Please note that this conference is being recorded. I now hand the conference over to Ms. Ritu Mehta from Tanla Platforms Limited. Thank you, and over to you. Good evening, and welcome to Q2 earnings call. Joining us... joining with us today are Uday Reddy, Founder, Chairman, and CEO; Deepak Goyal, Executive Director and Chief Business Officer; and Aravind Viswanathan, CFO. Uday will share his perspectives on business imperatives and strategic progress made. After his opening remarks, we will 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 risk and uncertainty, 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 a transcript will be available on the website soon. I now hand it over to Uday. Thank you, Ritu. Good evening, everyone. Thank you for joining the call. I would like to make four points before we get into Q&A. The first point is about financial overview. So Q2 has been a milestone year for us, with revenue crossing INR 1,000 crore for the first time. So we delivered 19% revenue growth and 30% PAT growth, and with INR 131 crore of free cash flow. The second update I would like to give you around ValueFirst. So ValueFirst delivered very strong performance in Q2 and contributed an incremental revenue of around INR 100 crore at a consolidated level. So ValueFirst was operating at 7% EBITDA before our acquisition. So ValueFirst operated at... Sorry. So ValueFirst, before acquisition, ValueFirst operated at 20% EBITDA in the Q1 of consolidation due to improved cost of sourcing and synergy efficiencies. We expect this business to operate at around 15%. We expect to complete the ValueFirst overseas acquisition in Q3, subject to regulatory approvals in local geographies. They would add around INR 60-70 crores on a quarterly basis to our top line. The overseas business operates at EBITDA profitability of low single digit, and we don't have the same level of synergies in those geographies. It takes a bit of time to to drive the higher profitability. We expect to see the full impact of acquisition in Q4 of this financial year. And the third update I would like to give you on organic growth. So we delivered 7% organic growth on revenues year-over-year and flat on a sequential basis. We have tailwind of price increase for two months in domestic business, which contributed around INR 35 crores growth sequentially. However, the demand was elastic, and we saw a drop in the volumes of around 7% in domestic business. So let me give you a update on Wisely ATP, which I think quite a. We have a lot of inquiries about Wisely ATP ever since we announced results to the market. So Wisely ATP is the biggest innovation of Tanla, and Gartner has recently come out with the Magic Quadrant for the CPaaS industry. And, so they have recognized Tanla as a visionary in the quadrant. And that is a reflection on our innovation. So when it comes to monetization of Wisely ATP, we are in the final leg of commercial discussions, commercial closures, with leading banks in India. So if everything goes right, we should be able to go live during Q3. So as and when we go live, definitely we would like to update all of you. So in terms of the Q3 outlook, we expect this Q3 to be a growth quarter. We see, we clearly see two levers. The first is a domestic price increase. Enterprises optimized their spends, particularly on the promotional campaigns, which I expect to reverse in Q3. We will also get the full quarter benefit of price increase, as that was effective only for two months in Q2. The second lever is typically Q3 is a strong quarter with a potential festive spends, which will drive our business growth. So in terms of the margins, we expect to be range bound at the current levels. So with this, let's get into the Q&A, and we will have a very detailed discussion on, on business and financials. 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 touchtone 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 Amit Chandra from HDFC Securities. Please go ahead. Yes, sir, thanks for the opportunity. So far, I know my first question is, on the organic revenue. You mentioned that, you know, we had price increase, and we have a volume drop of around 7%. So, the volume drop is a function of the price increase and the lower promotional spend, or is it, also a function of the consolidation that has happened in the industry, where, you know, two of the larger players like, you know, Kaleyra and TeleSign has been acquired? So is, is there an impact of that also, that because those volumes have moved out? Yeah. So, Amit, no, I don't think there is any consolidation effect, because, you know, those are really not, you know, two businesses operating in India. What we think is largely it is driven from a price elasticity point of view, right? From a demand standpoint. Of course, there was some IPL related spends in Q1, right? Which would not have repeated in Q2. But clearly, you know, the impact that we saw is that, you know, customers did optimize their promotional spends in light of the price increase. So I would say there was more direct correlation between the price increase and volume drop than any other factor. So, Deepak, you