Affle (India) Ltd (NSE: AFFLE) Q1 2026 Earnings Call dated Jul. 28, 2025
Corporate Participants:
Unidentified Speaker
Anuj Khanna Sohum — Chairperson, Managing Director and Chief Executive Officer
Kapil Bhutani — Chief Financial and Operations Officer
Analysts:
Unidentified Participant
Karan Taurani — Analyst
Anmol Garg — Analyst
Arun Prasad — Analyst
Vijit Jain — Analyst
Rahul Jain — Analyst
Swapnil Potdukhe — Analyst
Ashwin Mehta — Analyst
Samarth Patel — Analyst
Lokesh Manik — Analyst
Sanjay Ladha — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the FL3I Limited QN FY26 earnings conference call hosted by Ilara Securities India Private Limited. 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. Should you need assistance during the conference call, please signal an operator by pressing 0 on your Touchstone phone. Please note that this conference has been recorded.
I now hand the conference over to Mr. Karan Taharani. Thank you. And over to you, sir.
Karan Taurani — Analyst
Morning everyone. On behalf of Hilaro securities, we welcome you all to Q1FY26 conference call of Afod3i Limited. I take this opportunity to welcome the management of Afod3i Limited represented by Mr. Anush Kannya Soham who is the Chairperson, MD and CEO of the company. We also have Mr. Kapil Bhutani who is the Chief Financial and Operations Officer of the company.
Before we begin with the discussion, I would like to remind you that some of the statements made in today’s conference call may be forward looking in nature and may involve some risks and uncertainties. Kindly refer to slide 23 of company’s earnings presentation for a detailed disclaimer.
I will now hand over the call to Mr. Anuj Khanyasoam for his opening remarks. Thanks. And over to you, Anuj.
Anuj Khanna Sohum — Chairperson, Managing Director and Chief Executive Officer
We started this financial year with the significant launch of our Apple 3i vision and our strategic action plan for the goal to deliver 10x decade growth. I’m happy to report that in Q1 FY26 we exceeded all our performance benchmarks to record our highest ever quarterly revenue EBITDA, PAC and consumer conversions. We delivered revenue of rupees 6207 million, a growth of 19.5% year on year. Our focused execution on higher productivity and continuous innovation enabled us to achieve highest ever EBITDA of Rupees 1,397 Million. That’s 239 basis points EBITDA margin expansion on a year on year basis and a 33.7% year on year growth in our EBITDA.
Notably, it marked our fifth consecutive quarter of sequential margin expansion and it resulted in 37.6% year on year growth in our profit before tax from operations. Excluding other income, we achieved highest ever path of Rupees10.55 million, a growth of 21.8% year on year. Our CPCU business drove 107 million conversions at a CPCU rate of Rupees 58 and we earned CPCU revenue of Rupees 6200 million, an increase of 19.8% year on year. This performance stems from our strategic investments in intelligent platform solutions and our ongoing efforts to integrate AI deeply across our operations, augmenting the authentic intelligence of our teams and systems to deliver greater outcomes.
We continue to demonstrate strength across all our markets. India and global emerging markets together contributed 72.3% to our revenues and grew by 18.1% year on year. The market tailwind remain intact, affirming our positive outlook for continued growth momentum. Developed markets registered 23.3% year on year growth and contributed 27.7% to our revenues. This growth is driven by our deeper customer engagements and local direct sales, resulting in the continued addition of new account logos and a sustained growth trajectory. Our localized operating structure across all three regions will keep us insulated from any direct exposure to online tariff developments or broader macroeconomic uncertainties.
Further, with our diversified footprint across markets, verticals and use cases, we remain naturally hedged. Our overall growth momentum remains strong. We have enhanced our platform capabilities with integration of Optics AI into Apple’s unified consumer platform stack, a capability we showcased during our Investors Day in April 2025 and we have begun rolling it out to our premium clients. Optics AI is our advanced gen AI powered creative engine that generates hyper personalized performance focused ads generating contextual experiences in real time. We also achieved a significant milestone by becoming an Apple Certified Partner, reinforcing our credibility and credentials in delivering privacy first ROI driven growth advertising on iOS we received a new patent grant in India marking our 14th patent grant to date, further enhancing our comprehensive tech IT portfolio.
The patent titled Method and System to Detect Advertisement Fraud augments our fraud detection capabilities across a plurality of connected devices and reinforces our focus on delivering quality user conversions for advertisers globally. This quarter we have also featured three customer approved case studies in our presentation. The first case study highlights our Optics AI powered hyper contextual strategy to maximize conversions for quick commerce in India. The second highlights are privacy first performance in scaling device ID led acquisition of iOS users, accelerating financial inclusion across Latin American markets. The third focus is on gen AI led vernacular strategy that strengthened brand leadership and significantly boosted first time purchases for a large Omni Channel retail brand in Africa.
Apple continues to be recognized as a tech hot leader in the industry. We were ranked among the top five tech platforms in the MMA Smarties Business Impact Index across India and Indonesia as well as we won top honors including 16 awards across various programmatic CPV categories at the CPV Asia Symposium. With Convergence Driven Solutions we are shaping the connected digital ecosystem with precision, scale and intelligence, our differentiated CPC model, strong strategic mode focused localized execution positions as well to exceed the growth expectations in FY 2026. With that, I now hand over the discussion to our CFO Kapil Bhujani to discuss the financials with you.
Thank you and over to you Kapil.
Kapil Bhutani — Chief Financial and Operations Officer
Thank you Anuj. Wishing everyone a good day and hope all of you are keeping safe and well. We have commenced financial year 2026 on a strong note, continuing our growth trajectory from previous years. At the outset I would like to take you through our key performance metrics On a consolidated basis, we delivered year on year growth of 19.5% in our revenue from operations, 33.7% growth in our EBITDA and 37.6% growth in our profit before tax firm operations excluding other income. This was driven by broad based momentum across industry verticals in both India and international markets.
We concluded quarter one financial year 2026 at a consolidated revenue of 6207 million, surpassing our robust quarter four top line by 3.1%. Sequentially on a standalone basis, India revenue grew by 21.9% year on year and 6.1% quarter on quarter, while on adjusted basis our India revenue increased by 18.6% year on year and 7.2% quarter on quarter. This performance reaffirms the sustained demand of our platform offerings and our ability to deliver at scale while maintaining a prudent operational discipline. India and Emerging markets together contributed 72.3% while bullock markets contributed only 7.7% of our revenues during the quarter.
