Ladies and gentlemen, good day and welcome to Wise Travel India Limited Conference Call, hosted by 28 Consulting. From company side, we have Mr. Ashok Vashist, Founder and Chief Executive Officer, and Mr. Sameep Mittal, Chief Financial Officer. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Thank you, and over to you, Mr. Vashist. Hello, and good morning to everyone. Welcome on this call where you all will get the opportunity to ask questions related to the company's performance. To give you a brief, last year we did 55 million successful transactions. That means 55 million transactions in 365 days, and this was almost the first year after going for IPO. Now, as far as WTI is concerned, we are at a good run rate for the next financial year. As far as the top line is concerned, we have started a couple of new initiatives. One of them is FleetPro. The other one is the Dubai operations that we have started. We have started Chennai Airport. We started Bangalore Airport, Port Blair. These were some new additions that we started last year. Of course, this year we'll be starting operations in London where we have registered, and we will start online platform bookings from India, and subsequently we'll go to some other international cities also. Now, if you all have the presentations and the financial figures, I request you all to ask me questions one by one. We will try and answer to the best of our ability. Thank you. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 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'll wait for a moment while the question queue assembles. The first question comes from the line of Nilesh Doshi with Prospero Tree Asset Management Limited. Mr. Doshi, please go ahead. Am I audible, sir? Yes, sir. Thank you. Thank you very much for arranging the phone call, sir. Sir, I would like to know the—because investors are always trying to understand the profitability of the company and what is the outlook and prospect of the company from the management. In that line, I would like to ask, sir, is there any possibility to increase our GP margin? If the GP margin cannot be increased, how will the company improve the profitability in the future, sir? Okay. Sure. So very pertinent question, Mr. Doshi. 100%, the company will improve the margin. This year we really ventured out on some new projects, and that is the reason when you start any project which is new, there is always a gestation period. That is what has brought down the margins by 1%. Going forward, both in terms—if you look at the top line, the top line has increased by 37.5% from a revenue of INR 409 crore to INR 554 crore, which is an exceptional growth when you look at the industry. Then because we started some new initiatives, there was a gestation period, and we will see a better margin both in terms of top line and bottom line in the coming years. Thanks, sir. Thanks. I really like your approach to increase the revenue growth. This year what happened? There is a revenue growth, EBITDA grew, but PBT could not grow only because there was a higher amount of the depreciation and some finance costs. I understand or I presume that in the future, the revenue growth will definitely generate the PBT growth and naturally the PAT growth. Is it correct my understanding? Absolutely, sir. You read the figures really well. The reason why the depreciation has gone up is because we have really put in a lot of cars into the system. We have bought somewhere around 700 plus some more cars in Dubai. The revenue always trickles down to three-four months. For example, if I buy the car today, the revenue actually starts coming from the four months because you'll have to deploy a driver, you'll have to put technology, you'll have to register the car. There are a lot of logistical issues which happen when you are venturing out into a new project altogether. That's the only reason that we have. Can we say that there is an upfront loading of the expense, but the revenue will generate over a period of time? Not exactly upfront loading of the expense, but the right terminology is gestation because, for example, if I buy a vehicle today, actually the revenue starts coming from the month of maybe September or October because you're not talking about one car. You're talking about a fleet of vehicles which are to be inducted into the system, etc. Okay. Okay. Sir, my last question. In the presentation, you have used the word the initial CapEx. In that connection, I would like to know that this year the CapEx is around INR 100 crore plus, and there was a corresponding increase in the trade receivables. There is a CapEx as well as the working capital requirement. How is the future of our CapEx plan and how will we meet the additional working capital requirement from the additional business? As far as the working capital is concerned, this year yes, what your observation is absolutely right. What has happened is we started some very large accounts in the last year. Because of that, the receivables in the first, when you start the revenues, it takes three to four months' time for your first payment to come in. Over a period of time, it settles down. We are looking at if it is 95 days this time, it should come down to around 75-80 days in the coming period. Though there is stiff competition in the market relating to credit periods and the