IndiaMART InterMESH Ltd — Q4 FY26

IndiaMART InterMESH Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=ge4WIOIbNnw Published: 13 days ago

0:01 1 second Good evening ladies and gentlemen. I am Aijit Pikrram, head of investor relations. On behalf of India Mart 0:08 8 seconds limited, I welcome you all to the company's quarter 4 NF 2026 earnings webinar. As a reminder, all participant 0:17 17 seconds lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation concludes. Joining us today from the management side, we have Mr. Mr. 0:28 28 seconds Dharava, Chief Executive Officer, Mr. Vijay Sharaval, full-time director, Mr. 0:34 34 seconds Jitan Dwan, Chief Financial Officer, and Mr. Pratep Chandra, Chief Strategy Officer. Before we begin, I would like 0:42 42 seconds to remind you that some of the statements made in today's call may be forward-looking in nature and may involve risk and uncertainties. Kindly 0:51 51 seconds refer to slide number three of the earnings presentation for the detailed disclaimer. Now I would like to hand over the call to Mr. Dharaj for his 1:00 1 minute opening remarks. Thank you and over to you sir. 1:06 1 minute, 6 seconds Thank you Abiji. Good evening everyone and welcome to India Mars quarter 4 and FY26 earnings webinar. We have 1:14 1 minute, 14 seconds circulated our earning presentation which is available on our website as well as uh stock exchange websites. We 1:21 1 minute, 21 seconds are sure you would have gone through the presentation and we would be happy to take any questions afterward. India Mart has delivered consolidated revenue from 1:30 1 minute, 30 seconds operations of rups 404 crores in the quarter 4 and rupees 1569 crores in the 1:38 1 minute, 38 seconds full year representing a year-on-year growth of about 14% and 13% respectively. Consolidated collections 1:46 1 minute, 46 seconds from customer grew to 595 crores uh in quarter 4 and 18 57 crores in FY26 1:55 1 minute, 55 seconds representing a yearon-year growth of 10% and 14% respectively. 2:02 2 minutes, 2 seconds Consolidated deferred revenue grew to rupees 1965 crores uh representing yon 2:10 2 minutes, 10 seconds growth of 17%. In quarter 4, unique business inquiries were about 27 million. In FY26, 2:17 2 minutes, 17 seconds total number of paying suppliers increased by 3,200 to 2 lakh 20,000. 2:23 2 minutes, 23 seconds While the quarter 4 saw a little decline of 1,200. This decrease can primarily be attributed to moderation in gross 2:31 2 minutes, 31 seconds addition due to price increase we implemented in the silver subscription tier at the end of the second quarter. 2:37 2 minutes, 37 seconds Our platinum and gold customer which constitute approximately 50% of our customer base and more than 75% of 2:45 2 minutes, 45 seconds revenue continue to have good upsell and retention rate. On the platform side, we continue to take initiatives to improve 2:52 2 minutes, 52 seconds the quality of inquiries by capturing relevant and most more product specification. We are now delivering 2:59 2 minutes, 59 seconds inquiries which are having higher intent and relevance to sellers. In addition to the seller side uh verification, we are 3:08 3 minutes, 8 seconds now starting to do more buyer side verification as well so as to increase the overall trust in the platform. We 3:16 3 minutes, 16 seconds also continue moving forward our AI journey by embedding AI capability across our platforms. By combining three 3:24 3 minutes, 24 seconds decades of our proprietary data with next generation intelligence, we are making the discovery process much more precise and seamless for both buyers and 3:32 3 minutes, 32 seconds sellers. Currently AI is driving multiple parts of our ecosystem and it is helping us improve the product 3:39 3 minutes, 39 seconds quality and reinforcing a deeply trusted marketplace. We remain committed to ensuring that platform remains a 3:47 3 minutes, 47 seconds reliable growth partners for businesses in a digital first world. Now I will hand over the call to Brish to update 3:54 3 minutes, 54 seconds about busy infoch. Thank you and over to you Bril. 3:59 3 minutes, 59 seconds Hi good evening everyone. uh in in Q4 busy has done a billing of uh 45 crores 4:05 4 minutes, 5 seconds uh whereas in FI26 uh in total we did 170 crores of billing the normalized uh 4:13 4 minutes, 13 seconds rate of growth that we had yearon year uh which excludes the uh impact of the change in the payout structure uh that 4:21 4 minutes, 21 seconds we had introduced uh is 24% and 43% respectively the uh revenue from operations in Q4 4:30 4 minutes, 30 seconds before were 34 crores whereas for full year this was at 119 crores and the uh 4:37 4 minutes, 37 seconds normalized uh growth rates of 53% and 44% respectively. 4:44 4 minutes, 44 seconds The deferred revenue uh was at 124 crores uh and this represents a normalized growth of 44% yearonear. 4:56 4 minutes, 56 seconds The cash flow from operations in Q4 was uh 10 crores whereas for the entire year this was at about 49 crores uh for us. 5:05 5 minutes, 5 seconds During the quarter we also sold uh 11,000 new licenses. uh and this takes the total count of licenses sold to over 4 lakh 42,000. 5:17 5 minutes, 17 seconds The uh new licenses uh sold during the entire year uh are close to about 45,000. 5:25 5 minutes, 25 seconds Uh we continue to invest uh in improving the overall experience of the product. 5:30 5 minutes, 30 seconds uh we are also uh now working upon adding AI features uh in the product 5:37 5 minutes, 37 seconds itself and all of this should help us uh grow our sales uh further. This should 5:44 5 minutes, 44 seconds lay the foundation for a sustained uh high growth uh at busy for years to come. Now with this I'll request the to 5:53 5 minutes, 53 seconds take uh over and discuss the financial performance of the business. 5:57 5 minutes, 57 seconds Yeah, thank you so very much. Good evening everyone. I'll take you through the financial performance for the quarter and year ending March 2026. 6:05 6 minutes, 5 seconds Consolidated collection from customers was 595 crores in the quarter and rupes 1857 cr on full year basis. This 6:13 6 minutes, 13 seconds represents buy and growth of 10% and 14% respectively. 6:18 6 minutes, 18 seconds India's standard collection from customer for the quarter was 546 cr and 1674 cr on 4 year basis registering wild growth of 8% and 10% respectively. 6:28 6 minutes, 28 seconds Consolidated deferred revenue stood at 1965 crores an increase of 7 17% on buy and buy basis. Consolidated revenue from 6:37 6 minutes, 37 seconds operations was 404 cr for the quarter and 1569 cr for the full year basis resisting buy and buy growth of 14% and 13%. 6:48 6 minutes, 48 seconds Consolidated Aida was 133 cr for the quarter and 530 cr for the full year representing margin of 33 and 34% respectively. 6:58 6 minutes, 58 seconds In quarter four, consolidated other income for the quarter stood at 34 cr. 7:03 7 minutes, 3 seconds This was primarily driven by mark tomark losses on our treasury portfolio resulting from a significant increase in bond yields during the quarter. 7:11 7 minutes, 11 seconds We view this as notional losses which would reverse on a long-term basis. 7:16 7 minutes, 16 seconds Other income stood at 204 cr for the fullear basis. Consequently, consolidated net profit for the quarter was 50 cr and 475 cr for f26. 7:27 7 minutes, 27 seconds Consolidated cash generation from operations was 290 cr for the quarter and 694 cr for fi26. 7:34 7 minutes, 34 seconds Consolidated cash and treasury balance should add 302 308 3280 3280 crores as on March 31st 2026. 