Allied Blenders and Distillers Limited — Q3 FY26

DB Corp Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=JBzw-3KSeKU Published: 4 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to DB Corp Limited Q3 F526 earnings conference call. As a reminder, 0:10 10 seconds all participant lines will be in the listenon only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should 0:17 17 seconds you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that 0:24 24 seconds this conference is being recorded. We have with us today the senior management team of TBOP limited Mr. Pawan Agarwal 0:32 32 seconds Deputy Managing Director, Mr. Kirish Agarwal, promoter director, Mr. Lei Chen, chief financial officer, Mr. 0:40 40 seconds Mustak Kali, senior vice president finance and accounts and Mr. Prasun Kumar Pande, head investor and media 0:47 47 seconds relations who will represent DBO limited on the call. The management will be sharing the key operating and financial 0:55 55 seconds highlights for the quarter ended December 31st, 2025 followed by a question and answer session. Please note 1:03 1 minute, 3 seconds that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertaintities. 1:10 1 minute, 10 seconds Documents relating to the company's financial performance have been emailed to you and are available on the website of the stock exchanges and the company's 1:19 1 minute, 19 seconds investor section. trust you have been able to go through the same. I now hand the conference over to Mr. Pavan Agaral. 1:27 1 minute, 27 seconds Thank you and over to you Mr. Adal. 1:30 1 minute, 30 seconds Thank you and good morning everyone and thank you for joining us for the Q3 FI26 earnings call. We will begin with a 1:38 1 minute, 38 seconds brief overview of our financial performance for the quarter ended December 31st, 2025, followed by key operational updates across our 1:45 1 minute, 45 seconds businesses. For the 9 months ended December FI 26, consolidated total revenue stood at 1:53 1 minute, 53 seconds rupees uh 18,512 million broadly in line with last year despite a high base. Consolidated 2:00 2 minutes advertising revenues also remained stable at rupees 12,851 million. Importantly, on a like to like 2:08 2 minutes, 8 seconds basis, excluding last year's election-driven revenue, advertising revenues continued to show growth of 6%. 2:14 2 minutes, 14 seconds And I also grew on a comparable basis. 2:18 2 minutes, 18 seconds During Q3 FI26, our performance was impacted by a high base from the festive season and state elections in the same 2:27 2 minutes, 27 seconds quarter last year. In the current quarter in the current year, a portion of our festive advertising spend shifted 2:34 2 minutes, 34 seconds to Q2 while the election related advertising scene last year was absent. 2:39 2 minutes, 39 seconds As a result, advertising revenues for the quarter stood at rupees 4,395 million reflecting a year on uh year decline of 7.8%. 2:49 2 minutes, 49 seconds On a year-on-year basis, this reflects the impact of the high base. However, on a like basis, advertising trends remained stable with sequential 2:58 2 minutes, 58 seconds improvements through the quarter. On a QQ basis, a print business and margin expanded by 100 basis points to 29% 3:06 3 minutes, 6 seconds supported by effective cost management and operating efficiencies. Total operating cost has seen reduction of 2% 3:13 3 minutes, 13 seconds on Q basis. Now coming to the overall financial performance for the quarter, total revenue stood at Rs 26,293 3:22 3 minutes, 22 seconds million reflecting a year-on-year decline of 4% due to the high base. 3:26 3 minutes, 26 seconds Despite the revenue impact, a strong focus on efficiency helped us control cost effectively. Total cost declined by 3:33 3 minutes, 33 seconds 1.3% on a quarteronquarter basis. As a result, IITA for Q3 FI26 stood at rupees 1,592 million with an IITA margin of 25%. 3:45 3 minutes, 45 seconds and profit after tax was 955 million. On Newprint uh prices remained stable 3:52 3 minutes, 52 seconds during Q3 FI26 with some sequential corrections. We expect new sprint prices to remain rangebound in the near term 3:59 3 minutes, 59 seconds subject to geopolitical developments and foreign exchange movements. Uh moving on to our digital business, it continues to 4:06 4 minutes, 6 seconds be a key growth pillar. As of November 2025, our news apps recorded around 21 million monthly active users, 4:14 4 minutes, 14 seconds maintaining Danip Pascar's position as the number one Hindi and Gujarati news app. Our continued focus on highquality 4:21 4 minutes, 21 seconds content, improved user experience, and strong technology continues to drive engagement and retention. 