Rategain Travel Technologies Ltd — Q3 FY26

Rategain Travel Technologies Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=iRA9JOZajIk Published: 2 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Raid Gain Travel Technologies Limited Q3 and FY26 earnings conference call hosted by 0:10 10 seconds strate strategic growth advisors. As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:22 22 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on a touchstone phone. 0:30 30 seconds I now hand the conference over to Mr. 0:32 32 seconds Bhanu Chopra from Raid Gain Travel Technologies. Thank you and over to you sir. Thank you and good afternoon everyone. 0:41 41 seconds Thank you for joining Raiden Travel Technologies Q3 FY26 earnings call. This 0:49 49 seconds was quite a transformative quarter for us operationally, strategically and structurally. Let me first start by 0:58 58 seconds addressing the headline directly. We delivered revenue of 540 crores up 94% yearonear. Arbita grew 42%. 1:10 1 minute, 10 seconds The reported pad declined year on year and the reasons are transparent. There was an increased amotization from 1:17 1 minute, 17 seconds acquisition accounting. There were deal related costs including diligence, severance and alignment expenses and 1:24 1 minute, 24 seconds finance costs related to acquisition funding. 1:28 1 minute, 28 seconds These are integration and accounting impacts not a deterioration in the underlying business and Rohan will cover these in detail during his commentary. 1:40 1 minute, 40 seconds that adjusted for one-time exceptional expenses which are non-recurring grew 8% yearonear. 1:48 1 minute, 48 seconds Importantly, within the first 100 days of integration, we have already executed approximately $12 million in annualized 1:58 1 minute, 58 seconds cost savings in Sojourn on a base of 24 million annual aida in Sojourn. 2:04 2 minutes, 4 seconds These savings will be visible from Q4 FI26 onwards with a full impact should be visible from Q1 FI27. 2:15 2 minutes, 15 seconds Given the cash generation profile of this business, we've already repaid approximately 25 million of acquisition 2:23 2 minutes, 23 seconds related debt representing 20% of gross loan amount within the first 90 days of 2:29 2 minutes, 29 seconds deal closure. We aim to be net tech positive within 30 months. We continue 2:36 2 minutes, 36 seconds to generate healthy operating cash flows and that gives us both balance sheet comfort and strategic flexibility as integration progresses. 2:48 2 minutes, 48 seconds Let me now give you some strategic context where value is acrewing. Travel continues to be resilient. 2:55 2 minutes, 55 seconds Digital adoption is accelerating. Online bookings are expanding globally. 3:01 3 minutes, 1 second Experience-led travel is increasing. In this environment, value occurs to platforms that provide an integrated 3:09 3 minutes, 9 seconds tech stack. One that allows customers to acquire guests efficiently, retain and engage them meaningfully, expand guest 3:19 3 minutes, 19 seconds wallet share over time. This that is our vision. We not building disconnected tools. We're building an integrated AI 3:28 3 minutes, 28 seconds powered stack across acquisition, engagement, distribution, and revenue optimization. 3:37 3 minutes, 37 seconds An important shift we are seeing is how travelers search and discover. 3:41 3 minutes, 41 seconds Increasingly, travelers are using conversational AI platforms and intelligent search tools to plan trips. 3:50 3 minutes, 50 seconds Hotels and destinations are asking, "How do we show up effectively in that environment? 3:56 3 minutes, 56 seconds We have built integrations that allow our hotel partners to distribute structured content and availability 4:03 4 minutes, 3 seconds seamlessly into these emerging discovery channels. In simple terms, as search behavior evolves, our customers remain visible and bookable. 4:15 4 minutes, 15 seconds Another structural shift helping us win is our commercial model. Across our integrated ST tech stack, we are 4:23 4 minutes, 23 seconds increasingly moving towards performance link pricing where customers pay based on outcomes delivered. We monetize when 4:31 4 minutes, 31 seconds we create measurable revenue lift. This allows incentives and reflects how modern commercial models are evolving 4:39 4 minutes, 39 seconds and it makes it very compelling for our customers. Let me now talk about engines of growth. 4:45 4 minutes, 45 seconds Our engine number one in Martekch is scale, dominance and integration. 4:52 4 minutes, 52 seconds Martekch continues to be our largest growth engine. With the integration of Adara and Sojun, we're now the most 5:00 5 minutes dominant provider in the space of destination management organizations. 5:05 5 minutes, 5 seconds No other provider even comes close. It's about a $90 million business for us. And no other provider combines travel intent 5:14 5 minutes, 14 seconds data at global scale, closed loop attribution and booking measurement at that scale, deep long-standing 5:22 5 minutes, 22 seconds relationships across destinations, enterprisegrade marketing execution. 5:28 5 minutes, 28 seconds At our scale of data, we usually uniquely positioned to capitalize on this segment and that's what 5:34 5 minutes, 34 seconds destinations care about. Integration is progressing ahead of plan and we have already achieved 12 million in cost 5:43 5 minutes, 43 seconds energies within 100 days. We're working with BCG to bring the go to market teams of Adara and Sojourn together aligning 5:52 5 minutes, 52 seconds sales structures, account coverage and cross-ell motions. This is about building one unified commercial engine. 6:01 6 minutes, 1 second SOHO update earthwide BCV on Soho. the earthwide BCD business. This was the 6:08 6 minutes, 8 seconds only acquisition in our portfolio that was not profitable since acquisition this quarter. So achieved profitability. 6:17 6 minutes, 17 seconds This was driven by a large marquee account win, improved cost alignment and sharper execution focus. It demonstrates 6:26 6 minutes, 26 seconds that we can take underperforming assets and drive operational improvement. We're encouraged and we remain disciplined in scaling it profitably. 6:37 6 minutes, 37 seconds AI concage separately AI concage part of the sojourn platform is showing very strong 6:44 6 minutes, 44 seconds commercial traction. Hotels use the AC AI concage are seeing up to 300% incre 6:52 6 minutes, 52 seconds increase in ancillary revenue 75% improvement in NPS automation of up to 80% of guest queries. 7:02 7 minutes, 2 seconds This is real ROI. This is monetization. 7:06 7 minutes, 6 seconds It drives direct wallet share expansion which is central to our integrated thesis. We are now working on 7:14 7 minutes, 14 seconds integrating this in our unified platform UNO demand booster winback validation. 7:22 7 minutes, 22 seconds Another important signal this quarter a large customer that had exited approximately 18 months ago has returned 7:30 7 minutes, 30 seconds via pilot on demand booster. They had moved due to industry consolidation and their exit had impacted our organic 7:39 7 minutes, 39 seconds growth. After demonstrating the revenue lift they were missing by moving away, they have re-engaged. This validates our 7:47 7 minutes, 47 seconds product competitiveness. It validates measurable ROI we deliver. As we move into the upcoming quarter and achieve 7:55 7 minutes, 55 seconds deeper integration, demand booster and surgeons hospitality marketing offerings will be sold as one unified solution. 