DiGiSPICE Technologies Limited — Q4 FY26

Digispice Technologies Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=50XNYrLBWUc Published: 1 hour ago

0:01 1 second Ladies and gentlemen, good day and welcome to Digispice Technologies Limited Q4 FI26 earnings conference 0:09 9 seconds call. As a reminder, all participant lines will be in the listenon only mode and there'll be an opportunity for you to ask questions after the presentation 0:17 17 seconds concludes. Should you need assistance during this conference call, please signal an operator by pressing star then 0:24 24 seconds zero on your touchstone phone. Please note that this conference is being recorded. I now end the conference with 0:32 32 seconds Miss Hasha Mutra from Atactors PR. Thank you and over to you ma'am. 0:39 39 seconds Good afternoon everyone. A warm welcome to you all and thank you for joining us today for the Q4 and FYI 26 earnings call of DG Spice Technologies Limited. 0:49 49 seconds We are pleased to have with us today Mr. 0:51 51 seconds Dilip Modi who is the chairman of DG Spice Technologies. Mr. Sunil Kapoor the wholetime director and chief financial 0:58 58 seconds officer of Spice Money Limited and Miss Aag the head of investor relations of Spice Money Limited. We will start the 1:06 1 minute, 6 seconds session with the management providing an overview of the operational and the financial performance for the quarter 1:13 1 minute, 13 seconds and the year ended of 20 uh 2026 post which we will have an interactive Q&A 1:20 1 minute, 20 seconds session. Before we begin, I would like to draw your attention to the fact that certain statements made during this call may be forward-looking in nature. These 1:29 1 minute, 29 seconds statements are subjected to risk and uncertainty that could cause act results to differ materially. A statement in 1:36 1 minute, 36 seconds this regard has been concluded in the result presentation sent to you earlier. 1:41 1 minute, 41 seconds Thank you and over to you Mr. Dilip Modi. 1:45 1 minute, 45 seconds Uh thank you Ashika. Uh good morning uh good afternoon to all those who have joined this call. It's a great pleasure 1:53 1 minute, 53 seconds to connect with uh all of you. Uh you know um we've also you know put up our 2:00 2 minutes presentation that we will refer to during this call on both our website as well as uploaded it on the stock exchanges. So for easy reference I would 2:09 2 minutes, 9 seconds really request if you can uh you know open up that presentation it'll just help you follow the conversation. If you 2:16 2 minutes, 16 seconds cannot uh you can refer to it later um you know and go back and um you know you'll be able to correlate with some of the points we're going to be making 2:24 2 minutes, 24 seconds during this call. Uh so let me start by saying that uh you know this is our first call following the close of the financial year FI26. 2:32 2 minutes, 32 seconds Uh so today we'll be talking both with respect to quarter 4 but more importantly in respect to the year FI26 compared to FI25. 2:42 2 minutes, 42 seconds It's another year that we've completed in our journey of financially empowering rural Bharat. Um just to recap uh our 2:51 2 minutes, 51 seconds business model uh we at SP Digi Spice Technology basically are building a business called Spice Money. Uh which 2:59 2 minutes, 59 seconds you know is in the process of being merged into Digi Spice Technology. So before the close of this financial year we are hoping that you know spice money 3:07 3 minutes, 7 seconds will get directly listed on the exchange and both the exchanges uh that is a process that we are working on. Uh if I 3:16 3 minutes, 16 seconds now talk about spice money uh what we are building at spice money is um uh 3:22 3 minutes, 22 seconds digital platform. So basically it is a mobile app used by agents across tier 3, 3:30 3 minutes, 30 seconds tier 4, tier 5 to deliver basic and formal banking and financial services to communities around them. uh as of the 3:38 3 minutes, 38 seconds end of this financial year 2026 uh we have seen that now we have close to 1.7 million uh banking agents who are using 3:48 3 minutes, 48 seconds our spice money agent app uh to deliver uh you know basic banking services to 3:55 3 minutes, 55 seconds nearly 170 million customers uh across 2.6 six lakh small towns and when I refer to small towns these 4:04 4 minutes, 4 seconds include uh towns with a population of even less than 20,000. So we have a deep penetration you know where bank branches 4:12 4 minutes, 12 seconds and ATMs have not reached uh we have reached through our banking agents um you know and we have 1.7 million of them as of the end of financial year 2026. 4:23 4 minutes, 23 seconds Uh in addition uh we at Spice Money are also building a consumer app. So while we have an agent app, we are also 4:32 4 minutes, 32 seconds building a consumer app. Uh these 170 million customers who transact every year uh you know at our agent points uh 4:41 4 minutes, 41 seconds at the agent shop. Uh these are cashwork customers who are using our platform in an assistant digital payment mode to 4:48 4 minutes, 48 seconds come in and withdraw cash from their bank account, deposit cash into their bank account, pay their bills and um you know uh send money to uh bank accounts. 4:59 4 minutes, 59 seconds Um we are now hoping that we can bring them onto the UPI rails directly. So as a company we have a a prepaid instrument 5:07 5 minutes, 7 seconds wallet license from the regulator and now it is UPI interoperable which basically means that we can open a a 5:15 5 minutes, 15 seconds digital wallet uh account with the consumers who are coming to our agent points and they can get a UPI ID and a 5:22 5 minutes, 22 seconds QR and a consumer app and they can put money into the digital wallet and they can start transacting on their own using 5:31 5 minutes, 31 seconds UPI. So effectively from a NPS uh only platform we are moving to UPI now. Um 5:39 5 minutes, 39 seconds this is you know a a different segment of the market and as you're aware uh more and more India is now adopting UPI 5:47 5 minutes, 47 seconds across small towns. So we will also work to contribute towards the growth of UPI in the country. One of the points that I 5:56 5 minutes, 56 seconds would like to highlight is that um you know in addition to our agents using Aadhaar enabled payment system to you 6:04 6 minutes, 4 seconds know enable customers to withdraw cash from their bank account and deposit cash into their bank account. Uh we have also 6:11 6 minutes, 11 seconds launched UPI cash point. Uh so now at our 1.7 million agent points consumers 6:18 6 minutes, 18 seconds can uh you know use UPI any of their UPI apps uh to withdraw cash. Uh this is a 6:25 6 minutes, 25 seconds new product uh brought in by NPCI and uh it is keeping in mind the growing adoption of UPI across Bat and the 6:34 6 minutes, 34 seconds ability for consumers now to use their UPI app to not just pay for goods and services but also to withdraw cash from 6:42 6 minutes, 42 seconds their bank account. uh as one of the largest uh PCH networks uh on the ground, we have a unique opportunity to 6:51 6 minutes, 51 seconds you know enable consumers to now withdraw cash using UPI. So this is a big development in this start of this 6:58 6 minutes, 58 seconds new financial year and as more and more of the popular UPI apps go live on this platform we expect this business to pick 7:06 7 minutes, 6 seconds up. So not only will we enable people to withdraw cash using Aadhaar but also UPI 7:13 7 minutes, 13 seconds uh uh just to close on the overall business. So one is our agent business uh which is a running business and we most of the numbers that we'll talk to you up through for that agent business. 