Ladies and gentlemen, good day, and welcome to Q3 FY 2024 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 this 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. Thank you, and over to you. Hello. A very warm welcome to our Q3 earnings call. Joining us, joining with us today are Uday Reddy, Chairman and CEO, Deepak Goyal, Executive Director and Chief Business Officer, and Aravind Viswanathan, CFO. 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 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 transcript will be available on the website soon. Now, I hand it over to Uday. Thank you, Ritu. Good evening, everyone. A very warm welcome, and thank you for joining this call. I'm sure you had a chance to go through our investor presentation and my letter to shareholders, which are very detailed. Let us straightaway get into Q&A, and me and the management team will be happy to get into more details in the call. Yeah, Ritu, let's open the questions. Yeah. Nirav, let's start the Q&A. Thank you very much. We'll 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. Participants, you may press star and one to ask a question. The first question is from the line of Balaji Subramanian from IIFL. Please go ahead. Hi, thanks for taking my question. Balaji, sorry, you're sounding a little soft. Can you please talk louder? Hi, thanks for taking my question. Hopefully, I'm audible now. Yes. Yeah. So, firstly, on the, the... You have disclosed the ILD and the NLD, SMS revenue contribution approximately, which is 50% and 25% and 50% respectively. And you have mentioned that, ILD has been facing softness. So, you know, just wanted to understand, on an organic basis, what would be the NLD business be growing at? Would it be growing in double digits, high single digits, mid-teens? You know, what is the approximate number which the NLD business is growing at? That is number one. The related question is on the ILD front. You have mentioned that, you know, the worst is behind, and it should no longer decline, even though the growth may be a little sluggish going forward. So what gives you the confidence that we have seen the bottom of the ILD revenue? So that would be my two questions. I will take both questions, yeah. So, you know, we've been talking about a fact that, you know, we saw some amount of momentum that we expected in Q3 on the domestic business. I would say, in fact, you know, we have covered it as part of our call also last time. I would say that we kind of showed a growth in the mid-single digits on a sequential basis in Q3 vis-à-vis Q2. So there was good growth as far as the domestic is concerned, right? On ILD, you know, I will ask Deepak to chime in. I'll ask Deepak to chime in more from a perspective of the market environment more than ILD and domestic. But like Uday had written in his letter also, right, there was a shift in certain use cases for some tech majors onto OTT channels, which caused a big impact from October. Now, we kind of don't see further shifts at this stage, which is why we are pretty confident that it has kind of settled down, but we do see the growth in this space to be a little sluggish. Deepak, can you chip in? Yeah, sure. Hi, Balaji, Deepak here. So as Aravind mentioned, you know, see, first of all, as far as ILD business is concerned and ILD pricing is concerned, we all know that, you know, the price for ILD is almost 40-50x as compared to domestic price. I mean, it's around INR 4-INR 5 compared to 10 or 12 paisa, domestic message. So it is always, you know, there's a pressure from the customers, and they don't want to pay that kind of money, and they, they keep looking for alternate, channels and alternate mechanisms to see how they can save their costs or, how they can optimize their, volumes, okay, you know, by not sending, so many messages, you know, just to save the cost, you know? So this is a continuous exercise from the customer side. And, last quarter, we saw that, even, you know, some of the these volumes moved to WhatsApp. You know, I don't know how many of you use Microsoft, you know, but if you see Microsoft messages are coming from WhatsApp rather than coming from ILD routes. So, that has actually dented the overall business to a certain extent. But as Aravind said that, you know, that is the bottom, you know, we already touched the bottom. Now, going forward basis, why we don't see that will not go further down is one of the reasons is that even WhatsApp is, you know, is kind of, but they are going to, you know, from March onwards or maybe April onwards, they are going to, you know, increase the prices or they are going to completely stop supporting ILD messages on WhatsApp. So that could be one, you know, one driver where we would see that, you know, the some volumes can come back. But overall, I mean, the major customers are, I hope we all know there is Amazon, there's Snapchat, ShareChat, there is Microsoft, and, you know, few others, which are the, you know, the large ones. And, these are the guys who always, you know, they are sending messages only when it's absolutely necessary. And, that's why Aravind said that, you know, the growth is going to be a bit sluggish as far as volumes are concerned. Okay, thanks for the elaborate answer. I just had a couple of quick follow-ups. So, I know a couple of years back, the narrative used to be that ATP messages are likely to grow in the mid-teens, not just in terms of volume, but also in terms of numbers. With all these developments, you know, what do you think is closer to the steady-state growth for your enterprise business? I get platforms are completely different cup of tea, and, you know, their growth is fairly