8:04 8 minutes, 4 seconds This allows us to combine performance marketing, audience intelligence and direct booking optimization into a 8:12 8 minutes, 12 seconds single integrated proposition for hotels. 8:16 8 minutes, 16 seconds Similarly, Adara and Sojon offerings will be streamlined and positioned as unified products, strengthening our 8:24 8 minutes, 24 seconds cross-ell motion and simplifying the customer buying journey. This is where integration begins to translate directly into commercial acceleration. 8:34 8 minutes, 34 seconds Let me talk about now our engine to the DAS embedded intelligent momentum is improving. We saw volume 8:42 8 minutes, 42 seconds increases across air car and OTAA customers along with net new customer additions. 8:49 8 minutes, 49 seconds Navigator our solution for hotels has undergone a meaningful evolution. We have moved beyond dashboards and 8:58 8 minutes, 58 seconds historical reporting. Navigator now delivers AI assisted commercial clarity translating complex demand pricing and 9:07 9 minutes, 7 seconds competitive data into decision ready actions for revenue managers. 9:12 9 minutes, 12 seconds Instead of just showing data, it answers where should I price where am I losing share which demand segments are 9:20 9 minutes, 20 seconds shifting. Similarly, Rev AI clarity in cars simplifies pricing complexity into actionable insight. 9:29 9 minutes, 29 seconds Air gane continues to strengthen parity intelligence and competitive pricing visibility. 9:36 9 minutes, 36 seconds Singapore Airlines extended its longstanding partnership, reinforcing trust in our pricing intelligence stack. 9:44 9 minutes, 44 seconds Across DAS, we're embedding intelligence into workflows, not adding just surface-based analytics that creates durability. 9:54 9 minutes, 54 seconds Uno Viva, our AI voice success. We launched Uno Viva, our AI powered voice 10:01 10 minutes, 1 second agent. The first key implementation has delivered very encouraging results, including measurable booking 10:08 10 minutes, 8 seconds conversions. We see a big opportunity for this product in Europe and US where labor shortages are a real problem. Viva 10:18 10 minutes, 18 seconds turns inbound intent into direct bookings in real time. As hotels focus more on direct revenue capture, voice 10:26 10 minutes, 26 seconds automation becomes a powerful lever. We see this as a meaningful long-term opportunity within distribution. 10:36 10 minutes, 36 seconds AI embedded across the stack. There is broad market noise around AI. Our approach is disciplined and practical. 10:45 10 minutes, 45 seconds We're embedding AI into commercial decision loops, not laying superficial features. Across the platform, we now 10:53 10 minutes, 53 seconds offer demand AI for smarter audience targeting. Revi for pricing intelligence. 11:00 11 minutes Smart ARRI within our AI powered channel manager for realtime rate and inventory optimization. 11:07 11 minutes, 7 seconds Navigator AI for demand forecasting and decision clarity. AI concierge for instate revenue expansion and Viva voice 11:15 11 minutes, 15 seconds AI for direct booking capture. This intelligence spans marketing, pricing, distribution and guest engagement. That integrated stack is really our mode. 11:28 11 minutes, 28 seconds Let me now talk about our organic growth and integration trajectory. The organic yearon-year growth for this quarter was 11:36 11 minutes, 36 seconds in four to 5% range primarily due to some December end revenue getting deferred to January 2026. 11:46 11 minutes, 46 seconds Organic aida for Q3 was 17.5%. 11:49 11 minutes, 49 seconds Overall, we are confident of beating our FY2026 RG organic revenue and AITA 11:56 11 minutes, 56 seconds guidance which was issued at the start of the financial year. Organically, we should end the full year at 6% plus 12:04 12 minutes, 4 seconds organic growth and between 17 and a half to 18% bit. 12:09 12 minutes, 9 seconds 9-month bookings have seen over 30% year-on-year growth. It's a strong lead 12:16 12 minutes, 16 seconds indicator of future revenue. Our Q4 should see doubledigit organic growth 12:24 12 minutes, 24 seconds combined with pipeline strength, cross-ell traction, product adoption, and the unified product motion underway. 12:31 12 minutes, 31 seconds This gives us confidence in a return to doubledigit organic growth in the current quarter and going forward. 12:39 12 minutes, 39 seconds As integration, synergy, scale, and our unified go to market motion matures, we expect operating leverage to improve progressively over the coming quarters. 12:51 12 minutes, 51 seconds Strengthening our platform and improving our long-term scalability. 12:55 12 minutes, 55 seconds Let me now talk about people and culture and how we're scaling with strength. 13:00 13 minutes With the addition of Sojurnn, we are now over 1,300 strong globally. We harmonize 13:07 13 minutes, 7 seconds policies and benefits across regions to truly build one great gain. We were recognized as a great place to work in India for the seventh consecutive year. 13:18 13 minutes, 18 seconds As we scale globally, culture becomes a competitive advantage. Now I want to talk about our ET corporate excellence 13:26 13 minutes, 26 seconds award. This quarter we were named emerging company of the year at the ET corporate excellence awards. This is one 13:35 13 minutes, 35 seconds of India's most prestigious corporate recognitions. The jury comprises of highly respected business leaders, 13:44 13 minutes, 44 seconds industry veterans, and institutional decision makers. To be recognized alongside some of the most iconic 13:51 13 minutes, 51 seconds business leaders in the country, including this year's distinguished awardees, is both humbling and validating. It reinforces the 14:00 14 minutes credibility of our acquisition strategy, the strength of our integrated platform thesis, the discipline of our execution 14:08 14 minutes, 8 seconds and the ambition of our long-term vision. It signals that rate gain is not just growing, it's being recognized as 14:15 14 minutes, 15 seconds the highest institutional level. So in closing, Q3 was a quarter of integration 14:22 14 minutes, 22 seconds and validation. We delivered 94% revenue growth. Achieved 12 million in annualized integration synergies within 14:31 14 minutes, 31 seconds 90 days of deal closure. Grew adjusted PAT at 8% turned Soho profitable. Saw strong traction in AI concage product. 14:42 14 minutes, 42 seconds Wack a key demand booster client began unifying demand booster and sojurn into an integrated commercial offering. 14:51 14 minutes, 51 seconds launched Viva successfully strengthened our DMO leadership position advanced navigator towards an AIdriven 14:59 14 minutes, 59 seconds commercial clarity and delivered 30% bookings growth as a leading indicator of organic acceleration. 15:07 15 minutes, 7 seconds We are building an integrated AI powered travel tech stack focused on guest acquisition, guest engagement and guest 15:15 15 minutes, 15 seconds wallet share expansion and we are doing so with measurable outcomes. With that, we'll now hand it over to Rohan to walk you through the financials. Thank you. 15:27 15 minutes, 27 seconds Thank you, Bhanu and a very warm welcome to everyone on this call. It's a pleasure to connect with you all. 15:33 15 minutes, 33 seconds Starting with the update on the numbers for quarter 3526. 15:37 15 minutes, 37 seconds We have reported our highest ever quarterly revenue of INR 540 crores. 