7:44 7 minutes, 44 seconds And finally board of directors have recommended a total dividend of 60 rupees which includes final dividend of 30 rupees and a special dividend of 7:52 7 minutes, 52 seconds another 30 rupees. This is subject to approval of shareholders. Thank you very much. And now we are ready to take any questions. 8:00 8 minutes We will now begin the Q&A session. If you wish to ask a question to the panelists, kindly raise your hand and allow camera and microphone access. 8:09 8 minutes, 9 seconds Alternatively, you may type your question in the chat menu and we will revert on it. Please restrict to two questions so that we may be able to address questions from all participants. 8:19 8 minutes, 19 seconds We will wait for a few seconds while the question assembles. 8:45 8 minutes, 45 seconds Best question is from the line of Vanand from Ambit Capital. Van, please unmute yourself and go ahead with your question. 9:05 9 minutes, 5 seconds You're not audible. 9:16 9 minutes, 16 seconds Hello. Am I audible? 9:18 9 minutes, 18 seconds Yeah. Yes, you're audible. Please go ahead. Yeah. Thank you very much for the opportunity. 9:23 9 minutes, 23 seconds Uh, two questions. So the first one is on on the gross ads. Thanks for the opening comments where you mentioned 9:30 9 minutes, 30 seconds about the moderation in gross ads. So DH if you can just update us on the process 9:38 9 minutes, 38 seconds changes that you were initiating in improving the quality of gross ads. 9:44 9 minutes, 44 seconds Where do you stand in the journey and where can we ex by when can we expect the business to go back to say a net ad 9:53 9 minutes, 53 seconds trajectory of maybe 5 to 6% at least on an annual basis that is question one and 10:00 10 minutes secondly if you can give us an update on the churn metrics across the various tiers in the platform and where they 10:08 10 minutes, 8 seconds stand now versus last year on an annual basis that would be great. Thank you. 10:15 10 minutes, 15 seconds Yeah. So, let me handle the uh uh churn rate first. 10:20 10 minutes, 20 seconds As I've been uh repeating quarteron quarter, gold and platinum continue to do uh 10:27 10 minutes, 27 seconds healthy business uh with the monthly churn rates in the platinum segment being much lesser than 1% and in the 10:35 10 minutes, 35 seconds gold segment anywhere uh 1 to one and a half% so on overall basis about approximately 1% per month. While on the 10:43 10 minutes, 43 seconds silver annual they are about 4% and the silver monthly they are about 7%. 10:49 10 minutes, 49 seconds There's not much of a change uh that is there uh in each one of them. Now coming 10:56 10 minutes, 56 seconds to the gross ad uh quality and quantity uh we continue to 11:02 11 minutes, 2 seconds put levers where uh we can apply better quality of suppliers uh by way of GST verification by way of uh turnover 11:12 11 minutes, 12 seconds qualification by way of uh uh any kind of a third party uh signals that we can 11:19 11 minutes, 19 seconds get. uh but in terms of the quantity uh as I said uh there is certain uh uh 11:28 11 minutes, 28 seconds certain uh decrease in the gross ads because of the uh pricing uh pressure. It took uh 11:36 11 minutes, 36 seconds longer than uh than we expected uh especially in the March uh when the war also broke out. Otherwise generally 11:44 11 minutes, 44 seconds March has a better February and March typically do a better uh job which could 11:51 11 minutes, 51 seconds not have happened. So hopefully uh this is going to continue a little longer with the pain in the market. Uh in terms 11:58 11 minutes, 58 seconds of uh net ads I think until unless the churn improves no amount of gross ad can actually do that. So we'll continue to 12:07 12 minutes, 7 seconds have no guidance on the net ads until we have a multiple quarters of uh continual success. Thank you. 12:17 12 minutes, 17 seconds Okay, thanks for the explanation. Just one followup. How much of the current quarters of muted gross addition would 12:26 12 minutes, 26 seconds you attribute to the war that broke out maybe end of February? And how much would you attribute to let's say the 12:34 12 minutes, 34 seconds price increase that you took in the middle of the year? 12:38 12 minutes, 38 seconds Yeah. So in terms of the uh about 1,200 odd customers decrease I think uh if 12:47 12 minutes, 47 seconds there was no war we could have been probably 2,000 customers positive. So that gives you the entire quarter maybe 12:55 12 minutes, 55 seconds 3,000 book and out of that I would say 1,000,500 could be because of the 13:02 13 minutes, 2 seconds war,500 could have been because of the uh price. 13:07 13 minutes, 7 seconds Okay, got it. Thank you so much and all the best. 13:12 13 minutes, 12 seconds Thank you. Vikant participants are requested to raise hand if they wanted to ask question to management. Next 13:19 13 minutes, 19 seconds question is from the line of Anmul Kirk from Dam Capital. Anmul please unmute yourself and go ahead with your question. 13:38 13 minutes, 38 seconds Yeah. Hi, thanks for the opportunity. Uh a couple of things that I wanted to understand. Um uh firstly uh have you 13:46 13 minutes, 46 seconds thought about any value added services that we want to provide uh through our platform through which we can uh charge 13:53 13 minutes, 53 seconds higher prices and in turn could increase our pool uh through through that aspect. 14:03 14 minutes, 3 seconds Yeah. So uh while we uh don't necessarily report uh value add services 14:11 14 minutes, 11 seconds uh as uh as part of the uh financials or that when we say platinum customers and 14:20 14 minutes, 20 seconds platinum customers is all of it is value added only and platinum customers typically the top 10% customers that you 14:27 14 minutes, 27 seconds see doing 50% of the revenue they are all value added services otherwise targeting whether location targeting. 14:36 14 minutes, 36 seconds These are not typical uh subscription businesses. However, they are sold uh in the similar manner as uh yearly 14:46 14 minutes, 46 seconds subscription and uh multi-year subscription sometimes even a quarterly and six monthly subscription. Now coming 14:54 14 minutes, 54 seconds to the other kind of value added services which are not related to the access to market. uh so for example uh a 15:02 15 minutes, 2 seconds lead manager professional version or a where where you have a WhatsApp kind of an integration uh so that's that 15:10 15 minutes, 10 seconds contributes to some uh value added revenue there are uh few few other planned items on the lead management 15:19 15 minutes, 19 seconds side that we could but they are not significant yet that that can be reported as a uh separate line items uh 15:27 15 minutes, 27 seconds export again we started sometime around 2020 become a uh separate uh business 15:35 15 minutes, 35 seconds altogether with almost uh you know 50 60 cr rupees of uh collections. It was it was always there even when we were 15:44 15 minutes, 44 seconds purely domestic maybe 20 25 crores but now it has become 60 70 crores of business and uh you can look at our 15:52 15 minutes, 52 seconds export oriented website at export.indiam.com indiumart.com. 15:57 15 minutes, 57 seconds So that's there we continue to maintain uh certain value added uh experiments 16:04 16 minutes, 4 seconds which are towards logistics and uh uh and credit uh facilitation uh but those 16:12 16 minutes, 12 seconds are still remain very very uh pilot and experimental and not yet have resulted into anything uh substantial. uh 16:22 16 minutes, 22 seconds hopefully that uh offers your answers your question. 