robust. So that would be the first follow-up. And the second follow-up is with the ILD contribution coming off, you know, what will be the typical gross margin impact? Will it be significantly diluted, considering that we did see pretty healthy realizations there? Okay. So, first of all, about the industry growth and about the volume growth, okay? So, what I spoke about is, was, you know, specifically to ILD volume. And if you see, though, ILD, you know, it is about 25% of our overall revenues, but in terms of volumes, the volumes are very, very small, you know, compared to our overall volumes, right? Because, you know, ILD revenues are high because of the price points are very, very high. So if you look at our, you know, domestic market, you know, it is growing very well. All right. I mean, there's a lot of new use cases are coming up. Our market is growing. It is in you know it's in double digits for sure. The good part is that now, customers are adopting, you know, alternate channels. So the dependency is not just on SMS now, you know? So now, you know, OTT is the play where we are seeing a lot of, you know, traction on WhatsApp. We are seeing a lot of traction on RCS, which is Google's owned channel. We are seeing traction on Truecaller. So these channels are, you know, what we are... They are growing very well. And with that, the number of use cases are growing and overall number of, you know, messages are growing. So overall growth in, you know, in India is pretty good. The final question on gross margin impact. So I think that Deepak is. So, Balaji, like, you know, while the realizations are higher, the cost is also higher. So it's not that the margin profile of ILD is significantly better. In fact, I would say it's probably lower. Absolute terms may, you know, per message, you may make more money, but as a percentage, it is lower than what you make in domestic, right? It's a classic concept of, kind of, construct, right? So higher realization, but higher cost, so percentages are actually not that high. So you will not see a percentage dilution because of the softness in ILD. Okay. Thank you. That is super clear, and all the best. Thank you. Next question is from line of Amit Chandra from HDFC Securities. Please go ahead. Yes, sir, thanks for the opportunity. So my question is, firstly on the ILD part of the revenue. So you mentioned that the worst is behind for ILD, but, seeing the kind of cost-cutting initiatives these larger measures are taking in terms of finding alternatives, do you see this shift to other channels to continue in ILD? And also, you know, in terms of the you know, volume breakup, so the transactional messages, which are you know, the compliance link, so that can remain on the you know, normal channel, but the promotional part of the ILD messages can actually move to RCS WhatsApp. So that, how do you see that evolving? And also from the NLD aspect, do you think that with the, you know, rising, you know, popularity of RCS, do you think the, you know, the promotional messages, of NLD can actually shift to RCS, which is, you know, much effective, like, mode of communication? And, although the, like, realizations are higher, but the impact is also higher in terms of the promotional messages in NLD. Hi, Amit. So first of all, about, you asked about, you know, promotional messages on ILD, you know, going away. So just to tell you that, you know, there is nobody does any promotions on, on ILD for past many quarters now. You know, I think it used to happen about four or five years back, but when the prices have gone up, you know, no customer sends any promotional messages on ILD. I mean, barring could be, very negligible, I would say, or maybe nothing, right? So it is, mostly OTPs you would see or you would see like, I mean, if you buy things from Amazon, you would see messages coming in like, "Hey, your parcel is out for delivery. This is your pin." Right? So you get such kind of messages, which are more, informative, in nature or transactional in nature. So this is what they've been sending. And them moving to other channels, which I already answered, that yes, some part of, these messages did move to, you know, let's say, WhatsApp, and, you know, last quarter. But going forward basis, you know, as because we, we, we keep talking to, you know, Meta and everybody. Even Meta is planning to increase the prices, and we don't see that to continue for a longer time, you know? So this is, this is the, update on ILD, but we will let you know as and when it happens. Now to coming to on the domestic side and, you know, the promo on RCS, yes, you are absolutely right. RCS is a great channel, because it supports rich media compared to SMS, where you can send only a plain text message. So when a promo message is being sent, you know, obviously, you know, when you're sending an RCS message, you can display your brand very well. You can send, you know, rich media message, you can have a banner, you can have, you know, multiple banners, in fact, and all of that. So the ROI is far, far better as compared to SMS. And so and as I mentioned earlier, we, you know, Karix and Tanla combined today, we are the we are having the largest share in the RCS market in India today. That is upwards of 40%. We are onboarding a lot of customers. We are doing really very well in RCS. We are seeing great success on RCS. Okay. And, you know, like, moving on to the platform side of the business. So, there we also have seen some softness. So there, the softness is largely linked to the, you know, Vi deal, going away, or is there any, some other reason, you know, in the, in the platform side of the business? And also, you know, we