15:42 15 minutes, 42 seconds This revenue includes two months of Sojun's revenues getting consolidated for the first time. It's important to note here that seasonally November and 15:52 15 minutes, 52 seconds December are the softest months in Sojun. 15:55 15 minutes, 55 seconds RG organic continue to report strong numbers despite some quarter and revenue getting deferred to Q4. RG organic grew 16:02 16 minutes, 2 seconds at 4.1% yearonear and came in at INR 290 crores. You'll all recall that we had reported our highest ever revenue in Q2 16:11 16 minutes, 11 seconds at 295 crores. Q3 has been able to maintain that trend. RG organic is poised to grow at double-digit growth in 16:18 16 minutes, 18 seconds Q4 on the back of strong booking momentum leading to overall organic annual growth in line with the guidance 16:25 16 minutes, 25 seconds issued at the start of the year. Full year Aida percentage will also meet or exceed our guidance. 16:33 16 minutes, 33 seconds RG organic Q3 Aida stood at 17.5%. 16:37 16 minutes, 37 seconds Sojon has reported fullear Aida percentage at about 14.4%. Consolidated AIDA for Q3 stood at 16.1%. 16:47 16 minutes, 47 seconds We have reported part of INR 26.5 crores in this quarter. While Banu has touched upon this in his commentary, I'm going 16:54 16 minutes, 54 seconds to explain this in bit more detail since I'm sure this is important to project EPS for FI27 and beyond. So we can 17:02 17 minutes, 2 seconds basically split the bridge from Abida to PAT into two parts. onetime and recurring. The onetime non-recurring 17:10 17 minutes, 10 seconds amount which has been recognized in Q3 is INR 34.6 crores. This basically largely includes M&A related costs 17:18 17 minutes, 18 seconds recorded as exceptional items as well as onetime impact of the change in labor laws. By adjusting for the one-time 17:25 17 minutes, 25 seconds non-recurring exceptional cost, the pact stood at INR 61.1 crores representing a growth of 8% compared to same period 17:34 17 minutes, 34 seconds last year. Recurring charges include net finance costs, amortization of sojurn purchase consideration excluding 17:42 17 minutes, 42 seconds goodwill. The amotization amount can be expected to be $2.823 million per quarter because the provisional PT 17:50 17 minutes, 50 seconds exercise is now complete. Lot of you had questions around this in our earlier call and we just thought it should we should clarify this number. The finance 17:58 17 minutes, 58 seconds cost is right now trending at 1.6 million per quarter. This will keep reducing as we repay the principal. Q3 18:06 18 minutes, 6 seconds numbers factor in two month impact of these costs. 18:10 18 minutes, 10 seconds Part of the deferred component of the overall de which is roughly 30 million will be expensed over 3 years starting 18:16 18 minutes, 16 seconds quarter 4 FI26. This is in line with accounting standards. This expense will see through a pull down in line with 18:24 18 minutes, 24 seconds actuals since this payout is conditional in nature over a span of 3 years. 18:30 18 minutes, 30 seconds Nothing from this bucket has been recognized in Q3 thus far. As of now, this amount can be estimated at 2 to 2.5 18:37 18 minutes, 37 seconds million per quarter for 12 quarters starting Q4 FI26. 18:42 18 minutes, 42 seconds At an overall level, Aida to PAT conversion will see a recurring delta of close to about 6.6 to $6.9 million per 18:50 18 minutes, 50 seconds quarter. A large part of this will get covered through the cost synergies that we have already demonstrated which translates into about 3 million per 18:57 18 minutes, 57 seconds quarter. We are looking at additional revenue and cost synergies to make sure that the balance amounts are also negated. This does not factor any 19:06 19 minutes, 6 seconds revenue growth on the baseline which obviously will be there. Further, I'm happy to report that so integration is 19:13 19 minutes, 13 seconds progressing well and on track with respect to the goals that we had set up for execution by March 2026. 19:21 19 minutes, 21 seconds As Bhanu mentioned, we have managed to execute $12 million in annualized cost savings in phase one and these are permanent in nature. 19:30 19 minutes, 30 seconds These cost savings have been educated on a base of $24 million for the entire 19:37 19 minutes, 37 seconds calendar year 2025 EID so these savings will be partially visible in Q4 and fully visible Q1 FY27 onwards. It's 19:46 19 minutes, 46 seconds important to note here these savings only pertain to the GNA function which was our area of focus during the first 90 days. These savings alone should 19:56 19 minutes, 56 seconds allow Soldier to get to the 18.5 to 19.5% EIDA level going forward and there 20:02 20 minutes, 2 seconds is further room for expansion. The cash flow generation has been quite healthy in the past quarter. The total 9 month 20:10 20 minutes, 10 seconds cash flow from operations stands at approximately INR 150 crores. If we were to just look at the Q3 cash flow 20:18 20 minutes, 18 seconds generation, we've done almost 70 crores in cash flow from operations in Q3 and that was partially the reason why we decided to prepay a large chunk of the 20:27 20 minutes, 27 seconds loan that we had taken. As on date, we continue to have a strong balance sheet. 20:32 20 minutes, 32 seconds Our net worth currently is at 1860 crores. Our cash and cash equivalent balance as of 31st December was 3602 20:41 20 minutes, 41 seconds crores. Net debt as on today is down to close to about 880 crores. 20:47 20 minutes, 47 seconds As we move to FI 2027, our immediate focus remains primarily twofold successfully integrate soldier and 20:56 20 minutes, 56 seconds maintain the booking road trajectory that we have registered in the 9 months of FI26 and monetize them into revenue. 21:03 21 minutes, 3 seconds With that, I would like to close my remarks and we are happy to open the floor for questions. Thank you. Thank you very much sir. 21:12 21 minutes, 12 seconds We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to 21:20 21 minutes, 20 seconds remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, 21:29 21 minutes, 29 seconds we will wait for the moment while the question queue assembles. 21:37 21 minutes, 37 seconds The first question is from the line of Deep Sha from BNK securities. 21:44 21 minutes, 44 seconds Please go ahead and and thanks guys for uh such detailed 21:51 21 minutes, 51 seconds opening remats very useful uh I I I'm sure it has helped a lot of people in the call. Uh one question I still had 21:58 21 minutes, 58 seconds was uh if you could provide some some further clarity on how similar or different are the offerings of Sojon 22:07 22 minutes, 7 seconds versus our market. Is there something very different in terms of the product profile, customer profile, uh receivable 22:15 22 minutes, 15 seconds citizen that November, December is the weakest for sojourn. So is there something very 22:22 22 minutes, 22 seconds different in terms of Georgia fees? uh I think some clarity over these things will be very useful. Uh that's just on my side. Thank you. 22:33 22 minutes, 33 seconds So Rohan I'll take the first part um and then you can address the question on um 22:40 22 minutes, 40 seconds on on on the Q3 seasonality bit. Um so the offerings are actually this is our 22:46 22 minutes, 46 seconds first acquisition where um we have acquired a company with very very similar offerings. In fact, as I 22:54 22 minutes, 54 seconds mentioned in my opening remarks, um we were going head-on head against Sojun in the destination management 23:02 23 minutes, 2 seconds space and we were uh literally the top two providers for the DMO segment and 23:10 23 minutes, 10 seconds with the combination now we become a very very dominant provider in that in in this customer segment. So uh the 23:19 23 minutes, 19 seconds offerings were very very similar in nature and as we bring uh the platforms together. One of the offerings was about 23:28 23 minutes, 28 seconds measuring the efficacy of the digital marketing and bringing the platforms together makes the uh the measurable 23:37 23 minutes, 37 seconds attribution a lot more effective and our measurement product will be the only 23:44 23 minutes, 44 seconds product available in the marketplace to measure the efficacy of your digital marketing dollars for BMOs. So uh both 23:53 23 minutes, 53 seconds from a goto market perspective as well as you know combining the platform and the data that's available in it uh makes 24:01 24 minutes, 1 second it very very strong. Similarly on the property side um they were a more uh 24:09 24 minutes, 9 seconds seasoned and mature and scaled player in digital marketing as opposed to our demand booster product. 