We continue to enhance productivity by scaling our platform operations and strengthening our intelligent automation capabilities. These initiatives, combined with sustainable revenue growth have significantly strengthened our operating fundamentals. As a result, we posted EBITDA of 1,397 Billion, an increase of 33.7% year on year and 4.3%. Sequentially, we achieved an EBITDA margin of 22.5%, representing a strong 239 basis point expansion over Q1 last year. Coming to OPEX, our inventory and data cost stood at 30.9% of our revenue from operations this was broadly in line with our previous quarters. While we continued our platform calibrations on premium inventories and deeper ecosystem level partnerships.
Our employee cost increased by 4.4% sequentially on account of annual release of appraisals and bonuses in few geographies. While year on year growth was margin at 3.8% driven by efficient integrated team strategies and adoption of AI supported workflow. Our better expenses stood at 6.8% of our revenues declining by 31 million on a sequential basis even with increase in marketing and trade promotion expenses as a plan to support our continued growth initiatives. The decline in other expenses is attributed to broad based efficiencies across miscellaneous expenses category including benefit of equalization levy. We achieved profit before tax of 1,292 million reflecting growth of 21.2% year on year and 4.3% quarter on quarter.
Notably, if we exclude our other incomes and solely analyze core operating profit performance, the underlying growth is even more pronounced. Our profit after tax stood at 1,055 million, an increase of 21.8% year on year and 2.4% quarter on quarter. Our PAT margin improved to 16.5% of total revenue up from 15.9% in quarter one last year. On a sequential basis. We maintained our pat margins despite higher effective tax rate of 18.3% compared to 16.8% on in Q4. The lower ETR in Q4 was due to recognition of deferred tax in that quarter. We continue to prioritize efficient working capital management and as such there was no material change in our connection risk grounded in disciplined financial and risk management along with efficient execution.
We are well positioned to capitalize on the market opportunities to deliver sustainable growth through FY26 and beyond. With this I end our presentation. Let’s please open the floor for questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touch tone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Karan Tohrani from Elara Capital. Please proceed.
Karan Taurani
Hi. Firstly congratulations to the management for a great set of results. My question was pertinent more in terms of EBITDA margins. In the last eight quarters we have seen a consistent improvement in EBITDA margins and that’s not been on the back of Gross margins, they’ve held on, but it’s been more in terms of the efficiencies around the cost side now. So just try to get some kind. Of color here in terms of outlook. Where are we in terms of operating efficiencies? What is the headroom here for margin improvement from medium term perspective? What is the management aspiring as a brand for EBITDA margins and what will actually drive this? Is it AI initiatives? Is it cost containment, Is it growth? What could be the things here? Yeah.
Anuj Khanna Sohum
Thanks for your question. We have already provided, you know, the medium to long term goal of achieving or medium term goal to achieve around 23% EBITDA margin and we are clearly inching towards that, you know, on the quarter on quarter basis. As you already mentioned, over the last several quarters we have seen margin expansion and I think it is an overall efficiency that we are seeing in the organization across different markets and geographies. As I mentioned, our structure is very, very localized on how we are executing in different markets and there is a very heavy and clear mandate that every single employee in the company has to be upgraded in terms of the authentic intelligence where there has to be a day in, day out adoption of AI across all functions and roles in the organization.
Starting from me to the top management. Everybody is leading here by example and we are absolutely driving greater productivity. For those of you who have attended our Investors Day, which was in early April, we showcased some of those capabilities, not only how we are impacting consumer experiences with AI, some of that we have covered today also in the earnings call with Optics AI to how we are looking at driving data efficiencies for the advertisers as another stakeholder and how we are driving efficiencies internally for all employees in the company using AI across the board. So you would see margin expansion happening on all of those accounts across the three stakeholders where we are making AI becoming a very, very effective tool for us.
Also expanding the strategic moat of the organization in terms of how we are keeping ourselves future ready with our product innovations and so on. I think this is an area which is definitely adding to our competitive moat and you would see that trickling down to the margins consistently going forward.
Karan Taurani
Got it. Thank you. That’s from myself.
operator
Thank you. The next question is from the line of Anmol Garg from DAM Capital. Please proceed.
Anmol Garg
Yeah, thanks for the opportunity and congratulations. On good set of numbers. Couple of questions. Firstly, wanted to understand if currently we are charging for Optics AI or it will act as a complementary product to win more volumes from you and the existing customers.
Anuj Khanna Sohum
Okay, so on your first question our response is that we have an integrated consumer platform stack as we go into the market. We call it the unified consumer platform stack and optics AI as advanced gen AI powered Creatives engine is already actively deeply integrated within Backstack. Now how we charge our customers is for conversions, we’re driving conversions for them. And I think the business model of CPCU conversion led business model is staying intact. So what we’re seeing is that these capabilities are essentially enhancing Apple’s platform’s capability to deliver hyper personal hyper contextual experiences to the consumers, thus driving better conversions for the advertisers whether in terms of volumes or commanding better pricing or getting higher lifetime value users to get converted and therefore effectively achieving both in terms of higher volumes of conversions as well as incremental pricing.
As you would see, the CPC pricing has been constantly inching up. Now we had the aggregate price of 58 rupees for all the 107 million conversions that we achieved in the last quarter. And all of this is part of keeping our platforms future ready and enhancing our competitive moat in the market. So as our volume of business is growing our pricing is also inching upwards. When I think this is the sign of quality, platform defining and shaping their digital ecosystem.
Anmol Garg
Understood. Thanks for this Anuj and secondly wanted to understand that how should we think about the margins currently in both India. And developed markets would be great if. You can give a breakup of that. And secondly currently what is the percentage of R D expenses within our cost in the PNL right now?
Anuj Khanna Sohum
Appreciate that. Maybe I’ll get Kapil to take this question class over to you.
Kapil Bhutani
So coming on your question on the margins, we don’t break down the margins on geographies as a target. We have broad based target guidelines to our heads, business unit heads to attain a certain margin profile and we see that our sustained margin is coming from all casualties. Coming on to the questions of the R and D, we don’t call it R D, we call it development expense. It is in line with the previous quarter. It’s hovering around 4 million for this quarter also and there is no significant increase expected.
Anmol Garg
Right Kapil? Kapil just wanted to understand that how s hould we think about the levers going a head on the margins? Whether the margin expansion that we are talking about going ahead would it come from India or developed markets or it could be more of the operating leverage in the overall business.
