Crizac Limited — Q3 FY26

Crizac Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=sU0SPkFySpg Published: 3 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Chrysac Limited 3Q FY26 0:08 8 seconds results update. As a reminder, all participant lines will be in the listenon mode and there will be an 0:15 15 seconds opportunity for you to ask a question after the presentation concludes. Should you need assistance during this 0:22 22 seconds conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that 0:29 29 seconds this conference is being recorded. I now hand the conference over to Mr. Gorov Gupta. Thank you and over to you sir. 0:39 39 seconds Good afternoon everyone and welcome to Krisak's Q3 FI26 earnings conference call. We have with us Dr. Vikas 0:46 46 seconds Shagarwal chairman and managing director of the company. Mr. Manish Shagarwal the chief financial officer of the company and Mr. Christopher Nagel chief executive officer of Kirak UK. 0:57 57 seconds Christopher sir, if you can start by giving your overview on 3Q FI26 performance as well as outlook for FI26 and beyond and then we'll open up for Q&A. Over to you Christopher. 1:10 1 minute, 10 seconds Thank you Gorav and uh good evening to everybody. Greetings from London. I'm 1:17 1 minute, 17 seconds Christopher Nagel CEO of Kryzac UK and delighted to be speaking with you today. 1:23 1 minute, 23 seconds So over the past year, we witnessed what was a transformative moment for Kryzac uh with our IPO in July 2025. 1:34 1 minute, 34 seconds And you know, this was a validation of not just our business model um but also 1:41 1 minute, 41 seconds everything that we've been building since our founding in 2011. 1:46 1 minute, 46 seconds Today, I'm pleased to report that the momentum we've generated has carried through this quarter with significant results that underscore the global 1:55 1 minute, 55 seconds demand for quality student recruitment solutions. 1:59 1 minute, 59 seconds For context, KRISAC operates at the intersection of an expanding global education market and persistent 2:06 2 minutes, 6 seconds inefficiencies in international student recruitment. We serve 350. 2:14 2 minutes, 14 seconds We have more than 14,000 registered agents on our platform and we've processed more than 10 million student 2:21 2 minutes, 21 seconds applications across more than 80 countries. 2:26 2 minutes, 26 seconds Our scale is not just an accident. It reflects the genuine problem that we're solving for universities and education 2:34 2 minutes, 34 seconds agents around the world. In Q3 we delivered revenue growth of 28% 2:41 2 minutes, 41 seconds yearonear which means that we reached 278.6 2:48 2 minutes, 48 seconds cr rupees in revenue. This performance reflects both organic momentum but also 2:55 2 minutes, 55 seconds strategic investments we've made in emerging markets across Latin America and other continents. Our Ebida margin 3:04 3 minutes, 4 seconds of 23.19% demonstrates the operating leverage inherent in our asset light and techled model. 3:15 3 minutes, 15 seconds This really is crucial. We're scaling up application volumes without proportional increases in fixed costs or headcounts, 3:24 3 minutes, 24 seconds which is precisely the dynamic that drives our sustainable margin expansion over time. Something that particularly 3:32 3 minutes, 32 seconds excites us is the diversification of our sourcing base. India remains our dominant market with about 50% of 3:40 3 minutes, 40 seconds application volumes but we are seeing accelerating growth from Asia excluding India and extremely robust expansion in 3:48 3 minutes, 48 seconds Africa. This geographic diversification reduces our dependency on any single market and positions us for resilient 3:57 3 minutes, 57 seconds and global growth. Our recent acquisition of Studies Planet Limited and the launch of our accommodation 4:05 4 minutes, 5 seconds facility platform represents strategic expansions into adjacent services within the international student journey. We're 4:14 4 minutes, 14 seconds not simply students with universities. We're really building an ecosystem that supports students throughout their entire 4:22 4 minutes, 22 seconds overseas education experience. These moves enhance our value proposition to both institutions and to our agents and 4:30 4 minutes, 30 seconds they create additional revenue streams with the same high operating leverage. 4:37 4 minutes, 37 seconds It's worth emphasizing as well the continued strength of our balance sheet. 4:42 4 minutes, 42 seconds Kryc is still entirely debtree and fully selfunded. 4:47 4 minutes, 47 seconds Every ounce of growth that we've achieved over 15 years has come from internal cash generation. This capital 4:54 4 minutes, 54 seconds discipline has been and is foundational to our success and it provides us with significant strategic flexibility to 5:01 5 minutes, 1 second pursue growth opportunities without constraints. 5:05 5 minutes, 5 seconds Looking ahead, we're focused on three strategic imperatives. The first is deepening institutional partnerships in 5:13 5 minutes, 13 seconds developed markets like the UK, Canada, and Australia where we've established strong footholds with leading universities. 5:20 5 minutes, 20 seconds Second, continuing our penetration of emerging source markets where we see substantial untapped potential for 5:28 5 minutes, 28 seconds student mobility. And thirdly, enhancing our service offerings to capture a greater share of the international 5:35 5 minutes, 35 seconds student value chain. Our team of 350 permanent employees and consultants 5:42 5 minutes, 42 seconds across the UK and India brings together domain expertise, technical excellence and operational discipline. The the 5:52 5 minutes, 52 seconds leadership team shares a clear vision to establish Kisac as the trusted digital backbone of global student recruitment. 6:02 6 minutes, 2 seconds We strongly believe that the international education sector is structurally undersaturated with technology solutions that genuinely improve outcomes for all participants. 6:12 6 minutes, 12 seconds And we believe that we're at the early stages of capturing that opportunity. 6:17 6 minutes, 17 seconds Our platform has achieved product market fit. Our unity economics are strong and our growth trajectory is accelerating. 6:25 6 minutes, 25 seconds Thank you. And with that for context, I'll hand over to our chairman and managing director Dr. Vikesh Agawal. 6:34 6 minutes, 34 seconds Thank you Christopher. Uh good evening everybody. Uh thank you for being a part 6:40 6 minutes, 40 seconds of uh our investor uh call. Uh as uh Christopher mentioned 6:50 6 minutes, 50 seconds this quarter reaffirms the strength of Christac business model, execution, discipline and long-term growth strategy. 6:59 6 minutes, 59 seconds International market is very large but fragmented and still at a early stage of 7:06 7 minutes, 6 seconds digital adoption. KAC brings that trusted uh digital infrastructure for 7:13 7 minutes, 13 seconds global student recruitment. We provide university with access to quality controlled application, 7:21 7 minutes, 21 seconds global agent networks and enabling agent with a faster turnaround time, transparency and a 7:29 7 minutes, 29 seconds connection access to uh premium institutions. 7:34 7 minutes, 34 seconds These improvement translates directly into higher efficiency, better outcome and scalable economics. 