Unicommerce eSolutions Ltd — Q4 FY26

Unicommerce eSolutions Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=yU4t1Lsh9Fc Published: 2 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Uniccommerce E Solutions Limited Q4 and FYI26 earnings conference 0:09 9 seconds call. This conference call may contain forward-looking statements about the company which are based on the beliefs, 0:17 17 seconds opinions and expectations of the company as on date of this call. These statements are not the guarantee of 0:24 24 seconds future performance and involve risk and uncertainties that are difficult to predict. 0:29 29 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:39 39 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. 0:48 48 seconds Please note that this conference is being recorded. I now hand the conference over to Mr. 0:53 53 seconds Kapil Makita, managing director and CEO of Uniccommerce E Solutions Limited. Thank you and over to you Mr. Makita. 1:03 1 minute, 3 seconds Thanks. Good morning everyone and thank you for joining us for the FI26 and quarter 4 earnings call. I am joined 1:12 1 minute, 12 seconds today by Anra Mitt, our chief financial officer along with our investor relations advisor, strategic growth advisors. 1:22 1 minute, 22 seconds I'd like to begin a little differently today and share a perspective that goes beyond this quarter and beyond this year. 1:31 1 minute, 31 seconds Think about the last time you placed an online order. You click buy now and you're done. But behind that click, a 1:40 1 minute, 40 seconds complex chain kicks in. Inventory, warehousing, shipping, delivery, all working together to get that order to you in minutes. hours or days. 1:53 1 minute, 53 seconds Behind every order sits an invisible engine. And over the last 5 years, that engine has been completely transformed. 2:04 2 minutes, 4 seconds That engine is our business and its transformation is the story of unicommerce. 2:11 2 minutes, 11 seconds Let me give you one data point. In FI21, our revenue was 40 crores. In FI26 we 2:19 2 minutes, 19 seconds crossed 204 crores that's 5x growth in 5 years. Here is another data point. This 2:28 2 minutes, 28 seconds year we delivered 43.9 crores of adjacent epida. That's higher than our 2:35 2 minutes, 35 seconds entire revenue 5 years ago. Over the past five years, we have consistently 2:42 2 minutes, 42 seconds met the rule of 40, a key benchmark for SAS companies where our sum of revenue growth percentage and adjusted AITA margin percentage exceeds 40%. 2:53 2 minutes, 53 seconds Reflecting a balanced focus on growth and financial discipline. 3:00 3 minutes These numbers reflect not only our growth but also how the world we operate in has changed fundamentally. 3:09 3 minutes, 9 seconds 5 years ago a typical e-commerce business operated across 3 to four sales channels. Today it is common to see 8 to 3:18 3 minutes, 18 seconds 12 channels marketplaces own brand websites quickcommerce platforms B2B model and general trade. 3:27 3 minutes, 27 seconds 5 years ago, typical e-commerce warehouses processed around 5,000 orders a day with one order being processed at 3:35 3 minutes, 35 seconds a time. Today, warehouses on our platform have the capacity to handle 3 to five lakh orders daily. 3:44 3 minutes, 44 seconds 5 years ago, shipping was measured in days. Today, it is measured in minutes. 3:50 3 minutes, 50 seconds The unicommerce platform reflects this shift. Five years ago, we supported around 100 integrations. The the digital pipes connecting ecosystems. 4:03 4 minutes, 3 seconds Today, we support nearly 350 integrations across uniare, shipway, and convertway. 4:10 4 minutes, 10 seconds Peak single day volume has scaled from 12 lakh units to 55 lakh units. 4:17 4 minutes, 17 seconds 5 years ago, 100 clients had more than 50 users on our platform. Today we serve 4:24 4 minutes, 24 seconds clients with up to thousand registered users running mission critical operations on our systems. 4:32 4 minutes, 32 seconds Put simply, even a moderatelysized brand today operating across multiple channels, SKUs, warehouses and partners 4:41 4 minutes, 41 seconds cannot function on fragmented tools or manual coordination. The complexity demands a tightly integrated technology 4:50 4 minutes, 50 seconds backbone. Without it, accuracy drops, speed slows and customer experience deteriorates. 4:58 4 minutes, 58 seconds Thus, this structural shift has redefined our role. We are no longer just a software provider. We are the 5:06 5 minutes, 6 seconds operating system for e-commerce operations and with deep integration into client workflows, we have become 5:15 5 minutes, 15 seconds the system of record for mission critical operations. 5:19 5 minutes, 19 seconds Against this backdrop, FI26 marks the completion of a transformative phase and 5:27 5 minutes, 27 seconds the beginning of a significantly larger opportunity. 5:32 5 minutes, 32 seconds FI26 was our first full year as a multi-platform e-commerce enablement SAS company transitioning from a single 5:40 5 minutes, 40 seconds product business. Our three platforms convert way, uniare, and shipway span customer engagement, transaction 5:48 5 minutes, 48 seconds processing, and order fulfillment layer of the e-commerce value chain. This creates a structural advantage, a 5:56 5 minutes, 56 seconds unified platform delivering ease of use and value that individual or fragmented solutions cannot replicate. 6:04 6 minutes, 4 seconds And now with AI, the next shift is underway. 6:09 6 minutes, 9 seconds Software is moving from execution to decision making. For our clients, we are their system of record. Because we sit 6:19 6 minutes, 19 seconds at the core of operations, we see rich granular data. Through AI, we are enabling our clients to convert this 6:27 6 minutes, 27 seconds data into real decisions. Uniare Uniot is reducing time to ship and maintaining 6:35 6 minutes, 35 seconds and minimizing mis shipments. Ships AI is optimizing cost versus speed while 6:42 6 minutes, 42 seconds reducing returns. Catalyst AI convert ways voice bot is driving higher conversions through contextual 6:49 6 minutes, 49 seconds engagement and timely customer conversations. 6:53 6 minutes, 53 seconds This is already live by the way not theoretical. We are now an AI first company. Platforms that enable faster 7:03 7 minutes, 3 seconds better decisions will create will capture disproportionate value and we are building for that. Now to financial 7:11 7 minutes, 11 seconds performance FI26 was strong revenue grew 51.6% 7:17 7 minutes, 17 seconds to 204.3 crores adjusted AITA grew 54.5% 7:24 7 minutes, 24 seconds to 43.9 crores. Cash more than doubled from 35.3 crores to 81.3 crores driven 7:33 7 minutes, 33 seconds by 47 crores of cash flow from from operations. And importantly, we have rebuilt our cash position to pre- shift 7:42 7 minutes, 42 seconds acquisition levels within just five quarters while continuing to invest in growth. 7:50 7 minutes, 50 seconds On the business side, despite a relatively subdued demand environment during parts of the year, we executed consistently on long-term priorities. 8:01 8 minutes, 1 second We onboarded 450 plus enterprise clients, our strongest year ever. These include several well-known names such as 8:10 8 minutes, 10 seconds Unida, Kangstar, Aentasa, Niasa, Ajanta shoes, Leer footwear, Himalaya wellness, 8:18 8 minutes, 18 seconds Rupa, Lost, Superu, True Native, Vidantu and Allen. A good mix of established 8:26 8 minutes, 26 seconds traditional retailers and new age digital first brands across categories. 8:32 8 minutes, 32 seconds Adoption is building. Our newer modules are also showing strong early traction. 8:38 8 minutes, 38 seconds 40 to 45% of our uniare enterprise customers are now using quick commerce 8:44 8 minutes, 44 seconds and B2B modules. 5 to 6% have adopted uni within three quarters of launch and 8:52 8 minutes, 52 seconds 1 to 2% have taken up unique capture within a quarter of its launch. Our international uniare business turned 9:00 9 minutes profitable this year and is now growing faster than our India business. 9:05 9 minutes, 5 seconds Uniare delivered 11.7% growth in Q4 in line with our guidance during our last earnings call and is on track to deliver 9:14 9 minutes, 14 seconds double-digit growth in subsequent quarters as well. Shiftway grew faster at 17.7% year-on-year growth in Q4. 