Aurum PropTech Limited — Q4 FY26

Aurum Proptech Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=8RCVkbn9lb8 Published: 2 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Q4 FY26 earnings conference call of Orurum Propt Tech Limited. 0:10 10 seconds As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:20 20 seconds Please note that this conference is being recorded. I now hand the conference over to Mr. Shivang Bagla from MK Global. Thank you and over to you Sha. 0:59 59 seconds Uh hi Lauren. Uh I'll take up Shan's part. Uh good afternoon everyone and welcome to 1:08 1 minute, 8 seconds the Q4 FY26 earnings conference call of Orum Tropic. We are joined today by Mr. 1:14 1 minute, 14 seconds Ashish Dra, executive chairman Oramic. 1:19 1 minute, 19 seconds Mr. Ona Sheter, executive director of Orurum Propt Tech. Mr. Kunal Karan, CFO of Orurum Prop Tech. Mr. Rhin Sha, lead strategy and investor relations. And Mr. 1:30 1 minute, 30 seconds Shrihan Jaktab, deputy CFO of Orurum Propeek. Before we before we begin, I would like you to I'd like to remind you 1:38 1 minute, 38 seconds that certain statements made during this call may be forward-looking in nature and are subject to risks and uncertainties as detailed in the annual 1:47 1 minute, 47 seconds report and other investment disclosures available on the website. With that, I would like to now hand over the call to Mr. Ashish Dea for his opening remarks. 2:01 2 minutes, 1 second Thank you Ri. Thank you Shivan and good evening everyone. It is my pleasure and privilege to welcome you to the 20th 2:08 2 minutes, 8 seconds earnings call of forum prop tech. I'm excited to share with you the progress we have made this quarter and this being Q4 across the entire financial year. 2:19 2 minutes, 19 seconds Since our inception in 2021, we have pursued a clear and focused vision to build the largest integrated top tech 2:27 2 minutes, 27 seconds ecosystem in India and to build it with discipline and sustainable long-term value. 2:33 2 minutes, 33 seconds I believe this quarter and this financial year is a reflection of five years of consistent effort, execution 2:40 2 minutes, 40 seconds and discipline. We are constantly delivering on what we set out to do. 2:46 2 minutes, 46 seconds Before I share our key achievements, I want to take a moment to acknowledge the thousand plus team members across our ecosystem. 2:54 2 minutes, 54 seconds Their unwavering belief, their daily execution, their hard work and their commitment to our vision is what has 3:02 3 minutes, 2 seconds brought us to this moment. This achievement definitely belongs to them. 3:07 3 minutes, 7 seconds I also want to acknowledge our entrepreneurs and business managers who believed in profitable growth and unit economics across each and every quarter 3:16 3 minutes, 16 seconds of this journey. Their conviction and their energy have made this possible. 3:23 3 minutes, 23 seconds Moving on, I would like to share with you three key achievements from this quarter and this financial year. These 3:30 3 minutes, 30 seconds achievements also set the momentum and outlook for the upcoming quarters and the new financial year. We carry into FI 3:37 3 minutes, 37 seconds 2027 the same discipline we have always held ourselves accountable to and we do so with even greater confidence. 3:47 3 minutes, 47 seconds First, we are now a profitable company and we believe this is not cyclical. We are structurally profitable. 3:56 3 minutes, 56 seconds Q3 FI 2026 was our first pat positive quarter. 4:03 4 minutes, 3 seconds Q4 is now confirming the second consecutive profitable quarter. The operating leverage across our businesses 4:11 4 minutes, 11 seconds is kicking and that is not a quarterly event. The platform we have built over 5 years is designed to ensure that we are 4:19 4 minutes, 19 seconds profitable in FY 2027 and beyond. 4:24 4 minutes, 24 seconds Second, we are a debt-free company. The sale of buildings Q5 and Q6 will ensure that we retire all lease rental 4:33 4 minutes, 33 seconds discounting debt in full by June 30th, 2026. 4:38 4 minutes, 38 seconds The surplus cash will be utilized to accelerate our AI initiatives and to pivot the ecosystem more decisively towards AI. 4:47 4 minutes, 47 seconds Third, we are going AI first. Every product of ours is being rebuilt around AI. Every journey that our products go 4:56 4 minutes, 56 seconds through whether it's a consumer journey, a developer journey or a broker journey, all of these are being reimagined on AI. 5:06 5 minutes, 6 seconds We are working on AIEL business value optimization across our ecosystem to drive operational efficiency. You will 5:14 5 minutes, 14 seconds see revenue per team member start improving quarteron quarter as this business value optimization takes effect. 5:22 5 minutes, 22 seconds For the medium-term, we are working on what we call the unified brain, a single [snorts] agentic intelligence layer that 5:30 5 minutes, 30 seconds activates monetization opportunities across the entire ecosystem. 5:35 5 minutes, 35 seconds The opportunity and the responsibility in front of us is significant. 5:40 5 minutes, 40 seconds We were the first public prop tech company. We are the first profitable prop tech company. We have built the first integrated prop tech ecosystem. 5:50 5 minutes, 50 seconds And therefore it is our responsibility to be the first prop tech company to deploy AI at scale. 5:57 5 minutes, 57 seconds As we step into FI 2027, our strategic priorities remain clear. We'll continue to strengthen our collaboration across 6:05 6 minutes, 5 seconds the ecosystem. We will go deeper with AI to a point where we become a truly AI first prop tech company and we'll ensure 6:13 6 minutes, 13 seconds that our profitability metrics improve quarteron quarter and year on year. 6:19 6 minutes, 19 seconds To conclude, as we cross rupees thousand crores of annualized revenue in the coming quarters with improved profitability and a stronger ecosystem, 6:27 6 minutes, 27 seconds we recognize that we are reshaping the future of Indian real estate. We are helping define what the prop tech sector in India can and should look like. This 6:37 6 minutes, 37 seconds responsibility drives us. Thank you very much. Over to you, Okar. Thank you, Mr. Dra. 6:44 6 minutes, 44 seconds The quarter marks a clear inflection point for Aramoptic. 6:48 6 minutes, 48 seconds We've crossed 5 minute cr in revenue, delivered our second consecutive quarter of profitability and are now seeing 6:57 6 minutes, 57 seconds operating leverage play out across the platform. More importantly, this is not one-off outcomes. It reflects a 7:04 7 minutes, 4 seconds structurally strong business built on disciplined execution, improving unit economics, and increasing integration across our ecosystem. 7:13 7 minutes, 13 seconds At the segment level, our rental business continues to provide a stable and resilient base with 55 crores in 7:21 7 minutes, 21 seconds quarterly revenue. The focus here has shifted from pure scale to quality improving occupancy yields and customer 7:29 7 minutes, 29 seconds experience. Both Hello World and Nestway are now moving towards a more optimized premiumized portfolio. Hello World 7:38 7 minutes, 38 seconds continues to scale its managed co-l livingiving portfolio during the quarter. The focus has remained on deepening operational quality, tenant 7:47 7 minutes, 47 seconds satisfaction, turnaround efficiency, and occupancy optimization rather than purely adding beds. Low world closed the 7:55 7 minutes, 55 seconds quarter with 259 active co-living properties up 13% yearonear and 19,286 8:03 8 minutes, 3 seconds beds under management, a 9% increase over the same period last year. 8:08 8 minutes, 8 seconds Nesttoway sustained its trajectory of stabilization and unit unit level improvement. At Nesttoway, our focus 8:16 8 minutes, 16 seconds through FI26 has been to sharpen the portfolio, strengthen unit economics, and replplatform the business for sustainable profitability. 