Matrimony.Com Ltd (MATRIMONY) Q2 FY22 Earnings Concall Transcript

Matrimony.Com Limited (NSE:MATRIMONY) Q2 FY22 Earnings Concall dated Nov. 11, 2021

Corporate Participants:

Murugavel Janakiraman — Managing Director

Sushanth Pai — Chief Financial Officer

Analysts:

Vivekanand Subbaraman — Ambit Capital — Analyst

Akash Kapadia — Anived PMS — Analyst

Mohit Motwani — HDFC Securities — Analyst

Prateek Kumar — Antique Stock Broking — Analyst

Nilesh Shah — Envision Capital — Analyst

Kush Goswami — InCred AMC — Analyst

Shubh Joshi — Pile of Wealth — Analyst

Nikhil Chaudhary — Chris Portfolio — Analyst

Abhimanyu Olla — GrowthX Capital — Analyst

Nilesh Jethani — BOI AXA Mutual Fund — Analyst

Swapna Kamat — Narotam Sekhsaria Family Office — Analyst

Presentation:

Operator

Ladies and gentlemen, good good day and welcome to Matrimony.com Limited Q2 FY22 Results Conference Call hosted by Ambit Capital.

[Operator Instructions]

I now hand the conference over to Mr. Vivekanand Subbaraman from Ambit Capital. Thank you, and over to you.

Vivekanand Subbaraman — Ambit Capital — Analyst

Thank you. Good evening, everyone. I hope everyone is safe and healthy. And on behalf of Ambit Capital, I welcome the management of Matrimony represented by Mr. Murugavel Janakiraman, Chairman and Managing Director and Mr. Sushanth Pai, Chief Financial Officer. I hand over the call to Mr. Muruga and Sushanth for their opening remarks and then we shall move to the Q&A.

Murugavel Janakiraman — Managing Director

Thank you Vivekanand and good evening everyone. Hope all of you are continuing to stay safe and healthy. I’m very happy to report yet another good quarter for Matrimony with an all-round performance, and delivering five consecutive quarters of double-digit year-on-year growth. With a footprint in Bangladesh and a new vernacular app in Tamil called Jodii in matchmaking and also the integration of ShaadiSaga into wedding services businesses, we are opening new frontier for our growth. These new initiatives combined with other ongoing improvement will help us to have a better quarter 4. This initiative also demonstrate our focus towards executing our strategic priorities efficiently and accelerate growth. In quarter 2, on a consolidated basis, we have achieved a billing of INR106.8 crores, a growth of 1.6% quarter over quarter and 10.5% year-on-year. The revenue was at INR110 crores, a growth of 4.3% quarter-over-quarter and 17.9% year-on-year.

For matchmaking, the key highlights are as follows. In quarter 2, billing was at INR106.1 crores, a growth of 1.3% quarter-over-quarter and growth of 10.3% year-on-year. Revenue at INR109.2 crores, a growth of 4.1 percentage quarter-over-quarter and 17.8% year-on-year. We added 2.2 lakhs paid subscriptions during the quarter, a growth of 4.4% year-on-year. The average transaction value for the matchmaking business was flat quarter-over-quarter, but increased 5.7% year-on-year. We continued to track the impact we create for our customers. We’re happy to state we have created 28,000 plus success stories in quarter 2.

Now coming to the marriage services business, on September 15, we completed the acquisition of Boatman Tech Private Limited, promoter sub-brand ShaadiSaga. We are now working on integration to enable the brands to become a Number 1 in wedding services brand in India. Revenue for the quarter was INR0.8 crore, a growth of 41.2% quarter-over-quarter and 35.1% year-on-year. The loss in the quarter was INR1.5 crore as against rupees INR2.1 crores in quarter one. Since the consolidation was only for 15 days in this quarter, ShaadiSaga contribution was significant in the last quarter.

On the billing and revenue outlook for quarter 3. Matchmaking billing, touch-and-go of double-digit year-on-year growth due to some bit of seasonality, but however we expect a double-digit year-on-year growth on revenue. Wedding service expect to grow triple-digit year-on-year, but on a smaller basis and due to ShaadiSaga consolidation effort taking, facing a cut for the full quarter. Loss will increase from quarter 2 levels due to ShaadiSaga integration.

Now, let me pass it to Sushanth to comment on the key profitability highlights. Sushanth over to you.

Sushanth Pai — Chief Financial Officer

Thanks Muruga. Our EBITDA margin for the matchmaking business in Q2 has improved strongly to 29% from 27.7% in quarter 1 and 23.7% a year ago. Marketing expenses are at INR39.9 crores as compared to INR37.3 crores in quarter one. Excluding marketing expenses, our margins in matchmaking are at 66% quarter — 66% in quarter 2 as compared to 63% in quarter 1 and 60% a year ago. On a consolidated basis, our EBITDA margins in quarter 2 are at 24% as compared to 21.6% in quarter 1 and 18.8% a year ago. On an absolute basis, EBITDA has grown by 15.5% quarter-on-quarter and 48.5% [Phonetic] year-on-year. Tax rate is at 24.5% for the quarter. PAT, profit after tax, excluding Astro which is our associate company is at INR16.8 crores, a growth of 19% quarter-on-quarter and 59.3% year-on-year. Share of loss from Astro is INR19.9 lakhs. Our operating cash generation for the quarter has been robust at INR21.6 crores and our cash balance is at INR304 crores. ROCE is at 28%. On the outlook for quarter 3 margins, we expect EBITDA and PAT to grow double-digit on a year-on-year basis, but expect it to decline on a quarter-on-quarter basis, due to seasonality, newer expansion and increase in marriage services losses due to ShaadiSaga integration.

I would like to end with the customary safe harbor statement. Certain statement during this call could be forward-looking statements on our business. These involve number of risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. We do not undertake to update any such forward-looking statements that may be made from time-to-time by or on behalf of the company unless it is required by law. Over to you Vivek for Q&A.

Questions and Answers:

Operator

Thank you very much sir. Ladies and gentlemen, we will now begin the question-and-answer session.

[Operator Instructions]

First question is from the line of Akash Kapadia from Anived PMS. Please go ahead.

