Aurum PropTech Limited — Q3 FY26

Aurum PropTech Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=RjN7PBMO43A Published: 3 months ago

0:01 1 second Ladies and gentlemen, kay and welcome to Orurum Propt Tech Limited earnings conference call hosted by MK Global Financial Services Limited. As a 0:09 9 seconds reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. Please 0:18 18 seconds note that this call is being recorded. I now hand the conference over to Mr. 0:22 22 seconds Shivang Bagla from MK Global. Thank you and over to you Shivang. 0:28 28 seconds Good afternoon everyone and welcome to quarter 3 fi 2026 earnings conference call of propt tech limited hosted by MK 0:36 36 seconds global financial services. We are joined today by Mr. Ashish Lea founder and CEO of Orum Ventures and director of Orurum 0:44 44 seconds Proptek. Mr. Ona Shettier executive director of Orum Proptek Mr. Kunal Karan 0:51 51 seconds CFO at Ourum Proptek. Mr. Mr. Rian Sha, lead strategy and investor relations and 0:58 58 seconds Mr. Shriant Jaktab, Deputy CFO at Allan Proptek. 1:03 1 minute, 3 seconds Before we begin, I would like to remind you that certain statements made during the call may be forward-looking in nature and are subject to risks and 1:10 1 minute, 10 seconds uncertainties as detailed in the annual report and investor presentation available on the website. With that, I 1:17 1 minute, 17 seconds would now like to hand over the call to Mr. Asha for his opening remarks. Thanks. 1:26 1 minute, 26 seconds Thank you Shivang and good evening everyone. 1:30 1 minute, 30 seconds It is my pleasure to welcome you to the 19th earnings call of Orum Prop Tech. I am honored to share with you our performance for this quarter. 1:41 1 minute, 41 seconds Q3 of FY2526 marks a pivotal and truly landmark moment in the journey of O forum prop 1:49 1 minute, 49 seconds tech. Since our inception in 2021, we have pursued a clear and focused 1:55 1 minute, 55 seconds vision to grow with discipline and building sustainable long-term value. 2:02 2 minutes, 2 seconds I am pleased to share that Q3 of FY26 represents the outcome of quarters of 2:09 2 minutes, 9 seconds consistent effort, execution and commitment towards a single goal, profitable growth. 2:17 2 minutes, 17 seconds I'm encouraged to report that we have achieved an annualized revenue run rate of INR 460 crores and on track to reach 500 crores in the ongoing quarter. 2:30 2 minutes, 30 seconds I would like to dedicate this significant milestone to our thousand plus team members. 2:36 2 minutes, 36 seconds We firmly believe that this exponential yet disciplined growth has been made possible only because of the dedication 2:43 2 minutes, 43 seconds and relentless efforts of our team members. 2:47 2 minutes, 47 seconds This progress is being driven by our entrepreneurial leadership and management teams who continue to operate 2:54 2 minutes, 54 seconds with a strong ownership mindset and disciplined execution. 2:59 2 minutes, 59 seconds While we take a moment to celebrate this achievement, we are equally mindful that the journey ahead is already defined. 3:07 3 minutes, 7 seconds Our next milestone is to reach 1,000 crores in annualized revenue alongside improving profitability. 3:16 3 minutes, 16 seconds The heavy lifting required to [clears throat] achieve our next phase of growth has already been undertaken. 3:21 3 minutes, 21 seconds Our focus now is on maintaining momentum and execution consistently across all our products and platforms to fully realize this opportunity. 3:34 3 minutes, 34 seconds In recent quarters, we have been witnessing the network effects of our integrated propt tech ecosystem through stronger engagement, deeper 3:42 3 minutes, 42 seconds platform integration, and improved outcomes across the real estate value chain. 3:49 3 minutes, 49 seconds While our revenue and profitability metrics are well under control, our focus going forward will increasingly be on ecosystem revenue. 3:58 3 minutes, 58 seconds I would like to bring into focus three avenues for tracking our ecosystem revenue. While we have our laser sharp focus on reaching our next milestone of 4:07 4 minutes, 7 seconds thousand crores, we will constantly track the quality of revenue which we call ecosystem revenue. 4:14 4 minutes, 14 seconds First avenue would be cross-selling [snorts] opportunities across our product suite and platforms. 4:20 4 minutes, 20 seconds Second, creating the robust data marketplace for increasing lifetime value for our existing assets and customers. 4:28 4 minutes, 28 seconds Thirdly, and finally, harnessing AI to increase business efficiency and enhance consumer experience. 4:36 4 minutes, 36 seconds We believe that pursuing our financial goals in parallel with these three priorities will keep us sharply focused 4:43 4 minutes, 43 seconds over the next three years and further reinforce our leadership position in the prop tech sector. 4:50 4 minutes, 50 seconds Another significant development in Q3 was the honorable Supreme Court's landmark clarification on GST for co-l livingiving PGs and hostile residential 4:58 4 minutes, 58 seconds leases. This ruling provides regulatory clarity and is very positive for the sector. We warmly welcome this decision 5:06 5 minutes, 6 seconds and believe it will catalyze substantial growth into the co-l livingiving segment over the coming years. 5:13 5 minutes, 13 seconds Looking ahead, our strategic priorities remain clear. We'll continue to strengthen financial performance across the ecosystem, 5:22 5 minutes, 22 seconds accelerate product innovation with a greater emphasis on AIdriven decision-m, customer experience, and operational efficiency. 5:31 5 minutes, 31 seconds The idea is to remain sharply focused on consumer centric digital first execution. 5:38 5 minutes, 38 seconds To conclude, ORUM today occupies a pivotal position in a sector that we helped organize and shape over the past 5:45 5 minutes, 45 seconds 5 years. Yet the scale of opportunity ahead makes it feel as though the sector is only just beginning. With that, I now 5:54 5 minutes, 54 seconds hand over the call to Ankar. Thank you very much. 5:58 5 minutes, 58 seconds Thank you, Mr. Bea. The third quarter of FI26 marks a defining inflection point for ARUM proptek as we transition to PAT 6:06 6 minutes, 6 seconds profitability supported by strong revenue growth discipline cost management and improving unit economics across businesses. 6:15 6 minutes, 15 seconds Our continued focus on operational excellence, AI and datadri execution and 6:22 6 minutes, 22 seconds technologydriven scalability is strengthening our integrated prop tech ecosystem across rental distribution and 6:29 6 minutes, 29 seconds capital segment positioning us well for a sustained and profitable growth. 6:36 6 minutes, 36 seconds The rental business sustained its growth momentum with 55 crores in revenue up 24% yearonear. The segment continues to 6:44 6 minutes, 44 seconds benefit from tech enabled services upgrade and improved customer experience across our brands Hello World and Nestway. 6:52 6 minutes, 52 seconds We added 16 new buildings and served more than two 2,200 new tenants during the quarter, bringing our managed 7:00 7 minutes portfolio to 270 properties with over 19,800 beds across 15 plus cities. 7:08 7 minutes, 8 seconds Hello World continues to enhance tenant experience through targeted product upgrades and strong service performance while expanding its managed portfolio. 7:17 7 minutes, 17 seconds Nestaway remained focused on improving unit economics and strengthening its digital resale and partner platforms. 7:26 7 minutes, 26 seconds Our distribution vertical delivered another strong quarter of datadriven growth with 60 crores in revenue. Orum 7:33 7 minutes, 33 seconds Analytica sold over 1 lak 17,000 leads to 140 plus active clients across 260 7:39 7 minutes, 39 seconds plus projects representing 54% growth in lead sales over the same period last year. 7:47 7 minutes, 47 seconds The Seldu CRM business continued to scale with 67% growth in new sales, 140 plus enterprise deals closed and 1,100 new licenses added during the quarter. 7:59 7 minutes, 59 seconds We also strengthen our partnership across some of our marquee clients. 