8:25 8 minutes, 25 seconds We closed the quarter with approximately 9,600 rentable units across 5214 houses across the country. During Q4, we 8:34 8 minutes, 34 seconds launched Nesttoway Select, a premium clusterbased rental model aimed at delivering a superior tenant experience in high demand micro markets. 8:44 8 minutes, 44 seconds Our distribution business is emerging as high growth, high leverage engine delivering 67 crores in Q4. Autumn 8:53 8 minutes, 53 seconds Analytica saw strong demand with 93% year-on-year growth in leads sold. 8:59 8 minutes, 59 seconds Analytica sold over 1 lakh 48,000 leads in Q4 FI26, a 93% year-on-year growth to 9:07 9 minutes, 7 seconds 145 active clients across 275 signed projects. Active accounts grew 23% and the number of projects grew 20% 9:15 9 minutes, 15 seconds yearon-year, reflecting both deeper penetration within existing developer relationships and continued acquisition of new clients. 9:24 9 minutes, 24 seconds Cell.do 2 continues to scale its SAS platform with increasing adoption of AIEL products. Enterprise deal closure 9:33 9 minutes, 33 seconds were robust and AI product stack covering call transcription, translation, lead scoring and AI calling 9:40 9 minutes, 40 seconds bot service gained further adoption among our client base. 9:45 9 minutes, 45 seconds Cell.do 2 ended Q4 with 916 active accounts, up 38% yearonear, and 10,378 9:54 9 minutes, 54 seconds active licenses, a 32% increase. During the quarter, it onboarded 40 plus new developers and added over 600 new licenses. 10:05 10 minutes, 5 seconds And Prop Tiger, it delivered its highest ever quarterly gross commission since inception, 42.8 8 crores in Q4 FI26 10:14 10 minutes, 14 seconds reflecting strong execution and improving transactional velocity. Propt Tiger now operates with 175 active 10:22 10 minutes, 22 seconds developer clients and 11 active mandates and its verticalization strategy has accelerated transaction velocity across 10:30 10 minutes, 30 seconds key residential markets. The business contribution to the group's distribution segment has grown meaningfully and we 10:37 10 minutes, 37 seconds expect that scale to compound through FI27 as the mandate pipeline matures. 10:43 10 minutes, 43 seconds The distribution vertical is now evolving into a powerful data SAS and transaction flywheel. 10:51 10 minutes, 51 seconds We are also moving ahead in our platform using AI as a layer on top of the business to embedding it into core of 10:59 10 minutes, 59 seconds how we operate it across customer acquisition, sales and servicing. Early pilots are already improving 11:06 11 minutes, 6 seconds productivity and as we scale this, we expect meaningful gains in revenue per employee and overall efficiency. 11:14 11 minutes, 14 seconds This aligns with our broader vision of building a unified intelligence layer across the ecosystem. Overall what is becoming visible is a compounding 11:22 11 minutes, 22 seconds platform flywheel with rental driving supply distribution driving monetization and data and AI driving efficiency and 11:30 11 minutes, 30 seconds intelligence to close Q4 has been most consequential quarter with strong growth expanding margins and sustained 11:38 11 minutes, 38 seconds profitability as we enter FI27 our focus remains clear to scale profitability go deeper on AI and continue strengthening 11:46 11 minutes, 46 seconds our position as India's leading integrated protect platform. 11:50 11 minutes, 50 seconds I will now hand over to Shrian Jaktab to take you through the financials. Thank you. 11:59 11 minutes, 59 seconds Thank you everyone for joining today's call. The results for the quarter quarter and year ended March 31st 2026 12:07 12 minutes, 7 seconds are in a two parts. One is a continuing operation and second is a discontinued operation. The company is in the process 12:16 12 minutes, 16 seconds of selling the buildings it owns. The performance and the assets liabilities related to the building have been shown 12:24 12 minutes, 24 seconds separately under the discontinued operations for all the periods years presented in the financial statements. 12:33 12 minutes, 33 seconds The figures for the continuing operations are from the business operations that will continue in future. 12:39 12 minutes, 39 seconds I will now quickly take you through the numbers. First the results for the quarter 12:47 12 minutes, 47 seconds the revenue from the continuing operation INR 123.85 crores compared to 12:54 12 minutes, 54 seconds INR 112 cr 112.36 crores in the previous quarter an increase of 10.2%. 13:04 13 minutes, 4 seconds Other income from continuing operations INR 8.18 cr compared to INR 9.64 64 cr in the previous quarter. 13:14 13 minutes, 14 seconds The total income from continuing operations INR 132.03 cr compared to INR 122 cr in the previous quarter an increase of 8.2%. 13:29 13 minutes, 29 seconds The prop profit before tax from continuing operation INR 1.85 85 cr 13:36 13 minutes, 36 seconds compared to profit of INR2.93 crores in the previous quarter. The total income from both the continuing 13:44 13 minutes, 44 seconds and discontinued operations INR 134.59 crores compared to INR 124.55 13:52 13 minutes, 52 seconds cr in the previous quarter an increase of 8.1%. 13:57 13 minutes, 57 seconds This total income for the quarter excludes other income of INR 17.72 crores recognized from the partial sale of buildings. 14:10 14 minutes, 10 seconds Now the results for the full year ended March 31st 2026. 14:20 14 minutes, 20 seconds Revenue from continuing operations INR 381.09 09 cr compared to INR 252.72 14:28 14 minutes, 28 seconds cr in the previous year an increase of 50.8%. 14:34 14 minutes, 34 seconds Other income from continuing operation INR 31.34 cr compared to INR 20.89 cr in 14:42 14 minutes, 42 seconds the previous year. The total income from continuing operation stood at INR 412.43 14:50 14 minutes, 50 seconds 43 cr compared to INR 27 273.66 cr in the previous year and increase of 50.7%. 15:03 15 minutes, 3 seconds Loss before tax from the continuing operation INR 14.96 cr compared to INR 15:09 15 minutes, 9 seconds 43.40 cr in a previous year. A significant improvement of INR 28.44 cr in profitability. 15:20 15 minutes, 20 seconds Total income from both continued and discontinued operations INR 423.75 15:27 15 minutes, 27 seconds cr compared to INR 285 cr in the previous year an increase of 48.7%. 15:35 15 minutes, 35 seconds This total income for the year excludes other income of INR 17.72 crores recognized from the partial sale of the building. 15:49 15 minutes, 49 seconds Now the segment results for the quarter. 15:52 15 minutes, 52 seconds The buildings derive rental income and financial performance from the operations is shown under the rental 16:00 16 minutes segment. Revenue from the rental segment continuing operations INR 52.70 cr 16:07 16 minutes, 7 seconds compared to INR 52.09 cr in previous quarter. Revenue from both the continuing and discontinued operations INR 55.20 crores. 16:18 16 minutes, 18 seconds Distribution segment INR 66.87 cr compared to INR 59.60 cr in previous quarter increase of 12.2%. 16:31 16 minutes, 31 seconds Capital segment revenue INR 4.28 cr compared to INR67 cr in previous quarter. 16:41 16 minutes, 41 seconds The rental segment from continuing operations and capital segment reported a loss of INR 3.61 cr and INR0.53 16:51 16 minutes, 51 seconds cr respectively while the distribution segment made a profit of INR 13.63 cr 16:58 16 minutes, 58 seconds during the quarter. The rental segment from the continuing operations and discontinued operations together reported a loss of INR2.74 cr. 17:12 17 minutes, 12 seconds For the full year ended March 31st, 2026, rental segment revenue from continuing 17:19 17 minutes, 19 seconds operations INR 200.71 cr compared to INR 157.54 17:27 17 minutes, 27 seconds cr in previous year an increase of 27.4%. 