Akash Kapadia — Anived PMS — Analyst

Yeah, thanks for taking my question. This is Prakash here, Prakash Kapadia. I had two questions. As we are seeing vaccination and unlock happening across the country, how do we look at some of the opex cost in the second half of the year? Obviously ad spend with revenue growth has come down as a percentage of sales. Can you give some color on the other operating costs? And secondly, if you could highlight some of the productivity measures, where are we in the journey on the employee? What kind of targets have we set in terms of revenue per employee or profit per employee? And one directional question. In India, the matchmaking — online matchmaking market is at such a nascent stage. So you know, what’s the intention of scaling that outside India as of now?

Murugavel Janakiraman — Managing Director

Okay, thank you. Let me respond to the questions. One is on the operational cost. The opex cost for us are primarily that — the office infrastructure and some of the running cost. And since that the country has kind of opened up and associates started coming to office, so as far as rental and the employee cost concerned, whether people are working from home or also that’s continuing, given the [Indecipherable] that started getting from a good quarter 2 onwards. Because we started functioning because we are a at second wave of COVID in the upper May, June but Q2, it’s more or less, we can assume that the costs are now almost back to normal. Maybe, some increase may happen in the Q3 but overall it’s going to be marginal because we have been operating sort of more a full-fledged basis from quarter 2 except others who will continue to work from home. So we don’t see that not becoming the full-fledge from the quarter that may happen for the next quarter, because that however those numbers are very marginal. So in terms of opex cost, maybe only slight increase can happen on account of people coming back to office. However, we expect some cost going up on account we migrating to cloud, Amazon Cloud, that is some cost may increase in quarter 3 but again, we expect some full fledge cost happening from quarter 4 onwards. On account of ongoing operations the impact will be only marginal in this quarter. When it comes to the productivity per employee. Again, we don’t know the specific employee target. However, because there are various the calling segment, because we don’t consider — it’s not that tele call or relationship manager on working on a single segment. Various segment we have various benchmark. We continue to drive those benchmarking productivity. To just give an example, we have a fresh renewal customers in the first time payment as well as renewals. We have various benchmarking for these segments and we continue to try those benchmarks, is more on the conversion side rather than absolute number because we continue to also look at increasing the ARPU also. So far us internally that we continue to look at the way to deliver productivity in terms of conversions moving down. And in terms of the growth plans beyond India, definitely we are looking at the outside of India as a growth opportunity. We have Bangladeshi Matrimony which we started the operations. So we have the team and everything in place, we have not commenced a full-fledged operation on account of some other payment gateway integration those things are happening. We expect the full-fledged operation to start probably maybe some time maybe next month. With respect to other countries, we feel Sri Lanka as an opportunity. We are working on the setting of operations there. Beyond Sri Lank and Bangladesh, we are also looking at MuslimMatch. We have muslimmatch.com, the matchmaking service for the global Muslims and that has been, which is we are trying to grow that training as well. So we continue to look for opportunity beyond India, both on matrimony space and some niche segment which I told you, which we are looking at those opportunity as well. So we are not only looking at India. We are also looking at outside of India both on the matchmaking space as well as in the matrimony space.

Akash Kapadia — Anived PMS — Analyst

Right. And you know if you could just give some color on any change in consumer behavior because you know COVID was one-off kind of an event. So are we seeing more traction, is it now easier for conversion, is it more difficult now things are mobile and people are moving out? Any major change at a consumer level in the Southern market?

Murugavel Janakiraman — Managing Director

We have not seen any significantly. And however during the COVID time, we saw an increase of number of people signing up, just sort of become sort of Top 10 because when people are at home and people who are otherwise focused on the professional career at least know their desire and to kind of to get married. We saw the spike is registration. Don’t think those will come to a regular level. So I think we see that up.

Akash Kapadia — Anived PMS — Analyst

Thank you. That is helpful. Thank you all the best.

Murugavel Janakiraman — Managing Director

Thank you. Yeah.

Operator

Thank you very much. Next question is from the line of Mohit Motwani from HDFC Securities, please go ahead.

Mohit Motwani — HDFC Securities — Analyst

Hello. Hi, thanks for the opportunity. I have two questions, one is on the employee expenses, which have come down from our INr34 crores in the first quarter to about INR31 crores. So what is the reason for this decline? That is my first question. And second question is on the page subscription profile. So they have remained almost a flattish compared to the last quarter and we are doing about INR40 crores of advertising expenses. We are running at an annualized run rate of about INR150 crores to INR160 crores and that has been the target. So do you see that you will be planning to increase this advertising expenses in order to chase growth or the focus will be, always on profitability other than growth. So just wanted to know your thoughts on that. Thank you.

Murugavel Janakiraman — Managing Director

With respect to employee cost, yes, it has come down in quarter 2, but however we expect that employee cost to start moving up from quarter 3 and Q2 because of some reduction on the people side some efficiency and some reduction has happened. However, that we expect that to change from quarter 3 onwards. With respect to marketing cost, marketing costs we continued to move up, while you are almost INR40 crores, would continue to move up, because one thing that we are opening a new growth frontier as well as also the competition intensity is continuing remain at. However, the growth will be only marginal, particle level slightly more up. We are not seeing any substantial increase in marketing costs. The marketing cost is not going to come down, maybe a slight increase in marketing costs may happen on a quarter-to-quarter basis.

Sushanth Pai — Chief Financial Officer

Mohit, this is Sushanth here. Just like to add on the people cost. One more, addition that will happen next quarter is on due to ShaadiSaga. In the quarter 2, we only had 15 days of consolidation, in quarter 3, you will have the full quarter. So therefore, people cost will increase because of that as well.

Mohit Motwani — HDFC Securities — Analyst

Got it. Thank you so much.

Operator

Thank you. Next question is from the line of Prateek Kumar from Antique Stock Broking. Please go ahead.

Prateek Kumar — Antique Stock Broking — Analyst

Thanks for the opportunity. Sir on my first question is on your billing or I mean I think your partly answered in pair question but billing and subscription numbers, or paid subscription, all of these numbers seems to be very flattish in past four quarters, while it was a big jump paired to that or relatively good jump paired to that. They seems to be flattening in past few quarters. And that is showing up in deferred revenues also probably softening while your revenue growth is there. So how should we look at it, another step jump from here, it’s something which will happen or it will be a helpful — I mean as you also already mentioned that billing growth in 3Q might be touch-and-go double digit because the base will catch up, but what happens after like, now we are at INR105 crores kind of billing quarterly. So what is the growth outlook there?