mentioned that we have closed some deals on, on, the ATP side. So, how do you see that, how the commercials are looking there? And is it, you know, like, going to come in, like, you know, from the, from the next quarter onwards? So if you look at it, Amit, from a platform business perspective, we've grown 22% YoY, 24% YoY on GM, right? So if you look at that trend, that has largely remained in line with our growth, right? We've seen some impact in Q3 on the VI, more driven by the reduction in international messaging market that we talked about, right? And we expect to see the further impact in Q4 on the Vi contract exit. But we have also kind of been growing other platforms quite aggressively, right? So that's why you've kind of seen us maintain this 20% growth trajectory for more than 14 quarters now in a row, right? Wisely ATP, we announced that on tenth of January in terms of the first customer that we have signed a commercial contract with. We expect that to go live in the current quarter. We'll start seeing the revenues. And obviously, there is a pipeline that we are aggressively pursuing in terms of, you know... Remember, the full impact of all of the customers that we're looking at onboarding may happen in Q1, but you will see some impact in Q4 also. Just to add to that, Amit, Uday here. Just to add to that, like, the beauty of this ATP is, like, it is more offered on a subscription model, meaning to say that, the customers are paying, per user per month. Okay? So they have to buy the subscription for their users, and they have to pay every month. So the contract that we signed, they bought a one-year subscription. So that's the beauty of this. This is a typical, SaaS, platform. Okay. So is it fair to assume, sir, that the new deal on the ATP side can totally offset the Vi impact, or is it, in terms of size, going to replace, like, what we have lost, on the Vi side? So we're not trying to compare these two in the sense like, you know, whatever we lost, we lost it for good. That's what I strongly believe like. But I'm not too worried about the VIL going off. I'm sure we will fully recover, we'll fully recover. In fact, we lost at least 30%-40% of traffic on VIL hub in Q3. And so, it will continue for the next couple of more months. I mean, it will continue up to end of March. So we don't see any effect of the VIL on platform business coming quarter. By that time, we should be able to close other platforms. The platforms. The mainly on ATP should go live with even other customers. So I'm not too worried about where going out in terms of that. It will not, it will not have any effect on our, on our platforms. Okay. And then, now, last question on the, I know, like, WhatsApp revenue, like, target that you have mentioned about, you know, you know, INR 100 crore per quarter. So what is the run rate as of now, and by when we expect this to reach INR 200 crore? No. So, Amit, we have already reached INR 100 crore. That's the message, right? So we were gone exponentially on OTT, it's been a big area of focus, right? So we've crossed the INR 100 crore quarterly run rate mark in Q3. Okay. Okay, great. Thank you, and all the best. Thank you. Thank you. Next question is from the line of Deepak from Red Capital. Please go ahead. Thank you. Good afternoon, sir. I have three, four questions, so if you can kindly allow me, I'll be quick. First is on slide 36, where we are talking of era three in Tanla's journey. Could you spend a minute or so and just explain us what, what are we trying to say here? Will it be largely driven by platforms? So, you know, it's an interesting question, right? If you look at it, you know, we've kind of captured our history in many ways, right? And we've talked about how we have built a platform business from scratch and how we have scaled our enterprise business. I think when it comes to era three, definitely the big thrust is on platforms across the dimensions that we have talked about, while also scaling the enterprise business. We're not looking at either/or, but there are obviously a lot of innovation that we are doing that will come through from a platform side. OTT is another big area of discussion point that we will see come, you know, we will come into our own in that aspect also. So there's a little bit of structural investments that we have made, and I think that will come out in terms of era three. And you will get more details of it over the course of this quarter as we make announcements, right? So you've seen it in Uday's letter on our plan. So, you know, that is the direction we will see. Okay. I just want to expand a bit, Aravind. I believe it will be largely driven by the platform business, and given the current state of platform business, it's a run rate of INR 400-INR 500 crore per annum, with a huge potential going ahead. You guys are investing a lot of CapEx, a lot of platforms are in the pipeline, and margins, fat margins around 50%-60%, which is pretty chunky. With my past experience as a banker, I think maybe the management should think of how to unlock this platform business and create value. What I'm trying to say is that, why not think in the direction of demerging the platform business and listing it separately? Because the way I think is the enterprise business will continue to grow, but the growth in platform business and the kind of multiples we can get in the platform business will be far, far superior versus the enterprise business. And if I, as an investor, want to invest in platform business, just that platform business, unfortunately, I don't have that option. And I'm not... I again believe, you know, given the numbers of platform business, the kind of valuation