17:32 17 minutes, 32 seconds Distribution segment revenue from continuing operation INR 172.55 17:39 17 minutes, 39 seconds cr compared to INR 79.28 cr in previous year an increase of 117.7%. 17:50 17 minutes, 50 seconds The capital segment revenue from continuing operations INR 7.84 cr compared to INR 15.94 cr in previous year. 18:01 18 minutes, 1 second The rental segment from continuing operations and capital segment reported a loss of 18.54 cr and INR 5.27 cr 18:10 18 minutes, 10 seconds respectively while the distribution segment made a profit of INR 32.30 cr for the full year. The rental segment 18:19 18 minutes, 19 seconds from continuing operations and discontinued operations together reported a loss of 14.9 cr. 18:26 18 minutes, 26 seconds I will now hand over the call to Dorwin to take it forward. Thank you. 18:34 18 minutes, 34 seconds Thank you very much. We will now begin the question and answer session. To ask a question, please click the raise hand 18:41 18 minutes, 41 seconds icon available on the toolbar or you may click on the Q&A icon to raise your hand. 18:47 18 minutes, 47 seconds The operator will announce your name when it is your turn to ask a question. 18:51 18 minutes, 51 seconds Please accept the prompt on your screen to unmute your microphone while proceeding with your question. 18:56 18 minutes, 56 seconds Alternatively, you may post your text questions on the Q&A tab. We will wait for a moment while the question Q assembles. 19:20 19 minutes, 20 seconds Our first question comes from Rahul Jen from Dolat Capital. Please go ahead. 19:36 19 minutes, 36 seconds Hello. Uh hope my line is okay. Yes. 19:42 19 minutes, 42 seconds Uh yeah, thanks for the opportunity. uh and congratulation on the completion of the transaction as well as achieving the 19:50 19 minutes, 50 seconds milestone revenue uh mark. My question is pertaining to uh two aspect which you 19:56 19 minutes, 56 seconds highlighted. Uh firstly uh on the uh aspect which Ashish G mentioned about uh 20:04 20 minutes, 4 seconds the AI aspect of it wherein uh we would like to uh bring in the AI capabilities 20:11 20 minutes, 11 seconds into the business. to any uh broad color on what is our plans, how we plan to uh 20:19 20 minutes, 19 seconds implement it, how it is going to change some of the way we are doing our things. 20:24 20 minutes, 24 seconds Uh that could be of great help. And secondly, with this further infusion that we have got from uh the sale of the 20:33 20 minutes, 33 seconds uh buildings, uh is there any capital allocation priorities that we have in our mind? Any view on that will also Thank you. Sure. 20:45 20 minutes, 45 seconds Uh, hi Rahul and thank you so much for your question. Uh, on the first question with respect to AI, we're thinking of AI 20:53 20 minutes, 53 seconds as a core architecture for the business rather than just a value ad or a feature. Which is why what we have done 21:00 21 minutes is divided our AI initiatives into two parts. One which is the business value optimization which we detailed out here. 21:09 21 minutes, 9 seconds We have mapped our entire portfolio all the operations which were conducted all the processes across rental distribution 21:18 21 minutes, 18 seconds and capital and mapped out where AI can come in and improve operational efficiency, reduce manual workflows and 21:27 21 minutes, 27 seconds help in improving the overall efficiency. 21:31 21 minutes, 31 seconds This initiative will be taken up in the coming quarters and we'll see the outcome of it eventually coming into the revenue per team member which is going 21:39 21 minutes, 39 seconds to be a guiding metric for basically AI implementation. 21:44 21 minutes, 44 seconds Along with that we wanted to think through for the future for how AI can completely change the business models 21:52 21 minutes, 52 seconds which is where ORM unified brain or the unified brain thought process comes in. 21:58 21 minutes, 58 seconds In here we see completely autonomous transactions between rental and distribution taking place through AI 22:06 22 minutes, 6 seconds agents. Here we are trying to build a agentic neural architecture on top of the core LMS that are existing and 22:14 22 minutes, 14 seconds available in the market and create our propriety data set for the same. This is going to be something that we'll be working towards in the next couple of 22:22 22 minutes, 22 seconds years and seeing the long-term benefits of the same. We feel as Oram propic we the only company who has this entire 22:31 22 minutes, 31 seconds portfolio already integrated and can have a first mover advantage over here. 22:38 22 minutes, 38 seconds For the second question with respect to the building sale we want the building had a lease rental discounting which was 22:45 22 minutes, 45 seconds a loan which was there on the building with this building sale which was a non-strategic asset for us. We'll basically make Oram propt tech a 22:54 22 minutes, 54 seconds completely debt-free company and the remaining proceeds will be used for this AI transformation which is going to be 23:01 23 minutes, 1 second for the next couple of years just to add hi this is Ashisha just to 23:08 23 minutes, 8 seconds add to what brihen said that u so AI I think is a a gamecher and it is an 23:15 23 minutes, 15 seconds opportunity it is a threat it has to be embraced that's our view for last two years every meeting We have started with unit economics. We have ended with unit 23:24 23 minutes, 24 seconds economics. Now we are starting every meeting with unit economics and AI and then ending every meeting with unit economics and AI. That is the kind of 23:33 23 minutes, 33 seconds focus that we have uh on on AI. We uh we believe that AI will uh will push 23:42 23 minutes, 42 seconds collaboration across sector. uh we believe that AI agentic layers will uh will uh uh over over years uh take over 23:52 23 minutes, 52 seconds the the processes of the industry and as as I tried to articulate earlier we believe that we we want to lead this uh 24:01 24 minutes, 1 second revolution right so I think uh just one uh points 24:09 24 minutes, 9 seconds to uh what you just uh guys alluded to I think we have now uh two businesses at 24:16 24 minutes, 16 seconds least which have scaled up uh in terms of size and they are uh across the uh 24:23 24 minutes, 23 seconds you know different life cycle of a consumer which your PPT have highlighted in the past as well. So do you think 24:31 24 minutes, 31 seconds with this involvement our ability to uh increase the lifetime value of a 24:38 24 minutes, 38 seconds customer can uh start playing out over the next couple of years? 24:47 24 minutes, 47 seconds Uh yes Rahul so we feel that that is going to be a byproduct uh for the AI transformation that we're doing. We see 24:56 24 minutes, 56 seconds that we've what we've done actually across the entire Orum Propeek portfolio is we've mapped out the entire life cycle of someone who interacts with real 25:04 25 minutes, 4 seconds estate from the first time that they step out of the house which is when the student living comes in to co-l livingiving to family rentals to even 25:13 25 minutes, 13 seconds purchase which is where the distribution portfolio comes in. So yes, we see uh AI implementation as a strong way to 25:22 25 minutes, 22 seconds increase our customer lifetime value as well as decreasing our CAC as well. 25:30 25 minutes, 30 seconds Sure. Thank you. Uh that's it from my side. Thank you. 25:38 25 minutes, 38 seconds Ladies and gentlemen, if you wish to ask questions, you may click on the raise hand icon available on your toolbar or you can click the Q&A icon. 25:47 25 minutes, 47 seconds Alternatively, you can post your text questions on the Q&A tab. 25:54 25 minutes, 54 seconds Our next question comes from the line of Rahul Singh, an individual investor. Please go ahead. 