Murugavel Janakiraman — Managing Director

Typically the way we see that, so quarter 4 normally the best quarter that sets the trend for the entire year. So what are we seeing on the quarter 4, we try to more or less because after that the Q2 there is some bit of seasonality, Q3 also festival, other things, impact the business. Once again, so basically, we set a new benchmark on quarter 4 and try to maintain that — the number more or less are tied to, grow the number on a quarter-over-quarter basis. So with a big jump up on a quarter-over-quarter basis. But between quarter 3 and quarter 4, definitely see that in a move to the next level. So we see that in the quarter four, we moved from on the — I think that from, we see the jump that happens. We expect the similar kind of growth happening from — on a — from Q3 to Q4. However we continue to maintain year-on-year double-digit basis, again based on October number you are talking about, it may be a touch-and-go double-digit growth but post Diwali we see that the increase in number happening. So [Indecipherable] on October, we had some bit of seasonality and IPL and other thing had some kind of impact. But however, I still hope that it will be able to have that double-digit, but however revenue set will have the double-digit growth on the matrimony. So basically this business about Q4 will have the better benchmark and try to maintain that number or try to grow that number for the rest of the quarters. But still, you look at on year-on-year basis there is double-digit growth. For the last five quarters, we had a year-on-year double-digit growth, which is our only 10-plus-percentage except Q1 where we had obviously — it’s one of the quarters we had a good growth, because the last Q1 was the COVID quarter. Basically we’re working on various initiatives, taking steps to grow from the 10 plus percentage to a 15% or 20%. So we have initiated a lot of the new things, we talk on the Bangladesh, our launch of vernacular app, wedding services. So at enterprise level, the plan is to move to from 10 plus percentage to [Indecipherable] even this quarter also the enterprise level Q3 double digit growth on the billing accelerated revenue. Yes, we are looking at various initiatives taking us from the 10 plus percentage or 11% growth into a 15% on the billing side as the immediate priority which we are working on. Hope that it happens if not at a Q3 level, probably Q4. So basically, some of the initiatives would take time to yield. So a definitive answer to question, Q4 is a benchmark, try to emulate that number or tied to grow the number margin for the rest of the quarter, once again set the new benchmark in Q4. That’s [Indecipherable].

Prateek Kumar — Antique Stock Broking — Analyst

And is there something which we should learn like over as the COVID situation seems to normalize, how is the competition — competitive activity in terms of marketing spend? Has it increased or is it remaining at same level or going down? Because the expenses — all corporates are doing higher expenses now?

Murugavel Janakiraman — Managing Director

In terms of competitor, the marketing spend is committed to remain high. However, what we see is that, definitely we are able to widen the gap between us and the competitors. That we definitely see that happen. If you look at absolute basis on the revenue side, we look at in the quarter on quarter basis we are able widen that gaps. So overall as a leader, we are not able to do the growth because as a large player, if you we are able to grow, we are able to widen the gap between the players. So it’s not that instead of increasing competitors spend and all, it is not that the competitors are able to grow much better and all. So, in fact we are having a higher base growing pattern. So that means as a company, we’re able to execute well, able to strategize and able to prioritize everything. So basically we are widening the gap on absolute basis. So, but again however, the competitive intensity that remained high and its spending is continuing. So we don’t know how long this is going to continue. As you’ve seen that what we are focusing on — focusing on our strategic priorities, we’re focusing on launching initiatives, we’re focusing on driving our growth. So when we continue to widen the gap and kind of hopefully in the future, probably that you know when the competitor realize that they are fighting a losing battle probably that may change in operating.

Prateek Kumar — Antique Stock Broking — Analyst

And sir, just the last question. You said the normalization of employee expense in ShaadiSaga led employees can still hit Q3. So this will take our given crore spends to more than took 1Q number of INR34 crores or should come back to that number?

Murugavel Janakiraman — Managing Director

The employee cost we’re talking about — employee cost won’t be level I think to INR34 crore and all and so, it could definitely move up from compared to Q2 levels. So maybe adding some INR1.5 crores. Sushanth, you want to comment on that?

Sushanth Pai — Chief Financial Officer

Yeah. It will be higher than Q2 levels.

Murugavel Janakiraman — Managing Director

Yeah, definitely higher than Q2 levels.

Sushanth Pai — Chief Financial Officer

Maybe close to couple of crores higher than Q2.

Prateek Kumar — Antique Stock Broking — Analyst

Okay. We will see it not cross 1Q level of cost [Technical Issues]

Murugavel Janakiraman — Managing Director

Sorry, you are not audible. Can you repeat what you were saying please?

Prateek Kumar — Antique Stock Broking — Analyst

I was just saying, so still inside of integration of the other company, you will still not cross 1Q level of employee cost in Q3.

Murugavel Janakiraman — Managing Director

You’re talking about quarter one is it?

Prateek Kumar — Antique Stock Broking — Analyst

So Q3, costs will still remain lower with Q1? Because Q1 cost were quite high.

Murugavel Janakiraman — Managing Director

Yeah, cost will be — I think more or less will be at similar level as Q1. And because Q2 has taken a hit and we expect probably the cost will move back to close Q1 level.

Sushanth Pai — Chief Financial Officer

So, Q1 was — the employee benefit was at a consolidated level was INR33.7 crores or INR33.8 crores, right?

Prateek Kumar — Antique Stock Broking — Analyst

Yeah.

Sushanth Pai — Chief Financial Officer

So it will not exceed that level.

Prateek Kumar — Antique Stock Broking — Analyst

Sure sir. That’s it from my side. Thank you.

Operator

Thank you. Next question is from the line of Nilesh Shah from Envision Capital. Please go ahead.

Nilesh Shah — Envision Capital — Analyst

Yeah hi Muruga. I just wanted to — I was curious as to why the vernacular app that we have launched, we are calling it Jodii and it’s not like matrimony or something like that? Any specific reason for a very separate and a distinct brand?

Murugavel Janakiraman — Managing Director

Matrimony by and large known for people looking for life partner. And again, it’s pretty much targeting the people who are certain level of socioeconomic status, are the people who are by and large degree holders, people who can able to use the app in English language. So don’t have matrimony — people know the matrimony today, they are not able to use the matrimony side for the obvious reason that it pushes in towards the segment of the population. We believe that we thought it’s our new name, because we are targeting a completely different segment and complete different audience base. We don’t want people to see as a matrimony service. So that’s the reason — one of the reasons we could give it. And also we have thought the name stock name, so you can able to call the name Jodii which is sort of, I mean we thought we could be able to connect well with that segment of the population what they are looking or targeting. So basically, the primary reason is we don’t want the people to see yet another matrimony because there are you know kind of the players and so that’s the reason.

