BLACKBUCK LIMITED — Q3 FY26

Blackbuck Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=BwMl75OA-Us Published: 3 months ago

0:03 3 seconds Good evening ladies and gentlemen. 0:04 4 seconds Welcome to the Q3 FI26 earnings conference call of Blackbuck Limited hosted by Radhi Capital. As a reminder, all attendees will be in the listenonly 0:13 13 seconds mode and there will be an opportunity for you to ask questions after the presentation concludes. If you have any questions, please feel free to press the 0:20 20 seconds raise hand button. We'll call on you in turn and unmute your line so you can speak. You can also post your questions in the chat window and we'll try to 0:28 28 seconds answer either during the call or get back to you on email. Important note, if you need to ask a question, please ensure Microsoft Teams has permission to 0:37 37 seconds access your microphone when you log in, otherwise you will not be able to unmute. Please note that this conference is being recorded. Kindly also note that 0:45 45 seconds the audio of the earnings call is a corporate material of Blackbuck Limited and cannot be copied, rebroadcasted or attributed in the PR media without 0:53 53 seconds specific and written consent of the company. Please note that anything said on this call that reflects the outlook towards the future which can be construed as a forward-looking statement 1:02 1 minute, 2 seconds must be reviewed in conjunction with the risk that the company faces. A copy of the disclosure is available on the investor relations section of the 1:09 1 minute, 9 seconds website as well as on the stock exchanges. To give you an in-depth understanding of the company and answer all your queries, we have from the 1:17 1 minute, 17 seconds management side today Mr. Rajesh Kumar Naidu Yabaji, chairman, managing director and CEO and Mr. Satyakam GN, 1:25 1 minute, 25 seconds chief financial officer. I now hand over the conference to Mr. Rajes for his opening remarks. Thank you and over to you sir. 1:33 1 minute, 33 seconds U thank you so much uh for the introduction. Uh good evening everybody. 1:37 1 minute, 37 seconds Um welcome to the third quarter earnings call of Blackpark. 1:42 1 minute, 42 seconds uh the second last lap into the financial year and uh more importantly the second half of the year which 1:50 1 minute, 50 seconds positively benefits the whole uh CV and the trucking industry and uh we'll walk you through what has been the last 1:58 1 minute, 58 seconds quarter and uh and we can discuss uh there on 2:04 2 minutes, 4 seconds yeah so at a broad snapshot level uh we did close to about 189 crores in total 2:12 2 minutes, 12 seconds income from in the Q3 of 26 which is a 53% growth on a year-on-year basis. AITA of about 45 crores which is close to 2:21 2 minutes, 21 seconds about 50% growth on a year-on-year basis. Pat of about 32 crores. Uh last year because of exceptional items 2:28 2 minutes, 28 seconds there's no comparison. uh so broadly consistent with uh what we've been talking about in terms of our business 2:35 2 minutes, 35 seconds model in terms of our revenue line items in terms of uh consistency consistency in delivering the profitability I think 2:43 2 minutes, 43 seconds that's playing out on the functional metric side as uh we've discussed transacting customers is one of our northstar metric in terms of how many 2:51 2 minutes, 51 seconds customers uh transact with us how many of these truck owners are using our services that's growing at about 13% on a year-on-year basis 2:59 2 minutes, 59 seconds users using greater than two services which is typically our more loyal users power users that's close to half of the overall transacting users that's growing 3:08 3 minutes, 8 seconds at about 20 20 and a half percentage on a year-on-year basis GT mean payments payments forms critical part of our revenue so we keep reporting this that's 3:16 3 minutes, 16 seconds roughly growth of about 23 and a half% on a year-on-year basis so headline you know being that you know as as all of 3:23 3 minutes, 23 seconds you are aware we are investing you know very strongly in newer business verticals like super loads and vehicle 3:31 3 minutes, 31 seconds finance. Uh despite those investments, we've been able to keep up delivering consistent profitability and uh this 3:40 3 minutes, 40 seconds story you know will continue to play out. Um taking a step back again uh playing out our core strategy and core 3:48 3 minutes, 48 seconds you know vision of uh what we building why we are building as all of you are aware Blackbuck is essentially trying to 3:56 3 minutes, 56 seconds recast the whole trucking ecosystem how it works today and as we all know fast forward 10 years this would not be really operating the way it is today. 4:04 4 minutes, 4 seconds The question of really whether it will change is is not there. The question is really when it'll taken place, right? Uh 4:11 4 minutes, 11 seconds what we are solving today uh towards that particular vision, what we are solving today is the truck operator's life, truck operator's journey because 4:19 4 minutes, 19 seconds this is the infrastructure which supports trucking and we believe that if we can solve this, it makes us like multiple steps closer to really 4:27 4 minutes, 27 seconds recasting how trucking works in the country. So as as all of you know, we've shown this slide uh you know in probably all our earnings call thus far. We have 4:36 4 minutes, 36 seconds like very simplistic strategy where we innovate and we create offerings for our truck operators. These offerings range from you know enabling their operations 4:45 4 minutes, 45 seconds to getting them go cashless to help them you know access to their own data easily to getting loads on the platform. Then we have our platform, our crown jewel, 4:53 4 minutes, 53 seconds the the blackbook app where these customers transact and and for these customers this is like you know as consumers if we fire uh you know X or we 5:02 5 minutes, 2 seconds use Safari as our browser as the as a platforms where we use you know where we in put in max amount of a time during the day for a trucker it's basically the 5:09 5 minutes, 9 seconds black platform and our very unique distribution right so as you know in offerings we've we've like varied offerings which we you know have enabled 5:17 5 minutes, 17 seconds for our customer right from tolling to vehicle tracking to fuel payments to you know fuel sensor to fleet docs and many of these offerings and we continue to research and continue to 5:25 5 minutes, 25 seconds launch these platform most of these transacting customers that we talked about are spending close to 45 minutes daily that's a powerful usage which 5:34 5 minutes, 34 seconds continues to compound distribution a very unique a very omni channelled distribution strategy where you know feet on street from a sales point of 5:42 5 minutes, 42 seconds view from a technician network perspective from a channel partner network perspective to call center right so every every kind of you know 5:50 5 minutes, 50 seconds methodology which is used to reach to the customers to be able to provide the service and the you know knowhow of the product what to for him to really 5:58 5 minutes, 58 seconds utilize and we are essentially virtually present everywhere. So through this strategy is how our revenue gets delivered. This is the strategy in which 6:06 6 minutes, 6 seconds our teams are you know broken up broken out in in inside the company. This has been the same strategy for the last 5 years and we continue uh executing you 6:14 6 minutes, 14 seconds know on these fronts as we speak uh you know today. 