9:25 9 minutes, 25 seconds Looking ahead, we see the opportunity to replicate the growth achieved over the last five years. Our strategy for FI27 9:34 9 minutes, 34 seconds and beyond is anchored on four priorities. One, build more AIEL products and expand the use cases of 9:43 9 minutes, 43 seconds existing ones to unlock new revenue streams. Two, accelerate growth across platforms. We expect uniare to sustain 9:52 9 minutes, 52 seconds doubledigit growth while chip should also grow double digits yearon year at a faster pace given its lower penetration 10:00 10 minutes and a larger addressable market. Three looking at selective acquisitions aligned with our existing platform 10:09 10 minutes, 9 seconds profitable or have a clear path to profitability AI relevant and available at a reasonable valuation. Four, staying 10:17 10 minutes, 17 seconds disciplined on costs, demonstrating operating leverage even as we invest for growth. Our capital allocation is evolving accordingly. 10:27 10 minutes, 27 seconds We have stepped up investments starting Q4 FI26 focused on sales and marketing expansion, AIEL product development, 10:37 10 minutes, 37 seconds strengthening mid to senior leadership and embedding advanced AI tools across product and GTM. And these investments will happen across both uniare and ship. 10:47 10 minutes, 47 seconds You will see the near-term financial impact of these investments in the form of lower registered aida and pad over the next two quarters. However, we 10:56 10 minutes, 56 seconds remain confident of delivering higher fullear operational profitability in FI27 compared to FI26. 11:06 11 minutes, 6 seconds To summarize, we enter FI27 with stronger products, a broader platform and clear visibility on scale. 11:14 11 minutes, 14 seconds E-commerce complexity in India will only increase. Every layer of complexity strengthens our relevance. These are 11:23 11 minutes, 23 seconds powerful tailwinds and we intend to capitalize on them with both discipline and ambitions. With that I will now hand 11:31 11 minutes, 31 seconds over to Anuras to walk you through the financials in detail. 11:39 11 minutes, 39 seconds Thank you Capel and good morning everyone. 11:43 11 minutes, 43 seconds Let me walk you through the financial performance. 11:47 11 minutes, 47 seconds Starting with FI26, our revenue for the year stood at 204.3 crores compared to 134.8 crores in FI25. 12:00 12 minutes a year-on-year growth of 51.6%. 12:05 12 minutes, 5 seconds Adjusted for the year was 43.9 cr up from 28.4 crores a growth of 54.5%. 12:15 12 minutes, 15 seconds Adjusted margin stood at 21.5%. 12:20 12 minutes, 20 seconds holding steady versus FI25 despite the fullear consolidation of ship which operates at different margin structure. 12:30 12 minutes, 30 seconds I want to highlight one important point here that the underlying uniar business actually expanded its standalone 12:38 12 minutes, 38 seconds adjusted beta margin from 25% in FI25 to 37.5% in FI26 12:47 12 minutes, 47 seconds reflecting the operating leverage couple referred to earlier the business continues to demonstrate 12:56 12 minutes, 56 seconds strong cash generation cash flow from operation for FI26 was 47 crores compared to 28 crores in FI25. 13:08 13 minutes, 8 seconds Profit after tax for the year stood at 20.5 K up from 17.6 crores in FI25 a 13:17 13 minutes, 17 seconds growth of 16.1% YI. 13:22 13 minutes, 22 seconds Our cash and bank balance stood at 81.3 crores as of 31st March 2026 compared to 13:30 13 minutes, 30 seconds 35.3 cr as at the end of FI25. 13:36 13 minutes, 36 seconds This is similar to our cash position prior to ship acquisition. 13:41 13 minutes, 41 seconds Our EPS increased from INR 1.58 rupees in FI25 to INR 1.78 rupees in FI26. 13:51 13 minutes, 51 seconds Moving to the quarterly performance for quarter 4 FI26, our revenue stood at 14:01 14 minutes, 1 second 51.6 crores compared to 45.3 cr in quarter 4 FI25, a year-on-year growth of 14%. 14:12 14 minutes, 12 seconds On a sequential basis, revenue was lower than quarter 3. And I want to spend a moment on why this pattern repeats every year. 14:21 14 minutes, 21 seconds Quarter 3 is a peak demand quarter for the Indian e-commerce industry. It is 14:28 14 minutes, 28 seconds supported by extended festive activity, Diwali, Christmas and the holiday season which drives higher consumption across 14:37 14 minutes, 37 seconds gifting, fashion and home categories as people buy new clothes and new things for their homes. 14:45 14 minutes, 45 seconds Layered on layered on top is the incremental winterled demand in the northern markets. Together these factors 14:54 14 minutes, 54 seconds keep order volumes elevated through the quarter. 14:58 14 minutes, 58 seconds Quarter four in contrast is characterized by shorter eventdriven spikes such as end of season sales and 15:05 15 minutes, 5 seconds republic day sales largely discount led and inventory clearance in nature. As a result, overall volume naturally 15:14 15 minutes, 14 seconds normalize and come in lower than quarter 3. The same trend played out last year on standalone basis. 15:25 15 minutes, 25 seconds Our adjusted for quarter 4 F26 stood at 9.6 cr compared to 8.9 cr in 15:33 15 minutes, 33 seconds quarter 4 F25 a yearon-year growth of 7.8%. 15:39 15 minutes, 39 seconds Profit after tax for the quarter stood at 3.4 cr compared to 3.3 cr in quarter 425 a year-on-year growth of 1.6%. 15:53 15 minutes, 53 seconds The adjusted and p for the quarter reflect the planned growth investments we have initiated for shipw during the 16:01 16 minutes, 1 second period. As Capell outlined earlier, these include strengthening our laser 16:08 16 minutes, 8 seconds marketing, adding product and engineering talent focused on AI implementation and bringing onboard more experienced midsenior team members. 16:22 16 minutes, 22 seconds We are also investing more this year in software and in AI2 to implement the 16:30 16 minutes, 30 seconds latest technologies in both our product and our go to market. 16:37 16 minutes, 37 seconds Overall, our year-on-year performance reflects a combination of steady revenue growth, improving profitability, and strong cash generation. 16:49 16 minutes, 49 seconds In addition to the financial update, I would also like to share an important update. We are currently evaluating the 16:58 16 minutes, 58 seconds initiation of a merger process between Unicomous E Solutions Limited and Shipway Technology Private Limited. The 17:07 17 minutes, 7 seconds objective of this proposed merger is to improve operational efficiency, simplify our corporate structure and reduce compliance requirements and overheads. 17:18 17 minutes, 18 seconds It will also enable stronger go-to market alignment across teams, better cross-elling across our combined 17:26 17 minutes, 26 seconds customer base with lower contractual and compliance friction and make it easier to bring joint offerings to our customers. 17:36 17 minutes, 36 seconds We will keep you informed as this progress as this process progresses. 17:42 17 minutes, 42 seconds Looking ahead, our focus remains clear. 17:46 17 minutes, 46 seconds We will maintain cost discipline while supporting growth across all three platforms. 17:54 17 minutes, 54 seconds Even as we continue to invest for growth, we are confident of delivering higher fullear profitability in FI27 18:02 18 minutes, 2 seconds compared to FI26 through disciplined execution and operating leverage. 18:09 18 minutes, 9 seconds Over the last five years, we have built the infrastructure, the product and the team that the next phase of India's e-commerce needs. 18:20 18 minutes, 20 seconds We have three complimentary platform, the strongest enterprise customer base in our history and AI capabilities that 18:28 18 minutes, 28 seconds are already moving from promise into production. 18:33 18 minutes, 33 seconds We are debtfree, cash generative and profitable. 18:37 18 minutes, 37 seconds We are investing for that future with discipline and see the opportunity to replicate the growth achieved over the last 5 years. 18:48 18 minutes, 48 seconds With that we will now open the floor for questions. Thank you. 18:54 18 minutes, 54 seconds Thank you very much. We will now begin with the question and answer session. 