24:18 24 minutes, 18 seconds um they were almost seven or eight times our size and by bringing it together we 24:25 24 minutes, 25 seconds will be able to uh take advantage of the very high number of properties that they 24:32 24 minutes, 32 seconds have which is about 13,000 and be able to crossell and upsell our integrated tech stack uh which is UNO where we are 24:41 24 minutes, 41 seconds able to combine all the capabilities to offer the ability to to guest acquisition, guest engagement and guest 24:50 24 minutes, 50 seconds wallet share expansion. And there are a couple of other capabilities that were part of our vision that we didn't have in our stack especially around the AI 24:59 24 minutes, 59 seconds concurge that I talked about that enables instay engagement with the guests and also is a great ancillary 25:06 25 minutes, 6 seconds revenue generator for the customers and we are very pleased to have that in our stack. So overall even for the hotel 25:15 25 minutes, 15 seconds property business having this one integrated tech stack uh is is very 25:23 25 minutes, 23 seconds compelling and very powerful uh and we would be one of the only few companies to possess you know all these 25:30 25 minutes, 30 seconds capabilities in one unified platform and as I indicated we're combining the 25:37 25 minutes, 37 seconds demand booster and the soldier digital marketing capabilities into one platform 25:44 25 minutes, 44 seconds um within this quarter. uh in fact from a goto market perspective we have now uh 25:52 25 minutes, 52 seconds a unified solution that we're taking to the market and similarly on the other segments like DMOS and uh the big 26:01 26 minutes, 1 second corporate customers we are unifying our GTM teams and we are consulting uh 26:09 26 minutes, 9 seconds Boston Consulting Group PCG to enable us to unify that GTM motion as well. 26:17 26 minutes, 17 seconds I thanks Manu. I'll pick up the second part deep. Uh so basically the way to look at that is in the properties 26:23 26 minutes, 23 seconds business which is almost exactly similar to the demand booster uh program that we were running. 26:31 26 minutes, 31 seconds The only difference is that demand booster was contributing less than 10% of our revenue pre-acquisition and therefore the seasonality in that 26:39 26 minutes, 39 seconds business was not fully evident. Although if you typically look at our numbers, Q3 revenue is slightly lower than Q2. Yeah. 26:45 26 minutes, 45 seconds So that's the seasonality impact. In the case of Sergeon, the properties business contributes as much as 45% annually to 26:53 26 minutes, 53 seconds the overall uh revenue pipe, which means that the seasonality will have some uh slightly more impact than what has been evident on the rate gain side of things. 27:04 27 minutes, 4 seconds And that's the only thing that we were calling out. Uh this is pure seasonality impact. It it has no it's no it's not a 27:12 27 minutes, 12 seconds sustainable business in fact. Yeah. That business recovers in in Q1 uh sorry Q4 of the uh next calendar year. 27:22 27 minutes, 22 seconds Uh understood understood. Uh this is very useful. Uh that that's it from my side. Thank you. 27:30 27 minutes, 30 seconds Thank you. The next question is on the line of Naim Patel from Bastian Research. Please go ahead. 27:38 27 minutes, 38 seconds Hi, thank you for this opportunity and congratulations on a good side of numbers. So my first question was for 27:45 27 minutes, 45 seconds Rohan on some bookkeeping data point. So how has our other older offerings such as Adara you know organic offerings have 27:54 27 minutes, 54 seconds grown in this quarter on a year-on-year basis as well as quarter on quarter basis uh for the martekch segment 28:02 28 minutes, 2 seconds and uh on secondly on that front as well that our if I see our AIDA on a quarteronquarter basis organically it 28:10 28 minutes, 10 seconds has gone down from 18.2 to 17.5. So is was that due to the 28:16 28 minutes, 16 seconds uh acquisition related expenses uh that we we have not able to you know sustain it this way or was there any other reason? 28:27 28 minutes, 27 seconds So so the first question uh the answer to that is that Adara has grown at about 19.8% yearon year in Q3. 28:38 28 minutes, 38 seconds Yeah. Yeah. The answer to your second question uh if you if you look at the u uh numbers we had given a guidance 28:47 28 minutes, 47 seconds initially that our EIDA percentage of 17 to 17.5% on an annualized basis. The 28:54 28 minutes, 54 seconds primary reason was some investments that we were doing to accelerate GTM and the ROI on that on those investments is evident through the fact that for the 29:03 29 minutes, 3 seconds entire first nine months we've reported 30% plus in booking volumes. Yeah. Which we've never done before. So that's the only reason why you are seeing a partial 29:12 29 minutes, 12 seconds dip in the numbers. It's in line with the guidance and expectation that we had set up earlier at the start of the year. 29:18 29 minutes, 18 seconds It's important to note here is is that we don't capitalize any costs, right? 29:23 29 minutes, 23 seconds Whatever cost you're incurring is getting expensed straight away in the same uh financial year. The delta from 18.2 to 17.5 does not include any M&A 29:32 29 minutes, 32 seconds related expenses. All M&A related expenses have been called out as one time exceptional costs which is part of 29:40 29 minutes, 40 seconds the 34.6 cr number that you'll see in the exceptional items. 29:44 29 minutes, 44 seconds Understood. And uh what was the crude for overall MK segment excluding Susan? 29:49 29 minutes, 49 seconds You mentioned Adara but I wanted it completely. Yeah. Sorry. Come again please. 29:56 29 minutes, 56 seconds Yeah. So what was the like you had mentioned 19% growth on Adara but uh excluding SEAN we have other offerings 30:03 30 minutes, 3 seconds in MK as well. So for MK overall excluding sojun what was our YI and growth close to about 11%. 11 11 and a half%. 30:15 30 minutes, 15 seconds Understood. And my second question was for uh Bhanu that currently you know there are many AI platforms coming in 30:24 30 minutes, 24 seconds and uh there's some uncertainty in the market as well. So how do you see those offerings 30:32 30 minutes, 32 seconds uh benefit our current offerings such as D distribution and which of them do you see you know threat come as a threat to our offerings if that's the case at all. 30:43 30 minutes, 43 seconds Some more clarity or color would be very helpful. 