6:18 6 minutes, 18 seconds Now this strategy fractifying into execution is largely the key KPIs. Some of them I've already spoken uh in the headline slide. Uh so if you can see 6:27 6 minutes, 27 seconds monthly transaction truck operators growing on a year basis at about 13%, largely the 9month numbers are synonymous to the quarterly growth 6:34 6 minutes, 34 seconds numbers. I will highlight wherever there is specific callouts there. Uh gross transaction value of payments as I mentioned grew by about 23 and a half% 6:42 6 minutes, 42 seconds on a year-on-year basis. uh revenue from operations 51%. And when you look at net revenues which is basically you know below which literally the uh you know 6:50 6 minutes, 50 seconds most of it flows into contribution margin with an efficiency of close to 93%. In that the growth is roughly about 34%. And we will talk about the split 6:58 6 minutes, 58 seconds between the new and the old as we keep moving forward. From a contribution margin basis, we've grown similar to the overall revenue net revenue growth which 7:06 7 minutes, 6 seconds is 33% and contribution margin percentages as I spoke 94% are largely consistent which has led to us delivering an adjusted a bit of 50 7:15 7 minutes, 15 seconds crores compared to the last year same quarter that was 33 crores which is a 51% growth. 9 month number is is very stark because uh you know roughly about 7:24 7 minutes, 24 seconds the same timeline last year is when we started compounding on our profitability. So that's a 13 140 cr on a 9-month number compared to the 7:31 7 minutes, 31 seconds previous year 9 month number was 64 crores which is roughly you know 118% you know 2.2x kind of a growth on the 7:38 7 minutes, 38 seconds adjusted EITA on a year-on-year 9-month basis uh giving a narrative on uh really what's happening behind these numbers as 7:46 7 minutes, 46 seconds I spoke revenue grew by 40 53%. within that the core businesses had a growth of you know very healthy growth of 31 you 7:54 7 minutes, 54 seconds know 31 and a half% on a year-on-year basis and as I was mentioning at the starting of the call that H2 is the positive season for the CV industry 8:03 8 minutes, 3 seconds that's 11 12% growth on a sequential quarter basis so the whole momentum of H2 has you know essentially picked up 8:10 8 minutes, 10 seconds and uh underneath the core business which is you know growth of 31 and a half% tolling business which is basically one of the core revenue levers 8:17 8 minutes, 17 seconds that's you know that's grown grown uh obviously more than 24% but the GTV growth is 24%. Which also is a important 8:25 8 minutes, 25 seconds determinant how the revenue in the tolling business essentially grows versus the industry grew at about 15% which continues to you know uh call out 8:32 8 minutes, 32 seconds that our market share is compounding and we are able to grow healthily and continuing to accelerate there. other 8:40 8 minutes, 40 seconds business vertical of telematics which is the second business vertical under the core businesses again had a very strong quarter this particular Q3 where the run 8:48 8 minutes, 48 seconds rate of sales and uh like don't confuse us with sales revenue the incremental sales we've done in the last quarter are like almost highest ever in all the you 8:57 8 minutes, 57 seconds know product categories which was a very uh you know a good uh milestone for us from a growth business perspective which 9:05 9 minutes, 5 seconds is again largely led by super loads and vehicle finance we had had a growth of roughly 271% on a year-on-year basis. 9:12 9 minutes, 12 seconds Sequential quarter roughly close to 25% uh growth which largely led by super loads. Now giving a color on super loads 9:20 9 minutes, 20 seconds as we've always maintained uh grow uh you know super loads is in the phase of a very strong playbook building phase where obviously orders are scaling and 9:27 9 minutes, 27 seconds we continue to launch newer cities as we speak. Last time when we were speaking we were live in four cities now we live in totally nine cities and uh so that's 9:35 9 minutes, 35 seconds on super loads vehicle finance um again aided by industry tailwinds we were able to sequentially grow by 35% on the 9:43 9 minutes, 43 seconds dispersals for our partners on the platform and uh that business continues on a healthy growth path. So that's broad commentary on revenue getting into 9:52 9 minutes, 52 seconds adjusted AITA despite continuing to step up investments in newer businesses as as we have spoken we are aggressively pursuing 10:01 10 minutes, 1 second expansion in super loads which is uh you know which which super loads and vehicle finance are unprofitable categories for 10:07 10 minutes, 7 seconds us today. So despite investing in these businesses, we are still able to deliver a very strong AITA growth uh of 51% on a 10:16 10 minutes, 16 seconds year-on-year basis and we have delivered roughly about close to 20% of AITA growth on a sequential quarter basis largely contributed by the operating 10:26 10 minutes, 26 seconds leverage and the compounding of the core businesses which basically are of supremely high quality very differentiated product aided by a very 10:34 10 minutes, 34 seconds low cost and a lowc cost you know distribution and servicing. network is what is aiding that which is giving us the firepower to also continue to 10:43 10 minutes, 43 seconds incrementally invest in our new businesses and which will be the uh you know uh uh the businesses which will 10:50 10 minutes, 50 seconds help us really realize our vision um you know as quickly as possible. So that's the commentary on uh you know these 10:57 10 minutes, 57 seconds numbers these numbers reflecting in uh you know the accounting P&L as you can see income number which we spoke about 11:04 11 minutes, 4 seconds 53% growth on a year-on-year basis revenue from ops roughly excluding the interest income is growing at about 51% core businesses as I gave a gave a voice 11:13 11 minutes, 13 seconds over have grown by 31% growth businesses roughly growing at about like 4x uh 3.7 to 4x on a year-on-year basis on a net 11:21 11 minutes, 21 seconds revenue basis all these indexing in roughly growing at about 34% Direct costs grew a bit you know uh uh strongly because of the telematics 11:29 11 minutes, 29 seconds business by about 56%. And then broadly you know similar waterfall as uh you know regular uh uh uh you know P&L of 11:37 11 minutes, 37 seconds our our cortisa 50 crores compared to 33 crores on a year-on-year basis growth at 51%. And you know that flowing down to PAT at 32 11:46 11 minutes, 46 seconds crores which has an exceptional hit of roughly about 3 and a half to 4 crores on the wages labor labor code uh you know sort of 11:53 11 minutes, 53 seconds regulations changing. So that's the uh and obviously highlighting the 9 month you know adjusted EIA here again 64 12:00 12 minutes crores last year versus this year 140 crores and EITA 53 versus 122. So that's a strong growth on EITA continuing to 12:08 12 minutes, 8 seconds compound. So that's on the uh you know uh P&L perspective. Uh summarizing all this from a profitability angle, this is 12:16 12 minutes, 16 seconds like a zoomed out view of the last uh you know two and a half three years. So if you can see uh this quarter we've delivered our highest ever adjusted 12:24 12 minutes, 24 seconds epitita despite a very strong uh expansion in uh newer businesses and also investing back in core businesses 12:32 12 minutes, 32 seconds because we've grown we've scaled our uh distribution network further by 10 percentage points over the last quarter which means higher investment in 12:39 12 minutes, 39 seconds distribution uh network as well at the same time expansion into multiple cities and super loads. Having said all of that done, still we've delivered an educated 12:47 12 minutes, 47 seconds AITA highest ever of 50 crores. And if you reflect that on a 9-month basis, which is 140 crores, uh FI25 we did close to 100 crores. This number far 12:56 12 minutes, 56 seconds supersedes that to 140. And obviously like you know the last quarter we still have to get through. So that will be a good end to the financial year as well. 13:04 13 minutes, 4 seconds So, so again reum like summarizing again what I spoke in the overall narrative is that you know this uh consistent prof 13:11 13 minutes, 11 seconds profitability continues largely based on the uh you know core businesses which are compounding and delivering and anchoring you know this results where 13:20 13 minutes, 20 seconds the operating leverage continues to hold and continues to sort of you know help us deliver uh the profitability. 