pricing, we will put systems in place. You will be happy to note one of the statements that I will make that your company is now the only digital company. That means every transaction that we do is completely digital. There is no room for any ambiguity in time and kilometer and all that. In the times to come, that means in this year and coming year, because we are making the statement, there is no pilferage. We will get a lot of traction from the client, and the payments will also get streamlined because of these processes that we have put in place. Thank you. Thank you, sir. All the best. If there is any question, I will come once again. I will ask the question, sir. Thanks. That's all from my side, sir. Thank you. Thank you, sir. Thank you. Next question comes from the line of Kaushal Sharma with Equinox Capital Ventures Private Limited. Please go ahead. Hi, sir. Very good morning. Am I audible? Yes, sir. Mr. Kaushal, right? Yeah. I see. I see. Sir, my question is on our expense side, right? If you see our revenue is growing around 33.6%, and our employee benefit expense has grown around 44.7%. What is the reason of higher employee cost? Because the driving cost is a part of operating expense. My first question is this. The second question is that we have done a huge CapEx in our business, around INR 72 crore of increase in PP&E. What kind of assets are we using for our business? Our receivable days is also being stretched. How long will it take to streamline this? I'll answer your third question first, which is about receivables. I've already answered that question when I was answering Mr. Nilesh's queries. The second is relating to expense. How have you calculated the manpower cost compared to the revenues? Is this compared to revenue or profitability or what? I have compared financial year 2024 employee benefit cost around INR 27.35 crore. That has become to INR 39.58 crore on INR 548.59 crore revenue. Yeah. It is a number of around 42% in employee benefit expense. Yeah. So the cost actually has gone up because of the new initiatives that we have started. This cost will subsequently come down because when the growth between revenue and the manpower will not remain same. Now, the manpower growth or manpower expense will be less than the growth that we see in the business. Initially, it was more. How long will it take to streamline that we'll increase our margin, and how much margin can we expect to increase going forward? I'll not be able to. Mr. Kaushal, I'll not be able to give you exact numbers, but for sure, this year you will see better PAT margins for sure because the burning, whatever that has to happen, is almost on the extension. We are on a growth trajectory when it comes to profitability from the new projects also. Sir, what assets can we expect in our business? We have invested around INR 72.30 crore in our business with PP&E. Sameep, can you answer that question? Actually, these are the cars which we have purchased. Around 1,000 cars we have purchased in this financial year, and we have taken auto loans for that. That is INR 750,000,000 where we have invested in. Okay. So what kind of? What is the EBITDA level increase? Our EBITDA has remained almost same. 11% of EBITDA percentage of revenue we are maintaining. In the current time, what revenue growth are we expecting in the next two to three years? Can you guide on that? Let me take that question. As far as revenues are concerned, we have been consistently growing at a rate of around 30-35% CAGR. This year also, if you look at the consolidated balance sheet, we are at 37.5% growth, which is phenomenal. God willing, we will also be almost at the same kind of pace in the coming year as well as far as the top line is concerned. Of course, we will consolidate the profitability, which has been one of the issues, and we will address that. Okay. Sir, we have invested in the mutual fund as well, like INR 9 crore. Where do we have parked this amount? In which type of mutual funds are these? Because we have taken a loan of around INR 38 crore in long-term borrowings and short-term borrowings around INR 13.71 crore. Let me give you this perspective. Actually, why we have done this is because we are looking at some very, very long-term projects, and for that, we have to give bank guarantees. These projects are very huge projects. There is always a time lag. We can't be putting money in the bank, and we can't also deploy this money to buy cars because when you need it, it will become difficult for the government projects or for some very large projects where you have to give the bank guarantees. That is the reason we have put it in large-cap funds, and maybe Sameep will give you more idea on this. Sir, could you please guide me a little bit in our collection cycle? We have around corporate customers as well in the government. How different are the receivable cycles between the two? What has happened is previously we were MSME. Under the MSME, we are supposed to get payment in 45-60 days maximum. Otherwise, the corporate will have to do that. They will have to mention in the balance sheet as to what are the amounts pending for the MSME. Now, since we have crossed that MSME limit, that is the reason we have got into a full-blown corporate, and that's the reason the credit period actually has gone up. People who used to pay in 45 days