want to add anything here? Okay. And so, in terms of the price increases, you know, how it has been taken by the enterprises. So, like, is it just a temporary, I don't know, kind of, a phase where they are just, like, realigning to the new pricing structure, and the spends, as you said, will come back. So what is the confidence level, in terms of, you know, you're saying that the promotion spend or, the regular spend will come back in terms of volumes? And also, you know, if you can, you know, as you said that the margin impact in this quarter, on the organic front was offset by higher, you know, margins on the ValueFirst. Like, you know, on the organic front, you know, despite price hike, are we seeing margin compression in the organic side of the business? There are two questions, Amit. Yeah. So Deepak will address the first question, which is largely in terms of the, how the customers have reacted to price increase and how sustainable we believe it is. So, Deepak, maybe you can start off, and I will take the second one. Yeah. So, in terms of promotional spend, Amit, you know, so, see, whenever there's a price increase, obviously, you know, it is not being taken very, nicely, right? So, the customer takes some time to digest that. And then there are, some budgetary approvals also, what they need, you know, so that takes time. So it happens, every time. I mean, there's nothing new in that. And what we feel is that, you know, promotional spend will be back with a bang in Q3, because now the festive season has started, and it'll be, back. Right? It is already, you know, started to coming back, you know, as I would say. So yeah, so this is what it is. Amit, on your second question, right? No, the price increase is not margin dilutive from a percentage standpoint, right? So there are multiple levers on profitability that we move up and down. But price increase, if anything, will be accretive, right, on a steady state to margin percentage. So that's really not how it has played out this time. Okay. The impact that will have, you mentioned about the loss of contract, the VI, the contract loss that we have. That impact will mostly come in quarter three and quarter four. You know, will it... Because it is impacting the higher margin kind of a business, can we see, at the console level, the margins sustainable at 18-19%? Or can we see some, you know, margin pressure coming in the coming quarters? Also, if you can comment on the, you know, ATP, they mentioned that it's like going on and the POCs are still going on. You know, any status of tie-ups with other telcos, because we have YC ADP tie-up with one telco. So are we targeting other telcos also in terms of tie-ups? So, Amit, today here, in terms of, question, your question on the VIB. Okay. I think we may not see any impact in Q3. That's-- that's what my belief. That's number one. Number two is meanwhile, we are concentrating on other businesses where it is expected to compensate the loss of opportunity with VIB. So, net-net, we don't see any margin pressure going forward. That's number one, right? Number two, in terms of, Wisely ATP, not that POC has been ever ending. We have completed the POC for three months for the four large banks in India. The platform has demonstrated a phenomenal results. It has almost brought down the complaints by 90%, including with HDFC and other banks. As I mentioned earlier, this product needs bit of uploads from the various regulators. That's where it's going very, very slow. Now we have clarified a lot of points with the various regulators, mainly with the RBI and the TRAI and DOT. Our business teams are engaged fully with our banks to close the commercials. If I'm allowed to say, we kind of closed the commercials with one of the largest banks in India, but we are just about to close an agreement. So as and when we close one agreement, that agreement, we should be able to go live, and then it becomes easier for us to close the other with other enterprises. Okay. Okay, then, thank you and all the best. Thank you. Thanks a lot. Thanks, bye-bye. Thank you. We have our next question from the line of Balaji from IIFL. Please go ahead. Good afternoon. Congrats on a strong quarter. I have two questions. First is, what is the status of the deal that you signed with the largest e-commerce player, which you announced during last quarter's results? Number two would be, can you just remind me on how the NLD SMS pricing stacks up with respect to other channels, especially after this price increase? Thank you. Deepak, you want to take both the questions, please? Yeah, yeah, yeah, yeah, sure. So, Balaji, the customer, the international customer, which we mentioned last quarter, the onboarding is complete, and we already started seeing, you know, some revenues and some traffic flowing into our platforms, but it is not completely fully ramped up as of now, as it takes time. But we feel that in Q3, the ramp-up would be completed, and we'll have the full capacity coming onto us by the time we exit Q3. So it is already started. I mean, it's already customer is onboarded, and the business is already started. So in, you know, in