16:26 16 minutes, 26 seconds Yeah, thanks thanks for that sir and and secondly just from a holistic point of view I wanted to understand the market 16:34 16 minutes, 34 seconds sizing uh right now. So uh according to you how many uh in India would be currently GST registered MSMES and 16:43 16 minutes, 43 seconds currently both non-paid and paid uh included how many total MSMES would be there on our platform as an overall basis. 16:52 16 minutes, 52 seconds Yeah. So in total uh 1.6 6 cr uh GST registered businesses typically about 5% 17:01 17 minutes, 1 second churn in GST registered businesses uh at the GST uh registration cancellation suspension that you would see uh you can 17:10 17 minutes, 10 seconds verify this data from the uh se 7 years of GST and 6 years of GST kind of a publication that happens on the official 17:18 17 minutes, 18 seconds GST website they also publish data by way of uh turnover and by way of uh thing approximately 50% of them are at a 17:27 17 minutes, 27 seconds lower turnover less than 40 lakh rupees turnover and rest of them are higher 17:33 17 minutes, 33 seconds about 85% of them are proprietorship uh rest of them are uh company and 17:40 17 minutes, 40 seconds partnership and ine equal uh numbers out of them uh uh at our India M level 17:50 17 minutes, 50 seconds when we look at the seller side of it uh almost 50 lakh 17:55 17 minutes, 55 seconds businesses uh with GST identified uh are registered with their own OTP of 18:04 18 minutes, 4 seconds the email email on India. Out of that about uh half of them or little over 18:10 18 minutes, 10 seconds half of them have now been verified with the GST where there are they are the true owners of that GST number not only 18:19 18 minutes, 19 seconds with the matchmaking uh number. out of that uh we now have uh 2 lakh 20,000 18:27 18 minutes, 27 seconds customers uh which are live online. In our lifetime uh I think we would have uh brush shoulders with uh more than five 18:35 18 minutes, 35 seconds lakh customers uh in the past four five years or so. 18:42 18 minutes, 42 seconds Uh so sir in accordance to that uh we have almost uh 40% uh if I consider 16 18:49 18 minutes, 49 seconds million total GST registered MSNmes we have almost you said five lakh uh sorry 50 lakh MSMES which are there on 18:58 18 minutes, 58 seconds the platform either paid or non-paid so uh almost 30 35 40% of the total MSMES is what we have covered do you think 19:06 19 minutes, 6 seconds that uh right now with this number we have largely penetrated ed the market on overall basis. 19:14 19 minutes, 14 seconds Yeah, on the free basis uh I would say out of the 19:21 19 minutes, 21 seconds uh out of the serviceable obtainable uh just 19:29 19 minutes, 29 seconds instead of Tam SAM and so on uh I guess uh we would have gotten to 50% kind of a 19:38 19 minutes, 38 seconds number. So any incremental benefit coming from there is uh not really 19:45 19 minutes, 45 seconds adding up. So on the uh on the variety of products that are available on the variety of suppliers that are available 19:53 19 minutes, 53 seconds on India I think from the buyers perspective uh they fulfill almost 80% 19:59 19 minutes, 59 seconds of the needs uh which are arrive uh which are uh 20:06 20 minutes, 6 seconds the which are required by the buyer whether any particular unique product or unique location. So almost 80% of the 20:15 20 minutes, 15 seconds products and location uh you will be able to find uh in India mod. So from that 20:22 20 minutes, 22 seconds perspective yes uh there is a limited headroom on the uh increasing more supply uh in order to get uh a better uh 20:33 20 minutes, 33 seconds experience. However, uh now there are multiple levers that open up in terms of 20:40 20 minutes, 40 seconds increasing the trust in terms of increasing the uh discoverability in terms of increasing the better 20:48 20 minutes, 48 seconds digitization uh and accurate digitization of those products. U so there are many levers where supply itself can be improved multiple times. 21:00 21 minutes However, just by doing multiple numbers of the sellers, I don't think it is going to add incrementally very uh high value to the uh customers. 21:14 21 minutes, 14 seconds Uh so sir if the volume growth uh from a uh SAM perspective uh is uh now limited 21:22 21 minutes, 22 seconds uh the uh other part to grow is uh through realization uh and through uh value added services uh but uh from that 21:31 21 minutes, 31 seconds perspective as well we haven't seen uh uh much happening over there. So uh from going ahead perspective uh should we 21:39 21 minutes, 39 seconds expect that the platform growth would largely come from increase in the pricing uh prices that we see uh given 21:47 21 minutes, 47 seconds that as uh silver monthly customers or silver annual customers churn persist in that case eventually uh the uh uh 21:57 21 minutes, 57 seconds upgradation towards gold and platinum will also uh somewhere slow down. So how do you think that the growth uh going 22:04 22 minutes, 4 seconds ahead uh in the business would be uh from that perspective you can see you know out of our total 22:12 22 minutes, 12 seconds growth number uh when we were at upwards of 20% half of that came from aru growth 22:19 22 minutes, 19 seconds and half of that came from uh customer growth over a longer period of time uh currently since the customer growth is 22:26 22 minutes, 26 seconds hardly 1% 2% so most of the growth of Maru growth is coming 8 9%. Uh I think 22:35 22 minutes, 35 seconds until we fix the uh supplier growth either directly acquiring customers through silver and retaining them and 22:42 22 minutes, 42 seconds upgrading them to gold and platinum or directly acquiring uh gold and platinum. 22:47 22 minutes, 47 seconds Uh I would I would say that uh there is enough uh headroom. So for example, 22:54 22 minutes, 54 seconds N68.com in China typically has about a million paying sub suppliers. Uh 23:02 23 minutes, 2 seconds however, they started growing uh total supply uh to they they continue to grow their revenue at uh they continue to 23:09 23 minutes, 9 seconds grow their revenue at 25% uh year on year uh with the R2 side of it. We 23:16 23 minutes, 16 seconds haven't uh uh we have only recently started last 2 three years started monetizing 23:24 23 minutes, 24 seconds the differential category and differential uh category on a differential basis and location on a 23:31 23 minutes, 31 seconds differential basis. there's a lot of optimization that can be done over over the period by way of better demand 23:39 23 minutes, 39 seconds supply curation and uh making sure that uh uh between us and supplier and a buyer uh there is a better distribution 23:47 23 minutes, 47 seconds of uh margins for each one of them. So I guess ARPU will continue we we continue 23:55 23 minutes, 55 seconds to think that it is too early to completely focus on the arpu side. 24:00 24 minutes However, uh given the organization size, I think uh now that we have matured enough organization with matured enough 24:09 24 minutes, 9 seconds brand and uh cash balance, I think uh why should we we not be looking at multiple ways of monetizing whether it 24:18 24 minutes, 18 seconds is through credit or whether it is through value added services. So you are right but currently let us uh what you 24:25 24 minutes, 25 seconds are thinking in terms of RPU and uh paying supplier as the the main growth operator uh remains the similar uh range 24:34 24 minutes, 34 seconds as as you can see. So we'll continue to aim for a double digit growth in the near term uh as we uh continue to do 24:42 24 minutes, 42 seconds multiple uh multiple uh multiple experiments on the value added system. services as 24:52 24 minutes, 52 seconds well as on the uh uh you know credit facilitation until something becomes uh meaningful enough uh the reality is that 25:02 25 minutes, 2 seconds uh 10% RPO and 10% dependent on paying supplier growth is uh there 25:09 25 minutes, 9 seconds and sir uh lastly uh just wanted to uh understand that have we seen any impact in traffic on the platform uh coming 25:17 25 minutes, 17 seconds from uh Google or direct uh on the platform because of a new chat based AI platforms which might be used for you know discovery related aspects. 