Tanla Platforms Limited (NSE: TANLA) Q2 2025 Earnings Call dated Oct. 18, 2024
Corporate Participants:
Ritu Mehta — Head, Investor Relations
Uday Kumar Reddy — Founder Chairman & CEO
Deepak Goyal — Chief Business Officer and ED
Abhishek Jain — Chief Financial Officer
Analysts:
Amit Chandra — Analyst
Unidentified Participant
Balaji Subramanian — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Tanla Platforms Limited Q2 FY’25 investor conference call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Ms. Ritu Mehta. Thank you and over to you ma’am.
Ritu Mehta — Head, Investor Relations
Good evening and welcome to our Q2 earnings call. Joining us with today are Uday Reddy, Founder, Chairman and Chief Executive Officer; Deepak Goyal, Executive Director and Chief Business Officer; and Abhishek Jain, CFO. Uday will share his perspectives on business imperatives and strategic progress made. After his opening remarks, we will be happy to engage with participants and address their questions.
Before we start the call, let me draw your attention to the fact that today’s discussion may feature statements that are forward looking in nature. All statements other than the statements of historical fact would be deemed forward looking in nature. Such statements are inherently subject to risks and uncertainties, some of which cannot be quantified or predicted. A detailed disclosure in this regard is mentioned in the results presentation that is uploaded on our website. Audio recording and transcript will be available. I now hand it over to Uday for his opening remarks.
Uday Kumar Reddy — Founder Chairman & CEO
Okay, thank you, Ritu. Hi everyone, good evening. I’m sure you had a chance to review our investor presentation and my details later. Our revenue for this quarter stood at INR1,001 crores and Q2 saw a flat revenue, mainly due to slowdown in international business. We are witnessing several structural shifts shaping the CPaaS market. Digital interactions in India are surging, largely driven by the public dis-infrastructure. While SMS remains relevant in this price tends to market, OTT channels are becoming increasingly dominant. WhatsApp has reduced the price of utility messaging from INR0.30 to INR0.12, merely matching the cost of domestic SMS. This price parity is making OTT channels a more attractive cost-effective options for enterprises.
As we move forward, we expect OTT channels to become the preferred medium customers interactions. While certain market segments remain subdued, we have successfully adopted to these changes and captured additional revenue market share aligned with our strategic focus for FY ’25, we have strengthened our presence in OTT, particularly by leading category in RTX. Revenue from OTT channels have risen from approximately 10% to 20% in Q2 FY ’25, with the OTC revenue exceeding INR200 crores for the quarter. We remain Google’s largest global RTS flat partner and have been named Meta Growth Partners of the year for the second consecutive year.
In our platform business, we consistently focus on solving business challenges with a strong emphasis on greenfield innovations. In response to TRL’s mandate, we were the first in the industry to launch CGA whitelisting on our TRUBLOQ platform. To the date, we have whitelisted 1.7 lakh URL’s representing 98% of all URL’s across telcore [Phonetic] DLP platforms in India. So this is milestone. Wisely ATP is also gaining a momentum, especially within the — with a growing regulatory emphasis on user protection from [Indecipherable]. We recently signed another agreement with one of the largest banks which is nothing but Axis Bank for this solution.
Moving to enterprise communication, the domestic SMS market continues to grow while the price can still remain high. We have outperformed in terms of volume growth. The ILD volumes have — have contracted but have recently stabilized. This quarter we added nearly 89 new logos contributing to seven ports to our revenue with 35% of this being on new channels. With the global expansion as a focus, we have prioritized select international markets and we are laying the groundwork for the data penetration of our Wisely and our Mac platforms to expand our digital platforms and OTT channels offerings.
The fundamental — sorry, the foundational work done in Q2 has positioned us to accelerate growth through OTT and digital platforms innovations and I’m pretty excited for what is ahead. Finally, I would like to take this opportunity to welcome [Indecipherable], the executive team of new net London Business School to our panel board. Let us move into Q and A. The management team and I are happy to answer any questions. Ritu, let’s open — open it up.
Ritu Mehta — Head, Investor Relations
Sagar, please start the Q&A.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Amit Chandra from HDFC securities. Please go ahead.