18:59 18 minutes, 59 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. 19:06 19 minutes, 6 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants, you are requested to use handsets while asking a question. 19:17 19 minutes, 17 seconds Ladies and gentlemen, we will wait for a moment while the question assembles. 19:28 19 minutes, 28 seconds A reminder to all, you may press star and one to ask a question. 19:38 19 minutes, 38 seconds We will take the first question from the line of Sumit Jan from CLSA. Please go ahead. 19:45 19 minutes, 45 seconds Yeah. Hi, thanks for the opportunity and congrats uh Capel and Ora for a good topline growth this quarter. I think it was very heartening to see a 19:53 19 minutes, 53 seconds double-digit growth in the standalone business after almost a gap of four five quarters. So it seems like you have turned around the corner there. So can 20:01 20 minutes, 1 second you give us some uh uh uh glimpse into how you are looking at the growth in FI27 for the standalone business closer 20:10 20 minutes, 10 seconds to mid teams or the kind of growth rate we have seen this quarter at least. 20:18 20 minutes, 18 seconds Uh hi Summit thanks for the question. Um as we had mentioned before that we are confident of delivering a double-digit growth in uni which is coming at the 20:26 20 minutes, 26 seconds back of strong client acquisition as we demonstrated in quarter 4. We've had uh one of the best we've got highest ever 20:34 20 minutes, 34 seconds client acquisition uh which will translate in into uh better revenue growth in the coming year along with a improved adoption of our new products. 20:44 20 minutes, 44 seconds Uh because of that we continue to be confident of delivering a double-digit growth. I think it's be difficult for me to give a specific guidance but we are confident on continuing with the 20:53 20 minutes, 53 seconds double-digit growth trajectory for the standalone business. 20:58 20 minutes, 58 seconds Got it. That's helpful. And on the investments I think you mentioned how how how for how many quarters it will continue I think you have guided for a better profitability in FI27. 21:08 21 minutes, 8 seconds Yeah. 21:09 21 minutes, 9 seconds But just to you know from the modeling standpoint for a quartertoquarter basis how should one look at these uh increased investments. 21:18 21 minutes, 18 seconds So uh as we mentioned earlier uh in in the discussion today that uh we will invest in the next two quarters. So the investments are started from quarter 4 21:26 21 minutes, 26 seconds FI26 itself. uh uh because of which we anticipate that the registered return and PAT will be lower uh compared to the 21:34 21 minutes, 34 seconds previous quarters but we are also concerned that we will deliver a full year profitability higher than FI26 and FI27. 21:45 21 minutes, 45 seconds Okay. So, so that implies in second half your profitability will be far better than in a way the first half as well as in FI26, right? 21:55 21 minutes, 55 seconds Exactly. Yeah. uh we anticipate that the operating leverage will kick in from FI27 when we start seeing high from the 22:02 22 minutes, 2 seconds second half of FI27 when we see the result of our initiatives and investments that we're putting in in these three quarters. 22:10 22 minutes, 10 seconds Got it. And also you can highlight uh I mean what's the impact of AI on your business? How are you infusing maybe the 22:18 22 minutes, 18 seconds latest uh AI models into your business solutions? what kind of go-to market strategy are you devising on the ground 22:26 22 minutes, 26 seconds to make sure that your enterprise customers are actually able to utilize these AI offerings from you. So maybe some more highlight you can please flag. 22:37 22 minutes, 37 seconds Sure. Uh so uh as I mentioned we've become an AI first company. Not only are we launching AI native products but we are also embedding AI across our go to 22:45 22 minutes, 45 seconds market functions including marketing, sales, onboarding, support and technology. And we've seen a phenomenal improvement in the metrics and the 22:54 22 minutes, 54 seconds benefits we pass on to our customers in terms of faster onboarding, a better pipe creation in marketing and also a 23:01 23 minutes, 1 second faster development uh of products. This is all of this has demonstrated uh improvements in productivity uh 23:08 23 minutes, 8 seconds accelerated feature launches and we expect more of that to happen as we uh continue to incorporate AI into more and 23:16 23 minutes, 16 seconds more functions as well as more and more products. You will see us launching newer products as well as newer use cases which are AI first so that we can 23:26 23 minutes, 26 seconds benefit the entire ecosystem. We have already launched uh AI native products across the three domains uh scatalyst in 23:33 23 minutes, 33 seconds convert way unibot in uniare and ship sense in shipway. You will continue to hear more of such launches and more use cases being catered leveraging AI. 23:45 23 minutes, 45 seconds Got it. And it will it be right to assume that the increase in your employee benefit expense is largely around sales and marketing team while 23:53 23 minutes, 53 seconds your R&D team or you know the software development team might not be increasing at the same pace because of the AIE productivity. 24:03 24 minutes, 3 seconds See the investments that we're doing are uh to tune of leveraging AI uh to be able to do better R&D. So there are some 24:12 24 minutes, 12 seconds investments that we're doing in terms of talent in R&D as well. Uh there are obviously investments in sales and marketing as you rightly pointed out. 24:19 24 minutes, 19 seconds Third, we are also using more and more tools. So there is some investment towards AI tools to be able to get uh better productivity and we are also 24:28 24 minutes, 28 seconds strengthening some mid to senior talent capacity across both uniare and ship. So investments are largely in these four 24:35 24 minutes, 35 seconds buckets. uh AI for using AI for R&D uh more sales and marketing uh getting submit to senior talent and fourth is 24:43 24 minutes, 43 seconds the using more and more AI tools to improve our productivity. 24:48 24 minutes, 48 seconds Got it. Got it. No, that's uh that's very helpful and all the best team. Thanks. 24:56 24 minutes, 56 seconds Thank you. We will take the next question from the line of civa from PMS. Please go ahead. 25:06 25 minutes, 6 seconds Hi sir, thank you for the opportunity. 25:08 25 minutes, 8 seconds So my first question is regarding our standalone business. So if you look at our growth, we've been growing at around 25:14 25 minutes, 14 seconds 40 50% rate during FI223 and it kind of slowed down to 15% in 24 25:21 25 minutes, 21 seconds and then we went to 10% and now we at 5 in FI26. 25:25 25 minutes, 25 seconds If I kind of break it down further, our client client admissions have been growing at a healthy 20% figure. But uh 25:33 25 minutes, 33 seconds our ARPA is what I think is eating up our entire growth. So and again RPA is a function of both the pricing that we 25:41 25 minutes, 41 seconds charge with our client and uh the volume that is processed by our clients. And I also recall that we had a price escalation clause with our new clients. 25:52 25 minutes, 52 seconds So despite having all that our ARPA fell by 11% in FY26 higher slightly higher than FY25. 26:00 26 minutes So I want to understand what is actually pushing this down and what are the measures we will be taking to increase this going forward. 26:10 26 minutes, 10 seconds Sure. Uh thanks for the question. 