Tanla Platforms Limited (NSE: TANLA) Q4 2025 Earnings Call dated Apr. 25, 2025
Corporate Participants:
Ritu Mehta — Head of Investor Relations
Abhishek Jain — Chief Financial Officer
Deepak Goyal — Executive Director
Analysts:
Balaji Subramanian — Analyst
Jyoti Singh — Analyst
Ram — Analyst
Rohan Dedhia — Analyst
Sanjeev Gupta — Analyst
Amit Chandra — Analyst
Aditya Sen — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Danla Platforms Limited Q4 FY ’25 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the — during this conference call, please signal an operator by pressing Stard and zero on your touchtone phone. 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 of Investor Relations
Good evening, and welcome to our Q4 earnings call. Joining with us today are, Founder, Chairman and CEO; Deepak Goyal, Executive Director and Abhishek Jain, CF. 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 statements of historical fact could be deemed forward-looking in nature. Such statements are inheritantly subject to risks and uncertainties, some of which do 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 soon. Hope everybody got a chance to go through our investor presentation and shareholder letter, the management will be happy to answer any questions and we will now open the floor for Q&A.
Questions and Answers:
Operator
Thank you very much. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press and on the touchtone telephone. If you wish to remove yourself from the question queue, you may press. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press and one to ask the question. The first question is from the line of Balaji Subramanian from IFL Capital Service. Please go-ahead.
Balaji Subramanian
Good afternoon. Thanks for taking my questions. I have three questions. The first would be on the enterprise revenue, we have seen that while you have ramped-up really well on OTT platforms, including WhatsApp and RCS, there has been this continued drag from the ILD SMS volumes and revenue. So what would be the ILD SMS revenue for the 4th-quarter? The reason I’m asking is just to get a sense of how much more pain is left and when can we see the benefit from the pickup of OTT channels really benefiting your overall top-line? So that would be my first question. I’ll come — I will come back with my second and third questions after we are done with this. Yeah
Abhishek Jain
Hey, hi,, how are you? So
Balaji Subramanian
Good, I’m good.
Abhishek Jain
Let me good, good, good. Okay. So you’re right. I think if you see this quarter OTT channels has really performed well. We have been telling you the last couple of quarters that our thrust has been on OTV channel. So entire enterprise segment on a solution buildup has done fantastic work-in all the various channels that we work, whether we watch RCS and others in moving the significantly up from an OTT perspective, right? Today, OTT is nearly 29% of our revenue base. From an ILD question perspective, it continues to be weak. But I think within our portfolio now, it is sub 10%. It is not mature enough for us to materially worry for us in a future projection perspective. So I think we have seen the weakness of ILD from a year-on-year perspective, it’s really impactful, but from an important quarter perspective, I think I would say it is not anymore mutual enough to create a big pain point for us from a FY ’26 perspective
Balaji Subramanian
Yeah. Thank you. That is really helpful. My second question is on the platform revenue. While I can see that the Y-o-Y numbers were impact on a reported basis were impacted by the contract going away. What explains the relative weakness Q-o-Q? I know I do — I do know that on a full-year basis, excluding Vodafone, you have done well, but 4Q seems to be a little weak at least sequentially. So anything to call-out there or it is just a seasonality issue?
Abhishek Jain
I would say it’s just a blip,. We should not read too much in 1/4 per se. As we have been telling you, we have put all our trust on platform as a channel and of course, OTT and few other strategic things that we’ve talked about. So we had really, really gongo about all the three, four platforms that we have talked about two years earlier. I’m sure you would have gone through our announcement couple of days that we’ve done that we have signed a RCS platform with two of the large outside India. So it’s the first large win for us, which is an outside India. So you should start seeing the contribution of that by end of Q1 onwards as the things ramps-up. It’s completely revenue-share subscription-based model there as well. ATP as another example is seeing a good traction with customers. Of course, I don’t have any good news to share as of now in terms of any new incremental win in India, but I can only tell you that assets continue to be very, very promising and we are very excited about the opportunities that is there with us. So I would say this quarter is just a blip. We continue to believe that platform would play a story for us for FY ’26 and beyond.
Balaji Subramanian
Thank you. That’s helpful. My last question would be on the gross margin in the enterprise segment. It has been kind of trending downwards. I understand that mix probably plays a role here. But anything you want to call-out there where — where should one expect the margins to trend going ahead?