8:04 8 minutes, 4 seconds Prop Tiger continued to scale its dig digital transaction management operations with 175 plus active 8:11 8 minutes, 11 seconds developer clients and 11 active mandates contributing meaningfully to lead generation, developer visibility and 8:19 8 minutes, 19 seconds transaction velocity across key residential markets. Our AILEled product stack delivered measurable productivity 8:27 8 minutes, 27 seconds gains with features such as call transcripts, translation, and AI insights added to the stack. 8:37 8 minutes, 37 seconds Overall Q3 FI26 has been a milestone quarter marked by improved profitability, steady execution and 8:44 8 minutes, 44 seconds deeper integration across our ecosystem with our diversified yet connected platform spanning across rental digital 8:52 8 minutes, 52 seconds data and AI enabled distribution and capital. We are well positioned to capture the next phase of growth in 8:59 8 minutes, 59 seconds India's evolving prop tech landscape. I will now hand over to Mr. Kunal Karan CFO to take us through the financial results. 9:08 9 minutes, 8 seconds Thank you. Thank you everyone for joining today's poll. I will quickly take you through the consulated results 9:15 9 minutes, 15 seconds of the company for the quarter and 9 months period ended December 31, 2025. 9:21 9 minutes, 21 seconds First the results of the quarter. The results of the quarter include the performance of Propt Tiger Marketing Services Private Limited. In the 9:30 9 minutes, 30 seconds previous quarter, the same was considered for 5 days. Prop Tiger was acquired on 26th September 2025. 9:38 9 minutes, 38 seconds The revenue from operations for the quarter INR 104.82 cr compared to INR 82.50 cr in the previous quarter, an increase of 39.2%. 9:50 9 minutes, 50 seconds Other income 9.72 cr compared to 5.16 cr in the previous quarter. Total income 9:57 9 minutes, 57 seconds INR 124.55 cr compared to INR 87.66 cr in the previous quarter an increase of 42.1%. 10:07 10 minutes, 7 seconds Profit before tax INR 2.04 cr compared to a loss of 6.94 cr in the previous quarter. 10:16 10 minutes, 16 seconds Profit after tax INR 2.71 cr as compared to a loss of 8.41 cr in the previous quarter. 10:24 10 minutes, 24 seconds Now the results for the 9 months period ended December 31, 2025. 10:28 10 minutes, 28 seconds Revenue from operations INR 265.73 cr compared to INR 193.43 cr in the 10:36 10 minutes, 36 seconds corresponding period previous year an increase of 37.3%. 10:41 10 minutes, 41 seconds The income the total income stood at 289.18 cr compared to 206.94 cr in the 10:48 10 minutes, 48 seconds corresponding period previous year. loss before tax inr.69 cr compared to INR 35.43 cr in the corresponding period previous. 11:01 11 minutes, 1 second The segment results for the quarter. The rental segment made a revenue of 54.55 cr as compared to 54.11 cr in the 11:10 11 minutes, 10 seconds previous quarter. Distribution segment 59.60 cr compared to 27.19 cr in the 11:17 11 minutes, 17 seconds previous quarter. Capital segment revenue 0.6 67 cr compared to 1.20 cr in the previous quarter. The rental and 11:26 11 minutes, 26 seconds capital segments reported loss of INR 4.46 cr and 0.74 cr respectively while the distribution segment made a profit 11:34 11 minutes, 34 seconds of INR 11.37 cr during the quarter. 11:43 11 minutes, 43 seconds The results for the 9 months period rental segment revenue INR 156.50 50 cr compared to 123.57 cr in the corresponding period previous year. 11:54 11 minutes, 54 seconds Distribution segment revenue INR 105.67 cr compared to 58.09 cr in the corresponding period. Capital segment 12:03 12 minutes, 3 seconds revenue INR 3.55 cr compared to 11.77 cr in the corresponding period previous year. The rental and capital segments 12:12 12 minutes, 12 seconds reported losses of INR 12.16 cr and 4.74 cr respectively while the distribution 12:19 12 minutes, 19 seconds segment made a profit of INR 18.67 cr for the 9-month period. [clears throat] I will now hand over the call to take it forward. Thank you. 12:29 12 minutes, 29 seconds Thank you very much. We will now begin the question and answer session. To ask a question, please click on the raise hand icon tab available on your toolbar 12:38 12 minutes, 38 seconds or on the QA tab available on your screen. Kindly turn on your mic when the operator announces your name. You may also post your text questions. Ladies 12:48 12 minutes, 48 seconds and gentlemen, we will wait for a moment while the question queue assembles. 12:53 12 minutes, 53 seconds We'll take a first question from Rahul Jen from Dalat Capital. Please go ahead. 13:01 13 minutes, 1 second Uh yeah [clears throat] hope I hope I am audible. Yes please go ahead. 13:07 13 minutes, 7 seconds Yeah uh thanks for the opportunity. Uh just couple of questions. Uh firstly Ashi G you spoke about the vision of 13:15 13 minutes, 15 seconds thousand cr revenue with improved profitability. 13:19 13 minutes, 19 seconds Are we also identifying these goals from a timeline factor and what could be the uh key driver in your view uh of taking 13:28 13 minutes, 28 seconds this revenue uh to that level? Uh do you expect the current portfolio to do most 13:35 13 minutes, 35 seconds of the heavy lifting or you anticipate one or two more transaction for us to reach this uh milestone? 13:46 13 minutes, 46 seconds Hello Rahul, good to speak to you. So um this uh first [snorts] um thousand crores that we are talking about this is 13:55 13 minutes, 55 seconds um coming organically from our existing existing u uh products existing 14:01 14 minutes, 1 second platforms. Uh there is no additional revenue that's considered from from any from any of the inorganic um uh 14:10 14 minutes, 10 seconds acquisitions that that we we we are anticipating to do currently. 14:16 14 minutes, 16 seconds Um we we believe that um uh 3 years which is uh 10 to 12 quarters from now 14:23 14 minutes, 23 seconds is uh reasonable is a reasonable uh sort of uh uh uh scaleup plan to be uh to be 14:32 14 minutes, 32 seconds uh close to the thousand cr annualized revenue. Uh that is that is where we think we should be. 14:45 14 minutes, 45 seconds Thank you. Uh that's uh that's pretty helpful. Uh uh on the uh distribution business, we have seen there is a uh 14:52 14 minutes, 52 seconds mark improvement in this quarter both from growth and profitability. Uh of course there was a prop tiger additional 15:01 15 minutes, 1 second uh days contribution effectively it came in this quarter. So any color in terms of how big uh was the contribution from 15:10 15 minutes, 10 seconds uh from this uh business and also there was this mention of 11 active mandates. 15:17 15 minutes, 17 seconds Uh you know uh it would be great if you could share a few thoughts that what are the typical yields on such kind of 15:24 15 minutes, 24 seconds mandate. uh does that 11 mandate means most of the revenue would have come from these uh mandates or it's like spread 15:32 15 minutes, 32 seconds over many uh customer and 11 are the bigger one any any color on these aspect would be great to understand 15:40 15 minutes, 40 seconds sure sure so Rahul hi this is rehen here uh prop tiger contributed approximately 15:46 15 minutes, 46 seconds 30 crores of revenue in this quarter and uh you're right we specifically called out the mandates because this is the 15:54 15 minutes, 54 seconds highest ever mandate updates that prop tiger has had over the last two to three years. Uh and we are growing that 16:01 16 minutes, 1 second business. Uh there is good profitability in that business segment. However, still mandate would account for around 20% of 16:09 16 minutes, 9 seconds the revenue and 80% of the revenue comes from the AOP business. Uh in future we 16:16 16 minutes, 16 seconds will be scaling the AOP mandate and mortgage all three businesses in the prop tiger and we'll be seeing growth over there. In terms of the future 16:25 16 minutes, 25 seconds projections, we believe that rental and distribution both will be growing and scaling uh to reach the thousand cr mentioned by Ashish sir as well. 16:36 16 minutes, 36 seconds I just to add to what reh just said uh the entire distribution segment has done well because of uh prop tiger. It's not 16:45 16 minutes, 45 seconds only the prop tiger numbers and if you if you go back to what we had tried to articulate after the nestway acquisition 16:54 16 minutes, 54 seconds that we will only look at acquisitions now which will sit exactly between two of our products or will have great 17:00 17 minutes adency and drop tiger has done that uh all the businesses the analytica the 17:06 17 minutes, 6 seconds cell.do do uh also gets benefited uh by by the by the uh offerings of prop 17:14 17 minutes, 14 seconds tiger. So of course prop tiger on its own is kind of adding to the ecosystem but it also increases the uh various 17:22 17 minutes, 22 seconds other opportunities within the ecosystem within the distribution business. 