7:44 7 minutes, 44 seconds Last year uh roughly 7.6 lakh student went abroad from India. If we talk about global 7:52 7 minutes, 52 seconds student mobility that number is 80 lakhs. Our current scale represents only a small share of that highly segmented 8:02 8 minutes, 2 seconds global market. This provides a long runway for growth. 8:08 8 minutes, 8 seconds Each new agent, institution, and geography added adds incremental revenue with attractive 8:16 8 minutes, 16 seconds margin supported by our platform-driven operating model. 8:22 8 minutes, 22 seconds As Christopher mentioned, we continue to scale across high value developed market like UK, Ireland, Australia, New Zealand 8:31 8 minutes, 31 seconds while expanding into multiple source market including Asia, Africa and now 8:37 8 minutes, 37 seconds Latin America. Try is a technologyled assetike platform 8:45 8 minutes, 45 seconds operating in a structurally growing market. 8:49 8 minutes, 49 seconds This is not short-term or cynical growth story but a scalable business model with 8:56 8 minutes, 56 seconds defensible advantages, strong unit economics and clear visibility for long-term valuation. 9:05 9 minutes, 5 seconds With that we now invite our CFO Mr. 9:08 9 minutes, 8 seconds Manisha to take this uh financial performance and outlook. 9:13 9 minutes, 13 seconds Thank you Dr. Vicash. Good evening everyone and thanks for joining the call today. 9:19 9 minutes, 19 seconds Myself is Manisharal and I'm pleased to share you the financial performance of Q3 FY26. 9:26 9 minutes, 26 seconds With a revenue of 278.63 cr we were able to deliver a PAT of 50.52 cr which is a margin of around 18%. 9:36 9 minutes, 36 seconds This result demonstrate strong execution operating leverage and consistent profitability. Our business is seasonal 9:45 9 minutes, 45 seconds in nature typically because of the admission cycle. Q3 is our strongest quarter driven by the thick internal student recruitment. 9:55 9 minutes, 55 seconds Our commission based asset light model support high margin and strong cash conversion. Costs scale largely with the 10:03 10 minutes, 3 seconds volume while employee expenses have grown modestly highlighting the op operational efficiency. We continue to 10:11 10 minutes, 11 seconds generate healthy operating cash flow with minimal working capital need. This has also helped us in announcing our 10:19 10 minutes, 19 seconds first special interim dividend. Today we delivered a profit of 155 crores in 10:26 10 minutes, 26 seconds FY25 and based on the current trend we are well positioned to exceed this performance in FY26. 10:35 10 minutes, 35 seconds Most of our growth is organic and sustainable. 10:39 10 minutes, 39 seconds We expect a normalized evita margin of around 23 to 25% supported by scale benefit and platform leverage. 10:50 10 minutes, 50 seconds Our priority remains to reinvest in technology, key market and strategic opportunities over time. We also intend 10:59 10 minutes, 59 seconds to return the capital to shareholders as the business matures. 11:05 11 minutes, 5 seconds Thank you. We are now open to questions. 11:10 11 minutes, 10 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 11:19 11 minutes, 19 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a 11:27 11 minutes, 27 seconds question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 11:57 11 minutes, 57 seconds The first question is from the line of Tammed Patel Tamik. 12:07 12 minutes, 7 seconds Please go ahead. 12:09 12 minutes, 9 seconds Yeah. Uh uh uh congratulations on great set of number. Uh I have three questions. Uh first one is that uh at 12:17 12 minutes, 17 seconds large UK partner universities where we already contribute let's say significant part of their intake now the growth 12:26 12 minutes, 26 seconds would be driven by market expansion or wallet share gain for from the other players. That is my first question. 12:33 12 minutes, 33 seconds Uh it it will come from both the things. 12:37 12 minutes, 37 seconds uh we expect to gain market share as uh mentioned earlier our market share if 12:44 12 minutes, 44 seconds you look at uh across the globe of the student we send to our partner 12:51 12 minutes, 51 seconds university it's less than 1%. Can this market share grow further? Answer is yes. So we expect uh market share to 13:00 13 minutes grow at the same time because of revenue because of uh scale in volume we expect a better revenue per student basis as well. 13:11 13 minutes, 11 seconds Understood sir. Uh that was really helpful. Uh now my second question is are there any regulatory development uh across our key geographies that we 13:20 13 minutes, 20 seconds should be closely monitoring uh over let's say next uh 6 to 12 months which can impact our volume growth uh positively or negatively. 13:30 13 minutes, 30 seconds I mean all the news are normally uh baked in our forecast. We believe uh uh 13:40 13 minutes, 40 seconds some of the news for example FDA with YOP which came yesterday uh all these 13:47 13 minutes, 47 seconds are very positive we believe uh the numbers uh because of these impact and again uh FDA was signed with New Zealand 13:55 13 minutes, 55 seconds as well. So there are a lot of positive development which is coming up and uh as far as student global uh movement is 14:05 14 minutes, 5 seconds concerned uh even though these regulations makes a big impact but uh over the long time you'll see that 14:12 14 minutes, 12 seconds student uh destinations uh are funible and they choose a destination which is more attractive and easy for them to get 14:22 14 minutes, 22 seconds visa and see a better return on investment. So uh any regulations and other things which are coming out at the 14:29 14 minutes, 29 seconds moment uh either those are already baked in or are coming quite positive. Understood sir that was really helpful. 14:37 14 minutes, 37 seconds And now my last question is on global tree. Uh so how do global trees uh unit economics and margin profile compare 14:44 14 minutes, 44 seconds with phys existing uh business? Any uh particular flavor which you can give us on uh margin and unit economics? Uh that would be really helpful. 14:55 14 minutes, 55 seconds Hi Sam, this is Manish. Global Tree is a B2C company whereas we are a B2B company. Our margins are relatively 15:04 15 minutes, 4 seconds smaller compared to a B2C company. So in terms of margin of global tree, we expect it to be around 50%. 15:14 15 minutes, 14 seconds We acquired that company on 6th January. 15:17 15 minutes, 17 seconds So in the fourth quarter you will see the consolidation and revenue coming in to our pill account. 15:27 15 minutes, 27 seconds Understood sir. Uh that was really helpful. Uh that's it from my side and I will get back in you for further questions. Thank you. 15:36 15 minutes, 36 seconds Thank you. The next question is from the line of Aman Benerjee from Incred Capital. Please go ahead. 15:45 15 minutes, 45 seconds Uh hi sir. Thank you for the opportunity. Am I audible? Yes. 15:50 15 minutes, 50 seconds Uh yes sir. So my first question uh was uh on our uh you and we lost you. 16:00 16 minutes Sorry to interrupt requesting s to please rejoin the queue while you have been disconnected. We'll move on with the next question. The next question is from the line of Gausa. 16:13 16 minutes, 13 seconds Please go ahead. 16:24 16 minutes, 24 seconds Sorry to interrupt. The line of Gavdasha has been disconnected. We move on to Svicha Jen. Please go ahead. 16:32 16 minutes, 32 seconds Go ahead. 