Affordable Robotic & Automation Ltd — Q3 FY26

Affordable Robotic & Automation Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=18NXNQRDzpY Published: 3 months ago

0:02 2 seconds So good evening everybody. Uh I welcome you all to the earning conference call of Q3 and 9 months 26 affordable robotics and automations widget concord. 0:13 13 seconds Uh today on the call we have from the management team Mr. Milen Padole the promoter and the managing director of 0:20 20 seconds the company. Sir has over two decades of experience in the field and he looks after the research and development along 0:27 27 seconds with the new product testing. Also present on the call we have Mr. Rahul Padole, executive director of the 0:34 34 seconds company. Mr. Rahul Padle leads the marketing division uh driving the brand strategy and the company outreach for the camp uh for the company. We are also 0:43 43 seconds joined with Mr. Morti. He's a chief financial officer of the company. The company currently has a confirmed order book of around 189 cr. 0:54 54 seconds At this moment all participants are currently on a mute and later we will conduct an question and answer session. 1:01 1 minute, 1 second At that time you may click on the raise hand button. So to ask questions please note that this conference is being 1:09 1 minute, 9 seconds recorded. Now I would like to request Mr. Milin Padel managing director sir to give his opening remarks. Over to you sir. 1:19 1 minute, 19 seconds Uh thanks uh for the wonderful start and uh thanks everyone for joining in uh the earnings call. 1:29 1 minute, 29 seconds Uh we will be presenting the numbers and then uh you know uh we will be open for question answers. So I will request 1:38 1 minute, 38 seconds Morti to start with the number presentation. Yeah. Thank you sir. 1:47 1 minute, 47 seconds Hello everyone, good evening. We can start with the presentations. This is uh initially we will uh show about the company for the new investors if anyone 1:55 1 minute, 55 seconds is there. So is the first uh as you all know is the first robotic company to get listed in India stock exchange. 20 years 2:03 2 minutes, 3 seconds since inceptions we have state-of-the-art facility covering around 3.5 lakh square ft area. So far we have installed more than 7,000 robots 2:11 2 minutes, 11 seconds and 14 car parks installed in last decade. workforce we have 400 plus uh continuing the growth trajectory 2:19 2 minutes, 19 seconds year-on-year basis and uh about subsidiary uh homero is our subsidiary we are voting 83% there and 17% with the 2:27 2 minutes, 27 seconds other investors and co-founders is into the fixed robotic solutions whereas the subsidiary is into mobile 2:34 2 minutes, 34 seconds robotic solutions our USP we provide an end toend solution provider from design deployment and data integration in both 2:42 2 minutes, 42 seconds fixed and mobile robotic solution Our presence uh with Homero we have presence uh in USA and Europe yet to start. 2:53 2 minutes, 53 seconds This is our journey. Uh global sourcing was established in 2005 and then converted into private link in 2010. 3:02 3 minutes, 2 seconds First then we started 2012 our sales office in Falabad and then 18 we got listed into BCM stock exchange. Then 3:11 3 minutes, 11 seconds 2021 uh Omro was formed and in 2024 we migrated into the main board of BSC and NSE 3:20 3 minutes, 20 seconds on main board of BC and NSE and uh US operations expanded and already four robots have been launched in the year 3:27 3 minutes, 27 seconds 2024. In 2025 we it was rebranded as Sundro. 3:35 3 minutes, 35 seconds This is our products in automation. Let me show you a short video. 4:44 4 minutes, 44 seconds In robotic multi- level car parking we have around six to seven products. This is one of the product most products which is covering. 4:58 4 minutes, 58 seconds This is 70 m which is installed in 5:30 5 minutes, 30 seconds Sir, if there's any background audio, we we are not able to hear it or we can see only the picture. That's fine. That's just a silent. 5:40 5 minutes, 40 seconds Okay. 6:09 6 minutes, 9 seconds Then earlier two was the fixed robotics and this is mobile robots under brand. 6:20 6 minutes, 20 seconds This is one of the product most selling product in all the three products. 6:43 6 minutes, 43 seconds What is going on? Is it 6:56 6 minutes, 56 seconds This is Atlas loader. 7:33 7 minutes, 33 seconds This is fire. 7:35 7 minutes, 35 seconds This is the first 9:04 9 minutes, 4 seconds Uh our client list at fix robotics we have different automotive clients Honda, Magna, Mahindra and Suzuki and Bajas they are since the inceptions. 9:14 9 minutes, 14 seconds uh in real estate for car parking like we have prominent customers like Noda Group, Bubar Realy and Rajam 9:25 9 minutes, 25 seconds G for Bumro uh which we started in last year. Here the customers are state logistics and other fortune 500 9:34 9 minutes, 34 seconds companies are there who are into the 3PL uh in the logistics into the logistics form. 9:40 9 minutes, 40 seconds Uh on financial standalone uh this year as we already informed this this is a turnar around uh to profitability year 9:49 9 minutes, 49 seconds in 9 months a turnover we did turn over of around 60 crores and AITA is around 6 cr margin is around PAT is around 94 9:59 9 minutes, 59 seconds lakhs but AITA margin it expanded to 9.8% uh from 0.8% of earlier years and PAT was grown by almost 127%. 10:10 10 minutes, 10 seconds In all the in all the years the 9 month was into the negative side only as we informed H1 was also on the positive side and Q3 is also on the positive side 10:18 10 minutes, 18 seconds this year on consolidated basis uh we did Q3 uh with the top closed top line of 868 10:27 10 minutes, 27 seconds crores and AITA margin AITA around 7.33 crores and P margin P amount of around 10:32 10 minutes, 32 seconds 2.18 crores margin expanded to 10.7% from minus 4.6 which was in the earlier 10:40 10 minutes, 40 seconds same year 9 months the pad grown by 116%. Over the same 9 months 10:48 10 minutes, 48 seconds on highlights uh in the history of TRL we have achieved a milestone of staying profitable in H1 of the year and this 10:55 10 minutes, 55 seconds momentum continued in Q3 as well. Uh this was mainly driven by the strong operational efficiency and improved contributions from core business 11:04 11 minutes, 4 seconds segments. While operational efficiency means we did mean we have achieved around 30% reduction in the material 11:11 11 minutes, 11 seconds cost and employee cost which was earlier fix. So we converted into semi variable uh hence we are able to achieve 31% 11:19 11 minutes, 19 seconds reduction there in 9 months. So total expenses 28% was reduced. Improved operating leverage visible as lawyer 11:27 11 minutes, 27 seconds cost translated directly into higher margins which demonstrate successful restructuring title cost control and improved execution and setting a 11:36 11 minutes, 36 seconds stronger base for the future growth. On new customer acquisitions in this last 9 months we received around 52 g orders 11:44 11 minutes, 44 seconds from the new customers from the total order all bookings which is which amounts to 40% of the new order bookings. 11:50 11 minutes, 50 seconds Uh Homero has delivered its first uh order of Atlas AC2000 autonomous for Eclipse from a 11:58 11 minutes, 58 seconds large US-based to a large US-based logistics firms and the revenue already started from that subsidiary has also received and confirmed order book of six 12:07 12 minutes, 7 seconds mobile robots valued at 43 cr structured under 2year uh lease. 12:13 12 minutes, 13 seconds Uh it is actually looking it is actively looking uh to enter deep into the space of autonomous vehicles by strategically 12:21 12 minutes, 21 seconds partnering with aligned partners and monetizing its autonomy text and autonomous vehicle building capabilities for domestic and international market. 12:32 12 minutes, 32 seconds On order booking as of December uh we had order booking opening out of 47 crores in this year additional 130 to those new orders booked uh from which we 12:41 12 minutes, 41 seconds deliver 59 crores and as on 31st December closing we have around 130 crores order book 12:49 12 minutes, 49 seconds uh that's it thanks stop sh 12:57 12 minutes, 57 seconds [clears throat] 12:57 12 minutes, 57 seconds uh thank you sir shall we start with the Q&A or you wanted to add more to it. Min sir. 13:03 13 minutes, 3 seconds Uh no we are good we can go for Q&A. 13:08 13 minutes, 8 seconds Okay thank you sir. So with this we are now beginning with the Q&A session. 13:12 13 minutes, 12 seconds Whoever has a question I request please click on the raise hand button and then I will announce your name. So unmute yourself and go ahead with the questions. 13:24 13 minutes, 24 seconds We'll wait for all the Q&A uh to start with. Uh we can start one by one now. 13:33 13 minutes, 33 seconds Okay. 13:43 13 minutes, 43 seconds So participants the Q&A floor is start is open. Please start the question. What is first question is coming from Mr. J pre. What is the hum total order? 13:57 13 minutes, 57 seconds Uh we have around 8 crores orders which is into the mean like a decentraliz 14:20 14 minutes, 20 seconds Yeah. I don't know. Can you have the next question please? 14:22 14 minutes, 22 seconds Could we just go ahead? Should I just go ahead with my questions? 14:26 14 minutes, 26 seconds Yeah, please go. Mr. Cost from BMSL Capital. Uh we've spoken before. Hello. 14:33 14 minutes, 33 seconds Uh so uh you know I have a couple of questions. 