25:31 25 minutes, 31 seconds Sorry I I I I missed on your questions. Uh can you please uh repeat that again? 25:38 25 minutes, 38 seconds Yeah. Yeah. So, so basically what I am asking is that uh have we seen any any impact on the traffic on the platform 25:45 25 minutes, 45 seconds which is coming directly from Google or uh direct uh on the platform because of uh you know new chat based AI platforms 25:53 25 minutes, 53 seconds which might be used for discovery related kind of aspects. 25:57 25 minutes, 57 seconds I I don't know uh if there are uh significant uh impact started to happen 26:03 26 minutes, 3 seconds on uh our kind of website today. Uh so uh in terms of our traffic there is so 26:10 26 minutes, 10 seconds much of bot traffic and there's so much of uh real traffic and there's so much of aic traffic so we stop reporting on 26:18 26 minutes, 18 seconds the traffic side of it but uh when we look at the unique business inquiries and all these they are typically not yet 26:26 26 minutes, 26 seconds declining anytime uh anytime soon. So I can't say that there is a impact on uh B2B kind of inquiry have reached to the 26:36 26 minutes, 36 seconds chat GPS. Uh I think charges are still limited to more consumerf facing 26:44 26 minutes, 44 seconds uh entertainment infoainment but I don't think uh they are yet very very good at the P2P kind of uh queries. 26:55 26 minutes, 55 seconds Sure sir. Thank thank you so much for answering the question. 27:02 27 minutes, 2 seconds Thank you Anmul. Next question is from the line of Nikl Chadri from Noama. Nicl please unmute yourself and go ahead with your question. 27:19 27 minutes, 19 seconds Uh hi, thanks for the opportunity. Uh my first question is on unique business inquiries. Uh this quarter it declined 27:27 27 minutes, 27 seconds 1%. uh last quarter also there was a decline and I think uh uh management gave uh commentary that due to low 27:35 27 minutes, 35 seconds working days uh and more holidays uh there were less spent and that led to decline last quarter but more important 27:43 27 minutes, 43 seconds point is uh that last two quarter it's been 2728 million and even last year for most of the quarter in FY25 27:52 27 minutes, 52 seconds uh out of three out of four quarter it was 2728 million so despite of us investing so on performance marketing why this number is not inching up. 28:05 28 minutes, 5 seconds Yeah, thank you very much. Uh this is a very good uh question. So uh if you really see the quarter three uh quarter 28:14 28 minutes, 14 seconds two is typically a softer quarter on uh unique business inquiry but uh now given 28:21 28 minutes, 21 seconds the quarter four why it is uh slower. So few few experiments that we are doing uh 28:29 28 minutes, 29 seconds in the last 3 4 months is all these while we have been trying to improve the trust of the platform by putting more 28:38 28 minutes, 38 seconds verification on the seller side. Uh we are uh we started with the mobile verification, email verification, GST uh 28:47 28 minutes, 47 seconds matchmaking and now GST verification uh bank account uh verification and things like that. However, uh the 28:56 28 minutes, 56 seconds platform is still uh totally free for uh buyers to come and visit and also you 29:03 29 minutes, 3 seconds can put in any phone number and start uh uh interacting with the platform. Now u 29:09 29 minutes, 9 seconds as part of our overall trusted ecosystem process we have uh first thing was that 29:17 29 minutes, 17 seconds we started to put about 2 three years two years ago we started to put multiple questions when you are asking for the 29:24 29 minutes, 24 seconds inquiry uh multiple rel and if you did not submit those question you still had to skip skip skip so that we know that 29:33 29 minutes, 33 seconds at least you have put in three times skip or three times uh those questions. 29:38 29 minutes, 38 seconds So that increased the intent of the buyer that whether he wanted to actually put in the inquiry for that particular product or he was just looking around. 29:48 29 minutes, 48 seconds Now we are going ahead and also saying that if you are uh you can maybe make one inquiry or two inquiry without 29:56 29 minutes, 56 seconds verifying yourself but if you are trying to make multiple inquiries please verify your phone number through an OTP. Please 30:04 30 minutes, 4 seconds verify your email id, please uh verify yourself. So we are starting to do a more buyer verification also and that is 30:13 30 minutes, 13 seconds leading to probably 1% of drop in the conversion from traffic to the uh this. 30:18 30 minutes, 18 seconds So this is uh going to be uh little bit of a challenge in the medium term. 30:25 30 minutes, 25 seconds Uh got it sir. But again like you highlighted uh just 1% drop uh in conversion uh even then it means uh the 30:33 30 minutes, 33 seconds overall increase is uh very limited. Uh that was the point and second if possible you can uh quantify the mix uh 30:42 30 minutes, 42 seconds how many of this uh queries you have acquired through performance marketing if possible uh and rest which are organic. 30:50 30 minutes, 50 seconds I don't think I would be able to give you that number because performance marketing is very new and we continue to do a lot of experiment 30:58 30 minutes, 58 seconds uh because which categories we want to uh put more budget which categories we want to put less budget so we continue to do a lot of experimentation on that 31:07 31 minutes, 7 seconds side until we reach a 10 cr rupees per quarter uh continuous number I won't be able to give you uh how much traffic is 31:15 31 minutes, 15 seconds coming through uh organic search how much traffic is coming through direct how much traffic is coming through affiliate and how much traffic is coming 31:23 31 minutes, 23 seconds through uh adword or uh Facebook so there are now multiple channels through 31:31 31 minutes, 31 seconds which the traffic comes and I can't provide you uh feed you know split on each one of them 31:38 31 minutes, 38 seconds got it sir uh just last one on on gross yeah so sure yeah please just just make the last query 31:45 31 minutes, 45 seconds yeah last last one uh the last one on gross addition side uh I think two quarters back you mentioned that uh when 31:54 31 minutes, 54 seconds we increase our prices in August September that generally it takes two quarter for gross addition to normalize. 32:01 32 minutes, 1 second So are we seeing that to happen especially in the month of April if not when can we expect that? 32:07 32 minutes, 7 seconds Yeah as I said I have already answered that question in the uh in response to Mulgar 32:14 32 minutes, 14 seconds or in response to Vivean. So I think uh it is taking much longer given the geopolitical as well as the uh pricing 32:23 32 minutes, 23 seconds uh because SMMES are really going through a lot of uh pain right now. So and uh this price increase and uh our 32:30 32 minutes, 30 seconds sales uh process and the uh silver churn elevated silver churn is not helping but we are not going back on pricing. 