Abhishek Jain
So I think if you remember, I called out earlier as well, we would like to be in a narrow bank, I think between 25% to 27% gross margin is a Narrow-Band that we have been operating in last couple of quarters, while we don’t guide, but I would say those are the range or range that we want to operate at. You know, our industry has seen a significant headwind and a pricing pressure in last couple of quarters, especially from an SWS perspective. I believe that hopefully have bottomed-out from a pricing perspective and any upside that we get from a price increase would only help both top-line and gross margins. We have also been working much more efficiently in terms of how do we deliver to our customers, how do — how do we build-up a solution story with the customers and hence bring out a more efficient way of efficient way of delivering the messages and communication channels to our customers so that is helping us but Deepak anything specific that you think guys should add or?
Deepak Goyal
No, no, Abhishek, you covered everything.
Abhishek Jain
Yeah. So I think, net-net, I think it’s more of a pricing pressure that we went through last couple of quarters, but we are doing all the way to see how do we compensate through various other channels, channels and I don’t see a big headwind at least as we speak.
Balaji Subramanian
That’s it from my side. Thanks a lot and all the best.
Abhishek Jain
Thank you.
Operator
Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Singh from Marihant Capital. Please go-ahead.
Jyoti Singh
Yeah, thank you for the opportunity. Sir, just wanted to ask your view on the industry side. So on the SMS side, as we have continued seen the volume decline and shifting only WhatsApp. So what’s your view for the positive FY ’26 and how we are seeing going-forward? Any kind of visibility that we are seeing in India for the messaging side? And what’s your overall view on the industry side.
Abhishek Jain
I’ll take — I’ll take it and then I’ll maybe request Deepak to add-on it. You know, I think to be honest, FY ’25 has been a very tough year for us. But from an industry point-of-view, but nothing to do with volume is more to do with pricing and every player in the industry wanted to be a little aggressive in gaining the market-share. From a volume perspective, I think industry would have only grown or at least between 15% to 20% at double-digit growth. That’s not reflected completely on the top-line, it’s primarily because of the pricing and the price erosion that we have seen over the last couple of quarters and we have been calling it out. We strongly believe that we may have bottomed-out from a pricing perspective and hence any upside that we get here from a pricing correction perspective would only help both of you know, top-line and the bottom-line. But that’s one picture of the story, right? Second-line of the story is, if you see I&D, as I said, has not been material enough at least for us. So we do not see it to be material as a headwind going-forward for ourselves. The third OTTP channel continues to play a very, very bigger part by we were roughly around 15% earlier last year contribution see today that percentage is 29%. WhatsApp RCS continues to play a very role. We are reaching everyday new heights, both in WhatsApp and RCS business. I think WhatsApp has done phenomenally well for us this quarter as well. So OTT would be the way forward. And the last would be platform. I think platform continues to be a great story. So I’m giving a bit of both industry and where we see a lot of positive buyers for ourselves, right. As I just said in the call earlier that RCL we have signed with two large telcos globally. So it gives us the first footprint to go outside India from a platform business. So we remain very, very positive. The good part, you know,, for us at least is that while we may have a headwind from a volume — from a pricing perspective on SMS and ILD, our exposure to ILD business has narrowed down significantly, right? A B, the platform and the WhatsApp capability that enterprise team has for us creates a very differentiation between us and our competition. So I think in that sense, we are — we are hopefully well-placed as we speak.
Jyoti Singh
So, sir, just wanted to understand that we are not impacted at all going-forward or in this event?
Abhishek Jain
No, I would — it would be difficult for me to give a forward-looking statement. What I said two things, right. One, ILT contribution to our overall revenue today is less than 10%, it’s a single-digit. So I would say any decline there or any impact there doesn’t have material impact to our overall growth. And B, SMS from a volume perspective continued to grow very well. It’s just that pricing has been little bit stretched. What happens tomorrow, we have to wave. Beyond this,
Operator
Chodhi, do you have any follow-up question?
Jyoti Singh
No, thank you, sir much.
Operator
Thank you.
Abhishek Jain
Thank you
Operator
Participants. You may press star and 1 to ask a question. Next question is from the line of Ram from Equinox Capital. Please go-ahead may I request you to unmute your line and proceed with your question, please?
Ram
Okay, can you hear me now?
Operator
Yes, we can hear you.
Ram
Hello. Yeah. Okay. So I joined late. I’m not sure this question has — yeah. I joined late. I’m not sure this question has been already asked. So from Uday’s I saw that now we want to take it global. I mean the global footprint is what you have been — this financial is what you are aiming at going global. So is there baby steps what you have been contemplating to take this forward or is it with a kind of aggression? Can you just throw some light around that?