7:23 7 minutes, 23 seconds The second is the new business that we are building which is a consumer business and the third leg which is also a new business that we are building is the lending business. So here we operate 7:32 7 minutes, 32 seconds as a loan service provider where effectively we enable third party lenders uh to lend to our agents to 7:40 7 minutes, 40 seconds begin with because they are the ones who are on our digital platform and this business also as we will share with you 7:47 7 minutes, 47 seconds in the numbers has begun to scale and more importantly has also is moving towards not only scaling on topline but 7:55 7 minutes, 55 seconds also getting towards a road map to profitability. So effectively you know the lending business is something that we are looking to further build on. Here 8:04 8 minutes, 4 seconds we have our own proprietary underwriting models that as a loan service provider we work with the lenders to enable them to use to be able to build credit 8:12 8 minutes, 12 seconds products for our agents and this is something that we are looking to also scale just directionally. uh uh you know if 8:21 8 minutes, 21 seconds you are referring to the presentation I would request you to move to slide number four on the presentation which shows the road map and the way ahead in 8:30 8 minutes, 30 seconds our journey. So we are deeply committed to building Bhat's uh you know not only 8:36 8 minutes, 36 seconds Bat's largest assisted ATM network uh you know going deep into tier four, tier five, tier six markets but also building 8:45 8 minutes, 45 seconds BART's largest rural collections network and here I would like to emphasize that we also have the BDPS license with the 8:55 8 minutes, 55 seconds uh with NPCI and the regulator and basically we are going to use this to enable digital connections at the last mile 9:03 9 minutes, 3 seconds across small towns. So you know consumers are now will be able to walk up to our agent points and and and pay 9:11 9 minutes, 11 seconds them EMIs as per their convenience. And not only consumers but even agents can now use the Bhat bill payment system 9:19 9 minutes, 19 seconds platform to pay their em uh to to to deposit their cash collections at our u 9:26 9 minutes, 26 seconds uh BC agent points which can then help them to move that money to digital faster. 9:32 9 minutes, 32 seconds directionally. We are also looking to you know use this network to deliver on formal financial products like credit, savings, investments and insurance. 9:42 9 minutes, 42 seconds Again in the numbers we will show you of how in the financial year 26 we have started to see these numbers scale. And 9:50 9 minutes, 50 seconds then finally our own home products of our own wallet as well as our own credit. uh especially on credit we will 9:57 9 minutes, 57 seconds share with you in the numbers as to how that has performed in the last financial year. Going to page number five uh 10:05 10 minutes, 5 seconds quickly talking about the key highlights um you know on on on the year gone by uh we have from a P&L point of view we are 10:14 10 minutes, 14 seconds trying to be efficient. So while we are chasing growth, we are also ensuring that we maintain financial discipline in 10:21 10 minutes, 21 seconds terms of you know building a a steady P&L. So for the financial year 2026 from 10:29 10 minutes, 29 seconds our continuing business we have delivered a PAT of 25 plus KES against about 6 and a half KES in the previous 10:36 10 minutes, 36 seconds year and just from an overall PAT point of view it's close to about 19 KES compared to 20 lakhs in the last year. 10:45 10 minutes, 45 seconds Uh so just on numbers uh we are hoping that now the business you know as we begin to add more products uh to the 10:52 10 minutes, 52 seconds distribution pipe will start delivering on operating leverage and that's going to be the focus in the financial year 2027 10:59 10 minutes, 59 seconds just on the merger update um again on page number five uh we have got various 11:06 11 minutes, 6 seconds approvals from RPI SE and all in place the merger application was placed before the honorable NCL team where our first motion has been accepted. 11:15 11 minutes, 15 seconds And now we are moving towards convening a meeting of our shareholders for approval of the merger and then moving towards second motion. So like I said 11:22 11 minutes, 22 seconds that we are hoping that uh you know within this financial year we can close uh this merger and spice money directly 11:30 11 minutes, 30 seconds being listed on the exchange. Um just overall I think u as I mentioned on the credit operations we are while we are uh 11:39 11 minutes, 39 seconds you know scaling up the business we are also ensuring that we are efficient in terms of uh you know beginning to contribute to our bottom line and 11:48 11 minutes, 48 seconds overall I think as a as a tech first uh business we are focusing on making sure that we can continue to drive 11:55 11 minutes, 55 seconds operational efficiency uh you know on a constant basis. Um just in terms of product expansions as part of the 12:02 12 minutes, 2 seconds highlight we have launched two new products in the last year insurance and credit card and both these products we will share with you numbers of how 12:11 12 minutes, 11 seconds they've begun to scale. Uh also in terms of our partnerships with banks uh there have been recent guidelines on the 12:18 12 minutes, 18 seconds business correspondent uh model by the regulator where they've come up with two uh variants. One is a 12:27 12 minutes, 27 seconds business correspondent banking outlet and the other is a business correspondent banking touch point. These are guidelines that are going through uh 12:35 12 minutes, 35 seconds deliberation to be closed by end of June and then they come into implementation towards quarter 3. We have already started working with some of our banking 12:43 12 minutes, 43 seconds partners to open banking outlets. So some of our agent points are already beginning to graduate from just being ATNM collection points to also becoming 12:51 12 minutes, 51 seconds banking outlets. So this is on the key highlights and then finally I'll close before I hand over to 12:58 12 minutes, 58 seconds Sil to take us through the financials is on page number six where we've given you some key metrics for the year. 13:09 13 minutes, 9 seconds So uh as I said on page number six you can see that we've closed now close to 16.6 6 lakh registered agents as of 13:17 13 minutes, 17 seconds March 2026 about 2.57 lakh small towns covered uh on a monthly basis we are 13:24 13 minutes, 24 seconds nearly 27.5 million customers that we are serving on the product metrics a 13:31 13 minutes, 31 seconds core business uh we grew 15.9% yearonear to close the year at 59,000 crores and a 13:38 13 minutes, 38 seconds market share of close to 18% on collections uh on BVPS we did about 13:44 13 minutes, 44 seconds 5,700 crores of 7.5% growth year on year on accounts open. Now we've opened close 13:51 13 minutes, 51 seconds to 1.6 million accounts for our banking partners with nearly a 1.6x 6x growth year on year and what we are finding is 14:00 14 minutes that we are now beginning to get good balances in these accounts which is a good sign of quality and so we've seen a growth in float balance in these 14:07 14 minutes, 7 seconds accounts open by nearly 45% yearonear on credit distribution where we again worked with banks and NBSC's partners uh 14:15 14 minutes, 15 seconds we've seen about over 600 crores dispersed in the previous year nearly a 2.8x 8x growth and just on the PNN numbers we close the year at close to 14:23 14 minutes, 23 seconds 464 crores nearly 4% year-on-year growth a gross margin of 200 crores which is a 13% year-on-year growth an event of 14:33 14 minutes, 33 seconds close to 37 crores which is a 2.4x Forex year on year and a pack for our continued business of about 25 crores. 