Kapil Bhutani
So I mentioned in the previous answer we are looking for broad based margin expansions across all business units, all business units have their own EBITDA targets and there is no particular preference that okay, we should aim for margin expansion from particular geography. We as an organization are wired to get operational efficiencies from each business units, whether it is in India or whether it is developed unit markets or whether it is A platform or a B platform. So our focus is broad based margin expansion, not any particular geography or particular vertical or particular platform.
Anmol Garg
Understood. And Anuj, one last question that for. This FY26, should we expect growth to be above 20% like we have guided earlier?
Anuj Khanna Sohum
Thanks for that question. We are deeply growth oriented in a bottom line sensible organization. We are looking at an organic consistent growth pattern or a sustainable consistent growth pattern of about 20% on the revenues. And our goal is in the medium term to achieve 23% EBITDA margin as we continue our margin expansion goals. And I think this is something that we are pretty confident that FY26, especially now, how it has started in Q1 and also how we are see the trend so far at the end of July for Q2. I think we are on a good track right now.
The overall confidence that we are deriving from this is when we started this quarter of this financial year, nobody, none of us would have predicted that there would be a war situation in India. None of us could have predicted the escalations in the Middle east that happened. Some of us could have predicted some tariff related concerns at macroeconomic level. But the point of this, the way it panned out or even the airline related concerns. And a lot of these things can impact sentiment, it can impact advertisers thinking in a particular short term period. And even with all of these that we certainly did not factor in when we started this financial year or this quarter, have still delivered the quarterly results that we are presenting to you today.
So it shows that we are very, very resilient and I’m very proud of the way our team is executing and the competitive moat and the resilience of our platforms and the CPQ business model, even in, let’s say tougher geopolitical macroeconomic situations shows resilience. So now with the first three months already reported today for this financial year, the fourth month, which we are July, I mean we can already see that we have a pretty strong consistent growth momentum at this moment which should yield us a good outcome for FY26. And I think that’s why our commentary is that this is sustainable and we are confident about meeting expectations.
Anmol Garg
Sure. Anuj, thank you so much for answering my Questions?
operator
Thank you. The next question is from the line of Arun Prasad from Evander Spar. Please proceed.
Arun Prasad
Good morning. Thanks for the opportunity. So can you just give a broad based commentary on what any categories which. Are doing very well. I know it’s most of the categories is probably doing very well, but any category you would like to specifically call out, say, which is showing some signs of slowdown or some kind of macro headwinds and which other category which is kind of turning around and may offset the strong sectors slowing down.
Anuj Khanna Sohum
All right, so the way we categorize our business, in category E, F, G and H we are seeing strong momentum. In category B as well as in category G we have not seen any pullback or slowdown, possibly with some of the global factors that I mentioned in response to the earlier question. Had those not been there, we could have done more. But I think we take the current results as in line with our expectations and plans and in fact exceeding that. So I think that is good. And category Eng were obviously continuing a good growth momentum.
In category F and H we would also say that we are resilient. Now there could be cases where some customers, due to their own internal factors or due to macroeconomic factors, may shift budgets from one quarter to another and so on. But in terms of the medium term and long term trends across categories efgh, we see very broad based growth and momentum across all the geographies and we are pushing with direct sales and deeper customer engagements in each of these markets locally and we are only increasing our efforts in these areas. So I would expect the trends to continue given that the last quarter was a challenging time from a overall macroeconomic or geopolitical position and the results are quite strong and the momentum continues to be strong.
So in categories E and G we see strong growth momentums. In category F and H we see still good resilience coming from the base of customers that we have and we are only increasing that.
Arun Prasad
Just a follow up Panoj, within category S and H there are so many subcategories for an outsider like us to track. It would be helpful if you can, within the subcategories, if you can call out, then probably for us it will be helpful to track it from our side.
Anuj Khanna Sohum
Fair enough, fair enough. So when I talk about category tech in terms of resilience, you know, in Fintech, for example, it’s a sensitive category where, you know, people would delay decisions to maybe do some investments or delay some decisions to take some loans, so on and so forth. So I think fintech is a Category where we were positive about the resilience that we saw and even against the headwinds that were there. Similarly, healthcare, hospitality, hospitality also we saw, you know, hospital travel and transport. I mean in all of these situations when there is war, I mean airports are shut travel, airlines are changing plans a lot of.
Even with all of that, I think we have seen good resilience because we are naturally hedged in terms of covering ourselves across different geographies or different use cases and we are able to make sure that whatever budgets are available in fintech hospitality, they should prioritize going to us because we are a conversion led platform. So we are resilient in these categories which are, let’s say the categories one could have said were more vulnerable in these times, but even in this quarter we were resilient in them.
Arun Prasad
Understood. My second question is on the margins. I think we heard you and Kapil articulating about the margins. Just if I have to zoom out and ask, I mean think ahead little bit, at some point of time that operating leverage that you are seeing, probably your competition will also catch up. So do you see any risk to the gross margin itself? Because all of this operating leverage people the industry having slightly higher margins at some point of time this will reflect in the CPI rates bid by the customers and CPM rates and all those things.
So should we trade with the caution that probably the gross margin can contract which will offset the operating leverage at the EBITDA margin level? Is it the right way to think from say fairly three, four years?
Anuj Khanna Sohum
Not yet. Not yet the right way to think? Maybe. Since you talked about zooming out, let me help you you to have a visualization of how zooming out would look in our case in our industry. On one side of zoom out is the advertisers, on the other side of the ecosystem is the consumers. Now let’s look at the consumers. All of us are spending increasingly more time on our devices and especially with AI. Again AI, you know, it’s only the dependency on our digital devices and users who for all kinds of things is only increasing.
Therefore the time spent on the devices and screen time is increasing disproportionately. Consumers across the world are becoming more and more comfortable transacting online and the average value of those transactions is also going up. Consequently, the advertisers, when they are spending their money and specifically in our business model, which is a conversion LED business model, it’s not a cost pricing model. Right? It’s a conversion LED business model. What the advertisers Are saying is the average lifetime value of a digital consumer is actually going up because there is more volumes of conversions. And the average value of those conversions is also going up because the consumption digitally and the transactions digitally are actually increasing and the comfort is increasing with the consumers.