26:12 26 minutes, 12 seconds uh as we have mentioned in the earlier calls as well our growth is a function of growth of existing customers addition 26:20 26 minutes, 20 seconds of new clients since FI21 to about FI25 uh these are the two main driver main factors driving the growth for us in 26:29 26 minutes, 29 seconds while in FI 21-22 we had seen the market e-commerce market continuing to grow fairly fast and because of which uh the 26:38 26 minutes, 38 seconds plus+ that we were adding on top of the market growth was coming through new % acquisition and we were able to grow the business at 45 50%. in FI2425 as you 26:47 26 minutes, 47 seconds mentioned before we've seen the overall market not growing as fast as it grew during the pandemic and that is when we started to invest in new products uh 26:56 26 minutes, 56 seconds while the overall year growth is about 5 and a half% but if you look at the last second half of the year you can see that 27:03 27 minutes, 3 seconds we are we delivered uh about 8% growth in FI in the quarter 3 and now back to double digit growth in uh quarter 4 of 27:11 27 minutes, 11 seconds FI26 that is on the back of not only faster client acquisition but also addition of new products. Uh so now the 27:20 27 minutes, 20 seconds three factors of our growth are market growth, new customer acquisition and adoption of new products amongst our existing customer base. Because of this 27:28 27 minutes, 28 seconds we've delivered a double- digit growth in quarter 4 and has given us the confidence that we'll continue to deliver this double-digit growth. Um uh 27:36 27 minutes, 36 seconds as far as uh uh the ARPA is concerned um see when we acquire a client a lot of clients end up taking our software in 27:45 27 minutes, 45 seconds the early phase of their journey and they continue to grow subsequently. In the earlier years, the growth of the market uh which ensured growth of our 27:53 27 minutes, 53 seconds existing customers continued to be strong which has softened a bit over the last uh few years because of which not to drive growth of our existing 28:02 28 minutes, 2 seconds customers, we have launched new products so that as these new products continue to get adopted, we will continue to see a faster growth in our business uh going 28:11 28 minutes, 11 seconds forward. And that's why we are confident that we'll hence both be able to deliver a double-digit growth in the business. 28:20 28 minutes, 20 seconds 100. Yeah. So we could also term it like because we are adding so much clients every year is not able to go up. Is that a right understanding? 28:32 28 minutes, 32 seconds Yes, exactly. So like we've had the highest uh quarter highest number of client acquisition in the last quarter 149 uh and highest ever in the year 450 28:41 28 minutes, 41 seconds plus. So as these clients mature, we will see a faster growth kicking in. Uh and that's why we're guiding for a 28:48 28 minutes, 48 seconds double digit growth in the subsequent quarters while we've only delivered in early single digits in the first half of the year. 28:56 28 minutes, 56 seconds Yeah, understood. And uh my second question is for shipway. So what was the total shipment number that we saw for 29:03 29 minutes, 3 seconds FI26? And uh what was the AIDA margin that we made for the whole year and what do you think would be the steady state margin for this business? 29:15 29 minutes, 15 seconds uh see from a shipment perspective we've we had we had uh mentioned that we've crossed a billion plus transactions and 29:21 29 minutes, 21 seconds honestly as a metric while uh we continue to be larger than that as a metric it's uh it it it was a metric 29:30 29 minutes, 30 seconds that we had put in in place to demonstrate that we are we are capable of handling a higher scale. The three metrics that really matter for our 29:37 29 minutes, 37 seconds business is growth of our existing customers, addition of new customers and the profitability that we're delivering. 29:44 29 minutes, 44 seconds So as a business, we continue to track these three metrics. uh we are as we had mentioned in the last earnings call we are now no longer publishing the number 29:52 29 minutes, 52 seconds of transactions or shipments that are getting processed through our platform because it does not necessarily uh give 30:00 30 minutes the true picture of the business as the mix of the transactions has become fairly heterogeneous over the last few quarters when we went public we were 30:08 30 minutes, 8 seconds only catering to B2C transactions but now we have B2B quickcommerce transactions we have newer products which also add into the transaction mix 30:16 30 minutes, 16 seconds because of that uh that is a metric we we are no longer publishing but we continue to be north of the billion plus transactions and continue to see a strong growth in the transactions. 30:26 30 minutes, 26 seconds Sorry, what was the second part of this question for you? 30:29 30 minutes, 29 seconds Uh so I was asking the margin that we did for the whole year and what could be a steady state margins? 30:36 30 minutes, 36 seconds So on the margins perspective uh we've continued to stay consistent. Uh we had mentioned that our standalone business continues to be nearly 80% gross margin 30:45 30 minutes, 45 seconds and shipway demonstrates close to 20% gross margin. We've stayed in the similar ballpark uh in these businesses and uh we will continue to be in the similar ballpark going forward as well. 30:55 30 minutes, 55 seconds We have not seen any structural change in the nature of the business. Uh so we are confident of continuing to maintain this cross margin profile. 31:04 31 minutes, 4 seconds Uh sorry I was talking to Aida margin for ship business. Are we aida ship? Yeah. 31:13 31 minutes, 13 seconds Uh so as we mentioned in the last earnings call and I've called out this quarter as well that we continue to invest in ship. Uh we invest in sales 31:21 31 minutes, 21 seconds and marketing and uh we uh invested in uh AI development in ship as it's a challenger and we wanted to grow faster 31:29 31 minutes, 29 seconds to be able to capture a large market. So in this quarter we are not a beta positive in uh shipway because those are the investments we are try doing in uh 31:38 31 minutes, 38 seconds to drive growth. At the same time in the standalone business we have seen our registered a bit improve from 25% to 37.5% for the full year. 31:49 31 minutes, 49 seconds Yeah that helps. So and one last thing so we sorry to interrupt civa I would request 31:56 31 minutes, 56 seconds you to kindly return the queue again for more questions. Sure I'll get back in the queue. 32:06 32 minutes, 6 seconds Thank you. We will take the next question from the line of Venote Krishna from Aenders Wealth. Please go ahead. 32:13 32 minutes, 13 seconds Sir, am I audible sir? Yeah, you audible. 32:18 32 minutes, 18 seconds Postcoid we got a huge tailwind in terms of people all businesses supposed to take on the e-commerce bandwagon. 32:26 32 minutes, 26 seconds uh and you said in your commentary that we would like to repeat our kind of growth 5x in 5 years uh okay I'm not expecting that kind of growth but at 32:34 32 minutes, 34 seconds least to maintain a north of 20 25% growth given our profile of our company uh and given the slowdown that we have 32:43 32 minutes, 43 seconds in the last one and a half two years do you think you can maintain that kind of growth rates uh and what are the factors contributing to why are you so confident 32:51 32 minutes, 51 seconds that you will get the if not the similar at least if not five times in five three to four times in five years. So if you can little bit more elaborate because we 33:00 33 minutes had a huge tailwind postcoid uh are you seeing something or you are dependent on acquisitions or or you are confident that you will increase your 33:08 33 minutes, 8 seconds market share or drop ship percentage will increase what are the driver of that kind of growth over the next five years that's my first question sir. 33:18 33 minutes, 18 seconds Sure. Uh so the key pillars for the growth uh that we are working towards in uh in the business is one building more 33:25 33 minutes, 25 seconds AI products uh and getting new use cases towards accelerate these growth platforms uh through product 33:33 33 minutes, 33 seconds improvements uh new client acquisitions and uh execution rigor uh obviously uh inorganic and acquisitions continue to 33:42 33 minutes, 42 seconds be uh core part of our strategy. So we'll continue to evaluate selective M&A opportunities and we want to stay 33:49 33 minutes, 49 seconds disciplined on the cost. So in terms of driving the 5x growth while covid had uh pandemic had helped drive uh faster 33:57 33 minutes, 57 seconds e-commerce adoption because of which we see we had seen a market uh growth which led to our growth as well but at the same time as I've mentioned over the 34:05 34 minutes, 5 seconds last few quarters we uh honestly we can't really control how fast the market grows right