Nilesh Shah — Envision Capital — Analyst

Fair enough. And is this — will this app itself become a pan-India thing in the sense I probably, I don’t know if I have understood correctly but this currently restricted to the Tamil language. Will this essentially kind of become a pan-India vernacular app?

Murugavel Janakiraman — Managing Director

Nilesh, yes. Currently it’s at a very early stage, it’s just 20 days since we launched. So it’s too early to comment. Yes. We launched in the one market just to give some kind of understanding and the insights and to figure out how this entire segment behaves, whether it’s kind of progress as per our plan. While there is an opportunity, actually in nascent state. However if we’re able to get our strategy right, we are able to get play right, yes, launching in other languages, it will happen. So at this point of time, the focus to get the strategy and execution right in one market before we venture to other. In the future, will you take it to other languages if it works well, yes. That’s easy thing to do.

Nilesh Shah — Envision Capital — Analyst

Okay. Could you share some perspective on the competitive scenario in Bangladesh? Are there other players who are already there, what’s the nature of the market? How competitive it is, and things of that kind?

Murugavel Janakiraman — Managing Director

It’s completely virgin market and so we don’t — we just started the operation recently, but in terms of the metrics and other things we are Number 1 player. So we are not launching any TV campaign yet. Operating out of India, we are able to reach certain second scale in terms of number of people coming into the platform on a daily basis. However, we are not able to maximize or not able to drive the revenue because in the absence of payment gateway. Since we set up operations, we have the local payment gateway. We believe that we are able to kind of come out better. That’s now the payment in place with the TV campaign and other things we are able to grow that market. As just a market, probably 10 years behind, like how India was 10 years ago, that’s how it is. So no competition — serious competition and so we believe that we have good opportunities pent up. However, again, it’s very, very early stage. So, but as far as the competition is concerned, no any serious competition which we need to worry about and all. I think we are Number 1 player. So we are very small at this point of time. We hope we are able to maximize or capitalize on the opportunities being the player with the good reach, the local operations. The market is, as I said probably in our view probably 10 years behind compared to India.

Nilesh Shah — Envision Capital — Analyst

And last year on ShaadiSaga, now that we’ve done the acquisition and we started the integration process, what is essentially the outlook on ShaadiSaga in the sense that any key milestones that we intend to achieve in terms of number of listings and probably today we are in select cities, how soon do we want to kind of spread to other cities and things of that kind, if you can share in terms of what’s the outlook there on ShaadiSaga?

Murugavel Janakiraman — Managing Director

Yeah, thanks. Basically with the ShaadiSaga integration, we will become a pan-India Number 1 player. We have a strong reach in South India in terms of number of listing. ShaadiSaga has a very good reach in terms of number of listings in the North and West. But combining both entities, we have a — on a PAN India basis, we are Number 1 in the listings wise because in a two-sided marketplace listings are very important because they also build a good platform. So what I’m looking at achieving one of the listing side will be the largest player both on WeddingBazaar.com as well as Mandap.com and that’s the first thing. And also the other thing is about increasing number of people because we are a subscription-based business model. Increase the number of people signing up for our paid subscription because some of the categories ShaadiSaga has a good penetration, the things seems like a photography, makeup artists. On the other hand, WeddingBazaar has a good reach in some other categories like on the jewellers and some other categories. So basically there is a strong synergy between North and South under different categories. Plus, some of the things, ShaadiSaga has done a great job in terms of the insights they are selling and all. Basically what you’re looking at as a key metrics listing is one thing and driving that — the free to the paid subscription that there is more to come for subscription package, and third is about the delivering the value for the vendors because it’s important that the vendors who are signing up getting the number of leads. So for us, the number of leads listings and also revenue. These are the three things we are looking at. And again, we will be a strong number one in both the categories. So we are definitely quite excited. As I said, starting this quarter we expect wedding services to combine both entities and move on a triple-digit basis. So on that basis, again we expect not only for this quarter, but for the years to come we expect on a year-on-year basis, we can grow at triple-digit because it’s a large opportunity with the company, we definitely are getting some important leadership bandwidth and we could, we believe that could able to drive the business well without losing too much our money. I think that’s important thing.

Nilesh Shah — Envision Capital — Analyst

I mean, I assume that given that the opportunity is larger, the revenues for us at matrimony from married services which is ShaadiSaga would be a lot higher at some point of time in future versus the matchmaking services. Is that a fair assumption to make? And if so, how long would it take for married services to basically become as big as the matchmaking side in terms of revenues?

Murugavel Janakiraman — Managing Director

We don’t see because the matchmaking we had INR400 crores plus. So it’s going to touch INR500 crore plus of revenue on the matchmaking. So wedding services for us the immediate milestone probably next couple of years reaching INR100 crore. That’s the number we are looking at. So that’s the immediate goal and our previous goal. So hope we can achieve probably sooner than that. However when that wedding service can become as large as — whether it can go to INR500 crore like matchmaking, so I don’t know, maybe it take — maybe it’s probably a little longer, but again lets first get to the milestone of INR100 crore and probably we’ll have a better clarity of when we reach at that kind of number. But opportunity as you said it’s definitely humongous but for us the critical milestone is reaching INR100 crore and then we can work on the next phase of growth strategies or opportunities there.

Nilesh Shah — Envision Capital — Analyst

Fair enough. Thank you and good luck.

Murugavel Janakiraman — Managing Director

Yes, thank you.

Operator

Thank you. Next question is from the line of Kush Goswami from InCred AMC. Please go ahead.

Kush Goswami — InCred AMC — Analyst

Hello sir, thank you for the opportunity. I just wanted to understand how is the competitive intensity in the lot. Are the players getting more aggressive post the second lockdown or we are seeing some signs of receding?

Murugavel Janakiraman — Managing Director

No, it’s a remaining at similar levels. It’s not either going higher or not going down and all, remained at similar level as it was earlier. But still remained at — spend wise, it’s still kind of big fight.

Kush Goswami — InCred AMC — Analyst

So do you foresee new features they can come down or they would stay animated as well?

Murugavel Janakiraman — Managing Director

It’s very difficult to say how competitors will kind of behave. I think that, as I said, we continue to focus on our growth strategic growth initiatives. So I don’t know long going we are going to continue. But however, we continue to invest and grow our business. Difficult to say what will be a competitor moreover will they do the marketing spend, but at this point of time, yes, marketing spend at higher level, it’s much more than what is really required, I would say that amount.