4:29 4 minutes, 29 seconds In the radio segment, advertising revenues for the quarter stood at 410 million with Ibida at 127 million. While 4:37 4 minutes, 37 seconds the segment was impacted by a softer advertising environment, we remain focused on strengthening our listener engagement and our market presence. With 4:45 4 minutes, 45 seconds this, I would now like to hand over the call to Mr. Virishaw for his comments. Thank you. 4:51 4 minutes, 51 seconds Thank you, Pawan and good morning everybody and thank you for joining us today. The pre-medium advertising is growing us on the YTD 9-month basis with us higher single digit on Appleto basis. 5:04 5 minutes, 4 seconds But as you know last year was the base for election and all other things and also this year the festive season you know went on to the uh second quarter. 5:17 5 minutes, 17 seconds So that's the reason the third quarter is not looking very impressive. Uh all our traditional print categories have registered growth except the government 5:25 5 minutes, 25 seconds category which has declined big time by 24% in 9 months because of the high base last year. As Pan highlighted Q3 FY26 5:35 5 minutes, 35 seconds was shaped by a high base from the festive season and election related advertising in the same period last year. This year festivities started in 5:42 5 minutes, 42 seconds Q2 which affected year-on-year growth comparison in Q3. However, what is encouraging is that the gradual improvement in advertising demand as the 5:50 5 minutes, 50 seconds quarter progressed indicating improving confidence among advertisers. On the circulation side, our focus continues to 5:58 5 minutes, 58 seconds be on strengthening readers connect and maintaining and growing our market leadership. From a profitability standpoint, we remain encouraged by our 6:06 6 minutes, 6 seconds ability to maintain healthy margins despite revenue pressure driven by the tight cost control, stable newspaper prices, and operational discipline. 6:15 6 minutes, 15 seconds These factors continue to support the res resilience of our earnings profile. 6:20 6 minutes, 20 seconds With that, we could now open the floor for the questions and answer session. 6:24 6 minutes, 24 seconds And thank you and over to you. Thank you. 6:27 6 minutes, 27 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If 6:36 6 minutes, 36 seconds you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies 6:44 6 minutes, 44 seconds and gentlemen, we will wait for a moment while the question assembles. 6:50 6 minutes, 50 seconds The first question comes from the line of Falcon Data with Mansur Financials. Please go ahead. 6:57 6 minutes, 57 seconds Yeah, good morning sir. The I had one question uh like we uh read in one of the papers that UP and Rajasthan in 7:05 7 minutes, 5 seconds schools the government has made newspaper reading compulsory. So is will will that not help us? I mean uh 7:15 7 minutes, 15 seconds yeah this is a very encouraging move by the state governments and Uttar Pradesh and Rajasthan has done it as we are following up with the other governments. 7:25 7 minutes, 25 seconds We are hopeful that Madhya Pradesh, Chhattisgarh uh Gujarat and other states will follow suit in next couple of weeks 7:32 7 minutes, 32 seconds and months. So this is certainly encouraging and this will not only help some sort of circulation for us and other publications also but I think this 7:41 7 minutes, 41 seconds will start making the foundation uh for the school schoolgoing kids to read the newspaper uh and earn the knowledge 7:48 7 minutes, 48 seconds going forward and sir has it started in Rajasthan or we will be seeing it in the next quarter. uh this will take implementation. 7:58 7 minutes, 58 seconds Yeah. No, it will take a at least a quarter because the now the government has made the policy. The budget has to go to each of the uh from the finance to 8:07 8 minutes, 7 seconds the education and then to each of the uh school board. 8:12 8 minutes, 12 seconds Okay. Okay sir. Thank you sir. That's all from my side. Thank you. 8:19 8 minutes, 19 seconds Thank you. Next question comes from the line of Himmanusha with Doll Capital. Please go ahead. 