13:26 13 minutes, 26 seconds Summarizing uh similar slide which I used uh last quarter thinking ahead largely remains same. Uh I think you 13:33 13 minutes, 33 seconds know I think it would not be uh you know uh it would be fair to say that roughly most of the presentation is same largely the numbers are different because this 13:42 13 minutes, 42 seconds strategy for us has really not changed the last five years and we continue to execute on that strategy. So simply uh thinking ahead core businesses which is 13:49 13 minutes, 49 seconds you know payments and telematics businesses and lot of agencies which we continue to building right we are essentially doubling down continuing to 13:57 13 minutes, 57 seconds invest in our distribution network continue to gain share from a market share perspective continue to align 14:04 14 minutes, 4 seconds ourselves to the market tailwinds and really delivering predictable and consistent and profitable growth while 14:11 14 minutes, 11 seconds that growth delivers strong profits leveraging that and reinvesting in growth businesses which delivers 14:18 14 minutes, 18 seconds superior 10x value to our customers by loads which helps them enhance revenues and multiple other new experiments under 14:25 14 minutes, 25 seconds the you know under the hood. So there I don't think you know as a company after going public we've really pulled back we've actually gone much once we were 14:33 14 minutes, 33 seconds public we probably tested we were probably testing the waters couple of quarters and once we knew how to navigate the public markets we've been actually as aggressive as we were in the 14:42 14 minutes, 42 seconds private markets from really building uh new businesses delivering incremental value for our customers I think you know that's you know continuing to you know 14:49 14 minutes, 49 seconds work so yeah so I think I would leave you guys with these thoughts that you know core businesses continuing to compound on profitability continue to deliver on the operating leverage we've 14:56 14 minutes, 56 seconds always spoken about and that's giving us firepower to continue to step up investments in the new businesses and this strategy we will keep executing as 15:05 15 minutes, 5 seconds we keep going forward. Uh that's all from my side. I think we will open the floor for questions. Um yeah 15:12 15 minutes, 12 seconds uh thank you. We'll now open the call for questions. Kindly raise your hand to ask a question. We will unmute your line and as a reminder we request all 15:19 15 minutes, 19 seconds participants to restrict themselves to two questions and come back in the queue. The first question is from the line of Mr. Sachin Diction. Uh Sachin, please go ahead. 15:31 15 minutes, 31 seconds Yeah. Hi, congrats Rajes on for another great set of results. I had a couple of questions. The first one was basically 15:38 15 minutes, 38 seconds on payments GTV and so we have seen this number growing at roughly 35% y and fiscal year 25 and gradually now we are 15:47 15 minutes, 47 seconds in roughly in the mid to early 20s range in terms of this number. Um what do you think is let's say two years out like 15:55 15 minutes, 55 seconds where do we position uh on this piece right side right because there is some market share gain happening on tolling uh but it's also happening in an 16:03 16 minutes, 3 seconds industry which is growing only 10%. Uh so any views on how do you think this payment GTV should shape out? Yeah, I 16:10 16 minutes, 10 seconds mean uh Sajin as you're aware I again repeat that we typically would not give forward understanding of really how we look at it but I think what you're 16:18 16 minutes, 18 seconds saying is absolutely right that uh because as you know that our market share are like market shares are pretty much you know closer to that 50% level 16:28 16 minutes, 28 seconds range late 40s right as we speak today and as you rightly said the market right now is growing at probably between 9 to 16:35 16 minutes, 35 seconds 10%. And definitely we will compound much stronger on top of that. But this number which which we which you just quoted that the market is growing at 16:42 16 minutes, 42 seconds 10%. If you look at the last you know uh like probably you know two years of data at every quarter level sometimes this number has grown between 15 to 20%. 16:50 16 minutes, 50 seconds Sometimes the number has grown at like 9 10%. So I think definitely we are we are indexed a bit to that but we continue to 16:58 16 minutes, 58 seconds gain market share in broadly the similar method as you know uh uh you know as probably a few quarters back I think 17:06 17 minutes, 6 seconds that's continuing to happen and the second point which I always mention that our acquisition market share is actually much larger than our current market 17:14 17 minutes, 14 seconds share so which means that we will still be continuing to compound at a much faster pace than this so I think that's what I would like to sort of articulate 17:22 17 minutes, 22 seconds uh you know other than that but but yeah but whatever points you facts you you outlined you know are right yeah you know ju just to clarify that right 17:30 17 minutes, 30 seconds so and I know I've asked this question uh in your I think probably the first earnings call as well uh so do you think market shares for you can reach more 17:39 17 minutes, 39 seconds than let's say a 65% odd range or somewhere below that they will start to play you out see basically 17:47 17 minutes, 47 seconds and at a high level obviously not as a guidance at a very high yeah I mean like that whatever number you just quoted is possible because we've been gaining you know market share 17:56 17 minutes, 56 seconds continuously. So but but but the point is the pace to reach there is is hard to determine. It'll all depend on basically 18:05 18 minutes, 5 seconds uh you know uh how the whole uh like sort of industry sort of models out and when our acquisition market share like 18:12 18 minutes, 12 seconds let's say assuming is that assuming that whatever number you said if an acquisition market share is that number then we can see this number reaching you know reaching the the market share 18:21 18 minutes, 21 seconds number reaching that number maybe in a 2 three years timeline. So that's how I think it will work. So we will first have to make our acquisition market share go to that number then the actual 18:29 18 minutes, 29 seconds market share starts reaching that number over a period of time right fair enough that's that's very detailed uh secondly on the incremental 18:39 18 minutes, 39 seconds IDIDA margin that we have been getting right so obviously we have seen very good incremental IDIA margins this quarter while you have invested as you 18:46 18 minutes, 46 seconds have highlighted in super loads you have already reached nine cities uh