14:37 14 minutes, 37 seconds Firstly I wanted to understand I've spoken to a lot of people who are investors in the broader robotic field 14:44 14 minutes, 44 seconds and they have investments you know in robotic companies uh based out of Korea they're looking at Hong Kong and they 14:52 14 minutes, 52 seconds say that apart from India in other uh emerging market markets the advance of 15:02 15 minutes, 2 seconds robotics is so much superior than in India and you know they talk about companies like Rainbow Robotics etc. and 15:10 15 minutes, 10 seconds you know the the type of robots that these companies 15:17 15 minutes, 17 seconds are positioning themselves to provide to even warehouses uh in the western world like to the 15:24 15 minutes, 24 seconds likes of Amazon etc. So I mean my question is a two-phase is like what why why aren't we being able to grow such 15:32 15 minutes, 32 seconds companies in India taking taking affordable only as a good example why aren't we able to reach that scale that 15:39 15 minutes, 39 seconds these companies are doing in other emerging markets and and uh and is it really a threat to our 15:48 15 minutes, 48 seconds current homero business uh given that these companies are providing much better uh robotic 15:56 15 minutes, 56 seconds solutions to these warehouses or is there a market for everything? 16:03 16 minutes, 3 seconds Uh so um when we say these people are providing better robots than uh than 16:11 16 minutes, 11 seconds whom I assume that's the question. Uh so I have to understand which type of robos you're talking about because there are so many robots, right? So, so, so action 16:20 16 minutes, 20 seconds humanoid robots who that fulfill the function of a human being inside inside uh inside a a warehouse. 16:29 16 minutes, 29 seconds So, [snorts] u firstly we are not into humanoid. So, uh uh so I won't be able to talk about humanoid much. Okay. 16:38 16 minutes, 38 seconds Second, humanoid is uh still 10 years away from the actual commercial deployment in industry. Okay. So that is 16:47 16 minutes, 47 seconds what uh they say it is still that is what people say okay we are not in human rights so I won't be able to tell because I'm not tracking that sector 16:57 16 minutes, 57 seconds so um there are any number of robots right for everything like right from 17:04 17 minutes, 4 seconds your mopping to you know industry to uh you know so many things so um humanoid 17:12 17 minutes, 12 seconds actually there are few companies in China and US who have made a bit 17:18 17 minutes, 18 seconds progress which can be deployed a a bit commercially. Okay, but that's going to take some time. Uh as far as our robots 17:27 17 minutes, 27 seconds are concerned, we are basically uh autonomous vehicles. Uh we have 17:34 17 minutes, 34 seconds developed autonomy stack. uh and you know any company which uh do such a big 17:41 17 minutes, 41 seconds job takes a lot of time to reach this level you know and we have also taken almost four years wherein we have developed autonomy 17:50 17 minutes, 50 seconds uh stack autonomy design and now this year you know god forbid I always 17:58 17 minutes, 58 seconds think right this year will be the uh our turnaround year wherein we will be selling in large number And also we will 18:07 18 minutes, 7 seconds be dep deploying our autonomy stack and autonomy capability across other uh you 18:14 18 minutes, 14 seconds know vehicles and we are actively in discussion with lot of your voice is gone sir your voice is gone. Uh could you hear could you hear us now? 18:24 18 minutes, 24 seconds Yeah. Yeah. Yeah. Now I can hear. 18:26 18 minutes, 26 seconds Yeah. So, uh we are in active. So, we have developed the autonomy stack and autonomous uh you know the design the 18:35 18 minutes, 35 seconds vehicle. So uh we will be selling those this year in US and also we will be 18:43 18 minutes, 43 seconds using our autonomy uh stack and autonomous vehicle building capability across other vehicles and we are 18:51 18 minutes, 51 seconds actively in discussion with lot of players to make such vehicles. 18:57 18 minutes, 57 seconds So could you please give us could you address I mean I think the elephant in the room I don't know for for people who are actually tracking this company uh 19:06 19 minutes, 6 seconds you had come out with a press release saying that this company called Sai Green is going to invest 15 crores in 19:14 19 minutes, 14 seconds your company. From what I understand from that company and from what I can read that's market knowledge is you know there's some there's like there's a lot of mystery around that company because 19:22 19 minutes, 22 seconds it was just incorporated in 2024 and as soon as it was incorporated got a,000 cr order for pods from the government and 19:31 19 minutes, 31 seconds now they are investing 15 crores into this company. So what does it mean? uh what does this transaction mean and could you just be transpar just 19:39 19 minutes, 39 seconds transparently tell us exactly the potential and the reasoning for this transaction and who's behind green I mean you must have done your due diligence right 19:47 19 minutes, 47 seconds I green is a very big uh company and they are into power plant and uh you 19:53 19 minutes, 53 seconds know so they have large portfolio investment in green energy and green sector and uh they have lot of other 20:03 20 minutes, 3 seconds investment in autonomous vehicles And uh you know they are investing 15C crerential 20:11 20 minutes, 11 seconds route and that's what we declared you know and their whole interest is in autonomous and green energy sector 20:20 20 minutes, 20 seconds but uh is this can we do we have any doing in this 1,00 cr autonomous bot 20:28 20 minutes, 28 seconds project in BKC because of this investment? 20:32 20 minutes, 32 seconds Uh see as I said we will be using our autonomous stack and autonomy across lot of applications 20:40 20 minutes, 40 seconds uh coming ahead. Yeah. Going ahead and since these are all related companies definitely we will be sharing lot of our 20:48 20 minutes, 48 seconds you know capabilities across uh such companies. Yeah. So and just last question just last question could you 20:55 20 minutes, 55 seconds please help us understand the quantifiable opportunity in Humero I mean you know this this we I understand 21:03 21 minutes, 3 seconds that because of the tariff situation etc things got a little delayed uh but we still our go to market strategy hadn't 21:10 21 minutes, 10 seconds changed we still uh getting customers in the US but I really need to understand how big in your eyes can this business 21:19 21 minutes, 19 seconds become in terms of whatever whatever benchmark you want to give units uh products uh revenue over the next 3 to 5 21:28 21 minutes, 28 seconds years. See um any you know US market 21:34 21 minutes, 34 seconds the the forklift sold annually is 750,000 okay 750,000 uh numbers and um 21:45 21 minutes, 45 seconds 750k right uh which is like 7 lakh 50,000 approximately so uh that is North 21:52 21 minutes, 52 seconds America market right so um you you know we we want to take you know one to 2% share in 22:02 22 minutes, 2 seconds next five years and uh to start with you know so that that's the potential uh you can say so that's our aspiration that we 22:11 22 minutes, 11 seconds should be able to you know sell close to uh 1 to 2% of that market share 22:19 22 minutes, 19 seconds okay and you and you're going to enter the Europe market also so once we demonstrate these numbers you know some few good numbers in US we will 22:28 22 minutes, 28 seconds definitely we are open uh to uh European market and we we are actively looking for some partners in Europe also. 22:38 22 minutes, 38 seconds All right. Great. I'll get back in the chat. Thank you. Thanks. 22:42 22 minutes, 42 seconds Thank you. Uh Pavan Kumar, you may go ahead with your question. Mr. Paban Kumar, please unmute yourself. 22:52 22 minutes, 52 seconds Okay. Uh hi Milenji and team. Hi, how are you? 22:59 22 minutes, 59 seconds I'm good. Thank you. Thank you for taking my question. Uh Melen, in last con call, we were discussing 23:06 23 minutes, 6 seconds about uh about an ongoing talks with a joint venture for heavy welding with some other company. Is it finalized? If yes, can you share the details? 23:17 23 minutes, 17 seconds Uh no. So heavy building it's still uh you know joint venture has not gone through and uh we are still um working on our own for heavy building. 23:29 23 minutes, 29 seconds So we have we are taking some few projects from LLT and others for heavy. 23:35 23 minutes, 35 seconds Okay. Thank you. Uh how many total PC's we have done so far and what is the status of the PCQ in US uh as of today? 23:48 23 minutes, 48 seconds uh so we have done multiple PC's approximately 10 to 12 PC's and uh we 23:55 23 minutes, 55 seconds are doing some MI fortune 500 customers uh PC's now uh as we speak so uh you 24:04 24 minutes, 4 seconds know Maki customers like you know huge customers I can't name them because of various other reasons but then we have 24:12 24 minutes, 12 seconds uh we are doing that and we expect to uh start good uh amount of revenue by uh 24:22 24 minutes, 22 seconds you know by the year end uh monthly revenue of say uh I think 25 to $30,000 24:30 24 minutes, 30 seconds monthly revenue we will be touching by March that is what I expect in next one one and a half months 24:38 24 minutes, 38 seconds okay uh so we have done let's say this 10 to 24:45 24 minutes, 45 seconds 12 PC's what is the success rate of the PC's? Uh 24:52 24 minutes, 52 seconds success rate of the P is uh you can say almost uh 50 to 60%. 25:04 25 minutes, 4 seconds Uh in fact [clears throat] in fact in terms of Robinson here in Oh there okay yeah I was wondering when you will give me an opportunity. 25:13 25 minutes, 13 seconds Okay. So Robinson here and I read this piece. Um so in terms of success rate there are two measurements. One is uh meeting the success criteria. Yeah. 25:24 25 minutes, 24 seconds Almost leaving apart one. Yeah. Which is which was a big company almost 10 or 11 out of the 12 were successful. Yeah. In terms of meeting the success criteria. 