26:20 26 minutes, 20 seconds Ladies and gentlemen, the current participants seems to have dropped from the queue. Once again, you may press the you sorry, you may click on the raise hand icon to ask a question. 26:33 26 minutes, 33 seconds Our next question comes from Fisalhava from HG Havian Company. Please go ahead. 26:44 26 minutes, 44 seconds uh are we looking at more acquisitions and what the kind of the venture cap and 26:51 26 minutes, 51 seconds private equity backed competitors? Uh do you see some more uh you know residual 26:59 26 minutes, 59 seconds investments coming your way? 27:05 27 minutes, 5 seconds Uh FZA, sorry to interrupt but your line seems to be breaking up in between. Please ask your question again. 27:10 27 minutes, 10 seconds People are not able to raise further funds or people who dependent on uh equity capital are not able to do. 27:18 27 minutes, 18 seconds So any more acquisitions coming our way now from people who are previously backed by private equity or venture cap? 27:27 27 minutes, 27 seconds President G. Good. Good afternoon. Uh thank you for your continued interest. 27:31 27 minutes, 31 seconds Um uh by the nature of uh the scale that we have achieved in the last uh uh four 27:38 27 minutes, 38 seconds years uh we do get organic inbound uh requests or uh uh for for joining our 27:46 27 minutes, 46 seconds prop tech uh ecosystem and those requests come across a variety of opportunity areas or or focus areas 27:54 27 minutes, 54 seconds right from uh rental to distribution uh to capital. Uh strategically we have taken a call to only explore those 28:02 28 minutes, 2 seconds opportunities which are very compelling in nature where uh there they they fit in a very specific strategy bracket uh 28:11 28 minutes, 11 seconds between two different operating uh businesses or two different operating 28:19 28 minutes, 19 seconds units for us. And as of now we have not we have not actually found anything compelling that we can look at uh to uh 28:28 28 minutes, 28 seconds to uh acquire uh further. Uh however uh uh we do keep on growing our existing 28:35 28 minutes, 35 seconds business lines uh organically and taking them uh to scale individually without any agon inorganic forms of 28:44 28 minutes, 44 seconds opportunities or acquisitions uh in the in the pipeline. 28:49 28 minutes, 49 seconds by uh this is Ashish to add to what WA just said. Um if you recall uh post our nestway acquisition we had said look we 28:58 28 minutes, 58 seconds are not going to acquire uh any more companies unless it sits uh between two of our products and then Prop Tiger gave 29:07 29 minutes, 7 seconds us that opportunity because then uh with Prop Tiger the entire distribution segment got uh got accelerated got 29:15 29 minutes, 15 seconds re-energized. uh even the loan origination from Kuber X is uh doing extremely well and you will see those numbers in the in the upcoming quarters. 29:24 29 minutes, 24 seconds So uh as said we are we are not actively evaluating to buy anything currently. We 29:31 29 minutes, 31 seconds believe that with AI and with the scale that we have reached our hands are full. 29:37 29 minutes, 37 seconds Uh we also have the SM retin pipeline which we will which we will look at in in the upcoming quarters. So, so I think 29:45 29 minutes, 45 seconds I think we have we have placed ourselves in a in a in a uh in a decent position 29:51 29 minutes, 51 seconds to accelerate uh from here uh even without any uh even without any inorganic growth. 30:03 30 minutes, 3 seconds Thank you. Our next question comes from the line of Amit Chandra from HDFC Securities. Please go ahead. 30:15 30 minutes, 15 seconds Hello, I'm audible. You are audible sir. You may proceed. 30:20 30 minutes, 20 seconds Yeah. Yeah. So thanks for the opportunity. First question. Uh so firstly congratulations on you know executing it so well and uh know 30:29 30 minutes, 29 seconds very strong growth. So the uh 49% Y growth that we have shown in FI26. So is 30:37 30 minutes, 37 seconds it all organic or is there an innovating component in this growth and also uh 30:44 30 minutes, 44 seconds know in terms of the you know the three pieces of the business that we have the rental piece which has been growing you 30:51 30 minutes, 51 seconds know pretty well. So how do you see the growth uh for this segment particularly you know what is happening to the IT 30:59 30 minutes, 59 seconds sector where the hiring has been you know let me know hiring has been muted and there has been no freshers hiring and know like cities like Bangalore, 31:08 31 minutes, 8 seconds Pune is not seeing that you know that kind of inflow in terms of the freshers. 31:12 31 minutes, 12 seconds So how do we see uh the impact of this on the rental business and uh you know know on the distribution piece uh we 31:20 31 minutes, 20 seconds have shown like good growth uh what is the outlook for this business and how scalable is it because the impact of this lot IT is also on the real estate business. Thank you. 31:32 31 minutes, 32 seconds All right. Thanks Amit. Thanks AIT for your renewed interest and uh we look forward to uh we look forward to you 31:40 31 minutes, 40 seconds know deliver further robust growth as as quarters and years come past. Uh I will start with your second question first. 31:48 31 minutes, 48 seconds Uh structurally we see that rental is rental segment is a very uh resilient and uh counteryclical segment. While 31:56 31 minutes, 56 seconds there are present headwinds in the rental segment owing to uh large scale 32:02 32 minutes, 2 seconds uh I would say u dip in employment large scale dip in fresh offers to new hires etc. 32:10 32 minutes, 10 seconds uh but if you slice and dice this uh there are uh still pockets of uh 32:18 32 minutes, 18 seconds employment specifically in the IT sector that you mentioned that have shown not just green shoots but have shown robust 32:26 32 minutes, 26 seconds uh growth uh specifically um the the cities like Bangalore highquality uh 32:33 32 minutes, 33 seconds tech jobs are still in demand and are still being augmented uh where there is more uh demand for AI capabilities, AI 32:41 32 minutes, 41 seconds skill sets. Uh whereas if you see cities like Pune which is largely dependent on business process outsourcing or uh or uh 32:51 32 minutes, 51 seconds uh non-product initiatives uh these are the these are the areas where we we see we do see a 32:58 32 minutes, 58 seconds dip in uh demand. So while the while the fact is that there is a in demand uh it 33:05 33 minutes, 5 seconds has been countered by uh more quality consumers uh or more quality uh uh pin 33:12 33 minutes, 12 seconds codes getting unlocked for our rental segments. Uh what we have done is we have aligned our strategy uh accordingly. We have gone for something 33:20 33 minutes, 20 seconds called as win a pin code and we have identified those pin codes that are uh 33:26 33 minutes, 26 seconds that show uh robust momentum uh despite the AIEL headwinds that we see in various uh tech cities in the country 33:35 33 minutes, 35 seconds and we have focused on supply quality across student living co- livingiving and family rentals in these specific pin 33:43 33 minutes, 43 seconds codes. uh going for a concentration mix where idea is to provide better quality 33:50 33 minutes, 50 seconds uh supply uh to this now uh to this to this uh uh very specific set of 33:57 33 minutes, 57 seconds consumers as a as a overall sector. If you see the rental sector as such on the demand side, uh 34:06 34 minutes, 6 seconds there's demand for 2 cr rental rental housing units across top cities uh top eight cities in the country and um the 34:16 34 minutes, 16 seconds