30:47 30 minutes, 47 seconds Yeah. So, uh both externally and internally we have taken a lot of AI initiatives and I covered uh some of 30:56 30 minutes, 56 seconds them in my opening remarks. So, we launched our Viva product which is an AI 31:04 31 minutes, 4 seconds voice agent. So if you call a hotel uh our AI agent would pick up the call or answer any questions around the hotel or even make a booking or do any upgrades. 31:16 31 minutes, 16 seconds Um similarly we through surgeon acquisition we acquired an instate AI 31:24 31 minutes, 24 seconds concage platform. So if you're at a hotel and you have any questions about the hotel, say for instance where the gym is, what time is the breakfast open? 31:35 31 minutes, 35 seconds So the AI concage product which is an AI would answer any questions about things 31:42 31 minutes, 42 seconds at the hotel or any suggest any act activities or itaries while you know in that destination. 31:50 31 minutes, 50 seconds Um then internally we are using you know AI to uh from from an engineering perspective 31:59 31 minutes, 59 seconds uh large section of what we code now is AI generated. There are bunch of VIP code VIP code projects that we have 32:08 32 minutes, 8 seconds developed internally to streamline both our and finance functions. Uh we're 32:14 32 minutes, 14 seconds using AI from a support perspective as well. Uh and to your other question about how disruptive can it be for our 32:23 32 minutes, 23 seconds business. So I don't see it as a disruptor. I see it as an accelerator. 32:28 32 minutes, 28 seconds And um I I talked about you know a a lot of those initiatives we are taking. Um I 32:36 32 minutes, 36 seconds think the fears about AI eating up SAS are a little overblown. I in fact wrote 32:44 32 minutes, 44 seconds a LinkedIn post also on it. I think in our case the fact that we uh you know we 32:52 32 minutes, 52 seconds have the domain context uh is a great advantage to us and uh this this kind of 32:59 32 minutes, 59 seconds fear also came around you know when cloud companies came about and it was feared that the cloud companies would 33:06 33 minutes, 6 seconds get into the areas of SAS and completely um disrupt them. But ultimately what 33:14 33 minutes, 14 seconds happened was staff grew as a result of you know the cloud companies. So I see a 33:21 33 minutes, 21 seconds similar pattern play out here as well where I don't see it as an uh disruptor but I see it as an accelerator. 33:30 33 minutes, 30 seconds Thank you. Thank you very much uh Rohan and Bano. That's all from my side and best of luck to you. 33:38 33 minutes, 38 seconds Thank you. 33:41 33 minutes, 41 seconds Thank you. The next question is on the line of Paragwal from Bastian Research. Please go ahead. 33:48 33 minutes, 48 seconds Hi, thank you for the opportunity. I have just one question. So, you know, in FI20 way uh we have essentially you know 33:56 33 minutes, 56 seconds decided to do a lot of GTM you know marketing and uh the benefit of which is also visible in our order wins uh in the 34:06 34 minutes, 6 seconds last two three quarters. uh but is there any other you know benchmark or success rate that you have seen that uh that 34:13 34 minutes, 13 seconds this entire exercise has been you know fruitful for us 34:21 34 minutes, 21 seconds hello yeah so if you look at our GTM investments the total investment 34:28 34 minutes, 28 seconds Hi I hope I'm audible yeah if you look at the total perfect if you if you refer to our guidance which we had issued Last year 34:37 34 minutes, 37 seconds around similar time we had proposed that we'll be adding close to about5 to $6 million 34:44 34 minutes, 44 seconds uh which was roughly 4% of our aida at that time uh back in uh building out a 34:51 34 minutes, 51 seconds GTM team base we have gone ahead and executed that strategy over the last 9 months 9 to 12 months the impact as you 35:00 35 minutes rightly said is evident in the order book uh that to us is the single largest ROI calculator. Obviously, that order book has to translate into revenue. 35:10 35 minutes, 10 seconds That's point number one. Point number two, when a new sales team is onboarded, there is a time given for the sales team in terms of booking targets uh as to 35:19 35 minutes, 19 seconds what can they achieve in the first 6 to 12 months, right? They cannot start performing to their 100% potential in the first 6 to 12 months as you can 35:26 35 minutes, 26 seconds imagine. So that is financial year some of those targets will also get reset which will reflect in the FI27 guidance 35:34 35 minutes, 34 seconds that we will issue on our make call uh and this call. Yeah. So the growth rates that we pick up in the businesses where 35:43 35 minutes, 43 seconds we've invested in the GTM team, those businesses should ideally look at a much stronger organic growth rate in FI27 and 35:51 35 minutes, 51 seconds beyond on the back of successful hiring and successful execution of this whole GTM strategy. Does that answer your question? 35:59 35 minutes, 59 seconds Uh yes. of the GTM or the 56 that we deployed was it more towards you know hiring the sales team and building the sales team or it was more something like 36:08 36 minutes, 8 seconds a one-time marketing kind of an expense no no no it's not a onetime marketing expense a majority of it has gone in 36:16 36 minutes, 16 seconds terms of payroll for new people who have been hired in the GTM function this would largely include sellers but it could also include a proportionate 36:24 36 minutes, 24 seconds amount of customer success managers and account managers in addition to that there is a very small portion that would 36:32 36 minutes, 32 seconds have been allocated uh to tools GTM enabling tools and some investment in our uh revenue ops team 36:40 36 minutes, 40 seconds which is basically an strong catalyst and enabler for the entire GTM team to perform. So in the direct support functions there would have been a small investment in tools there would be a 36:49 36 minutes, 49 seconds small investment large part would be pure GTM payroll. 36:53 36 minutes, 53 seconds Got it. So essentially the uh team that you have built this year they have to start performing next year for us are now you know margins to normalize to 20 37:02 37 minutes, 2 seconds 22% kind of a level is that understanding correct see uh this is a common uh dichotomy 37:10 37 minutes, 10 seconds that we all face uh on a day and basis to prioritize revenue growth versus to 37:17 37 minutes, 17 seconds deliver best-in-class aida percentage right given a choice if we see any white space where we believe we can add more 37:26 37 minutes, 26 seconds people and therefore gain market share profitable market share we will not hesitate to go ahead and do that going 37:33 37 minutes, 33 seconds forward also the guidance that we've given in the uh at the start of this year is that going forward if we are if 37:41 37 minutes, 41 seconds we are capable of delivering 20 to 20.5% eida on a sustainable basis we'd much rather invest back 1 to 2% of that eida 37:51 37 minutes, 51 seconds in adding uh strength to our GTM team and other functions ahead of the curve. 37:56 37 minutes, 56 seconds So we are not going ahead and issuing guidance for FI27 right now but that is the philosophy that we're following here. 38:04 38 minutes, 4 seconds Got it from Thank you so much. Thank you. 38:11 38 minutes, 11 seconds Thank you. The next question is from the line of Deepak Podar from Safaya Capital. Please go ahead. 