When we look at emerging markets like India for let’s say Latin America or even Middle East, Africa or Southeast Asian emerging markets and so on, we are seeing a lot more consumers coming online still. There are still millions of hundreds of millions of more people coming online. And the ones that are already online, they’re actually or are spending well, their comfort is increasing and they’re actually going for higher value transactions also online. So the advertiser is seeing the higher value user coming to them. Consequently, the willingness to pay at a CPCU price rate is already seen in our trend line.
Right, The CPCU price is going up. So when you zoom out and you want to look at it this way, then see will people do more conversions online? The answer is yes. Will the average value of those consumer transactions also go up? The answer is yes. So therefore our ability to price it effectively with the advertiser also goes up. And therefore we should be able to defend that for many years forward. This is how we look at it.
Arun Prasad
Okay, I largely understood but just one follow up on this topic. Now with the operating leverage playing out, is there any sensitivity to the growth? I mean now we can sacrifice some margins and deliver higher growth or it is right now decoupled at this point of time.
Anuj Khanna Sohum
Well, the answer is if we were to, let’s say decide to compromise on pricing or margin and go for higher revenue growth, we can certainly do that. We could have done it all along in the last five to ten years. And what is stopping that is the DMA of our organization. Our organization across a decade plus more since inception till now is wired for across the board for bottom line sensible quality revenue based growth and expansion. There are so many scenarios where we reject customers revenue. A sales team would go out and say we have this campaign, can we run it? Our team would look at it and say well this is not likely to deliver or will not have the right kind of margin performance.
So it’s not the kind of quality of revenue that we see. This campaign is a one off will go off. So investing time or our algorithms learning and optimizing those campaigns may not be worth it. And therefore we do say no to revenue. If we don’t see it as a high quality revenue and if we don’t see it as contributing margins now will this philosophy change in the organization, I doubt so very much and why should we change it? There is enough quality revenue to pick which is going to help us to get to the 23% EBITDA while delivering 20% organic growth overall.
So there is no reason for us to compromise our pricing or to dilute the strength of our DNA which is rare to find in digital businesses by the way, where a company is so bottom line sensible and so conservative on its balance sheet as well. And we will continue to be like that.
Arun Prasad
Very helpful. Anuj, thank you. All the best.
operator
Thank you. The next question is from the line of Vijit Jain from Citi. Please proceed.
Vijit Jain
Yeah, hi. Thanks for the opportunity and congratulations on a good set of numbers. My first question is, you know you mentioned you became Apple certified partner this quarter. If you can talk about, you know, how that exactly impacts your ability to win new business and are there, you know, particular categories within EFGH where it is especially useful? If you could elaborate on that, that’s my first question.
Anuj Khanna Sohum
I think Akon’s track record as a company that has been in this business for over 20 years now and constantly future ready bringing innovations is very, very stellar and the track record is very strong. When we one of the four certified partners globally listed on Apple’s website and we all know that Apple is very careful on who they partner with, who they promote, who they kind of see as their partner, it enhances the trust and the credibility quotient for our advertisers globally. It enhances the pride and the spirit of the employees saying that, you know, this is great organization.
I mean we are already fundamentally there and it’s not that the certification is changing us, there is just another credential that is validating who we already are and then when we go out win awards and industry thought leadership positions across the markets, whether it’s a particular use case or another, it enhances our ability and strategic mode to grow not just revenues but also respect with our customers our ability to charge better, our ability to retain customers and grow customers better increases. So we are basically building trust and credibility and thought leadership through such credentials.
Vijit Jain
Got it. Thanks Anush. Anuj, my second question is if I look at both Google and Facebook are massively investing in their gen AI infrastructure and if I see Google’s result it seems like and with them moving on to add AI mode, it looks like ad loads are going to be fewer and they’ll probably deliver higher conversions to some of what you were also saying earlier. So my question is for you, will ads Served by you on Google and Facebook going to you think generally rise given these companies clearly have a leadership in gen AI on a global scale.
Right. How do you think about that?
Anuj Khanna Sohum
See, when an advertiser spends their budget, just like when let’s say your investment fund looks at investing similarly, advertisers are seeing that they have a budget that they need to invest in the advertising channels in a particular financial year. And for all the last 20 years since I’ve been leading Aktul, I’ve seen that the advertisers would say that they park aside a certain buzzer that they spend on these large walled gardens like Google or Meta and so on. And then they have a separate budget that they are spending on non Google and Meta platforms. So I think the competitive dynamics in the market, I mean so far I have not been asked the question that why should I run the campaign on Acro when I can maybe run it on Google or Meta? So I can.
I think that’s not a question the advertisers ask of us. So as far as our continued growth trajectory is concerned, think of it as a parallel sort of growth trajectory and the non Google and the non meta advertising budgets are increasing at least at par or if not faster for the non Google non Facebook part of the ecosystem. And then our platform is a consumer platform. So we are having a deep integration with Google and Facebook as well. And we are fully capable of taking our advertisers budgets and telling them instead of spending on Google and Meta directly, you can go through our platform and look at it overall that hey, this consumer is who you want to target and drive conversions from and therefore let Apple optimize the campaign to get this consumer conversion for you, irrespective of whether the consumer has shown an ad on Google or Meta or in let’s say a long tail chess app that this user plays.
So for an advertiser it makes a lot of sense to consider that. And increasingly we are seeing scenarios where we are able to win some of those budgets. And Google and Meta don’t mind that because we are essentially channeling it on their platform. So we are seeing it as an integrated partner with them. However, this is a very small part of our business today and we see this as an area of growth, not an area which is on a competitive lens causing any issues to the non Google Facebook part of our business because those budgets are earmarked separately and the industry for the last 20 years have operated in the same manner.
Vijit Jain
Got it. My last question, so your DM market Outlook, I guess with all the trade deals happening at the start of the quarter, obviously there would have been a lot of uncertainty. And you’ve talked about India business also having a lot of headwinds in the quarter in general. Right. But with that I can see The India and EM market has actually accelerated in growth in the quarter versus the last few quarters when it had decelerated to 16%. You have 18 now. So in general, would you say both these engines, you know, diem market as a separate engine and EM and India market as a separate engine are looking up from here? Both of them .
Anuj Khanna Sohum
Yes. At the moment I would say our confidence has obviously grown because even with all the geopolitical macroeconomic headwinds, we achieved what we achieved in this quarter. And at the start of the quarter, one could not have predicted all of these headwinds and the way they shaped up. So definitely we are very confident. And I think the results are. One thing is the results, but I think it’s the ongoing momentum that we see and the spirit within the team and the pipeline. All of those indicators continue to be very, very strong and resilient across all markets.