32:39 32 minutes, 39 seconds Got it sir. Thanks a lot. Good luck for coming period. Thank you. 32:43 32 minutes, 43 seconds Yeah. So the participants are requested to stick to one or two questions so that uh everyone can get a chance to ask questions and it's preferable if the 32:51 32 minutes, 51 seconds both the questions can be asked at one go please. Yeah Vicas please continue. 32:57 32 minutes, 57 seconds Sure. So next question is from the line of Ritik Ritik Agarwar from 3P investments. Ritik please unmute yourself and go ahead with your question. 33:07 33 minutes, 7 seconds Hey hi thank you for the opportunity. Am I audible? Yes you're audible. 33:11 33 minutes, 11 seconds Yeah. Hey hi. So I just wanted I just had one question. Uh uh you uh implemented some price hike in Q2 Q3. Uh 33:21 33 minutes, 21 seconds just wanted to understand why are we not seeing an uptick in RPO not just on a whole level but also on the silver uh 33:28 33 minutes, 28 seconds you know membership subscribers. Uh the RPO has been pretty much flat. Um any any reason any stress there? 33:37 33 minutes, 37 seconds I we are seeing uptick in RPU because here you are seeing a mix RPU of 33:43 33 minutes, 43 seconds everybody together. So uh we you will see AR uptake in times to come because 33:50 33 minutes, 50 seconds it is only applied to new subscribers signing up not the entire base an entire base over a period of time. So every 33:59 33 minutes, 59 seconds price hike takes uh 1 2 3 years. So any price hike that would we would have 34:06 34 minutes, 6 seconds taken one year ago in the trust seal or two year ago in the start supplier or two year ago in the silver is still uh 34:15 34 minutes, 15 seconds in the rolling out phase. So both the RPOS are growing uh consistently whether it is the top 10% ARPU or whether it is 34:25 34 minutes, 25 seconds the uh uh and if you see the APOU you know average collection per user that 34:33 34 minutes, 33 seconds will give you some uh better understanding because RPO is the revenue per user and revenue itself is 18 month 34:42 34 minutes, 42 seconds moving average. So that is why you are not seeing immediate uh uptake. 34:48 34 minutes, 48 seconds Understood. Understood. So one more question. Uh assuming that we uh have all the pressures gone uh where do you 34:57 34 minutes, 57 seconds see the number of suppliers the base suppliers number can rise up to? Any any directional sense any way we can grow? 35:05 35 minutes, 5 seconds Uh how are you seeing it internally? 35:07 35 minutes, 7 seconds Basically yeah I think I've answered that question. Uh 35:14 35 minutes, 14 seconds 168 does about million sellers. Jazelle does about half a million uh sellers. We 35:22 35 minutes, 22 seconds do about quarter million sellers. We still feel that there is at least 2x more opportunity from here on and uh we 35:30 35 minutes, 30 seconds need to uh find a better uh further improved product market fit for uh higher frequency of repeat buyers so 35:38 35 minutes, 38 seconds that we are able to retain the sellers at the silver level. Got it. Thank you sir. 35:47 35 minutes, 47 seconds Thank you. Next question is from the line of Abhishek Benji from ICS Securities. Abishek please unmute yourself and go ahead with your question. 36:01 36 minutes, 1 second Yeah. Uh hi questions from my end. First is this is 36:08 36 minutes, 8 seconds the first time that I can kind of recall that there's a driver. 36:15 36 minutes, 15 seconds Why is it not clear? Either you are moving uh so I can't make out. Can you hear me now? 36:23 36 minutes, 23 seconds No, I can hear you. But I I mean once you speak the entire sentence, I can't make out what you are saying. 36:29 36 minutes, 29 seconds It's coming little Maybe you can come a little closer to the mic. 36:34 36 minutes, 34 seconds Yeah. Yeah. Try. Uh so this is the first time that we have seen that registers registered buyers and your active buyers 36:44 36 minutes, 44 seconds there is a divergence. very short bias is up 9% wild and active bias is 36:50 36 minutes, 50 seconds actually down% wide. Uh is there any analysis that you have done kind of gives you an answer why this happening 36:59 36 minutes, 59 seconds or is the relevance is there a question of relevance coming down? Uh and uh the 37:06 37 minutes, 6 seconds second one is you would remember so we we have often spoken about the virtuous loop right when you do a net ad 37:15 37 minutes, 15 seconds improvement and your buyers also kind of keep improving. Now given we are seeing negative trend in both is that something 37:24 37 minutes, 24 seconds that worries you of falling into a vicious uh kind of cycle? 37:31 37 minutes, 31 seconds I could only make out uh the registered buyer versus active buyer. So registered buyers there are uh lot of agentic uh 37:40 37 minutes, 40 seconds traffic nowadays coming and we continue to deploy uh armors and uh other ways so 37:47 37 minutes, 47 seconds that uh and and that is why we uh started doing more OTP verification so that uh uh people writing simple agents 37:57 37 minutes, 57 seconds to do multiple phone numbers to simply scrape the website or simply send one inquiry or uh read the data. Uh so that 38:07 38 minutes, 7 seconds is why registered users is uh also becoming uh difficult. I I could not make out what you said in the second question. 38:16 38 minutes, 16 seconds I was talking about the virtuous loop that we used to talk about when our late editions were going up steadily and active buyers were also going up. 38:28 38 minutes, 28 seconds Now that both are in a decline, is there a worry of falling into a vicious loop? 38:34 38 minutes, 34 seconds Yes, there there is a definitely a worry of falling into the vicious loop because that uh 38:41 38 minutes, 41 seconds virtuous cycle where the suppliers were increasing and buyers were increasing. 38:46 38 minutes, 46 seconds Suppliers we were increasing and buyers were increasing because the total total internet size was increasing. uh now uh 38:54 38 minutes, 54 seconds it has to increase the buyers have to come more frequently and supply side has to become more uh uh trustable and more 39:03 39 minutes, 3 seconds uh uh you know better so I think uh that's where we have hit a uh you know 39:11 39 minutes, 11 seconds little bit of a uh saturation uh point but we are trying our uh best to find 39:19 39 minutes, 19 seconds out what will keep bringing the buyers with better frequency and what will keep uh the sellers uh with a better 39:28 39 minutes, 28 seconds retention. So I think uh this is uh and this is a typical scurve that you find it's the growth consolidation growth 39:35 39 minutes, 35 seconds consolidation growth consolidation and in every uh you know growth side of it uh you will find that this vituous cycle 39:44 39 minutes, 44 seconds keeps on increasing and improving uh better and better and better but every time you hit the plate side of the 39:52 39 minutes, 52 seconds scurve you need to further scratch the surface to find even better product 39:58 39 minutes, 58 seconds market fit. Sometimes it is the uh uh so if I if I can go back in time uh earlier we were purely purely supplier name and 40:08 40 minutes, 8 seconds phone number and email id listing and then we became a product listing then we became a product with price listing then we became product with price and 40:16 40 minutes, 16 seconds specification listing then we became product with price and specification and uh photos and videos and uh reviews 40:24 40 minutes, 24 seconds listing. So I think every time uh we improve the supply side better and similarly uh the verified self supplier 40:33 40 minutes, 33 seconds base and then the GST supplier base I think we need to find one such more lever uh for for us to go to the second 40:41 40 minutes, 41 seconds I mean nth layer of the uh scurve and that is where we are understood 40:52 40 minutes, 52 seconds we are obviously a cash company generate quite a decent amount of cash. 40:57 40 minutes, 57 seconds Uh is are you has you thinking about you know changing the payout ratio or or 41:05 41 minutes, 5 seconds doing some some sort of a larger dividend or something on those lines? 