Kush Goswami — InCred AMC — Analyst

So if the competition, if the intensity stays elevated or in previous are we willing to spend more than INR150 crores of advertising?

Murugavel Janakiraman — Managing Director

So beyond a point, the need is that is there, an opportunity to invest and grow, we will continue to invest. Like some of the market. Yes, Northern market or investment trends move up. In second quarter on quarter we have must begin the marketing growing the business. So if there is a need to invest, yes, we can invest because we are the only profit making company. Look at the matchmaking. If we look at our excluding marketing our gross margin on matchmaking in Q2, were operating at almost 16% [Phonetic] gross margin and including marketing matchmaking almost reached 29%. So you still have the equipment to invest if you want to. So I mean we are trying to balance between, to invest meaningfully, manage the competition and grow the business. But, yeah initiatives as well. So we continue to invest to growth the business. Would there be a further increase in marketing spend, the competitor is up and what is the reaction. See beyond a point it doesn’t make us to invest too much of money. They are just only kind of putting money for the sake of putting in all. We are trying to balance between managing at a certain level and invest where it will be good and the manager growth. So we are trying to balance and all these aspects. Just for the sake of putting another one to domain.

Kush Goswami — InCred AMC — Analyst

And in terms of sales, how much investment you’re going to be Bangladesh venture?

Murugavel Janakiraman — Managing Director

No it’s going to be only a gradual thing. So it won’t be significantly impact. Yes, there’ll be some kind of investment, but again that’s very stage, it won’t be substantial at this time.

Kush Goswami — InCred AMC — Analyst

And in terms of wedding services, how are we seeing things now that we are seeing the revenue growth picking up as well and loss is also coming down. So what is — any particular milestones that you would like to highlight other than the INR100 crore you just pointed out?

Murugavel Janakiraman — Managing Director

Yeah. INR100 crore we want to achieve in a few years, but at this point of time we expect the starting this quarter will give growth company both entities. So again this quarter, the cost will move up on account of the integration that’s happening and will probably a better thing on Q4, what is that in outlook on the kind of — this quarter, the revenue up double-digit but loss will increase. So yeah, probably can, couple of crores of revenue on a quarterly basis. That’s what we see but again, still, it’s a very small, we need to accep the growth. We have the better thing because integration happening by — next call will have better clarity on growth prospects for wedding services. But however as we said, we will have double-digit growth for the quarters to come. We see that definitely at the visibility for the years to come. What kind of percentage are the things and all, once the integration is done we will have better clarity on that.

Kush Goswami — InCred AMC — Analyst

Sure. Thank you.

Operator

Next question is from the line of Vivekanand Subbaraman from Ambit Capital. Please go ahead.

Vivekanand Subbaraman — Ambit Capital — Analyst

So the question I had was basically the strategy that we had pivoted to the strategy of customizing our pricing to drive the volume of transactions and therefore that was resulting in demand elasticity. We saw this for the last four, five quarters. So was there any change in the current quarter that resulted in transactions not growing so sharply in the current quarter. I mean I also see that the ATV has gone up in the current quarter after many quarters of decline. Any thoughts on that? And how should one look at this, the billing growth in the online matchmaking segment. Thank you.

Murugavel Janakiraman — Managing Director

Thanks Vivekanand. The volume grew by 4% plus year-on-year. So it’s not a double-digit basis. However, we look at that the ARPU from because at 4,400 grew to 4,700. But again, we look at compared to Q1 the ARPU at similar level. So what we are in one hand we are trying to grow the volume, at the same time you also think that ARPU also can be driven. So we are trying to balance between the volume growth as well as on the ARPU growth. So that’s what I think we are trying to do and so that’s why you know you know we are kind of mix of both ARPU growth, as well as on the volume growth. So we are kind of trying to do this and we sort of expect it’ll be a mix of volume growth and ARPU growth. However, probably the bit of Q4 when we probably will have a kind of which side is the better side in terms of the volume, I think going forward the ARPU reach certain level we expect the volume, because if you look at it from year last year was 4,300, it moved to 4,700 levels for last couple of quarters. We want to maintain at this level. Then from this level we are trying to kind of continue to grow the volume also. So because last year has taken a hit on the ARPU. If you look at it, earlier it was INR5,000 ARPU to come down INR4,300 level. We want to slightly move the ARPU as well. So basically the strategy is to drive both.

Vivekanand Subbaraman — Ambit Capital — Analyst

Okay and Muruga is it possible to give us some color on your ARPU would be for the various markets. Is it at a very significant discount in the competitive Northern market versus your pricing in the South and how have the trends moved in the last six, nine months in these key markets.

Murugavel Janakiraman — Managing Director

So definitely the ARPU wise Vivekanand it definitely the South is definitely much higher than compared to Northen market. We know that North is one of the highly competitive market. So and there’s a lot of discount taking place at market. We also try to play accordingly. So ARPU wise yes, definitely varies from market to market. We play to our strength in some other market and try to compete in some other market. So that’s way the ARPU kind of playing out. But again, within the segment we still try to see maximized the ARPU because the segment of the customer which try to do that in across the market. However I believe South is a very strong market, ARPU is definitely much higher.

Vivekanand Subbaraman — Ambit Capital — Analyst

Okay. And my last question is with respect to some of the premium services that you have to have much higher ARPU levels. Is that seeing traction now that economic activity and the unlocking is now underway, because if I remember correctly, some quarters ago, you had mentioned that assisted services, it can matchmaking services were impacted because of the lack of travel or travel restrictions due to COVID?

Murugavel Janakiraman — Managing Director

Yes Vivekanand, we see that personal services started to move up and started to grow well.

Vivekanand Subbaraman — Ambit Capital — Analyst

Thanks a lot and all the best.

Operator

Thank you. Next question is from the line of Shubh Joshi from Pile of Wealth. Please go ahead.

Shubh Joshi — Pile of Wealth — Analyst

Hello good evening. So, sir. Actually, sir. My question is, so what kind of competition we are getting for the North Indian and what are the edges we are doing for, to again to getting and because northern part is very competitive and we have very large part in India.