so in terms of things in our controls we're trying to do that well 34:13 34 minutes, 13 seconds which is one get more and more clients onto the ecosystem being the largest player in the ecosystem now generally 34:20 34 minutes, 20 seconds tends to benefit SAS businesses. So we are getting more and more clients added to our portfolio. Second thing in our control is to build new products, new use cases. AI is a big enabler for us. 34:31 34 minutes, 31 seconds We are a system of record. So AI is a is a boon for us. We store so much information for our clients that we can 34:38 34 minutes, 38 seconds provide rich insights and very um uh very important decision making for the clients which otherwise would have been 34:46 34 minutes, 46 seconds very difficult to achieve in a pre-AII era. As a result of that, being able to add more and more clients aggressively 34:53 34 minutes, 53 seconds and being able to enable new use cases in the post AAI era along with our ability to be to add new product 35:00 35 minutes capabilities through inorganic acquisitions. A combination of these three factors will help driving more growth. We have already demonstrated a 35:08 35 minutes, 8 seconds faster growth in our standalone business. Shipri operates in a large uh uh market and is fairly a challenger in 35:16 35 minutes, 16 seconds that market. Combination of these factors gives us the confidence that we will continue to drive high growth in the business and uh uh and uh will 35:26 35 minutes, 26 seconds continue to demonstrate a fast growth going forward. 35:30 35 minutes, 30 seconds So thank you. Second question is regarding the market share. Are we maintaining our market share in Uniare? 35:34 35 minutes, 34 seconds And uh uh um are you seeing any like if you like most of our customers they use 35:41 35 minutes, 41 seconds their own excels and all are they using this AI to uh write their own products like that kind of a threat are you 35:48 35 minutes, 48 seconds seeing these two questions sir one is market share on anywhere and uh people wipe coding there because it's uh for 35:55 35 minutes, 55 seconds small people in Excel so so adoption becomes more slower and longer for us to convert them into our products or am I thinking wrong there. 36:06 36 minutes, 6 seconds Yes. So uh for the first part of your question, see we continue to acquire more and more customers. So we uh while a large portion continues to be on 36:14 36 minutes, 14 seconds Excel, but amongst the customers who are looking for software, we continue to be a preferred choice. We are already a market leader and as I mentioned in SAS, 36:21 36 minutes, 21 seconds we have typically seen the market leader tends to accelerate a lot more. So a lot of new clients are coming to us. So we continue to see an increasing market 36:29 36 minutes, 29 seconds share in the business. uh in terms of the businesses who are in Excel, can they leverage AI to build uh copies of a 36:37 36 minutes, 37 seconds commerce? The answer is no. Because while AI can one, these integrations are very difficult to build. There are 36:44 36 minutes, 44 seconds beyond the core marketplaces there are like I mentioned there are today a brand is selling on 8 to 12 different channels. So one is building those 36:53 36 minutes, 53 seconds integrations. More importantly, it is about maintaining those integrations. 36:56 36 minutes, 56 seconds That requires consistent investment uh which is not the core of the brand. Uh the core for the brand is to build a product which is loved by the customers. 37:06 37 minutes, 6 seconds Think about the brand position and not build this tech inhouse. More importantly beyond their tech technical capabilities. I think the few 37:13 37 minutes, 13 seconds defensibilities that we have is one we've built deep relationships across various ecosystem players which is marketplaces, logistics partners. Uh 37:23 37 minutes, 23 seconds while AI can write the code, it is very hard to replicate these relationships. 37:27 37 minutes, 27 seconds So much so that many of these large players today sit across the table and build the product road map jointly. uh 37:35 37 minutes, 35 seconds it's extremely hard for a now a platform or a marketplace to do this with thousands of brands and that's why they prefer an aggregator like us where they 37:44 37 minutes, 44 seconds can jointly talk about things that can benefit the overall ecosystem. 37:48 37 minutes, 48 seconds Second, as the complexity in the eos sorry just second. 37:54 37 minutes, 54 seconds Yeah. Second point is as the complexity of the e-commerce ecosystem is increasing the need for a system of record is is extremely high. They need a 38:02 38 minutes, 2 seconds stable and scalable system which they can trust with their data because that is being used to make important decisions. While they can make basic use 38:11 38 minutes, 11 seconds cases through AI, building a scalable and very stable system that they can trust with their business, it's going to be extremely hard to replicate. And 38:19 38 minutes, 19 seconds because of that, uh it it is extremely hard for a brand to build this on their own. It's not their DNA. Plus, uh they 38:26 38 minutes, 26 seconds need a trusted and scalable system to be able to do that. So you're confident on the growth sir for next year like 20 25% growth at least when you say double 38:34 38 minutes, 34 seconds digit not uh see we not giving a growth guidance for the for the FI27 but what I what I'm 38:43 38 minutes, 43 seconds confident of is a double digit growth and uh the fact that we want we are looking the ambition is to replicate the success we have demonstrated in the last 38:51 38 minutes, 51 seconds 5 years to replicate that in a similar time frame in the coming years as well. 38:56 38 minutes, 56 seconds Thank you sir and all the best. Thank you sir. 39:01 39 minutes, 1 second Thank you. We will take the next question from the line of Majit Ahmed from Pinpoint X Capital. Please go ahead. 39:10 39 minutes, 10 seconds I'm audible sir. Yeah. 39:13 39 minutes, 13 seconds Hello. Yes sir. Thank you for the opportunity. Uh sir my first question that I have is uh what's the current NR 39:20 39 minutes, 20 seconds as you used to mention every metric for this year? 39:27 39 minutes, 27 seconds Yeah. So uh NR for the year was uh uh above we so we have maintained that our 39:34 39 minutes, 34 seconds NR continues to be above 100%. We have in FI26 as well our NR above 100% excluding the churn of this uh we saw in 39:43 39 minutes, 43 seconds the top 10 bucket we mentioned about that in the last earnings call as well. 39:48 39 minutes, 48 seconds Uh the NRR um continues to be subdued as I'd mentioned because it reflects the 39:54 39 minutes, 54 seconds broader e-commerce ecosystem growth. uh uh and like I mentioned that's not in our control. So we continue to add new products and continue to add new clients 40:03 40 minutes, 3 seconds to be able to drive growth in the business. 40:07 40 minutes, 7 seconds Uh so what at the same time what sorry just one more thing at the same time we've also seen that as I mentioned 40:14 40 minutes, 14 seconds the new client acquisitions uh continue to be strong for us. So the contribution of new clients to our revenue continues to be in the similar ballpark of 7 to 8% 40:22 40 minutes, 22 seconds like we had mentioned in the earlier pause as well. 40:26 40 minutes, 26 seconds Okay. So and sir uh this quarter we had more sales and marketing expenditure as you said that had taggerita. So what's 40:33 40 minutes, 33 seconds our exact uh incremental uh uh sales and marketing spend for this quarter sir? 40:40 40 minutes, 40 seconds So our investments have not only happened in sales and marketing as I mentioned we also uh gotten uh more talent to be able to leverage AI to 40:49 40 minutes, 49 seconds improve our productivity. We've gotten AI tools uh emitted across various business functions and in also 40:56 40 minutes, 56 seconds technology to be able to build faster and we've got some sen mid-to-seure talent to be able to build execution depth. A combination of these four 41:04 41 minutes, 4 seconds factors have resulted in the investments. Uh because of which we've seen uh uh our growth not being in 41:12 41 minutes, 12 seconds quarter 4 uh slightly subdued. But these are investments we are see another factor is that in the last few quarters 41:19 41 minutes, 19 seconds we've seen as we made these investments we have seen the business turn around and deliver higher growth. The intent is to drive higher growth in the business 41:27 41 minutes, 27 seconds and that's why we want to invest in quarter four and the next two quarters to be able to drive a consistent growth in the business and unlock uh value for our shareholders. 