Q3. So that is one. And what was the other question? The other one was on the, you know, after the NLD price hike, how does the NLD price stack up with respect to other channels, like, say, a WhatsApp or an RCS or even an email, for that matter? See, the NLD price is still cheaper than other channels like RCS and WhatsApp, right? Even after the price increase. But, yeah, RCS and WhatsApp have their own features, their own advantages. So if, so it all depends. Now, it is more like, you know, providing a complete mix of the channels to the customer, and the customer would decide which one to pick up, because, WhatsApp and RCS and even Truecaller, you know, they, they provide, you know, rich media, they, they provide conversational facilities, you know, and, and long messages. So there the customer has a choice to move to those channels as well. Okay. And just a quick clarification follow-up on the first question on the largest e-commerce player. When you said that the ramp-up would be completed during 3Q, in the last quarter, you had said that your endeavor is to handle about two-thirds of their traffic on your network. So, by the end of 3Q, will we be somewhere close to that? Yes, absolutely. This is what we are striving for. Yeah. Okay, thanks. Great, and all the best. Thank you. Thank you. We have our next question from the line of Deepak Chokhani from Trade Capital. Please go ahead. Thank you for this opportunity. I just have one question. The others have been answered. So how many new platforms are we currently working on, and will there be any platform which will be commercialized apart from ATP in this fiscal year? So, Deepak, it's a good question, but it's too early to comment. As you know, in fact, you did visit our Innovation Experience Center in Hyderabad. That center is basically established to come out with a lot of new platforms. But definitely we'll inform the market as and when we are ready with a new platform. Okay. Thank you. Thank you. We have our next question from the line of Amit Agarwal from Livai Investments. Please go ahead. Hello? Yes, sir. Hello. You're audible. Please go ahead. My question is regarding our WhatsApp segment. Sir, we have 15% market share in WhatsApp segment. Any reason that we have such a low market share in that particular segment? Plus, WhatsApp itself is coming out with a lot of business solutions. So do you take it as our competitor or our enabler? Should I answer this? Hello? Yeah, sure. Yeah. Yeah. Yeah. Okay. So, just to, I mean, I don't know if you missed that, Karix Mobile has been awarded as the, you know, growth partner of the year in this year by Meta, in the recently held event. There was a very huge Meta event happened in Bombay, and, we've been awarded as growth partner of the year, and, that is one. Number two, with ValueFirst coming in, our market share, you know, combined market share is much higher now.... Number three, we have been growing very, very fast. The reason why we are, our market share is lesser, is the reason is that, there's, there are historical reasons to that. And, wherein, you know, you know, there's another competitor of ours who had about a couple of years of head start against us, who were the only, exclusive partner for Meta for a couple of years. So obviously we started late, but we are catching up. So we are doing, we're doing really very well. We have been acquiring a lot of customers. We have been building a lot of use cases. We are building a lot of user journeys. And, and you would see that, you know, and our, WhatsApp business is growing very fast. And not only WhatsApp, it's just to tell you, it is not about WhatsApp, it is about overall OTT as a play, right? So WhatsApp is just one of the channels in that. So we are doing... We started doing very well on RCS as well. We already have an exclusive partnership with Truecaller. We are building a lot of use cases there as well. And, so if you see, we are, we are, we have the largest OTT network today, you know, in the country to offer to our customers. And you would see that, you know, we would be winning a lot of business on that. What is your expectation in next 2-3 years? What will be our market share in this particular segment? I mean, I mean, we are already, you know, striving to gain more and more market share, right? So it's tough to comment, but yeah, we would be, you know, increasing our market share very rapidly. My last question is regarding about UPI transactions. What market share do you have in UPI transaction? How many UPI transactions come to us? See, we, you know, we are present, at, at, you are aware, right? We are present in a lot of BFSI, I mean, a lot of banks and the BFSI segment, you know. So where these transactions are getting originated, we are present at about 70%-80% of those customers, right? Naturally, you know, if the UPI transactions go up, you know, our share also goes up and our business also goes up. You know, this is how it works. You are aware, right? You know, we are represented in about seven to eight of the top 10 banks, let's say. You know, so- Okay. And all these banks are getting UPI transactions as well. Okay. Thank you. That's my only question. Thank you. Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone now. We'll take our next question from the line of Mohit Motwani from Nuvama. Please go ahead. Hi, thanks for the opportunity, and congratulations for a good set of numbers. My first question is with respect to the greater than INR 50 crore client bucket. Previous quarter, we had 19 clients in that bucket, and there were some 2 clients of ValueFirst. Now, from total of 21, this has come down to 17. So just wanted to understand, is this a customer loss or a loss in wallet share, or is just because of lower spends by the enterprises that it has moved to other bucket? Sure. So, you know, one point there that you should look at, right, when we have given, we also have, and I have kind of addressed the top 20 customer movement also in the same way. ValueFirst itself was a large customer of Karix, so in a way, when you consolidate, it becomes an intercompany transact customer, so it no longer is a customer there, right? So that is one of the reasons why you would see even our top 20 contribution revenues coming down drastically. Okay. That is one. Two is that, you know, this is on a quarterly average basis, and the one point which we should notice, they had a certain amount of, you know, IPL related spends, seasonal spends in Q1, right? And I'm confident, therefore, when you again see the seasonal spends come in Q3, you will see this number go up, right? From there, there is no customer we have really lost. Somebody moves from, you know, INR 13 crore in a quarter to INR 12.2 crore in a quarter, which is what has happened for a couple of our customers. That is really what is causing the shift. Because if you look at from a greater than crore customer, right, you've seen a very, very significant movement. If you've seen a 10-50 crore, you've seen a significant movement. So maybe, you know, we can't look at only one bucket, but there is no real big loss in terms of customers. Some of them have slipped down from, you know, kind of INR 13 crore run rate to INR 12 crore run rate, and that's really contributing to the shift. Sure, sure. And just for clarification, so what was the volume degrowth for the quarter? I mean, there was a ILD price increase impact, which came from the last quarter. On a year-on-year basis, there would have been some benefit from ILD price increase, plus the NLD price increase as well. So what was the total volume degrowth for the quarter, if any? So we're not really calling out volumes across the segment. It will not make sense. What we've said is, on a sequential basis, our domestic business volume growth declined by 7%, and that's really all we are saying with respect to volume. Okay, sure. Thank you so much for the answers. Thank you. We have our next question from the line of Anil Sarin from Centrum Wealth. Please go ahead. Hi, Uday, Deepak, Aravind, thanks for the opportunity. First of all, I want to congratulate you on coming out with such a detailed presentation, then there is a press release, and then there is a letter to shareholders. So what that has done is, it has made our job easier. So much of information, I don't think too many other companies provide this, so that's a job well done. My question is regarding during the AGM, you had mentioned today that that is this you are also pursuing ATP opportunity in Saudi Arabia. So if you could provide some you know update on that, that is one. Second question is, assuming all these things go through, what is the revenue impact? I'm not asking for a particular revenue, but I just want to reference the TAM which is given in one of your... I think it's there in the presentation. So as I look at the TAM numbers, current TAM going forward in future, et cetera, the security part is pretty slim over there. So is it true that, you know, that the ATP would not be a substantial contributor to revenue as we go forward? So these are the two questions I had. Yeah. Hi, sorry, Anil, Uday here. When it comes to Saudi, yes, we have been constantly in touch with the mobile carriers out there. In fact, I personally visited, along with my business team, a couple of times to Riyadh. The problem with both Saudi and mainly in India right now is, in both the countries, if it is about the data protection bill is approved. The same thing happened in Saudi also. Probably one month here, both the countries approved the data bill at the same time. That is really pushing, that is really slowing down of WhatsApp, sorry, Wisely ATP deployment. What it means to say is, so this Wisely ATP has to be integrated tightly with the mobile carriers, mobile operators in the respective geographies. Then people are thinking from... people are looking from the lens of data privacy and data security issues like, okay, that is really slowing down. Otherwise, the impact that it is delivering to all the enterprise, mainly to the banks, is, is, is, is, is, is, is astonishing, right? That's number one. Number two, when it comes to the revenue potential of Wisely ATP, I, I, what I would like to make the couple of statements here. One is it's more of a SaaS