41:15 41 minutes, 15 seconds Okay. 41:16 41 minutes, 16 seconds So Abishek thanks for the question. So we have been pretty consistent in uh distributing the capital back uh in the last if you see in the last three four 41:24 41 minutes, 24 seconds years we have distributed about 40 to 60% of the cash which we have generated. 41:29 41 minutes, 29 seconds Uh as per the approval from the board this time also we have gone in the similar trend and had a dividend of about 60 rupees per share. We have we 41:38 41 minutes, 38 seconds have taken your suggestion. We'll probably discuss with the board again and come back uh but for next year this year it is 60 rupees dividend. 41:48 41 minutes, 48 seconds Thanks. 41:49 41 minutes, 49 seconds Thanks Abishek. So now we'll take a question from the chat box. From strategic point of view, what all 41:58 41 minutes, 58 seconds measures have we taken to improve stickiness of suppliers? 42:02 42 minutes, 2 seconds Secondly, uh we understand you are facing issues in silver segment. However, just wanted to know if this segment churn has always 42:11 42 minutes, 11 seconds been this high, has bundle selling of accounting softwares helped enhance this stickiness. The question is from Mr. 42:20 42 minutes, 20 seconds Suraj Quad Chandani. 42:22 42 minutes, 22 seconds Hello Surj. Uh very good questioning uh on the supplier churn. So supplier churn on the 42:32 42 minutes, 32 seconds uh on the silver side has not been this high. Uh on a monthly basis it was in a 42:40 42 minutes, 40 seconds best ever terms it went as low as uh uh silver annual churns went as low as two 42:48 42 minutes, 48 seconds two and a half% side. uh so I think we are on an annual basis around 10 to 15% 42:55 42 minutes, 55 seconds uh down on the retention numbers and same is uh uh on that monthly side monthly side used to be 5 to 6% now we 43:04 43 minutes, 4 seconds are running at 7%. about 2% per month uh we have deteriorated so the and if you 43:12 43 minutes, 12 seconds take the uh month on month decreasing value I think 15% lesser retention on the uh and this 43:21 43 minutes, 21 seconds is precoid versus postcoid uh on the platinum and gold side I think uh we have been very similar uh churn 43:30 43 minutes, 30 seconds ratio of about 1% uh per month and that hasn't uh changed Second question was bundling of the 43:39 43 minutes, 39 seconds accounting software. So we are not yet bundling of the accounting software. Uh accounting as a segment now has about 2 43:46 43 minutes, 46 seconds lakh 255,000 uh net paying customer currently. 43:50 43 minutes, 50 seconds However, we have sold four lakh licenses. Out of that there are multiple people who were sold before the uh 43:58 43 minutes, 58 seconds before the 2021 time where we didn't have the direct connect with the uh customer and also uh the c software was 44:07 44 minutes, 7 seconds being sold as a one-time uh uh perpetual license software. So uh and that segment 44:15 44 minutes, 15 seconds now that we are 2 lakh 255,000 busy is also 2 lakh 25,000 in times to come we will start to see what kind of 44:24 44 minutes, 24 seconds synerggetic bundling can we do uh between busy and this but this has not yet been done. Thank you please continue. 44:36 44 minutes, 36 seconds Thank you. Next question is from the line of Sapnil from GM Financial. So, please unmute yourself and go ahead with your question. 44:54 44 minutes, 54 seconds Uh I have just one question. Uh this is pertaining to your employee expenses. Uh typically 4Q is the quarter where 45:01 45 minutes, 1 second employee expenses go up uh meaningfully on a quarter-to- quarter basis. uh but this time around there has been a decent 45:09 45 minutes, 9 seconds decline. Any particular uh reason for that? Um and a related question to that is with uh the number of employees. I 45:17 45 minutes, 17 seconds think there has been some rationalization on the employee uh employees also. Can you connect? 45:32 45 minutes, 32 seconds Your voice is breaking. Should I repeat my question? 45:38 45 minutes, 38 seconds We got the first question on the expenses part. You may repeat the second part. 45:44 45 minutes, 44 seconds The second question was like uh the number of employees that you have reported uh 6,200 something uh it was 45:51 45 minutes, 51 seconds 6,300 in the previous quarter uh is this some kind of a rationalization exercise or uh or and is it linked to the 46:00 46 minutes employee expenses going down also uh in a way uh any particular reason for that and what are the thought process on uh the number of employees going up going ahead. Yeah, thanks. 46:10 46 minutes, 10 seconds Okay, thanks. Uh let me answer the first question first. So uh if you remember last quarter uh there was a labor code 46:17 46 minutes, 17 seconds impact which we had taken. It was about 8 and a half crores if I remember which we had taken last quarter and that's how it is looking like the expense has 46:25 46 minutes, 25 seconds reduced. Uh so that is not the case. Uh on the employee count it has uh reached 46:32 46 minutes, 32 seconds to 6,200 as we speak. There is no rationalization at such. There are like campus hiring etc which we do uh on a periodic basis 46:42 46 minutes, 42 seconds just to scale up our servicing and sales team but no rationalization by design at such which we are trying to do. 46:52 46 minutes, 52 seconds I hope that answer your question. 46:54 46 minutes, 54 seconds Just the uh the continuation of that like do you do you plan to add a more number of people uh uh uh as or do you 47:02 47 minutes, 2 seconds want to wait and watch for the collections growth to come pick up first and then I mean on the basis of servicing and sales team 47:09 47 minutes, 9 seconds what is required we usually hire that we are already at a level what we require so we don't see any uh like gap which needs to be placed at this point of 47:17 47 minutes, 17 seconds time. Will it be fair to say that you should get some kind of operating leverage if you're not adding people on the margin side at least? 47:26 47 minutes, 26 seconds No, it is variable as for the business grows. Uh expenses also grows especially for the employee side. Oh, cool. 47:34 47 minutes, 34 seconds Cool. Thank you. 47:36 47 minutes, 36 seconds So now we'll take a question from the chat box. 47:40 47 minutes, 40 seconds What are the updates we can provide on the trends with some of our key investy companies in terms of growth, 47:47 47 minutes, 47 seconds competition, funding scenarios, etc. The question is from Mr. Krushi Parik. 47:53 47 minutes, 53 seconds Can you put the investing slides? Yes. Yeah. So, thanks Kushi for the question. 