Abhishek Jain
So you know we believe on deliveries rather than calling out what we want to do. But I’ll give you a couple of instances that will help us understand what we’re talking about, right? We do, for example, have presence in Middle-East, our enterprise business is there and Deepak and team are trying to see how do we ramp-up much faster than what we have done in previous years or previous quarters. If you see ILB, which has significantly impacted has got offset by good growth that we have seen from an international business perspective. So enterprise business is focusing on international business. Of course, you know, certain geographies that we have restricted ourselves right now, but there we are seeing a good traction. Similarly, on a platform business perspective, I think going global is the right way for us because in India, we have both our DLT platform or RCS, which is the map platform deployed with most of the telcos. So we have now taken it to two large telcos outside India. I would say, at this moment of time, we see good tractions both in India and outside India for the platform that we have. We will be able to share more as we see the success of — we want to not talk ahead of the turn, but I can only tell you that all our mighty and efforts of both the and Wish are our own expanding business outside India as well. Okay. So these two international clients, is it possible to give any material numbers? How much business have you got any sensitive numbers? So, A, it is little confidential in terms of we are not allowed to disclose both the name age of the country and the contract value. But it is more of a platform deployment and hence, it’s a revenue-share subscription-based model as the revenue and the platform volume goes up, we will — our revenue-share towards that platform will gradually increase. So that’s only I can Call-IT out at this stage, but we’ll definitely share as we are allowed to as we — as we go-live with them and when we are allowed to talk, we’ll give you more details about it.
Ram
Okay. So is it a conscious effort that this MAP platform has been marketed outside India that we got the business or it’s a one-off the lucky strike what we got from there with these opportunities? Is it any separate marketing team, sales team reaching out to other geographies?
Abhishek Jain
It’s conscious effort. It’s conscious effort. We are, yeah. So you know, and we have a very good pipeline as well.
Ram
So you see very good potential in this in the mapped architect.
Abhishek Jain
Absolutely.
Ram
Okay. And coming to this ATP, I just want to understand, we have anticipated a very good potential in this space, but however, the traction is not as great as a way what we have anticipated, right? So in, is this Wisely ATP, it went to a lull state or still you see the potential or traction from the market or we can keep some hopes where we can strike big deals in this space on the ATP.
Abhishek Jain
So Ram, the way to see about this product, it is solving the problem on the R and it’s a very, very promising technology and I believe both the regulatory authorities, telcos, the enterprises, all are the fact. But any such product, whether be in India or outside India, need to prove their prove their success stories and so forth. We have done two success stories in India, have been with the client for almost a year now and they are very happy and we have renewed with them as well, right. So the cycle time for us took a little bit longer and now since we have proven track-record of our customer being — being happy with us and renewing it, we are excited about this opportunity and to scale it up. We — as we speak, we see a great pipeline and so we strongly believe that this is an asset which will give us a good result both in near-term and in the long-term.
Ram
So you’re still exited with this opportunity violated.
Abhishek Jain
Absolutely, absolutely, absolute
Ram
Okay, perfect.
Abhishek Jain
It’s not excitement, right? Just to clarify, it’s not exciting. See, being a technology resard, we will always be excited about the technology that we create and, right? I’m just saying
Ram
The business opportunity also should be exciting, right? Technology may be great, but if you don’t have a business opportunity business for ential and that also more of a what you.
Abhishek Jain
That’s the point was trying to point out that we are seeing a good traction with our enterprise clients.
Ram
Okay, understood. And though you need not substantiate with the objective numbers, this year, can we see some kind of a growth in top-line and bottom-line? Last two years, it was flat because the testing time for all as investors, right? So do you anticipate you have plans in-place this year we can see some growth both in top-line and bottom-line. What are your confidence levels?
Abhishek Jain
See, it would be difficult for me to make a forward-looking statement. I can only tell you that we are exiting the year with a very good note, right? If you see from last number of four, five quarters, we have not grown. We are well-placed as to what we were earlier and our exit this year is much better I would say than what we were earlier. And I will say, we’ll see how the year spans out.
Deepak Goyal
So it’s Deepak here. Just to add to what Abhishek has said you know as Abhishek said this year last year has been a bit tough for us. But it has been quite tough for overall industry and for our competitors also. I mean, and let me tell you, most of them are bleeding. So if we really see ourselves vis-a-vis our competition, we really did very, very well and we are — we generated profits. I can very safely say that we would be though our revenue market-share maybe 40%, 40%, 45%, but in terms of our profits, our — our share would be more than 70% of the industry. So we did well despite all the price pressures and everything. And we know our competition is bleeding a lot. And this year and going-forward basis, we see a much better days ahead, that was I can say.