product, meaning to say that once we deploy with the telcos and, and, once we start charging to enterprises like. So we want to charge per, per user and per month. So it's more of a SaaS product. It's more of a subscription product like, okay? So, when it comes to TAM, what we mentioned as part of the presentation, one of our presentation is we, the one we're talking about is what we want to keep it with us. We don't, we don't, because when, whenever we receive the money, we have to share with the other, ecosystem players, mainly with, mobile carriers and other, players like WhatsApp, and it could be even Google also. So we are still working on it, like. So what, what the TAM that we mentioned is what we want to keep it, potentially keep it with us. So we're not really capturing the total TAM of this product. Okay. Okay, thank you. Anil, did I answer your question? Yes, yes, that's been very useful. Yeah. One follow-up question is, you mentioned that Vodafone impact about that firewall impact is going to be felt in the Q4. So, meanwhile, the ATP obviously would be up and running by that time, you know, all going well, as well as the NLD increase and the ValueFirst, all of those would be there. So net, how much of a setback would the exit of Vodafone, that firewall business, have on the Q4 numbers? Anil, it's difficult to answer, but our intent is to make it nearly zero, okay? We have a lot of levers on our side. One, as you rightly said, the price increase in India, domestic price increase in India, that's number one. Number two is, we are doing a lot of stuff as explained by Deepak, we are doing a lot of solutions on both players, mainly Truecaller, WhatsApp and RCS. So, they are on fire. So we're not too worried about what we lost, but we are worried about how to implement new solutions on the channels that we have. So we're pretty confident about the new channels that we have. In fact, we ourselves have terminated or agreed not to extend the agreement with VIL because it needs a huge potential, a huge financial commitment. As I explained last year, last time, our strength lies with innovation, not to offer financial commitment to any operators in any country, including India. To answer your question, we are not too worried about it. Our intent is to make it nearly zero impact. Okay, with your permission, I just had one broader question and not to do with quarters, but, can I ask now? Yeah, please, Anil. Please go ahead. Yeah. So, you know, Uday, if you go back in your own history, you know, many years ago, you had operations in, I don't know how many countries, at least 20 countries. So international is nothing new for Tanla. Why is it that you are still confined to India when you have a history of operating in multiple countries, in the past? See, good question, Anil. We did operate, when we are very small, when we are very young, in most of the markets. Absolutely, I completely agree to agree with you. But we have slightly changed our strategy. One is we see India as the biggest opportunity for all of us, mainly for Tanla, because we understand the local market very well. We, I understand the local carriers very well. And also, the way we would like to see ourself is wherever we operate, we would like to be the market leader. We don't want to spread into 20, 30 countries, and where we would like to generate around INR 50 crore, INR 100 crore in each geography, which will not be acceptable. So we, wherever we enter, we would like to make ourselves as the market leader in that geography before we move to the other geography. So we are not in a great hurry to move to 20 countries and impress the market. No, we are not in this mode. All right. Okay. Thank you for the clarification. Wish you all the best for the coming quarters and years. Thanks. Thanks, sir. Thank you. We have our next question from the line of Tejas Shah from Laser Securities. Please go ahead. Hi. I heard part of the why discussion of why did we lose that customer? Another thing is, are we losing a lot of customers to Route Mobile for any pricing pressure or any services issue? Can you repeat your question again? It was not clear. I have clarification on why, Vodafone, basically, why did we lose that customer? And, why are we losing more customers to Route Mobile? Is it only purely on the pricing power, or are we losing something on the features? Deepak here. Yeah, you're there, please. No, Deepak, please go ahead. Go ahead, go ahead. Yeah. So, you asked a specific question, so, a specific answer, no, we have not lost any customer to the, to the said company. And, you know, as far as our technical capabilities and our features are concerned, we are, we are far, far superior. Okay, and, why did you- Let me also add, just sorry, Tejas, let me add one more important point here, in addition to what Deepak has mentioned, right? I encourage you to read the Gartner's quadrant report, which they released a month ago. In fact, we are planning to send to all our shareholders from next Tuesday, Wednesday onwards. Look at where we are in relation to our competitors globally, okay? They have recognized, Gartner has recognized Tanla as