our incremental IDA margin was not brilliant but still healthy at 44 odd% in Q if I look at it. Yeah. 18:56 18 minutes, 56 seconds Uh so on this number considering you are already in nine cities uh should we expect this to be the worst probably 19:04 19 minutes, 4 seconds incremental evida margin you are going to get and we should expect slightly better as we proceed ahead uh or how should we look at this number right 19:12 19 minutes, 12 seconds obviously we have seen 80% numbers for you as well of course see basically blended incremental margin I don't think is the 19:20 19 minutes, 20 seconds right way to look at this business we need to basically split this after allocating the HU cost into what is the core business AITA margin and what is 19:29 19 minutes, 29 seconds the new business AITA margin because the at the business line vertical level there is literally no connection in terms of uh you know both these 19:37 19 minutes, 37 seconds businesses the costs are pretty independent right so incremental AITA margins of the core businesses continue 19:45 19 minutes, 45 seconds the same story as we've always delivered point number one and this is essentially a independent business which has basically its losses right 19:53 19 minutes, 53 seconds so the overall Overall incremental beta margin is actually a composite metric of these two factors playing out more if we 20:01 20 minutes, 1 second see signs of very like let's say you know a breakout uh signs in our super loads business and we really want to outinvest right then you'll definitely 20:09 20 minutes, 9 seconds you know see depression in the overall IITA and like the you know then the incremental leita margin loses its you know concept itself right because it's 20:17 20 minutes, 17 seconds it's basically two different businesses right so uh so what I'm trying to help you understand is that very hard for me to comment on really whether this is the 20:25 20 minutes, 25 seconds worst or what it is going to be. Point number one. Point number two, the core business has the same flavor of uh operating leverage in terms of 20:33 20 minutes, 33 seconds incremental beta margins. Right? Third, the investment into new businesses are very independent decisions basis the 20:41 20 minutes, 41 seconds signals we get in the market and bases how that independent business performs. 20:47 20 minutes, 47 seconds So just to a follow-up question on that, are you seeing that breakout sort of phase in super loads yet or uh or you're still figuring it out? 20:56 20 minutes, 56 seconds I think we're still figuring out we're building a lot of like products inside uh you know and uh yeah doing a lot of experimentation doing a lot of like you 21:05 21 minutes, 5 seconds know I think I would say ground work at this moment and uh like yeah sure Rajes uh thank you and all the best. 21:13 21 minutes, 13 seconds Thank you. Uh the next question is from the line of Vishal Agaral. Please go ahead. 21:22 21 minutes, 22 seconds Hi, I want to uh ask two questions. Uh firstly, do you have any competition uh the market listed or unlisted space who 21:30 21 minutes, 30 seconds could be competing with you like in platform businesses you have Sugi and then you have Zamato, you have PTM, you have Phone Pay. So if you want to 21:38 21 minutes, 38 seconds compare with Blackbuck, who will be next to you? 21:41 21 minutes, 41 seconds Yeah. So as uh you know as we've highlighted right uh blackbox basically uh vision is unique and hence the whole 21:50 21 minutes, 50 seconds execution is pretty unique and uh uh the whole avatar of blackbook which you see today essentially is nothing but a you 21:57 21 minutes, 57 seconds know iterative version of trying to get to the vision and we've gotten here which really looks like a payments company intermatics company with a loads 22:06 22 minutes, 6 seconds company with a load like loan origination company. It's very like looks very different but when played on a platform and when understood the story 22:14 22 minutes, 14 seconds we all know that it's all originating from the same platform. So because of that literally at at at broad scale there is literally you know no 22:21 22 minutes, 21 seconds competition from an overall end to-end perspective but if you look at segment wise if you look at let's say assuming payments right there are a lot of banks which do this uh which do this because 22:30 22 minutes, 30 seconds they have customers and they do this business for retail so they also extend this towards you know you know commercial vehicles right so definitely 22:37 22 minutes, 37 seconds there are banks in the business in telematics business there is a company uh you know there is a private company with which we compete with like you So 22:46 22 minutes, 46 seconds they do they do they do like decently well the telematics business that's one competition segmentally right now from a classified loads perspective the loads 22:55 22 minutes, 55 seconds business perspective there is basically you know not much any formidable competition I think from a market share perspective like know classifides we 23:02 23 minutes, 2 seconds drive like a large number of loads on the platform right let's say where there is literally uh not much kind of formidable competition right so if you 23:09 23 minutes, 9 seconds look at it from this lens each of these verticals may have some competition and you know in the recent past there is uh you know one one public company which 23:18 23 minutes, 18 seconds wants to try replicating something what we are doing but I think we've still not seen uh you know much execution yet 23:25 23 minutes, 25 seconds going on and there is uh I think there's one more public company which is smaller they are also trying to replicate something but then still literally from 23:34 23 minutes, 34 seconds a meaningful perspective having something in the you know 2% 3% kind of a share also is not there yet 23:42 23 minutes, 42 seconds so just to clarify the public company would be delivery Yeah, I mean like no comments but yeah 23:49 23 minutes, 49 seconds no comments on that point I said I didn't say yes. Okay. 23:53 23 minutes, 53 seconds And second question is uh uh what's your uh target for super loads in terms of the coverage area number of cities like 24:01 24 minutes, 1 second you now come to nine cities so take it to 30 100 or what's the potential how many cities can you cover? See last 24:08 24 minutes, 8 seconds earnings call we' given the visibility we were live in four we decided to open 10 which will make it to 14 and we gave a visibility that by you know by end of 24:17 24 minutes, 17 seconds by by second half by the uh by probably June 2026 is when we will be in 14 that's the visibility we gave uh in the 24:25 24 minutes, 25 seconds last call broadly that visibility stays and largely it'll be predicated on uh how well the business is you know 24:32 24 minutes, 32 seconds performing and in terms of ability to uh you know really uh scale scalably build this business uh with right economics. I 24:40 24 minutes, 40 seconds think that's going to predicate the growth of this business which we today like let's say you know don't have much visibility on okay thank you and all the best. 24:53 24 minutes, 53 seconds Thank you. The next question is from the line of uh Anil Serin. Anil please go ahead with your question. 25:18 25 minutes, 18 seconds We'll take the next question from the line of Parikhit Kabra. Parikit, please go ahead. 25:26 25 minutes, 26 seconds Hi, am I audible? Yes. Yes. Great. 