8:25 8 minutes, 25 seconds Uh thanks sir. Thanks a lot for the opportunity and sir just the one of the bookkeeping question our gross fixed 8:33 8 minutes, 33 seconds assets and net fixed assets have increased by almost 107 and 60 cr. Uh what is driving this and is this the 8:42 8 minutes, 42 seconds investment in the core print business or it's more on the digital side if you can provide some color. This increase is 8:48 8 minutes, 48 seconds more on a quarteronquarter basis. We have first time seen such an increase after a long time. 8:54 8 minutes, 54 seconds Yeah. No actually what is happening this is all happening because of the print companies buy certain assets especially the land where we had the 9:02 9 minutes, 2 seconds offices earlier and sorry sir your voice is not very clearly audible. My my apologies. 9:10 9 minutes, 10 seconds I think there a lot of noise coming from your background. So maybe you can mute and then hear me. So I'll do the needful. 9:18 9 minutes, 18 seconds Yeah. So company is buying uh certain assets especially land where we already had the offices and printing center on 9:26 9 minutes, 26 seconds which currently we are paying rental. So we are saying we'll buy the land make our own property so we can save the rental and as we see in a couple of 9:33 9 minutes, 33 seconds places buying asset uh looks better going forward. 9:39 9 minutes, 39 seconds Got it sir. Secondly, sir uh can you just provide some color from a longerterm basis maybe 3 4 years or 5 9:48 9 minutes, 48 seconds years how should we see print versus digital from a revenue mix? What would be the management's aspiration? It has 9:55 9 minutes, 55 seconds been couple of years where we have refrained from commenting on digital especially from a financial numbers 10:01 10 minutes, 1 second point of view and try to assume digital should be at least like mid-s singledigit kind of contribution in our 10:08 10 minutes, 8 seconds business as on date considering the investments that we have made over the last 3 four years. 10:15 10 minutes, 15 seconds Yeah. uh see what is happening on the digital front. The investment is going to acquire the reader and we're very happy to share that. You already know we 10:23 10 minutes, 23 seconds have 21 million uh visitors on our website in the month of November. Now as 10:30 10 minutes, 30 seconds of now everybody is reading but largely for free you know so I think the revenue part of the digital is still some more time to go. 10:41 10 minutes, 41 seconds Uh but so what would be our aspiration? 10:44 10 minutes, 44 seconds This is whatever we must be seeing as trends globally as well as the pace of adoption in India. Could it be like in 10:52 10 minutes, 52 seconds uh early teens or mid- teens say 3 4 years down the line? 10:57 10 minutes, 57 seconds Should be should be it should be feasible and fair to assume we we must uh digital might not be positive at aa 11:06 11 minutes, 6 seconds level but our burn rate would be negligible. 11:10 11 minutes, 10 seconds As of now there is a burn rate in in in digital but the whole effort as we mentioned in couple of years should be that once we start earning the revenue 11:18 11 minutes, 18 seconds digital should also become beta positive. 11:21 11 minutes, 21 seconds Got it. And so lastly the core print business what do you see foresee more that should drive the revenue growth for 11:29 11 minutes, 29 seconds us? Will it be more of volumes at least over the foreseeable future? Uh and our focus would be on that side or it would 11:38 11 minutes, 38 seconds be a balanced mix of volume as well as we are at a stage where we may be in a position to take some amount of price increases. 11:47 11 minutes, 47 seconds See uh in the advertising segment our focus is I would say 70% what you 50% 11:54 11 minutes, 54 seconds yield increase. When it comes to circulation, our focus is only on the circulation numbers, not on the yield in 12:02 12 minutes, 2 seconds the circulation. If you notice our cover price compared to last year and this year is almost the same because we don't 12:08 12 minutes, 8 seconds want to burden the consumer reader on the cost side. So that is the reason we believe that our focus should be more on 12:15 12 minutes, 15 seconds the numbers rather than uh in circulation increasing the price and in advertising again the volume and little bit of the price correction also. 12:25 12 minutes, 25 seconds Okay. Can I squeeze in one last on uh radio side sir? Please go ahead. So uh two questions surrounding radio. 