sector itself has not even scratched the surface. So uh despite uh despite these 34:23 34 minutes, 23 seconds uh uh headwinds that we we do witness across uh uh uh uh the the IT cities, we 34:30 34 minutes, 30 seconds we don't see that uh as a sector overall we should be really concerned about uh student living, poor living and family 34:37 34 minutes, 37 seconds rentals because of the uh the pure nature of real estate consumption is changing quite quite drastically 34:45 34 minutes, 45 seconds especially backed by the generation Z's uh uh demand for rental housing and and 34:53 34 minutes, 53 seconds we see this with this we see this continuing more and more. So uh coming to the distribution segment the distribution segment uh got augmented by 35:02 35 minutes, 2 seconds prop tiger and that also answers part of your question one which is organic growth. uh we concluded the prop tiger 35:11 35 minutes, 11 seconds uh transaction in Q2 and uh prop tiger now is completely uh engaged and enabled 35:18 35 minutes, 18 seconds in our uh at the prop autumn prop tech ecosystem. Uh we've been we've been uh 35:25 35 minutes, 25 seconds able to scale prop tiger business uh from where it was to now delivering its strongest quarter performance uh across 35:33 35 minutes, 33 seconds the last 15 years since its inception uh where we've been able to clock 42.8 8 crores of quarter growth at uh in in in 35:42 35 minutes, 42 seconds terms of uh quarterly revenue for uh for prop tiger. Uh so that gives us solid confidence. Um we've been with this 35:50 35 minutes, 50 seconds we've been able to also surpass the dependency on the rental segment which we which we which we had uh in the in 35:59 35 minutes, 59 seconds the previous quarters. Now in fact the distribution segment with prop tiger, Analytica and Selu combined contribute 36:05 36 minutes, 5 seconds to more than uh to around 60 odd% of our uh total income which is which is a solid pillar to our uh propt tech uh 36:14 36 minutes, 14 seconds business as a sector. Overall uh if you if you look at uh the industry spend uh 36:21 36 minutes, 21 seconds real estate developers across uh top eight cities in the country spend 38,000 crores towards uh lead genen towards 36:30 36 minutes, 30 seconds aggregator platforms uh towards transaction management. Uh and this is the large uh this is a large headroom 36:38 36 minutes, 38 seconds that we uh intend to uh intend to capture upon. 36:43 36 minutes, 43 seconds Typically whenever a real estate sales cycle goes low that is when our business actually starts getting more in demand 36:51 36 minutes, 51 seconds because developers spend more on lead genen, developers spend more on transaction management to ensure their sales are bolstered up and as in a as as 37:01 37 minutes, 1 second we see more institutional play in the real estate sector overall uh demand for our tech enabled services in the enterprise segment or the distribution segment will be more prominent. 37:12 37 minutes, 12 seconds I hope I've been able to answer uh your uh question Amit. Yeah. Yeah. Thank you and all the best. 37:20 37 minutes, 20 seconds Uh uh no it will be team. Thank you. 37:26 37 minutes, 26 seconds Thank you. Our next question comes from Aditya Yadav from Transient Capital. Please go ahead. 37:37 37 minutes, 37 seconds Hello. Please go ahead sir. You are audible. Yes, you are audible. 37:42 37 minutes, 42 seconds Yeah, congratulations to the management team. 37:46 37 minutes, 46 seconds The performance has been really consistent and uh and big uh props on scaling the 500 uh annual revenue run 37:54 37 minutes, 54 seconds rate. Uh so firstly I had a question regarding uh the prop tiger integration. 38:00 38 minutes Uh so from the headline numbers the integration seems to be going very well and it shows off in the sales momentum 38:07 38 minutes, 7 seconds also and I suppose that was the uh rationale with the acquisition that it sits very well in the distribution 38:15 38 minutes, 15 seconds segment where you kind of now have an omni channel approach right from feet on the street to analytics to CRM you have 38:23 38 minutes, 23 seconds an integrated approach but you could uh could you give us a specific example of how uh things have changed changed post 38:30 38 minutes, 30 seconds prop tiger acquisition where you know you're able to capture more value and the ecosystem as a whole is working very well together. 38:40 38 minutes, 40 seconds Sure. Sure. Thank you so much for your question and thank you so much for such a detailed thought into the entire business. Uh we'll give you an example 38:49 38 minutes, 49 seconds on what how and what we've done at a prop tiger level to make this integration work. one uh what we've done 38:57 38 minutes, 57 seconds is that across prop tiger we have changed the focus earlier the focus was on transactions it 39:05 39 minutes, 5 seconds still relies but we shifting it to a mandate model more from a transactions model which was there earlier what 39:13 39 minutes, 13 seconds happens in mandate is because the amount of gross commission that a developer is charged on mandate as well as on a is a 39:22 39 minutes, 22 seconds lot higher than the standard brokerage Also with respect to the entire distribution spread that we have which 39:30 39 minutes, 30 seconds is 1100 plus developer connections across the entire ORM prospect portfolio we could scale prop tiger to more 39:38 39 minutes, 38 seconds developers taking it to approximately 180 plus developer relationships currently existing purely at prop tiger 39:45 39 minutes, 45 seconds level. We feel that there is still a lot of scope left to increase this and take it to even tier two cities. Similarly, 39:54 39 minutes, 54 seconds how you think uh with what we doing right now, we're doing a omni channel approach of GTM where we are taking all 40:03 40 minutes, 3 seconds the distribution products as a unified product to tier 2 cities. This is specifically being headed by prop tiger 40:11 40 minutes, 11 seconds where we see the next leg of growth coming in as well. Mhm. 40:17 40 minutes, 17 seconds Okay. Uh and uh just a small clarification is mandate like an exclusive model. So if you have a mandate for a particular project, so the 40:26 40 minutes, 26 seconds entire sales will flow through you or how does it work? Sure. So mandate is an exclusive model. 40:33 40 minutes, 33 seconds You're correct. So what happens in that case is that the developer in enables prop tagger to do all sales and 40:40 40 minutes, 40 seconds marketing for a specific project. Propt Tiger deploys a dedicated team which takes care of the entire marketing as well as sales for that specific project. 40:50 40 minutes, 50 seconds In mandate model, even the gross commission being charged as well as the margins are a lot better compared to the transaction model. 