Murugavel Janakiraman — Managing Director

See north is the only market where we are not strong number one. We are definitely kind of — we are one of the leaders not a strong leader as the rest of the market. And so we have various things continue to improve our marketing spend and the continued launch of new offerings. So sometime this year, we launched Rajasthani Matrimony, we launched Bihari Matrimony, we’re looking at penetrating market-wise. We continue to execute our strategies, continue to execute our plan. However, the market in terms of, we have two players in the market and then Shaadi and Jeevansathi. So it’s going to be a little longer to for us to kind of become a strong player because we, the other two players and both are investing a lot in a market. But as I said, we are continuing to increase our marketing spend, continue to launch our strategies — continue execute our strategy to kind of further improve thing. We’ve been sort of growing but still we have kind of a couple of years to go out, maybe longer also to further increase our market share to become a strong player or strong number one in that market. On this part, definitely we are behind.

Shubh Joshi — Pile of Wealth — Analyst

And the second question is, sir. So ours — what our expenses will be, that will be much more inferior or it will be segment or it will be consolidated, our marketing expenses?

Murugavel Janakiraman — Managing Director

See, in the marketing spend, you know what you’re sharing is the consider marketing expenses. However, with the marketing spend on a quarterly basis it continue going to grow and on a quarter-over-quarter slightly. It depends on how the other things are going to work out, but at this point of time, the marketing spend will be around INR40 crore plus level, that may continue to increase on a quarter-on-quarter basis. So yes, the marketing as a consolidated basis.

Shubh Joshi — Pile of Wealth — Analyst

Okay. And the third question is. So, actually we had started a marriage services and can you tell me what type of margins we are getting in the under penetration and yet, we are doing on the marriage services? So it’s a like of, it’s a like of B2B services. So we are hiring — so the vendors are coming in our platforms and they are selling their products. It’s kind of this or it’s like IndiaMART kind of?

Murugavel Janakiraman — Managing Director

Yeah it’s like IndiaMART. Like it’s a subscription business model. We have various types of vendor from photographer, makeup artist, and the jeweler, apparel and animal service provide. We have various packages that based on the different categories. So it’s not one single price for the vendor because the makeup artist they won’t pay the that revenue per customer is much lower compared to the caterer the revenue per customer they make a lot of money, so depends on the cities, depends on the category, we have different subscription models. We have within that there are multiple packages. So it’s likes of IndiaMART thing. So, yet, that our customers are paying money, but really what you get is mainly from the subscription that vendors in the services, things like. The thing is that we have to increase the number of vendors paying for it. So with the acquisition you believe that, I will be able to increase the number of overall listing, also able to increase that number of leads which you could able to deliver for the paid vendors. So we believe that growth thing will get better on wedding services. The business model is effective business model.

Shubh Joshi — Pile of Wealth — Analyst

And sir what kind of margins we are expected from the services?

Murugavel Janakiraman — Managing Director

So margins, you know it’s very still because, the list going to be in a loss-making business because and still in a very, very nascent because when the business detail set a critical benchmark or milestone, then it will start growing being profitable. In the business today to an INR100 crore level, definitely profitable. When we reach the INR300 crore it’s margin can be 30% 40% because subscription business model is that unlike matchmaking, look at your matchmaking instead of being it customer don’t say beyond one year. Now matchmaking business at the scale, we’re able to operate at the 60% gross margin. And with that, almost 30% on the including in the market, which is instead of don’t have a repeated customer. The advantage of subscription business model is that once you get a certain scale and velocity you’re going to continue that existing customers paying for the subscription and the subscription revenue also and they are better ARPU also because it keep increasing that revenue per customer by adding more services or keep increasing the price also. So you have the customers able to deliver value. We can have their lifelong customers also. So the scale and level, the margin can be much higher because that’s one of the reason that today the subscription business SaaS business model based company and they are doing much better because they have the long tenure with the customer. To help the wedding service want to reach the scale and size, margin can vary around 30%, 40% can have very high margin, but at this point of time, it’s a very, very nascent trait. I do not what level will become profitable. For them taking benchmark on two core level, it can become profitable. I think we, that also, but they want to stop at that level of order because I want to continue to invest, because not investing kind of there’s so much investment can happen in tis category. So first and foremost you want se ta of critical milestone in term of listing and set up revenue and ensure that it’s going the right direction. Then we are able to show that it is growing and kind of scaling up then they want us again, the wedding services growth and get to that initial milestone off INR100 crore in the next couple of years and then you look at how to take it further from that. So basically, to answer the question, the gross margin can be very high, kind off the scale. At INR500 crore level, the margin can be 40%, 50%.

Shubh Joshi — Pile of Wealth — Analyst

So in the last question, actually we are opening our matrimony offices. So these offices only on the Tier 1 city or it will be on Tier 2 Tier 3 city or metropolis city or so, we are opening on the all over the India?

Murugavel Janakiraman — Managing Director

No, it’s, we call it as Tier 1 and Tier 2 cities. And I think [Indecipherable] opened the couple of out there one in Chennai and one in Pune recently. So if they are not in Tier 1 cities and probably the Tier 2 cities. We are not big a retailer that too many outlet get opened up, but where we see the opportunity we may open some more outlets.

Shubh Joshi — Pile of Wealth — Analyst

Okay, thank you, sir. All the best for the future book.

Operator

Thank you. Next question is from the line of Nikhil Chaudhary from Chris Portfolio. Please go ahead.

Nikhil Chaudhary — Chris Portfolio — Analyst

Yeah, hi, thank you for the opportunity. Sir. My question was with respect to the ShaadiSaga platform. I was actually in the platform and I wanted to understand what would be our strategy on strengthening the platform because I happen to come across other players like the say WedMeGood, Weddingpls or SaatVachan who also provide similar type of aggregator, the platform where vendors are listed. So do we have some strategy where we have say for example, a famous photographer who has exclusive tie up with ShaadiSaga or say for example, we have some premium services because I happen to come across one startup who is providing a photo distribution service through facial recognition where you just put your selfie and wherever you were there in the entire wedding, your photo gets all the photos come do your mobile through that just one selfie. So just wanted to understand what type of differentiation strategy we are trying to implement so that we become the go to platform where we are having the services that probably customer is actually seeking. Or else it would be another case of competitive platform where we are just competing for the market share.