14:41 14 minutes, 41 seconds So these are the key highlights. I'll now like to hand over to Sunil who's leading the finance function to talk us through the numbers which are on page seven. Over to you Sil. 14:51 14 minutes, 51 seconds Hi good afternoon everyone. Uh so I'm covering the financial highlights for the uh financial year uh 26 and uh 15:02 15 minutes, 2 seconds uh if you see that uh our customer GTV has grown by 10.5% year on year and our revenue is also 15:09 15 minutes, 9 seconds grown by almost 12% but it is reflecting on uh only a 4% over here uh just for the reclassification 15:17 15 minutes, 17 seconds uh from the perspective. Uh and if you see the gross margin uh coming through 15:23 15 minutes, 23 seconds 13% growth uh which is a almost 23 crores uh increase in the gross margin on absolute terms and which is flowing 15:32 15 minutes, 32 seconds directly to the uh AITA and uh on the indirect cost uh that's an operational efficiency uh from the perspective that 15:41 15 minutes, 41 seconds whatever the investment we have done in the uh network and in the uh teams um We 15:49 15 minutes, 49 seconds are we are continuing uh to optimize uh that also and uh so we have uh clocked 15:57 15 minutes, 57 seconds almost 24 crores of AITA uh in comparison to the previous uh financial 16:03 16 minutes, 3 seconds year and uh consequently the ABIT side uh we have a growth of almost 2.5x 16:12 16 minutes, 12 seconds uh and reaching out to 37 crores and pat of 25 crores uh uh in comparison to the previous uh financial year. 16:23 16 minutes, 23 seconds So if we see on the discontinued business side also the expenses have come down uh with respect to our uh 16:32 16 minutes, 32 seconds focus on closing those uh entities and uh we are working uh on this uh discontinued business that in this 16:40 16 minutes, 40 seconds financial year uh this will be uh uh will convert to kind of uh zero and we want to uh kind of uh get away with the 16:50 16 minutes, 50 seconds structure of uh uh the company's uh which is primarily in the uh foreign land and uh if you see on the pad after 16:59 16 minutes, 59 seconds the uh national gain loss uh 19.3 crores against 39 crores of uh loss in the last 17:07 17 minutes, 7 seconds uh financial year uh and there is an exceptional item of 3.3 crores with respect to the labor laws uh provisions. 17:16 17 minutes, 16 seconds Uh so considering uh this uh these numbers uh this was a very encouraging 17:24 17 minutes, 24 seconds financial year for us where we have uh clocked uh uh and uh creating created 17:31 17 minutes, 31 seconds the momentum that profitability and operating efficiency uh go uh hand in hand the growth hand uh so from the 17:40 17 minutes, 40 seconds perspective of uh new opportunities and what Velisa has called out. Uh we are hopeful that we will be working on uh 17:48 17 minutes, 48 seconds new opportunities like the change in the regulations and uh uh with respect to BO uh and BT opportunity and uh having the 17:57 17 minutes, 57 seconds financial products uh uh distribution uh will be the more focus and the credit uh 18:03 18 minutes, 3 seconds and uh we are hopeful that u uh uh considering that uh this in this quarter 18:10 18 minutes, 10 seconds uh we will be kind of achieving the u abita positive in the credit uh engine. 18:18 18 minutes, 18 seconds Uh that's uh we have calling it out as a new engine. Uh but on the uh spy space side which is uh which is yet in the 18:27 18 minutes, 27 seconds build stage uh we want to call out that uh we were uh trying to insource that. 18:33 18 minutes, 33 seconds So we have an agility uh to introduce the products and do the changes and for as per the customer needs. So hopefully 18:40 18 minutes, 40 seconds in the next two years uh we will be having uh more uh on the spice page and uh having a customer touch base directly 18:50 18 minutes, 50 seconds and selling and uh cross-selling and upselling uh products uh on that and uh 18:57 18 minutes, 57 seconds uh we are very hopeful that the way this financial year has kind of uh uh showing the uh kind of turnaround and growth 19:05 19 minutes, 5 seconds momentum uh we will keep on uh building on that and Uh that's all from my side. 19:12 19 minutes, 12 seconds Uh I'm handing it over to uh AA uh for the business updates. Thank you. 19:22 19 minutes, 22 seconds Hi, good afternoon everyone. I'll be covering some of the key business updates for the financial year 26. For those of you who you are who are 19:31 19 minutes, 31 seconds referring to the presentation uploaded on the exchanges, I'm starting from page number eight. 19:38 19 minutes, 38 seconds So uh I'll start to discuss about the agent base that we've continued to build in the last financial years. Uh we've been continuously working on our agent expanding our agent base across India. 19:49 19 minutes, 49 seconds And if you see on the numbers we've expanded from almost 1 million agents in financial year 22 to almost 1.7 million 19:57 19 minutes, 57 seconds agents in financial year 26 which is a growth of almost 134% over the 5 years. If you see the kind of 20:06 20 minutes, 6 seconds depth that we're trying to build of this agent base, these agents are now located in almost 2.57 lakhs small towns in 20:15 20 minutes, 15 seconds India across the 6,400 blocks. And out of this total 16.6 lakh agents, 13.2 20:22 20 minutes, 22 seconds lakh agents are sitting in the tier four, five, six small towns where the population is typically below 20,000 per 20:30 20 minutes, 30 seconds small town. So that is the depth of our base in the core rural areas of India. 20:36 20 minutes, 36 seconds If you see on the geographical strength, we are we continue to be strong in the northeast and central depth of the of 20:44 20 minutes, 44 seconds our country where almost 84% of our overall agent base still lies and we've been continuously working on expanding 20:53 20 minutes, 53 seconds our presence in the south and west regions where today now almost 16% of our agents are present but we'll 21:00 21 minutes continue to consolidate on all areas across India whether it's the high potential district in our stronger 21:07 21 minutes, 7 seconds regions or the currently weaker regions where we want to build our market presence. 21:13 21 minutes, 13 seconds On the top of our agent base, we've also been building on multiple products uh to 21:20 21 minutes, 20 seconds come into our pie to expand our overall GTVs and gross margins. Looking at the GTV numbers on slide 9, uh overall GTV, 21:30 21 minutes, 30 seconds we've grown from 115.8,000 8,000 crores in FI25 to a 127.9,000 crores in FI26 21:38 21 minutes, 38 seconds which is a 10.5% growth year on year and if you see the major percentage of this growth has coming from the newer segment 21:48 21 minutes, 48 seconds which typically consists of our credit business and some of the newer products that we are introducing in the quarterly numbers there's a 21:56 21 minutes, 56 seconds slight growth of almost 1% and uh this was uh this um quarterly numbers see a 22:04 22 minutes, 4 seconds lot of subsidy cycles in our major products ATS. So that really impacts the kind of GTVs that we see on the overall 22:12 22 minutes, 12 seconds numbers. On the back of the growth on the GTVs, we have also seen our gross margins expand in the last financial 22:19 22 minutes, 19 seconds year from almost 178 crores in FY25 to almost 201.2 crores in FY26 which is a 22:27 22 minutes, 27 seconds 30 13% growth. So again for 10.5% growth in GDV we have seen a 13% growth in 22:34 22 minutes, 34 seconds gross margin. This is because of the reason that the new products that we are introducing for example credit insurance 22:42 22 minutes, 42 seconds banking which includes kasa these are high margin products as compared to the traditional products that we were working with. Hence the gross margin percentages are also improving. 