25:30 25 minutes, 30 seconds Uh, thank you. Thank you for the opportunity and congratulations on another set of good numbers. Uh I think I'm going to get into the other expenses 25:38 25 minutes, 38 seconds and I think a lot of this conversation happened in the last call as well last quarter but uh I just wanted to dig into it a little bit more. When I adjust for 25:47 25 minutes, 47 seconds the expenses uh your cost of goods for your super loads business and then look at your other expenses even then they're 25:54 25 minutes, 54 seconds increasing rapidly. Now I know we're investing in super load setting up offices and teams etc etc but when I 26:02 26 minutes, 2 seconds look at it from a year-on-year perspective it's almost a 18 to 19 cr expense which is higher uh on a 26:10 26 minutes, 10 seconds quarterly basis can you help us understand where all of this extra expenses are coming from? 26:17 26 minutes, 17 seconds See uh broad parish broadly if you look at it there are two areas where this is coming from other than like you said cost of super loads one would be 26:25 26 minutes, 25 seconds manpower the second would be in terms of let's say sim cost for GPS etc right so uh sim cost of GPS etc you can broadly 26:32 26 minutes, 32 seconds track from the direct cost that we report uh from a from a manpower point of view the expansion is across even in the last quarter we gave you flavor 26:40 26 minutes, 40 seconds around how we are expanding teams on the uh core business side as well and obviously uh we we are expanding teams 26:47 26 minutes, 47 seconds on super loads. So there are no other significant increases other than uh manpower uh the GPS related direct costs 26:56 26 minutes, 56 seconds and the uh super loads direct costs right so uh the manpower that we are increasing we're not putting it under 27:03 27 minutes, 3 seconds employee cost we're putting the incremental manpower under the other expenses is that right so there are different models that we operate in who the employees who are on 27:12 27 minutes, 12 seconds our payroll are reflected in the employee cost the other models that we operate in might be offro or might be other models. All of those are reflected in the manpower cost in the other. 27:21 27 minutes, 21 seconds So would majority of the 19 crores compared to last year would majority of it be just the manpower cost there? 27:28 27 minutes, 28 seconds Yes, majority would be manpower cost except for what is reflected in the increase in direct costs. 27:33 27 minutes, 33 seconds Correct. So then uh let me move on to the next part of my question is that you know we have invested we were in Bangalore and we were already doing 27:42 27 minutes, 42 seconds pretty well. Uh from there we went to four cities. From there we were going to nine cities. And if I recall last quarter we said from 50 employees we're going to 250 employees. Correct me if 27:51 27 minutes, 51 seconds I'm wrong. Um so it seems like we are investing and of course you know the team takes time to ramp up but I'm just trying to understand that the growth 27:59 27 minutes, 59 seconds from super loads from previous quarter to this quarter probably is of you know maybe four five crores uh additional. 28:07 28 minutes, 7 seconds Are we are we struggling to ramp up in the other cities? Is it breaking down from what we saw in Bangalore? Uh is there a problem in the scaling up of you 28:15 28 minutes, 15 seconds know how we're deploying resources versus how the impact is actually happening? 28:19 28 minutes, 19 seconds Yeah. See broadly uh I mean your point is that there's a like sequential something like a 25% kind of a growth right? Broadly that's what you're trying 28:27 28 minutes, 27 seconds to say which is a four five cr uh kind of a growth number right. So obviously the question is that can it be faster? 28:34 28 minutes, 34 seconds The answer is yes. uh but the question also is that something which really builds out very fast also comes down 28:41 28 minutes, 41 seconds that fast. So the uh type of growth uh is something which I think we're very clearly indexed on in terms of high 28:48 28 minutes, 48 seconds quality growth. Broadly at this point in time what we can share uh about superloads is that the operating model the the crux of the operating model uh 28:57 28 minutes, 57 seconds continues to deliver and work well. uh the cities which basically have been launched later continue on the similar path as you know the uh first city which 29:06 29 minutes, 6 seconds is Bangalore and uh uh like like probably day after day we are able to discover newer insights which are in the 29:15 29 minutes, 15 seconds same direction as we speak today. So most of the operating metrics continue to improve continue to compound well even in the superords business. This is 29:22 29 minutes, 22 seconds the visibility which we can provide at this point in time. 29:25 29 minutes, 25 seconds Got it. And uh just a quick followup and maybe you can and maybe you cannot. 29:29 29 minutes, 29 seconds How's Bangalore doing? Is that also growing in line or has that plateaued to some extent? No, it's also growing in line. 29:37 29 minutes, 37 seconds All right, great. Thank you. Thank you. 29:41 29 minutes, 41 seconds Thank you. Uh the next question is from the line of uh Rishi Junjinala. Rishi, please go ahead. 29:51 29 minutes, 51 seconds Yes. Um thank you. Um Raj just so just following up on the previous question right so Bangalore is where we started 29:58 29 minutes, 58 seconds first um can you give us some sense in terms of where we are you know in in 30:06 30 minutes, 6 seconds Bangalore in terms of uh you know scaling up either u in the form of number of leads that we 30:14 30 minutes, 14 seconds are converting on a daily basis or the overall revenues we are generating how far we are from uh you know an ideal 30:23 30 minutes, 23 seconds scale and an optimal scale and and you know I mean of optimal will of course capture the full potential of the TAM 30:31 30 minutes, 31 seconds there but ideal is somewhere where you would you know like you've in the past talked about say 5% or 10% market share so somewhere around that if you can get 30:40 30 minutes, 40 seconds give some color around that both on uh uh revenue side as well as uh on investment side to just understand um 30:49 30 minutes, 49 seconds you know how much time it takes to ramp up where we are in that is it enough success uh that we have get gotten there 30:58 30 minutes, 58 seconds which could be then replicated to other cities. 31:01 31 minutes, 1 second Yeah. So I think uh assuming that uh if you believe that you know we've really built out the playbook the distance to 31:10 31 minutes, 10 seconds that is let's say 100 right I believe in the city of Bangalore we are somewhere in the zone of 50 to 60 right and and 31:18 31 minutes, 18 seconds this number probably let's say a quarter back would have been at 40 45 this number another quarter back would have been at 30 35 so there is a continuous 31:26 31 minutes, 26 seconds consistent progress in even the first city because we continue to deepen our CS continue to improve. Uh more 31:33 31 minutes, 33 seconds customers like more customers continue to open up. More customer segments continue to open up. Uh repeat rates continue to get better. Uh ability to 31:43 31 minutes, 43 seconds like liquidity of the marketplace continues to improve. Availability which is very important which is a network effectsdriven phenomena where you know 31:50 31 minutes, 50 seconds as marketplaces scale like it's very hard to beat them on you know availability right because there are more trucks you know there are more more you know shippers wanting to use it. 31:59 31 minutes, 59 seconds like if there more shippers then more trucks will come in if there more trucks then more shippers will come in right this whole virtuous cycle of the network effects I think you know in that 32:07 32 minutes, 7 seconds dimension