12:33 12 minutes, 33 seconds One the decline is slightly more steep specifically in this quarter in radio. Anything to read over there is on that. 12:41 12 minutes, 41 seconds Second uh there were some price increases which were announced in radio considering that the decline is bit more 12:48 12 minutes, 48 seconds steeper. And thirdly, what is the st uh status on new radio stations that we have acquired? When should we those 12:56 12 minutes, 56 seconds stations becoming operational? Those are the three questions surrounding radio. Sure. 13:01 13 minutes, 1 second So let me answer the uh third question first on the uh new stations. We've acquired about 14 stations of these seven uh stations where we have a 13:09 13 minutes, 9 seconds standalone uh radio. We are the only operator there. uh we are hopeful to start operations in these uh seven 13:16 13 minutes, 16 seconds cities by March or end of April for sure and the remaining seven also by the in the first quarter of next financial 13:24 13 minutes, 24 seconds year. So hopefully by June all 14 station should be operational and uh on the price increase u uh you know we are 13:33 13 minutes, 33 seconds uh the industry had declared a price increase but unfortunately we do not see a price increase uh movement in the market. We've made some corrections but 13:41 13 minutes, 41 seconds it's not significant. You know we are still driving uh volumes and ideation and creative business. Uh the the major 13:49 13 minutes, 49 seconds reason for drop uh in radio from last year quarter is uh you know we had Maharashtra elections. Uh we also had 13:57 13 minutes, 57 seconds the uh billing from a lot of governments which had initiatives in this quarter because of kum etc. uh those were the 14:04 14 minutes, 4 seconds two three uh uh special uh events which happened last year and that's why you see a large decline uh compared to last 14:12 14 minutes, 12 seconds quarter. Having said that, having said that I strongly believe uh government need to relocate this radio 14:19 14 minutes, 19 seconds business because if radio continues to do only song and music uh I don't think 14:26 14 minutes, 26 seconds radio will ability will grow what it was given us to understand 10 years back 15 years back also that eventually radio 14:34 14 minutes, 34 seconds will get into the news also I think that's where the differentiation will come in picture that's where the adaptability will come in picture the 14:42 14 minutes, 42 seconds stickiness of a consumer will will come in picture but unfortunately that's not happening. So I guess government of India need to really look at uh the radio business how they want to grow it. 14:54 14 minutes, 54 seconds Sure sir. Uh and when you're referring news it is more of current affairs and local news including that. 15:02 15 minutes, 2 seconds Yeah everything news is a news. 15:05 15 minutes, 5 seconds Fair sir. All the best for the future and great job overall sir over over the last three four years especially postco. 15:13 15 minutes, 13 seconds Thank you sir. I appreciate this. 15:16 15 minutes, 16 seconds Thank you. Next question comes to the line of Bahi Jawan with care PMS. Please go ahead. 15:24 15 minutes, 24 seconds Good morning sir. Thank you for the opportunity. 15:30 15 minutes, 30 seconds Yes please go ahead. So uh uh so the Bashkar English app has completed one year since the launch. What are the feedback we receive for the Bascar 15:39 15 minutes, 39 seconds English app and also what is the feedback we receive for the app we launch in the UT in recently? 15:47 15 minutes, 47 seconds Yeah. So Bascar English app the numbers are still in a very very nent stage. U uh the consumer feedback is decent. 15:56 15 minutes, 56 seconds There are certain sessions which came from the market. We are uploading that updating that app. So nothing much to really talk about numbers over there and 16:05 16 minutes, 5 seconds as far the Uttakhand is concerned uh we are happy with the initial encouragement. I think the bigger number of Uttarakand will happen in next two 16:14 16 minutes, 14 seconds years time with the Uttar Pradesh election uh going to happen. 16:20 16 minutes, 20 seconds Okay. Uh and for the radio business uh we are fully operational or 14 radio station in FY27. 16:28 16 minutes, 28 seconds So what will be the revenue guidance for that and will it be uh sim with the similar margins we have right now? 16:38 16 minutes, 38 seconds I doubt in the first year you can have a that kind of margin to start with you know so I think when the radio station 16:45 16 minutes, 45 seconds starts you will have the advertising coming in gradually. So first year uh uh 16:52 16 minutes, 52 seconds will not be possible to come up to the margin of 30 40%. I think we'll have to give them those station at least 2 three years time to come up to that margin. 