22:53 22 minutes, 53 seconds Now I'll cover some of the key product updates. Starting with our key business which is APS business. On the APS 23:02 23 minutes, 2 seconds business on the cash withdrawal side we have seen a growth of almost 16% in the 23:08 23 minutes, 8 seconds spice money GDVs and against that the office APS industry has grown by 9%. So 23:16 23 minutes, 16 seconds this uh this growth where spice funding has outpaced the industry has led to a increase in in our market share from a 23:24 23 minutes, 24 seconds 17.27% in the last financial year to a 18.4% in financial year 26. 23:31 23 minutes, 31 seconds There's a slight dip primarily in the quarterly uh uh quarterly market share of Q4 FI26 23:38 23 minutes, 38 seconds and that has been due to the subsidy cycles that we've observed with within the different stage in the APS offers 23:45 23 minutes, 45 seconds cash withdrawal business on the transaction success rates also if you see that they have remained stable above 70% and the customers who are 23:54 23 minutes, 54 seconds coming onto our platform to withdraw cash regularly have also grown 60 by 6% % from a 10.6 cr customers coming in 24:03 24 minutes, 3 seconds FI25 to almost uh to almost 11.3 crore customers uh coming to our platform to withdraw cash in FI26. 24:13 24 minutes, 13 seconds There uh the major reason for this growth has been the introduction of subscription packs which is helping us 24:20 24 minutes, 20 seconds maintain thickness of our of the Adikaris on our platform and leading to our overall GTV growth. If you see the 24:28 24 minutes, 28 seconds GTD of these Adikaris on our platform, we've seen their GTD contribution to our overall GTV grow from a 33% in the last 24:37 24 minutes, 37 seconds financial year to a 44% in in financial year 26. So that's where the major growth is happening. Also like I already 24:45 24 minutes, 45 seconds mentioned we will continue to focus into expanding in our high potential districts where our presence is still 24:52 24 minutes, 52 seconds weaker than the other regions and continue to expand on the overall cash withdrawal business. Now coming to the 25:00 25 minutes uh the next two opportunities in the APS space which I have been mentioning in the previous calls as well which is the 25:06 25 minutes, 6 seconds APS cash deposit business as well as the APS UPI cash point business. 25:12 25 minutes, 12 seconds uh we've seen consistent growth in our ABS cash deposit business in the last eight quarters. If you see on slide 10, 25:20 25 minutes, 20 seconds we've uh seen the GTV growth, as more and more banks have gone live on this product. And as more integrations of the bank happen, we are hopeful that this is 25:29 25 minutes, 29 seconds a space that will continue to grow on GTVs for us on uh the UPI cash point 25:36 25 minutes, 36 seconds business which got uh formally started in the last month of financial year 26. 25:42 25 minutes, 42 seconds Now we are seeing uh we that we are already at a run rate of almost 100 crores GDP for a month and we are 25:50 25 minutes, 50 seconds holding a market share of close to 30 to 35% in this product as well. This is one of the major products that we see 25:58 25 minutes, 58 seconds expanding in the next financial year for us from the GDV point of view. 26:06 26 minutes, 6 seconds On the top of the cash withdrawal business, we've also built a strong foundations in the collections business. 26:13 26 minutes, 13 seconds Though I'll mention up front that uh the CMS business in this cash collections pie has been under high competitive 26:21 26 minutes, 21 seconds pricing pressures and we've been continuously solving that by strengthening our supply side on the overall collections volume. So if you 26:30 26 minutes, 30 seconds see on slide number 11, we've seen uh the volumes expand by 7.4%. 4% on the overall collections volume. While if you 26:39 26 minutes, 39 seconds see the growth that we've gotten in this segment from BBPS, the increase in BBPS business is by 12%. So this is the pie 26:48 26 minutes, 48 seconds that we we are strategically focusing to expand on the overall collections pie. 26:54 26 minutes, 54 seconds uh the BBPS business used to contribute approximately 9% of overall collections GTV in the Q4 of financial year 25 while 27:02 27 minutes, 2 seconds it has now started to contribute almost 13% of our overall collections GDV in the latest quarter. So that is where we 27:10 27 minutes, 10 seconds are strategically uh shifting our focus and if we look at the overall client funnel also today we are working and 27:18 27 minutes, 18 seconds expanding on the client funnel on all of our fronts whether it's CMS or BBPS but 27:25 27 minutes, 25 seconds the major focus for us is to slowly transition the clients that we are working with CMS on today which is the AD5 clients to the BBPS agent EMI mode. 27:38 27 minutes, 38 seconds So that uh as and as as more digitization happens and adoption happens within the enterprises we are 27:45 27 minutes, 45 seconds able to go grow in the collection space on the back of BDPS business. 27:51 27 minutes, 51 seconds Now moving to the other key focus area for us which has been the financial product distribution business where we 27:59 27 minutes, 59 seconds entered this business by opening accounts for the partner banks that we are working with. Today we're working with a couple of partner banks which is 28:08 28 minutes, 8 seconds the access bank and the NSDL payments bank and um till date we've been able to open almost 16.5 lakh accounts with them 28:16 28 minutes, 16 seconds with over a 305 crores of float balance that is lying in these accounts. This float balance has helped us started 28:25 28 minutes, 25 seconds generating a recurring float income of upward 50 lakhs per quarter. And if you see the average balance balance per 28:32 28 minutes, 32 seconds account, it's uh approximately 1,800 rupees per account which means that healthy uh bank balances are maintained 28:41 28 minutes, 41 seconds and good quality accounts we are able to open for the partner banks that we are working with. The next focus area in this phase for us is coming with more 28:49 28 minutes, 49 seconds cross-ell products for example SDS, RDS and saving products in the coming financial year. 28:55 28 minutes, 55 seconds The other product that we started distributing in the financial product distribution space is the loan uh loan 29:03 29 minutes, 3 seconds distribution for the lenders that we've partnered with. Today we have we have partnered with seven lenders on our 29:10 29 minutes, 10 seconds platform and with those lenders we've been able to disbburse close to five uh 39.6 6 crores of loan in financial year 29:17 29 minutes, 17 seconds 26 as compared to a 198.1 crores lo z lo 29:20 29 minutes, 20 seconds z lo z lo z lo z lo z lo z lo z lo z lo z lo zone in 25 which is a 2.7x growth on a quarterly basis also we are growing faster in this space and our target will 29:29 29 minutes, 29 seconds remain to strengthen the supply side as well as bring more categories of products on the credit side. The two new 29:36 29 minutes, 36 seconds products like developer mentioned that we introduced on the last financial year include both uh the credit card as well as the insurance business. In insurance 29:46 29 minutes, 46 seconds business currently we are distributing two products where we have sold almost 35,000 policies till date. The target 29:53 29 minutes, 53 seconds here will again be to strengthen the supply side by bringing in bringing more aggregators that we work with as well as 30:02 30 minutes, 2 seconds at least five more products uh insurance products are in pipelines for us in the next financial year to be introduced. 