Amit Chandra
Yeah, thanks for the opportunity, sir. My first question is on the WhatsApp revenue. So obviously we had seen good momentum there in WhatsApp, it has reached a run rate of INR200 crores. But if I see the sequential growth, it has been flat sequentially. Obviously, you mentioned that it was because of the WhatsApp pricing cut. But if you can elaborate on what was the pricing impact, because in my calculation the pricing impact was for two months and it was only for the utility messages, which roughly 40% of the volume so the roughly impact would be around 20% from pricing. So is it the volume growth was 20%. And how do you see the volume growth panning out? Maybe with the pricing being similar to WhatsApp of SMS are we seeing a shift? Maybe a more cannibalization can happen of the domestic messaging volumes of WhatsApp channel. So how do you see it more from a [Indecipherable].
Operator
Abhishek Jain
Hi. Hi. Thanks. Thanks for the question. I am Abhishek here. You know, just taking a step back, right WhatsApp group, almost 100%. We’re close to INR100 crores or probably less than that, or INR15 crores. A couple of quarters back or six quarters back right. We have come over to INR150 crores per quarter now. So that has been a [Indecipherable] growth journey right. We do acknowledge that this quarter was definitely soft due to pricing change. And if you see this, pricing has come by one third, it has been almost half by one third. We saw significant volume growth and from a Chinese [Phonetic] perspective, we are seeing a good use case day by day WhatsApp. And hence, you know, we are very, very bullish from a WhatsApp perspective. From a volume perspective. Broadly, you’re right, I did not follow exact volume growth, but broadly we are directionally on the right side. I can only say we continue to scale up adoption of various devices and we continue to be very, very bullish as WhatsApp as one of the OTT.
Amit Chandra
Okay, so I know we also mentioned that the domestic messaging or the NLD volume growth has been 8% to 10%. And the earlier commentary was that the ILD volumes have mostly stabilized, but again, we are seeing some kind of drop there. So is there any change that has happened which is considering the drop in ILD messages. And we earlier used to give the contribution of the ILD to the revenue if what the contribution has been, because earlier it was 25% of enterprise. What is the number of ILD, if you can get that? And how we see the overall, because the volumes are increasing, but the X is changing and the ILD is going down. So the overall impact is not — we are not seeing the growth for the last four or five quarters. So how do we see the overall, the growth scenario over the next three quarters?
Uday Kumar Reddy
Sure. So I’ll take it up and maybe I’ll request Deepak to add after I finish. So you’re right. You know what we called out earlier, ILD composition was nearly 25%. It has strict little bit lower than that, but not way off, but it would be definitely lower than 25% than what we have disclosed, primarily two shifts we have seen right where we have seen ILD use case towards migration towards OTT as an alternative channel and maybe one or two interest sites would have you know contacted with telcos GDP [Phonetic] right. But having said that what we have seen is that you know in Q1 we saw May, June or primary May mid and June was the quarter where we saw a sharp drop [Indecipherable].
As we called out in the letter — in direct letter from last one, two months we see a volume on our starting side or flattish. So we hope that we should not see a big diference [Phonetic] from here. As we just seen even earlier just to call out that you know while the ILD, SMS and the channels could be dropping we are trying to see an alternate source to WhatsApp where we continue to gain the market share, right. So I would believe that we should have seen worst from an ILD and international perspective over. But yes we cant see unless it is done. But I don’t expect a significant downside from here as I speak. From an energy perspective, the volume continues to grow, we have seen how UPI volumes have grown up. So from the NLP perspective we continue to see a volume growth from the market perspective and we have [Indecipherable] market share there. Deepak if you want something on it.
Deepak Goyal
Yeah Abhishek, so I agree with you as far as ILD is concerned. You already stated but you know in terms of overall growth, what we are seeing is we have a large chunk of existing customer — enterprise customers. We are present and almost 70%, 80% of the customer where the CPaaS business is getting originated. And currently what we are doing is we are penetrating with RCS and WhatsApp and Truecaller to these customers and you would see in going forward basis that our wallet share is getting increased at these customers which is going to give which is definitely a very big growth lever for us. We are going to focus on that.