41:38 41 minutes, 38 seconds Got it sir. Uh sir for ship I'm seeing the pace of sales growth has slightly moderated. So going forward how are we 41:45 41 minutes, 45 seconds looking to improve the growth there in the shipway segment? 41:50 41 minutes, 50 seconds uh the the sequential decline in ship is largely because of seasonality as Anorak mentioning that quarter 3 includes peak festivals like Diwali and Christmas 41:58 41 minutes, 58 seconds where people buy across categories they buy new clothes new things for their homes and there are lot of gift purchases there is also a winter 42:06 42 minutes, 6 seconds seasonality uh because of which uh there is cloth uh buying at the beginning of the season uh while quarter four sales 42:14 42 minutes, 14 seconds are largely event driven like end of season sale or republic day sales which are mostly discount accountlet and for inventory clearance in general we've 42:22 42 minutes, 22 seconds seen Q3 demand is higher than quarter 4 the same trend was there last year as well uh so the sequential drop in shipway is larger on account of 42:31 42 minutes, 31 seconds seasonality uh we continue to be confident of ship continue to drive growth because it's a very large market and ship is still a challenger in that 42:40 42 minutes, 40 seconds market uh so seasonality aside uh we we the investments we have put in place for 42:46 42 minutes, 46 seconds sales and marketing and uh for AI highlight product development we are confident of being able to uh deliver a high growth in the business. 42:55 42 minutes, 55 seconds Okay sir. So finally just want to knowing this uh national market expansion and how we going around that s 43:02 43 minutes, 2 seconds how do we contribution 27 the international market 43:10 43 minutes, 10 seconds uh so international market uh as you mentioned became profitable uh in this year and continues to grow stronger than the domestic business. the relative 43:18 43 minutes, 18 seconds contribution is smaller. Uh it used to be 4 to 5%, it is improved to about 6 to 7% in this year. Uh going forward it's 43:26 43 minutes, 26 seconds difficult to give a specific guidance for business sensitive regions on what the contribution will be. But we continue to see a faster growth in the 43:33 43 minutes, 33 seconds business going forward as well. Uh and uh the intent is to grow deeper within the geographies that we are operating 43:40 43 minutes, 40 seconds in. We are operating in uh seven geographies outside of India across Middle East and Southeast Asia. The idea is to grow deeper and within these seven 43:49 43 minutes, 49 seconds geographies, the three geographies that are most prominent for us are Dubai, uh, Philippines and Malaysia. The idea is to grow deeper in these geographies. 43:59 43 minutes, 59 seconds Okay. So, got it. Uh, thank you sir. All the very best. Thank you so much. Thank you sir. 44:05 44 minutes, 5 seconds Thank you. We will take the next question from the line of Pratik Vantia from for me 325 investment advisors. 44:13 44 minutes, 13 seconds Please go ahead. 44:15 44 minutes, 15 seconds Hi. Uh congrats on a good set of numbers. Uh also great to see the fashion brand success story where they've been able to leverage all three 44:24 44 minutes, 24 seconds of our platforms uh for revenue growth shows uh how deep of an impact we can have on a brand's success. Uh I just 44:33 44 minutes, 33 seconds wanted to understand uh what kind of segments uh are we looking at you know for uh acquisitions. uh what would be 44:41 44 minutes, 41 seconds the ticket size over there and how many deals are we looking you know uh for potential deals? 44:49 44 minutes, 49 seconds Sure. So uh as I mentioned in organic is an important uh growth lever for us. So we continue to look at product 44:55 44 minutes, 55 seconds capabilities that are uh making sense to our existing customers. Uh they should be a natural extension and uh should 45:04 45 minutes, 4 seconds make sense. uh from a ticket size p perspective we see effectively we're not looking at a very large business it's difficult to quantify a ticket size but 45:12 45 minutes, 12 seconds we are not looking at a very large business the ideal fit for us is a business which adds a good product capability so it should be a good 45:20 45 minutes, 20 seconds product good team should be available at a reasonable valuation uh should be either profitable or have a path to profitability uh and uh it has to have 45:29 45 minutes, 29 seconds an alignment with the existing business so those are the uh factors that we use to evaluate the businesses as we speak. 45:36 45 minutes, 36 seconds There are uh many many businesses that we continue to be in touch with. Many of these discussions are at an initial stage. So difficult for us to talk about 45:43 45 minutes, 43 seconds a specific space uh or specific players that we are considering. Uh but um just to uh give you an example right if you 45:51 45 minutes, 51 seconds look at uh the pre-purchase journey. So today convert ways our entry into the pre-purchase journey. We've largely been a post-purchase there. So that's a bite 46:00 46 minutes space that's open. So that could be an interesting space to look at solutions which are operating in the pre- purchase uh journey. Similarly on the 46:07 46 minutes, 7 seconds post-purchase side um uh it could be on analytics, it could be on loyalty or any other area. This is not indicative of 46:16 46 minutes, 16 seconds spaces that we're actively considering but just to give you a flavor of potential spaces that are complimentary to what we offer today. 46:23 46 minutes, 23 seconds Okay. Uh another question I had was uh can you share any cross-ell rate you know of existing uniare clients who've 46:31 46 minutes, 31 seconds adopted shipway and convert way. Uh so uh so for us uh the as I had 46:39 46 minutes, 39 seconds mentioned the overlap when we acquired ship pay was about uh was less than 5%. 46:44 46 minutes, 44 seconds We are already at a 10% plus cross-ell rate. Uh but I also want to call out that beyond uniare uh there is a large 46:52 46 minutes, 52 seconds market uh for ship which is consists of Instagram sellers um D2C brands uh uh 47:00 47 minutes drop shippers who may not require uni platform and this large addressible market is why we continue to invest in sales and marketing to uh accelerate 47:09 47 minutes, 9 seconds growth. Um so uh as both of the bases are growing, uni where client base is growing, ship based client base is 47:16 47 minutes, 16 seconds growing from a percentage basis continue to say 10% plus and it may look static but we continue to see a stronger overlap uh on the on both the businesses. 47:27 47 minutes, 27 seconds Okay. And uh another question was uh the share based payment uh has jumped quite a bit compared to last year. I just 47:35 47 minutes, 35 seconds wanted to get a sense see what kind of dilution can we model into our uh you know uh financials going ahead just uh 47:43 47 minutes, 43 seconds preip bookkeeping question I think see from a uh M&A perspective we've been adding cash we've now got our cash to 47:51 47 minutes, 51 seconds pre- ship to acquisition levels and the best use for cash is M&A uh I've talked about the features that we use for 47:59 47 minutes, 59 seconds identifying targets for acquisition uh so our intent is to uh not look at dilution uh when we're acquiring uh but 48:08 48 minutes, 8 seconds uh leverage most of our cash to be able to do this. In terms of uh issuing esops to talent uh we've uh we have issued 48:18 48 minutes, 18 seconds esops to both existing talent as well as new incoming talent. I talked about investing to get some mid to senior 48:25 48 minutes, 25 seconds talent. So we have also issued esops to them. All of this is ensuring that the incentives for the uh leadership teams 48:33 48 minutes, 33 seconds and the execution teams are aligned to the overall growth of the business. 