Vijit Jain
Got it. Thank you so much. Anush, those are my questions.
operator
Thank you. The next question is from the line of Rahul Jain from Daulat Capital, please. Praseer.
Rahul Jain
Hi. Thanks for the opportunity. Most of it has been answered. Just a bit more color, if you could share. Anuj, in terms of the developed market thought process, you of course highlighted some of the uncertainty part. But how we need to see this annual growth, will it be more skewed toward developing market meaningfully versus the way it was in the previous year where it was developed market?
Anuj Khanna Sohum
I would think that the 20% organic growth on revenue with 23% EBITDA margin mid term goal is a very realistic achievable position from where we see and assess the market situation and the momentum at this moment. And in terms of developed markets, again, we are doubling multiple verticals, many advertisers in those verticals and our base is still small. The addressable market is large. So we are able to achieve our goals whether from new budgets from new customers or from new budgets from existing customers, or taking competitive budgets from existing competitors to our advantage. I mean, all of these levers are at play and we are very, very competitive in terms of winning the business that we need to win.
So given that the base is small, our competitive moat and differentiation, what we bring to the market is very evident and the credentials that we carry, we believe that we will be able to achieve our goals in developed markets in particular as well as in emerging markets. We are continuing to see positive momentum. So getting to 20% overall is very defensible for this financial year. That’s how we look at it.
Rahul Jain
Thanks for the color. And lastly for Kapil there was some saving that we have drawn on the other expense expenses side. Can you share if these things are sustainable or there was some some element of savings specific to this quarter.
Kapil Bhutani
So some part of the saving is long term due to equalization levy and certain discretionary expenses. Savings might go up and down but yes, largely we will be in line with what we have doing in this quarter , the one part of the saving is sustainable because of the equalization in.
Rahul Jain
Any increase in annual investment on platforms we might see in FY26 and the Runway difficult.
Kapil Bhutani
We in our last call mentioned that we’ll be not increasing our capital outlay on the platform development expenses. Still we have an inorganic acquisition but for organic platforms at the moment we don’t expect additional outlay of budget as compared to last year.
Rahul Jain
Thank you.
operator
Thank you. The next question is from the line of swapnilpur Duke from JM Financial. Please proceed.
Swapnil Potdukhe
Hi everyone. Thanks for the opportunity. I had a couple of questions. The first question is on the market environment currently in India. The reason I’m asking this question is like it seems that Trade Desk seems to be have become quite a bit more active off late. What I hear is like they hired few senior managers people. They also seem to have onboarded one of the leading Quick Commerce players as their client and the 10 quick commerce player was earlier working with one of with us. So from that perspective I just wanted to understand how things are for you in India currently.
Anuj Khanna Sohum
Thanks for that question. Look, when the market is attractive and India is in a big attractive market and the fact that we are doing well here, it will certainly attract some of the global competitors here as well. Having said that, I think our competitive moat in India is coming from multiple dimensions. One, we are present across verticals. Two, our engagement is deeper with our customers. We have direct customers. You would have noted that we give the tax 75% of our revenues overall in direct customers. If you look at the Trade Desk reports, not just perhaps in India but globally their business is very agency led.
I think 80% of their business or more comes from ad agencies and working. So there is a difference there. And third, being on the CPCU model we have deeper integrations without a and deeper data integrations. First party data integration with our customers. And all of these insights for the India market have been honed and built into our platform over many, many years. And the people that we have in India, our best people, are fronting the business functions in India. Whereas for somebody like a trade desk, clearly there are R and D and data science teams of the AI teams are not building models or shifting models for India or emerging markets.
They’re a very small part of the business. So their tech moat versus ours, I would believe it would be weaker for them. Obviously they’re not putting their best people to come and fight against our people in India. In a competitive sense. They have hired some people, but I would think that that’s just something that they need to do to tell their public market investors in the US that they are expanding to India. But I mean really in terms of competitive mode, I feel very confident that, okay, if we have to go and compete with trade desk and any direct customer engagement, chances are that we will be very, very successful in more cases than not.
There could be cases where they would win, but the market is large enough for us to compete well and to achieve our goals. I don’t think we should be too worried about. And finally, I think the unit economics of working in India are harsh. And for a trade desk to make this into a profitable market, I would be very happy to challenge them on that. So they are putting a tick box at the moment to say yeah, we are in India, we are doing something in India. But I don’t believe that they are on a strong footing for us to be worried or challenged by them at the moment.
Swapnil Potdukhe
Got it. The second question is on your medium term revenue growth forecasting. You did mention 20% revenue growth is possible in FY26, but if I were to just take a medium term perspective, let’s say next three, four years, and especially given that EM in India have been growing less than 20% for a decent period of time now. So how do we see the revenue growth trending post FY26? Especially because at some point of time your diem growth should see some moderation that the basic thing that you called out may not, you know, that will catch up at some point of time and possibly your growth will narrow down to the broader market growth there. So if taking a medium term view, is that 20% growth sustainable, especially given EM and India are consistently growing less t han 20% right now.
Anuj Khanna Sohum
I think it Is sustainable because I would say that the base is still small and the addressable market is very large and we are seeing new dimensions of addressable market, are we expecting that in emerging markets we will also see gaming as a vertical becoming stronger over a period of time, which it is not at the moment. So when you look at developed markets, gaming is a stronger vertical there in emerging markets, gaming is a weaker vertical. And we are going to see some very high volume and value verticals growing and becoming important in these markets, which have not been factored in perhaps the analysis that you’re doing.
So we are going to see market expansion, we’re going to see more growth coming in certain verticals than what is factored in at the moment. So I’m pretty confident that achieving overall 20% growth is the minimum that I would model the company at for the next three to four years or even longer. I mean, you know, we already started my commentary and started this financial year, or rather our third decade, which has started in this financial year by clearly stating our plans and strategic action plans to achieve a 10x growth and to mathematically get to 10x growth, even if we take the whole of 10 years for that would at least require 20% organic growth and then augmenting that within organic growth, which we have the muscle power to execute on and the patience to wait for the right deal to execute on that.
So I think combination of organic growth at 20% depended by the fact that the base is small, addressable market is very large. There are many levers of growth yet to be tapped into for the future. And the fact that we will also be looking at inorganic selectively, but surely will certainly give us the kind of growth momentum looking for. Your question was only for the medium term, three to four years, but we are taking a decade long view to this and we are pretty confident that we should find that kind of growth along the way.