nowadays got extended to maybe 75 days. That's what has happened because of our conversion from MSME to full-blown corporate. What about government customers' payment cycle? Government, I think we are always getting payments as per the agreed terms and conditions. That's it. Okay. Okay, sir. Thank you very much for answering my question. Thank you. Mr. Kaushal, let me give you the breakup of INR 90 million where we have invested. We have primarily invested into large-cap funds and index funds. There are three funds where we have invested. One is HDFC Large-Cap Mutual Fund, HDFC Nifty 50, and SBI Blue Chip Fund. That is where we have invested this INR 90 million. Thank you. Next question comes from the line of Arya Shah, an individual investor. Please go ahead. Yeah. Hi. So can you share the total number of company-owned vehicles that we have as of now and how many vehicles were added during the year, including Dubai? Let me tell you the exact number. Previous year was 383 cars we had in financial year 2024, and now we have 1,350 cars on our balance sheet. There is an increase of 967 cars in this financial year. Okay. Does this include that also? This includes these cars also. How many cars do we have in Dubai? Sorry, come again. How many cars do we own in Dubai? Approximately 400. Dubai. Out of this, some are leased out, and some are on cash down, and some are taken on a bank loan. Okay. How does this increase improve profitability lines of margins and operational efficiency going forward? Come again. How will this help us to improve margins and operational efficiency and profitability? As far as these particular cars that we have purchased will give us a fixed revenue from some of the clients. As far as Dubai is concerned, it is completely a B2C business where we are making a margin of around 10%, net margin of 10%. This year, we plan to add another 700-plus cars in Dubai. Similarly, I think based on requirement, we'll keep increasing the cars in India also where we are sure of getting fixed revenues from the vehicles. Okay. So in Dubai, we earn higher margins or are the margins same? It is a higher margin in Dubai compared to India. However, it is a very tricky situation because if your cars are not utilized, then possibly the margins will not make sense. The best thing is that you have to ensure that your utilization is more than 92% to ensure that you make around 10% net margin. Okay. Okay. Got it. What is the current number of drivers that we have currently on the company's payroll? Maybe 100 plus, between 100-150 drivers. Sorry, come again. I was not able to get the number. 100 to 150 drivers across India. Rest all are contracted. Okay. And just one last question from my side. Can you provide the breakup of the revenue proposition by service along with the margin profiles like employee transportation, airport pickup and drop, etc.? Those numbers were there in the presentation. Sameep, have you shared that? If you want, you can share it. Sir, I have not shared it. Let me tell you the breakup of the revenue. We have achieved the revenue of INR 548 crore in financial year 2024-2025. Out of that, airport business comprises 5%, which is INR 25 crore. The CRD business comprises INR 144 crore. That is 26% of the total revenue. The Dubai business is INR 13 crore, which is 2% of the total revenue. The ETS business, employee transportation business, comprises INR 136.96 crore. That is 25% of the total revenue. The three providers business, which is a new company we incorporated last year, comprises 3% of total revenue. That is INR 15.49 crore. The long-term revenue business is INR 59 crore. That is 11% of the total revenue. The MSP business is INR 147 crore. That is 27% of the total revenue. The lease business is INR 6.83 crore, which is 1% of the total revenue. This is the revenue breakup of the total INR 548 crore. Okay. Okay. Got it. That's all from my side. Thank you. Thank you. Next question comes from the line of Deepak Pandey with Sagun Capital. Please go ahead. Hi, sir. Am I audible? Yeah, yeah. Please. Hi, Ashok. Congratulations on a good set of numbers. I think on a growth basis, you have far exceeded the growth posted by other two listed players. My first question actually pertains to the global vision of yours. What's the thinking behind the London operations now and the Dubai operations that you have done? How successful do you think it can be like three to five years out? Sir, let me give you a perspective. When I started business, everybody used to ask me, "Why have you expanded your range in Bangalore, Hyderabad, Chennai, Mumbai?" Delhi is a big business, right? I think you answered that question. Similarly, to be precise, we want to be the first Indian company to go global. There are various companies which are doing phenomenal business: Hertz, Europcar, Avis, Enterprise, etc., etc. Why not an Indian company? Today, with the best of the tech available here, with the best of talent which is available here, I think it is just a matter of time that we can spread our wings and go beyond the boundaries. That is the logic behind going global. In the next three to five years, I think we will have significant presence across the globe. That is what we intend to do. The only challenge is to get the right kind of talent because we are the first company to explore this. Nevertheless, we'll