25:35 25 minutes, 35 seconds Now why doesn't it go into a state wherein you know a production environment or why doesn't it get built into a uh PO if that is the idea of 25:44 25 minutes, 44 seconds success then there is a lot of you know things that happen after the P successful because in terms of um you 25:52 25 minutes, 52 seconds know aligning the top management in terms of you know nobody wants to buy a two-piece equipment or a three-piece equipment. Yeah. So in our earlier model 26:01 26 minutes, 1 second we used to show a P and we used to you know deliver the success. In the new model we have changed yeah wherein if it is successful they have to adopt at 26:09 26 minutes, 9 seconds least those equipments which we have done with three poor companies and the revenues have started coming in. Yeah. 26:15 26 minutes, 15 seconds So uh P converting into an order I would say it is 20 25% as of now but from here on P converting into model should be 26:23 26 minutes, 23 seconds around 50%. Yeah. But PC meeting success parameters I think it is way beyond 90%. 26:30 26 minutes, 30 seconds And then all of these get into a bucket wherein you know which are slowly materializing and uh is a part of the funnel which will kind of you know which 26:39 26 minutes, 39 seconds we will explore or which we will tap into in the next you know one year or one one and a half years or so. Have I answered your question? 26:48 26 minutes, 48 seconds Yeah. Uh thank you. 26:52 26 minutes, 52 seconds Thank you for that. So Robinson is co-founder for RAS and also the CEO of 26:59 26 minutes, 59 seconds RAS. Uh he sits in US but now he's in India for this fundraiser. He was busy 27:06 27 minutes, 6 seconds here. Uh otherwise he is working out of US. 27:12 27 minutes, 12 seconds So Robin can we see you and can you say hi to everyone if it is possible? 27:16 27 minutes, 16 seconds No I was I was traveling so that's fine. That's fine. 27:22 27 minutes, 22 seconds Since we about the fund raise uh yes, you have any further questions. Can I take the Yeah, I I have couple of them but if you 27:30 27 minutes, 30 seconds want you can you can no problem add your your information if you want. Continue sir. 27:37 27 minutes, 37 seconds Okay. Thank you. Uh what what is the revenue uh guidance for 27:43 27 minutes, 43 seconds Q4 just this ongoing quarter which is half halfway already through. 27:51 27 minutes, 51 seconds So uh probably we can't give guidance right like that. So uh but yeah it's 27:59 27 minutes, 59 seconds good like our focus is like profitability and you know so we are working on all those factors right. So 28:08 28 minutes, 8 seconds so even current quarter we can't say that what revenue we are going to get. I mean I'm not able to understand because 28:17 28 minutes, 17 seconds we we can easily say that this quarter will be kind of this much right. 28:22 28 minutes, 22 seconds Yeah the question which is already halfway through right? 28:24 28 minutes, 24 seconds Yeah, whether it is allowed to be given in a public I don't know uh on revenue we will be at par or on 28:34 28 minutes, 34 seconds level of the last year but you can see the improvement on the bottom line definitely there will be improvement on bottom line 28:41 28 minutes, 41 seconds so you are saying whatever revenue we achieved last year we are going to achieve the same this year as well the same path 28:49 28 minutes, 49 seconds okay I'll estimate based on that that's fine [snorts] uh any any guidance for FI27? 28:59 28 minutes, 59 seconds Oh, so we can't it can be plus minus. I'm not saying that we have to be exact but but so 29:06 29 minutes, 6 seconds every company has some something right some to share with the investors. If there's nothing to share I mean I don't know what to what to assume. 29:14 29 minutes, 14 seconds So u see [clears throat] you uh we are working towards the J curve right. So uh 29:21 29 minutes, 21 seconds we have developed last four years the technology which has to be deployed and can be scaled up drastically. So that 29:30 29 minutes, 30 seconds that is what is our aim right. So it is all getting delayed but definitely this year we expect to have a jur right. So 29:40 29 minutes, 40 seconds so you have seen like the kind of investors coming in now and you know the kind of alignment we are going to have 29:46 29 minutes, 46 seconds with them. So uh so that that's what it is right. So our so 29:54 29 minutes, 54 seconds Melindi I understand our aspirations and everything else right but I want to see the numbers now because it's four years 30:01 30 minutes, 1 second five years I'm waiting for right so it's every time we say that with this curve that curve I'm not interested in that. I'm sorry to use the hard hard words. 30:11 30 minutes, 11 seconds Exactly. I I understand uh but yes we are working towards getting those numbers right. So if some investor who 30:20 30 minutes, 20 seconds is already in that field has already shown interest that means a volume that that means a lot. 30:30 30 minutes, 30 seconds So that's what I can say right here. 30:33 30 minutes, 33 seconds Okay. There's one more question I have and then I'll I'll come back in the queue. In the our Indian uh business, 30:40 30 minutes, 40 seconds right, we are not able to scale the revenue in Indian business provided we have car parking and we have welding and 30:47 30 minutes, 47 seconds and such a big country and such so you know so much industrialized and everything we have right. So what are the challenges we are facing within India? 30:58 30 minutes, 58 seconds So uh this year you know we have made uh the operations very very light 31:06 31 minutes, 6 seconds and profitable so that we can take larger volume in a more efficient way. 31:11 31 minutes, 11 seconds So we were all restructuring this year you know and we were all sharpening our operation efficiency that's what I can 31:20 31 minutes, 20 seconds say so that we can take the future orders in a more sharper way. So um in the project industry you know the 31:28 31 minutes, 28 seconds challenges are you have people but then you you know first you have to take people then you have to go and get business right. So we have changed that 31:37 31 minutes, 37 seconds model and we were we did some experiment of you know taking people on uh contract basis. 31:44 31 minutes, 44 seconds So uh that's what we did and we increased the profitability uh you know all the quarter and now whatever 31:52 31 minutes, 52 seconds business we are going to take uh it is going to be uh highly profitable that is what uh we have done now. 32:01 32 minutes, 1 second So are you saying that from next year onwards we are going to see significant revenue increase in Indian business? 32:08 32 minutes, 8 seconds Yes. in this can you can you as well as homero both 32:15 32 minutes, 15 seconds and can you quantify that no I'm talking about Indian business right now I understand I mean I'm waiting for himro 32:22 32 minutes, 22 seconds that's okay uh uh can you quantify that 32:30 32 minutes, 30 seconds so because generic statement is we always I'm keep listening generic statements last four years right I want 32:37 32 minutes, 37 seconds some quantification of the numbers Sir uh yeah so quantifying number uh top 32:46 32 minutes, 46 seconds line we expect to grow by around uh you know 20 to 30%. 32:54 32 minutes, 54 seconds In the in the Indian business okay thank you I'll join back in the Thank you Mr. Pel next question is 33:03 33 minutes, 3 seconds coming from Mr. Chen hardi please [clears throat] unmute yourself. 33:08 33 minutes, 8 seconds Yeah thank you thank you for the opportunity. Hello miling how are you? 33:13 33 minutes, 13 seconds Yeah so so I heard we have an order book of around uh somewhere I heard 190 cr and then somewhere I heard 130 cr. So what is our total order book? 33:23 33 minutes, 23 seconds We have total order book is 190 from which we already delivered around 59. So balance uh ordering is around 130. 33:31 33 minutes, 31 seconds Okay. So outstanding order book right now is 130 cr out of which uh the homero order book is around 8 cr which is like 33:38 33 minutes, 38 seconds a leo is separate it is not included in that. 33:43 33 minutes, 43 seconds Okay. So the homero order book is additional which is around 8 crores which is le's uh revenue which will come over two years which is around 3540 lakhs a month. 33:54 33 minutes, 54 seconds So are we able to crack any deal where we are able to outright sell our home row because on this lease model you know you'll have to keep on investing in the 34:03 34 minutes, 3 seconds in the robots. Uh are we not talking to our clients to you know sell the uh robots on an outright basis? 34:13 34 minutes, 13 seconds Uh I will take that up. Uh so um this is this is who uh Okay. Yeah. 34:20 34 minutes, 20 seconds Hardik. Hi Har. Hi Harik. So uh yeah so in terms of u so first is you know I will also partly answer somebody else asked me why 34:28 34 minutes, 28 seconds is the robotic advancement in India slow and you know um let me tell you in US you know as developed country as US the 34:36 34 minutes, 36 seconds penetration of robotics you know is sophisticated robotics is not even 5% 5 to 7% you know and that is majorly with 34:44 34 minutes, 44 seconds the Amazons and Walmarts of the world why this is happening is because the abuction is not as expected meaning Even 34:52 34 minutes, 52 seconds if you look at the projections given by uh you know the the people who are really very good in giving projections even they have not met at the initial 35:00 35 minutes stages because the adoption you know uh the change management and that is taking time. Yeah. Now coming back to why RAS we wanted to increase the adoption. 35:11 35 minutes, 11 seconds Yeah. Till they don't see 100 equipments dancing on the floor doing it right every time. U now going and telling them 35:19 35 minutes, 19 seconds okay you buy me outright yeah um you know may not may not sell as much as what you know okay you buy me on a lease 35:28 35 minutes, 28 seconds and performance guarantee yeah that is what we're telling them however there has been not a single customer out of the five whom I have quoted of the three 35:36 35 minutes, 36 seconds which we are already working with uh and where the revenues have started there is not a single company who have not asked 35:43 35 minutes, 43 seconds me okay when you quote the price you give me you know what is it after one if I want to own it which means there is an 35:50 35 minutes, 50 seconds intent there is a latent intent however that is not yet translated into the confidence because not only uh homero 35:58 35 minutes, 58 seconds but they don't even have any other robotic companies in the similar domain you know to know so either supposing rapido comes in you know how and Uber is 36:07 36 minutes, 7 seconds working so rapido gets enough yeah but today they don't even have a benchmark so I think it is a year year and a half's time once you have 10 and 15 36:15 36 minutes, 15 seconds sites up and working. This is one thing which will uh catch up speed fast. 36:22 36 minutes, 22 seconds Okay. So in this uh in this 8 cr of lease revenue which we are expecting over next two years how many how many 36:29 36 minutes, 29 seconds robots or how many machines are involved? 