Swapnil Potdukhe
Got it. Anish, thanks a lot for answering those questions.
operator
Thank you. The next question is from the line of Deepak from Sundaram Mutual Fund. Please proceed.
Unidentified Participant
Thanks for the opportunity. I’m audible.
Anuj Khanna Sohum
Yes, you are.
Unidentified Participant
Yeah. So my first question is slightly long term in nature. So you must be aware that, you know, group recently stated that they are going undergoing a major organized restructuring exercise. Right? And the remarks made by the CF CEO was that it would likely impact, let’s say 45% of its US workforce. Now I partly believe why this is happening is it’s because of how AI is disrupting the agency model, let’s say in terms of creative work as well as ad campaign execution.
So keeping this context in mind, and since 25% of our revenue comes from, let’s say Ad agencies, do we see any impact for us in terms of growth trajectory or is it that I should read like this, that our share of campaign budgets, which we get through ad agencies of advertiser, stays intact and in future that our direct customer revenue mix will likely go up with increasing wallet share from their budget to us because of all this disruption which is happening in this agency model.
Anuj Khanna Sohum
Deepak, did you just, did I just hear you say that the agencies contribute to 75% of the revenue? Did you say 75% or did you say 25? 25%.
Unidentified Participant
25%.
Anuj Khanna Sohum
So I think first of all, whether it is an advertiser that comes and contracts directly with us, or whether it is an advertiser who comes and contracts with us through their agency, for example, any of the big agency groups or otherwise, we always ensure that we have direct deep relationship with the end advertisers, okay? And so our teams, our engagement or the, let’s say the tech integrations that we do for getting the conversion data points and so on with the advertisers has to be directly with them. Our tech integration will always be endpoint integration will be with the end advertiser.
Right. So we see the agency groups as an important partner because they claim the same ecosystem. So having them as an important partner, as a friend is important. We are never going to influence an advertiser and say, hey, just don’t go to that agency, come to us directly. No. So we do respect to the channel, but if the channel by itself is rightsizing, restructuring or having any relevance issue with a particular customer, that customer will not stop spending on digital advertising. And hopefully if they were to say that, okay, they don’t want to work with an agency or they want to go directly and they approach us or the conversation leads to that, we would see a shift from the proportion of revenue that’s coming from agencies to where it is coming direct.
The fundamental question should be that are the advertisers going to keep spending on digital, whether through agency or directly? And I think the answer is more in our favor today that we’re already doing 75% plus of our revenues directly with our advertisers. So we should be less impacted versus if I link it to the earlier question from the colleague from GA Financial, somebody like at Ray Desk, where 80% of the revenue is through agencies because the whole team, their sales organization, the structure is DNA of the organization is to deal with and through an agency with their advertisers, they will see a much bigger challenge in this kind of transition.
So I think this is not in fact, I mean, in one of our management meetings, this is a point of view discussion that big agencies are restructuring. What should we do? Our natural orientation in the market, our internal organization is naturally ready to serve our advertisers as the endpoint. And we would be very sensitive to the agencies who are going through a tough patch to see how we can be still their friend in this time as far as possible. But that doesn’t impact our ability to earn revenues from the end advertisers.
Unidentified Participant
Okay, thank you for the answer.
operator
Thank you. The next question is from the line of Ashwin Mehta from Ambit Capital Private Limited. Please proceed.
Ashwin Mehta
Hi, thanks for the opportunity and congrats on good numbers. So I think any early sense in terms of how advertising spends in India are shaping up ahead of the holiday season that we see in the second half.
operator
Your voice is breaking.
Ashwin Mehta
Just one sec. Is it any better?
Anuj Khanna Sohum
Actually it was totally fine. I could hear Ashwin very well. Ashwin, I can take your question. So in terms of the holiday season, let’s just say with Raksha Bandan around the corner, we already seen some positive, you know, tailwinds there from the advertisers in India and we are very confident that the trend lines for the festive season would be in line with the seasonality trend that we have seen all along where the quarter fee will certainly be higher than quarter one and two and should be higher in a similar sort of sequential percentage range that we are used to seeing.
And I think the still early to go and start talking about October 11th, December quarter. But I think there’s nothing that we see which should dampen that or should suddenly make it an even more exceptional sort of seasonality spend. I think it should be in line with the natural course of business that we have seen. But yes, seasonality does affect advertising in a positive way. Festive seasons or festivals do, or big events or their audience engagement is high or the audience spending is high, the advertising tends to go up. So I mean Raksha Bandar is already a positive for this quarter. And of course in Q3 we expect things to be like we have always seen where Q3 should be the highest.
Ashwin Mehta
Sure. In terms of any updates on acquisition plans, are we nearer to consummating some and what are the areas that we are looking at?
Anuj Khanna Sohum
Acquisition plans? You have seen our track record over the many years since we are a listed company and we have done acquisitions very successfully, integrated them successfully and the last acquisition we did was over two years ago. And clearly the integrations have all been successful. Therefore we are doing almost one and a half years now since the acquisitions. Plus organic growth of over 20%. Around 20%. And I think the confidence in the team is high. We have been evaluating that. We are waiting for the right time. Right time and the right pricing and the right candidates.
In fact, when we, you know, there were two sides to this macroeconomic situation, right? On one side, one was worried, okay, what’s going to happen with the wars happening, with the trade tariff wars and other wars happening. But at the same time, you know, we are mindful that when things get tough, we may find more attractive pricing for acquisitions, right? So we will be sitting and waiting appropriately in talks with at any given time. I would say we are evaluating anywhere between five to 10 companies which we watched for many years. And we will wait for the right time.
We are not going to make an equal expensive acquisition. And our acquisition strategy, as you may have noted in the last five transactions that we would have done is always very consistent and that hasn’t changed. So there is no pressure or artificial pressure on us that okay, let’s just go and acquire something, no problem. Even if there is a high price to be paid, we can wait. And it’s not like we are waiting. We have the ability to build in house. Right. And we are a very strong tech organization. We can build for our future for sure.
And if we find the right thing to buy versus building, we will at the right price at the right time. So we are actively evaluating and I will not give you any short term, medium term guidance on it. When it happens, we will certainly report to the market.