48:00 48 minutes Uh, you know, as you know that we started investing sometime around in 2020 onward. So in the last five to six years we've invested almost 750 odd 48:10 48 minutes, 10 seconds crores across 13 different uh investments primarily in the area of uh business software logistics SAS and the 48:18 48 minutes, 18 seconds uh fintech uh opportunities that we kind of came across. So out of 13 investments 48:24 48 minutes, 24 seconds that we made you know so far almost six companies have crossed more than 100 crores in the turnover. So they've been 48:33 48 minutes, 33 seconds kind of doing very well and been kind of you know growing uh at a very uh reasonable rate you know that we 48:40 48 minutes, 40 seconds foresee. So that's like let's say 15% of the investments we have done and the other investments are also kind of you know doing good or there but these these 48:49 48 minutes, 49 seconds particularly we hope that probably the next two three years may go down the uh more IPO path also. So uh that 48:57 48 minutes, 57 seconds investment what we have done is kind of you know playing out well in line with our own thinking that what we had at the time of making these investments. 49:07 49 minutes, 7 seconds In the terms of you know specific the matrix for all those 12 13 companies we would be coming out with the annual 49:15 49 minutes, 15 seconds report which may have uh you know some kind of an revenues and the disclosures that you would find. So probably I would suggest maybe once you go through it 49:24 49 minutes, 24 seconds that you may find some matrix working around those companies. 49:31 49 minutes, 31 seconds Thank you. Next question is from the line of PRA Jan from Benantry. Prena please unmute yourself and go ahead with your question. 49:55 49 minutes, 55 seconds Are you there? 50:08 50 minutes, 8 seconds Can you hear me? 50:09 50 minutes, 9 seconds Yeah. Yeah, you're sorry for that. Um, so I have three questions. So number one is you 50:16 50 minutes, 16 seconds mentioned about 1688. Um can we also assume that you know uh we'll see 50:24 50 minutes, 24 seconds arpoolled growth uh in the medium-term on a consistent basis? That's question number one. Uh question number two is uh 50:32 50 minutes, 32 seconds can you talk a little more about some of the value added services uh that you are providing? What are our uh methods of 50:41 50 minutes, 41 seconds monetizing them? Do we have any plans of getting into fulfillment as well? Um and the last question is on uh buybacks. So 50:50 50 minutes, 50 seconds what are your thoughts on buybacks uh given the change in uh uh tax taxation policies? 50:58 50 minutes, 58 seconds Yeah. So first on the 1688 uh as I said uh 1688 has a million uh 51:06 51 minutes, 6 seconds customers and uh uh RPO of about uh $2,000 uh now. So that makes it about uh 51:16 51 minutes, 16 seconds $2 billion uh in revenue and uh it started to become a mostly AROLED 51:24 51 minutes, 24 seconds growth. Even today they have uh Aru and uh customer both but I think they 51:32 51 minutes, 32 seconds started doing that when they reached uh when they crossed more than 750,000 51:38 51 minutes, 38 seconds paying sellers and I believe that uh given that India versus China manufacturing versus not manufacturing 51:47 51 minutes, 47 seconds uh services versus product we also aim to become a uh at least a half a million 51:55 51 minutes, 55 seconds uh customer uh in times to come. So I believe that it is too early to be purely and purely dependent on AROLED 52:04 52 minutes, 4 seconds growth. So we will continue to uh look for customerled growth as well as our 52:11 52 minutes, 11 seconds growth in the medium term and over the time uh when when we are closer to 500,000 52:18 52 minutes, 18 seconds uh customers maybe 400,000 that's when we will start to look at mostly our solution. uh but currently we are in uh 52:28 52 minutes, 28 seconds stuck in a position in the last 2 three years that uh it looks like that we are mostly doing our bullet growth that 52:36 52 minutes, 36 seconds coming to the second part of the VA so if you compare the 1688 or Alibaba.com 52:44 52 minutes, 44 seconds how they what what portion of the subscription and vas revenue they uh report and I mean what they report as 52:52 52 minutes, 52 seconds subscription and what they report as uh V versus what we report as subscription and V is slightly different. If you look 53:01 53 minutes, 1 second at it all the platinum customers revenue that they report barring the basic subscription they have they report it as 53:10 53 minutes, 10 seconds a VS. So all the search and premium listing and the keyword listing and the location targeting they report it as VS. 53:19 53 minutes, 19 seconds when we look at them uh because there's not much of a detailed version of uh 53:26 53 minutes, 26 seconds available uh it's only the 2011 version uh when they when they were listed as a 53:32 53 minutes, 32 seconds B2B company that was available so I guess you should see our top 10% customers revenue as typically the vice 53:42 53 minutes, 42 seconds revenue uh which which could be compared with the Alibaba.com having said that over the last 50 15 years or so, Alibaba 53:51 53 minutes, 51 seconds has matured into a multiple uh revenue items whether it is fulfillment, whether it is lending, whether it is software 54:00 54 minutes enablement, whether it is uh uh you know payments. So they have built the entire stack over a period of time uh and 54:09 54 minutes, 9 seconds fulfillment uh is just one of them. So we believe that fulfillment through SIO 54:17 54 minutes, 17 seconds or fulfillment through partnering with people like uh uh maybe borter ship 54:23 54 minutes, 23 seconds rocket and and alikes while uh trying to build uh other uh items like payment we 54:31 54 minutes, 31 seconds don't need much here in India because Indian payment infrastructure is very very good and we have done multiple attempts in the past when it was not 54:40 54 minutes, 40 seconds good on the uh other value added side I think we are continuously working towards the software value added which 54:48 54 minutes, 48 seconds is the accounting lead management u you know AI based seller initiative uh 54:54 54 minutes, 54 seconds for lead qualification and things like that so we'll continue to work on that on the buy pack versus uh dividend I 55:03 55 minutes, 3 seconds don't think there's much different now for yeah no so we had evaluated in this in detail and that's how we came to the 55:10 55 minutes, 10 seconds conclusion basis the amount of dividend to be declared uh amount of money to be uh reallocated to shareholders. We 55:18 55 minutes, 18 seconds decided dividend is the right way. Uh so next year we'll reevaluate it and we'll come back. 55:25 55 minutes, 25 seconds Got it. Thank you. 55:31 55 minutes, 31 seconds Thank you. Next question is from the line of Shria Chhataji from Ageless Capital. Shria, please unmute yourself and go ahead with your question. 55:50 55 minutes, 50 seconds are you there? 