40:59 40 minutes, 59 seconds Okay. Okay. And my uh second question was regarding nestway. So we see uh in terms of uh houses under contract or the 41:08 41 minutes, 8 seconds number of signed units it's been declining year on year and uh the idea was nestway is more of an asset light 41:16 41 minutes, 16 seconds model. It's a commission based model so where uh ideally the growth must have been higher growth should have been higher sorry and but uh that hasn't 41:26 41 minutes, 26 seconds transpired. So uh could you give it give us a sense what is happening? Is there a gap in the product market fit or what 41:33 41 minutes, 33 seconds gaps do you see key what is happening actually on the ground with regarding to nestway 41:41 41 minutes, 41 seconds uh with respect to nestway what we have done is a systematic change as oncar mentioned earlier we're going by a 41:49 41 minutes, 49 seconds strategy of win a pin code due to this what we have done is consolidated the number of houses and conducted a 41:57 41 minutes, 57 seconds rationalization exercise across the entire entire nestway portfolio due to which you see a dip in terms of number of houses. However, if you see what we 42:07 42 minutes, 7 seconds have done at nestway is that we have increased the value added services and the revenue potential for them. So while 42:14 42 minutes, 14 seconds the number of houses have reduced uh for this specific quarter you'll see that the revenue has gone up because of the 42:22 42 minutes, 22 seconds value added services that we are being able to enable at a pin code level. This is helping us scale the revenue as well as improve the margins of nestway as an 42:30 42 minutes, 30 seconds entire business. Going ahead, nestway will be getting to a stage where it is increasing the number of houses with 42:38 42 minutes, 38 seconds these value added services where we feel that rental can be pushed towards profitability in the next coming financial year. 42:47 42 minutes, 47 seconds So by coming financial year you mean the FI27 or FI27 FI27 I mean the the running financial year you mean 42:56 42 minutes, 56 seconds the running financial year and okay and uh could you also please comment on the growth in the rental segment it's been very subdued for a 43:04 43 minutes, 4 seconds while I understand there has been a recalibration of the strategy as you just mentioned but uh could you give us a color on how's it uh supposed to pan 43:12 43 minutes, 12 seconds out for coming like just a qualitative color maybe not even numbers But a qualitative color key how confident you feel on the product market fit and 43:21 43 minutes, 21 seconds everything key in growth in the coming quarters how it's supposed to shape up or like we see and and we spoke about a 43:28 43 minutes, 28 seconds slowdown also and just factoring in all those things uh how do you expect it to trend? 43:34 43 minutes, 34 seconds So we feel while at an industry level on carar mentioned that you know we'll have it hiring slowing down but the 43:43 43 minutes, 43 seconds organization of the disorganized supply is still a huge potential because of which we will be growing the rental 43:50 43 minutes, 50 seconds portfolio similarly how we have grown it over the years till now uh the growth will be coming in from both hello world 43:57 43 minutes, 57 seconds and nestway together we are currently at around 30,000 beds under management we'll be growing these beds in the management while also increasing the 44:06 44 minutes, 6 seconds other rental revenue opportunities across the entire ecosystem. 44:11 44 minutes, 11 seconds We're working on that. Uh but we'll be seeing growth across the entire portfolio across both Hello World and this. 44:21 44 minutes, 21 seconds Okay. Okay. Thank you. That's all from my side. 44:26 44 minutes, 26 seconds Thank you. Our next question comes from Ruben M with Equity Intelligence. Please go ahead. 44:36 44 minutes, 36 seconds Hi there. Um first off, congratulations on an excellent quarter. Um I just had a 44:42 44 minutes, 42 seconds few questions. Um see, we have been hearing about um you know AI impacting u these SAS companies. So I'm 44:52 44 minutes, 52 seconds [clears throat] just trying to understand uh what is it that gives you the edge? Is it your proprietary real estate data or is it your customer 44:59 44 minutes, 59 seconds relationships? Um just trying to understand what is it that you offer that others can't replicate. 45:06 45 minutes, 6 seconds Sure. Thank you so much for your query. 45:10 45 minutes, 10 seconds Uh you are correct. What happens with AI? AI has actually changed the entire 45:17 45 minutes, 17 seconds system in which modes were created or tech was created. Currently with AI we 45:25 45 minutes, 25 seconds feel data is the biggest mode that any company can have in the current market with the amount of real estate 45:32 45 minutes, 32 seconds transaction data managed through prop tiger real estate lead data managed through ARM analytica and real estate 45:40 45 minutes, 40 seconds developer and channel partner data managed through cell.2 group. We feel we have the entire ecosystem through which 45:48 45 minutes, 48 seconds we can develop and be the first mover in terms of AI where this is impacting is 45:55 45 minutes, 55 seconds in terms of building our core SLM layers on top of the existing LLM layers which will help in terms of lead enrichment 46:04 46 minutes, 4 seconds which will help in conducting most precise amount of AI calling most precise way to ensure that the lead 46:12 46 minutes, 12 seconds management as well as the transaction closure happens through the AI agents and have a rag architecture on top of 46:19 46 minutes, 19 seconds the existing LMS as well. What this will do is there is no ecosystem right now which exists which has all of these 46:28 46 minutes, 28 seconds pieces together combined which will have which which will enable us to make this move early on. 46:36 46 minutes, 36 seconds Yes, we're working on this thing and we'll come out with more updates on the AI initiative in the coming quarters as well. 46:45 46 minutes, 45 seconds Okay. Um so you've also been speaking about I know um cross-selling you know um across multiple platforms you know 46:52 46 minutes, 52 seconds multiple products. Um can you maybe give me an estimate of uh what percentage of customers use more than one uh product 47:00 47 minutes and is that number steadily increasing um over the last few quarters? Sure. 47:06 47 minutes, 6 seconds So Ruben we have we have common set of you know customers across multiple products which is in the distribution as 47:13 47 minutes, 13 seconds well as in the rental segment. uh with prop tiger's edition the number has been growing and currently it would be around 47:22 47 minutes, 22 seconds 22% of our entire distribution network working out through multiple products not a single product but through 47:29 47 minutes, 29 seconds multiple products having a multi-product suit from or prop tech we feel with our current database uh the tier 2 cities is 47:38 47 minutes, 38 seconds going to be where we'll be focused more towards a joint GTM distribution strategy where we'll have prop tiger 47:46 47 minutes, 46 seconds going in and providing the joint GTM across all the other products. 47:52 47 minutes, 52 seconds I mean just to add to what uh Rehen said, this is Ashish here. Um we have we 48:00 48 minutes have not been able to do justice to the ecosystem revenue that we call ourselves 48:07 48 minutes, 7 seconds uh to say that how much can be the crossell and the opportunities. Those numbers are still in single digit and 48:14 48 minutes, 14 seconds that is one focus that we have this year to start evaluating internally that how much of the revenue is coming as a 48:22 48 minutes, 22 seconds cross-ell revenue and um uh uh we we we have tried to do this last year as well but last year was really focused on 48:31 48 minutes, 31 seconds ensuring that we go deeper with our customers go deeper with each product and each company whereas this year will be focused on uh cross-selling ing 48:40 48 minutes, 40 seconds collaboration and what we call an ecosystem revenue in our in our language. We we have started to track it. Uh we will we will definitely do 48:48 48 minutes, 48 seconds better in this year of okay and and just one last question um on the SME um do you expect it to be 48:58 48 minutes, 58 seconds more on the uh commercial side or would it be on the res with the residential focus and uh when do you expect um you 49:05 49 minutes, 5 seconds know the first launch of it? Can you give us some guidance on that? 49:10 49 minutes, 10 seconds to open we feel that with the current set of regulations for the SM read by SE 49:17 49 minutes, 17 seconds uh commercial real estate which is grade A leased out to a market tenant makes the most perfect fit for the product 49:25 49 minutes, 25 seconds because of which the focus has currently been on commercial pre-leased real estate uh we've already started you know 49:33 49 minutes, 33 seconds creating a pipeline of properties a detailed RFP has been rolled out with all the channel partners that we work with and we are evaluating assets across 49:42 49 minutes, 42 seconds Mumbai, Pune, Delhi, NCR, Bangalore, Ahmedabad, couple of these geographies. 