Ashwin Mehta
Anu, thanks for the details and just one clarification from Kapil. So Kapil, what is the reason for. The other income falling over the last three, four quarters? The fact that our cash has been rising.
Kapil Bhutani
I think I answered this in my d iscourse. I mentioned again that the, the reduction is largely on account of very miscellaneous expenses and multiple line items.
Ashwin Mehta
No, I was talking about the other. Income falling, not the other expense.
Kapil Bhutani
Other income is basically last year we had certain write offs of liabilities on the acquisition side and that was the higher other income in quarter one last year. And there is a dip from there. But income from say investments or placements of idle funds is similar to before quarter four last year. And the there is a slight dip in other income from last quarter four is on account of exchange adjustments of various assets.
operator
Thank you. Before we proceed with the next question, I would like to Request participants due to time limitation. Please submit your questions to two per participant. The next question is from the line of Samarth Patel from Equiv Security. Please proceed.
Samarth Patel
Thanks for providing this opportunity and congratulations on good set of numbers. I think we touched upon equalization levy and savings because of that. But on the revenue side, by removal of the acquisition levy, I think the advertisement cost on global platforms for Indian businesses have declined and which should have feed up some sort of digital marketing budgets. Right? So do you expect this shift to. Benefit us and how should the dynamics play out here? If you can just double click into that, that would be the.
Kapil Bhutani
Your voice was cracking a bit. Can you just repeat the question?
Samarth Patel
Yeah, I was just saying that by. thought so. Removal of equalization levy, the advertisement cost on global platforms have gone down for Indian businesses, right. Which should have freed up some sort. Of digital marketing budget. So how do you see this benefiting. Us and whether the budget should shift. To performance marketing players like us or. We should see some sort of increasing competitive intensity from the global players.
Kapil Bhutani
So this equalization change is universal for all players in the market whether they are on performance marketing or non performance marketing. So it doesn’t create any additional leverage. It’s an equalized for every participant in the market. Right. But yes, this gives us a certain amount of savings to deploy in our growth activities.
Samarth Patel
Okay, understood. That’s it from my side.
operator
Thank you. The next question is from the line of Lokesh Manik from Vallam Capital. Please proceed.
Lokesh Manik
Yeah, good morning Anuj at Kapil. My question was on optics AI, if you can give a sense of more on the qualitative side rather than quantitative, what would be the penetration of this new technology in our current campaigns in this quarter? Just to gauge you know, how the new products or technologies that we are introducing and how they are scaling. And just a suggestion, if you could include that in the forthcoming presentations as well. I understand for competitive reasons you can’t quantify it, but just to gauge maybe on a percentage term 5%, 10%, what is the integration with the current campaign?
Anuj Khanna Sohum
Thanks for that question. In my discourse earlier I did mention that we have already integrated it as part of our consumer platform stack and that we have qualitatively already rolled it out to some premium customers. We also have shared a case study of one of our customers. Out of the three case studies, one of them is an optics AI focused one where we are showcasing how you’re able to create ad assets on the fly based on the different deals, the different offers or different products or pricing that the Customers are offering on the fly, creating those digital assets.
And we also have another case study where we’re talking about the vernacular impact, where we are able to create dynamic vernacular with content, keywords and more around it. So Optics AI is fully integrated from a tech stack perspective. Of course it is going to go through ongoing enhancements and capabilities and so on, but as it stands today, it is fully integrated in our core platform. Depending upon campaigns and customers, it will be deployed and used through our platform in most cases automatically and in some cases selectively. So I think it’s a step at a time.
It’s a matter of rolling it out globally within our teams, making customers more aware. And so it’s already been used in many, many campaigns, but it’s not being so faked. So to the customer that hey, this is Optics AI that has done this or that for you, right? I mean it’s only part of the core engine and the core platform. And so I would say it’s 100% integrated. And in terms of rollout to customers, I think we are seeing impact of it already on a qualitative basis and we have shared the case studies. Should we quantify what percentage has been rolled out? I think it’s kind of, this is not something that we are pushing or tracking, but we would expect it to be 100% adopted across all campaigns within the course of, let’s say this year or beyond.
So I don’t think that it needs a specific tracker. We should be very confident that it is necessary in every campaign, in every campaign you want to achieve hyper confidence experiences for the consumers. And if you can achieve it through our technology, there’s no reason to limit it. And the advertiser in this case is not going to have a discussion to say I want Optics here or not. It is an Apple inherent internal, deeply integrated platform capability that must be part of our convergence driven platform. So it’s not something that you should be concerned about in terms of adoption tracking.
It’s not a case of that. Oh whether the customers will accept the upsell or not, it is going to be part of everything that we do and it will enhance our capabilities first and foremost for the consumer, giving better experiences, driving higher conversions hopefully and enhancing our competitive mode. So this is going to happen and it is already happening in the first quarter itself.
Lokesh Manik
Great, great, that was very detailed. Thank you so much. Amuj My second question was just a clarification. This creators that you create with Optics AI or the content that you create the IP remains for the content with Apple or is it with the advertiser? How does it.
Anuj Khanna Sohum
We are fundamentally enhancing, we are fundamentally enhancing the content and the creatives. Now of course we don’t pass those arguments or creatives back to the advertiser to say, hey, go and run it anywhere else but the content and the creative is very specific to an advertiser to be running on our platform. It’s not like they will say that, okay, I’ve made this ad unit or this asset that has been made by Apple for their campaign conversions. Now they will say give me that asset, you know, I will go and run it on somewhere else as well.
One could get into that. But I think at the moment this is not how it works. Now is it going to be called that this is it belonging to us and obviously not. I mean the tech stack, the tech, it belongs to us, right? But the creative effect is the product of the advertiser that we are enhancing. So it is a shared commercial understanding. But we have made this for driving conversions in our platform and so therefore to that extent it should be used only on our platform. So it does enhance our competitive mode. But I wouldn’t go to the extent of saying that it’s become our IP on the content and the creative side.
Lokesh Manik
Thank you so much Anuj for that. Thank you.
operator
Thank you. Before we proceed with the next participant, I would like to request the next participant to please limit your question to one per participant. The next question is from the line of Ogar from SRI Investments. Please proceed.
Unidentified Participant
As you have already alluded to your acquisition strategy that there is no hurry. But one thing is for sure that your return on equity is taking a hit because of all this. I mean, what do you have to say on that?