which Tanla as a whole is getting, just the platform business can potentially achieve that. Deepak, Uday here. First, let us build the business, then we think about the valuations, right? Okay. Yeah, just- Deepak, are you there? Yeah, I'm here, sir. Just a point for the management to consider- Yeah, yeah. going forward. Yeah? Yeah. First, we are putting all our energies to build the platform business. There is no doubt about that. We are investing, as you rightly said. You will see a lot of upside in the platform business going forward. So, we have all the energies, I mean, investing behind, building the business. Okay, fair enough. My question is on the TAM slide, which is slide number 34. As I can see that presently the TAM is around $2 billion-$3 billion, which can more than double to $5 billion-$6 billion by 2027. So my question is: Is this largely backended, or will it be spread equally for the next three to four years? And can then one imply that Tanla will also grow in a similar kind of fashion? So it's, it's not backended, but obviously there are new dimensions where the growth rates are going to be larger, right? So if you look at it from a communicate standpoint, it will be much more even, right? But maybe from an experience point, it's a little more exponential, right? So, so the different categories actually will grow differently, right, within the bucket. So I, I think there are certain, you know, portions of the TAM, which is more steady state, Deepak, and you will see us and grow in, in that manner, right? But there are big bets that we are taking, and you will hear more about it, you know, as, as we detail it out, where the opportunity becomes larger, right? So that's how one should read this. So the opportunity, at least when we look at it in our innovation hub, right? This is where we say we want to play. That's very clear. And we are also seeing how you want to, you know, innovate to capture this bank. So that's how we are, we are looking at it. This is the opportunity that is in front of us. So is it fair to say that we are becoming and the focus is more on the tech side going forward? Is that fair to say, more innovation, more tech? Oh, absolutely. I think, you know, big tech has always been something which is very core to us, as is innovation, right? So clearly, you know, the future will be a confluence of both of these coming together. Okay. On ATP, I mean, I know you can't share the numbers, but just to understand, I mean, a big-sized bank, how many users can actually use the product? And within the organization, is it scalable? So let's say you start with 10 users a month. Is it, is it scalable within the same firm? And just a broad, how many users in a big bank can use it firm on the basis? Unfortunately, I cannot really... we cannot really divulge this name, Deepak, like, but all I can say is one of the largest private banks in India. We're not allowed to mention that. But definitely they have one of the, I mean, they have very, very massive user base, so it is not a small bank. Okay? So we have done the POC, which we have announced as part of our updates to exchanges earlier. So this is one of the banks, right? So we have done the POC, they have seen the results. We went back and forth in terms of regulation side. So they finally said: Okay, we kind of are convinced about the impact. So that's how they closed the commercials. As I told you, it is purely on subscription basis, wherein they have to pay us on monthly basis, per user per month like, you know, that's, that's, that's what the deal is. So, I understand that. So what I'm trying to understand is within the bank, is it scalable? So let's say you start with 10 people using on a subscription basis. Within the bank, is it scale- Assuming that the bank has... No, no, it all depends, Deepak. For example, if the bank has got, just for sake of our illustration, they have 1 million users, okay? They may take for 100% of 1 million users, they may start with 50% of the 1 million users, right? But for this bank, they have taken 100% of users. Okay? So they have gone, they want to reprint their entire user base. So because they have seen the POC results, so they have decided to reprint the entire their database, their entire user base. Okay. So just, just on that, sorry, sir, I'm extending it a bit. Why aren't organizations willing- willingly coming forward to adopt this? I mean, you did mention or share your frustration about the lack of urgency from regulators. What's stopping the organizations or the regulators to push this? That's what we are struggling, we are also struggling to understand, Deepak. We have been working with the various regulators, including RBI, TRAI, SEBI, and the various regulators. We are trying to understand their regulations. We are also trying to navigate the discussion. That's how we were able to close with one very large bank, where RBI is governing them, like. So, you know, so they have their own understanding. They have to go to their regulators to get their approval before they go live with these kind of products. Right? So I cannot really discuss in detail, like, why the regulators are going slow, but we are pretty frustrated, right? But that's all, that's the beauty of the platform, right? First couple of one or two deployment, we take bit of time. Once the... I mean, somebody has to take the decision, and once you take the decision, I think other banks and other entities are going to follow. Sure, so all the best on that. My last question is Aravind, and maybe you can answer this. So when is the VF Middle East Indonesia merger expected? You know, we've been kind of getting delayed on it because the regulatory approvals are taking longer, Deepak, but we are confident to close it in this quarter. Okay, that's it for me. Thank you so much. Thanks, Deepak. Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Anil Sarin from Greenfield Capital. Please go ahead. Uday, Deepak, Aravind, good evening. Congratulations on a good result, which has been in a very adverse environment. You've been able to maintain margins, and you've been able to... Most importantly, as far as I'm concerned, on the tenth of January, the news that you announced was really, really, very, very, very encouraging, which was the first sale of Wisely ATP to one of those three top banks. So, I have basically three questions. One question is more of a broader question. That for the last multiple quarters, the volume growth of messaging has been soft. So when do you see... I mean, what are the key reasons behind that? Is it the price hike? Is it the technology change, et cetera? And how confident are we-... That we should be able to deliver double-digit volume growth from the coming year onward. That was my first question. Deepak, you want to give a view on how the market is playing out from the messaging perspective? Yeah, yeah, sure, Anil. So as you know, our you know, our majority of our you know, customers and our volumes come from you know, the BFSI sector, and you know, so the banking and finance sector. And we saw that you know, initially we saw a huge growth in volumes because of UPI transactions and you know, a lot of other volumes were there. But then the last few months, we saw you know, because the bills were going through the roof and banks have started looking at the volumes, how they can optimize it. Let's say, for example, you know, they looked at you know, I'm just giving you a few examples just for you to understand. You know, there are certain messages which are more than 160 characters, and, you know, how they can... and if it is more than 160 characters, then you would charge for the next, you know, for two messages, you know? So they just wanted to bring it down, you know, so they're going, they're doing their own stuff. They, they decided, banks have decided to not send messages for less than INR 100 UPI transaction, though RBI very clearly mandates that, you know, you are supposed to send message on every transaction. But, you know, we saw that some banks have cut down on those. Some, you know, some customers have cut down on, on the promotional spend, you know, for last six or eight months, which is not just for BFSI, it is for the larger, you know, you know, for, just for almost everyone. We also saw gaming company. I mean, gaming was another sector which was very big for us, and we saw the gaming companies cutting down on the budgets in a big, big way, primarily because of, all those, you know, the tax issues they are facing with and GST issues and blah, blah, blah. So because of that, we saw, you know, you know, some volumes coming down. But, you know, but overall, if you see number of transactions are going up, okay? You know, all our customers are growing. So, I would look at it as a, you know, it's like a temporary thing, you know, it is behind us. And, we are seeing, going forward, we are seeing growth. In fact, even the gaming companies are coming back, you know, things are getting settled now. Even our, you know, promotional volumes are coming back. We also seeing, as I mentioned earlier, you know, customers were looking for a better ROI and, we are, you know, providing options via WhatsApp and RCS. And, you know, we have onboarded some very large customers on WhatsApp. We have onboarded some very large customers on RCS as well. And we are, you know, our customers are seeing a great, you know, ROI through these channels for promotions. So, you know, overall, I would say that, you know, you know, things are getting better, going forward, this is. Okay. Okay, thank you. Thank you, Deepak. We are confident of double-digit volume growth in the coming financial year, fiscal 25? Absolutely. Okay, fantastic. My second question is more of, you know, data-oriented. Like, we have been spending quite a bit on different, different products. So, what has been the R&D spend in the Q3, and what has been the nine-month quarter R&D spend? So the total R&D spend, I would say, would be about, and I'm talking purely with respect to the platform side, would be about INR 40 crore over nine-month period. Okay. We spend on an average about INR 12 crore-INR 14 crore a quarter on R&D. My last question is for Uday. Once again, Uday, congratulations on this much-awaited, you know, sale to one of the three top banks. I'm sure that other banks in the same grouping and even outside the grouping would now feel, you know, more confident about stepping up and all. And also, in particular, you know, you were insisting on subscription base, and you have got the subscription base. So congratulations once again, because this, the quality of revenue is much higher because bank accounts don't get closed, they're always on. And as long as your technology is doing the job, the bank should have no reason to, you know, discontinue your services. In that way, it becomes an annuity income stream, so which strengthens our company quite well. My question was, you know, within a ballpark, what, what is the revenue implication of one of these banks, like the one that has already happened and maybe a few others will happen? Per bank, how much of ballpark revenue can be achieved? Because we know the number of customer, the, the, the, the account holders and, you know, it, it is per month, and so there are 12 months. So roughly, what quantum of revenue is possible from a