36:32 36 minutes, 32 seconds So this is like uh 7 10 um 30 13 equipments and we have around 25 36:41 36 minutes, 41 seconds in uh US. we should be able to put a head a customer head to it soon. 36:46 36 minutes, 46 seconds So this 13 equipments that gave us 8 crores of revenue or 4 crores annual revenue what would be our investment in this equipment? I'm just trying to understand what kind of return we get. 36:56 36 minutes, 56 seconds So that we are working on a 71% IRRa when you look at unit economics. Yeah details I do not I don't have it with me 37:03 37 minutes, 3 seconds now. Yeah, but we are working on a 71% IRA and and over next two years although 37:11 37 minutes, 11 seconds even on the lease basis as you are saying that selling outright will be difficult once you demonstrate the uh demonstrate the job that our machine 37:19 37 minutes, 19 seconds does. So over next two years how many machines do you expect we'll be able to at least give on the lease if not sell? 37:27 37 minutes, 27 seconds So based on your discussion that you must be doing with your clients. Yeah, I do not know if it is uh so we have a target for this year. Yeah. Uh the number of 37:36 37 minutes, 36 seconds equipment either Milan or Morty can pitch in now if it is allowed to give an estimate here if it doesn't. 37:42 37 minutes, 42 seconds Yeah. Yeah. So we plan to deploy by um 2026 uh 37:51 37 minutes, 51 seconds you know end or you can say if 27 March 27 March around 200 220 37:57 37 minutes, 57 seconds 225 230 uh will the 225 approximately will be deployed. 38:05 38 minutes, 5 seconds Okay, two two two machines uh uh cumulatively will be deployed by March 38:11 38 minutes, 11 seconds 27. That could give us uh a monthly revenue of say around a crus, right? 38:21 38 minutes, 21 seconds So ballpark you can assume every equipment to give you around $2,500 in revenue. Monthly revenue. Monthly revenue. Yeah. 38:29 38 minutes, 29 seconds Okay. Okay. Thank you. I'll I'll get back in the queue. Thanks. Mhm. Thank you. 38:34 38 minutes, 34 seconds Yeah. Thank you. Uh Mr. Raj, please go ahead with your question and unmute yourself. 38:42 38 minutes, 42 seconds Yeah. Hi. So, uh just to reiterate what Mr. Pawan said. So, uh we can easily say 38:49 38 minutes, 49 seconds that uh in Q4 we will be doing 90 to 100 K of revenue because uh in November press release that was mentioned that uh 38:56 38 minutes, 56 seconds that time our order book of one that time our order book was 140 K. So 80% of these will be completed in March 2026. 39:04 39 minutes, 4 seconds So in Q3 if we have completed 20 cr. So it's like we can say right in in Q4 we will 39:12 39 minutes, 12 seconds be doing 90 to 100 K of revenue 65 is the max 65 last year 70 76 76. 39:26 39 minutes, 26 seconds Yes. So we will be on the historic numbers like uh you know the same Q4 numbers like how we did last year's last 39:34 39 minutes, 34 seconds few last year was 84 console console stand 39:51 39 minutes, 51 seconds in the same range. 39:54 39 minutes, 54 seconds Okay. Uh uh my second question is in the past 6 months which is Q2 and Q3 we have 40:02 40 minutes, 2 seconds booked around 7 K of uh more revenue in consolidated financials. So can you please provide the breakup of the seven 40:08 40 minutes, 8 seconds cr like standalone is something and uh console is more than console is around 7 cr more than standalone. So uh can you 40:17 40 minutes, 17 seconds give this break up of 7 console uh we had this PC's uh which last we did the PC now. So the PC's have been materialized in Q3 and Q4. 40:28 40 minutes, 28 seconds So yes, Humero's revenue is there. 40:31 40 minutes, 31 seconds So Humero's revenue is there and concern. But this is a very high number, right? 40:34 40 minutes, 34 seconds On one side we are saying that we will be doing 8 crores in two years and in Q3 and Q4 we are booking seven K of revenue. 40:41 40 minutes, 41 seconds These are of PC's which we were doing since last one years. Now so we monetized that in last Q2 and Q3. Once 40:48 40 minutes, 48 seconds the PC has been completed, we build to them for the PC's where the additional orders were not given or not received or kept on hold for the PC. 41:00 41 minutes Okay. So that's why I can see that uh like uh cogs of console is lesser than standalone. That means this extra 41:09 41 minutes, 9 seconds revenue has no cogs. This is the reason like we are we have booked uh this revenue uh from last one year. That's why cogs are lesser than standard. 41:21 41 minutes, 21 seconds Yeah. And second this already which deployed from the 13 robots eight robots have been already deployed in November 41:28 41 minutes, 28 seconds and December. So that's these rental also accounted in this uh uh total 41:35 41 minutes, 35 seconds revenue. Okay. Okay. uh and uh can you throw some light on what is bringing this cost efficiency in standalone 41:42 41 minutes, 42 seconds business like our material cost and employee cost have reduced drastically. 41:46 41 minutes, 46 seconds So what is bringing that and why uh why it is why why we have not done it before. 41:56 41 minutes, 56 seconds So uh see in business we keep on changing our business uh you know model. 42:01 42 minutes, 1 second So uh these are the new vendor development we did and uh for material 42:07 42 minutes, 7 seconds cost reduction and for labor cost what we have done is we have put lot of labor on the contract. Earlier we were having 42:15 42 minutes, 15 seconds suppose 300 people on road and 100 on a contract. So now probably we have 200 people on ro and 200 people on contract. 42:24 42 minutes, 24 seconds So as and when there is a fluctuation in the you know order we keep on engaging the contract labor. So that is how we 42:32 42 minutes, 32 seconds have done on labor as well as uh the material cost we have developed some alternate source renegotiated our contracts like that. 42:43 42 minutes, 43 seconds So renegotiated means also means that we are selling better products than what we were selling before. Is it like that or only re renegotiated? 42:53 42 minutes, 53 seconds So both side right. So customer side also we uh negotiated the make of lot of 43:00 43 minutes input items and you know the alternate items and reduce the cost and uh the input cost also we uh renegotiated contracts with lot of vendors. 43:12 43 minutes, 12 seconds Okay. And uh this uh autonomy autonomy tech selling is something new right? It 43:19 43 minutes, 19 seconds was not earlier. So uh like how this uh revenue generating like came how big it can be because this is uh outright 43:27 43 minutes, 27 seconds selling of our IPS. So this can be used and things can be used here. 43:33 43 minutes, 33 seconds It's not outright selling of IP it is like you know selling of the product of autonomy as a product. So if you see 43:41 43 minutes, 41 seconds that was always there in our mind that we will monetize each and every layer of autonomous. So there are seven layers in 43:51 43 minutes, 51 seconds autonomy also right. So if you see the pitch deck we used to always say every uh autonomy layer be navigation be fleet 44:00 44 minutes management or you know other things like uh you know um dashboards or simulation 44:09 44 minutes, 9 seconds we will monetize each and every layer also separately. Uh so now since we are in active discussion with a lot of 44:18 44 minutes, 18 seconds people uh we have started putting that in this otherwise uh we always had intention and uh you know we have made 44:28 44 minutes, 28 seconds the autonomy layer and the autonomous circuit in such a way that it can be used in lot lot of autonomous vehicle. 44:37 44 minutes, 37 seconds So every application is going to see uh autonomous uh you know things be last 44:44 44 minutes, 44 seconds mile delivery or be uh the port automation or uh you know autonomous uh 44:52 44 minutes, 52 seconds uh autonomous uh ve cargo transport or autonomous people transport 45:00 45 minutes everything will see lot of autonomous application worldwide. So u and when we say autonomous passenger uh transport it 45:10 45 minutes, 10 seconds is not autonomous car it is like a autonomous robots which move on a 45:16 45 minutes, 16 seconds dedicated track and not on the road. So uh so it will see lot of application like that. So you know definitely we 45:24 45 minutes, 24 seconds will be in the autonomous robot side not in the autonomous car side but autonomous you know robot side. So uh then 45:31 45 minutes, 31 seconds so uh yeah yeah continue sir. 45:35 45 minutes, 35 seconds So when we say autonomous robot side uh it is like ADAS 2 not adash 4 and all is 45:44 45 minutes, 44 seconds going to take a lot of time and we will be in autonomous robot or AGB or AMR space and we will be monetizing our you 45:53 45 minutes, 53 seconds know autonomous capabilities uh in a model. So sir how big this can 46:01 46 minutes, 1 second be of monetizing our autonomous capabilities like how big uh this can be in coming three to four years 46:08 46 minutes, 8 seconds it can be huge I'm saying you know everything is going to see autonomous application everything 46:16 46 minutes, 16 seconds everything first we will try to sell in India right no no no we will sell everywhere right 46:24 46 minutes, 24 seconds so do you think that we have that much capabilities yeah uh or our product is that much competitive that we can compete with the world. 