17:27 17 minutes, 27 seconds Sure. Sure. I I I completely subscribe to that thought. uh just a small uh more input if Rahen you could add in terms of 17:36 17 minutes, 36 seconds uh the AOP model versus the mandate model out here and secondly uh do we 17:42 17 minutes, 42 seconds also leverage the digital uh progress that we have in the analytica business and some of the mandate that we have on the prop tiger side. 17:53 17 minutes, 53 seconds Sure. Sure. So Rahul uh you know prop tiger currently you know has is a basically while selling the apartment 18:01 18 minutes, 1 second what it does is it signs a annual operating plan which is the AOP business with developers. Here uh they have slab 18:09 18 minutes, 9 seconds rates in terms of brokerage which as in when they do a specific amount of turnover with the developer they hit that and get that additional brokerage 18:17 18 minutes, 17 seconds as well that is accounting for around 80% of revenue currently in prop tiger mandate in this business all the sales 18:27 18 minutes, 27 seconds that are happening for a specific project are booked through prop tiger uh and the marketing is also done through prop tiger. For your second question, 18:36 18 minutes, 36 seconds yes, Analytica does support Prop Tiger in terms of its lead generation, but Prop Tiger in itself also has its own lead generation uh team and platform. 18:47 18 minutes, 47 seconds However, we do see strong synergies between the businesses and we are using them currently to scale up our business as well. 18:57 18 minutes, 57 seconds Sure. Sure. And uh just last one from my side [clears throat] uh which is more like a bookkeeping if 19:04 19 minutes, 4 seconds uh if you could help us understand uh the other income part which has uh risen uh sharply uh in this quarter. So what 19:13 19 minutes, 13 seconds could have uh led to that any breakup or broad understanding would be fine. 19:21 19 minutes, 21 seconds So the other income uh Rahul mostly major part of it has come from hello world as you know we are having this 19:30 19 minutes, 30 seconds long-term contracts of uh hello world where we do this in this accounting and 19:36 19 minutes, 36 seconds as we have started from uh January 2025 uh we uh made profitability as the goal 19:44 19 minutes, 44 seconds and we are trying to identify properties which were not doing that great and but these are on long-term contracts. It was 19:52 19 minutes, 52 seconds not easy to close down all these things at one shot. Uh and so over a period of time in the last over the last 9 months, 20:01 20 minutes, 1 second we have been able to uh let off some of these properties uh mainly in the 20:08 20 minutes, 8 seconds student living and some high cost properties in uh Bangalore itself. 20:15 20 minutes, 15 seconds A major part of it has happened uh so slowly it has happened in the first quarter and second quarter of the current year also but a major part has 20:24 20 minutes, 24 seconds happened in the third year that is why much of the uh liability that was sitting in the balance sheet around 13th 20:31 20 minutes, 31 seconds September we could uh reverse it and though we have not let go those number 20:38 20 minutes, 38 seconds of buildings and beds in that sense but we could negotiate in a better way so that we can bring down our cost and the impact has come in the quarter. 20:50 20 minutes, 50 seconds Uh so to uh get this point aligned since a big part of it coming from uh you know 20:57 20 minutes, 57 seconds this again from uh you know this uh lease rental uh contracts. So effectively if we kind of add it back to 21:07 21 minutes, 7 seconds uh what we are doing on the segmental uh results for rental we can assume that the rental business also effectively is 21:15 21 minutes, 15 seconds uh at a break even point from that point of view. 21:18 21 minutes, 18 seconds Yes. So unfortunately in the segment results the other income doesn't come. 21:23 21 minutes, 23 seconds So if you see our that unallocable expenditure there you'll find the number in a bracket that mean income. So that 21:30 21 minutes, 30 seconds other income is sitting over there instead of sitting in that rental business platform. 21:37 21 minutes, 37 seconds Uh so uh I mean just uh just to for my understanding uh since this gain come 21:45 21 minutes, 45 seconds because we overbook uh the rental cost in form of depreciation interest instead of uh over and above the actual lease 21:54 21 minutes, 54 seconds paid. So the operational hit that you take uh come into the uh segmental profit or that impact is also below the 22:03 22 minutes, 3 seconds segmental part. No that uh when it look that cost comes as uh in two parts. One is depreciation another is finance cost. 22:12 22 minutes, 12 seconds In the segment result depreciation you take it under the segment result but in the the finance cost you don't take it. 22:19 22 minutes, 19 seconds So it will be very diff and similar the other income also you don't take it in the segment result. So the depreciation part comes in the segment result but the 22:28 22 minutes, 28 seconds finance cost and the other income doesn't come in the segment result. 22:33 22 minutes, 33 seconds Understood. Understood. Thanks uh and best of luck for the time ahead and congratulation everyone to achieve the milestone uh profitability. 22:43 22 minutes, 43 seconds Thank you. Thank you all. 22:45 22 minutes, 45 seconds We'll take a text question from Pam Vora from Pinetra Asset Managers. The question is, what is your approach to 22:52 22 minutes, 52 seconds scaling rentals in tier 2 and three cities versus metros? What are the differences in unit economics that 23:00 23 minutes influence expansion into this geographies? 23:05 23 minutes, 5 seconds Hi Param, thank you so much for your question and very critical one from our rental segment perspective. uh with 23:13 23 minutes, 13 seconds respect to a strategy for expansion in tier 2 and metro something which is we are very clear about is that we follow 23:21 23 minutes, 21 seconds where demand is. We have analyze the data across multiple pin codes and we cater to micro markets where we know 23:30 23 minutes, 30 seconds that the demand is existent and we only capture those properties with respect to tier 2 versus metros. We 23:38 23 minutes, 38 seconds are focused on young professionals and students. So there are specific key micro markets in the region which is near to IT hubs, student accommodation 23:47 23 minutes, 47 seconds which is near to colleges and educational hubs which is where we typically target to acquire assets. We have a very strong supply acquisition 23:55 23 minutes, 55 seconds policy where every property goes through multiple scenario analysis to ensure that the unit economics are checked and 24:03 24 minutes, 3 seconds put into place uh ensuring long-term profitability for the asset. Uh similarly the same process is followed 24:10 24 minutes, 10 seconds for tier 2, tier three as well as metros. We follow a datadriven approach in terms of our supply acquisition and we you know very profit we're confident 24:19 24 minutes, 19 seconds on our profitability track going ahead as well. 24:22 24 minutes, 22 seconds Pam to add to what Ra said uh we have also bought some recalibration calibration rather in our uh strategy in 24:31 24 minutes, 31 seconds tier one and tier two markets uh for rental business. uh we have adopted something uh called as win a pin code 24:38 24 minutes, 38 seconds strategy from a go-to market standpoint where uh the focus is going hyper local in terms of market domination uh and we 24:48 24 minutes, 48 seconds select a geography which is a pin code and uh we we then put disproportionate efforts to ensure that we are getting 24:56 24 minutes, 56 seconds the largest market share there visibility and the consumer mind share. 