have made for the user journeys. When their users start using these channels, we charge them for usage also. Those are the WhatsApp charges, right? Okay. Yeah. What is very important here as well, and more than that, okay, is about the kind of thought leadership, the kind of, you know, experience, we bring in. Okay? What happens is customers start feeling. You know, the customers feel, you know, with our. That these are the guys who are actually solving my problems, rather keep my entire business with these guys. Okay? Whether it is SMS, whether it is everything else. I give you example of which is a real example, I mean, you know, is Wisely A2P, right? ATP, you know, we got a call from a bank. Because I think mentioned last earnings call also. They said, "Hey, you know, our users are getting scammed all the time. Do you have a solution? Yeah. Because of this, what's happening is that, you know, maybe that could be one of the reasons where they are thinking whether they should be sending too much of marketing messages also or no. Sometimes customer may feel it's a phishing message, right? Correct. We, you know, we started working on it and we launched Wisely A2P, you know, and we've gone to the same very bank and said, "listen, we are ready and this is the solution. We have started the POC. They're very happy with us. Once we have that kind of relationship, right, it helps us not in just on our new product, but helps us in our overall business also. That creates immense credibility for us in front of the customer. Right. They would like to be with us forever, you know. This is how it works. Okay. Okay. Got it. Thank you so much. Gentlemen, wish you all the best. Thank you. Thank you. Thank you. Thank We'll take the last question from the line of Sambhav Jain from Vardhman. Please go ahead. Mr. Sambhav Jain? Good evening, sir. Good evening, Uday sir. Good evening, Deepak sir, and good evening to the CFO as well. Hey, good evening, Sambhav. Sir, my first question is regarding our basically loss in revenue in this quarter. Just wanted to get an insight about where after the whole SBI fiasco, I just wanted to get an insight if we are picking up on the WhatsApp channel with them and how are the new customers contributing towards our top line now? I'll take this question. You know, if you would have seen Q4 is historically, from the revenue point of view, from the volumes side is slightly weaker compared to our Q3. This is what we have seen, you know, in Q4 also because, you know, Q3 is full of festivals. A lot of festival spend happens. In Q4, you know, there are no festivals, number of days are less in a quarter, maybe by, I mean, it's lower by two or three days. That also impacts. There are certain brands, certain customers who are, you know, who are already done with their budgets, you know. Overall, we have seen the marketing side, the numbers are little on the lower side. All that has, you know, impacted the revenue, a little bit. This is what the reason for a lower revenues in Q4. Thank you, sir. My second question is regarding our new geographies, sir. What is the traction and how are you seeing the response in the new areas that we are planning to expand or we have already started expanding like the Middle East and like Uday sir mentioned, certain parts of Southeast Asia as well. Just wanted to get a feel of how things are shaping up for the same. We have started our operations in UAE couple of years back. Now I would say that, you know, the UAE is doing, you know, reasonably well for us. We have in FY 2024 we would see a good amount of revenues coming in from there from enterprise side. If you look at, we were looking for some major differentiator, and I think we got it in Wisely A2P. We participated in Mobile World Congress in Barcelona, and we have met regulators from UAE, from Saudi, from lot of other countries. We met telcos. They've shown keen interest in this product. I'm, you know, pretty sure that you would see, you know, lot of growth coming in from there, lot of business coming in from there rather, and we would report about it in the next earnings call. That's wonderful to know, sir. Thank you. Thanks a lot. One last out of context question, sir. The day Uday sir had tweeted about Starbucks logo and about the new innovation center, he had also casually said while he invited me to come down on sometime in February. I did write to the management, and I do live in Hyderabad, so it'd be, it would be nice to just come say hi to all of you and just see all you guys in person and say hello. Whenever that happens, looking forward, sir. Sure, sure. We will definitely arrange, the trip, very soon, yeah. All right, sir. Thank you. Thank you a lot. Okay. Thank you. Thank you. Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to Ritu Mehta for closing comments. Over to you. Thank you everyone for joining the call today. In case any of your questions remained unanswered, you can write us to Investor Relations team. Have a good day. Thank you. On behalf of Tanla Platforms Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.