one of the most innovative partners globally, right? So that speaks volumes about our innovation. That speaks volumes about our platform's capabilities, right? So, I hope I answered your question, Tejas. Yeah, but then, how quicker we'll be able to grow our EBITDA or margins because our products are superior, services are superior, but then are we facing any pricing pressure from anywhere? Deepak? The pricing pressures are there, okay? And, I would say, you know, India is such a market that where customers are very, very sensitive about pricing, okay? They want the best of the world, they want best of the solutions. At the same time, they will still look around and ask for the, you know, who can give us the best price, right? So, this is what it is. But, if you really ask me, you know, we have been, you know, innovating, not just in terms of platforms, we are innovating in terms of our solutions, we are innovating in terms of overall offerings. So what we are doing right now is, we are going to the customer, we are saying, "Hey, how we can bring your overall spend down, and how we can give you better ROI, how we can give you a, you know, how we can add value to your business?" Provided, you know, if today my share is 50% or maybe 45%, would you give me your 80%, 90% share if I bring your overall cost down, right? And, so this is what our, you know, our, you know, pitch is, and that is helping with, as I mentioned, with our overall, you know, you know, offerings. You know, we have our, as I said, largest OTT network today, you know, which helps... You know, now we can, we can, differentiate, you know. Let's say it's not necessary that for every, or for every communication, you have to send an SMS. You can send an SMS, maybe you can send, RCS or a Truecaller or WhatsApp, where you see a better engagement, where you see better ROI, okay? So we, we can provide, you know, we are providing that kind of platform today to our customers, and, we are seeing, you know, good penetration on that and, and good acceptance on that. So, so this is how we are, we are, changing the game here. Thanks a lot. Thanks. Best of myself. Thank you. Thank you. We have our next question from the line of Amit Mishra, an individual investor. Please go ahead. Good afternoon, everyone. Hi. Am I audible? Yes, sir. Yes, yes, Amit, go ahead. Go ahead. Yeah, I have two questions. So first one is, what's the progress on the Core partnership? Did we sign up the first client? And if not, what's the timeline? So, Amit, like, you know, we have the partnership with Corely for the last one, a little more than one year. But what we realized is Corely, the platform is mainly meant for large and mainly meant for European and American customers rather than Asian customers. Because the pros are different, the regulations are different, and compliance are different. That's what we noticed after working closely with large banks in India. So what we decided to do is not to work with only Core. We decided to work with even other similar platforms. So the board and the senior management have taken that conscious decision last month to not necessarily work with only Core, but also to work with other similar platforms, where they can help us win more business in India. So we don't really worry about the Core on that front. Amit? As a follow-up, is it like shelf for now, and you'll see when the better opportunities arises, like in countries like Indonesia or, or, you know, elsewhere? Yes, yes. No, still... Yes, still, like, you know, as and when we see any synergies where we think we can take Core to the large deals, Core is open. We are open. But, but, meanwhile, we would like to work with even other similar platforms, because we don't want to lose the business. And the second question is related to the, you know, Vodafone contract, which we lost on platform business side. And, I understand, yes, that it was the... It was due to compete in November. They probably got a better deal, elsewhere, like cheaper price. But what are we doing to protect our, platform side of business? Because Wisely being, you know, the, the high-line, product for Tanla, we should be better, you know, like, in protecting our, business, our clients, because Wisely provides, you know, XYZ. So, Amit, Yeah. Amit? Yeah, Amit, like, you know, as I mentioned earlier, like, you know, so the... We have decided not to extend the ATM agreement with Vi. That's number one. Number two, what you need to understand is, in fact, once you deploy the platform with any enterprise or mainly with the telcos or any other service providers. This is the first time that we lost. I mean, we kind of decided not to extend our agreement. These reasons best known to all of us, the situation that we are right now is in. So we don't want to take any financial risk. That's how we have decided not to extend mainly with the particular telco, right? We are not pulled out just because of our product is not functioning. In fact, product is performing so well. They need some financial commitment, situation that they're in now, right now. But we have decided to not to get into that relationship anymore. So