46:34 46 minutes, 34 seconds Uh so it is not compete with the world. 46:37 46 minutes, 37 seconds See the strength our strength we have lot of strength as a Indian company right. So the cost itself uh so 46:46 46 minutes, 46 seconds we might be people can question about our tech but then there are lot of layers in 46:53 46 minutes, 53 seconds autonomous right. So um if you see a robot autonomous robot there is a manufacturing side there is you know uh 47:02 47 minutes, 2 seconds there is a power train there is a there lot of autonomy there is a support for autonomy lot of thing right so there are 47:11 47 minutes, 11 seconds if there are 10 layers we are cheaper in eight layers right so it can be a good collaboration with bigger companies or 47:18 47 minutes, 18 seconds you know anything so the scope is uh huge because we have lot of you know uh 47:27 47 minutes, 27 seconds uh cost advantage the arbitrage labor arbitrage is huge so you know the uh the companies who are into this space have 47:35 47 minutes, 35 seconds huge potential you know worldwide so uh any timeline in your mind that by this time some revenue will start 47:42 47 minutes, 42 seconds booking like we have raised our fund from Sai green right so it can be our first customer in autonomy stack so what 47:49 47 minutes, 49 seconds timeline do we have uh what timeline do we have uh that we will start getting revenues in our from our autonomous. 47:58 47 minutes, 58 seconds See our relation has started right. So u how fast it depends on you know a lot of things but yes the so the alignment and the you know uh that has started. 48:12 48 minutes, 12 seconds It can be as soon as like you know so currently we can integrate our technology with 48:19 48 minutes, 19 seconds their technology uh you know uh that can be the speed 48:26 48 minutes, 26 seconds but any idea like uh in how much time some discussions some concrete discussions will start to take place or 48:34 48 minutes, 34 seconds will get implemented rough timeline see definitely they have put money means we might be discussing for a long time. 48:43 48 minutes, 43 seconds Uh but when the revenue will start it will depend on how fast we can you know integrate our technology with their 48:51 48 minutes, 51 seconds requirement and you know show the results. So it is all how fast we can deliver right. So it is too early now to 49:00 49 minutes tell when the revenue will start but yeah the relation has started right. 49:05 49 minutes, 5 seconds Okay. Okay. uh uh then uh the US funds which we are planning which we have showcased on our Humbro website uh of $1 49:13 49 minutes, 13 seconds million at $7 million valuation. So will it happen in ARPL private limited or international LLC? In which it will 49:22 49 minutes, 22 seconds happen what the website 49:29 49 minutes, 29 seconds raising 1 billion which I think so that that is done right. So that uh that is done through the preferential 49:37 49 minutes, 37 seconds route that what you're quoting on the website that is that is over this is done via sig green. 49:45 49 minutes, 45 seconds Yeah. 49:47 49 minutes, 47 seconds Okay. So that 15 cr we will be putting in in RAS or it is for standard. 49:54 49 minutes, 54 seconds It will be for RAS. So if we if we are putting it in RAS then our shareholding of RAS will increase right like affordable robotics limited shareholding 50:02 50 minutes, 2 seconds in AR RAS private limited is currently 83%. So by putting more 15 cr more our shareholding will increase. 50:11 50 minutes, 11 seconds Uh that either we will put as a equity or as a loan that uh has to be taken uh 50:18 50 minutes, 18 seconds you know the board approval but yes that we will be putting as a temporary loan whether it to convert into equity or not 50:25 50 minutes, 25 seconds uh time will tell it is for the board to decide right and our second fund raise is pending on 16th like we will announce it on 16th 50:34 50 minutes, 34 seconds Feb. This is sig green is different and 16th web countries is different. 50:39 50 minutes, 39 seconds No that has to be taken approval on 18th feeb right. So we have signed a term sheet which has to be approved in the board. 50:46 50 minutes, 46 seconds Okay. So 16th February you gave that on 16th board meeting will happen for a preferential round is same. 50:53 50 minutes, 53 seconds Yeah it say same it has to be approved right. There's a sheet which has to be. 51:00 51 minutes Okay. Last question. Uh so just a small suggestion sir I think your auditor uh I 51:07 51 minutes, 7 seconds think on the basis of revenue size you are the largest client of your auditor. 51:12 51 minutes, 12 seconds Other public companies have market cap of single digit crant which has hundreds of hundred of 100 cr 51:20 51 minutes, 20 seconds of market cap more than 100 cr of market cap. So any plan on changing the auditor bringing in the uh auditor which is 51:28 51 minutes, 28 seconds famous or which is reli reliable which is known in the market. 51:34 51 minutes, 34 seconds Um decide post yeah we will decide post this year 51:41 51 minutes, 41 seconds once the term is getting over once the term will get over we will definitely think about this. 51:50 51 minutes, 50 seconds Okay. Uh uh by Okay, thank you. 51:54 51 minutes, 54 seconds If you don't mind, I just have one quick question. Is it if you don't mind? Is is uh Robin there? 52:01 52 minutes, 1 second Yes, sir. Yes, Robin. 52:03 52 minutes, 3 seconds So, Robin, uh just wanted to reconfirm those uh those numbers you were saying. 52:09 52 minutes, 9 seconds uh you were saying you plan to deploy around 225 robots if I could call them uh right uh 52:18 52 minutes, 18 seconds over by in by FI27 March. That's right. That's right. 52:23 52 minutes, 23 seconds But by 2027 March uh and you said that what is the monthly week revenue we can earn on one robot? 52:31 52 minutes, 31 seconds Around 2500 dollar. 52:34 52 minutes, 34 seconds Yeah, that's good. So if I do 2500 uh into 52:41 52 minutes, 41 seconds 225 uh that's around $562,000 a month, right? 52:49 52 minutes, 49 seconds At the end of the financial year. That's correct. 52:52 52 minutes, 52 seconds Okay. So that that that's that's about if you were to picture this that's around that's uh okay. Okay. 53:00 53 minutes Yeah. So if you were to pictureize this it is like end of March uh 2027 uh that is going to be the number which uh which would come to us. 53:09 53 minutes, 9 seconds So that's around 5 crores a month. Yeah. Uh into 12. So 60 crores. 53:15 53 minutes, 15 seconds No. So so the deployment will happen you know month by month. So what we can tell for now is in the month of March 2027 53:23 53 minutes, 23 seconds that should be the the revenue that we understood. Understood. I think then going ahead higher than that you're saying. Yeah. Yeah. 53:31 53 minutes, 31 seconds Uh fair enough. Fair enough. Uh and this is subject to slight I mean depending upon how customers are. So maybe a small range 20 25% here and there. 53:40 53 minutes, 40 seconds And and and and Robin if I may ask sorry I haven't seen uh have you been uh has Robin been specifically hired by the 53:48 53 minutes, 48 seconds company for Zumero and what's your past experience sir? So okay so I'm a co-founder in this company initial 53:56 53 minutes, 56 seconds promoter uh category homero in home row yeah and we started this together and uh my past experience have 54:04 54 minutes, 4 seconds been you know if you look at big bazar I have been in big bazar uh scaling up big bazar from three to four stores in Maharashtra to around 17 when I left 54:13 54 minutes, 13 seconds after that it was telecom I was heading Asia I implemented large scale uh distribution management system yeah and 54:22 54 minutes, 22 seconds commission man so basically uh large scale integrations is what I handled. Uh new business development is what I handled in multiple countries and we 54:30 54 minutes, 30 seconds also handled vertical revenues you know uh one revenue vertical uh which was like a cluster strategy when I was there. So one revenue vertical 54:39 54 minutes, 39 seconds implementing across uh pan pan Asia so that is primarily the the thing that happened. 54:45 54 minutes, 45 seconds Okay. So, and just back to that question on making revenue of in March 2027 an estimate of let's say $550,000. 54:55 54 minutes, 55 seconds What would the margin? What's your unit economics? Could you please just spend a few minutes explaining your unit economics on that? So, so we get some perspective on that $550,000 revenue. 55:06 55 minutes, 6 seconds So, what would be the gross margin, the EITA margin on and gross margin and operating and EITA margin on that 550,000? 55:14 55 minutes, 14 seconds Okay. 55:17 55 minutes, 17 seconds on lease model as we are living on lease model. So we have around 70% on this here the gross margin will be higher 55:27 55 minutes, 27 seconds mean 100% all the robots are giving are giving into the list. So then what would like like so could you explain the unit 55:34 55 minutes, 34 seconds economics uh 70% IR is the same per year we will get a 70% of our investment amount 55:43 55 minutes, 43 seconds in the year one itself so at VA level if you ask me on the last model it will be around somewhere 50 60% it will show it 55:52 55 minutes, 52 seconds okay okay and and we plan to scale Humero in India through this green partnership right 56:00 56 minutes [snorts] 56:01 56 minutes, 1 second So this is not yet uh meaning uh we we we have some I'm just trying to think I'm just trying to think if if this company that's 56:09 56 minutes, 9 seconds investing in you has a given project of 1,000 crores where they where where where 56:15 56 minutes, 15 seconds they the whole point of that project is to uh create these uh what do you call it those autonomous cars those what what 56:24 56 minutes, 24 seconds are this what are they called pods those autonomous pods like how there is in Dro airport I you would really be a you would really 56:33 56 minutes, 33 seconds be losing out if you didn't do their autonomous work for them, right? Given that they're investing in your company. So I think it will happen in phases. 