16:33 16 minutes, 33 seconds Um, hi sir. Uh, thank you for giving this opportunity. I have couple of questions. Uh first is sir can you tell 16:40 16 minutes, 40 seconds me how many applications were processed in this quarter and uh uh in this uh you 16:48 16 minutes, 48 seconds know how many applications were processed mainly for UK uh then for Canada uh and then Ireland and then for other countries. 17:00 17 minutes Hi Sanka we did around 1.2 lakh applications in this quarter. Okay. Okay. 17:08 17 minutes, 8 seconds Almost 50% came from 50% for India or you can say 50% 17:18 17 minutes, 18 seconds 90% were for UK and rest were for other countries. 17:24 17 minutes, 24 seconds Okay. Okay. And uh also uh uh you know in the other expense uh the other 17:31 17 minutes, 31 seconds expense have shot up and you've also mentioned uh this was for uh professional fees and then one more line 17:38 17 minutes, 38 seconds item. So if you could help me understand uh you know uh what this professional fees uh was incurred towards uh I assume 17:46 17 minutes, 46 seconds this was a one-off uh kind of an expense this was incurred in this quarter. if you could just uh elaborate a little bit on this. 17:55 17 minutes, 55 seconds Sure. Our FY quarter 3 FY 26 other expenses are on a higher side because we 18:02 18 minutes, 2 seconds engage lawyers, consultant for due diligence and other things for acquisition purpose. 18:11 18 minutes, 11 seconds Okay, understood. We also also engage consultant for IT security purpose who 18:17 18 minutes, 17 seconds can like audit and check our system integrity so that we are on a safe zone. 18:24 18 minutes, 24 seconds This has lead to increase in the professional fees. 18:28 18 minutes, 28 seconds Understood. Understood. And sir, uh would you be able to give us the uh revenue and the profit for our 18:35 18 minutes, 35 seconds subsidiaries such as global tree careers uh the studies planet uh and you call fle is it possible for 9 month FI26? 18:46 18 minutes, 46 seconds Global tree we acquired on 6th of January FY 26. So that has not been consolidated. Nothing has been recorded in the books yet for Q3 financials. 18:58 18 minutes, 58 seconds Okay. Coming to the other uh standalone companies, we acquired studyplanet.com 19:04 19 minutes, 4 seconds Limited which is a Latin America company their revenue was approximately 19:12 19 minutes, 12 seconds 1 CR and almost 50% has been since we acquired 51% 51% has been booked in our account and balance as a minority interest. 19:23 19 minutes, 23 seconds Right. Right. Right. 19:26 19 minutes, 26 seconds And you you call sir just a second. 19:39 19 minutes, 39 seconds Is it possible I will get back to you on this? No problem. 19:43 19 minutes, 43 seconds Yeah. Yeah. So just one more question then I will rejoin the queue. So you've mentioned that you know we plan to get into the accommodation services and 19:51 19 minutes, 51 seconds financial assistance services. So what exactly do we plan on this and by when do we plan to launch the services? Could 19:59 19 minutes, 59 seconds you just broadly explain what are we planning to do in in these two uh offerings? 20:05 20 minutes, 5 seconds Sure. Uh we've already uh launched the acquiration as a service in our platform. 20:12 20 minutes, 12 seconds Okay. 20:14 20 minutes, 14 seconds By this we are helping our agent and the student who wants to study abroad to choose the accommodation of their choice 20:22 20 minutes, 22 seconds in and around the universities they propose to study. We have done a tryup with multiple uh state agents uh across 20:32 20 minutes, 32 seconds uh the globe where we refer these students to them. 20:38 20 minutes, 38 seconds They uh once the student has uh selected the accommodation, they lock the accommodation for those students and we 20:45 20 minutes, 45 seconds get paid as a brokerage of two to four weeks of the rent for the referral we have made. 20:54 20 minutes, 54 seconds Okay. Okay. 20:57 20 minutes, 57 seconds Hi, I've got the details. Our you call every subsidiary has a turnover of 10.73 21:04 21 minutes, 4 seconds crores in quarter three and study planet has 1.87 cr of the revenue. 21:11 21 minutes, 11 seconds Okay. Okay. Okay. Okay. Okay. And accommodation services where have we launched which geography have we 21:18 21 minutes, 18 seconds launched this right now for UK? I believe no we've already launched for UK, Ireland, USA and uh we're looking at 21:26 21 minutes, 26 seconds launching for Australia and other uh destinations. 21:29 21 minutes, 29 seconds Okay. And how much revenue have we booked in this for Q3? How much? 21:34 21 minutes, 34 seconds It's it's a very negligible revenue because it's just uh started it will take uh bit of time for it to become more popular with students. 21:43 21 minutes, 43 seconds And on the financial assistance side, what are we planning to do? Are we planning to tie up with the education loan NBFCs? Are we planning to refer 21:50 21 minutes, 50 seconds students to them? What exactly we are planning to do there sir? 21:54 21 minutes, 54 seconds Yeah, we we have already tied up with uh many of the education loan uh agencies where we will refer the students to them 22:02 22 minutes, 2 seconds and we'll get a referral fee from those uh NBFCs and banks. Okay. Okay. Okay. Okay. Thank you sir. 22:10 22 minutes, 10 seconds I'll rejoin the queue. Thanks. Thank you SA. 22:15 22 minutes, 15 seconds Thank you. The next question is from the line of Aman Benerjee from Incar Capital. Please go ahead. 22:23 22 minutes, 23 seconds Uh hi sir uh thank you for the opportunity. So my uh first question was with our UK geography. So uh we might 22:32 22 minutes, 32 seconds see some rules uh getting stricter and some rules uh new new new rules applicable from April of this year. So 22:41 22 minutes, 41 seconds what's our uh uh outlook there? uh we might see a drop in our applications. 22:48 22 minutes, 48 seconds Christopher, hi. Yeah, thank you for the question. 22:54 22 minutes, 54 seconds The major recent sort of uh change or news item for the UK market was the 23:02 23 minutes, 2 seconds launch of a new international education strategy from the UK government. 23:08 23 minutes, 8 seconds This was basically a very positive announcement. the government put in a 23:15 23 minutes, 15 seconds new and much higher target to boost its international education exports to 40 billion pound sterling a year by 2030. 23:27 23 minutes, 27 seconds So the and they also put a target for universities to diversify their source 23:35 23 minutes, 35 seconds countries for students much more. So obviously those two things suit Kryzac very well that there's an ambition for 23:44 23 minutes, 44 seconds the market size to grow and there's an ambition to diversify geographically from source market which is a big strength of Kryax. 23:55 23 minutes, 55 seconds Um so yeah the that's the main sort of update in terms of regulation from the UK. As well as that, there's, you know, 24:03 24 minutes, 3 seconds increasing focus and awareness in the government as the industry expands and the market expands. 24:10 24 minutes, 10 seconds Increased regulation around agents and more rules is a benefit for Kryc just because it raises the barriers to entry 24:19 24 minutes, 19 seconds and entrenches our position as the as one of the largest senders to the UK. 24:26 24 minutes, 26 seconds Got it. Got it. Uh uh that was very helpful. So uh second uh uh question was uh sir that uh we are seeing a trend uh 24:35 24 minutes, 35 seconds change I mean in terms of uh stu uh students as their uh uh destination country uh we are seeing uh a lot a lot of new applications uh towards Canada. 