Murugavel Janakiraman — Managing Director

See there’s a couple of things. One is that any two sided marketplace. So whoever has a larger number of in terms of net traffic, whether people are coming for the services and also whoever has the large number select themes. So both are very, very important because any B2B up, that’s why the strength the B2B depend on these two things. So the advantage of Matrimony.com is that compared to other players, while they can have that similar kind of business model, and they can even try to work on the listings. The stint of Matrimon.com is the richness of the numbers what they or the millions of member what they have. So today, Matrimony.com has millions of members. So when the people find as a life partner just can be integrated effectively wedding services, we could able to generate the leads which is difficult for other players because for them kind of the cost of listing is okay, they may able to get it out but cost of acquiring customer, it’s a quite challenging. For us we already have the customer, it’s more like forward integration. How effective we are able to integrate, we have done the integration that were able to generate good number and it’s coming from the existing customer. So advantage of the Matrimony.com is the millions of member looking for life partners they already with, if don’t find a life partner we will come to know because the person deletes a profile, we know that so and so getting married. If you are able to effectively integrate, without the cost of acquiring customer is almost negligent. Yes we may continue to spend money on some, digit or other things will be required, but however majority things come from the internal matchmaking database. To that extent we have compared to other place. Obviously PAN India operations, set up are difficult for other players. However, platform wise yes. They may kind of have the similar kind of platform but again, we continue to work on what kind of differentiation other can have. While as the WeddingBazaar we have Mandap.com. Mapdap.com in a way that is very unique and we don’t see any competitors in the space that we are India’s largest discovery platform continues to strengthen. So, with the leadership team in place, we believe this segment can continue to find traction and continue to kind of grow both on the listing side as well as on the leads and all. So difficult for other players to do because of the single platform. Will stand out any competition but we see the current outlook it’s, we don’t see any anybody can come close to a wedding service.

Nikhil Chaudhary — Chris Portfolio — Analyst

Understood. And sir, like probably once again. So why don’t we probably look for some premium services which the other players are not having, say for example, just like I mentioned, the photo distribution company that I happen to come across, there are few players in the market. Why don’t we look to acquire, because they are very small and probably we acquire them at an early stage and try to get their services are integrated with the ShaadiSaga. And I guess the utility of these services are very high, because I happen to see them in wedding where people are using their — uploading their selfie and getting the images directly like wherever they went into a wedding, they were getting the images. They need not actually go through folder or gallery and something like that.

Murugavel Janakiraman — Managing Director

Yeah. I Understand. We will continue to look for opportunities, which can strengthen our core offerings. Big industrial vision and we bought ShaadiSaga. We kind of look for opportunity. Anything that kind of we help our customers help our offering we will continue to — we’ll look into those opportunities.

Nikhil Chaudhary — Chris Portfolio — Analyst

Got it. That’s it from my side. Sir. Thank you.

Operator

Thank you, ladies and gentlemen.

[Operator Instructions]

Next question is from the line of Abhimanyu olla from GrowthX Capital. Please go ahead.

Abhimanyu Olla — GrowthX Capital — Analyst

Hi, am I audible?

Murugavel Janakiraman — Managing Director

Yes, you are audible.

Abhimanyu Olla — GrowthX Capital — Analyst

My first question was actually, can you sort of give a ratio as to how much you aim to grow with respect to your advertising cost. So if I look at your advertising cost this quarter, it grew about 7% but the billings have only grown by 4%. And secondly, do you track as to what amount of growth is organic?

Murugavel Janakiraman — Managing Director

Again, it’s vary from quarter to quarter but gradually there will be some increase in marketing. So some quarter it maybe to Q1, the market will sort of — compared to the plan we have set up reduce it because there is an outlook side. However marketing on a spend basis is continuing to grow. So in terms of, so that’s why we think that the market is pent-up. Sorry, I just kind of lost the second question. Apologies.

Abhimanyu Olla — GrowthX Capital — Analyst

What percentage of this growth would be organic?

Murugavel Janakiraman — Managing Director

Got it, okay. See the thing is that I think the spend for Matrimony.com is that, so almost majority of profile acquisitions are organic. Because the brands what they build over a period of time. So a good percentage of the — like over 80% of profile acquisitions are organic for us. So, but however we need to continue to invest behind the marketing because of the, one thing being a cultural intent category because while the market has been may not be at this level, if not further, complicate activity. So yes, the good percentage of profiles are organic. So today when you are probably around less than 20% of profiles come through other means, I would say, digital or other things. But majority of the profile acquisitions are instead directly to the brand.

Abhimanyu Olla — GrowthX Capital — Analyst

Okay. And what exactly is your primary for these international acquisitions? Are you trying to grab basically or South Indian in other country?

Murugavel Janakiraman — Managing Director

Yes. That has been always there. Because today the NRIs whether South Indians or Indians across the world, they use our matrimony services, yet always been part of our growth. So we are with the expansion other countries, we are looking at targeting other nationalities. But targeting Indians across the world, will continue to target and definitely NRI — good segment of revenue coming from the NRI. But however, at overall level, India is a big opportunity compared to the NRI.

Abhimanyu Olla — GrowthX Capital — Analyst

Okay, thank you.

Operator

Thank you. Next question is from the line of Nilesh Jethani from BOI AXA Mutual Fund. Please go ahead.

Nilesh Jethani — BOI AXA Mutual Fund — Analyst

Hi, sir. Thanks for the opportunity. So my first question was on the engagement side on the ShaadiSaga.com, so I wanted to understand, so what are we doing it to basically with the prospective same photographer, how will he come to know whether we are a integrated part now, we would be able to that more number of leads. So what are we doing on the ground level to basically educate the prospective vendors and as well as drive the number of vendor. So I believe there are around 40,000 vendors on ShaadiSaga. So how are we planning to grow that number?

Murugavel Janakiraman — Managing Director

So basically we are working on integration Nilesh and once the integration, the right point of Tamil communicate educate the vendors we make it as integrated platform. And that’s the approach we are taking. So when are able to — once we integrate we will become the single largest player in the wedding services space. Yes, we are looking at a series or communication that will happen over a period. And the way it will communicate, either through email or other from the communication calling out and communicating all this enough.

Nilesh Jethani — BOI AXA Mutual Fund — Analyst

That is but how are you planning to actually engage with them? So one is email. So at the time to open some offices at local level, adding staff. So what is your thought process over there?

Murugavel Janakiraman — Managing Director

Now we have to office and all in terms of the reach of the customer, because you know the feet on street the sales team to go on there are now coming through to customer plus also call and communicate there are little communication. I think that’s easier thing to do because there we can send it to SMS or Whatsapp or Gmail, there are multiple forms of communications are possible. So the thing about — the communicating is the easiest path again which teams are working on integration at right stage we’ll communicate to customers, make it is integrated platform. We don’t see that is the problem. We are looking at how do we integrate the platforms to enhance value for customers that I again able to, we should once to integrate we will able to demonstrate the customer seeing the enhanced value because two platforms coming together with the 10th of Matrimony.com. We will be able to deliver better value for the people who have taken their paid subscriptions. The thing is that we need to look at accelerating the number of the free vendors into a paid vendor. That requires, we are looking on to — we are looking at both the feet on street and also the tele calling. So looking at the leveraging both the sales channel to increase the number of people to go for the paid subscription.