Also your earlier question was if WhatsApp is cannibalizing SMS volumes, yes there would be some sort of cannibalization but that is good for overall, good for the industry I would say because you know lot more new use cases are getting opened up with WhatsApp and RCS and Truecaller. So while there could be some you know sort of cannibalization but there’ll be a good amount of growth would be coming in overall volumes because customers are clearly seeing ROI through these channels and our focus is, you know is on an omnichannel experience to the customer and that is really, you know you would see in the coming quarters, you know it is, you know where you would see a lot of growth coming in.
Amit Chandra
Are there — in the platform segment obviously X of the Vi deal, the growth is there about 16 17% of ROI. But you know, in terms of the journey that we earlier alluded, in terms of reaching a INR100 crores, kind of [Indecipherable] in newer products. So obviously we have won some deals on the ATP side. But what’s the thought process there? Are we on track or like we need some more innovation there?
And also in terms of the intangibles, also there is some sharp increase in the intangibles in the balance sheet. So if you can also elude that this is largely related to some like newer products getting into the monetization stage.
Abhishek Jain
So Amit. Hi, Abhishek, here. So you’re right. I think the vision continues to be the same. We are very very positive on platforms and a couple of platforms that we are already caching is HP that we have YT map which is on RTS side. The CPaaS [Phonetic], which is our home growth platform has been doing very well. Coming back to ATP, we had signed one last contract earlier in quarter one and we signed another one in quarter two. And with the focus that we see from try and doc [Phonetic] to protect users both from spamming scams only elevate us in terms of where we stand. One of the large telcos also launched recently an anti-spam solution which has also raised awareness which would depend from there on we see even more larger extraction from the banks on it.
So it certifies us in terms of our early on production and gain towards ATP that we have seen where we not just need to find the scam but also the scammer. But yes, the price discovery and the contracting process is little bit longer. But our vision to take the platform to INR100 crores, which we have called earlier remains intact.
Rather, you know, once we see a success and couple of customers have a good customer success story here, we would like to take it to international as well. But it’s too early to comment on that side. So that was on the platform.
Second on intangible, you’re right. Since a couple of platforms have been under development, under progress, few we have called out is very difficult to call out at this stage. And that’s why you see some increase there. We do expect some capitalization to happen in next one or two quarters. Some of the products that we have, you know, where we progress is already converted to POC are in an implementing stage. So that’s where we are.
Deepak Goyal
But Amit, let me add a couple of points. Amit, let me add a couple of points on ATP. Okay, sorry. See, we were the first one to recognize the problem statement in India, okay. Back in probably 2022, okay. We are the only one who has recommended this problem statement. Secondly, we not only recommend the problem statement, we also came up with a solution okay, right. And which we, and we have deployed this platform with VA and we demonstrated this impact with all the regulators and watch tags in India, okay. And people are very apprehensive about using A and ML models they’re not very clear, the [Indecipherable] not clear. But with the launch of Airtel, Gopal has launched the platform mainly on the voice a couple of weeks ago and it has really gone very well. So what we really trying to say is since now Airtel has come out with this platform, it will help us address the issues. One, the problem is big, so that Airtel is the first one to identify that and acknowledge it by launching the solution. And they are using the AI&ML model, so they got approval from the regulators. So, you know, so with this, with this background, we should able to accelerate our GGM [Phonetic] on ATP.
Amit Chandra
Okay, sir, thank you and all the best.
Uday Kumar Reddy
Thank you. Thanks Amit.
Operator
Thank you. The next question is from the line of Balaji from IIFL. Please go ahead. Balaji, your line is unmuted. Please proceed with your question.
Uday Kumar Reddy
Let’s move ahead.
Operator
We’ll move on to the next question. Yes, the next question is from the line of Deepak Chokhani [Phonetic] from [Indecipherable]. Please go ahead.
Unidentified Participant
Hello, sir. I’ve got two questions. Out of the first — out of the enterprise and platform segment. Which segment do you think will drive the growth more or which sector is you, in your view, for the next one or two years going to give bulk of the growth?
And second question is, when do you think the [Indecipherable], thanks.
Uday Kumar Reddy
So there’s a couple of things like — so I think both the platforms and enterprises are going, and in fact, platforms to certain extent is going on the back of enterprise business, okay. Whenever we see the, for example, I do couple of examples where whenever the SMS volumes go up, okay, the TRUBLOQ is the first beneficiary of this one. So they have to go hand in hand. And as of today, business is very, very large and relatively, the platform business will be smaller. So it’s difficult to say. But both are those engines, they’re not going at the cost of other flight. They have to hand in hand. So we have, our focus is to go on both engines. There’s no broad boat.