55:51 55 minutes, 51 seconds Yeah. Uh thank you for taking my question. I'd like to understand more uh like uh what metrics are you exactly 55:59 55 minutes, 59 seconds tracking so to uh get a clear view of how like your buyers whatever RFP they put out is actually uh like closed from 56:08 56 minutes, 8 seconds the sellers that you have on your platform apart from the metrics that you provide correct come again but I didn't 56:16 56 minutes, 16 seconds understand the question fully fulfillment so uh what other metrics can you uh provide in your presentation do you 56:23 56 minutes, 23 seconds actually track to actually uh understand that the uh RFPs that are provided out by the buyer is actually closed by the 56:31 56 minutes, 31 seconds sellers. So are there any uh close metrics that you track that okay it it will be closed with 80% or 90% fulfillment rate. So anything on that? 56:42 56 minutes, 42 seconds Yeah. So there is no definite metric that we have because uh we are mostly 56:48 56 minutes, 48 seconds advertising and uh referral platform. We are not a uh transaction and fulfillment 56:56 56 minutes, 56 seconds uh platform. Uh so we are a intermediary rather than being a marketplace. Uh now 57:04 57 minutes, 4 seconds coming to the uh anecdotal and survey based uh thing we send out a survey to 57:11 57 minutes, 11 seconds all the uh buyers whose email id is available with us and almost uh 60 70% 57:19 57 minutes, 19 seconds of the buyers we have email id also available. So in those cases we send out a email uh after 3 days uh and after 7 57:29 57 minutes, 29 seconds days asking them whether their RFQ was fulfilled or uh if it was fulfilled whether it was fulfilled through India 57:37 57 minutes, 37 seconds mart sellers it was fulfilled from outside or if they postponed their requirement that uh almost 2% of the 57:46 57 minutes, 46 seconds buyers actually respond to those uh thing and given that our uh 9 million 57:52 57 minutes, 52 seconds unique monthly uh buyers. Out of that 6 million obly typically have email id 57:59 57 minutes, 59 seconds when we send out to them about 1.2 lakh we end up getting uh feedback and that 58:06 58 minutes, 6 seconds 1.2 lakh feedback every month that we get we get to see anywhere between 40 to 45% fulfillment confirmed by the buyer. 58:17 58 minutes, 17 seconds Uh however these are survey figures. uh treat them more like a yesterday's uh uh exit poll. 58:27 58 minutes, 27 seconds Got it. And secondly, on the on your product listing site, the number of active products has gone up. So, are you 58:34 58 minutes, 34 seconds trying to uh like focus on uh certain particular categories uh with this interest product listings? And on my 58:42 58 minutes, 42 seconds first question, you say that you track it on a lag basis like after you send out the mails, then you get to know what was the fulfillment rate. But do you 58:49 58 minutes, 49 seconds want to incorporate some measures so that this can also help you to close more leads and that would actually get the buyers more interested? 59:00 59 minutes Yes, we continue to uh you know so earlier we were looking at the payment as one uh more towards that. Now if you 59:09 59 minutes, 9 seconds go uh we try to do it as a so we we will uh in 59:16 59 minutes, 16 seconds a manner we will try to find whether where where we can fulfill across the categories because if we uh apply 59:25 59 minutes, 25 seconds anything which is category specific fulfillment uh that would be too restricted. I think we we continue to 59:31 59 minutes, 31 seconds love to be a horizontal platform where uh items uh from apparel to agro to uh 59:40 59 minutes, 40 seconds machinery to raw material I mean if you if you go to one of those slides which 59:46 59 minutes, 46 seconds uh says end to end fulfillment so uh so we continue to uh find levers 59:54 59 minutes, 54 seconds so that we can actually do transaction by transaction uh tracking but we 1:00:01 1 hour, 1 second haven't found much uh success on that side. Maybe uh some kind of a uh 1:00:07 1 hour, 7 seconds financial uh way or maybe some kind of a uh incentivization buyer incentivization 1:00:16 1 hour, 16 seconds and that has been difficult in any uh classified business or any intermediary business. So we continue to read 1:00:24 1 hour, 24 seconds multiple uh business models across the world where there could be some innovation where uh you would be able to 1:00:32 1 hour, 32 seconds find uh you would be able to track if if the transaction loop closed or not. On the category side, there are category 1:00:40 1 hour, 40 seconds focus. If you see our paying customer uh distribution on a uh in the presentation, our paying customer 1:00:48 1 hour, 48 seconds distribution in the presentation uh you will find that industrial, plant and machinery, construction, electrical 1:00:55 1 hour, 55 seconds equipment. These are some of the uh top industries that we focus on and mostly in the plant and machinery and 1:01:03 1 hour, 1 minute, 3 seconds industrial equipment and electrical equipment. These are the uh you know if you if you typically take these four 1:01:11 1 hour, 1 minute, 11 seconds these four account for almost uh 30% of the total paying suppliers and 1:01:18 1 hour, 1 minute, 18 seconds uh then there is a long tail of it and we are now trying to work on a three- tier architecture of the differential pricing uh where there is a standard 1:01:28 1 hour, 1 minute, 28 seconds pricing which is applicable to almost 95% of the categories 5% of the categories are the premium ones and top 1:01:35 1 hour, 1 minute, 35 seconds 1,000 categories are the super premium ones. So that's where we get even better insight on category RPO buyer demand, 1:01:45 1 hour, 1 minute, 45 seconds seller demand, location wise demand and that's where we try to increase category focus even better. But um given that we 1:01:53 1 hour, 1 minute, 53 seconds are a horizontal across thousands and th thousands of categories uh it is difficult to uh scale and manage even if 1:02:01 1 hour, 2 minutes, 1 second you are able to manage a few category experts as soon as you expand it to couple of dozen category managers it 1:02:09 1 hour, 2 minutes, 9 seconds becomes difficult to manage and hopefully with the AI coming in I think a lot of horizontal part can be taken 1:02:16 1 hour, 2 minutes, 16 seconds care of it and maybe then we can invest only on the vertical part of the business where we would be able to focus 1:02:25 1 hour, 2 minutes, 25 seconds mainly on few categories to be able to disproportionately generate better business from them. You can see for 1:02:33 1 hour, 2 minutes, 33 seconds example uh metal uh especially steel is one of the very large categories on 1:02:41 1 hour, 2 minutes, 41 seconds India Mart. uh you will see uh simple plant and machineries like chapati making machine or chapel making machine 1:02:50 1 hour, 2 minutes, 50 seconds or dona making machine those those are a very tier three kind of a buyer uh is a 1:02:57 1 hour, 2 minutes, 57 seconds very good use case for India mart le machines like that uh similarly you will 1:03:02 1 hour, 3 minutes, 2 seconds find uh you know industrial shed or uh industrial flooring 1:03:10 1 hour, 3 minutes, 10 seconds uh uh you know colorcoded roofing sheets, puff panels. 1:03:17 1 hour, 3 minutes, 17 seconds So there is a lot of variety of products that you can go into details and some of them you can see on the screen on the end to end supply chain also. 1:03:32 1 hour, 3 minutes, 32 seconds Thank you. Uh due to posessity of time this will be the last question for the day. I will now hand over the call to Dhagaral for his concluding remarks. 1:03:41 1 hour, 3 minutes, 41 seconds Over to you sir. 1:03:52 1 hour, 3 minutes, 52 seconds Thank you ladies and gentlemen for your uh joining our quarter 4 and FY26 conference call. We have tried to address your queries in the time 1:04:00 1 hour, 4 minutes available but if you still have questions please to contact our investor relations teams. Thank you uh and good evening and good night. 1:04:10 1 hour, 4 minutes, 10 seconds On behalf of India Mart, we thank everyone for joining us on this webinar. 1:04:14 1 hour, 4 minutes, 14 seconds You may now disconnect your lines. Thank