56:41 56 minutes, 41 seconds Yeah. Initially they would have planned out something and part of the part of those things we will do. Yeah. But eventually if they want to partner with 56:48 56 minutes, 48 seconds us uh in ARPL they're definitely looking for a bigger slice and wanting to have some kind of a uh share you know in 56:56 56 minutes, 56 seconds autonomy with us. But as of now we will not be able to diver much more even though even if we know more we will not be able to diver because 57:05 57 minutes, 5 seconds that's okay that's that's fine okay great best of luck and uh I'm a shareholder of your company so I would love to come and meet you in person I 57:12 57 minutes, 12 seconds live close to where you are I mean I can always travel so I'll set that up with uh Supria if it's possible and 57:21 57 minutes, 21 seconds Sure sure thank you so much thanks thanks Mr. Raj, your hand is raised. Do you have any question? 57:32 57 minutes, 32 seconds Uh so this uh 15 2500 uh dollar monthly revenue from HRO. So is my understanding 57:40 57 minutes, 40 seconds correct that uh we have not been able to onboard the bankers that's why we are taking monthly revenue. If bankers were 57:48 57 minutes, 48 seconds there then there will be there there has to be an outright sale of HDO robots. Good. 57:55 57 minutes, 55 seconds Yeah. The so like I said this is a new uh kind of a thing which happens in warehouses. Whenever the banker comes in 58:04 58 minutes, 4 seconds they need more structure. They need a company which is well known. Yeah. And they have their own uh set of rules and regulations which we need to adhere to. 58:13 58 minutes, 13 seconds Yeah. So as of now uh the initial so if you are asking the question whether the future will be uh can be done through 58:21 58 minutes, 21 seconds banker the answer is yes. Yeah. So that is why I always kind of you know when uh when the other guy asked me a question whether it will be $570,000 in March 58:31 58 minutes, 31 seconds there could be some of those which came through a banker and which would have realized the revenue also. Yeah. But this way that way it should be around 58:38 58 minutes, 38 seconds those numbers or better than those numbers. Yeah. Having having said that the banker can come into a place which is a little more structured and wherever 58:47 58 minutes, 47 seconds there is a new company trying to kind of you know build its this thing we have to take a lot of decisions you know uh on 58:54 58 minutes, 54 seconds the basis of u what what will work for us based on what we see and based on our judgment. Yeah maybe the banker comes to 59:01 59 minutes, 1 second us after one year. Yeah. When when all of this is in order when the people are ready maybe the banker comes to us after one year. 59:09 59 minutes, 9 seconds Okay. So uh when there will be a banker uh then uh robos will be outright sell. 59:15 59 minutes, 15 seconds So uh during that time what uh recurring revenue of our IP we will get when bankers uh are onboarded. So monthly 59:24 59 minutes, 24 seconds revenue will get cut when there is because there will be outright sell but uh there will be AMC charges as well as 59:32 59 minutes, 32 seconds our IR uh sorry IP's recurring charges intellectual property recurring charges. So what uh uh what will be that? 59:40 59 minutes, 40 seconds So it will be approximately 10 to 15%. 59:43 59 minutes, 43 seconds Yeah. And it will keep increasing as in how we kind of uh progress there and as in how the credibility our credibility 59:51 59 minutes, 51 seconds is established in the market. As of now we have kept it very very minimal. Yeah. But the benchmark is around 20 to 25%. 59:57 59 minutes, 57 seconds We have started with 10% now. Yeah. For for all those outright purchases. But eventually in a year's time when we see 1:00:04 1 hour, 4 seconds these 100 robots working in warehouses uh the best estimate I would still call it an estimate is around 20% depending upon the competition at that point in 1:00:12 1 hour, 12 seconds time because IP is the first thing that gets discounted yeah whenever because you have already made the technology that is the first thing that get 1:00:19 1 hour, 19 seconds discounted in the future coming years so we will be competitive also but as of now the rule of the thumb is around 20% 1:00:27 1 hour, 27 seconds uh IR yeah and it has the potential to kind of you know have a substantial uh revenue stream. Yeah. Going forward with Homero. 1:00:37 1 hour, 37 seconds Okay. And so sir, what is the life of our robot? Like for for how many years we will be charging? For seven years, we 1:00:43 1 hour, 43 seconds will be charging AMC and I IP cost IP charges. 1:00:47 1 hour, 47 seconds No, no. So, so okay, if it is an outright, yeah, we will be getting this for 7 years. Yeah. we will incur some 1:00:55 1 hour, 55 seconds amount of refurbishment at the end of three years which is around 10% or maybe 5 7% of the sale price. Yeah. And if it is Ras we will have to continue giving 1:01:04 1 hour, 1 minute, 4 seconds them you know whatever support they need to keep up with the IPS and there's no IP uh coming out there. There is some money coming in coming in integration uh 1:01:12 1 hour, 1 minute, 12 seconds but those are like the cost cost plus kind of a thing with 50% margin. Yeah. 1:01:17 1 hour, 1 minute, 17 seconds But if you're looking at IP's recurring revenue um yeah so it is seven years for for an equipment and then we can 1:01:25 1 hour, 1 minute, 25 seconds refurbish it. Typically you know those longer models we will have to I mean there is a lot of uh ifs and buts there 1:01:32 1 hour, 1 minute, 32 seconds but after 7 years there is you know some company who's doing the refurbishment and then the next three these can be at a 50% discount. There are a lot of ifs 1:01:40 1 hour, 1 minute, 40 seconds and buts like I said but but it looks good I mean after three four years. Okay. Thank you. 1:01:54 1 hour, 1 minute, 54 seconds That's it. I shall I go ahead. 1:02:04 1 hour, 2 minutes, 4 seconds Yeah. Yeah. Okay. Yeah. Thanks for the opportunity. Um I I just want to go back to the uh information that uh Robin has 1:02:13 1 hour, 2 minutes, 13 seconds given. So you know um we discussed that uh 225 robots uh $2,500 per month uh 1:02:20 1 hour, 2 minutes, 20 seconds this is likely to be deployed by March 25 uh 27. So assuming all these things then we have a certainty of uh doing 1:02:30 1 hour, 2 minutes, 30 seconds about 55 to 60 crores in March 28 because by March 27 you are saying you would deploy all these 225 robots. Is is 1:02:37 1 hour, 2 minutes, 37 seconds this understanding correct? will March 28 financial year we will have about this 55 to 60 crores of revenue coming 1:02:45 1 hour, 2 minutes, 45 seconds in is is this assumption correct that is if we don't do anything in the month in the year of April 2026 is that what 1:02:53 1 hour, 2 minutes, 53 seconds yeah yeah so know just purely you know going by from the robos from the robos we sold it should be approximately that figure plus 1:03:00 1 hour, 3 minutes minus like I said 20 25% depending upon how competition is and how we may have to stretch in whichever direction we do that yeah but that is Right. 1:03:09 1 hour, 3 minutes, 9 seconds Understood. Understood. So now know so having said this uh understanding uh you know see what what gives you this 1:03:18 1 hour, 3 minutes, 18 seconds confidence that you know we will be able to deploy about 225 robots by March 2027. You know the reason I'm asking is 1:03:26 1 hour, 3 minutes, 26 seconds we had a time where we gave some projections uh know which of course we we were not able to meet. So this time I 1:03:34 1 hour, 3 minutes, 34 seconds just want to kind of you know get a sense that what gives you this confidence that we will be able to do this by 2027. 1:03:40 1 hour, 3 minutes, 40 seconds So u we were not able to meet some numbers because of you know a lot of uh economic hiccups and uh you know regulatory hiccups in this year. Yeah. 1:03:51 1 hour, 3 minutes, 51 seconds Where people were were also kind of you know thinking that though we could give them a good price but they were also thinking that okay let this pass maybe 1:03:58 1 hour, 3 minutes, 58 seconds things get cheaper. There were a lot of uh economic uh business decision dilemma which was happening. Just a moment. 1:04:21 1 hour, 4 minutes, 21 seconds Uh sorry there was some disturbance. I had to plug in. Yeah. So uh like I said so the confidence level is the same and 1:04:28 1 hour, 4 minutes, 28 seconds um if I were to bring you up to speed with the math we are we are now talking to five six large scale customers having 1:04:35 1 hour, 4 minutes, 35 seconds more than 100 warehouses. Yeah. And considering or I I since a couple of them have already started revenue 1:04:42 1 hour, 4 minutes, 42 seconds generation I'm assuming that you know they are happy with us and they will kind of you know nobody wants to uh just try it out at one warehouse and keep it 1:04:50 1 hour, 4 minutes, 50 seconds there. They want to leverage the scale of saving by implementing it at multiple warehouses. Yeah. So all of these can 1:04:58 1 hour, 4 minutes, 58 seconds come through with just implementation in 50 warehouses or even lesser. Yeah. So this is what brings uh I mean gives me 1:05:06 1 hour, 5 minutes, 6 seconds the um feeling that okay u implementing in 50 warehouses you know at the rate of five and six each should not be a big 1:05:15 1 hour, 5 minutes, 15 seconds challenge considering that we are sitting and discussing with global automation heads of four and five companies having 500 warehouses. Yeah, 1:05:24 1 hour, 5 minutes, 24 seconds but yeah, I mean this is business. So, um yeah, but the best estimate even at a conservative level is I feel it is you know uh it has to be there. 