That’s number one. Number two is [Indecipherable] and we have an agreement to go up to March 2025, where we want to settle with outgoing promoter Vishal bhai. So we reached the end of March.
So yeah, just to add on that, I think the question was when the VF global will be integrated. So I think we are still awaiting regulatory approvals. As soon as the regulatory approvals are in place, we should be able to integrate. And we are in constant touch with Authorities, clarifying all the doubts owner is clarifying all the doubts that they have. It’s more of a, you know, simple name change and so forth. As soon as we get it, it should be indicated. We hope, you know, we hope to get that done this quarter. But, you know, it’s sometimes without, you know, it’s very difficult to give a straight hand.
Unidentified Participant
Got it. Thank you so much.
Uday Kumar Reddy
Thank you.
Operator
Thank you. Next question is from Balaji from IIFL. Please go ahead, sir. Balaji sir, your line is unmuted. Please proceed with your question. Sir, is your line muted from your side, Balaji sir?
Balaji Subramanian
No, it is not. It is not.
Operator
Okay. Please go ahead, sir.
Balaji Subramanian
Am I audible?
Operator
Yes, sir, you are audible.
Uday Kumar Reddy
Balaji we can hear you. Please go ahead.
Balaji Subramanian
So, thanks for taking my question. I had a couple of questions. So first is on the CTA whitelisting through TRUBLOQ that you have mentioned. So what is the revenue model here? I mean, is it one time in nature and, you know, is it fair to expect any meaningful revenue from this?
The second is also related to the statement that you made on 98% of the all whitelisted URL, you know, being — having been processed through your TRUBLOQ platform. So this would be again, you know, how is this well above the 63% market share that you have in TRUBLOQ? Is it because it will be for, — you will be doing it for different enterprises and the 63% is just the share from a telco perspective. So I was just trying to get some color on that.
Uday Kumar Reddy
So Balaji, it’s a very good question. Like, okay, let me first answer on CTA registration and the monetization model, okay. When the regulation came and we already have one month time to roll off and it came in all newspapers and then all the enterprises have reached out to us and we quickly innovated it and we launched with all typos. So that’s a big achievement right now. Right? So our top priority was to enable our customers, our enterprise.
So that’s number one. Number two is, yes, sometimes what happens is that, you know, some enterprises are. So this platform is used by, I mean, this platform is deployed with most of the telcos and sometimes what happens is not installed on — each and every enterprise is using our platform to push their SMS. But when it comes to this kind of challenge, it’s like they kind of reach out to us. We always help them to register the CBS whether they are our customers or not it doesn’t really matter to us. How it matters, but they want to reach out to us, Deepak and others, the team they always help them to register and help them to comply with the regulations. That’s all. That’s what we did it in 2019 and we’re not too long.
Again, this is how we did it. Even the CTA registration, so effectively, more than 98% of the CTA which are registered as of today, also registered on our platform. It shows us limited to help our customers to comply with regulations. When it comes to monetization, we were not given a lot of time to think on those lines and we have yet monetized as of today, but we can’t roll out in the future. But right now we are not monetized. And when we, it’s difficult to quantify, like, you know, whether, whether it is really important for us to roll out, etc., etc. but at the end of the day, with this CPA registration bit, Deepak is the right person to comment on that line. Probably we might have one more [Indecipherable]. So, Deepak, who you want to add here?
Deepak Goyal
Yeah, yeah Uday. So Balaji, how it works is that it actually, established our leadership position over here, that we were the first one whenever and we’re on the right side of the regulatory, there’s a regulatory, the TRI came up with this guideline. No one was ready. We were the first ones to roll it out. And to ensure that, you must have seen a lot of news articles were coming in the newspaper, that the whole SMS would get disrupted and stuff like that. But nothing of that sort has happened. That is primarily because we were able to roll out before anyone else and able to provide a kind of confidence to our customers that you are in the right hands. So that actually helps us to ensure that our customers are sticking with us and they are, in the future, they would give us a larger wallet share. Right, so this is what our CTA white listing solution has done so far.
Balaji Subramanian
Okay, got it. Thanks a lot and all the best.