49:49 49 minutes, 49 seconds Uh once we'll do a detailed due diligence and then we'll try to we'll definitely come up with the SMER in this financial year. 50:00 50 minutes Okay. 50:02 50 minutes, 2 seconds Okay. Thank you so much. That's it from my side. Wishing you all the best. Thank you. 50:08 50 minutes, 8 seconds Thank you. Our next question comes from the line of Jimit Gandhi with MK. Please go ahead. 50:18 50 minutes, 18 seconds Yeah. Hi. Uh thank you for uh giving me the opportunity. Uh I just want to double click on a few aspects. uh uh the 50:28 50 minutes, 28 seconds first one being say uh if I strip out the proprietary proprietary sort of data and run the same AI models on generic uh 50:37 50 minutes, 37 seconds market data then in that case how much of the conversion or the CAC advantage 50:44 50 minutes, 44 seconds that we have as a business uh disappears or rather to what extent this helps us in bringing more conversions or 50:52 50 minutes, 52 seconds efficiencies that we have laid out in one of the slides in the presentation. 50:56 50 minutes, 56 seconds if you can just uh share some thoughts on this that would be helpful. 51:02 51 minutes, 2 seconds Sure. Sure. Jim J I'll answer your question in two parts. One with [clears throat] respect to AI 51:09 51 minutes, 9 seconds implementation within to our customers which is developers channel partners we have been 51:17 51 minutes, 17 seconds consistent with one thing. The early mo advantage helps in the AI data set training which improves this improves 51:26 51 minutes, 26 seconds each interaction every day. What this means is that every time a AI agent talks to the customer understands it 51:34 51 minutes, 34 seconds learns and it relearns and it relearns on top of that data as well. Every interaction recorded fed into the AI 51:42 51 minutes, 42 seconds model helps in terms of learning the AI on how to interact and makes it better. 51:48 51 minutes, 48 seconds In our early pilot days, we've seen the conversion rates going from lower single digits to upwards of double digits as 51:56 51 minutes, 56 seconds well. This is purely because they were able to train the AI model on 25 30,000 transaction, call recordings, WhatsApp 52:05 52 minutes, 5 seconds chats, email conversations and then help it converse better. We see the same 52:12 52 minutes, 12 seconds thing working out because of which ORM propt is better enabled to do AI implementation in the entire prof space. 52:20 52 minutes, 20 seconds The second point onto the slide or the presentation part that is purely on the business value optimization that we see 52:29 52 minutes, 29 seconds internally by adopting AI tools. In this case, we're using these four which is AI 52:36 52 minutes, 36 seconds powered sales agent, AI campaign and content engine, lead intelligence and CMS and AI first customer support as 52:44 52 minutes, 44 seconds four key initiatives to ensure efficiency at ORM prop tech level. This will help us automate a lot of manual 52:52 52 minutes, 52 seconds workflows internally and help in streamlining processes where we feel we can increase the efficiency and the profitability metrics. 53:04 53 minutes, 4 seconds Um okay uh thank thanks for that. Uh just the followup to this is uh say how do we understand the benefits or how do 53:13 53 minutes, 13 seconds we measure these sort of benefits uh say coming from uh AIEL initiatives versus the operating leverage that uh uh in the 53:22 53 minutes, 22 seconds initial remarks we spoke about. So how are we trying to how how can I uh understand or evaluate when I'm looking 53:29 53 minutes, 29 seconds at uh the numbers or when I'm looking at the presentation in terms of how do we uh have that differentiation. 53:37 53 minutes, 37 seconds Sure. Thank you Jumit. So for specifically to business value optimization we feel that there are two 53:45 53 minutes, 45 seconds ways of looking at the metrics. One is performance metrics which includes increase in conversion ratios includes 53:54 53 minutes, 54 seconds increase in connection rates the time to go live which are more operational which we'll be tracking for a couple of quarters as these are in pilot stages 54:03 54 minutes, 3 seconds right now and then coming out with detailed numbers and metrics on how we have improved them through our AI 54:09 54 minutes, 9 seconds agents. However, at a net level, we feel that our revenue per employee, which is 54:17 54 minutes, 17 seconds the key metric for business value optimization has to keep on increasing, which is what we have been communicating 54:24 54 minutes, 24 seconds since last six to seven financial years and will continue reporting which will show the improvement that we are having 54:32 54 minutes, 32 seconds due to the business value optimization as an entire initiative. 54:36 54 minutes, 36 seconds So Jimit just to add to this I think u uh this if you if you look at some of the leaders in our propt tech ecosystem 54:44 54 minutes, 44 seconds which have already been uh using uh Genai and and are we advancing it is a classic case of auto analytica analytica 54:54 54 minutes, 54 seconds has sold a record number of 1 lakh 20,000 leads in the last quarter and this has come despite 55:01 55 minutes, 1 second uh despite having to increase the number of people working looking at Auto Analytica uh on the tech side on the on 55:09 55 minutes, 9 seconds the fulfillment side. Uh so that's one key indicator that you can look at. 55:14 55 minutes, 14 seconds Second is that uh from we look at uh we look at AI more as uh an enabler uh 55:22 55 minutes, 22 seconds where all the all the workflows are then embedded into our real workflows or more on the fulfillment side. So prop has 55:29 55 minutes, 29 seconds that or proptek has that unique advantage of being a tech company with a fulfillment layer onto it where there's 55:36 55 minutes, 36 seconds both upstream and downstream enablement with AI that effectively leads onto the some of these key uh metrics of measurements. 55:49 55 minutes, 49 seconds Sure. Thank you. Thank you so much for that detailed response. And just one last bit uh if I may. Uh so the revenue per employee that we are uh measuring 55:57 55 minutes, 57 seconds and that we are putting out in the PPT uh the employee count here is the total employee count like it includes the 56:04 56 minutes, 4 seconds subcon as well or uh as in how does that uh uh get factored in the denominator if you can just shed some light on that. 56:13 56 minutes, 13 seconds Sure. Uh so Jim this includes all the employees of ARM prop tech. uh it does not include any uh outsourced employees 56:22 56 minutes, 22 seconds or any interns that we have across the group but includes all the employees and we keep tracking across that. 56:33 56 minutes, 33 seconds Sure. Thank you so much. 56:34 56 minutes, 34 seconds Yep. Yep. I think I think that query actually does not apply to us as much because from a subcon point of view we 56:42 56 minutes, 42 seconds don't have a large workforce for fulfillment direct fulfillment that is subcontracted uh where we where we do subcontract is 56:51 56 minutes, 51 seconds is is do uh is is uh specific uh uh activities in businesses like hello world which anyway sit as a part of the 56:59 56 minutes, 59 seconds cost of property management uh for that specific asset or for that Sure. 57:10 57 minutes, 10 seconds Thank you so much. Uh that helps a lot. Thanks. 