25:00 25 minutes uh this we will adopt uh going forward so that we are able to uh put together a very dense uh uh cluster of uh 25:10 25 minutes, 10 seconds properties in the co-l livingiving and the family rental available for our consumers across the pin courts that we uh operate in. 25:19 25 minutes, 19 seconds Thank you. We'll take our next live question from Aruna Patel from Patella Enterprises. Please go ahead. 25:30 25 minutes, 30 seconds Yeah. Hi. Can you please Yeah, please go ahead. Yeah. Good evening everyone. So basically I have one questions here. 25:38 25 minutes, 38 seconds Okay. Like uh earlier the company was working in the IT sectors. Okay. So just want to know okay like still it is 25:46 25 minutes, 46 seconds working in IT sector or if it is working in which platform they are working in IT coming off this year. 25:56 25 minutes, 56 seconds Sure. uh Arun G uh I couldn't we couldn't hear you very clearly but I'll try to summarize the part that we heard 26:03 26 minutes, 3 seconds and if you can just confirm on that thing you mentioned that the company was working in IT sector and you wanted to understand the sectors which Oram propt 26:12 26 minutes, 12 seconds tech is working in and the businesses uh in which prop tech operates is that correct yes yes is that correct correct 26:19 26 minutes, 19 seconds perfect so prop works in the propt tech space which is basically real estate and tech Together we have products which 26:28 26 minutes, 28 seconds [snorts] map across the entire life cycle of a consumer operating and interacting with real estate. This starts from the first time a consumer 26:37 26 minutes, 37 seconds interacts which is in form of student living and family rentals which is rental as a segment. Then they go on to 26:44 26 minutes, 44 seconds purchase an apartment where uh you know the distribution segment comes in which is a B2B segment. Over here we have 26:51 26 minutes, 51 seconds multiple products which includes sales CRM, data uh lead analytics, a lead generation as well as transaction 26:58 26 minutes, 58 seconds management and then capital is a segment which includes investments into real estate. So that is the three segments in which the company operates in. 27:12 27 minutes, 12 seconds Okay. So yeah. So second thing like in like I am a I am as a shareholders of a product. 27:21 27 minutes, 21 seconds So I have a good quantity of your company's product. So right now just want to understand like in future it 27:29 27 minutes, 29 seconds will be gain and it will be like right now I can just keeping on hold or what to do. 27:38 27 minutes, 38 seconds There'll not be uh apt for us to answer that question but uh we have immense belief and in the in propt as a sector 27:46 27 minutes, 46 seconds and uh we we we believe that this sector uh is on its march to become a uh uh a 27:54 27 minutes, 54 seconds 10 billion uh market uh by 2030 and I think we'll be the top three top two players uh in this in this sector by that time. 28:03 28 minutes, 3 seconds Okay. Okay. Yeah. Thank you. Thank you and uh congratulations once again for your entire team and all the best for the coming of yours. 28:12 28 minutes, 12 seconds Thank you. 28:13 28 minutes, 13 seconds Thank you. We'll take a text question from V Sangan and individual investor. 28:20 28 minutes, 20 seconds The question is when are we planning to launch first REIT product and is this positive profit just oneoff or should we 28:27 28 minutes, 27 seconds expect this to continue in coming quarters? So thank you so much for your question. 28:36 28 minutes, 36 seconds Uh for the first part of the question which is regarding the SM read product. 28:41 28 minutes, 41 seconds We've acquired the license in July 2025 for the SME registration. We're currently building a strong pipeline of 28:50 28 minutes, 50 seconds assets which we believe will be the right fit for the SME read as a investment product. However, the product 28:56 28 minutes, 56 seconds and its regulation is still new. We have only seen two SMEI registrations and IPOs being launched in the market. We're 29:05 29 minutes, 5 seconds actively evaluating assets and we'll come out with the product as soon as we see the right fit and the right investment category for the same. We're 29:14 29 minutes, 14 seconds very patient with this specific product and this segment. We believe that we want to be the largest and the most 29:21 29 minutes, 21 seconds scalable SM rate platform in the country which is why we're evaluating assets and creating you know the pipeline currently 29:30 29 minutes, 30 seconds for the same and we'll launch as soon as we have something which is good enough for the investors category which we want to cater to. Thank you. Second, 29:38 29 minutes, 38 seconds so your second question on profitability uh will just underline uh that the distribution segment has been in black 29:47 29 minutes, 47 seconds for a considerable amount of time now uh for the past few quarters and u it will continue to do uh be so. uh and taking 29:57 29 minutes, 57 seconds uh a leaf from that uh we are also now ensuring or focusing on making the rental business uh taking the rental 30:05 30 minutes, 5 seconds business to uh towards profitability. U so uh while this is uh this is not a 30:11 30 minutes, 11 seconds one-off uh we would say quarter where where we have been in black the focus is 30:19 30 minutes, 19 seconds uh to now uh consistently deliver profitability over the subsequent quarters. 30:27 30 minutes, 27 seconds Thank you. The next text question is from Sanjay Sha. The question is, can you share the kind of profitability you 30:35 30 minutes, 35 seconds envisage in 3 years as you target to reach 1,000 crores by then on a blended basis? 30:47 30 minutes, 47 seconds So while the target is very clear of uh uh thousand crores of the uh annualized 30:54 30 minutes, 54 seconds uh revenue uh we believe that every quarter we should try to uh increase the 31:02 31 minutes, 2 seconds profitability margin. Of course the business is cyclical. Q3 Q4 will always be better than Q1 Q2. But um uh at 1,000 31:11 31 minutes, 11 seconds crores uh we we will we will uh be looking at 8 to 10% of the profitability 31:18 31 minutes, 18 seconds at the least. So that is that is how we are sort of gearing up currently. um as as I as I tried to speak about the 31:26 31 minutes, 26 seconds ecosystem revenue which comes through cross-selling opportunities through through data and through AI that we are 31:34 31 minutes, 34 seconds seeing lot of network effect because of that and that straight away goes to the bottom line. So yes 8 to 10% on a,000 cr 31:43 31 minutes, 43 seconds revenue uh in uh 3 years is something that we can indicate at this stage. 31:51 31 minutes, 51 seconds Thank you. 31:56 31 minutes, 56 seconds We'll take our next question from Fasil Hava from HG Havian Company. Please go ahead. 32:03 32 minutes, 3 seconds Uh so sir, what are our plans to reduce this interest burden of per quarter of 7 to 8 crores and uh have we been 32:11 32 minutes, 11 seconds approached by any large organization to uh take a stake in any of the sum of parts business that we have? 32:21 32 minutes, 21 seconds So the interest cost that you uh that we see in the financial statement uh it has got two parts out of that uh 8 cr 2 cr 32:30 32 minutes, 30 seconds is actual the interest cost that we pay on the loan that we are having that lease rental discounting that we are 32:37 32 minutes, 37 seconds doing against the buildings that we are having. So definitely we have a plan for that uh as we have earlier said that we 32:46 32 minutes, 46 seconds want to give up the building and that by itself will reduce that interest cost the balance uh cost is because of the 32:54 32 minutes, 54 seconds India's impact of the long-term rents that we pay so it will not go out because those kind of agreements will 33:01 33 minutes, 1 second continue and based on the requirement of the accounting standards we have to consider that as a finance cost 33:09 33 minutes, 9 seconds but that is actually the rent that we pay on the long-term agreements part of the rent that we pay against the 33:15 33 minutes, 15 seconds long-term agreements. So the actual park quarter finance cost will be uh around 2 cr of rupees 33:24 33 minutes, 24 seconds to answer your to answer your second question sorry fasil to answer your second 33:31 33 minutes, 31 seconds question uh we haven't gone to market to raise uh capital or seek investors 33:40 33 minutes, 40 seconds um and there I mean I mean we there hasn't been any inbound opportunity that has come uh for investment in any of the 33:48 33 minutes, 48 seconds some of the parts or or the subsidiary businesses. 