30:11 30 minutes, 11 seconds Now coming to the more important update on our credit business uh where this is the business that we are building on the 30:19 30 minutes, 19 seconds back of the transaction data that we have of our Adikaris on the back of this data of our Adikaris and the vintage of 30:27 30 minutes, 27 seconds them working with us on our platform for a very long time. we are able to underwrite the loans better for the 30:34 30 minutes, 34 seconds partner lenders that we are working with today and we are working with them under FDG back model today and if you see on 30:43 30 minutes, 43 seconds the dispersement side uh the dispersement has grown from almost 20.5 crores in FI25 to 66.7 crores which is a 30:51 30 minutes, 51 seconds 3.3x cr in our year also today we are at a quarterly dispersal rate of 20 crores 30:58 30 minutes, 58 seconds per quarter and this rate is improveving moving because of our ability to give 31:04 31 minutes, 4 seconds rep repeat loan to Adikaris. Uh why that is happening? Because once we give loan to our Adikaris and they are able to 31:11 31 minutes, 11 seconds show a payback capabilities, we are trying we can offer them a higher ticket size loan and that is leading to an 31:19 31 minutes, 19 seconds increase in our ticket sizes. Also we are also able to maintain a stable portfolio quality by maintaining the 31:26 31 minutes, 26 seconds loss rate in our credit business. And one of the key reasons for that is the platform led operational efficiencies. 31:33 31 minutes, 33 seconds Like I mentioned in the previous quarter as well, we've launched the MSM lending product uh with Bluetooth in quarter 31:41 31 minutes, 41 seconds three of the financial year 26. The numbers though may be small but this is the major product that will be uh 31:50 31 minutes, 50 seconds driving growth for us over the uh by driving more strategic partnerships in both Adikari as well as Vaparoon as well 31:59 31 minutes, 59 seconds as then bringing in more products on the NSM lending side to grow in this space. 32:06 32 minutes, 6 seconds Then on the uh last slide we've just given a gist of the key licenses and partnerships that we have. And with that 32:14 32 minutes, 14 seconds I think I'll hand back over to Bashika for hosting the Q&A session. Thank you. 32:20 32 minutes, 20 seconds Thank you very much. We'll now begin with the question and answer session. 32:25 32 minutes, 25 seconds Anyone who wishes to ask a question may press R and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. 32:36 32 minutes, 36 seconds Participants are requested to use handsets while asking a question. 32:41 32 minutes, 41 seconds Ladies and gentlemen, we'll wait for a moment while the question QM. 32:51 32 minutes, 51 seconds Participants, you may press star and one to ask the question. 33:01 33 minutes, 1 second First question is from the line of Rush Seafi from Robo Capital. Please go ahead. Good afternoon. 33:10 33 minutes, 10 seconds Good afternoon. 33:11 33 minutes, 11 seconds Uh thank you for the opportunity. I just wanted to know your outlook on topline growth and EITA margins for FI 27 and 28. 33:23 33 minutes, 23 seconds uh so uh as I mentioned about that uh whatever the growth we had done in this 33:30 33 minutes, 30 seconds financial year and this was a kind of a turnaround uh financial year for us and uh we are hopeful that uh the growth 33:38 33 minutes, 38 seconds momentum uh will continue to in the next financial year and beyond. uh and uh we 33:45 33 minutes, 45 seconds we expect that at least uh in the profitability terms we uh should be clocking uh 20% growth uh year on year 33:54 33 minutes, 54 seconds in the coming uh 2 3 years what we in vis okay thank you so much that's all all 34:02 34 minutes, 2 seconds the best thank you next question is from the line of sisha 34:10 34 minutes, 10 seconds from swve investments please go ahead Hello. 34:18 34 minutes, 18 seconds Go ahead ma'am. Yeah, thank you for taking my question. 34:23 34 minutes, 23 seconds Uh just wanted to know do you have any plans to increase your presence in the southern part of India? 34:31 34 minutes, 31 seconds Uh yes uh you know uh you know especially with the with the launch of UPI cash point uh we believe that 34:39 34 minutes, 39 seconds there's a great opportunity for us to uh you know expand into South India uh because there is a very strong UPI 34:47 34 minutes, 47 seconds adoption that we see in the south uh and uh you know in an informal way people have been using UBI to withdraw cash and 34:56 34 minutes, 56 seconds this has been a product aimed to organize this market and to formalize this market. So on the back of both UPI 35:03 35 minutes, 3 seconds cash point as well as financial product distribution, we believe that there's an opportunity for us to grow in south. 35:09 35 minutes, 9 seconds It's a very uh robust market and u you know there's a lot of especially in micro finance and gold loans and all 35:16 35 minutes, 16 seconds that there are lots of players in the south. So as we deepen in tier four, tier five and tier six uh there's an opportunity for many of these players to 35:25 35 minutes, 25 seconds leverage our network. So I think in partnership with them we hope and believe that over the next 2 three years 35:32 35 minutes, 32 seconds we can create a presence in the south akin to the presence we have in the north. 35:38 35 minutes, 38 seconds Understood. Understood. Uh the second question I had was regarding uh Adikari loans. Uh what is the growth and revenue 35:46 35 minutes, 46 seconds expected from that and uh what is the rate of interest which you are charging to them? 35:53 35 minutes, 53 seconds So just in terms of the uh rate of growth on the Atikari loans uh you know what we are seeing is that as our 36:01 36 minutes, 1 second underwriting models are getting more mature uh you know we are able to also do not only first time loans but also 36:08 36 minutes, 8 seconds repeat loans and that is helping us both on ticket size as well as tenor. So that is helping us uh you know really 36:15 36 minutes, 15 seconds strengthen. So the model itself uh as it said strengthens with data uh you know there's a compounding impact both in terms of ticket size and tenor and that 36:24 36 minutes, 24 seconds has a impact on the overall value of the loans uh dispersed. So going forward we 36:32 36 minutes, 32 seconds believe that you know as we create more sticky Adikaris on our platform because Adikari loans we only give to those 36:39 36 minutes, 39 seconds Adikaris with a certain vintage on our platform. uh you know as we grow the sticky base through subscription and 36:46 36 minutes, 46 seconds other products that we are launching uh more and more Adikari is doing more on our platform will lead to growth in credit. So it's a it's a it's our own 36:54 36 minutes, 54 seconds internal flywheel uh where we are using u uh you know transactions uh to to generate data to be able to you 37:02 37 minutes, 2 seconds know build our underwriting capability to be able to deliver efficient credit which ultimately becomes a driver