single, or let's say, from this category of, Wisely ATP that, that you recently had success with? Yeah. A little tricky question, like a couple of things, like, you know, all I can say at this point of time is, we have done the POC with up to three top banks, and one bank went ahead and closed the commercials. Another bank, what they did was they asked us to do one more POC, which we started, probably, 15 days ago, and this too POC is likely to end around the 15th or 20th of February. Post that, they should be able to take the call and let's hope for best. That's the first point, right? The second point is, I cannot really talk about the revenues per bank. All I can say is it will definitely add a meaningful impact to our bank. Probably, if you have to generalize, each bank should be able to contribute around INR 10 crore net profit per annum, in terms of bank. Oh, that, that is fantastic. Just one follow on with it. You know, this is just a starting bank, and I hope and I'm confident that other banks will also step forward because these three banks are the opinion leaders, they are the biggest brands that we have. Other banks will also then feel encouraged to come. That's a very happy outcome, which, whenever it happens, it will be great. But an even bigger opportunity lies overseas, where you can tie up with the telecom companies. And we all know that telecom revenue, telecom charges are much higher in other parts of the world compared to what they are in India. If you can convince the telecom companies outside of India, you know, the revenue per subscriber can be much higher over there, even though the number of subscribers, given the small population in other parts of the world, but net-net, it will still be meaningful. It would be great if you can throw some light on that opportunity and any initiatives you are taking towards that opportunity. Yeah. Good question, Anil. As I mentioned in my letter, okay, right? So in fact, most of the neighboring countries, mainly Saudi, Singapore, Australia, the local regulators, whether it is banking regulator or a telecom regulator, they came out with, On the call? What is paper? Regulatory framework. Yeah, so they came out with the paper like where we are. In fact, we have given our feedback, which I mentioned is part of my letter. Okay, so we are closely monitoring the different countries, okay, right? So once the regulation is in place, okay, whether it's telcos or the banks or any enterprise, they have to adopt this such products, okay? So we're closely monitoring the regulations around different countries, and we're also helping them to shape up the regulations. That's what I have written. In fact, I have left even the links also where we have contributed. It took a lot of time for us to put a lot of efforts and updated their papers. Let's hope for the best. Our intent is to go outside India and deploy this platform. This platform is mainly driven by the regulators. Once the regulators sign off the regulations, then it will be easier for any bank or the telcos to adopt this platform. We need to go step by step. Okay, great. Great. And absolutely, the last question: You have been mentioning on Twitter as well as in other public forums, that you've been accumulating, you have been adding a lot of top-tier talent. If you could, for everybody's benefit, talk about any new products that are in the pipeline, that would be helpful. As you mentioned, like, you know, we have, as Aravind mentioned, like, you know, we spent already INR 45 crores towards CapEx. That all went towards R&D. I'm not sure whether you have visited our R&D center. That's where we are trying to work on the platforms, products, and solutions. Yes, definitely we will let the market know once we release these products. Okay, great. Thank you. Thank you, and wish you all the best. Thank you. Thank you. Next question is from the line of Ram from ExcelR. Please go ahead. Yeah. Can you hear me? Yes. Uh- Yes, yes. I just want to understand, for the digital platform, what kind of growth are we expecting for the next three to four years? Now I see we are sticking around 20+, in terms of CAGR and in terms of digital platform. So can we sustain the same numbers, or we can have better numbers because we have Wisely ATP, more platforms that are coming in, and also we are focusing more on the digital platform. So what kind of growth numbers can we expect in the next three to four years as per the total addressable market, the market potential for this digital platform? So, Ram, you know, as we covered in earlier discussion, like, you know, we are investing in the platforms. We see a huge opportunity. We are always after the greenfield opportunity. We are not here to copy someone. We are not here to rip and replace any of the platforms. We always look for greenfield opportunities. So we have been building the platforms for quite some time. We see a lot of opportunity here. So, to answer your question, of course, like, unless until you go 20, there's no reason for us to put in so much of effort in terms of the energies as well as the money, right? So we should able to grow. We should able to grow minimum 20%. There's no doubt about that. Oh, so yeah, that's all. So my other questions are got, answered, from the questions of others. Thank you. Thank you very much. I will now hand the conference over to Ms. Ritu Mehta for closing comments. Thank you, everyone. That was the last question for the day. In case we could not take your question due to time constraint, please reach out to investor relations team. Good evening. Thank you very much. On behalf of Tanla Platforms Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.