it's continuing to compound well so if and then similarly a as as we mentioned Hyderabad probably was a 32:14 32 minutes, 14 seconds market which probably was launched like you know a year or 6 n months later is again on the similar path as Bangalore 32:22 32 minutes, 22 seconds uh like probably it would be like 6 months always away from Bangalore so that has a much stronger takeoff in the beginning right so so I would say that 32:30 32 minutes, 30 seconds the playbook if it is 100 where we can believe that we have significant scale in a market which is you know called as a very you know a good significant 32:39 32 minutes, 39 seconds business not the ideal but the you know optimal stage where we can assume that the business is really working you know uh thumping the table I think we're at 32:47 32 minutes, 47 seconds 55 60% level at you know building that playbook and uh we're consistently improving and newer markets are following through you know the path 32:55 32 minutes, 55 seconds which the first market followed and we are also getting multip multiple newer avenues to you know really accelerate 33:02 33 minutes, 2 seconds this marketplace which I think you know leveraging technology leveraging AI we are able to do that I think yeah so I think the the there's a lot of momentum 33:10 33 minutes, 10 seconds there and on the on the cost or the investment phase side are we like kind of done largely done the amount of investment we 33:19 33 minutes, 19 seconds had to which are largely fixed in nature at least in the Bangalore side yeah see the large fixed costs probably are done in terms of the top line right 33:27 33 minutes, 27 seconds like the top levels of people and resources right but then the whole whole context is that like because there is as you rightly said right there's an 33:36 33 minutes, 36 seconds optimal scale also which you need to hit right so for that you need to keep investing if if we if we let's say assuming pause investing in Bangalore 33:43 33 minutes, 43 seconds right for example right we would break even in like few months but then that's not the objective the objective is to create a you know create a working 33:51 33 minutes, 51 seconds capacity for that particular number so that like incremental profits can be way higher right so from from a uh 33:59 33 minutes, 59 seconds investment perspective I would say good part is done but not all understood and just one question on the 34:08 34 minutes, 8 seconds tolling fast tag business um on the take rate that we get u you know on that I'm not talking about the 34:16 34 minutes, 16 seconds uh the gold programs but on the take rate has there been an improvement there 34:22 34 minutes, 22 seconds as an overall uh take rate from an India perspective you're talking about Yes, the 8end or something. 34:29 34 minutes, 29 seconds I see blended because blended mix between partners because one partner is at a higher take rate which we get, one 34:36 34 minutes, 36 seconds partner we get a lower take rate. The mix definitely has changed. So you may have seen some one bib or two bibs kind of a change which is not a material change but yeah you may have seen that. 34:49 34 minutes, 49 seconds Okay. But there's no no major improvement there. 34:52 34 minutes, 52 seconds No standard change. No major improvement largely same. 34:56 34 minutes, 56 seconds Understood. All right. Thank you so much. And maybe one question for Satya. 34:59 34 minutes, 59 seconds Sorry, this so uh uh you know on on the tax rate side, I mean h how should we 35:06 35 minutes, 6 seconds model that going forward as well and just want to understand um you know has there been any change given that we had 35:14 35 minutes, 14 seconds carry forward losses but of course I think uh we are uh you know recognizing defer taxes as well. 35:21 35 minutes, 21 seconds Yeah. So broadly the uh current tax you should always model on as 25% of other income. Uh right broadly that should 35:29 35 minutes, 29 seconds hold true and uh the uh deferred tax you should model it as broadly about 25% of the EIA excluding the other income. 35:35 35 minutes, 35 seconds That's broadly how uh what it what should hold true. 35:41 35 minutes, 41 seconds So so going forward just if I we have to build ETR we it still would remain around the 25 for the console overall entity. 35:49 35 minutes, 49 seconds That's correct. Okay, understood. Thank you. 35:54 35 minutes, 54 seconds Thank you. Uh the next question is from Moyes Chandani. Moes, please go ahead. 36:10 36 minutes, 10 seconds Mo, please unmute yourself and go ahead. 36:20 36 minutes, 20 seconds The next question is from Gorov. Goro, please go ahead. 36:28 36 minutes, 28 seconds Gorov Rataria. 36:39 36 minutes, 39 seconds Am I audible? Yes, please go ahead. Yeah. Hi, congrats on great execution. 36:46 36 minutes, 46 seconds Rajesh, my first question uh is on uh your comment that you made on uh if the 36:53 36 minutes, 53 seconds playbook is 100 and we are 50. Uh was it more to talk about the optimal 37:01 37 minutes, 1 second uh stay stage of business where you can say that yeah the business has reached a particular scale or was it to say that 37:08 37 minutes, 8 seconds you have reached a potential of 50 versus uh the total 100 is optimal size of the business in some of the cities. 37:17 37 minutes, 17 seconds Sorry both sound similar whatever you said. Can you repeat again and help me understand? 37:23 37 minutes, 23 seconds Yes. So one one is a bare minimum size where you start calling out that your business has reached a particular scale 37:30 37 minutes, 30 seconds at which you can start calling it out as a different segment uh individually in each cities. And the second comment was 37:38 37 minutes, 38 seconds more uh to say that okay the maximum potential uh in the city is 100 and I have already reached 50 means that 37:45 37 minutes, 45 seconds headroom to grow is to just double the size from here on. 37:48 37 minutes, 48 seconds No no no it's it's actually neither of these definitions. It's more like uh if we reach and hit that scale of 100 we 37:55 37 minutes, 55 seconds know how to build this business fully and like after that it's only replication and expansion. So that's 38:01 38 minutes, 1 second what I meant and at that 100 we will be under 5% of the market uh sorry under 5% of act under under two and a half% of 38:10 38 minutes, 10 seconds the overall market and of the TAM under 5%. So it would be like big headroom to grow still after that. 38:17 38 minutes, 17 seconds Okay. Okay. Got it. Uh okay. And secondly, are we still targeting mostly 38:24 38 minutes, 24 seconds uh the transporters or there will be a stage at which you know we will be directly uh possibly contracting with 38:31 38 minutes, 31 seconds the shippers as well and uh the scope of the business will expand substantially 38:38 38 minutes, 38 seconds uh as as they've articulated like you know the our marketplace strategy right 38:43 38 minutes, 43 seconds uh the end shippers are two one ismemes and other is basically Basically 38:50 38 minutes, 50 seconds corporates, right? Corporates are not equipped to work on a platform, a spot kind of a platform like you know where 38:58 38 minutes, 58 seconds they can decide on a daily basis the rates. They will never ever come to a spot platform and that also involves working capital and involves the whole 39:06 39 minutes, 6 seconds relationship management which is a little bit sticky and unscalable right so we don't believe in that business. 