Uday Kumar Reddy
Thank you.
Operator
Thank you. The next question is from the line of Yash Mehta from Art venture [Phonetic]. Please go ahead. Yes sir, please go ahead.
Uday Kumar Reddy
Yes, please.
Unidentified Participant
So, just two questions I wanted to ask that we have — we have registered a growth rate of 4% in the first half of this year. So will we be able to surpass this growth rate in the next two quarters. And will there be a better margin improvement in the next two quarters?
Uday Kumar Reddy
It is better we would like to stay away from making forward looking statements like, let’s hope our best. Let’s hope for that.
Unidentified Participant
Okay. All right. Thank you.
Operator
Thank you. The next question is from the line of Rama, who’s an individual investor. Please go ahead.
Unidentified Participant
Yeah. Thank you. In digital platforms, what is the revenue we booked in quarter two from Vi. And will there be any revenue again booked from VI in quarter three, or can we expect the similar growth of 15% to 20% in digital platforms in Q3?
Uday Kumar Reddy
So, Mr. Brahma [Phonetic]. Hi Abhishek here. Are you referring to the Vil fireball deal? Yes. The business which we had with Vi and which we have winded up to what extent these included already in Q2? So the last revenue that we had was Q4 four last year. There was small number in Q4. In Q1, Q2, both, we have zero revenue from the [Indecipherable]. So we don’t see any headwind because of that going forward.
Unidentified Participant
Okay. Okay. So, because I’ve seen somewhere the statement given as it is normalized to 16%, wherein it actually grew by 7.7%.
Uday Kumar Reddy
So that was the reference for year earlier. Last year, quarter two, we had 20 million, close to INR20 crores close to as part of our top line and margin. That is not there in current quarter. So if I normalize for that, we would have grown 15%.
Unidentified Participant
Okay. Okay. So can we expect the lineup growth of about 16% to 20% in digital platforms in Q3 also, or — my other question was with the Axis Bank, which we closed the deal. Will there be any revenue recorded in Q2 or will it be reflecting in Q3?
Uday Kumar Reddy
So on the first question, it’s difficult to comment. As they said, we will avoid giving a forward looking statement. Only we can say that we feel very, very robust in terms of — promising in terms of the platform that we have developed and are developing. That is one. Second from an ATP perspective, yes, the second customer that we have signed was mid of the quarter, so we did get partial revenue in quarter two. The full quarter benefit should flow through to us in quarters.
Unidentified Participant
Okay. Do you mind quantifying it or again, you wanted to avoid that.
Uday Kumar Reddy
I think yeah, we have not disclosed that, so we…
Unidentified Participant
No issues. Thank you so much.
Uday Kumar Reddy
Sure. Thank you.
Operator
Thank you. The next question is from the line of Gopinath Chopta [Phonetic], who’s an individual investor. Please go ahead.
Unidentified Participant
Hi, am I audible.
Operator
Yes, sir. Please go ahead.
Unidentified Participant
Yes. Good evening, everyone. I wanted to understand an outlook on the map [Phonetic] platform. I mean more in the sense of what the management team thinks of its potential. And let’s say you consider true color partnership and map in four, four quarters from now, which platform do you think would perhaps add more to the bottom line? That’s question number one.
And the second question that I have is on the international expansion now in the last five quarters, we’ve more or less in the top line sagging. And do the management think the future growth is dependent on how we expand internationally? And how soon can we expect international markets to contribute meaningfully to the bottom line?
Deepak Goyal
So Gopi [Phonetic] couple of things, like without addressing the power statement slide. All I can say right now is you can expect some news in the next couple of months on the both on Mac platform as well as on the geography expansion line.
So we have been working on both the trends for the last one year and let’s hope for best. I don’t want to give any, I don’t want to make any forward statements. But let’s hope for that. And all I can say right now is math is going to be big, RCS as its talent is going to be big. And so we are investing a lot of our analysts and money behind our map platform and RTS as a channel. And just to add, you know, from an RCS perspective, you know, the rich media we have seen, from a promotional messaging perspective, it’s very, very good. We have started seeing many use case in terms of delivering messages to PDF and so forth, right? So we are seeing a good traction in domestic marketing. And as Uday just pointed out, we do wish to expand it and take it further from here.