24:48 24 minutes, 48 seconds So but uh you know uh we are not uh at all uh there in that market. So uh are 24:54 24 minutes, 54 seconds we are we planning to you know uh start anything there? 25:00 25 minutes Yes. Uh we are uh adding uh institutions and uh universities in Canada as well. 25:08 25 minutes, 8 seconds Though having said that UK is still the by far the most uh popular destination uh for the students going abroad but uh 25:17 25 minutes, 17 seconds yes you are right uh we are adding uh other definition institutions uh in our portfolio. 25:24 25 minutes, 24 seconds Okay sir. Okay thank you so much. Thank you. Thank you. 25:29 25 minutes, 29 seconds Thank you. The next question is from the line of Gav Sha from Anandrati. Please go ahead. 25:38 25 minutes, 38 seconds The person you are speaking with has put your call on hold. Please stay on the line. 25:48 25 minutes, 48 seconds We'll move on with the next participant. 25:51 25 minutes, 51 seconds The next question is from the line of Madur Rati from Counter Investments. Please go ahead. 25:59 25 minutes, 59 seconds So, so firstly since we have a overd dependence on UK market and I think the previous speaker also alluded to this 26:07 26 minutes, 7 seconds the fact that visa approvals might be hard to come by especially in case of change of government in UK and reform 26:15 26 minutes, 15 seconds party coming in power if at all. And so secondly uh now what will it take for us to break into new geographies like 26:22 26 minutes, 22 seconds Canada and Australia and uh in fact the macro environment for uh visa is getting tougher in all of these geographies. So 26:32 26 minutes, 32 seconds is that a major headwind for us going forward? 26:39 26 minutes, 39 seconds Yeah thank you for the question again. I think in the UK just to comment on uh the government situation the the next 26:48 26 minutes, 48 seconds election is not for more than three and a half years. So we're not really sort of anticipating too much change in the 26:56 26 minutes, 56 seconds near or even in the media term in the medium term. 27:00 27 minutes Our strategy is never to try and predict politics or geopolitical changes. our 27:09 27 minutes, 9 seconds strategy is to derisk uh through diversification globally. It's true that 27:16 27 minutes, 16 seconds our our strength in the UK uh obviously gives us a dependence on the UK and that's reflected in the numbers at the 27:24 27 minutes, 24 seconds moment. We're working aggressively to expand to diversify on the destination 27:30 27 minutes, 30 seconds market side. This we believe is going to be done more efficiently through inorganic growth and it's a key pillar 27:39 27 minutes, 39 seconds of our M&A strategy going forward. 27:45 27 minutes, 45 seconds Sir and what about what's our strategy to break into newer markets like Canada, Australia etc. 27:52 27 minutes, 52 seconds I mean uh as uh Christopher said uh we are looking at adding into different uh 27:59 27 minutes, 59 seconds decision much like Canada, New Zealand and Australia. Uh any acquisition what we make for example uh you know in this 28:07 28 minutes, 7 seconds quarter we've acquired the global tree that has brought few Australian 28:13 28 minutes, 13 seconds contracts to our kitty. We expect uh few other acquisitions which we are already 28:20 28 minutes, 20 seconds talking should bring more and more uh universities in those destinations you have mentioned to our KT and we should be able to diversify and recruit for those destinations in coming future. 28:32 28 minutes, 32 seconds Now sir uh what is our market share with the institutions uh in UK like I mean are we the single source supplier to 28:41 28 minutes, 41 seconds them or they have multiple uh platforms like ours? I mean uh most of the universities works with multiple 28:48 28 minutes, 48 seconds platforms like ours right and and now for example if we need to enter Canada so I mean is there a 28:57 28 minutes, 57 seconds some cash burn that we will have to uh uh I mean to penetrate the market or is it 29:06 29 minutes, 6 seconds that our uh existing tech platform we can just add any institution without any increase in uh expenses 29:14 29 minutes, 14 seconds in our existing tech platform we have that capabilities to add any uh new institution without any additional cost. 29:23 29 minutes, 23 seconds So irrespective of the geography it is just a matter of uh uh like uh getting in touch uh with the university and getting them enrolled on our platform. 29:35 29 minutes, 35 seconds Yeah, I mean it's not as simple but yes if uh the university grant us the license to recruit uh we can do that. 29:43 29 minutes, 43 seconds Now uh I mean the existing university in let's say Canada they much already Indian students are going over there. So 29:50 29 minutes, 50 seconds what is the proposition that we are offering them which is over and above the competitors. I mean the competitors also would be having a similar tech 29:58 29 minutes, 58 seconds platform like ours. So what is our edge uh due to which we hope to get that additional business in new geographies? 30:06 30 minutes, 6 seconds It's not only about tech, it's also about the quality of students, the sourced countries from which you are 30:14 30 minutes, 14 seconds bringing those uh diversified student crowd to the university which makes us more attractive to uh our partner or proposed partner universities. 30:24 30 minutes, 24 seconds We can bring better quality, better quantity and a very diversified crowd to any institutions we supposed to work or we are currently working with. 30:35 30 minutes, 35 seconds So will the margins in the new business in new geographies will will they be equal or lower at least in the initial period? 30:42 30 minutes, 42 seconds I mean it will be lower at the initial period but uh with scale of volume should become same as uh existing one. 30:51 30 minutes, 51 seconds And so lastly in your best judgment considering everything at what rate do you think that we can grow our business 30:58 30 minutes, 58 seconds over the next 5 years let's say I mean uh between 20 to 25% is uh what 31:03 31 minutes, 3 seconds we have projected and that was on our uh growth story. Thank you very much. 31:12 31 minutes, 12 seconds Thank you. Thank you. 31:19 31 minutes, 19 seconds The next question is from the line of Virat Jen from Yes securities. Please go ahead. 31:26 31 minutes, 26 seconds Yeah. Hi, this is Sedat here not Virat. 31:28 31 minutes, 28 seconds Uh so a couple of questions from my side. So uh one like you mentioned your other expenses is because of some um 31:36 31 minutes, 36 seconds professional fees for the due diligence that you all must have incurred for acquisition. But uh so your base quarter 31:44 31 minutes, 44 seconds fees were extremely low uh less than a cr. So going forward what uh can be a reasonable or an average number that we can expect? 