38:19 38 minutes, 19 seconds Yeah, I'm audible sir. Hello. Am I audible? Yes, you're able. 38:26 38 minutes, 26 seconds Yeah, we can hear you. Yep. Thank you very much for this opportunity, sir. So, just wanted to understand uh this quarter we had about consolidation of 38:32 38 minutes, 32 seconds two months of revenue from Sajjan, right? Uh so, so how much was that? 250 crores. 38:40 38 minutes, 40 seconds So 250 crores and and and and and at margins of what 14.4%. Would that be right? Roughly. Yes. Yes. Yes. 38:48 38 minutes, 48 seconds Okay. Okay. Understood. And u you also mentioned about synergies of around 12 million we have already seen in terms of 38:56 38 minutes, 56 seconds savings cost savings in 100 days. Um so which kind of will help you to reach 18 and a half to 19% AITA margin going 39:04 39 minutes, 4 seconds forward. So so when it will be visible I mean will it be visible from fourth quarter itself or it will take two three quarters for us to see that kind of 39:12 39 minutes, 12 seconds margins and this margins we are talking about on a console basis right? 39:17 39 minutes, 17 seconds Yeah, but the margins are applicable to Sojun, right? But they should be visible in the console results. So if you look at Q4, you'll see part of these margins 39:26 39 minutes, 26 seconds coming in because some of these initiatives have been executed in January or early February, but they are all executed as we speak today. 39:34 39 minutes, 34 seconds Uh Q1, you should see the entire impact visible in the PNL. 39:39 39 minutes, 39 seconds Yeah, come again sir. I missed that just last point. 39:42 39 minutes, 42 seconds I'm saying some of these $12 million integration levers have been executed during January and early February as 39:51 39 minutes, 51 seconds well. Yeah, the current month that we are speaking in. As of today, they are 99.99% executed. Mhm. 39:58 39 minutes, 58 seconds In Q4. Therefore, you'll see a partial uptick. In Q1, you should see a full impact of this $12 million annualized 40:06 40 minutes, 6 seconds number. So, $3 million in the quarter visible in Q1. 40:10 40 minutes, 10 seconds Mhm. Okay. Understood. U so so ideally if I have to I mean look first quarter so ideally or this if this impact is 40:18 40 minutes, 18 seconds visible your 18 and a half to 19% kind of margins in sojourn and your the base business margins stands at around 17 and 40:28 40 minutes, 28 seconds a half to 18%. So, so consolidated margin should be somewhere in between, right? Ideally, given the That's right. 40:34 40 minutes, 34 seconds given the revenue mix we um we might be having. Okay. You're absolutely right. 40:40 40 minutes, 40 seconds Okay. Okay. Understood. And and in terms of FI27, you mentioned we look at much stronger organic growth, right? So, any 40:48 40 minutes, 48 seconds range we are looking at, I mean um given I think this fourth quarter we are targeting what a double digit kind of a growth, right? And and this quarter was little on the lower side. So, so how 40:57 40 minutes, 57 seconds should one look at the organic growth FI27? 41:00 41 minutes So Q4 50% is already behind us. So I can say with reasonable confidence that you'll be able to see a double digit organic growth on the RG side of things excluding Sojier in Q4. 41:11 41 minutes, 11 seconds Mhm. 41:12 41 minutes, 12 seconds Uh we will start issuing FI27 guidance uh in the month of May. That's the typical trend that we've maintained. 41:19 41 minutes, 19 seconds We'll stick to that. But I see no reason why if you're delivering double digit organic growth in Q4, I see no reason why we should not be able to continue 41:27 41 minutes, 27 seconds that trend on the back of the strong booking momentum that we've seen in the first nine months of this year. 41:33 41 minutes, 33 seconds Okay. So um so so a double digit is is quite a possibility for FI27 as well. 41:38 41 minutes, 38 seconds That's what Yes. Yes. But but please wait for us to issue formal guidance. Yeah. 41:43 41 minutes, 43 seconds Mhm. Um fair point. and and and and just the last thing on on the AITA margins that the point that you are making to the last participant of 20 20 and a 41:52 41 minutes, 52 seconds half% is what our threshold margin would be and any incremental uh we would like to invest back in the business. So so with that philosophy we we would be 42:01 42 minutes, 1 second working right so what I said on the to the last uh participant was that 20% is something that we can sustainably deliver. 42:10 42 minutes, 10 seconds Mhm. 42:10 42 minutes, 10 seconds Yeah. uh we have done 21 also but 20 20.5 is something that we can sustainably deliver. Our intent would be 42:17 42 minutes, 17 seconds to reinvest up to 10% of that AIDA which is about which takes it to 18 18 and a half percent. Right to reinvest 10% in growth 42:26 42 minutes, 26 seconds and investment cases wherever we are satisfied with the ROI the risk parameters are within our acceptable range and things like that. It's not a 42:35 42 minutes, 35 seconds necessary investment every year, but wherever we can find those white spaces, we will actively invest ahead of the curve. 42:43 42 minutes, 43 seconds Okay. So, effectively at 18% would be a sustainable long-term uh long-term margins that one one might look at for this business. A 42:51 42 minutes, 51 seconds consolid 18 18 and a half 18 and a half with Sojun Consolidated is something that we can uh we are in we are looking to deliver. 43:01 43 minutes, 1 second Okay. Okay. Okay. Sorry to interrupt, sir. 43:04 43 minutes, 4 seconds Yeah. Um, I'm done. Um, thank you very much, sir. I wish you all the best. Thank you. Thank you. Thank you. 43:12 43 minutes, 12 seconds The next question is from the line of Mitan Sha from an individual investor. Please go ahead. Yes. Am I audible? 43:21 43 minutes, 21 seconds Yes. Min. 43:22 43 minutes, 22 seconds Yes. So, thanks a lot for giving opportunity and uh heartier congratulations Banu. I don't know if you recollect you know I'd asked you you 43:30 43 minutes, 30 seconds know whether we'll be able to meet the 2,000 cr target that you set for FY 27 and it seems that we might very well 43:37 43 minutes, 37 seconds achieve this you know by the end of next quarter or maybe Q1 20 FI 27. So heart congratulations for that and really 43:46 43 minutes, 46 seconds appreciate you know the hard work that you've done for this and the entire team. So my next question would be having said that you know we have almost achieved you know doubling the revenue 43:54 43 minutes, 54 seconds of so-called 2,000 cr well before FY27 what would be the next target? 44:04 44 minutes, 4 seconds Yeah so internally we have uh set a goal of a billion dollars by 2030. 44:11 44 minutes, 11 seconds Oh that's too far away. Okay sir that's only four years away. Okay. 44:19 44 minutes, 19 seconds I've been almost four years invested as of now. [laughter] Yeah. So, we've uh I mean if you look at our history, we are now 10 times the 44:28 44 minutes, 28 seconds revenue. When we came into the public markets, we were about 300 crores and now we are runing close to 3,000 crores. 44:36 44 minutes, 36 seconds In in four years with that with that space, I feel quite comfortable. We just need to do three times from here. No, 44:45 44 minutes, 45 seconds I'm equally excited to be going along with this company since almost four years. I really love the way the company is working. So my next question would be 44:53 44 minutes, 53 seconds Banu, you know, I've been seeing, you know, lot of small small companies emerging from India, you know, digital 45:01 45 minutes, 1 second companies, you know, offering hotel management suites. I had even asked earlier regarding a company named Gastara. I don't know if you recolct. I 45:11 45 minutes, 11 seconds I see some more names like anticipatory and all those. Are we by any chance you know just you know casting a glance to 45:18 45 minutes, 18 seconds these companies as to what are they doing and could they be a potential acquisition or you know a threat or whatever you may you may be able to 45:27 45 minutes, 27 seconds foresee from these names are we are we going through this names by any chance? 