Unidentified Participant
Okay, got it. Is there any sense of when the international market could meaningfully contribute to the bottom line if that’s something at least not accurate in the next five quarters or so?
Uday Kumar Reddy
So I can only say that two things, right? One, we, the OTT channels are very, very promising. So from a domestic market perspective, we have to. While yet the SMS volume is growing, our ultimate focus as well has been on develop and on growing our OTT channels and the platform business. On the international market, I think it would be difficult to talk anything further than what I said. We are all invested in you would have seen the investment that we have been making out of in this area and it takes time to [Indecipherable].
Unidentified Participant
Thanks a lot for answering the question. I wish you all the best.
Uday Kumar Reddy
Thank you.
Operator
Thank you. Next question is from the line of Tawal Jain [Phonetic], an individual investor. Please go ahead.
Unidentified Participant
Hello sir.
Uday Kumar Reddy
Hi.
Unidentified Participant
Yeah, so I just wanted to like, I been on the board and I just wanted to know because we have been stagnant in our revenues for almost four quarters now and it’s an achievement that we have been hitting a INR1,000 crore mark. All right, so I just have that on a financial plan, INR44 crores of employee expenses have issued INR54 crores. That’s almost a 20% chance that we are employee cost and that has led to a margin of 2%. I see. So unless and until we are not seeing a revenue growth, is it fair enough to understand that our margins will decrease further or is going to stay constantly.
Abhishek Jain
Yeah, [Indecipherable]. I think growth is our priority. So we’ll continue to hunt I think deeper for the and all other leadership are really focused on growth. Without growth, no company can sustain margin. That is for sure. So I think our prime focus is definitely a growth at a profitability. Coming back to margins, if you see our gross margin, the gross margin has been a narrow band of 26% to 27%. We dropped despite reality impact which had an impact of 200 basis points, our margin has been able to sustain with the narrow brand, as I said, and we saw a slight drift of 60, 70 basis points.
Having said that, we continue to focus on growth and hence that would help us sustain our gross margin. Coming back to indirect cost, it’s a conscious investment that we made. We are doing an investment on go to market and product solution. New [Indecipherable] channels to fuel up future growth, right. So those are the investments that have been consciously being made by the management. But as I said, our prime focus would be a profitable growth and our entire focus is well done.
Unidentified Participant
Another follow up question. I see that great resiliency [Technical Issues]. So March FY ’24.
Abhishek Jain
Sure.
Unidentified Participant
[Technical Issues]
Abhishek Jain
Sure. I think there was reason for two reasons, right. One is from the shift of international business to domestic. We’ve generally seen international has a lower DSO base and lower AR collection is much better in the international market. So that is one reason.
Second is, you know, if you see our cash, it has been INR7.5 crores. Despite giving a dividend of the last quarter. We did see some delays in getting the POS and elections getting spilled over to next quarter. We have almost collected INR150 crores by the time, by the October and so forth. So I think it’s more to do with the bits of business moving from international to domestic. I think we should see a good collection this quarter. I’m not too much worried frankly.
Unknown Analyst
Since this last question I want again trying to ask you forward. I want to understand that our trajectory of our company has been phenomenal with such five, six years of their revenue growth. Just want to ensure that going forward are we going to what we are going to do? How is it going to pan out? Because now we have reached INR1,000 crore of constant revenue in a quarter. Going forward our game will be like we have some targets of that. So we do have our internal targets. And as I said earlier, it is difficult to share forward looking. But I can assure you that, you know we are not sitting complicit right. I don’t think our ambition is to be at where we are today. Our ambition is much beyond what we stand today. Our entire focus of Deepak and the leadership are towards growth. As I said. So I would not be able to reveal any number from here. But definitely we are much more ambitious than what the number of triggers.
Unidentified Participant
All right sir. Thank you so much.
Abhishek Jain
Thank you.
Operator
Thank you, ladies and gentlemen. We would take that as our last question for today. I would now like to hand the conference over to the management for closing comments.
Ritu Mehta
Thank you everyone. That was the last question for today. In case we could not take your questions due to time constraints, please feel free to reach out to Investor Relations team. Good evening.
Uday Kumar Reddy
Thank you.
Deepak Goyal
Thank you.
Abhishek Jain
Thank you, bye, bye.
Operator
[Operator Closing Remarks]