31:53 31 minutes, 53 seconds Hi Sedar your question has two parts. First our 31:58 31 minutes, 58 seconds Q3 FY25 numbers are low and second our Q3 FY26 number are high. I'll take the 32:07 32 minutes, 7 seconds first part first. The Q3 FY25 numbers are low because of certain rightbacks of 32:15 32 minutes, 15 seconds expenses which we have done after getting the SEVY direction and approval which was charged 32:23 32 minutes, 23 seconds to the selling shareholder since it was the OFS and company which has booked the expenses had written it back that's why 32:32 32 minutes, 32 seconds the Q3 expenses are low and coming to 32:37 32 minutes, 37 seconds Q3 FY26 as said we have hired consultant for IT securities 32:45 32 minutes, 45 seconds acquisition these have led to increase in professional fees we don't expect this to continue 32:54 32 minutes, 54 seconds foreverly it will settle down in between the two end 33:02 33 minutes, 2 seconds understood uh uh okay and second you said that the applications ations processed in Q3 were around 1.2 lakhs. 33:10 33 minutes, 10 seconds Correct. 33:11 33 minutes, 11 seconds 1.02 lakh 1.02 lakh 1.02 approximately one lakh. Uh what was the acceptance rate on those applications? 33:21 33 minutes, 21 seconds Uh normally acceptance rate is roughly 10%. 33:27 33 minutes, 27 seconds So we get our commission bases the uh acceptance rate correct like how how many applications are accepted? Yes. 33:35 33 minutes, 35 seconds Okay. Okay. Also from a strategy point of view I want to understand our recent acquisitions that we've done. Um they 33:42 33 minutes, 42 seconds are kind of hinting that we are now moving or tilting towards B2C. Uh any any change in long-term strategy for the 33:50 33 minutes, 50 seconds company or do you think that B2C is now the next growth lever or what? Just wanted your thoughts on that. 33:59 33 minutes, 59 seconds uh we believe that uh B2B uh current platform still has a lot of growth story 34:07 34 minutes, 7 seconds and everything. Scalability can come only via this uh method. As far as uh 34:13 34 minutes, 13 seconds B2C uh acquisition is concerned most of these are done on a strategic uh basis. 34:21 34 minutes, 21 seconds For example, the study panet what we got uh uh in uh Latin America, we had zero footprint in uh Latin. 34:32 34 minutes, 32 seconds So that geography, the knowledge of that geography was not with us. Doing a 34:40 34 minutes, 40 seconds acquisition help us develop that footprint and it will also help us grow as a B2B in that region as well. 34:51 34 minutes, 51 seconds Okay. So, but just going by you you all must be having the data also. So, the uh largest exporter of students uh for 34:59 34 minutes, 59 seconds foreign education has been primarily India uh and China. Uh so these countries like Latin American countries. 35:06 35 minutes, 6 seconds Do you see any meaningful growth coming from those countries? Because the past has not shown. Uh do you see that future might hold or be any better? 35:15 35 minutes, 15 seconds These help us in uh diversification of the students going to our partner university which in turn help us to get 35:24 35 minutes, 24 seconds uh more contract a better uh deal with our universities. These are 35:31 35 minutes, 31 seconds the levers which we use uh when we uh negotiate with our existing uh university partner or when we approach a new uh university partner. 35:42 35 minutes, 42 seconds Got it. Got it. And so uh what if you can just explain uh what is the uh policy impact UK policy impact for the 35:51 35 minutes, 51 seconds change in visa like from 24 months post study visa it has been brought down to 18. So what is the impact that you all are seeing now? We have not seen any impact. 36:02 36 minutes, 2 seconds This was announced almost uh almost a year back and uh you know we have been 36:08 36 minutes, 8 seconds growing uh between uh 25 to 35% year on basis and each quarter. So we have not 36:15 36 minutes, 15 seconds seen uh uh any setback or impact on that. Uh just uh to add to it these 18 36:24 36 minutes, 24 seconds months is given to the student to find a job. If a student gets a job, they can uh change their visa status to a work 36:32 36 minutes, 32 seconds permit where they can stay back and work for a longer period. 36:37 36 minutes, 37 seconds Understood. Understood. And the last one final question uh in terms of your source and destination market both what which are the markets that you all are most excited about X of UK. 36:50 36 minutes, 50 seconds Uh Middle East is one. We are quite excited and it's growing quite good. Ireland we 36:58 36 minutes, 58 seconds have already cracked and we're doing a a good number for Ireland with a market share of almost closer to 10%. Uh we are 37:06 37 minutes, 6 seconds looking at uh expanding into New Zealand and Australia in coming days. In terms of sports, 37:15 37 minutes, 15 seconds uh definitely India is our biggest market but we are looking at expanding into new geographies like uh multiple countries in Africa and Central Asia. 37:27 37 minutes, 27 seconds Got it. So and how's China uh how is China performing? I mean how is China in Q3? 37:33 37 minutes, 33 seconds China uh is growing uh uh on EM basis for us. Again China is one of the most matured markets. So the growth will be 37:42 37 minutes, 42 seconds slow but uh as a company we have been growing in China at a decent pace. Got 37:49 37 minutes, 49 seconds it. Got it. Perfect sir. Thank you so much. That's all from my side. Thanks. 37:55 37 minutes, 55 seconds Thank you ladies and gentlemen to ensure management can answer all questions please limit your questions to two per 38:03 38 minutes, 3 seconds participant. The next question is from the line of Rahel from Sapphire Capital. Please go ahead. 38:11 38 minutes, 11 seconds Good evening sir. Can you hear him? Yes. Hi. 38:15 38 minutes, 15 seconds Yes. Hi sir. It's a club a few of my questions together. So firstly the loan segment uh you had mentioned that you know expected to go on stream from 38:23 38 minutes, 23 seconds quarter three. So has it started already and has it been reflected in the numbers? Um secondly why was gross why 38:31 38 minutes, 31 seconds were our gross margins low in this quarter three and uh uh the next question would be so growth rate you have mentioned 20 25% over the next few 38:39 38 minutes, 39 seconds years expect to grow however so far you know you have done in the range of like 25 30% in in the preceding quarters as 38:46 38 minutes, 46 seconds well as this current quarter so why are we are we guiding like on a let's say conservative basis uh yeah those 38:54 38 minutes, 54 seconds questions okay let me answer In terms of loan, yes, we have started 39:01 39 minutes, 1 second uh the loan in our platform loan as a service and it's already started. The initial revenue are small. 39:11 39 minutes, 11 seconds We'll expect it to increase once it become more popular and strategic. 39:19 39 minutes, 19 seconds Now coming to your second question, why the gross margin has gone down? The gross margin has gone down when you compare it to quarter 2 of FY26. 39:30 39 minutes, 30 seconds But if you see the 9 month result for FY26 and FO 25, our gross ITA margin remains same as around 29%. 39:42 39 minutes, 42 seconds Our business is seasonal in nature. So every quarter is different. 39:48 39 minutes, 48 seconds Hope this answer your question. And the third part was like projection what we are offering. 39:55 39 minutes, 55 seconds We are saying we will be continue growing at 20 25%. This is a conservative number. 40:05 40 minutes, 5 seconds Hello. Yes. Yes. I'm there. I'm there. Okay. Okay. Question. 40:10 40 minutes, 10 seconds Yes. Yes. Just quickly. So the ratio stays the same to us, right? In terms of first half and second half uh share of revenues. The first half is always lower 40:18 40 minutes, 18 seconds 30%. And the second half is around 85% and second half is around 65%. 