39:13 39 minutes, 13 seconds SMBs we have already started working as we have always articulated there are various markets in which we are probably doing a good share of the business from 39:21 39 minutes, 21 seconds SMBs. So SMBs we are directly working which is largely spot and cash and carry and we will continue to work with transporters through which the 39:29 39 minutes, 29 seconds enterprise demand will essentially get channelized. So that's how we will be working and we will never go to the end shippers because that's not a market um 39:38 39 minutes, 38 seconds you know we would want to directly interact with. 39:42 39 minutes, 42 seconds Got it. Last question for Satya. If you look at uh your investments in the growth businesses, is it fair to say 39:50 39 minutes, 50 seconds that a substantial scale up has happened in FY26 so far and not so much in FI25 39:57 39 minutes, 57 seconds and therefore the incremental limit margin that you see whatever uh margin 40:04 40 minutes, 4 seconds has come down compared to last year is largely due to the investments in growth. And if you were to exclude that you know incremental margins would 40:13 40 minutes, 13 seconds probably would not have changed compared to what you already delivered in FI25. 40:18 40 minutes, 18 seconds Yeah. So the scale up on on the growth businesses significantly has happened in the current quarter. So you know uh we as Raj has articulated consistently the 40:27 40 minutes, 27 seconds operating leverage in the core business continues to be supremely high right. So I mean what whatever we used to deliver in the past so that continues to be the case. So yeah, whatever damping has 40:36 40 minutes, 36 seconds happened on the EITA side from a operating leverage point of view is primarily or mostly driven by the investments in the growth businesses is all. 40:44 40 minutes, 44 seconds Yeah. 40:46 40 minutes, 46 seconds All right. Thank you and all the very best. 40:51 40 minutes, 51 seconds Uh thank you. The next question is from Ankush Aaral. Ankush, please go ahead. Unmute yourself and go ahead. 41:09 41 minutes, 9 seconds Ankush. 41:22 41 minutes, 22 seconds Uh, the next question is from 41:37 41 minutes, 37 seconds from Sirene. Al anel. Sirene. Can you please go ahead immediately? 41:50 41 minutes, 50 seconds Losing the marks. 41:56 41 minutes, 56 seconds due to Can you hear me? Yes. Yes, please go ahead. 42:00 42 minutes Oh, fantastic. Sorry. Uh my mic was on mute. So Rajes, first of all, very good 42:06 42 minutes, 6 seconds uh performance. U I I'm still not sure about the super loads business. What I 42:13 42 minutes, 13 seconds see is a kind of a 21% Qoq growth which includes vehicle finance also. So uh is 42:21 42 minutes, 21 seconds this is this a is this the trend that one can sort of forecast for the coming quarters? I mean is this the pace that you are comfortable uh operating at? 42:32 42 minutes, 32 seconds That is one part of my question. Second is that what is the fixed cost currently and assuming a kind of a certain u you 42:42 42 minutes, 42 seconds know roll out what what is the IIDA margin potential? uh suppose you you are able to reach your ideal situation where 42:51 42 minutes, 51 seconds you said the playbook is 100. Suppose you are able to roll out all 100 products and u you know offerings 42:58 42 minutes, 58 seconds what is the steadystate iida margin potential of the super loads business. 43:05 43 minutes, 5 seconds Yeah. See the the first question in terms of like first of all like the uh the growth businesses are very dynamic 43:12 43 minutes, 12 seconds in nature. So ability to really you know give a guidance on what kind of a growth we can expect sequentially as we keep 43:18 43 minutes, 18 seconds moving forward is a little hard but uh as you uh you know rightly asked it's a blend of uh you know both and again uh 43:26 43 minutes, 26 seconds reemphasizing vehicle finance like we only like let's say you know incorporate the commission revenue which we get from our partners the loans are on partners' 43:34 43 minutes, 34 seconds uh you know books so it's largely a commissiondriven business for us um and uh and and these businesses are in the 43:41 43 minutes, 41 seconds nature where we would want to take if we want to take hard calls in some quarter to really do the right things for the long term we will do that so hence they 43:49 43 minutes, 49 seconds are in nature a bit dynamic so I would uh you know uh like let's we would when these businesses are at a stage where we would be able to give some forward 43:57 43 minutes, 57 seconds visibility uh you know you guys will hear it from us at this point in time I would only you know articulate that these are new businesses and they are 44:04 44 minutes, 4 seconds very dynamic in nature and you know it's very hard to project them out uh question number two is I think in terms of u the businesses we've built uh and 44:13 44 minutes, 13 seconds even what we're building most of them operate at a very high uh contribution profit businesses even the super loads business from the net revenue downwards 44:22 44 minutes, 22 seconds typically has a very high contribution margin because the direct costs to the business are pretty low and uh and at a at a very uh and at the productivity 44:31 44 minutes, 31 seconds levels which let's say so assuming we also we also operate this business with like you know agents and people in our teams so so as the business matures if 44:40 44 minutes, 40 seconds you if we take the matured cohorts today, right? They typically break even in like 3 to four months of addition in our company as well already, right? 44:47 44 minutes, 47 seconds Number one. And number two, the cohorts which are like 6 9 months old, they would already be delivering, you know, an AITA of like 30 40%. So this business 44:56 44 minutes, 56 seconds can easily be modeled at the same EITA as our core businesses and we believe the nature of the business nature of the revenue at a net revenue level of the 45:05 45 minutes, 5 seconds overall company by the addition of super loads is largely going to be similar as you project out in a very very long term and that long-term uh you articulated 45:13 45 minutes, 13 seconds that rolling out multiple products actually there's there are no multiple products it's only very simple service of you know getting a load from us if the trucker is in the city and we able 45:21 45 minutes, 21 seconds to find him a load we he picks the load from us then we earn a commission and that commission is our net revenue and then you know it's we will probably you 45:29 45 minutes, 29 seconds know we'll probably able to demonstrate that maybe 50 to 60% of that net revenue can flow into IITA on a long-term basis when the uh you know uh when the 45:37 45 minutes, 37 seconds stability sort of uh comes in yeah so that's broadly the color of uh so so so thanks I just had a small 45:45 45 minutes, 45 seconds followup see in the classified side you make like let's say 25 + 12 roughly 37 rupees per load that you find on the 45:53 45 minutes, 53 seconds classified side however If one sort of uh benchmarks against what the unorganized uh brokers uh uh 46:02 46 minutes, 2 seconds get per load assuming a 50,000 rupee uh kind of a trip and and these people make around 10% of that uh this is my 46:11 46 minutes, 11 seconds understanding from hearing your calls in the past. So they make roughly let's say 5,000 rupees. uh even if you go in at a 46:20 46 minutes, 20 seconds little bit of a discount and you say I make 3,000 rupees that's a very very different kind of a uh revenue uh 46:28 46 minutes, 28 seconds against a similar kind of a cost structure. So two questions uh I'm asking uh basically if you were to reach 46:35 46 minutes, 35 seconds uh I mean firstly is this 3,000 4,000 per trip figure anywhere close to reality that is one and second if it is 46:43 46 minutes, 43 seconds close to reality then your IBIDA margin should be much much higher than what you have indicated yeah so uh you're 46:51 46 minutes, 51 seconds absolutely right in uh constructing the whole equation right uh I'll just articulate the difference in both the businesses in classified business. 