45:33 45 minutes, 33 seconds Yeah. So um we maintain a very very active uh M&A machinery. We have a dedicated 45:41 45 minutes, 41 seconds team. So we run a robust corporate deck program and we continuously looking at all kinds of companies and I'm sure 45:50 45 minutes, 50 seconds we've gone gone through some of these names as well. I mean the database that we have is of over a thousand companies 45:59 45 minutes, 59 seconds and we are constantly evaluating them on on merit. Uh and wherever we see an opportunity we progress our 46:08 46 minutes, 8 seconds conversation. So um I mean I can tell you right now it's definitely must be 46:15 46 minutes, 15 seconds evaluated by our teams but it hasn't shown up on my radar. Uh I think if uh 46:22 46 minutes, 22 seconds there is some merit it will show up on my radar. 46:26 46 minutes, 26 seconds Yeah I know these are very small and I had received a response that the company is normally looking for anyone which is 5 million northwards and these are 46:35 46 minutes, 35 seconds pretty much smaller. So I can understand but the only thing is because I see lot of names cropping up from the sectors you know so that's that was but I that's 46:43 46 minutes, 43 seconds all you know from my side and I' I've really enjoyed this ride since almost last four years and wish you all the best and heartiest congratulations once 46:50 46 minutes, 50 seconds once again thanks thanks a lot pano and then thank you thank you sir thank you the next question is from the 46:59 46 minutes, 59 seconds line of mulgar from dam capitals please go ahead yeah hi thanks for the opportunity A couple of things that I wanted to 47:07 47 minutes, 7 seconds understand. Uh firstly, if I look at our total customers, uh that has not increased uh despite sojun acquisition 47:15 47 minutes, 15 seconds coming in. Uh does that mean that most of the customers in most of the customers there is a overlap between uh sojun and ratekin? 47:25 47 minutes, 25 seconds No, I'll take that. Uh I am uh what we are doing is we are reevaluating the methodology through which we report our 47:34 47 minutes, 34 seconds customer count. Right? Because there's a difference in the way we look at customers in a parent child grouping versus how Sojun looks at it. So this 47:43 47 minutes, 43 seconds quarter we have just uh shown the Sojun count of customers as is. In the next quarter you'll see a harmonized 47:50 47 minutes, 50 seconds uh uh count of customers. Yeah. The overlap is less than 5%. At an overall level. 47:59 47 minutes, 59 seconds Okay. So the current customer count is basically the rate gain customer account not the sojun is not included in this number. 48:07 48 minutes, 7 seconds Yeah the current rate gain customer count hovers at around 3200. Sojun talks about 13 to 14,000 customers. Yeah but 48:16 48 minutes, 16 seconds we didn't want to just add the two and report it. Uh it didn't make sense to us because the methodologies are different. 48:21 48 minutes, 21 seconds So we'll report a harmonized number uh Q4 onwards. 48:26 48 minutes, 26 seconds But that's the individual customer count. 48:29 48 minutes, 29 seconds Okay. Um secondly, uh if I look at our Dash revenue on a sequential basis, then it's more or less rangebound. However, 48:37 48 minutes, 37 seconds two months of sojan acquisition has been taken place in this quarter. So just wanted to understand uh uh how is the classification over there. 48:46 48 minutes, 46 seconds Sojun does not have any revenue which is getting classified in Dash. Uh that was only the case with the DAR business. 48:53 48 minutes, 53 seconds Yeah. So sjon entirely sits in the market division and excluding the adara dash business which anol you'll recall 49:01 49 minutes, 1 second we've been sharing active commentary on this strategically it didn't make s it did not make sense for us so that business has been gradually unwinding 49:09 49 minutes, 9 seconds yeah it there's no rush to unwind it but it's been gradually unwinding if you were to exclude that business our dash 49:17 49 minutes, 17 seconds business is growing at 10 to 12% yearon year understood And uh thirdly is that uh uh 49:25 49 minutes, 25 seconds you know uh should we expect that the initial investment cycle that uh we are doing for our revived GTM strategy is 49:33 49 minutes, 33 seconds now largely complete uh or uh there would be some uh impact of that in the fourth quarter as well. 49:42 49 minutes, 42 seconds No. So other than a few offers which might be pending for rolling. Yeah. as part of the original investment plan and 49:50 49 minutes, 50 seconds the uh uh sustainable approval of the payroll expenses. There is no other expense item that's likely to hit Q4. 49:59 49 minutes, 59 seconds Right? So if a person has joined in in November, the full payroll has not reflected in the Q3 numbers that to that extent there'll be true ups. 50:08 50 minutes, 8 seconds So from that perspective, should we expect that uh uh on a sequential basis basically our margins should in uh in in fourth quarter? 50:16 50 minutes, 16 seconds Yes. uh not just because of that but a few other reasons. Expecting uh better than Q3 margins in Q4. 50:26 50 minutes, 26 seconds Okay. Understood. Understood. Yeah, that that's all from my side. Thank you so much. Thanks. 50:32 50 minutes, 32 seconds Thank you. The next question is from the line of Adita Javad from AK Investments. Please go ahead. 50:39 50 minutes, 39 seconds Yeah, thanks for the opportunity. I have few questions related to Sojan. Uh is Sojan reporting gross revenue or it is uh net revenue only? 50:50 50 minutes, 50 seconds Gross revenue in line with uh what we've been reporting on MHS and Nadara side of business because the businesses are almost exactly the same. 51:00 51 minutes Okay. But rate gain we as a company we generally have net revenues right? 51:06 51 minutes, 6 seconds No Adara MHS which are the comparable businesses for Sojun we've been reporting gross revenue. So accounting policies, revenue recognition policies are absolutely consistent. No change. 51:16 51 minutes, 16 seconds Okay. Okay. So what is the net revenue for Sojan? 51:22 51 minutes, 22 seconds We we will avoid reporting uh those granular numbers. 51:27 51 minutes, 27 seconds Okay. Okay. Okay. Okay. My question to Banu is a little broader one. So Banu, what is what are your top priorities 51:35 51 minutes, 35 seconds right now going FI27? because you know that we have now this sojun asset and radian asset and we are building lot of 51:44 51 minutes, 44 seconds AI stuff underneath the companies right so what are your top priorities on top of your mind for next year or upcoming 51:51 51 minutes, 51 seconds one or two years for the raid game to build or leverage on this AI tools or stack or whatever comes to your mind 51:59 51 minutes, 59 seconds yeah yeah so um I think from a product perspective we have a very comprehensive 52:07 52 minutes, 7 seconds ive set of capabilities that we have built and acquired. Um a lot of these 52:15 52 minutes, 15 seconds capabilities are at um some of them are at infancy stage and some of them are uh are at a tipping point to scale. 