40:25 40 minutes, 25 seconds That's right. Got it. Um yes. Okay. Uh thank you sir. All the best to you. Thank you. 40:33 40 minutes, 33 seconds Thank you. The next question is from the line of Omaran Sharma from Vanch Ventures. Please go ahead. 40:41 40 minutes, 41 seconds Yeah. Hi. Thank you for the opportunity. 40:43 40 minutes, 43 seconds Uh chief uh chief couple of quick questions. uh could you just talk a little bit about uh how have you diversified the revenue from a 40:51 40 minutes, 51 seconds university standpoint from a ge uh geographical university standpoint what was it those numbers let's say last year same quarter and what is that those 40:59 40 minutes, 59 seconds numbers let's say this year uh across UK Canada austral uh and the other geographies Ireland 41:07 41 minutes, 7 seconds hi our concentration is still lies with UK and almost 90% of revenue comes from UK. 41:18 41 minutes, 18 seconds If you compare it from last year or last last year, it has come down from 95 to 90. 41:26 41 minutes, 26 seconds We have grown in other market like Ireland, Middle East, Dubai specifically which 41:34 41 minutes, 34 seconds are contributing around 3 to 5% of our revenue. 41:41 41 minutes, 41 seconds Got it. And and let's say when you when you guys uh at the board level sit and discuss the strategy from a you know 41:48 41 minutes, 48 seconds futuristic standpoint let's say three or five years down the line how do you see those numbers panning out let's say how what what aspirational are 41:55 41 minutes, 55 seconds aspirationally are you guys looking at the split looking like for let's say when we are sitting in 28 or 29 F 29 42:02 42 minutes, 2 seconds like when we started our fourth market was 100% India now we were able to 42:09 42 minutes, 9 seconds reduce it to 50% and has expanded to different force market which contribute rest of 50%. Similarly from a definition 42:17 42 minutes, 17 seconds point of view we would like to reduce UK to 50%. So maybe five year down the line 42:24 42 minutes, 24 seconds we would want UK to be 50% and rest other countries to be 50% of our revenue. 42:31 42 minutes, 31 seconds And which would be those countries which would be a key countries comprising the balance of these? 42:37 42 minutes, 37 seconds US, Australia and Canada. 42:41 42 minutes, 41 seconds Got it. Uh the second question which I have is uh you know when you think about from an employee which we have employee headcount which is about 350 odd right? 42:51 42 minutes, 51 seconds Uh could you just talk uh how are you viewing that employee headcount? uh meaning from a uh use case standpoint uh 42:58 42 minutes, 58 seconds how much would be targeted more towards the agent acquisition, how much would be directed towards the university re uh 43:06 43 minutes, 6 seconds side uh acquisition and the last one how much would be allocated towards the running of the tech side. 43:14 43 minutes, 14 seconds I mean uh in terms of uh employee uh division uh 43:21 43 minutes, 21 seconds majority of them are responsible for agent and university relationship 43:28 43 minutes, 28 seconds roughly uh 15% to 20% of them are on IT side uh who helps develop tech and uh 43:36 43 minutes, 36 seconds median them so uh rest all uh would be in business departments 43:45 43 minutes, 45 seconds That would be uh the c uh agent acquisition, right? When you say business development, agent acquisition and uh university acquisition. 43:54 43 minutes, 54 seconds Uh got it. Got it. And uh yeah, man, I request you to kindly rejoin the queue for the follow-up question. 44:04 44 minutes, 4 seconds I just have one quick followup. 44:06 44 minutes, 6 seconds Actually, this was not uh this was just a follow-up question on that. 44:10 44 minutes, 10 seconds Yeah. Yeah. Thanks. Uh so just one uh what just from a strategy standpoint could you also just touch down a little bit about what's the thought process on 44:17 44 minutes, 17 seconds the acquisition would these acquisitions be led by uh newer we are looking at new universities which would be driving the 44:25 44 minutes, 25 seconds acquisition to add in our portfolio or new geographies uh within the universities or would it be led by the agent acquisition side? 44:35 44 minutes, 35 seconds It will be uh it depends upon the proposition but normally it will be for diversifying into new uh decision market 44:45 44 minutes, 45 seconds or a new source market largely towards a geographical standpoint right from a university standpoint. 44:54 44 minutes, 54 seconds Okay. Hi, I also like to add we will only acquire some any company which is ITA we will not just go and acquire anything at any price. 45:06 45 minutes, 6 seconds Got it. Got it. Makes sense. And just one final bookkeeping question just uh this thing uh could you just touch a little bit uh could you just tell me what would the normalized other expenses 45:15 45 minutes, 15 seconds look like? Let's say going ahead I said we are growing our revenue is 45:21 45 minutes, 21 seconds growing so expenses is also grow but yes in current quarter this expenses is on a higher side 45:30 45 minutes, 30 seconds if you I see immediately next quarter I think it will be on a lower than this so so let's say if we remove uh the 45:37 45 minutes, 37 seconds acquisition related expenses and the you know the legal formalities and all of that how much would that number look like x of that could you just throw some 45:44 45 minutes, 44 seconds color around same as last quarter around uh okay four to five proof. 45:51 45 minutes, 51 seconds Got it. Got it. Perfect. Thanks and all the best. Thank you. 45:57 45 minutes, 57 seconds Thank you. The next question is from the line of Smith Gala from RPN Ventures. Please go ahead. 46:04 46 minutes, 4 seconds Yeah, thank you for the opportunity uh kind of continuation to the seasonality point uh which you mentioned previously 46:11 46 minutes, 11 seconds on the call uh which affects our gross margins. Can you uh help me understand what uh the seasonality is in detail? 46:23 46 minutes, 23 seconds Each university or destination country has a different intake. If I talk about UK, 46:31 46 minutes, 31 seconds September, October is their largest intake where all the masters and undergrad courses are offered in every university. 46:42 46 minutes, 42 seconds Followed by January, February, there's another intake. So student who miss or cannot make in the September can apply and go in January. 46:54 46 minutes, 54 seconds And there is a mid intake which is in May. 46:59 46 minutes, 59 seconds So there are handful of universities which also offers may intake. This uh 47:07 47 minutes, 7 seconds multiple intake seen brings seasonality to the business. 47:13 47 minutes, 13 seconds Whenever our universities it takes some time for the universities for a student to join the university and the university to pay us a uh renovation 47:22 47 minutes, 22 seconds fees based on when they pay we recognize revenue and that 47:29 47 minutes, 29 seconds payment would be higher in quarter three and quarter four compared to quarter 1 and two where the intake is low. 47:41 47 minutes, 41 seconds Okay. Okay. that was helpful. Uh second I wanted to understand uh why are we exposed to the forex exposure like is it 47:51 47 minutes, 51 seconds not a natural h for us that we collect from the university uh we record revenue revenue when we 48:00 48 minutes collect from the university and then pay majority of it to the agents. Uh so still we are uh booking a lot of forex 48:07 48 minutes, 7 seconds uh losses or gains uh depending on the currency movement and why are we not 48:13 48 minutes, 13 seconds hedging it? Hi we book majorly of our revenue in the same currency 48:21 48 minutes, 21 seconds majorly pound and we pay the agent in the same currency but a substantial part of money comes to India 48:30 48 minutes, 30 seconds which comes in INR. So we do a forward hedging to avoid the 48:37 48 minutes, 37 seconds currency adverse currency movement. So that's why you see the whatever forex gain or loss this is for hedging purpose only. 48:50 48 minutes, 50 seconds Okay. 48:52 48 minutes, 52 seconds Uh and so when you can uh help me when does we when do we book a revenue and 48:59 48 minutes, 59 seconds when uh the commission is paid to the agent? 