33:53 33 minutes, 53 seconds So uh do we have any kind of value as to what is the share of business we have in the digitized property business? 34:04 34 minutes, 4 seconds So in the digitized property business I I think I think you're referring to the distribution segment if I'm correct. uh in term. 34:14 34 minutes, 14 seconds So we have three uh we have three uh offerings there. One is the data analytics led lead genen there. We are 34:22 34 minutes, 22 seconds definitely uh amongst the top three players uh in the country. Um uh and and we also uh run shoulderto-shoulder with 34:31 34 minutes, 31 seconds some of the large aggregator businesses uh who have been uh in in market for a substantial amount of time. Especially 34:40 34 minutes, 40 seconds uh the developer business where uh leads are sold to developers for primary sales for facilitating primary sales. 34:49 34 minutes, 49 seconds Analytica has been able to dislodge uh a couple of uh large names uh top 34:56 34 minutes, 56 seconds aggregators from their poll position and we are we are now the first pit stop for 35:03 35 minutes, 3 seconds a lot of developers across the country uh to buy uh these uh intelligent uh leads from. So that's one. In case of 35:13 35 minutes, 13 seconds CRM and sales automation, uh, Celu has consistently been ranked as the number 35:19 35 minutes, 19 seconds one uh, CRM uh, product uh, across uh, across several years and uh, there is 35:26 35 minutes, 26 seconds the second is a far distant year. Uh, in prop tiger we are a little unique than the other transaction management or 35:35 35 minutes, 35 seconds broker roing houses. Uh, we are a B2C transaction management player. um which 35:42 35 minutes, 42 seconds means we do not aggregate brokers u uh like uh the other mandate players or the 35:50 35 minutes, 50 seconds other uh broking houses and that puts us uniquely uh in a different uh segment 35:56 35 minutes, 56 seconds altogether uh from a from a transaction management standpoint. 36:01 36 minutes, 1 second uh put together uh this the dam for this uh distribution segment is around 38,000 36:09 36 minutes, 9 seconds crores split between um digital spends by developers for lead genen that 36:17 36 minutes, 17 seconds accounts for uh 4,000 crores um and transaction management uh that is 36:24 36 minutes, 24 seconds basically uh broke channel partner fees and brokerages that account for 34,000 crores. Um so so that's that's the 36:32 36 minutes, 32 seconds that's standing in terms of ranking and that's the time. Thank you sir. 36:41 36 minutes, 41 seconds Thank you. 36:42 36 minutes, 42 seconds We'll take a text question from Ronald Fernandez from Value Data Technologies. 36:47 36 minutes, 47 seconds The question is any work in the redevelopment of cooperative housing societies any financing options? 36:56 36 minutes, 56 seconds So your question is a little more relevant to our real estate team but from a prop tiger from a propt tech 37:04 37 minutes, 4 seconds standpoint uh prop tech actually now operates as a very solid uh go-to market engine for a lot of developers including 37:12 37 minutes, 12 seconds Autumn Real Estate and we are actively uh looking to uh scale up uh our real 37:20 37 minutes, 20 seconds estate business especially in South Bombay where we are uh uh redeveloping and and and and properties uh in upwards 37:29 37 minutes, 29 seconds of Thank you. 37:36 37 minutes, 36 seconds We'll take our next question from Adita Yadav from Transient Capital. Please go ahead. 37:46 37 minutes, 46 seconds Hello Adita. Yes, please go ahead. Yeah. Hi, thank you for the opportunity. 37:52 37 minutes, 52 seconds Uh congrats to the management team. uh what I have been basically able to understand the execution track record 37:59 37 minutes, 59 seconds and the capital allocation has been really judicious. So kudos to the team uh it's been commendable and all the 38:08 38 minutes, 8 seconds acquisitions you've tucked in nowhere it seemed key you had overpaid or anything so yeah coming to the questions uh am I 38:16 38 minutes, 16 seconds audible yes there you are. 38:21 38 minutes, 21 seconds Yeah. So coming to the questions uh so the distribution segment seems to be performing well. So it's what I understand the prop tiger is is recently 38:28 38 minutes, 28 seconds it's a very recent acquisition. Uh broadly the business is in two parts. 38:32 38 minutes, 32 seconds Cel do which is your CRM business and ORM analytica and uh so if you could just for like in very layman terms you 38:41 38 minutes, 41 seconds could help us understand for both su and analytica what is the you know the landscape in terms of competitors and 38:49 38 minutes, 49 seconds what is our right to win what is our mo and uh you know like what is how the 38:57 38 minutes, 57 seconds margins are supposed to scale up and all these things like if you could just help us understand in layman terms for both the businesses I'll do an in or analytica and but on analytica I suppose 39:05 39 minutes, 5 seconds the revenue model is uh not a recurring one uh is that so and plus uh the is are 39:14 39 minutes, 14 seconds these sites magic bricks and 99 acres are these your direct competitors whereas I understand key their model is 39:22 39 minutes, 22 seconds slight bit different where you know uh c they have there this inbound leads where people are logging in and expressing their interest whereas I suppose you 39:30 39 minutes, 30 seconds have a different model so just in simple terms if you could help us understand. Thank you. 39:37 39 minutes, 37 seconds Hi Adita this is Rhin here. Uh thank you so much for your question and yes I'll uh tell you the business model which 39:44 39 minutes, 44 seconds sell.do and analytica operates in. I'll start with cell.do. Cell.do is a real estate specific sales CRM. uh it the 39:54 39 minutes, 54 seconds business model is a pure SAS business model where they sell licenses of software which is sell ordo to real 40:01 40 minutes, 1 second estate uh clients which is developers in this place they help with pre-sales sales booking management as well as post 40:09 40 minutes, 9 seconds sales activities through their entire end to-end software management. 40:14 40 minutes, 14 seconds uh this is a you know the clients they have around 850 developers currently as 40:20 40 minutes, 20 seconds a clientele and uh cell.do is one of the best rated real estate CRM in India. In 40:27 40 minutes, 27 seconds terms of features it competes with likes of all top sales CRM which is there in country and internationally as well. Uh 40:35 40 minutes, 35 seconds and has the potential and capability to integrate with other CRM as well. So it has a capability to cross talk with 40:43 40 minutes, 43 seconds different sales systems and machines uh engines that a developer might have employed. With respect to ORM Analytica, 40:51 40 minutes, 51 seconds it's a very unique business model. Yes, the [snorts] service that Oram analytica provides is data analytics and lead generation for real estate developers. 