17:02 17 minutes, 2 seconds Okay. Okay. Uh thank you sir. That's it for me. Thank you. 17:10 17 minutes, 10 seconds Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question 17:16 17 minutes, 16 seconds comes from the line of Yash R with BNK Securities. Please go ahead. Yeah. Hi, good morning. 17:23 17 minutes, 23 seconds Good morning. Uh so my first question is with regards to uh the advertising revenue which has been mentioned or it 17:30 17 minutes, 30 seconds has grown by around 6 o% if we exclude the elections in the previous year. Correct. 17:37 17 minutes, 37 seconds But that's on a consolidated basis. What about the mix of print and radio? 17:43 17 minutes, 43 seconds I mean if you were to split it into this two This we talking about only print. This is only print not the console. 17:49 17 minutes, 49 seconds Okay. So that's grown at 6%. And what is the government uh share last year? 17:56 17 minutes, 56 seconds Last year government uh contributed almost 24%. And this year it has gone down to 17%. 18:04 18 minutes, 4 seconds Oh okay. And uh and the remaining growth that we are saying uh which is at 6%. 18:11 18 minutes, 11 seconds Right. excluding these elections of the government revenue that has come into play. 18:16 18 minutes, 16 seconds Has that uh been on account of volume majorly or is there has there been some improvement rates as well because there the industry has been struggling for 18:24 18 minutes, 24 seconds quite a while now? Yeah, it's I would say 80/20. For example, in education, we have grown by if I look at a 9 months number, education has grown by almost 18:33 18 minutes, 33 seconds high single digit. Uh automobile category has grown as single digit. Real estate has gone up double strong double 18:40 18 minutes, 40 seconds digit. Jewelry at a double digit. Uh hospitality like hospitals and cleaning, healthcare has grown up by almost 20%. 18:48 18 minutes, 48 seconds Banking thanks to IPOs and financial services gone up by 30%. you know so there are all other categories doing 18:55 18 minutes, 55 seconds good uh except there's a little decline in the FMCG in 9 months time but every other category has done very well except 19:04 19 minutes, 4 seconds the government and including political which has gone down by 24%. Now that 24% has taken out the steam of the whole 19:11 19 minutes, 11 seconds system right and where are we on the circulation front I mean we have uh launched quite a few schemes and uh but 19:20 19 minutes, 20 seconds I mean has not translated much into uh the copies grow right where are we uh in this quarter or at the end of the quarter December 19:28 19 minutes, 28 seconds I would look at it slightly different that with all the effort we have done we've been able to stop the decline if 19:36 19 minutes, 36 seconds you look at the 9 number there is no decline in the circulation. So I think that's very encouraging that there is no 19:43 19 minutes, 43 seconds decline in the circulation with all the efforts. So hopefully going forward we have another we we are just launching another leadership scheme and the 19:52 19 minutes, 52 seconds circulation growth program. So hopefully we should see some some growth coming in. But having said that to be very honest we've been working on the ground 20:00 20 minutes to maintain the copies is also a quite a task right now and I'm happy that my team did a fantastic job. So what is the 20:07 20 minutes, 7 seconds number in December? Uh around 40 lakh copies. Oh okay. And uh what about the newsprint rates? 20:16 20 minutes, 16 seconds There have been news in the market saying that the rates are going to be a little tossy toy considering the geopolitical tensions that are going around. 20:23 20 minutes, 23 seconds Yeah correct. So as of now if I look at the new sprint on a Q on Q basis we are same on a Y basis we are at 2% less. But 20:32 20 minutes, 32 seconds as you rightly mentioned the quarter 4 and the quarter 1 or two going forward considering the geopolitical situation 20:40 20 minutes, 40 seconds may go up little bit here and there but I won't say topsy turby because I'm not looking at major change maybe a minor 20:47 20 minutes, 47 seconds change of couple of percentages because of the exchange fluctuation and also the sea freight okay and uh what has the mix been it's 20:56 20 minutes, 56 seconds roughly around 75 and 25 imported local to imported or how is it. Yeah, it's around 7030. 21:05 21 minutes, 5 seconds Okay. 21:07 21 minutes, 7 seconds All right. Thank you. That's about it from my end. Thank you. 21:12 21 minutes, 12 seconds Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes to the line of Lohit Si with Jam Stock Brokers. Please go ahead. 