49:05 49 minutes, 5 seconds We book the revenue once the university confirm us the amount of commission due to us. 49:11 49 minutes, 11 seconds Once we receive the money from the university, we immediately pay to the agent. 49:17 49 minutes, 17 seconds Okay. Okay. Thank you. I'll join back the queue. Thank you. 49:27 49 minutes, 27 seconds Thank you. The next question is from the line of Azarin Zarivala from Samikshia Capital. Please go ahead. 49:36 49 minutes, 36 seconds Yeah. Am I audible? Yes. 49:41 49 minutes, 41 seconds Yeah. So, thank you for taking my question. I just want to ask something like uh we all uh our two segments like 49:50 49 minutes, 50 seconds accommodation and the uh low financial service segment is came live in this quarter. So uh how can how do we expect 49:59 49 minutes, 59 seconds uh uh to contribute this segment meaningfully uh in uh next year down the line. 50:06 50 minutes, 6 seconds I mean this will take some time. I believe it will take uh between uh two to three years before it becomes a 50:13 50 minutes, 13 seconds substantial line item. These services are added to increase the LTV of the 50:20 50 minutes, 20 seconds student but at the same time provide a better service to our client partners both the agent and the students they recruit. 50:29 50 minutes, 29 seconds So objective is not not just to uh create a revenue immediately from this one but to provide a better service 50:37 50 minutes, 37 seconds which will help us uh uh gain more market share from the agents but it will take two to three years before it becomes substantial. 50:47 50 minutes, 47 seconds Okay. And on the recent acquisition we did of the study planet can you show some uh uh uh key financial metrics of 50:55 50 minutes, 55 seconds the company like revenue uh AITA impact study planet is a B2C company for 51:03 51 minutes, 3 seconds quarter 3 the revenue was 1.87 crores and I have the 51:13 51 minutes, 13 seconds tax I have a fat figure with me. It's 1.19 cr. 51:23 51 minutes, 23 seconds And uh can you please give us on annual basis like f25? 51:31 51 minutes, 31 seconds We didn't acquire them. You acquired them in only 23rd October 2025. 51:36 51 minutes, 36 seconds Yeah. Yeah. But okay. Yeah, that's all right. 51:44 51 minutes, 44 seconds Thank you. The next question is from the line of Anupama from Ratna Taya Capital. Please go ahead. 51:53 51 minutes, 53 seconds Yeah. Hi. So Mike, I had just two questions. Uh on the application side uh the number of applications that you 52:00 52 minutes have mentioned at 1.1 lakh is it a total applications processed in this uh quarter or is it like a outstanding 52:08 52 minutes, 8 seconds number? No, this is the total number of application process in this quarter 1.02 lakhs. 52:14 52 minutes, 14 seconds Okay. And out of that 15% gets enrolled. Is is that right? No, it's average around 10%. 52:22 52 minutes, 22 seconds 10%. Okay. Is is it possible actually to give that numbers out like the number of enrolled applicants because uh it it 52:29 52 minutes, 29 seconds will be easier for us to see the seasonal the seasonality actually. 52:34 52 minutes, 34 seconds I mean uh normally we disclose uh uh applications to give you a idea about uh 52:42 52 minutes, 42 seconds seasonality but uh in future if this is something which you want we'll uh integrate that into our system 52:49 52 minutes, 49 seconds right yeah actually that will be really helpful because uh right now if I see last three quarters it looks uh like almost similar around one lakh 52:57 52 minutes, 57 seconds applications like a 5% maybe 5 to 10% movement In the last three quarters the 53:05 53 minutes, 5 seconds pat also remains in the same line. We normally don't give the student number because we feel it is it might affect 53:15 53 minutes, 15 seconds the business as a whole. 53:19 53 minutes, 19 seconds If we give a specific number for a specific university the competitor might jump in which might jumbled up our business model. 53:27 53 minutes, 27 seconds Right. Right. Yeah. You know not for such universities just like as a enrollment number. So uh like just to see the seasonality actually but yeah 53:35 53 minutes, 35 seconds that that's perfect. Uh and this actually second question uh was on the uh UK visa like I was reading an article 53:43 53 minutes, 43 seconds on the there's a PCA rule and uh so some of the universities have been um like blacklisted and you know they have made 53:51 53 minutes, 51 seconds it stricter for the university. So I just wanted to understand uh like and even one of the universities mentioned in the DRP of Skyac also I think Glasglo 54:01 54 minutes, 1 second uh Calonian University. So I just wanted to understand uh what is your take on it and how do you see that? Yeah Christopher. 54:11 54 minutes, 11 seconds Yeah thank you. So the change that you're referring to was that for a UK university to sponsor or to accept 54:20 54 minutes, 20 seconds international students, previously they had a limit of 10% 54:28 54 minutes, 28 seconds visa refusals before they would have a review of the license. That limit has been changed to 5%. 54:37 54 minutes, 37 seconds This doesn't have any material effect on our business because the refusal rate of the students who apply through our 54:46 54 minutes, 46 seconds platform is extremely low and uh nowhere 54:52 54 minutes, 52 seconds near close to the new benchmark. It actually creates a further barrier to 54:59 54 minutes, 59 seconds entry because of our sophisticated compliance process. it it ends up being a competitive advantage for us because 55:06 55 minutes, 6 seconds our visa refusal rate is so low. Coming to your question about un I think blacklist is not the correct word. If a 55:14 55 minutes, 14 seconds university has a rising visa refusal rate then they have a consultation with the regulator and that gets reported but 55:22 55 minutes, 22 seconds none of our clients have have had their ability to recruit international students uh affected. 55:32 55 minutes, 32 seconds Sir Glasco Union University which you refer is not blacklisted. 55:36 55 minutes, 36 seconds They were under action plan and uh things are resolved between uh UKVI and 55:43 55 minutes, 43 seconds uh the university they are still recruiting international students from India and rest of the world. 55:50 55 minutes, 50 seconds Okay. Okay. Yeah, that's actually very good to hear then. And this actually uh since you mentioned what is our uh visa 55:58 55 minutes, 58 seconds refusal rate like for Kryak like what percentage of applications could be there like 56:04 56 minutes, 4 seconds below the threshold of 5% which is uh given by uh your KBI uh we are way way way below that. 56:13 56 minutes, 13 seconds Okay. Okay. Okay. Great. Thank you so much. 56:18 56 minutes, 18 seconds Thank you. The next question is from the line of Ankur Galati from Genuity Capitals. Please go ahead. 