41:01 41 minutes, 1 second Developers typically buy data analytics for a specific project before the launch and leads for you know marketing of 41:09 41 minutes, 9 seconds their project after the launch. ORM Analytica provides this service through a very differentiated offering while it 41:16 41 minutes, 16 seconds competes with the likes of Magic Bricks 99 Acres in terms of selling leads but the process of generating leads is very 41:23 41 minutes, 23 seconds different as you mentioned as well. ORM Analytica creates a custom audience for a specific project and does 41:31 41 minutes, 31 seconds hyperpersonalized targeting through various digital marketing uh platforms which includes the likes of Google, 41:38 41 minutes, 38 seconds Facebook, Tabola etc. and then creates qualified leads for developers which are extremely high quality leads and uh they 41:47 41 minutes, 47 seconds charge the premium for that as well. uh the quality of while you know the business of Analytica they have 85% plus 41:56 41 minutes, 56 seconds client retention rate across the platform and the business has been growing between 60 to 80% on a yi basis 42:04 42 minutes, 4 seconds uh since the inception I have just two quick follow-up 42:11 42 minutes, 11 seconds questions on the selldo part uh what rough understanding I have is uh so salesforce again is a competator But I 42:19 42 minutes, 19 seconds understand the comp complexity is much more plus the pricing is uh very different and Zoho again is a 42:26 42 minutes, 26 seconds competitor. Could you just help us understand what markets what market are we targeting? Uh is it like uh uh I mean 42:35 42 minutes, 35 seconds how is the segmentation different than what they might be targeting and what we are targeting. Plus uh there is lot of 42:41 42 minutes, 41 seconds talk with uh the advent of these AI and LLM models. What is happening is there could be a change in pricing structure 42:49 42 minutes, 49 seconds from per se pricing to a more outcome based pricing and things like that. So could you share a bit of color on that also? How is that trend shaping up and 42:58 42 minutes, 58 seconds uh first part is the market segmentation part key? How are we targeting differently than or like which segment are we more prominent or more stronger 43:06 43 minutes, 6 seconds in? Um sure uh with the platforms that you mentioned uh they are more generalized 43:15 43 minutes, 15 seconds sales CRM which work across industry and need customization specifically for real estate. Uh sell.do is a extremely real 43:24 43 minutes, 24 seconds estate focused sales CRM which emphasizes on real estate specific processes and the entire platform is 43:32 43 minutes, 32 seconds based on that. uh that is a primary differentiation between you know the platforms that you mentioned in across 43:40 43 minutes, 40 seconds you know versus sales uh sell.do as such with respect to AI yes we do believe 43:46 43 minutes, 46 seconds that AI is reshaping how consumers interact and which is why in cell do we 43:53 43 minutes, 53 seconds have developed AI calling bot as well as WhatsApp and data integrations which help in terms of a different product offering along with the sale. licenses. 44:04 44 minutes, 4 seconds These are direct add-on products which help in improving sales efficiency which are reducing manpower cost and we are 44:12 44 minutes, 12 seconds seeing early shoots and you know good scale in terms of this revenue as well. 44:18 44 minutes, 18 seconds Cell.do is one of the first sales CRM companies which has already deployed its AI calling bot and uh it's now scaling 44:27 44 minutes, 27 seconds up that business and that revenue stream as well. Mhm. 44:34 44 minutes, 34 seconds Okay. And uh just like one more quick followup on the analytica part. Uh could you mention uh like uh so uh I 44:42 44 minutes, 42 seconds understood key where you're saying it's a bit of a different model where you are creating the leads uh at your end for 44:49 44 minutes, 49 seconds the developers or for a project uh specific basis. Uh so who would be your direct competitors and is the revenue 44:58 44 minutes, 58 seconds model a more transactional one or how does that work? 45:07 45 minutes, 7 seconds uh we have uh so if I were to give you examples of competitors there are companies like bold leads but uh which 45:15 45 minutes, 15 seconds are specifically competing but from a consumer point of view analytics it was mentioned sorry sorry sorry sorry to interrupt it 45:22 45 minutes, 22 seconds was mentioned that we were able to displace a top top uh uh incumbent in the space in the anal uh lead genen 45:29 45 minutes, 29 seconds space uh so I mean just to give a sense key was it a simple business model or was it like a magic breaks kind of a 45:36 45 minutes, 36 seconds business model at least that kind of a color would be helpful. K. 45:41 45 minutes, 41 seconds So Aditya the uh business operates in the same space as 99 acres and magic bricks essentially uh sale of leads or 45:50 45 minutes, 50 seconds provision of leads for developers to uh enable primary sales. Uh the model is however different than uh these 45:59 45 minutes, 59 seconds aggregator businesses which are branded marketplaces and their strategy of lead generation is that of uh pulling leads 46:07 46 minutes, 7 seconds uh by constantly branding uh and creating visibility for the marketplace. 46:11 46 minutes, 11 seconds Uh how uh however auto analytica follows the lead genen from a push strategy uh where uh it dips into its 46:21 46 minutes, 21 seconds data lake identifies the right consumer profile uh that matches uh a certain project uh basis of its feature sets and 46:30 46 minutes, 30 seconds basis of the consumer behavior. um and then of course prompts him uh to uh to 46:37 46 minutes, 37 seconds uh to to uh you know trigger a uh interest in that property which subsequently becomes a lead. uh so while 46:46 46 minutes, 46 seconds it operates in the same space uh and the and the TAM like I said uh previously is 46:52 46 minutes, 52 seconds 34 uh 4,000 crores uh worth of uh spend happening by developers across the 47:01 47 minutes, 1 second country towards lead generation um Analytica sits uh in the same space with them. [snorts] 47:09 47 minutes, 9 seconds Sure. Sure. Uh if I could just squeeze in one more question, will that be okay? Hello? 47:16 47 minutes, 16 seconds Yes. 47:18 47 minutes, 18 seconds Uh yeah could you uh so like coming to the rental segment uh this has uh also been uh performing good where you've 47:27 47 minutes, 27 seconds been able to curtail expenses and you know just uh try to maintain your uh margins and everything. Uh just could 47:34 47 minutes, 34 seconds you just give a broad qualitative comment on like what could be the inflection points going forward? what could be the triggers for the margin going forward. You've talked about your 47:42 47 minutes, 42 seconds micro market strategy that you'll be trying to get very dense in particular particular micro markets. Uh but what we've seen is key uh the rental segment 47:50 47 minutes, 50 seconds the growth has not been as good. We had a uh difficult a year or so I suppose 47:57 47 minutes, 57 seconds last year uh where certain micro markets like Rajasthan or places were not performing well if I'm recalling it 48:04 48 minutes, 4 seconds correctly. Uh so if you could you know give give us an understanding on the rental segment also what are the inflection points and when can we see 48:12 48 minutes, 12 seconds the growth and margin really you know just taking a step forward. Yeah. Right. 48:18 48 minutes, 18 seconds So, so you're right in pointing out that there were some headwinds that the rental business faced uh especially in the student living business and uh the 48:26 48 minutes, 26 seconds growth that we are expected from some cities like Kota didn't come in which is where uh the uh growth in uh revenue in 48:34 48 minutes, 34 seconds the rental segment was not uh as anticipated by us as well. Um we have of 48:41 48 minutes, 41 seconds course been able to uh derisk that by u you know focusing on other assets uh uh 48:48 48 minutes, 48 seconds beyond student living u uh so that's that's one u like like we spoke earlier 48:55 48 minutes, 55 seconds u there we have recalibrated our go-to market strategy from a supply uh acquisition and demand generation 49:04 49 minutes, 4 seconds standpoint where we are now going denser into every pin code every micro market uh to create an ideal mix of co-l 49:11 49 minutes, 11 seconds livingiving and family rental properties and then uh on the supply side and on the demand side uh port most of our uh 49:19 49 minutes, 19 seconds demand generation at nestway. Uh so that's that's uh that's uh that's one. 49:25 49 minutes, 25 seconds Uh second is uh we are tapping into the synergies of uh uh hello world and 49:33 49 minutes, 33 seconds nestway from a fulfillment standpoint standpoint. So key management uh portfolio management property management 49:41 49 minutes, 41 seconds uh is a function that is now uh slowly steadily being shared between Nest Way and Hello World uh so that we are able 49:49 49 minutes, 49 seconds to improve our uh operational efficiency and and and um double down on the micro 49:56 49 minutes, 56 seconds market strategy by having a fixed team that is uh serving both the stu the co-l livingiving and the family rental 50:03 50 minutes, 3 seconds properties. uh we've despite the headwinds we've been growing at uh a 20 50:10 50 minutes, 10 seconds to 30% uh growth rate over the past 2 years uh between Nest Way and uh uh 50:18 50 minutes, 18 seconds Hello World and we continue to uh we continue to look at this growth trajectory at the same time uh bettering 50:27 50 minutes, 27 seconds our operational efficiency. um some key decisions or some harsh decisions are being taken where uh we discontinue 50:36 50 minutes, 36 seconds micro market. So if you see uh uh there is there is a dip in nestway uh houses 50:43 50 minutes, 43 seconds um um that has come by the virtue of we letting go a few micro markets and a few pin codes uh so that we were able so 50:50 50 minutes, 50 seconds that we were able to optimize on the uh uh cost cost uh in in that in that region. Uh so we'll continue to do this 50:59 50 minutes, 59 seconds u while while u 20 30% looks robust uh uh uh we we are we are yet to get some 51:08 51 minutes, 8 seconds results with our uh calibrated strategy of winning every pin code. So that that behavior will play out in the next few quarters to get us a trend. 