21:24 21 minutes, 24 seconds Hello. Yes sir. 21:27 21 minutes, 27 seconds uh you have recently appointed corporate sales head in South India. So are you planning to launch English Basar app in South India and are you planning to target any specific regions or cities? 21:39 21 minutes, 39 seconds What's your plan to grow the English apps? No sir that person appointment over there has happened largely because 21:46 21 minutes, 46 seconds earlier person moved out so that was a more of a replacement of that person and this person is 100% focused on the print 21:55 21 minutes, 55 seconds and little bit on digital English app is already there our English app just to retate the fact again is targeting 22:02 22 minutes, 2 seconds towards our markets only where the some people those who don't find it very convenient to read in Hindi or Gujarati 22:09 22 minutes, 9 seconds or Marathi you they could go on my English app and uh read that. 22:14 22 minutes, 14 seconds Okay. So you are not planning to introduce in any new market out India or any other sir we have 14 states uh with us which 22:23 22 minutes, 23 seconds is almost 50% of India. I think that's a large enough market right now to penetrate for the more. Okay. Okay. Thank you. 22:34 22 minutes, 34 seconds Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes on the line of Mohit Seni an individual investor. Please go ahead. 22:45 22 minutes, 45 seconds Yeah, thanks for the opportunity. Good morning sir. 22:48 22 minutes, 48 seconds Good morning sir. So the government has given n for increasing 26% in print ad rates. Any update on that from your side? Any communication with the government? 22:58 22 minutes, 58 seconds Yes sir. So uh first of all a very big thanks to government of India and all the state government to finally agree to 23:06 23 minutes, 6 seconds give us some benefit uh considering the growth in the new sprint cost and other expenses. So this has been implemented 23:13 23 minutes, 13 seconds by certain states and the actual impact of that should be visible from this quarter itself. 23:20 23 minutes, 20 seconds Okay. And going forward like can we see some double digit from FY27 like there's election in UP and UK. So 23:29 23 minutes, 29 seconds sir UP election I think is happening next year correct January of Yeah. So let's hope why not. 23:37 23 minutes, 37 seconds Okay. And sir there's some rumor regarding acquisition of a large newsprint company. Are we aware of something like that and are we ready if some opportunity comes? 23:47 23 minutes, 47 seconds New sprint means the the manufacturing company newspaper newsprint manufacturing company. We are 23:54 23 minutes, 54 seconds not aware about such acquisition and anyway sir to be very honest we believe if if a particular mill can supply the new sprint to us on a contractual basis 24:02 24 minutes, 2 seconds we very happy with that all right that's it from my side thank you very much thank you next question comes from the 24:12 24 minutes, 12 seconds line of Ria meta an individual investor please go ahead uh thank you for giving me the 24:19 24 minutes, 19 seconds opportunity uh this question is in terms of uh so we were anticipating good growth in auto last quarter considering 24:27 24 minutes, 27 seconds the GST growth so what is the kind of I understand we did high uh singledigit growth there so are we anticipating any 24:34 24 minutes, 34 seconds further growth there in the coming quarters we are talking to all the automobile industries uh they they all 24:41 24 minutes, 41 seconds grew pretty well uh in the quarter two which was the September end they all showed a very good growth but I think in 24:49 24 minutes, 49 seconds October November uh it wasn't really that great for them. So hopefully now the numbers should start picking up for them and they start advertising more. 24:58 24 minutes, 58 seconds But we are we are seeing good growth. In fact January also last 10 days we have seen the good advertising. So I'm very confident of educ the the auto category. 25:10 25 minutes, 10 seconds Okay. So uh I think precoid level we were around almost 15 16% of our revenue used to come from auto. Are we 25:19 25 minutes, 19 seconds anticipating similar percentage going forward like uh will this be back to the original levels? 25:26 25 minutes, 26 seconds I it's already in double jetted right now around 10%. Now from 10 to go to 15 I think all the automobile companies 25:34 25 minutes, 34 seconds will have to really do a hard work. So hopefully they should. 