56:31 56 minutes, 31 seconds Hi, thanks. A quick request last time around. Hello. 56:37 56 minutes, 37 seconds Yeah, okay. There were two pages in the last quarterly reports which had the KPI. So, if you guys can please include it next 56:44 56 minutes, 44 seconds time around. It helps the it helps the application process and number of active agents. So that will be great. Um second 56:53 56 minutes, 53 seconds um Q4 is typically 40% right seasonal wise almost 57:00 57 minutes okay and uh man Q4 F25 uh 57:07 57 minutes, 7 seconds was 19% is is that fair that usually Q4 will have a lower AITA margin that's how 57:14 57 minutes, 14 seconds should be you should be reading it yeah in terms of margin it might be lower but in terms of absolute terms it 57:22 57 minutes, 22 seconds will be higher uh sorry uh compared to absolute terms compared to what? 57:30 57 minutes, 30 seconds No if you compare the IITA margin in absolute terms in rupees it will be higher compared to quarter 1 57:38 57 minutes, 38 seconds 2 and three but if you compare as a percentage of total revenue then obviously it will be low. 57:46 57 minutes, 46 seconds That's right. And sir, what percentage of your total u revenue do you guys hedge? Is it 100% 57:53 57 minutes, 53 seconds hedged or is there some open exposure as well? 57:56 57 minutes, 56 seconds No, like as said we pay the agent directly in the same currency. So we normally hedge around 30% of the revenue which comes to India. 58:08 58 minutes, 8 seconds Okay. And um the depreciation is now 5.5 crores per quarter which used to be 11 o 58:16 58 minutes, 16 seconds in last financial year. So anything specific which has changed? 58:20 58 minutes, 20 seconds We use WDV method of depreciation. So it will start it will keep on going down unless we have something new. 58:34 58 minutes, 34 seconds Got it. Okay. Thanks. All the best. Thank you. Thank you. Thank you. 58:41 58 minutes, 41 seconds The next question is from the line of sweatshar Jane from ANS wealth. Please go ahead. 58:49 58 minutes, 49 seconds Uh hi sir I just want to understand uh on the loan part you know that we've referred how much uh fees do we get from 58:58 58 minutes, 58 seconds the MBFC on the every loan that we refer to them? 59:03 59 minutes, 3 seconds Yeah, it uh varies but uh it's follows in the range of8 to 2%. 59:11 59 minutes, 11 seconds 82% on the uh ticket size, right? That's correct. On the loan amount. 59:17 59 minutes, 17 seconds On the loan amount. Okay. Okay. And also sir, I wanted to understand uh what is the revenue per student that we made in 59:25 59 minutes, 25 seconds this quarter and what was that uh last quarter? If you can help me understand 59:31 59 minutes, 31 seconds that. I I mean revenue in general is uh very similar whether it's this quarter or last quarter and uh revenue per 59:41 59 minutes, 41 seconds student does not change on quarter to quarter basis. Okay. So what was that sir this quarter? 59:48 59 minutes, 48 seconds Sure. This is something uh confidential information which might our computer. 59:57 59 minutes, 57 seconds No problem sir. No problem sir. I understand sir and on the accommodation business I want to understand what kind of margins or what is the unit economics 1:00:06 1 hour, 6 seconds or you know how like you know uh there also we are making some commission right so what is the commission per student or 1:00:14 1 hour, 14 seconds the per whatever you know fees like how do we make our fees there between 100 pound to 300 1:00:25 1 hour, 25 seconds to100 to 300 yeah 10,000 to 30,000 rupees uh per student. 1:00:33 1 hour, 33 seconds Okay. On the per uh accommodation. So per student per accommodation, right? Yeah, that's correct. 1:00:40 1 hour, 40 seconds Okay. Okay. So this is obviously this is like a one one time kind of a thing, right? Because there is nothing recurring, right? So when we do the 1:00:48 1 hour, 48 seconds accommodation, this for the entire course, right? If the the student is an undergrad student, you provide the accommodation, the arrangement is done for four years is what I understand. 1:00:58 1 hour, 58 seconds Normally they do a a given for 51 weeks one year. Okay. 1:01:04 1 hour, 1 minute, 4 seconds And we get paid for one year. But if the student decides to change the accommodation, we get paid again. 1:01:09 1 hour, 1 minute, 9 seconds Yeah. Yeah. Okay. Sir, and any agents added uh in this quarter or have we lost any agents and how many agents are there as on December? 1:01:19 1 hour, 1 minute, 19 seconds Uh we have added uh agents uh on our platform. uh those additions happens on 1:01:26 1 hour, 1 minute, 26 seconds a regular basis and uh as of uh today there are roughly 14,000 agents which are registered. 1:01:33 1 hour, 1 minute, 33 seconds Okay. And so what is the cash that we have on our books as on u u as on 31st December? 1:01:41 1 hour, 1 minute, 41 seconds As on 31st December we have around 300 cr in form of and sorry 1:01:48 1 hour, 1 minute, 48 seconds okay this amount which I've told you is excluding the dividend which you are offering. So it comes to around 450 crores as on 35th December. 1:01:58 1 hour, 1 minute, 58 seconds Okay. So, so I want to understand the kind of acquisition that we are planning you know whatever we have in mind for next 3 to four quarters or for next one 1:02:07 1 hour, 2 minutes, 7 seconds year uh uh would this cash suffice the kind of acquisition or the kind of growth we are targeting uh you know 1:02:15 1 hour, 2 minutes, 15 seconds whichever geographies or we planning to take some debt. No, I mean uh we believe uh 1:02:23 1 hour, 2 minutes, 23 seconds company has sufficient cash to uh get uh any of the acquisition they want. So we 1:02:31 1 hour, 2 minutes, 31 seconds don't believe in near future we are looking at uh taking any depth. 1:02:35 1 hour, 2 minutes, 35 seconds Okay depending on the scenario but as of now we don't have any depth and we don't plan to take any depth in immediate future. 1:02:44 1 hour, 2 minutes, 44 seconds Okay. And so this uh planet.com acquisition was uh for what amount? 1:02:51 1 hour, 2 minutes, 51 seconds Uh it was 6. 1:02:53 1 hour, 2 minutes, 53 seconds No no the enterprise value was around 8 crores and we invested around 4 cr. 1:03:00 1 hour, 3 minutes Okay. Okay. And so just to follow up uh I think uh one of the previous participant asked you the acceptance 1:03:07 1 hour, 3 minutes, 7 seconds rate on the uh uh uh applications. I missed that number. Uh roughly 10%. 1:03:16 1 hour, 3 minutes, 16 seconds 10%. Okay. Okay. So, thank you so much. Thank you. Thank you. 1:03:22 1 hour, 3 minutes, 22 seconds Thank you ladies and gentlemen. That was the last question. I would now like to hand the conference over to the management for the closing comments. 1:03:31 1 hour, 3 minutes, 31 seconds Over to you. 1:03:34 1 hour, 3 minutes, 34 seconds Thank you very much uh for joining the management uh call. 1:03:41 1 hour, 3 minutes, 41 seconds As mentioned earlier, Kryzac is a high margin cash genative cicial capital 1:03:48 1 hour, 3 minutes, 48 seconds efficient company with a strong growth visibility and a robust balance sheet. 1:03:54 1 hour, 3 minutes, 54 seconds We believe this positions us well to deliver long-term shareholder value. 1:04:02 1 hour, 4 minutes, 2 seconds Thank you very much. 1:04:09 1 hour, 4 minutes, 9 seconds On behalf of Aquarius Securities Private Limited, that concludes this conference. Thank you for joining us.