51:17 51 minutes, 17 seconds Are we sharing like further metrics on the rental segment in the sense what is the occupancy percentage on an average and things like that? So that could give 51:26 51 minutes, 26 seconds us an idea suppose if it is at 70%, when it hits 80 then could be really could be a trigger for the margins or something like those metrics you are you sharing. 51:37 51 minutes, 37 seconds We do we do share metrics. Um what I suggest is u uh given your interest and uh inquisitiveness in the business. I 51:45 51 minutes, 45 seconds think uh we will spend some time with you to take you through each uh segment and uh unit economics of it. uh that 51:53 51 minutes, 53 seconds will give you uh a a more deeper understanding into into how we operate and where we operate. 51:59 51 minutes, 59 seconds That would be really nice. Thank you. Thank you. That's all from my side. Thank you. 52:07 52 minutes, 7 seconds Next question is from Jimit G from MK. Please go ahead. 52:15 52 minutes, 15 seconds Yeah. Hi. Uh this is uh Jimit from MK. 52:19 52 minutes, 19 seconds Thank you for uh sh giving the opportunity. uh two questions uh one is with respect to the prop taker 52:26 52 minutes, 26 seconds acquisition. So on the cost side uh I just wanted to understand what are the key sort of u you know synergy levers 52:33 52 minutes, 33 seconds that we are looking at uh that are still to be realized uh say text consolidation uh shared marketing or say centralized 52:41 52 minutes, 41 seconds operation functions uh right so can you quantify some sort of potential savings uh that could uh uh that could acrue to 52:50 52 minutes, 50 seconds our books and what are the uh what is the margin uh uplift that we can expect uh once this is fully executed. So that's the first question. 53:02 53 minutes, 2 seconds Sure. Hi Jim, this is Rehen here. So yes, from a prop tiger point of view, we have had multiple transformation 53:10 53 minutes, 10 seconds activities to change the entire blueprint of the company after we've acquired. Uh this includes a policy 53:18 53 minutes, 18 seconds level transformation as well as system level transformation. 53:22 53 minutes, 22 seconds uh a very prominent or change that we're doing is that we're bringing cell.do 53:30 53 minutes, 30 seconds into prop tiger. Uh this is going to be significant costsaving from a prop tiger's uh expenses point of view as 53:37 53 minutes, 37 seconds well as well as using products for cross leveraging uh and cross-selling in terms of revenue as well as uh you know benefiting at an 53:46 53 minutes, 46 seconds expense level. Prop Tiger sits very closely in the entire distribution value chain where it can uh well uh you know 53:55 53 minutes, 55 seconds gain from two products which is cell.do and analytica both of them. Uh so we using both of those products at prop 54:02 54 minutes, 2 seconds tiger and we'll be seeing uh you know those synergies play out in the coming quarters as well. The transition of prop 54:10 54 minutes, 10 seconds tiger to sell.going and we'll be completing that by the next end of next quarter as well. 54:19 54 minutes, 19 seconds Okay, thanks. Is there any way we can quantify this or is there any sort of quantification that can be done uh if you have u some sort of numbers in hand? 54:29 54 minutes, 29 seconds Jim, early days from a quantification of synergies point of view. But quick things that come uh that are in 54:37 54 minutes, 37 seconds execution is like Rahin mentioned uh utilizing captive or uh internal technology and product suit uh to replace uh outsource product suit. 54:48 54 minutes, 48 seconds Second is the account teams across all micro markets becomes uh common uh and shared uh and they sell in a way an 54:57 54 minutes, 57 seconds enterprise model of offerings uh for real estate developers. So that's the second one. Uh third is of course brand marketing activities become uh 55:06 55 minutes, 6 seconds relatively u less expensive uh because then we are able to um market the entire 55:14 55 minutes, 14 seconds enterprise suit across multiple geographies. We are doing some concerted uh joint GTMs in various micro markets 55:22 55 minutes, 22 seconds uh to establish uh u a pattern of uh the results out of these. 55:30 55 minutes, 30 seconds Sure. Uh thanks that helps. Uh and just one last question. So you just mentioned about uh some sort of pruning exercise that you have been doing at Nestaway 55:38 55 minutes, 38 seconds wherein uh the geographies or the markets which are not uh benefiting you. 55:43 55 minutes, 43 seconds You are sort of either quitting it or reducing the number of properties. So two questions here. One is uh is this exercise complete or should we expect 55:51 55 minutes, 51 seconds the number of units to reduce going uh in the future periods as well? And second is that what sort of benefits are 55:58 55 minutes, 58 seconds we u you know acrewing uh at the financial u matrix level. So if you can just help on these two fronts. Thanks. 56:12 56 minutes, 12 seconds So I'll answer the first question till the time we quickly fetch the numbers. 56:16 56 minutes, 16 seconds uh we have adopted some a classic uh BCG strate strategy of uh churning uh non-performing uh units every quarter or 56:25 56 minutes, 25 seconds every uh every uh bianually uh and we'll keep that exercise ongoing where we uh shut micro markets if they're not 56:33 56 minutes, 33 seconds performing and churn out those uh units consistently. So this is going to be a continuous exercise where we add uh and 56:40 56 minutes, 40 seconds and and churn the we add new and churn the non-performing ones. Um what's the number? 56:47 56 minutes, 47 seconds Uh yeah JT. So for your second question in terms of the impact of financial impact of the same uh while there's no 56:55 56 minutes, 55 seconds impact in terms of revenue because the entire rationalization exercise was taken in a way where we still grew the number of sign units and the number of units which we have under management. 57:05 57 minutes, 5 seconds These were properties which had not been generating revenue and from a cash flow point of view we had certain expenses 57:13 57 minutes, 13 seconds related to the same. So uh overall in terms of efficiency we have 30% improvement in terms of our uh AIDA 57:22 57 minutes, 22 seconds margin in the specific business for the December month specifically where this entire rationalization exercise has been now completed and we do not foresee uh 57:31 57 minutes, 31 seconds you know reduction going forward unless and until there's a specific situation or a business demand that requires for the same 57:39 57 minutes, 39 seconds even just to add to and rehen you know we we like to be flexible and nimble about this uh whole approach. Uh and uh 57:48 57 minutes, 48 seconds we believe that uh while we have completed the entire uh reccalibrating of the uh of the buildings and the 57:55 57 minutes, 55 seconds apartments but we still believe that there there can be dynamic situation considering what happens in the markets 58:04 58 minutes, 4 seconds uh the in those geographies in those pin codes our sort of uh uh uh growth capital 58:11 58 minutes, 11 seconds where that should be that should be provided. So we don't see any fundamental uh fundamental reccalibration going 58:19 58 minutes, 19 seconds forward but uh but we we also at the same point of time want to be very very nimble and agile about this whole thing. 