25:40 25 minutes, 40 seconds Okay. Uh my second question is in terms of going forward in Q4 and maybe probably 2027 which are the growth areas 25:47 25 minutes, 47 seconds do you anticipate in terms of sectoral uh I understand education is kind of cyclical uh it is quarterto quarter based so which areas are you seeing 25:56 25 minutes, 56 seconds growth coming from I'm looking at growth from uh automobile real estate uh healthcare uh banking 26:05 26 minutes, 5 seconds finance and of course education also you know these are my five six categories which are key for me, core for me and uh they all are doing decent on the ground. 26:16 26 minutes, 16 seconds Real estate unfortunately last one and a half two months has gone slow after Diwali I think because of the prices hike happened countrywide. Uh so real 26:25 26 minutes, 25 seconds estate is one category which as of now is slow when I'm talking to the developers they all are holding on to it 26:33 26 minutes, 33 seconds and uh let's hope they should all start gearing up and the market picks up uh going forward. All right. Also last quarter also around I 26:42 26 minutes, 42 seconds think we were we had a high base because of election. So what would be the total amount last year which was uh incremental because of election? 26:51 26 minutes, 51 seconds U ma'am we because of the business confidentiality is don't disclose the category wise direct number. Uh but as I 26:59 26 minutes, 59 seconds mentioned to you the government category had a total government mean government political oper together had a contribution of 24% which has come down to around 17% this year. 27:08 27 minutes, 8 seconds Got it. And in the government uh category, how much will be the political contribution and how much will be central and state? 27:15 27 minutes, 15 seconds Uh my apologies ma'am. We don't disclose the the again for the business confidentiality reasons. 27:23 27 minutes, 23 seconds Okay. Thank you so much for the opportunity. Appreciate madam. Thank you very much. 27:29 27 minutes, 29 seconds Thank you. Next question comes from the line of Kushi, an individual investor. Please go ahead. Uh hello everybody. 27:38 27 minutes, 38 seconds Yes, good afternoon. 27:40 27 minutes, 40 seconds Yeah, good morning sir. So you clearly mentioned the sectoral growth for YTDFI26 but I would like to know what is called se factorial growth for the quarter. 27:52 27 minutes, 52 seconds As I mentioned to you quarter sectoral growth is not good because last year if you remember the entire Navatra was on 27:59 27 minutes, 59 seconds Q3. This time the Navaratra started on Q2 on 22nd 23rd of uh September. So the the revenue shifted on the on the Q2. 28:09 28 minutes, 9 seconds That's the reason for a real comparison. 28:11 28 minutes, 11 seconds It will be better to compare uh 9 months because if you look at Q then suddenly 28:19 28 minutes, 19 seconds you'll see the number has declined while the business just because of the Navatra cyclical thing shifted. 28:26 28 minutes, 26 seconds Could you please tell me the number possible? 28:32 28 minutes, 32 seconds Yeah, Q3 number as I as I for example I can tell you right now on a Y like automobile shows a decline of around uh 28:41 28 minutes, 41 seconds 12%. Actually it's not a decline I know because of Navarat 3 the the business went on the on those those eight days 28:48 28 minutes, 48 seconds over there. For example, jewelry is showing a decline of around 7% here while it is not a decline. 28:56 28 minutes, 56 seconds Yeah. And government and all this FMCG. 29:01 29 minutes, 1 second Yeah. Government again same decline of that 20 24%. 29:07 29 minutes, 7 seconds Government FMCG. 29:10 29 minutes, 10 seconds Okay. Now FMCD here has shown a 2% growth on a Q1 Q if I compare Y basis while if I see 9 month there's a slight decline in the in the FMCG. 29:22 29 minutes, 22 seconds Okay. And what is the contribution for the quarter of what? 29:29 29 minutes, 29 seconds The sector contributions. Okay. Sector contribution for example uh uh automobile was 10 11%. 29:40 29 minutes, 40 seconds And uh jewelry was 8%. Real estate was 10%. FMCD was 5%. 29:48 29 minutes, 48 seconds Yep. And uh same for the YDFI 26 29:56 29 minutes, 56 seconds no that contribution percentage are different altogether. 30:02 30 minutes, 2 seconds Yeah like what is the number I'm asking for the 9 months. 30:05 30 minutes, 5 seconds I don't have it handy RMI you can connect with our uh investor relationship manager Mr. President Pande. He'll be able to provide you all the details. 