47:01 47 minutes, 1 second People figure out each other. We manage the uh communication through only a like let's say we record the communication 47:10 47 minutes, 10 seconds but we don't have control on what price they are doing what all how will they execute the whole intransit the whole payment flow through and we are not 47:18 47 minutes, 18 seconds accountable for even the trucker receiving the money effectively right so that's classified which is low touch and we get a subscription revenue it's not a 47:27 47 minutes, 27 seconds per load revenue so it's it's a whatever you mentioned is more implied revenue so let's say if a if if a if a shipper is posting loads. We sell him a 47:35 47 minutes, 35 seconds subscription package for a period of 6 months for 2500 3,000 rupees and he gets access to you know probably posting uh 200 loads or something like that right 47:43 47 minutes, 43 seconds so that's the model in which the revenue gets acred to us point number one and similar concept on the on the trucker side as well when you flip this into 47:52 47 minutes, 52 seconds super loads right think of it as when you are basically browsing you know trying to buy products on Amazon and there are like products which are 48:00 48 minutes basically fulfilled by Amazon versus basically third party sellers Right? So on which there's a fulfilled by Amazon tick. We typically have that trust of converting that hey the Amazon is doing 48:08 48 minutes, 8 seconds all of this my returns will be easier everything will be easier. So think of it as on the classified styles only there is a blackbox superload style 48:16 48 minutes, 16 seconds which the trucker knows that payments end to end execution everything be done by black. Right now to be able to 48:23 48 minutes, 23 seconds execute this we typically have built out the whole value prop which offline broker does into various teams. A broker 48:31 48 minutes, 31 seconds in the market which you rightly said earns 4,000 to 5,000 rupees a transaction does his own supply development in our case that's comes from our platform. Second, he himself 48:40 48 minutes, 40 seconds goes to the market, does his demand development. We have our own demand team in the market, right? He himself does the whole payments flow, you know, payments, collections and everything. 48:48 48 minutes, 48 seconds For that, we have our own like payments and execution team which sort of does that. And internal to black, we typically have an agent who basically, 48:57 48 minutes, 57 seconds you know, essentially coordinates the whole matchmaking process and is essentially the key account manager for both the shipper and for the trucker for the whole end to-end transaction. So 49:05 49 minutes, 5 seconds these are incremental and additional costs to the classified model which we incur and that is the reason why the steadystate AITA number it will not be 49:14 49 minutes, 14 seconds 90 95 but then essentially it'll be in the range of that 50 you know percent number because there is a cost to you 49:21 49 minutes, 21 seconds know executing all of these uh aspects fair enough only one part you left out Rajes is a 3,000 per trip a fair ask 49:31 49 minutes, 31 seconds yeah so so in the longer lanes so whatever you quoted 50,000 is actually national average panindia that would be between 40 and 50k. Today we operate 49:40 49 minutes, 40 seconds largely regional lanes where the uh you know uh arpoos are much smaller basically we largely do the southbased lanes where we originate probably in 49:48 49 minutes, 48 seconds Bangalore, end in Hyderabad, end in Chennai, end in Mumbai, end in Kerala and end within Karnataka. I think assuming this is the kind of network we have. So obviously the lead distances 49:56 49 minutes, 56 seconds are very small right today and hence the uh revenue which you're projecting a 3,000 kind of a number from a panindia basis is very highly likely possible. 50:05 50 minutes, 5 seconds Yeah. 50:07 50 minutes, 7 seconds Got it. Got it. And and uh in terms of going national considering you your your sphere of influence is essentially 50:14 50 minutes, 14 seconds southern areas as you said intrastate and intra southern states. Uh what is the likelihood of success in areas where 50:23 50 minutes, 23 seconds you naturally do not dominate? uh let's say northern India and and eastern India, central India. 50:28 50 minutes, 28 seconds Yeah, I think I think uh your uh your your your question also had certain assumptions. Uh your assumptions were that we are predominantly a 50:36 50 minutes, 36 seconds southerndriven company. I think that's not true because our supply our platform the supply on the platform is pretty 50:43 50 minutes, 43 seconds much secular all across the country. In fact uh like states like Rajasthan we enjoy like something like a 70% kind of 50:51 50 minutes, 51 seconds a market share like so so uh and like states like Andra which are still not like fully plowed by us we enjoy 50 55 50:59 50 minutes, 59 seconds 60% kind of a market share so our market shares are anywhere in the range of 15 20% to as high as 70% from a longhaul 51:07 51 minutes, 7 seconds big capacity trucks. So the platform is really widely secular because the fleet management business is present everywhere across the country in like 80 51:15 51 minutes, 15 seconds 85% 90% of the pin codes right so our ability to execute is fundamentally decided by the platform we've built that 51:23 51 minutes, 23 seconds platform is present everywhere and we have very high market shares in multiple other cities it's about unlocking this business creating this whole you know 51:32 51 minutes, 32 seconds whatever I talked about right a particular hub is is a composition of all these like you know capabilities which we need to build in that hub. We 51:39 51 minutes, 39 seconds go there, we activate that market, build all these capabilities, we unlock that business. That's how the entire replication will happen. 51:46 51 minutes, 46 seconds So, so as you roll out pan India hubs and spokes and everything, won't the lead distance also increase and won't the average 51:56 51 minutes, 56 seconds anil can we have uh yeah thank you. Uh the next next question is from we'll take the last question for the day from Moyes Chandani. Moes, please go ahead. 52:13 52 minutes, 13 seconds Mo, please unmute yourself. 52:26 52 minutes, 26 seconds That was the last question for the day. I now hand over the conference to Mr. 52:30 52 minutes, 30 seconds Rajesh for his closing comments. Thank you and over to you. Uh yeah, I think that's all from my side. Uh I'll just 52:37 52 minutes, 37 seconds rearticulate that I think we're just consistently doing what we're doing uh from last uh two years, three years and nothing is changing and we continue to 52:46 52 minutes, 46 seconds be excited um quarter after quarter because uh last quarter actually we had lot of good revelations in terms of what we could do and how could we really 52:55 52 minutes, 55 seconds recraft the journey ahead uh and uh and yeah and uh uh continue to build. Thank you so much for attending the call and 53:02 53 minutes, 2 seconds uh look forward towards speaking to you guys uh next quarter. Thank you. 53:07 53 minutes, 7 seconds Thank you once again for your time and participation on behalf of Blackbuck Limited. This concludes today's conference. For any questions, please 53:14 53 minutes, 14 seconds feel free to write to us on the email ids mentioned on the invite. We appreciate your engagement and you may now disconnect your lines.