Anuj Khanna Sohum
My short term answer is that we should do the right thing at the right time, at the right price and we should not take any pressure. And if some metric is getting impacted for a short period of time, we will be sensitive to it, but still do the right thing at the right time. So I mean we are alert to it and like I said that we are actively working, we are always actively working on the.
Unidentified Participant
Just to follow up on that, as you have said that. So for decade you are targeting around 10x growth. So I mean organically it is possible to grow 20% for say next 4, 5 years and on top of that you add 5, 6% kind of inorganic growth to the overall thing. So in order to go 10x in 10 years you need to do 25, 26% overall growth. So but I mean in the long Term, say in that, that means in 10 years is it possible to do organic growth of 20% and on top of that the inorganic growth you are mentioning. So collectively around 25% growth for 10 years.
Anuj Khanna Sohum
So let’s put it this way, that if we do any acquisition, which we certainly will, and we have shown that in our practice code over the last many years, that we do acquisitions and we, and I’m telling you today that we are actively working, actively doing due diligence on Minis. And essentially I’m telling you also about the timing of mtv. We wait for the right moment to do the acquisition. What is the criteria for the acquisition? One, the company that we acquire should be able to keep space out. We will only acquire a company that we believe that we will be able to get to at least 20% EBITDA and we can grow it from where we meet it, about 20% year on year on the top line.
So this 2020 rule has to be absolutely sacrosanct. And therefore the acquisition strategy, when seen or modeled, together with our organic growth of 20%, which I believe would sustain beyond the three to five years that most of us are talking about. The math of it is that let’s say in the next five to 10 years, how many acquisitions would we do? Let’s say at least one every two years. And if we do one acquisition every two years, based on this criteria and modeling, I believe that the 10x would happen faster. So if you look at the last five years track record of the company, we did achieve 10x growth in five years or so, five years old, that we achieved 10x growth.
I am now saying, okay, let’s put a 10 year plan for 10x growth and let’s be a bit more conservative given that we are bigger versus who we were before. But even relative to the market size, we are still quite small. So I am pretty confident about our 10x growth plan. And it is anchored on organic growth of 20% being sustained and incremental inorganic additions which will add step changes to where we are. But those step changes should also sustain at 20% continued growth. And therefore we need to be selective about what we buy. The last thing we want is to buy something that adds some inorganic number to us, but it doesn’t deliver long term growth going forward.
So I think it’s super important that we do the right inorganic acquisition and not be under undue pressure for, let’s say, ROE and metrics at. So I think what’s right for the business needs to be done and you need to be taking comfort in the fact that we are actively working on this. It’s not like we are sitting comfortably and saying okay let the cash is in the bank and we are anyways growing at 20% so what’s the rest? That is not our DNA. We are actively aggressively in the market. Also if you look at ad tech overall, globally, who is today a qualified buyer in adtech to buy any other competitor.
I think Apple is one of the only ones which has very little debt, has significant amount of cash, has a track record of doing acquisition, is openly stating that I will do acquisition. Our criteria of acquisitions also clearly stated. So anybody who wants to sell their company in ad tech today knows that they have to knock at Apple’s door. Whether it’s an investment banker in Japan or in US or whatever. Any company that is appointing anybody to say I’m selling, they’re all knocking at Apple’s door. So you know, we have a strong case to be the first guy to pick what we acquire and we are watching carefully and we will do the right thing at the right time. I want to give you that confidence as well as if I may say, assurance.
Unidentified Participant
Okay, thanks for the detailed answer. Just one clarification I needed. How much is the cash on the book currently?
operator
I would request you to go back in the queue.
Unidentified Participant
I don’t want any answer, just number. Sir, thank you.
Anuj Khanna Sohum
I think it’s a matter of fact.
Kapil Bhutani
Please refer to the early presentation.
Unidentified Participant
Sure. Thank you.
operator
Thank you. The next question is from the line of Sanjay Ladha from Bastion Research. I would request you to please limit your question to one per participant.
Sanjay Ladha
Hi sir, thank you for the opportunity. And congratulations on a good set of numbers. My question would be on since we are digital advertisement, are we moving ahead. From mobile to other digital platform or. We want to remain at a mobile advertising advertisement company. So the other platform would be, you know, we already spoken about in the past for the TV kind of thing for tv, desktop or any other platform. Are we moving to this direction?
Anuj Khanna Sohum
We are calling ourselves consistently as a consumer platform. And yes, the label of ad tech or digital or mobile is now. Why is mobile such a dominant part of our discourse? It is because the consumer platform that we have and the consumers, people like you and me are so disproportionately on our mobile phone. You would be surprised to know that, I mean 90% of my time on digital devices on the mobile phone and maybe 10, 20% on connected TV at this moment. But this will change and the dynamics might change now wherever the consumer’s attention and eyeball is Apple as a consumer platform stack will necessarily incorporate that.
So if you look at our discourse as we are a connected devices platform, including ctv, including wearable devices, as everybody ends up having smart watches or other variables or even embedded technologies on our consumers, I think Apple will need to address all of those. So we are a connected devices platform and in that sense digital, but we are mobile first and very anchored on the mobile device because the consumers are anchored on that. And if tomorrow all of us decide that we won’t use mobile devices, we’ll use something else. Apple will absolutely, as a consumer platform focus on those devices or those kind of experiences.
So we will follow the consumer trend and for the last two decades the single most important device has been the mobile and I would say for next five years it will continue to be that way and the connected TV is becoming an important device. The wearable devices trend is also on the uptick. So we are a connected devices platform, deeply anchored on mobile and connected TV at this moment and future ready, future approved with all our innovations are taking a broader sense for what other devices might come going forward.
Sanjay Ladha
Thank you so much sir.
operator
Thank you. Due to time constraints we take that as the last question. And now I would like to hand the conference over to the management for closing comments.
Anuj Khanna Sohum
Thank you very much for a very engaging discussion on our news call today and for your belief and continued support to Apple 3 I we are looking forward to, you know, on the 8th of August we complete six years of being a listed company and with that we would have reported to you over 24/4 of public listed company results and consistently showing a track record of sustained momentum towards growth, not just in numbers but in terms of intellectual property capabilities, future readiness of our platforms and so on. We remain very resilient and exceptionally hardworking to deal with any scenarios going forward. We are looking forward to achieving 10x growth in this decade and please stay tuned and look forward to having you all at the next call as well. Thank you.
operator
On behalf of Ilara Securities India Private Limited that concludes this conference. Thank you for joining us and you may now disconnect your line.