1:05:35 1 hour, 5 minutes, 35 seconds Does it answer your question? Uh K. 1:05:37 1 hour, 5 minutes, 37 seconds Yes. Yes. Very much. Thank you. Thank you so much uh for that explanation. Now on the um uh standalone uh business I 1:05:45 1 hour, 5 minutes, 45 seconds just wanted to know ask this that now whatever this profitability that we are achieving right now um is this going to 1:05:54 1 hour, 5 minutes, 54 seconds be sustainable or again we probably may you know have some surprises. I understand you know the two major uh 1:06:01 1 hour, 6 minutes, 1 second levers that you have managed one is the employee uh you know the contract and the uh onroll kind of a thing and the other one was the uh the materials part. 1:06:11 1 hour, 6 minutes, 11 seconds So know I just want to make sure that is this sustainable going forward now. 1:06:17 1 hour, 6 minutes, 17 seconds Yeah material part is sustainable but employee cost as we mentioned uh we have converted some of the cost into the 1:06:24 1 hour, 6 minutes, 24 seconds semivariable. So at Q4 when the business will scale up at the time the cost will also scale up you could expect some but at the leverage at the average level you 1:06:33 1 hour, 6 minutes, 33 seconds can see the improvement at bottom line definitely. 1:06:37 1 hour, 6 minutes, 37 seconds Okay. Okay. And uh the uh other thing what I want to ask is see in in the last quarter's presentation uh you know um 1:06:46 1 hour, 6 minutes, 46 seconds it's there in the record that you know you mentioned that 29 koresh for warehouse automation as order book not 1:06:53 1 hour, 6 minutes, 53 seconds pipeline. Now in today's call your uh commentary has changed around that and you are saying you know that was order 1:07:00 1 hour, 7 minutes pipeline and not really order book. So could you please explain what explains this change of commentary because there what it is there now we have made 1:07:09 1 hour, 7 minutes, 9 seconds confirmations of the customers and all so that is the confir and from no no sorry uh sorry that's what I'm 1:07:17 1 hour, 7 minutes, 17 seconds saying so pipeline is different in the last presentation that you have submitted you've mentioned that as a order book which we understand it's a 1:07:26 1 hour, 7 minutes, 26 seconds confirmed order book I I think uh Robin they talking about Patrick order which you know we were not able to fulfill because we were not able 1:07:34 1 hour, 7 minutes, 34 seconds to give the material on time. So probably that order they're talking about. 1:07:41 1 hour, 7 minutes, 41 seconds So that was autoion. 1:07:46 1 hour, 7 minutes, 46 seconds So that was a order book for uh one person where we were not able to supply the material because of the fund raise 1:07:55 1 hour, 7 minutes, 55 seconds and uh so we were not able to uh fulfill that order. 1:08:00 1 hour, 8 minutes So what was the value of that specific order if I may ask? 1:08:03 1 hour, 8 minutes, 3 seconds Uh there were two orders. One was uh 2 million or 3 million. 2 million 2.2 1:08:10 1 hour, 8 minutes, 10 seconds million around 20 17 to 20 cr 21 that was one single order and uh those 1:08:19 1 hour, 8 minutes, 19 seconds type of robots we were not able to supply. 1:08:23 1 hour, 8 minutes, 23 seconds Okay. Okay. Fine. So those 21 kores out of 29 kores have gone away and that is why we are now order book of 8 kores. 1:08:33 1 hour, 8 minutes, 33 seconds Okay. All right. Uh thank you so much for answering my questions. I wish you all the best. Yes. 1:08:40 1 hour, 8 minutes, 40 seconds The next question Mr. Jerry please. Mr. J. 1:08:49 1 hour, 8 minutes, 49 seconds Hello. Am I audible? 1:08:53 1 hour, 8 minutes, 53 seconds Yes sir. Go ahead. according the quantum of fund 1:08:59 1 hour, 8 minutes, 59 seconds total through preferential we'll be raising around 15 we have got 1:09:06 1 hour, 9 minutes, 6 seconds confirm uh u interest uh so the total fund raise we were planning to do was 7 1:09:13 1 hour, 9 minutes, 13 seconds million so planning to do total 10 million out of which I have put 35 crores uh 28 1:09:20 1 hour, 9 minutes, 20 seconds crores sorry then now we have for another 15 crores whether uh means the promoters interest 1:09:28 1 hour, 9 minutes, 28 seconds free fee loan will be converted into equity. Yes. At what? At what price? 1:09:36 1 hour, 9 minutes, 36 seconds So once we reach there uh you know whatever is the sebs we will be doing that. 1:09:43 1 hour, 9 minutes, 43 seconds So we have not yet decided that when we'll be doing that so we will do it because that is not the focus as of now. 1:09:51 1 hour, 9 minutes, 51 seconds And you are telling that you will deploy 225 robots in March 25. Then how much 1:09:58 1 hour, 9 minutes, 58 seconds investment you will need for that much robots? Do you have the investment in place or you will further raise the monies? 1:10:09 1 hour, 10 minutes, 9 seconds We will uh you want me to take that a minute? Yeah. Yeah. 1:10:13 1 hour, 10 minutes, 13 seconds Yeah. So yes uh we will raise the money and uh like I said uh we may not be able to uh get 100% of all the answer but uh 1:10:22 1 hour, 10 minutes, 22 seconds the idea is to raise money definitely we have talked spoken to some interested parties and uh we will raise those money soon there the the investment could also 1:10:30 1 hour, 10 minutes, 30 seconds come in the form of you know like a semibanker some investor taking up the role of a banker and all those stuff. So yes, as as on date we are talking to a 1:10:39 1 hour, 10 minutes, 39 seconds couple of guys. We are closing in and we should be able to hear something soon. 1:10:45 1 hour, 10 minutes, 45 seconds Okay. Thank you. Thank you very much. 1:10:50 1 hour, 10 minutes, 50 seconds Yeah. Uh yeah, just just a follow-up question on the last question that uh Ji asked. So this this the possibility of 1:10:59 1 hour, 10 minutes, 59 seconds raising money uh will be at the homero level or will be at the parent level. 1:11:05 1 hour, 11 minutes, 5 seconds So it will be at the homero level. I mean this one is at the parent level. 1:11:09 1 hour, 11 minutes, 9 seconds The next one which will help us kind of you know hold some inventories there. Uh you know that's the idea right because we have now proven to around five to six 1:11:17 1 hour, 11 minutes, 17 seconds big operators and they are started paying. Some of them have started paying which means like you know they are good with our rollouts. Now when they expand it is going to be a uh a big number. 1:11:28 1 hour, 11 minutes, 28 seconds Yeah. And we need to be ready with that. 1:11:30 1 hour, 11 minutes, 30 seconds ready with the inventory because inventory again takes like around four months of lead time. Yeah, we don't want to uh and have you thought about what kind 1:11:39 1 hour, 11 minutes, 39 seconds what quantum of money are we looking to raise? 1:11:42 1 hour, 11 minutes, 42 seconds No, I mean it is still under wraps. Um yeah, but you'll get to know as soon as we are even closer to it. 1:11:49 1 hour, 11 minutes, 49 seconds Okay, thank you Mr. Pan. 1:11:56 1 hour, 11 minutes, 56 seconds Yeah. Uh how many dealers uh we have associated with in USA? Uh as of now two now 2 + 1 three. Yeah. 1:12:05 1 hour, 12 minutes, 5 seconds And uh so we have a couple of uh unconventional dealer and staff mark which we had announced earlier and then 1:12:14 1 hour, 12 minutes, 14 seconds uh so they're a big group and then we have the forklift selling companies uh which can take us to multiple uh already 1:12:22 1 hour, 12 minutes, 22 seconds existing forklift and you know people are looking at replacing the forklift. 1:12:26 1 hour, 12 minutes, 26 seconds uh and then we have uh somebody you know uh exclusively looking at manpower agencies who can you know take us to uh 1:12:35 1 hour, 12 minutes, 35 seconds I mean like a uh autonomous robo replacing a manpower kind of a model. 1:12:39 1 hour, 12 minutes, 39 seconds Yeah. So as of now three but we are in talks with a couple of them more and uh where we have demonstrated our products 1:12:47 1 hour, 12 minutes, 47 seconds and once we are ready for the scale we should be able to hire at least two three of them in the coming year to deliver this 200 equipments. 1:12:57 1 hour, 12 minutes, 57 seconds Okay. And all are these three in Pennsylvania or California? 1:13:01 1 hour, 13 minutes, 1 second No. So one is in two is in California, one is in uh Pennsylvania, another one whom we are talking to is in Dallas. 1:13:08 1 hour, 13 minutes, 8 seconds Yeah. And then we may also participate via a partner program in ProMat Chicago. 1:13:15 1 hour, 13 minutes, 15 seconds Yeah. And uh we may we may if all goes good and the fundraising goes good then we may have some kind of a representation if not directly but 1:13:23 1 hour, 13 minutes, 23 seconds indirectly uh in Chicago. Yeah. There is another big warehousing market. Atlanta sorry not Chicago in Atlanta. 1:13:32 1 hour, 13 minutes, 32 seconds Atlanta. Okay. Thank you. Uh do we have any sharable development beyond USA for Himro? 1:13:41 1 hour, 13 minutes, 41 seconds No, not yet. Uh but uh the reduced tariff in Europe is a very heartening um development. Yeah, we will not be 1:13:49 1 hour, 13 minutes, 49 seconds wasting too much time. Once we have 50 60 equipments up and ready there in US, I think we should start looking at Europe too. 1:13:59 1 hour, 13 minutes, 59 seconds Okay. Yeah. Thank you. That's all from my side. Okay. and wish you all the best. 1:14:04 1 hour, 14 minutes, 4 seconds I'll take one question from Mr. Maya Singh. He wanted to know what is the manufacturing cost of a robot deployed in USA. 1:14:12 1 hour, 14 minutes, 12 seconds You mean the USA landing cost? Morty should be able to give I mean if it is 1:14:20 1 hour, 14 minutes, 20 seconds gross margin at gross margin level it is around 50%. [clears throat] Yeah, that's a better answer. 1:14:28 1 hour, 14 minutes, 28 seconds We can take the last question from Mr. Rasha. 1:14:32 1 hour, 14 minutes, 32 seconds Uh so sir uh if not the quantum of the fund raise then at what valuation we will be praising that? 1:14:40 1 hour, 14 minutes, 40 seconds So uh it depends upon multiple things here u uh whom am I answering this right? 