of income for our abaris to do more 37:11 37 minutes, 11 seconds products. So it's it's a fly beam that we now hope that we'll be able to strengthen which basically means that uh 37:19 37 minutes, 19 seconds we can see this business growing from an X factor point of view like we are hoping that this business can grow 2 to 3x every year. So you know the only 37:28 37 minutes, 28 seconds thing we have to watch out for is is the performance of the loans and because it's a daily installment product we are 37:35 37 minutes, 35 seconds able to get early signs on performance and so for us uh you know because we get the first loss default guarantee we want 37:42 37 minutes, 42 seconds to make sure that there are no un uh toward losses that hit us uh and that is why u you know as we scale up with 37:51 37 minutes, 51 seconds lenders we will make sure that we're able to watch on performance uh uh one point I want to add on this uh 38:00 38 minutes that's there are uh repeat uh loan uh borrowers because and we are growing with them kind of we are enabling them 38:08 38 minutes, 8 seconds the credit and they are growing and that's the ticket size is uh increasing from that perspective also and uh and 38:17 38 minutes, 17 seconds the interest rate uh is uh almost 32 to 36% uh that uh we charge uh and there is 38:25 38 minutes, 25 seconds also So uh cushions with respect to that uh we charge lesser to those who are are 38:33 38 minutes, 33 seconds our repeat uh borrowers and from that perspective we are building the trust. 38:39 38 minutes, 39 seconds Uh yeah. So our focus is basically that as we understand the risk profile of the underlying uh uh uh borrower, we are 38:47 38 minutes, 47 seconds able to consistently reduce the the the rate of interest to be able to incentivize them to borrow more uh to be able to reduce their cost of borrowing. 38:56 38 minutes, 56 seconds So ultimately the vision is to go down to close to 24 26%. Uh you know and and directionally keep moving lower to reduce cost of borrowing. 39:07 39 minutes, 7 seconds Okay. Okay. Okay. Understood. Uh just last uh one question if I may take 39:14 39 minutes, 14 seconds given the Yes. So given the macroeconomic uncertainties which we are having uh 39:21 39 minutes, 21 seconds what will there be any significant impact on our financials? 39:28 39 minutes, 28 seconds um you know given what's happening at a macroeconomic level uh you know this is of course going to impact the whole 39:35 39 minutes, 35 seconds economy per se and we have to wait and watch to see what it impacts in rural Bharat. Uh but one thing we are you know 39:43 39 minutes, 43 seconds we the way we see our business and we've seen it every time there's an external shock that uh uh you know the platform that we built is an essential payments 39:52 39 minutes, 52 seconds platform. So people use our platform to withdraw money from their bank account to spend. People use our money to pay their essential bills. People use our 40:01 40 minutes, 1 second platform to get access to you know uh lower cost credit. So we are hoping that you know uh when there are these 40:09 40 minutes, 9 seconds external shops as an essential payments platform uh uh you know we'll be able to 40:17 40 minutes, 17 seconds hopefully see lesser impact. I we are hoping so. But having said that with expected inflation and other things uh 40:24 40 minutes, 24 seconds you know discretionary spending may reduce but we just we'll have to see what impact it has on essentials. So I I 40:32 40 minutes, 32 seconds it will be wrong to say that there will not be an impact. We just have to wait and watch uh what that impact will be. 40:38 40 minutes, 38 seconds But uh we continue to focus on driving efficiency. So if you look at collections also we are moving from uh collecting from the branches to 40:46 40 minutes, 46 seconds collecting from the customer. So our whole focus is on cost efficiency and operational efficiency. So in a 40:54 40 minutes, 54 seconds situation where you know the macroeconomic environment is getting tighter a lot of our partners will be looking to drive efficiency of 41:02 41 minutes, 2 seconds collections and efficiency u in cost. So we hope that as a platform we can enable them to drive more cost 41:09 41 minutes, 9 seconds efficiency. So during tough times we hope that we'll be able to you know use our platform to enable our partners to 41:17 41 minutes, 17 seconds you know uh bring down costs and and and and improve the time to cash. 41:23 41 minutes, 23 seconds uh I want to add one thing there is a positive side maybe also with respect to that because whenever there is a macro 41:30 41 minutes, 30 seconds uh uh uncertaintities and uh there is a impact uh in on the Indian economy uh 41:39 41 minutes, 39 seconds the government also uh come forward and support uh the uh for the financial inclusion standpoint of view and more 41:47 41 minutes, 47 seconds and more subsidies may be going into the support uh uh the basic uh needs of the 41:54 41 minutes, 54 seconds uh uh people of uh rural rural and semi-urban uh people and so from that perspective our our ABS uh 42:03 42 minutes, 3 seconds infrastructure as we have seen in the pandemic also uh during that uh period uh there was a support from the 42:10 42 minutes, 10 seconds government and uh our business uh has got some positive side of it uh that's also uh important. 42:20 42 minutes, 20 seconds Okay sir, thank you and all the thank you. 42:27 42 minutes, 27 seconds Next question is from the line of individual investor. Please go ahead. Hello. 42:35 42 minutes, 35 seconds Yeah. Hello. Am I audible? Yes. Yes. Please go. Please go ahead. 42:40 42 minutes, 40 seconds Yeah. Um I just had a few questions like uh last financial year the financial year which has gone by we saw that Q1 42:50 42 minutes, 50 seconds and Q2 saw a good traction in the revenues then Q3 and Q4 were a little subdued. So I mean is will this be a 42:59 42 minutes, 59 seconds trend going forward or I mean was that a one-off kind of a thing? Can you please uh share something about that? 43:06 43 minutes, 6 seconds Yeah. So basically our business uh if you look at it you know our main product is APS and uh you know what we have seen 43:14 43 minutes, 14 seconds in H1 compared to H2 last year is seasonality with respect to subsidy cycles. So what we saw is uh you know in 43:22 43 minutes, 22 seconds H1 we actually got more subsidies coming in than we expected uh state level subsidies and all of that. So 43:30 43 minutes, 30 seconds effectively you know they have seasonality which uh you know created the situation in H1 versus H2. Now seasonality could be linked to uh 43:40 43 minutes, 40 seconds elections. It could be linked to uh you know various uh u you know schemes run by state governments and that is why 43:47 43 minutes, 47 seconds directionally if you see we are diversifying beyond uh you know APS cash control to other products so that uh you 43:55 43 minutes, 55 seconds know we can show more sustainable quarteronquarter growth and not just rely on uh uh you know such cycles uh 44:04 44 minutes, 4 seconds you know for our core income growth. But this year we've seen this impact because of you know H1 seeing more than H2. So 44:12 44 minutes, 12 seconds that's right what uh Dith has mentioned out but I want to just call out because in in my uh presentation at that time I 44:21 44 minutes, 21 seconds have uh uh pointed out that revenue growth is almost 12 13%. uh there is a 44:29 44 minutes, 29 seconds in the last two quarters some classification uh in comparison to the first quarter also the first two quarters. So from that perspective uh 44:38 44 minutes, 38 seconds you are seeing