57:16 57 minutes, 16 seconds Thank you. Our next question comes from the line of Nishita Shanklesha from Crown Capital. Please go ahead. 57:28 57 minutes, 28 seconds Hello. Am I audible? You are audible. Ma'am, you may proceed. 57:32 57 minutes, 32 seconds Yes. So uh like I just wanted to understand the growth trajectory that we'll have in the next 2 three years. So in FI26 we had a growth of around 47%. 57:43 57 minutes, 43 seconds So do we expect this growth to continue or so nishika we we are uh not allowed to 57:53 57 minutes, 53 seconds give forward-looking statements but if you look at the last uh four years right from inception of uh autumn prop tech and our and our prop tech business model 58:02 58 minutes, 2 seconds we've consistently delivered a growth of uh 40% uh yearon year uh from a revenue 58:09 58 minutes, 9 seconds standpoint and what is to be underlined here is that our growth has come at improved parameters on unit economics 58:16 58 minutes, 16 seconds and profitability where unlike a lot of growing companies where there's no sight on profitability, we've been able to 58:23 58 minutes, 23 seconds balance it out consistently and uh consistently and we we do see uh following the similar trajectory as we 58:31 58 minutes, 31 seconds go in the next into the next three years. uh we are sure that uh we would not want to disappoint you and ourselves 58:39 58 minutes, 39 seconds by delivering a uh subpar growth than what we have delivered until now. 58:46 58 minutes, 46 seconds Understood. Understood. And on the margins front so like how do we see our fat margins? Do we see the profitability 58:53 58 minutes, 53 seconds continuing or so? Uh it's it's a it's a uh not a very straightforward answer. uh our 59:01 59 minutes, 1 second distribution business has consistently been uh profitable. Uh inherently both uh uh all the three uh uh business lines 59:10 59 minutes, 10 seconds in the distribution segment have a potential of delivering a consistent 25% growth margin. Uh uh uh depending on the 59:19 59 minutes, 19 seconds seasonality, depending on the uh geography uh but yes uh as on an average we we do see that consistently happening 59:26 59 minutes, 26 seconds in the distribution business. In the rental business, it's a consumer uh fronted business and that is where we do 59:34 59 minutes, 34 seconds uh we do uh uh we are we are taking s some time to reach a a substantial level 59:42 59 minutes, 42 seconds of profitability uh especially in the nestway business where we are required to spend more on the platform we are required to spend more on uh uh tech we 59:51 59 minutes, 51 seconds are required to spend more on go to market uh to make sure that uh the nestway as a C2C rental platform 59:58 59 minutes, 58 seconds uh uh remains uh consistently and consistently the top of the mind recall for rental consumers. Hello World, we've been able to ensure that there's more 1:00:06 1 hour, 6 seconds quality supply, there's more concentration of teams and uh um we've we've been able to uh I would say scale 1:00:14 1 hour, 14 seconds the scale the teams to a uh to a measurable amount of uh uh profitability in Hello World as well. uh the so that's 1:00:23 1 hour, 23 seconds that's I I hope we I've been able to answer your question on on uh margins and profitability. Yes. Yes. Thank you so much. 1:00:32 1 hour, 32 seconds Thank you. 1:00:36 1 hour, 36 seconds Thank you. Ladies and gentlemen, we have a couple of questions in the queue. 1:00:39 1 hour, 39 seconds However, due to posity of time, we will take one last question from The Peshmea of MK Global. The Pesha has 1:00:48 1 hour, 48 seconds given us a text question. The first is can you provide a broad thought on potential savings expected from AIE 1:00:55 1 hour, 55 seconds efficiencies? How do we leverage AI to expand revenue growth opportunities? And his second question is he wants to know 1:01:02 1 hour, 1 minute, 2 seconds the growth profitability outlook across segments. Sure. Uh thank you D for the question. 1:01:10 1 hour, 1 minute, 10 seconds I'll take the first question first. 1:01:13 1 hour, 1 minute, 13 seconds uh with respect to AI, we feel that the potential savings uh are through the business value optimization that we're doing across the entire ecosystem. 1:01:24 1 hour, 1 minute, 24 seconds Uh with respect to this, we feel that we'll be significantly improve our revenue per team member by decoupling 1:01:32 1 hour, 1 minute, 32 seconds the revenue growth with the increase in the employee count as well as the cost. 1:01:38 1 hour, 1 minute, 38 seconds We feel that we'll be able to deliver higher adjusted AIDA and PBT margins in the coming quarters because of this 1:01:46 1 hour, 1 minute, 46 seconds AIdriven automation that you'll be doing across the entire portfolio. 1:01:51 1 hour, 1 minute, 51 seconds With respect to revenue opportunities with AI, we feel the unified brain architecture that we are building 1:01:59 1 hour, 1 minute, 59 seconds through the Oram tech ecosystem is going to deliver revenue monetization opportunities. cross company leveraging 1:02:09 1 hour, 2 minutes, 9 seconds and ensuring that we have autonomous agents who are carrying out entire customer journeys from rental to 1:02:16 1 hour, 2 minutes, 16 seconds distribution as well as reverse from distribution to cap uh rentals as well. 1:02:22 1 hour, 2 minutes, 22 seconds We feel that is going to be the revenue trigger for with respect to AI. However, there are companies which is cell.do do 1:02:31 1 hour, 2 minutes, 31 seconds and monk spaces which are using AI to drive additional value from existing customers as well. This is through a 1:02:41 1 hour, 2 minutes, 41 seconds selfdeveloped AI calling agent AI lead scoring mechanism as well as AI omni channel marketing as an entire tool being developed. 1:02:52 1 hour, 2 minutes, 52 seconds For your second question with respect to the profitability trends for the from each segment, our distribution segment 1:03:00 1 hour, 3 minutes has been profitable since beginning. We have delivered 20 to 25% margins across different companies in the distribution 1:03:08 1 hour, 3 minutes, 8 seconds segment. With respect to rentals, as a C2C business, the focus has now shifted towards profitability with streamline 1:03:18 1 hour, 3 minutes, 18 seconds growth where we'll be seeing profitability trends emerging in the rental segment in the coming in the current financial year FY27. 1:03:27 1 hour, 3 minutes, 27 seconds Hello World has reached adjusted a bit the break even uh in the current month and will be delivering profitable growth going ahead as well. 1:03:38 1 hour, 3 minutes, 38 seconds Thank you. Thank you. 1:03:43 1 hour, 3 minutes, 43 seconds I would now like to hand the conference over to Miss Pranali Desle for closing comments. Over to you ma'am. 1:03:50 1 hour, 3 minutes, 50 seconds Thank you Dorin and thank you everyone for joining us today. Quarter 4 has been a defining milestone for Ourum propt tech marking the capstone of a year in 1:03:59 1 hour, 3 minutes, 59 seconds which we have meaningfully strengthened our operating performance deepened profitability and executed with greater discipline across our platforms. We 1:04:08 1 hour, 4 minutes, 8 seconds appreciate your continued trust and engagement and we look forward to staying connected as we build on this momentum into the new financial year. 1:04:16 1 hour, 4 minutes, 16 seconds Should you have any further questions, please feel free to reach out to our investor relations team and we will be happy to address them offline. Thank you 1:04:25 1 hour, 4 minutes, 25 seconds once again for your time and continued support. Wishing you all a very successful year ahead. Thank you. 1:04:33 1 hour, 4 minutes, 33 seconds Thank you on behalf of Oram Prop Tech Limited. That concludes this conference. 1:04:39 1 hour, 4 minutes, 39 seconds Thank you all for joining us. 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