52:27 52 minutes, 27 seconds So really focus is now accelerating on the products that we have already built or acquired through the Sojour 52:35 52 minutes, 35 seconds acquisition. So a lot of focus on GTM and unifying teams. So 52:43 52 minutes, 43 seconds um as I mentioned our big effort right now is consolidating our go to market teams in Adara and Soljen for the PMO 52:52 52 minutes, 52 seconds and the corporate customer segments where we see a massive opportunity given in DMOS we will be in a very very 53:01 53 minutes, 1 second dominant position and that should give us significant pricing power as well. Uh 53:08 53 minutes, 8 seconds and on the property side, I am very very excited about realizing our vision of 53:17 53 minutes, 17 seconds having this integrated tech stack that can pretty much you know do everything from a guest acquisition, guest 53:26 53 minutes, 26 seconds retention, engagement and guest wallet share expansion perspective. So we have invested quite significantly as Rohan 53:35 53 minutes, 35 seconds mentioned about5 to $6 million and a large portion of that went into building our AP pack team. uh and it's it's 53:44 53 minutes, 44 seconds showing in our numbers from a bookings perspective but I feel uh we haven't seen the full benefit of all the 53:52 53 minutes, 52 seconds investments that we have made and now that we have such a powerful and compelling value proposition 54:00 54 minutes uh I see you know massive opportunity to dominate uh the APAC region as well which 54:08 54 minutes, 8 seconds something that historically we haven't really focused on. So netn net I think key priority will be to really calibrate 54:17 54 minutes, 17 seconds our go to market motions because I see uh significant opportunity and significant acceleration in our organic 54:25 54 minutes, 25 seconds growth. I think we will have some bumps uh but I feel very very confident that 54:33 54 minutes, 33 seconds um you know we are poised for uh very very good growth in the in the next couple of years. So if I understand 54:41 54 minutes, 41 seconds basically you are happy with the products whatever we have but your most focus is on go to market strategy 54:48 54 minutes, 48 seconds because we have the right assert in the place is my understanding right yes that's absolutely right that's the 54:56 54 minutes, 56 seconds right way to sum it up yeah yeah and one more thing in this agentic world right I mean lot of agents are coming through and are we also 55:05 55 minutes, 5 seconds putting the company in the right shape that we have internal teams who are dedicatedly working on this agent and AI 55:14 55 minutes, 14 seconds stack so that whatever the vision we have for a billion dollar we have to be making sure that the internal teams are 55:21 55 minutes, 21 seconds also I mean as you know right lot of stuffs are being written through AI so are we focusing how much are we putting 55:30 55 minutes, 30 seconds efforts there also because I know you're happy with the product but in order to move one step ahead and gain more 55:37 55 minutes, 37 seconds margins for our business Right. So are we also putting leaders over there who are upfront on the AI side? 55:45 55 minutes, 45 seconds Yeah. So um you know let me reinforce like I was saying earlier even from our 55:52 55 minutes, 52 seconds perspective whatever products we're building now half of the code that we write is AI generated. 55:59 55 minutes, 59 seconds uh pretty much all across teams we have a large initiative that our HR 56:06 56 minutes, 6 seconds department is leading on how AI can lead to automation and productivity gains and 56:12 56 minutes, 12 seconds pretty much across all our teams we have introduced uh VIP coding and built AI tools to get 56:20 56 minutes, 20 seconds these productivity gains for instance in HR we're using an AI agent to answer any 56:29 56 minutes, 29 seconds queries or questions and provide HR support. Uh we have an a AI agent from a talent acquisition perspective. 56:38 56 minutes, 38 seconds Similarly, we are using it uh in much faster prototyping in new ideas. Uh what 56:46 56 minutes, 46 seconds used to take us several months to build and prototype now can be done in weeks and days. Uh so there is a concentrated 56:56 56 minutes, 56 seconds effort in continuously to you know uh promote this culture grounds up but that 57:03 57 minutes, 3 seconds there is a cross functional team also that's dedicated on understanding 57:11 57 minutes, 11 seconds new capabilities that are emerging and how that can be put to use. See AI has a huge opportunity but it's very very 57:19 57 minutes, 19 seconds important to use it as an enabler with an end outcome insight and so we're 57:26 57 minutes, 26 seconds defining those end outcomes and bases that you know devoting our energies in delivering those outcomes. 57:33 57 minutes, 33 seconds Right. Right. Okay. Great. Last question I have. uh basically I know that we are putting lot of efforts on the products 57:40 57 minutes, 40 seconds and you also said a couple of years back that you know the products whatever you are building are a very high margin this 57:48 57 minutes, 48 seconds kind of thing right but now with the equation I know the base is large but uh what is the aspiration you have being a 57:55 57 minutes, 55 seconds product tech company and uh we know that the cost might not go up if we have the 58:02 58 minutes, 2 seconds operating leverage in the business right but where would you like to see the business I mean margin in the over a 58:09 58 minutes, 9 seconds long run. What is the juncture you see internally the product pipeline that can gain as a very big margin expansion like 58:17 58 minutes, 17 seconds currently people are afraid of the SAS but I think with this AI I mean the SAS product companies can gain more more market share and be the best there I 58:26 58 minutes, 26 seconds mean in this AI so what is the aspiration you have on this that's my yeah so uh I think Rohan addressed this 58:33 58 minutes, 33 seconds in his commentary earlier our goal will be to uh be between that 18 to 20% 58:41 58 minutes, 41 seconds range. Uh and we will continue to reinvest additional margins back into the business because as I stated 58:48 58 minutes, 48 seconds earlier, you know, the aspiration or the next goal in our mind is to hit a billion dollars in revenue. Uh the 58:55 58 minutes, 55 seconds market is there, the opportunity is there and we need to continue to accelerate. So we'll continue to 59:02 59 minutes, 2 seconds reinvest uh you know wherever we get the confidence that we have clear conviction that uh additional investments will 59:11 59 minutes, 11 seconds deliver the ROI expect um so we'll continue to invest but we very comfortable with that 18 to 20% margin 59:19 59 minutes, 19 seconds profile and reinvesting the balance to gain more growth. Right. Right. Thanks. Thanks one. 59:27 59 minutes, 27 seconds Thanks. All the best. 59:32 59 minutes, 32 seconds Thank you ladies and gentlemen. That was the last due to time constraint that was the last question. I would now like to hand the conference over to the to the management for the closing comments. 59:44 59 minutes, 44 seconds Thank you everyone for your support. As I indicated this was a transformative quarter for raid gain. uh we are very 59:52 59 minutes, 52 seconds excited about the opportunity ahead and we will continue to uh deliver on the promises that we have made. Thank you. 1:00:03 1 hour, 3 seconds Thank you sir. On behalf of Raid Gain Travel Technologies Limited that concludes this conference. Thank you for joining us. You may now disconnect your lines.