that uh there is a uh uh degrowth in the uh in the uh third and 44:46 44 minutes, 46 seconds fourth quarter. uh but having said that that's not uh much whatever it is coming out uh here in the numbers just as a uh 44:55 44 minutes, 55 seconds addition to work let's say okay thank you sir and one more question up cash point like we had mentioned in 45:04 45 minutes, 4 seconds the last last quarter's presentation about UPI cash point I think it has uh started to the uptake has happened in uh 45:12 45 minutes, 12 seconds last quarter of this financial year so can you just explain how does it work and what will be the opport opportunity 45:19 45 minutes, 19 seconds size of this market and all just highlight. So yeah. So yeah, so the way UPI cash point works. So today if 45:28 45 minutes, 28 seconds you see uh you know when customers want to withdraw cash what is happening is because of the univers uh you know 45:35 45 minutes, 35 seconds ubiquitousness of UPI where now you see UPI QR at almost every merchant point and consumers with uh UPI apps paying 45:45 45 minutes, 45 seconds using UPI QR. Uh what we've also seen is that many times consumers also end up 45:51 45 minutes, 51 seconds withdrawing cash uh which to formalize this um you know this point has come of UTI cash point. So now what is uh you 46:00 46 minutes know now available to merchants is to sign up as agents on platforms like ours and label their shop as a UTI cache 46:09 46 minutes, 9 seconds point. So and put our let's say spice money QR. So what happens is while they have other QRS at the merchant point to 46:17 46 minutes, 17 seconds accept payments our QR can be used to give cash. So it effectively becomes 46:24 46 minutes, 24 seconds like an ATM point. So in APS we still had this thing where people had to use their you know biometric 46:33 46 minutes, 33 seconds authentication to withdraw cash but with UPI all they have to do is use their UTI 46:39 46 minutes, 39 seconds app to scan a QR. Now given that people across India have got so used to using 46:45 46 minutes, 45 seconds UPI to scan and pay, UPI cash point is an opportunity for them that when they need cash, they can walk up to a 46:54 46 minutes, 54 seconds merchant point which has been signed up as an agent on our platform labeled as a UPI cash point and they can scan the QR 47:01 47 minutes, 1 second that we deploy at the agent point and get cash. So we are we believe that this 47:07 47 minutes, 7 seconds is a much bigger market uh than APS because by definition you have UPI spread much more than APS and the 47:17 47 minutes, 17 seconds convenience of it is so simple in three steps they can actually get the cash in their hand and for the merchants today 47:24 47 minutes, 24 seconds it's an opportunity for them to sign up as a DC agent and start earning money on providing this service. So we hope that 47:33 47 minutes, 33 seconds uh you know this will help us grow the market in terms of number of agents uh functioning as uh you know 18 points 47:41 47 minutes, 41 seconds across uh across India. Uh just in terms of numbers uh you know we we started really this in March 26. We were hoping 47:50 47 minutes, 50 seconds to start earlier but we are waiting for all the players to go live because all the popular UPI apps need to work on this platform. uh you know now now most 47:59 47 minutes, 59 seconds of them are on the platform uh barring uh you know uh uh uh uh one or maybe just one actually so we're just waiting 48:06 48 minutes, 6 seconds for them to go live otherwise everyone else is live and we are seeing our business grow month on month so effectively just to give you a sense uh 48:14 48 minutes, 14 seconds this month as AA said we already tracking close to 100 crores of cash withdrawal u you know which is like a a 48:21 48 minutes, 21 seconds kind of a 3x compared to last month so just the ubiquitousness and convenience of UTI u you know we believe can drive 48:31 48 minutes, 31 seconds uh you know more kind of UTI APN points as we call them across India. So I think 48:38 48 minutes, 38 seconds uh this will strengthen our network also beyond uh the tier three tier four cities. We will be having more presence 48:46 48 minutes, 46 seconds in the uh uh uh cities also uh due to this product and uh that will also have 48:53 48 minutes, 53 seconds an effect on other products of credit and uh so on. Uh second point I want to uh just uh add on this is that we and 49:02 49 minutes, 2 seconds vis that uh this this product will uh with our presence uh will have a almost 49:08 49 minutes, 8 seconds uh uh in next one to two years uh there will be a 50% of what we are doing in a 49:19 49 minutes, 19 seconds okay sir thank you just one more question I I just wanted to understand the license side of it like do we 49:25 49 minutes, 25 seconds require a separate license for UBI cash fund and how I mean if a new player wants to get in how much time uh do they 49:34 49 minutes, 34 seconds take for acquiring the license and all I mean just just to know the regulatory hurdles yeah yeah yeah so so so UPI cash point 49:44 49 minutes, 44 seconds is meant for a BC uh network so anyone who's operating a business correspondent 49:50 49 minutes, 50 seconds network of banking agents can offer this service however it does require ire you to tie up with a bank uh you know and 49:59 49 minutes, 59 seconds and build your product with the bank. So uh you know the real mo here is the uh agent network you have uh more than 50:07 50 minutes, 7 seconds anything else. So you know in order to offer the service you have to build the network and I think uh that is really 50:14 50 minutes, 14 seconds the uh the main mo in terms of uh you know who has the network versus who has to build the network. So one is we have 50:22 50 minutes, 22 seconds a network of 1.7 million agents which can double up as UPI cash points and we can grow this network further on the 50:29 50 minutes, 29 seconds back of this. So we have customers who are coming and withdrawing cash. Now they have the opportunity to come and withdraw using up UPI and we have the 50:37 50 minutes, 37 seconds platform and the partnerships in place to you know like Sunil said scale up this uh agent base uh beyond. So um it's 50:45 50 minutes, 45 seconds not a license from the regulator but it is a it is a uh it is a partnership with the bank uh under the business 50:53 50 minutes, 53 seconds correspondent uh u you know framework of the regulator. 51:00 51 minutes Right. So thank you so much and best of luck for the future. Thank you. 51:05 51 minutes, 5 seconds Thank you members and want to ask question. Next question is from the line of Rahul Luja from Finwell. Please go ahead. 51:16 51 minutes, 16 seconds Hello. Uh thank you for the opportunity. 51:19 51 minutes, 19 seconds Just wanted to understand two qu uh responses here like first being uh what is your target for banking outlet 51:26 51 minutes, 26 seconds expansion in the next financial year as while the company has already opened 200 plus outlets in FI26. The second 51:34 51 minutes, 34 seconds follow-up question would be uh what are the initiatives being taken to improve the customer activity levels? Yeah. 51:42 51 minutes, 42 seconds Okay. Thank you Ra. So on banking outlet uh expansion uh you know we are waiting for these 51:50 51 minutes, 50 seconds business correspondent banking outlet guidelines to be a little cleared. 