keep exploring, keep doing new things. That's what brings fun into the business. That's what is more challenging rather than just doing what others are doing. Got it. Sir, I think you have also started operations in London. Can you throw some light on that also? If you visit our website, you can book a car in London using our Indian website. Just use wtikabs.com, and you'll get a car in London or in Dubai. These are the two countries we have put in, and we'll be putting more countries and cities in the next, let's say, five to six months. We'll have a significant presence. We'll have significant presence. Got it. Sir, the next question is actually on the asset light versus asset heavy model. Now, you have seen a lot of new-owned vehicles in FY 2025. What has led to this change in strategy, and how do you think it will help us maintain our return ratios at a higher level? Sir, you know, many assets are being—this is not for my normal business. Actually, what we have done is we are providing vehicles to Uber Black. This is a strategic relationship with Uber to provide premium cars only for Uber. You must have seen high riders in Bangalore, Mumbai, and Delhi. We are providing more than 70% of this fleet is provided by WTI. Here, the revenue is almost fixed from Uber. Here, the car has to be owned by the company. The rest, my model remains the same for my other verticals. Got it. Is there some time period that you will have to run the car this many hours in a day, or what sort of agreement is that? Yeah, there is a certain number of hours that you have to run the car. I think we are talking about 340 hours and 324 hours in a month, which the car has to be on the platform. Then it is bifurcated into days and etc., etc. Those are nitty-gritties which have to be followed. Got it. I don't think you'll be able to use that vehicle into other operations. We can, provided we have double drivers on these cars. Let's say if the car is being used in the night by Uber for 12 hours, then for 4 hours or 5 hours or 8 hours, if there is a separate driver, it can be used in CRD. As of now, we are not doing that. Your suggestion is very valid. We are thinking on these lines, and we will be able to implement it maybe in a piecemeal basis, or there will be a transitioning plan how it has to go. Understood. So in terms of revenue also, can you just explain to me what percentage of revenue was on this Uber? Yeah, 4% income was purchased out. What will be this year? This year, it will be close to around 15%-20%. Maybe less because the other revenues are also growing. Take it as somewhere between 12%-15%. Okay. Is that understanding correct that the margins will be higher in these premium segments of cars? Your understanding is right. That's the reason we are only going in the premium segment. Okay. Number of cars? There are a lot of operational challenges. There are a lot of investment which has to be done in this business because we'll have to create hubs. We have to create a hub and spoke model where the car has to come onto the hub to see the qualities. The quality of the driver has to be different. The earning of the driver has to be different. There are a lot of permutation combinations and algorithms which need to be run around this business. Mr. Pandey, we'll request you to join back in the queue. Next question comes from the line of Chirag Malik, an individual investor. Please go ahead. Thank you, sir, for giving me the opportunity. Am I audible? Yes, sir. Please. Yeah, sir. I want to know that we have around 450 cars in Dubai. How much proportion do you have owned cars or owned cars? All the cars are owned by us because there the business is different, and we are doing only self-drive business as of now in Dubai. All the cars are either owned by us or they are leased out from the leasing companies. Okay. Sir, in our B2C business, is it profitable at a bigger level? Sir, B2C, we have not really focused on it as of now because B2C is always a business where you have to spend a lot of money in customer acquisition costs. Yes, we are working on it to figure out how it can be more profitable. We are taking very baby steps in it. We do not want to go full hog. Sir, हमारा कितना? 13-15% होगा, sir? B2C? ज्यादा है? नहीं, sir. हमारा कुछ भी नहीं है अभी B2C. Actually, यह खाली थोड़ा airport का है, which is 5%. But that also is a walk-in business. I will not call it B2C. 5%. Dubai वाला भी B2C है, sir? Ha, वो B2C business है, which is around 2%, 2-3%. Okay. Sir, हमारा जो Dubai में आपने बोला, utilization अभी proper नहीं है, तो mature level पर हम कितना margin आपने बोला 10% कर सकते हैं, sir? यह किस size पर होगा, sir? यह हमारा कितना revenue होना चाहिए, sir? Sir, हमारा operations अभी mature हो गया है, so we are at 92% utilization. We will be able to make somewhere around 8-10% of the net margins there, provided utilization ठीक चलता रहे in the future also because Dubai के अंदर यह जो time है, from May till September, is a very lean season. People really want to purchase cars in Dubai and in India? See, you know, India [Foreign language] And your own car, sir, [Foreign language]? Dubai में अगर मैं Indian terms [Foreign language] INR 1,000,000-2,500,000 की car है। Sir, India में, sir? India में भी primarily range तो यही है, between INR 800,000-2,500,000, 2,500,000-3,000,000. Sure. ठीक है, sir. Thank you, sir. Thank