48:36 48 minutes, 36 seconds Because of that, we've seen an increase in the sharebased expenses. Uh but uh uh the intent is to ensure that we are able 48:45 48 minutes, 45 seconds to unlock uh value for our shareholders by driving higher growth in the business. 48:50 48 minutes, 50 seconds Okay. And uh uh last question was uh have you seen any slowdown in consumption since the beginning of March? So since you know uh the war has 48:59 48 minutes, 59 seconds started any signs of slowdown have you been able to spot or it's not there? 49:06 49 minutes, 6 seconds Yeah. So uh we have uh bulk of our business is focused on India. So we have rarely seen any disruption in our India business in terms of new client 49:14 49 minutes, 14 seconds acquisition or existing business. In the Middle East business which is a small contributor even there we have not seen any major impact or disruption in our 49:21 49 minutes, 21 seconds business in our existing business. We have seen small impact in the uh in the sales cycles. They become slightly 49:28 49 minutes, 28 seconds longer in the in the last uh few weeks but we are seeing that also coming back to normal as the overall situation uh normalizes in the region. 49:38 49 minutes, 38 seconds Okay. Thank you so much and all the best. Thank you. 49:44 49 minutes, 44 seconds Thank you. We will take the next question from the line of W Kupta from Precience Capital. Please go ahead. 49:53 49 minutes, 53 seconds Hi sir, thank you for the opportunity. Am I audible? Yeah, you're audible. 49:58 49 minutes, 58 seconds Hello. Thank you sir. Yeah, you're right. Thank you sir. Just a couple of questions from my so uh so our top 10 50:06 50 minutes, 6 seconds customer revenue contributions. Uh if you look at the absolute number it's about it's grown by about three and a half since the last year. So any 50:14 50 minutes, 14 seconds specific reason for why uh the customers why the revenue from top 10 customers has been uh growing at a slower pace versus the growth in the universe business. 50:24 50 minutes, 24 seconds Sure. Uh as I mentioned last uh in the last call as well uh the growth of top 10 customers is reflective of their overall business because uh any large 50:32 50 minutes, 32 seconds customer or all c customers for that matter manage 100% of their e-commerce drop ship business on us. So it's not as if a part of the business is grown 50:41 50 minutes, 41 seconds somewhere else. uh they either maintain the full business on us or they don't maintain at all. Uh we've seen one of our large customer churn because of the 50:49 50 minutes, 49 seconds change in their business model uh because of which multi- channelannel was no longer a use case for them uh because of which they discontinued. So 50:55 50 minutes, 55 seconds combination of growth of the overall uh customers the top 10 customers and the fact that this one of the top 10 customers uh stopped using the platform 51:04 51 minutes, 4 seconds because of change of business use case is a result of what the numbers that you're talking about. Got it sir. So just a follow up on that. 51:12 51 minutes, 12 seconds So I believe you had mentioned in the prior few quarters that there were some price escalations that were also clipped into the built into the contract that you had signed with the customers. So 51:21 51 minutes, 21 seconds both when you look at the 11 12% growth in the un business as well as the 3.5% growth of the top 10 uh customers is the 51:29 51 minutes, 29 seconds bulk of the revenue growth driven by price growth or volume growth both for the top 10 customer as well as for the uni business. 51:38 51 minutes, 38 seconds Sure. uh as I mentioned price escalation we had started to uh uh uh put it in the contract of new customers since last 51:47 51 minutes, 47 seconds year. Uh the benefit of that has started to already kick in. Uh but uh most of our top 10 customers are our old 51:54 51 minutes, 54 seconds customers. Having seen the success of price escalation uh being uh applied on the new customers, we now plan to 52:03 52 minutes, 3 seconds incorporate this in our existing contracts as well. the impact or benefit of that will be uh demonstrated in the subsequent years. Uh so it's safe to 52:12 52 minutes, 12 seconds assume that the growth that you're seeing in the captain customers is largely the transaction growth. Uh there is no price clicking yet baked into the uh large customers because those are 52:21 52 minutes, 21 seconds existing contracts and we haven't yet started to implement the price escation on our existing contracts. 52:27 52 minutes, 27 seconds Got it sir. And just one more followup sir. Um so we have also launched a couple of products echo and we also acquired last year. So in terms of 52:35 52 minutes, 35 seconds crosselland and upselling opportunities uh is there any specific reason for why um has been adopted by just 5 to 6% of 52:42 52 minutes, 42 seconds our client base or rather it's revenue contribution just 5 to 6% what revenue contribution are have are have you seen any momentum for the product and for the 52:51 52 minutes, 51 seconds products [clears throat] that we've launched in the past year yes so see in in SAS or in technical product it's generally a gestation 52:58 52 minutes, 58 seconds period for adoption uh when we launched B2B quickcommerce it was in the single digits when we initially launched and over course of time we've seen now 40 to 53:07 53 minutes, 7 seconds 45% of our enterprise customer base uh adopting B2B and commerce use cases in uncho uh while we had launched uh with 53:17 53 minutes, 17 seconds uh one of the use cases which was uh payment reconcilation across marketplaces we continue to get feedback about newer use cases about inventory 53:25 53 minutes, 25 seconds reconilation about uh order full order to cash cycle etc. So we continue to incorporate this feedback and that's 53:32 53 minutes, 32 seconds also one of the investment areas for us to be able to uh make this even relevant for more and more customers uh within 53:39 53 minutes, 39 seconds our ecosystem. So far uh within the first three quarters itself we've seen a five to six% adoption as we incorporate this feedback and this becomes relevant 53:47 53 minutes, 47 seconds for more and more time within our customer base you will see a higher adoption of uni coming forward. 53:54 53 minutes, 54 seconds And so in terms of competitors for the unilo product, I believe in is there but I'm not sure if it offers uni kind of a product but are we seeing like any loss 54:03 54 minutes, 3 seconds of customers to our competitors who like competitors like inref in the standalone universe with it as well as the uniqu product that we launched. 54:12 54 minutes, 12 seconds Uh very difficult to comment on a specific competitor but uh it's safe to say that one today there is no competitor which has as comprehensive a 54:19 54 minutes, 19 seconds product offering that we have. Two, uh the churn of customers is largely on account of them shutting down or them stopping to sell online. We've rarely 54:28 54 minutes, 28 seconds seen a brand a large brand uh transitioning uh to a to a different platform. Largely the churn happens uh 54:35 54 minutes, 35 seconds to longtail businesses which is on account of either them shutting down or them uh not or deciding to stop selling 54:43 54 minutes, 43 seconds online. Uh uh Unco is a unique and differentiated offering. We do have some smaller competitors uh who offer this as 54:52 54 minutes, 52 seconds a service but amongst the larger players and larger competitors we don't see anybody offering a credible solution on the reconciliation space and as I 55:00 55 minutes mentioned we are also looking to make this fairly comprehensive to make this uh uh aminable to CFOs of large 55:07 55 minutes, 7 seconds organizations to be able to get a better handle on their e-commerce business. uh the kind of depth that we're building in unco uh that will be unparallel and uh 55:16 55 minutes, 16 seconds there'll be nobody who will be able to offer uh that comprehensive a solution within and overall product suite as well. 55:23 55 minutes, 23 seconds So is that like a focus area for the companies though? Are you like trying to push that as like a significant product uh and you expect it to become a 55:31 55 minutes, 31 seconds significant contribute to your overall revenue contribution? Is that like a focus? So our focus is to drive newer products. 