51:55 51 minutes, 55 seconds uh you know where both universal banks and payment banks as well as the other banks category are just waiting to see 52:03 52 minutes, 3 seconds how these guidelines get cleared because on banking outlet there are still some under the current guidelines which are under deliberation because it's going 52:10 52 minutes, 10 seconds through a consultation process uh to be finalized by the end of June there are some uh conditions around distance from 52:16 52 minutes, 16 seconds branch and a fixed cost across for the uh for the for the outlet plus a connection to do you obligation to roll 52:25 52 minutes, 25 seconds out certain unbanked rural outlets linked to the banking outlet. So what is happening is that in the current set of guidelines that have come out the BCBO 52:35 52 minutes, 35 seconds or the business correspondent banking outlet has been made akin to a bank branch and uh uh you know this needs 52:43 52 minutes, 43 seconds certain clarifications when it comes to payment banks because they don't have branches by definition. So distance from branches and all of that needs to be 52:50 52 minutes, 50 seconds solved for them. At the same time for the universal banks this obligation of unbanned rural outlets has to be solved 52:56 52 minutes, 56 seconds for them. So given this now we just waiting for these guidelines to be cleared by the end of June which we 53:03 53 minutes, 3 seconds think it will because ultimately uh to expand the reach of banking in rural and uh to the hinderlands the only model is 53:12 53 minutes, 12 seconds the uh PC model and uh I think uh the regulator is very committed to taking banking to the masses and uh we 53:20 53 minutes, 20 seconds therefore believe that once these things are clarified uh we can work not only with our current but more partners to roll 53:28 53 minutes, 28 seconds more banking outlets. So we are working in a direction where you know all the uh uh adikaris or our agents who are sticky 53:37 53 minutes, 37 seconds on our platform and are working with us for a long period of time uh you know can graduate to becoming banking outlet. 53:44 53 minutes, 44 seconds So like you saw that if we can give credit and uh you know they can perform well on the credit means that we know them well and they are performing well 53:52 53 minutes, 52 seconds on our platform. So a banking outlet is an opportunity for them to earn more income by distributing more products on behalf of the bank. So I think all the 54:02 54 minutes, 2 seconds uh agents who are growing in terms of stickiness on our platform can graduate to becoming banking outlets and and 54:09 54 minutes, 9 seconds that's a very significant number uh you know so if you look at the number of people who uh you know uh take subscription from us it's really close 54:17 54 minutes, 17 seconds to 50,000 agents. So we have an opportunity to roll out a significant coverage once the guidelines are clear 54:25 54 minutes, 25 seconds and uh once we are able to stitch the model together with our uh banking partners in terms of the initiatives 54:32 54 minutes, 32 seconds around customer activities. Yes. Uh you know like I mentioned we are in the process of launching our own customer 54:39 54 minutes, 39 seconds app that is directly engaging with the customer walking up to our agent outlet but also within our agent app uh we are 54:47 54 minutes, 47 seconds creating a a proper CRN program uh where we are able to help our agents engage with customers uh you know uh and and 54:56 54 minutes, 56 seconds and work with their consent to be able to you know make them aware of more services that are coming on the platform. 55:03 55 minutes, 3 seconds and we help them to consume more services. So you know like I start like we mentioned at the start of this call 55:10 55 minutes, 10 seconds uh you know while we scale up the agent platform our next big focus is going to be to build and scale up the consumer 55:18 55 minutes, 18 seconds platform because we have access to lots and lots of consumers who are today transacting at our agent points. 55:26 55 minutes, 26 seconds Okay. Uh fair enough. just wanted to understand uh that what drove the s sharp deterioration in the uh margins 55:34 55 minutes, 34 seconds despite stable GTV is it like seasonal like structural or just one time in nature which uh which number are you referring 55:42 55 minutes, 42 seconds to when you say sharp detonation and margins I'm referring to EIA as well as the gross margins 55:50 55 minutes, 50 seconds uh okay so then just you're talking about the quarter on quarter right yes yes quarter on quarter Yeah. So quarter four compared to quarter three. 56:01 56 minutes, 1 second So quarter four uh we have a gross margin of 48.6 crores which is a 3 crores uh down from the previous 56:10 56 minutes, 10 seconds quarter. That's one point we have mentioned it out. about the subsidy uh cycle on the uh quarter 3 versus quarter 56:18 56 minutes, 18 seconds 4 because the revenue is also uh little less uh on the quarter four side and there are there was a some uh one-time 56:27 56 minutes, 27 seconds adjustment in the previous quarters which is kind of reflecting over here so uh and in the quarter four also so it's 56:34 56 minutes, 34 seconds a one time per year and closer sometime adjustments are there so that's not the uh uh I will say that's not uh hindering 56:44 56 minutes, 44 seconds any growth. Run rate stand point of uh run rate standpoint of view we are uh at whatever we have clocked for the full 56:52 56 minutes, 52 seconds financial year 2001 crores. So you can uh take it as a 50 52 crores uh is the run rate for every quarter uh as of now. 57:03 57 minutes, 3 seconds Okay great great thank you so much that's it from Thank you. A reminder to all the 57:10 57 minutes, 10 seconds participants, you may press star and one to ask a question. 57:23 57 minutes, 23 seconds As there are no further questions, I'll now like to hand the conference over to Mr. Dilip Modi for closing comments. 57:33 57 minutes, 33 seconds Uh I'd like to thank everyone who took the time out to join this uh call. uh I I would uh request you all to please 57:41 57 minutes, 41 seconds refer back to the presentation uh that we used in our call today. uh and um you know as a company we continue to focus 57:49 57 minutes, 49 seconds on uh a significant part of Bhat that's underserved when it comes to banking and 57:56 57 minutes, 56 seconds uh today having built one of the deepest uh you know human assisted ATM and collections network on the back of APS 58:04 58 minutes, 4 seconds now UPI as well as BBPS we believe that uh we are playing a we could play a significant role in not only providing 58:12 58 minutes, 12 seconds access uh to banking but also being able to organize informal data of consumers living in uh underserved markets to be 58:21 58 minutes, 21 seconds able to build formal credit savings and insurance products for them. So you know we believe that both our agent platform 58:29 58 minutes, 29 seconds can scale and on the back of that we can build a consumer and credit business. So we are looking forward to a journey of 58:36 58 minutes, 36 seconds uh you know taking banking to the masses uh using tech and uh really leveraging the digital public infrastructure uh 58:44 58 minutes, 44 seconds that is available to all fintexs uh and we are using that to be able to financially empower uh you know a 58:51 58 minutes, 51 seconds significant part of underserved consumers living in bars. So, thank you once again for this opportunity to 58:58 58 minutes, 58 seconds present our our oursis as well as give you an update on our numbers. We look forward to your continued interest in what we are building and to your 59:06 59 minutes, 6 seconds suggestions as we go forward in the year. Thank you so much. Thank you very much. 59:13 59 minutes, 13 seconds Thank you. On behalf of DJ Space Technologies Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.