as a follow-up, is this because Vodafone finances are not in good shape, and they, they're probably negotiating on all of their deals with all the vendors? No, Amit, We didn't decide- Amit, uh- - to proceed, because- Amit. Uh... Yeah. Amit, sorry. It is not fair on our part to comment on behalf of my partners. We have a very, very strong relationship with Vodafone the last probably one and a decade. We're still the largest partner for VNL. So I don't want to really discuss certain things which I'm not authorized to discuss, so I would like to leave it there. Agree. Fair enough. Just one last question, if I can squeeze in, please. Yeah, please, please. Uh, Microsoft. Please. Yeah. So we had this co-sell arrangement for Wisely with Microsoft. Is there any progress on that, or are we utilizing or having some traction there? That partnership seems to be we haven't received any update. Yes, I agree with you, Amit. Actually, yes, of course, that's a long-term agreement with Microsoft. But the technology has moved on in the last at least mainly in the last 1.5 year. A lot of technology changes in the cloud space and mainly on the stack and the AI/ML. So we are closely watching this area. And mainly because of the DP Bill was tabled and approved in the Parliament couple of months ago. So, you know, now the regulations have changed, the technology has moved on, the enterprise the demand is gone to the next level. So, we are closely looking at the situation like. So that's the reason we are not able to give an update. Right. So and this is all. Thank you, and congrats, you know, on the, on the good set of numbers. Thank you. - Q2. Hopefully we'll get- Thanks, Amit. more growth in Q3. Thank you. Bye. Thank you. We have our next question from the line of Swapnil Potdukhe from JM Financial. Please go ahead. Hey. Hi, Uday. Thanks for the opportunity. So just, I wanted to check with you on the Vodafone India deal. From what I understand, the impact will be on the international traffic, that we have mentioned in our press release as well. Now, could you help us understand, does that mean that any traffic, ILD traffic from, that flows through Vodafone? That, that will no longer flow through Tanla henceforth, or, or is it something else? Basically, I'm just trying to understand the, the impact from a layman's perspective, okay, what were we getting earlier and what we will not be getting henceforth? Thank you. So, Swapnil, it's a good question. It does not have any impact on our ILD business. Zero impact on our ILD business, right? Suppose assuming that the Deepak and the business development team is winning the international deals, and so they don't really care whether our platforms are deployed with any particular telco or not, okay? They continues to win the deals with the large tech giants globally, and it does not have any impact whatsoever. That's number one, right? Number two, like, yes, the minute we pulled out our platform, it doesn't mean either I can submit to the new platform, or I can submit the same traffic to other telcos who will bring to the VA through interconnects. So nobody has got any control on any traffic. So it has got a zero impact. Okay, got it. Swapnil, does that answer your question? Sure. Yeah, I mean, it could... I mean, if you could just go a little bit more simpler, because, see, the issue over here is, like, it obviously we don't understand the technicality so well, in terms of, you know, how the deal works for- So, Swapnil. Yeah, so. So, so, Swapnil, currently we are managing their firewall, okay? So once our deployment is over, we will not be managing that firewall. What does it mean is, the firewall, what firewall does is it, you know, it detects which are international messages and which are domestic messages, and it blocks the domestic messages, and it allows only international messages to pass through, so that there are no revenue leakage for the telecom operator, right? So, so this is what, you know, our firewall, you know, is doing currently. And for that, we, you know, we have a revenue share arrangement with the telecom operator, and which we already stated that, you know, what would be the financial, you know, you know, impact, once the deal is, you know, you know, is over. But as far as our ILD business is concerned, let's say ILD business here, is done by Karix Mobile or now even ValueFirst, you know. So, and similarly, a lot of other companies. So we, we, we are unaffected by that, okay? So we would, still continue to connect with all the operators and, continue to enjoy the same, similar pricing. And so there would be no, impact either on pricing or on, or on, you know, services. Got it. Very, very clear. Thanks a lot for that explanation. Yes. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Ms. Ritu Mehta for closing comments. Over to you. Thank you for the call. That was the last question for today. In case we did not answer your questions, you could reach out to us at investorhelp@tanla.com. Thank you very much. Good evening. Thank you. Thank you, members of management. On behalf of Tanla Platforms Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.