58:28 58 minutes, 28 seconds Sure that helps. Thank you so much. 58:31 58 minutes, 31 seconds Thank you ladies and gentlemen. Please note that there are a lot of questions and that's why we extending the call by 15 minutes. 58:41 58 minutes, 41 seconds We'll take a text question from Vive Sangan, an individual investor. Can you talk about the resale segment we started 58:48 58 minutes, 48 seconds in Nestway? How is the traction and how do you see its future considering rising property prices? Does it overlap with 58:57 58 minutes, 57 seconds Prop Tiger? Will resales continue in both platforms? 59:03 59 minutes, 3 seconds Uh, hi V, thank you so much for your question. And uh with respect to the resale segment in nestway uh it came the 59:12 59 minutes, 12 seconds requirement the requirement for the resale platform came due to the inbound traction for resale properties which were available for existing property 59:20 59 minutes, 20 seconds owners. It's still early days for the platform or the entire product to be individually growing in itself. We are 59:29 59 minutes, 29 seconds evaluating that product in specific micro markets which is basically Bangalore and Pune. Yes, there is an overlap but the overlap is with prop 59:38 59 minutes, 38 seconds tiger is purely in terms of capabilities rather than the markets that they interact in. Prop tiger specifically works with real estate developers for 59:47 59 minutes, 47 seconds primary sales and nestway is piloting secondary sales as an offering. We do see operational synergies between the 59:55 59 minutes, 55 seconds companies and we'll be exploring them going ahead for scaling up the platform as well. 1:00:03 1 hour, 3 seconds Thank you. 1:00:05 1 hour, 5 seconds We have a text question from Shriram R, an investor. The question is, within the rental business, is it possible to break 1:00:13 1 hour, 13 seconds up the revenue between Hello World and Nestway? 1:00:22 1 hour, 22 seconds Sure. So, uh the revenue I'll tell you about the operating revenue from Hello World. yesterday Hello World had 39 crores of operating revenue in Q3 FY26. 1:00:35 1 hour, 35 seconds In terms of the growth rate, uh that's 32% growth rate from previous quarter 1:00:42 1 hour, 42 seconds last year. This time in terms of Nestway, it was 12 crores of operating revenue, which is a 20% growth rate from the same quarter previous year. 1:00:56 1 hour, 56 seconds Thank you. 1:01:00 1 hour, 1 minute We have a text question from Deep Ma from MK Global. The first question is, can you help understand monetization 1:01:08 1 hour, 1 minute, 8 seconds benefits anticipated from short stay module and access to dynamic inventory in Hello World? Second question is 1:01:16 1 hour, 1 minute, 16 seconds ecosystem revenue. What would be share now? How do you expect it to evolve over next 3 years? broad expectations around 1:01:24 1 hour, 1 minute, 24 seconds it when we reach rupees 10 billion revenue. 1:01:29 1 hour, 1 minute, 29 seconds Sure. Thank you so much Deep G for the question. Uh I'll answer your first question. Uh with respect to 1:01:36 1 hour, 1 minute, 36 seconds monetization benefits for the short stay module. Uh we already have uh around 2.4 1:01:42 1 hour, 1 minute, 42 seconds crores of revenue quarterly which comes from short stay as a module. 1:01:48 1 hour, 1 minute, 48 seconds uh we started the shortstay module to increase the operational efficiency for the existing assets that we have and now 1:01:56 1 hour, 1 minute, 56 seconds it contributes to 2.5% in terms of occupancy as well as 2.4 crores in terms of quarterly revenue. We see that we'll 1:02:04 1 hour, 2 minutes, 4 seconds be growing slowly growing this module as well with specific properties which are traveled for short stay as a specific 1:02:13 1 hour, 2 minutes, 13 seconds offering based on the demand in that specific micro market or the region. 1:02:17 1 hour, 2 minutes, 17 seconds With respect to dynamic dashboard, it's a more internal product which helps us in terms of operational efficiency, 1:02:25 1 hour, 2 minutes, 25 seconds understanding the night occupancy as well as improving the profitability at the building level. So that's impacting 1:02:32 1 hour, 2 minutes, 32 seconds the cost as well as helping us operationally make the business more efficient. I hope I've answered your first question. 1:02:42 1 hour, 2 minutes, 42 seconds on the ecosystem revenue. 1:02:45 1 hour, 2 minutes, 45 seconds We we are seeing u a lot of network effect kind of kicking in uh between 1:02:51 1 hour, 2 minutes, 51 seconds between um uh various products uh uh through various customers and um that is 1:02:59 1 hour, 2 minutes, 59 seconds why we are like we are now wanting to bring this concept u internally so that 1:03:06 1 hour, 3 minutes, 6 seconds we can have a defined measurable metrics uh around that. So uh as I tried to articulate it's in within three three 1:03:15 1 hour, 3 minutes, 15 seconds different uh segments with three different buckets you can measure this one is the cross-selling opportunities. 1:03:22 1 hour, 3 minutes, 22 seconds So uh same same stakeholder requires within the distribution from one product to another. So that will be the cross-selling opportunities. Secondly is 1:03:32 1 hour, 3 minutes, 32 seconds to kind of uh ensure that what data attributes can be can be utilized by the ecosystem so that the same asset that we 1:03:41 1 hour, 3 minutes, 41 seconds have in our ecosystem or the same customer that we have how can we increase the lifetime value for them. So that is the second and third obviously 1:03:50 1 hour, 3 minutes, 50 seconds is the AI which is which is kind of uh redefining and reshaping uh the the efficiency of business and the 1:03:59 1 hour, 3 minutes, 59 seconds experience of the consumer. So with these three we think that the ecosystem uh revenue we will start uh tracking and 1:04:07 1 hour, 4 minutes, 7 seconds in next few quarters coming out with a lot more detailed uh metrics on this. As you recall, we we had talked about the 1:04:16 1 hour, 4 minutes, 16 seconds adjusted EITA a few quarters ago and we we constantly track that to show improvement in this and ecosystem 1:04:24 1 hour, 4 minutes, 24 seconds revenue is going to be the next sort of uh uh next uh uh measurable metrics from 1:04:31 1 hour, 4 minutes, 31 seconds our side which we would like to measure over over next uh at least 12 quarters. 1:04:37 1 hour, 4 minutes, 37 seconds Uh as a percentage uh that you talked about I think it's still early days. So uh as we get to 1,000 crores uh we 1:04:45 1 hour, 4 minutes, 45 seconds should have a substantial revenue coming from the ecosystem revenue because of the network effects but I think I think still still early days. Thank you. 1:04:57 1 hour, 4 minutes, 57 seconds Thank you ladies and gentlemen. We'll take that as the last question for today. I would now like to hand the conference over to management for 1:05:04 1 hour, 5 minutes, 4 seconds closing comments. Over to you sir and thank you everyone for joining us today. Quarter three marks an important 1:05:12 1 hour, 5 minutes, 12 seconds milestone for all our project tech reflecting the progress we have made in strengthening our operating performance, improving profitability and executing 1:05:20 1 hour, 5 minutes, 20 seconds with greater discipline across our platforms. We appreciate your continued trust and engagement and we look forward to staying connected as we execute our 1:05:29 1 hour, 5 minutes, 29 seconds strategic priorities. Should you have any further questions, please feel free to reach out to our investor relations team and we will be happy to address 1:05:38 1 hour, 5 minutes, 38 seconds them. Thank you once again for your time and continued support. Wishing you all a very successful year ahead. 1:05:46 1 hour, 5 minutes, 46 seconds Thank you everyone. On behalf of MK Global Financial Services and Orurumptic Limited, that concludes this conference. 1:05:53 1 hour, 5 minutes, 53 seconds Thank you for your participation and you may now exit the