1:14:48 1 hour, 14 minutes, 48 seconds Yeah depends upon multiple things on on the value that they will be able to add. 1:14:52 1 hour, 14 minutes, 52 seconds Like I said uh we are talking to a couple of guys. If it is a pure investor investor yeah we should be able to kind 1:14:59 1 hour, 14 minutes, 59 seconds of you know increase whatever valuation it was plus 10 15 20% or something. But if it is something that you know u uh an 1:15:08 1 hour, 15 minutes, 8 seconds investor who can kind of you know help us you know um u kind of um materialize 1:15:15 1 hour, 15 minutes, 15 seconds this 250 which we have spoken. Yeah. And make it more robust. make this plan and execution more robust in terms of backing up the finances and all stuff 1:15:24 1 hour, 15 minutes, 24 seconds then we can go a tad lower than that and do whatever is needed for this business. So the base we can assume is $7 million. 1:15:33 1 hour, 15 minutes, 33 seconds The base is higher than that. I guess the base of what the fund raise. 1:15:38 1 hour, 15 minutes, 38 seconds Yeah. Yeah. Yeah. Like you said 10 10 to 15% higher than previous fund raise. So what was the previous fund raise? Valuation. 1:15:46 1 hour, 15 minutes, 46 seconds Oh okay. You talking about the valuation of the fund raise. The valuation was around 32 million I guess. Morti. 1:15:53 1 hour, 15 minutes, 53 seconds Yeah. Yeah. 32 million rages. 1:15:58 1 hour, 15 minutes, 58 seconds Yeah. So if at all we have somebody good and somebody who can give me um a more 1:16:05 1 hour, 16 minutes, 5 seconds um packed up uh this thing or stand by me for this 250. Yeah. Make this 250 1:16:11 1 hour, 16 minutes, 11 seconds more um um materialize this faster and sure then maybe I go with the same valuation what we did last time. Yeah. 1:16:20 1 hour, 16 minutes, 20 seconds Otherwise if it is pure fund raise we need the money at this point in time. If it is pure countries we may look at you know something but nothing is concrete as of yet is what I can say. 1:16:29 1 hour, 16 minutes, 29 seconds So it will be happening atlas private limited or international LLC. 1:16:35 1 hour, 16 minutes, 35 seconds No everything will be private limited because the uh IP sit atlas uh private 1:16:40 1 hour, 16 minutes, 40 seconds limited LLC is the 100% subsidiary by uh Ras Private Limited and uh at least for now there will be no fund raise. 1:16:50 1 hour, 16 minutes, 50 seconds Okay. Last question is this that uh you said just now that we were we were not able to execute some orders uh uh so 1:17:00 1 hour, 17 minutes what was the reason for that and you was so that that type of order so were this different type of robos no no no so the robos were like uh 1:17:09 1 hour, 17 minutes, 9 seconds similar but we were not able to kind of you know uh build the money in and dispatch to them on time. Yeah. Um 1:17:18 1 hour, 17 minutes, 18 seconds however we are still working with those clients which these guys had on on some commission basis. So all is not lost I would say but yeah we could we lost that 1:17:25 1 hour, 17 minutes, 25 seconds order because uh we did not get u the appropriate fundraising at that point in time which needed to ship these robots 1:17:33 1 hour, 17 minutes, 33 seconds like I said. So our first priority is to build some inventory there so that the dependency on you know um uh inventory 1:17:41 1 hour, 17 minutes, 41 seconds is lesser. So the as as and how the dependency on inventory goes up the customer kind of you know drag their 1:17:48 1 hour, 17 minutes, 48 seconds feet into decision- making the dealers kind of you know are in in a dilemma whether you know till when to keep it 1:17:55 1 hour, 17 minutes, 55 seconds till when to cancel it. So yeah we are learning from our mistakes in the past and yeah we going ahead to make 1:18:03 1 hour, 18 minutes, 3 seconds so uh so so this is serious right that because of uh because we didn't have money we lost a big order. So my 1:18:10 1 hour, 18 minutes, 10 seconds question is uh why we are not using uh see if not Vijay Kadia then the network of Vijay Kadia if Vijay Kadia is on our 1:18:19 1 hour, 18 minutes, 19 seconds shareholders list and this kind of big order we are we have lost due to uh not having funds so why we are not using 1:18:26 1 hour, 18 minutes, 26 seconds that so I may not be able to tell you exactly why we are losing but if we uh if you look at it we were talking to two 1:18:35 1 hour, 18 minutes, 35 seconds investors at that point in time yeah which didn't make through again because you know one of these investors had some 1:18:43 1 hour, 18 minutes, 43 seconds ran into some I I do not know but there was um yeah some issues with the gaming 1:18:49 1 hour, 18 minutes, 49 seconds but we won't be able to speak in uh for Vijay Karia sir no no I'm not asking like I'm not 1:18:56 1 hour, 18 minutes, 56 seconds telling that you ask but see if there is a large investor I'm just telling you to use the network of that large investor that large investor can put us in front 1:19:05 1 hour, 19 minutes, 5 seconds of different investor we can use that so and this [clears throat] 20 quantum is big for uh RAS correct 1:19:12 1 hour, 19 minutes, 12 seconds so Raj it's a very complicated thing right how so we have tried all investors 1:19:19 1 hour, 19 minutes, 19 seconds right so we can't say why he has not given or he has not given so there might be any number of compulsions 1:19:28 1 hour, 19 minutes, 28 seconds right so this is not a correct question I think you thinking we have not tried we have tried right so it is each uh 1:19:38 1 hour, 19 minutes, 38 seconds everybody's limit of exposure to any thing, right? So he's not a co-founder, he's a investor. So he will have some 1:19:46 1 hour, 19 minutes, 46 seconds exposure limit. So it's all decisions, right? So yeah, about using the network we have we have to our capabilities used definitely. 1:19:56 1 hour, 19 minutes, 56 seconds Yeah. Not only that but also other networks and we were closing in on something it didn't happen. Yeah. Maybe that is why it is called business. See 1:20:04 1 hour, 20 minutes, 4 seconds uh in India still robotic investments or you know the kind of leverage robotic companies get uh you 1:20:13 1 hour, 20 minutes, 13 seconds can compare you know how much leverage a US robotic company gets and how much a Korean company gets and how much Indian 1:20:21 1 hour, 20 minutes, 21 seconds company gets. You yourself are learn right. You see how much we US company 1:20:27 1 hour, 20 minutes, 27 seconds will get like a company who has sold 200 robos in US uh VKNA is having 900 million valuation. 1:20:37 1 hour, 20 minutes, 37 seconds Yeah, they sold 300 rles I guess. 1:20:39 1 hour, 20 minutes, 39 seconds 200 220 rubles they have sold. So do you think we will get after selling 220 rubles 900 million valuation in India? 1:20:49 1 hour, 20 minutes, 49 seconds So we are into different market right? 1:20:52 1 hour, 20 minutes, 52 seconds know it is going to take some time before Indian investors still believe that you know technology and still 1:21:00 1 hour, 21 minutes believe in technology companies but it is going to happen don't worry uh but yes uh it is going to take some time 1:21:09 1 hour, 21 minutes, 9 seconds yeah sure I think this was the last question we can take it u so to yeah over to mil sir for the closing 1:21:17 1 hour, 21 minutes, 17 seconds comments um there are no more questions there was one about the standalone order pipeline has not increased in standalone. 1:21:25 1 hour, 21 minutes, 25 seconds Yeah. So this guy is asking yeah why the order pipeline hasn't increased in standalone business. So you know um 1:21:34 1 hour, 21 minutes, 34 seconds Shbam Shbam we are consciously not taking orders which are having less 1:21:40 1 hour, 21 minutes, 40 seconds profit or which is going to spoil our uh profitability this year. So this is a 1:21:47 1 hour, 21 minutes, 47 seconds conscious call. We are selecting and we are taking very few orders which you know will give us good uh profitability. 1:21:55 1 hour, 21 minutes, 55 seconds based uh from the start of the committed actually we have committed that we are currently 1:22:02 1 hour, 22 minutes, 2 seconds more focused on bottom line this year because we are uh getting ourself ready 1:22:08 1 hour, 22 minutes, 8 seconds for a huge leap and I don't want to jump with you know lot of uh uh lot of 1:22:16 1 hour, 22 minutes, 16 seconds baggage which will you know bring uh you know lot of inefficiency so uh that was the main reason for you know we not 1:22:23 1 hour, 22 minutes, 23 seconds taking orders with less margins. 1:22:28 1 hour, 22 minutes, 28 seconds Okay. So I think I hope we have taken the all the questions and with this now I would like to hand over the floor to Mr. Miller for his closing comment. Over to you sir. 1:22:40 1 hour, 22 minutes, 40 seconds Yeah thanks. Thanks guys and we are a robotic company and you know we have taken a very difficult path of making 1:22:48 1 hour, 22 minutes, 48 seconds autonomous robots uh to a various level and I see you know um lot of anxiety 1:22:57 1 hour, 22 minutes, 57 seconds with my old investors and I thank them for backing us. uh you know we are very passionate driven people and you know we 1:23:05 1 hour, 23 minutes, 5 seconds will always develop what is futuristic but many times we think you know this is a huge market and we will get this and 1:23:13 1 hour, 23 minutes, 13 seconds we will uh you know be able to do a lot of uh sale. Um so this year definitely 1:23:21 1 hour, 23 minutes, 21 seconds now we are thinking you know uh with lot of good alignment with lot of strategic partners uh we think that you know we'll 1:23:30 1 hour, 23 minutes, 30 seconds be able to do much better numbers and you know we'll be able to do a lot of 1:23:37 1 hour, 23 minutes, 37 seconds uh monetization of whatever we have built. So that is what uh you know uh we 1:23:44 1 hour, 23 minutes, 44 seconds are poised for. That is what I think that's all. Thanks a lot for investing in us. Thanks for standing by us. 1:23:53 1 hour, 23 minutes, 53 seconds Thank you management team and thank you all the participants for being on the call. With this I am announcing the concluding of the call. Thank you everybody. Thank you. Thank you.