Nilesh Jethani — BOI AXA Mutual Fund — Analyst

Okay. Let me ask in this way say FY ’21 ShaadiSaga did around INR2.1 crores topline. So we are envisaging to reach a revenue of around INR100 crores in next couple of years from the marriage services business. So what are the typical low hanging fruits you think are available for that kind of INR100 crores revenue in next couple of years.

Murugavel Janakiraman — Managing Director

It’s simple. We have to convert the free vendors into paid vendor across the categories, be it the photographer, makeup artist, jeweler, apparels. And so opportunity when to — if we look at ARPU is varying from the different category from 10,000 to 50,000 also. So it’s simple thing about increase the number of customers and increase ARPU. Even if we reach…

Nilesh Jethani — BOI AXA Mutual Fund — Analyst

For 40,000, how much would be paid?

Murugavel Janakiraman — Managing Director

I know exact number of ShaadiSaga but again it’s combining, again not reach only 40,000 I think about while there have been listings that there our goal is to combine entity will probably become probably 50,000 or 60,000 plus listings. I don’t know because once the integration — we don’t see much duplicate because our listings are fairly in south or west and east. And however, it’s not about the combine entity becoming 50,000 or 60,000 listing, we continue to work on increasing the number of listing as well. Because Tamil Nadu has the one market alone call it another 20,000 plus listings. Because the wedding category has a large vendors. So the thing is we are going to work on both the things, one the increase the number of the vendors into the platform. At the same time, accelerate the number of free vendors into paid vendors, both as to happen to parallel.

Nilesh Jethani — BOI AXA Mutual Fund — Analyst

Got it. And one last clarification. So you said if that business reaches a revenue of around INR500 crores, the margins could be easily 30% to 40% and what could be a typical margin if the business reaches INR100 crore revenue?

Murugavel Janakiraman — Managing Director

Again, it’s too early for us to say that. So INR100 crore level it can be profitable and what percentage — I’m not in a position to say at this point of time.

Nilesh Jethani — BOI AXA Mutual Fund — Analyst

Thank you so much for answering my questions. Those were my questions.

Operator

Thank you. Next question is from the line of Swapna Kamat from Narotam Sekhsaria Family Office. Please go ahead.

Swapna Kamat — Narotam Sekhsaria Family Office — Analyst

Yeah, hello. Sir, good evening. My question is on our paid subscriptions are seeing a nice trend of growth over the last four — around six quarters and though our average transaction value I can see has gone down. And again in first half, again it started spiking up and we have reported nice growth in H1. So I wanted to understand that clearly, it seems that our strategy a discounting in regions like North etc. is enabling us to gain the market share. So what is your strategy going ahead in terms of this growth in paid subscription. Should we see this trend of the average transaction value growth going ahead sustaining and the full year numbers looking into nice double-digit growth over this year and the couple, I mean going ahead. How do we see this?

Murugavel Janakiraman — Managing Director

I think that’s the strategy Swapna. And we are looking at drive both ATV as well as the paid transaction. We expect ATV to kind of remain at this level or further to move up, because once we see that personal services operating at higher ARPU also moving up. So possibly the ARPU may also go up from this level also because these two operate on INR5,000 ARPU and so basically a strategy about discount value is not required some segments of market. At the same time try to maximize that ARPU in sub-segments. So basically, the combination of driving ARPU and at the same time drive volume is what we are working on it. With respect to the growth, yes, we over the last five quarter saw double-digit growth. We expect the trend to continue. The various strategies and steps what we are taking at a enterprise level, definitely are moved to the double-digit growth. Now we are working at taking the matchmaking to sort of new initiative. Hopefully, the plan is to take it to sort of 15% growth and hope that happens soon.

Swapna Kamat — Narotam Sekhsaria Family Office — Analyst

Okay. And sir, our paid subscriptions, is my understanding correct that the double-digit growth is also because of this COVID that I mean the adoption of the Internet and the matchmaking services has improved, and that has also helped us in terms of achieving this or is it more related to our discounting strategy, which has helped us capture that market share? Is that trend more accelerating now and we should see it more sustainable going ahead in terms of the adoption of this, is where we can see the numbers move meaningfully more sustainable going ahead in terms of the paid subscription conversion related to your listings on the portal?

Murugavel Janakiraman — Managing Director

I think that trend wise, we continue to see the double-digit growth and we are looking at the steps and initiatives, what we’re taking. The plan is to kind of move from the 10% plus growth to whether it can move go much higher growth. So that is the — that is what we are working on. So as far as the COVID, during the COVID period we saw the spike but that’s not a sustainable level because we know the people who otherwise would have come at a regular trend, people are when they reach a certain threshold would have come and registered on matrimony platform and that acceleration happen because of the pre-work otherwise delayed basically in the platform. So now we see that it has become more like a regular trend. So I think today, one of the growth happening on account of the motor regular level of the profile depreciation. So we expect become sort of normalized to grow certain pace. So how are combination of the initiatives, what we are taking plus target and other thing, discounting not only thing. Discounting some segment is one of the plans and all but however we are doing a lot on the product side, lot on the business side. The combination of all these factors helping us to grow and we expect the growth should further move up. So the think it’s about enterprise, yes move to now with the combination magic wedding sales, move to 10% plus growth but hope that with all the things kind of start yielding results in the coming quarter, we can hopefully move to a growth level better than the kind of growth what we have been having.

Swapna Kamat — Narotam Sekhsaria Family Office — Analyst

Okay. Thanks a lot.

Operator

As there are no further questions, I now hand the conference over to Mr. Janakiraman for closing comments. Over to you, sir.

Murugavel Janakiraman — Managing Director

Thank you very much Vivekanand. We work and thank you everyone for participating in the conference call and asking questions and thanks for your interest in matrimony.com. I look forward to staying in touch, however if any question anything feel free to reach out to me or our CFO Sushanth Pai.

Sushanth Pai — Chief Financial Officer

Thanks Vivekanand. Thanks Zair. Thank you all for joining and stay safe.

Operator

[Operator Closing Remarks]