30:14 30 minutes, 14 seconds Okay. So my next question is what is the ideal growth percent for the quarter? 30:20 30 minutes, 20 seconds U as I mentioned to you 90% growth almost 80 90% growth came from the volume sorry there's no 30:27 30 minutes, 27 seconds and how is this uh yeah sorry and no no 30:33 30 minutes, 33 seconds substantial growth from the yield all right and how is it when it compared 30:40 30 minutes, 40 seconds to precoid levels I don't have number handy here of last six year madam but we can certainly Mr. 30:48 30 minutes, 48 seconds Pandy can help you with that. 30:51 30 minutes, 51 seconds Okay, that's all from my side. Thank you. Thank you madam. Appreciate. 30:57 30 minutes, 57 seconds Thank you. Next question comes from the line of Yash R with BNK securities. Please go ahead. 31:03 31 minutes, 3 seconds Yeah. Hi. Uh sorry just one small clarification. uh the volume and the rate growth that you're seeing uh that has come in the growth that has come in 31:12 31 minutes, 12 seconds from 80 and 20% that is for the quarter that is for YTD 9 months same quarter or 9 months I I would actually compare 9 months because this 31:20 31 minutes, 20 seconds quarter as I mentioned to you some of the Diwali billing shifted earlier so I would take it as a 9 months 31:27 31 minutes, 27 seconds okay uh now you've mentioned clearly and we've also discussed this earlier that 6% growth is uh when we take out the 31:34 31 minutes, 34 seconds elections and the uh uh elections out of the equation right but what about the AIA for the print business per se 31:41 31 minutes, 41 seconds AIDA grew by 100 basis point if I'm not wrong margin aida margin if I look at the margin went 31:48 31 minutes, 48 seconds up by 100 basis point compared to because of this growth on apple to apple comparison I mean what about in terms of percentage 31:56 31 minutes, 56 seconds growth if we can put it that way second the margin for this quarter is 25%. 32:08 32 minutes, 8 seconds Correct? On a console basis. Okay. And what about print? 32:13 32 minutes, 13 seconds And on the print side, the IIDA margin is uh I don't have a print alone right now. 32:23 32 minutes, 23 seconds Here putting uh elections. 32:27 32 minutes, 27 seconds One second. This is all including election. 32:30 32 minutes, 30 seconds Yeah. No, I don't have a print alone here. One second. Yeah, I have a print here. Yeah, print alone margin is 29%. 32:38 32 minutes, 38 seconds Okay. No, but then that's given to be in the uh results as well. Uh my question was what if we take the elections out of the equation like you've given a growth 32:47 32 minutes, 47 seconds rate of 6% right excluding elections but what is the impact on I mean I'm trying to compare how our profitability 32:54 32 minutes, 54 seconds has performed if we take the elections out of uh question. 32:57 32 minutes, 57 seconds Yeah I think we have not done the number calculation on this. We can certainly give it and get back to you. Sure. All right. Thank you. 33:09 33 minutes, 9 seconds Thank you. A reminder to all the participants that you may press star and one to ask a question. 33:17 33 minutes, 17 seconds Just to answer the uh uh the last question asked by the gentleman. See all these numbers calculation of taking 33:26 33 minutes, 26 seconds election out putting something in and all that is more for our internal explanation. But netnet we need to be 33:33 33 minutes, 33 seconds focused that are we growing as a company because some election will happen last year something else will happen this year our focus is that considering 33:42 33 minutes, 42 seconds everything whether it's election good time bad time and all we should be able to be profitable and grow that's our focus is all about thank you please go 33:50 33 minutes, 50 seconds ahead next question please thank you ladies and gentlemen as there are no further questions we have reached the end of question and answer session I 33:59 33 minutes, 59 seconds would now like to hand the conference over to the management for closing comments. 34:02 34 minutes, 2 seconds Thank you everyone uh for your participation today and time on this earning call. I hope we responded to your queries and we'll always be happy 34:10 34 minutes, 10 seconds as we mentioned uh to be of assistance to a investor relations department headed by Mr. Prasoon Kumar Foundation for all your queries. Thank you and have a good day ahead. 34:20 34 minutes, 20 seconds Thank you very much. Good day. Thank you on behalf of DB Corp Limited. 34:26 34 minutes, 26 seconds That concludes this conference. Thank you for joining us. You may now disconnect joints.