you. Thank you. Thank you. Next question comes from the line of Manish, an individual investor. Please go ahead. Sir, I have three questions. One is, how much has been your CapEx in Dubai and London? Dubai, I guess the operation started earlier. Are you still investing in Dubai, or are you done with your investments there and London also? Second is, third is, you talked some time back about increasing margins this year, right? Because of your foray in London, will the margins not be impacted this year as well? Sir, you're done with three questions, right? The first one is about Dubai. Dubai, if you want to increase the business, because the business is not about saying that, "Okay, I've reached a point where I don't want to increase." That's not the right philosophy that we want to adopt. We want to be in the entire UAE. There are seven emirates in the UAE. We want to be in the Middle East because the big story actually is happening in Saudi. Step by step, in a year's time, if we are profitable in Dubai, we will take that experience to different cities and see how the gestation period can come down. As far as Dubai is concerned, we might have made somewhere around INR 15-20 crore of investment until now. Specifically leading the road, sir. Leading the road. Yeah. As far as London is concerned, we will be taking very calculated steps. We are not buying the fleet as of now in London. We are testing the market through our partners in London. Once we are sure, then we'll start investing. Similarly, we'll go for other cities as well. As far as going to some other countries, I think we'll be very careful in terms of when to invest, how to invest, and what kind of returns we will get there. How about your margins, sir? Because you said your margins will not have any impact on margins because the fleet is not owned by you. In between, your voice is cracking, so I was not able to hear. Yeah, I'll repeat my question again. So your London foray will not have any impact on margins because the fleet is not owned by you. Is that correct? Yeah, that is correct. There will be some expenses which will be happening on the marketing front. Nevertheless, that will not be a sizable expense which will—so that expense is actually proportional to the business that we will get. We will have a representative and a small office. That also we are working out. I think that will not really cost us much. That will be compensated by the business that we'll generate from India and from some other countries as well. Sir, if I can squeeze in a couple of more questions. Sure. Hello? What is the subsidiary in Indonesia that you have, TTI WTI Trading and Mining Ventures? Oh, no, no. कुछ भी नहीं है, sir. I think we have already closed it. The process is on. This was started some five, six years back. And then we faced Corona, so it never took off. Okay. All right. I'll join back the queue. I'll raise my questions subsequently. Thank you. Thank you. Thank you. A reminder to all the participants, please restrict yourselves to two questions. Next question comes from the line of Sahil Raj with [Samdariha] Capital Ventures. Please go ahead. Hello. Am I audible? Yes, sir. Yes, yes. Please. Sir, one small request. Are we planning to release a quarterly update going forward in FY 2026? You want quarterly updates? Sorry, you want quarterly updates on? I'm asking that as a request, a small request if that is possible or maybe if the management has thought in that way. We were going as per the mandate, but we will deliberate this internally and revert to you on this. Because in FY 2025, when our results came in H1, in the time we did our phone call in June, after that, the margins dropped in H1. After that, we never heard from the management. Being that we have just gotten along with an IRS agency, it is better to release some updates going forward. Just a possibility if that is possible. Yeah, yeah. See, that's what I'm saying. See, again, I think we are coming back to the same point. If you actually look at the top line and the numbers will consolidate and give you better margins. I'll request that there is, whenever you're growing and whenever you want to take a leap, there is some amount of fuel which has to be spent. This is not something new. We all are intelligent people. We understand this. A growth of INR 150 crore in one year is not a small growth. [Foreign language] INR 150 crore [Foreign language] We are going organic way. We are not taking any decisions which are not in favor of the organization. We are taking decisions to take the organization to the next level. When you are doing this, there might be some fuel which has to burn. This is a natural phenomenon. Finally, we have to reach our goal, which is, of course, both the top line and the bottom line. One other question, sir. Are we looking to capitalize on the growth smart opportunity? No, sir. On B2C space, we are not in B2C space. I think we will not really be able to do that. Otherwise, we will be burning a lot because there are many players who are trying to capitalize on that. Maybe Uber, Ola, Rapido, InDrive, etc., etc., etc. They are launching new services. Their pockets, their appetite to lose money is huge. I think we should look at the markets which are where you do not have much of choppy waters. That is what we are working on. You will see some better