55:40 55 minutes, 40 seconds Uniqu is just one of the new products. 55:41 55 minutes, 41 seconds We have uni capture and we have more products in the making. We'll be talking about them as we launch. So the focus is 55:48 55 minutes, 48 seconds definitely to drive adoption of newer products onto our uh customer base um and to drive growth coming from the new 55:58 55 minutes, 58 seconds products across uh uh the different products that we're launching. So that is one of important growth levers for us. 56:06 56 minutes, 6 seconds And the growth are we focusing on domestic Nazi or international is also like a bigger focus for us. Do we expect the growth to come large and domestic 56:14 56 minutes, 14 seconds customers going forward or for international customers? 56:18 56 minutes, 18 seconds Uh both actually. So domestic is the largest part of our business. 56:21 56 minutes, 21 seconds International still continues to be in single digits for us. Uh so the idea is to uh enable some of these new products 56:29 56 minutes, 29 seconds for international geographies also. But the big focus of these new products is going to be uh get them adopted within the Indian ecosystem and as they mature 56:37 56 minutes, 37 seconds further then we look at expanding them to international geographies as well. 56:41 56 minutes, 41 seconds Got so incremental growth we're focusing on domestic customers right now and with some ancillary business going to international customers. Is that right? 56:50 56 minutes, 50 seconds Uh sorry I couldn't understand that question. 56:53 56 minutes, 53 seconds I'm saying for the incremental growth that we projecting for the next one two years, we're focusing on domestic customers first and then the international customers after that. Is that right? 57:03 57 minutes, 3 seconds Uh so both are important focus areas for us. International business is growing faster than our domestic business coming at a smaller base though. Uh so we want 57:11 57 minutes, 11 seconds to grow both the businesses. Uh the new product adoption will be largely focused for India and as the new products mature we will take them to international markets as well. 57:22 57 minutes, 22 seconds Sorry to interrupt once. I would request you to kindly rejoin the queue again for more questions. 57:30 57 minutes, 30 seconds Thank you. We will take the next question from the line of Arvin Aurora from Aquare Capital. Please go ahead. 57:38 57 minutes, 38 seconds Hello. Thank you for the opportunity. 57:40 57 minutes, 40 seconds So, uh we have like we are almost crossing 1.1 billion transaction uh that we process every year. So we have huge 57:48 57 minutes, 48 seconds data library now and you have also mentioned that we will use the data to analyze and provide insight to customer. 57:56 57 minutes, 56 seconds So what would be our revenue model on this like and how we can expect this uh solution to the customer and are we 58:04 58 minutes, 4 seconds planning to develop a separate tool for this like something like a dashboard type of things or can you please throw some more light on that part please? 58:14 58 minutes, 14 seconds So uh as you rightly pointed out we process a lot of transactions. We uh get access to very important data uh for for 58:23 58 minutes, 23 seconds a particular client. So the idea is to build a separate product line to be able to drive richer insights for the business. Uh this is still early stages 58:32 58 minutes, 32 seconds uh we are still building it out. So uh I think it'll be difficult to comment on the revenue model. uh that will evolve uh as the product get launch gets 58:40 58 minutes, 40 seconds launched and as we get more feedback uh but uh that uh product on these lines is in the making and we'll be able to share 58:48 58 minutes, 48 seconds more details once we are once we are ready to launch this product any timeline on this because we are 58:55 58 minutes, 55 seconds moving like we are targeting like it's like uh from IT enablers we are focusing 59:01 59 minutes, 1 second on business solution providers Uh sorry uh I couldn't understand the 59:09 59 minutes, 9 seconds last part of the question. So I'm saying any [clears throat] timeline that uh in the mind 59:17 59 minutes, 17 seconds um so in the AI era things are moving at a a lot faster pace. Uh I think we're hopeful we should be able to share a more concrete update in the next 59:24 59 minutes, 24 seconds earnings call uh for you. Uh the idea is to be able to get some feedback from some alpha customers and then do a full digit launch uh about the product. 59:35 59 minutes, 35 seconds Understood. Okay. And Kapil uh we we are talking in last two three quarters about the inorganic growth. So which line of 59:43 59 minutes, 43 seconds business we are thinking that we should uh go and acquire a customer sorry uh we go and acquire a uh business so that we 59:52 59 minutes, 52 seconds can grow in IT uh e-commerce see uh as I mentioned before as well uh 1:00:02 1 hour, 2 seconds the various factors that we look at acquiring a businesses and that it should be relevant to our existing customers uh there should be significant 1:00:09 1 hour, 9 seconds AI relevance and it should be available at a reasonable valuation. More importantly, it should be a good product, good team. Uh the sales muscle 1:00:17 1 hour, 17 seconds is something that we have that we can grow the business. Uh so uh the idea is to look at addition spaces which add 1:00:26 1 hour, 26 seconds product capability and help us realize our vision of becoming a one-stop shop for e-commerce enablement. Uh I talked about few example right spaces in terms 1:00:34 1 hour, 34 seconds of expanding into the pre-purchase journey and looking at few spaces in the post-purchase journey as well. Uh so uh we will continue to uh we as we speak we 1:00:43 1 hour, 43 seconds continue to evaluate various fight spaces and are uh in touch with number of players uh and evaluating whether 1:00:50 1 hour, 50 seconds they meet the criteria that I outlined uh as and when we have a complete update on this particular asset we'll be happy to share it with the market. 1:00:57 1 hour, 57 seconds unders and a couple uh especially ground level there are more thememes that face issues in like GST reco and everything. 1:01:05 1 hour, 1 minute, 5 seconds So since we have so much good capability are we also planning to launch any tool on that part so that our like uh to add 1:01:14 1 hour, 1 minute, 14 seconds more tool to help those and then increase our revenue. 1:01:21 1 hour, 1 minute, 21 seconds So see our focus is e-commerce. uh so we want to first talk about and solve for problems related to e-commerce which is to do with payment reconilation, 1:01:28 1 hour, 1 minute, 28 seconds inventory reconciliation, returns etc. I think that's our initial focus area and that's what we're most focused about and 1:01:35 1 hour, 1 minute, 35 seconds we're getting feedback on that as the product matures and we get this use case from our customers uh to have this 1:01:43 1 hour, 1 minute, 43 seconds particular thing about GST reco also embedded in the solution that's when we can incorporate today we are focused on solving the e-commerce pain points of our customer base. 1:01:54 1 hour, 1 minute, 54 seconds Okay. Okay. All the best KA. Thank you. Thank you. 1:02:01 1 hour, 2 minutes, 1 second Thank you very much ladies and gentlemen. Due to time constraint we will take that as the last question for today. I now hand the conference back to the management for closing comments. 1:02:11 1 hour, 2 minutes, 11 seconds Over to you sir. 1:02:20 1 hour, 2 minutes, 20 seconds Uh thank you everyone. I hope uh we hope we have been able to answer all the questions and give you a meaningful update on the business. In case there if 1:02:28 1 hour, 2 minutes, 28 seconds there are any further questions, please feel free to reach out to strategic growth advisors, our investor relations advisors. Uh thank you and have a good day. 1:02:37 1 hour, 2 minutes, 37 seconds Thank you members of the management. On behalf of Uniccommerce E Solutions Limited, that concludes this conference. 1:02:44 1 hour, 2 minutes, 44 seconds Thank you all for joining us today and you may now disconnect your lines.