numbers. Okay, sir. In line of this same question, the Dubai operations you have said are lean in May to September. In H2, can we see some good traction over there? We are already getting good traction. Today, we have a utilization of around 85-90%, which is good as per Dubai standards because people normally do not travel during this heat. I think we are more on a long-term rental type of systems in Dubai. Of course, growth is the only way that we should look at as far as business is concerned. All right. Those are my questions. Thank you very much. Thank you. Thank you. Next question comes from the line of Nilesh Doshi, Prospero Tree Asset Management Limited. Please go ahead. Hello. Hello. Thank you, Nilesh. Yeah, yeah. Thanks for the opportunity once again. Sir, [Foreign language] । We are becoming the asset-heavy business. और asset-heavy business में asset utilization is very important to improve the profitability. What step we are taking or [Foreign language] as an investor. I understand that the number of trips per day can be measured as an asset utilization ratio, something like that. [Foreign language] pe r day कितनी trips generate [Foreign language] to achieve that asset utilization? [Foreign language] when somebody asked this question [Foreign language] First and foremost is these cars are not purchased for my normal business. Let's get that fact right. [Foreign language] । The cars that we have purchased are for Uber Black, where these cars will be utilized by Uber for their trips. These are premium vehicles. Utilization will come from there. We will have to ensure the operations have to be right. I understand that irrespective of the asset utilization, Uber Black will provide some fixed return to WTI. Is that understanding correct, sir? You are right. If in a month I'm able to put the cars on the road for 320 hours, I get the fixed return from Uber. Okay. Okay, sir. [Foreign language] । See, we are owning around 1,300 plus cars, but our driver strength is only 150. So that ratio is not matched. How the 150 drivers or 1,300 owned cars, [Foreign language] car lease पे दूसरे drivers को दी है and that revenue is recognized as a lease income or our operational income? How it is accounted there? [Foreign language] Okay? Yes, sir. Correct. [Foreign language] Okay, okay, sir. और anything you can share on the revenue guidelines for FY 2026 or FY 2027? Sir, मैंने आपको बताया कि we have been growing at a pace of around 35% CAGR. We wish to maintain same or maybe we'll be happy to give you a pleasant surprise. Let's hope, pray, and work for the best. Thank you, sir. Thank you. All the best, sir, for the next year. Thank you very much, sir. Thank you. Thank you. Due to time constraints, we'll take the last question from the line of Deepak Pandey with Sagun Capital. Please go ahead. Hi, hi. Thank you for the opportunity. Sir, in the last one year, what change in the business are you seeing in terms of clients added, any new trends that you are seeing, competition, uprising? If you can throw some light on that. The client to add [Foreign language] if we have increased the revenue from INR 400 crore to INR 550 crore, there is certainly a lot of addition of clients which has happened. I think it is natural. We have a good pipeline also in the coming year. Already we are on a good run rate as of now. Got it. Sir, one of your questions, you actually mentioned about some competition pressure. Is that something that you are also seeing? Competition pressure? Sir, कोई business [Foreign language]. Competition, of course, there is there. Every time we have to find out some ways and means of being better. [Foreign language] we never say no to any customer. Or we work around whatever that we need to ensure that we provide them the service. That trickles down into from me till down the line to the driver also. [Foreign language] I am the that means I am the WTI. From my level till the drivers, they can take a decision and they have to ensure the customer service has to be provided. That's the whole motto. If the customer is happy, that's all we'll follow. Got it. Sir, the last question from my side is. The opening statement I made that last year we did around 55 million trips. That is a volume that we are talking about. Since we have now the process and the know-how, this has to become 100, 200 million, and the numbers have to just increase. Got it. Sir, last question that I was asking previously was, you have given 300 odd cars to Uber Black for FY25? [Foreign language] we have already purchased and which will be deployed in next 45 days' time. Okay. And these cars [Foreign language]? Haan ji, almost. [Foreign language]. [Foreign language]. Perfect. Perfect, Sameep ji. Thank you. Thank you so much and good luck for the future. Thank you very much and thank you very much for joining the call and having the patience to listen to all of us. My only submission at the end of the call is that your company is in safe hands and we will try and give you some of the best results. We want to go global. It is not because the market is not in India. It is because that we want to be the global company in mobility space. Indian global company, first Indian global company to be in the mobility space across. So thank you very much. Thank you. On behalf of Wise Travel India Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.