Ram
Got it. Okay. And since we have the goods, goods, can I ask the question or someone is there in the queue?
Abhishek Jain
No, no, no. I just wanted to add one point, right, saying increase and Deepak, since Deepak touched upon it, I thought let me complete as well. Both leadership both from their side and Deepak and other media perspective, what we believe is cash, right? Ultimately, anything — any business that we do should convert back to cash to the bank. And we are very excited and happy to say that we touched four digits from a bank balance perspective, highest-ever in history. Our time balance at the exit of this year at INR109 crores. Our free-cash flow for the full-year was 101% of the PAT and last Q3, Q4 had been on an average more than 150% on the PAT. And I — any industry, free-cash flow is really, really good. What does it mean is, A, how do I return back to our shareholders and hence, we have given an interim dividend and then the next interim dividend of INR60 and Board has approved it this quarter. B, we have cash with zero-debt in our balance sheet to invest on our talent, to invest on the technology, to invest on the solution for our enterprise clients; clients and continue to hunt for right strategic assets that could fit our build, right? So I would say, not just from a growth perspective, but we have been very, very conscious about converting the profitability to find any cash-in our books, which becomes very, very critical for us.
Ram
Hello?
Abhishek Jain
Yeah, sure. Go-ahead, Mr Ram.
Ram
Hello.
Operator
Yes, siram, you’re audible.
Ram
Hello.
Operator
So I believe there is some network issue at Rams and we’ll move on to the next participant.
Abhishek Jain
Yeah.
Operator
Before that, any participant would like to ask a question may press star in one. The next question is from the line of Amit Chandra from HDFC Securities. Please go-ahead. Amit, can you hear us?
Ritu Mehta
Can you check our line please?
Operator
Ma’am I can hear you fine. Your audience loud and clear Yes, I’m the conference is on. Please bear with me.
Ritu Mehta
Okay.
Operator
Amit, can you hear us?
Ritu Mehta
I think you can go to the next participant.
Operator
Sure. Next question is from the line of Rohan Dedhia, Individual Investor. Please go-ahead.
Rohan Dedhia
Hi, can you hear me?
Operator
Yes. Go-ahead. You’re audible.
Abhishek Jain
Yes, please.
Rohan Dedhia
Thank you. So thank you for this opportunity. I’m slightly new to the company. So I just wanted to understand a little bit more about our WhatsApp offering. As I understand that Facebook also directly offers this offering through its cloud APIs at a slightly cheaper rate. So I just wanted to understand what is the value proposition for service providers when they provide it via us? I mean especially for large accounts?
Deepak Goyal
Hi, it’s Deepak here. So I’ll just take this question. Firstly, Meta, which is Facebook, so they do not provide any lower rates than us. That is number-one. Number two, they do provide direct connects primarily to, I would say a few global tech companies who are sending ILD messages earlier and that is moved to OTP on WhatsApp. But if you see that is very simple kind of messaging where you’re just sending one-way OTP message and so there’s not much technology is involved here or use-case or any application is involved. And that’s how you know-how Meta is taking that business directly, but that business in overall scheme of things is not very big. But if you really see what the kind of value-add what we are doing, in fact, okay, just to give you an example, now even Meta is suggesting that the enterprises who are working directly with Meta should work with the companies like because we add a lot of value. We are the kind of expertise we have to build the use cases. We can keep on adding more-and-more use cases, keep on educating the customer whereaw they can use two-way communication and you know, create bots and create journeys and user journeys, which can create you know which can actually help them achieving their objectives. So when it is coming to only sending this one-way OTP, that is fine, but WhatsApp is much more than that. And that’s where we come as a player.
Rohan Dedhia
Got it. Got it. Thank you. And one more follow-up question I had is, as I understand Meta has been also reducing charges on WhatsApp on some of the messages. So how would that impact our monetization or it has no impact?
Deepak Goyal
So if you see that has already impacted. So what has happened is that Meta has increased the prices for marketing messages, okay. And so by doing that, the customers have reduced the volumes on marketing. And on the other side, they reduce the prices for utility messages, which we Call-IT, let’s say, for example, transaction message where you’re sending information messages or transaction messages and all of that. So those prices have come to a level of SMS now. So that volume has increased, but the marketing volumes have decreased. So this is how it has happened. But that has happened like about a couple of quarters back. So that impact you would have already seen in our Q3 and Q4 results. So as we move forward, there is no much change. But the only change we foresee what we are getting hints from Meta is that there could be a slight maybe a change in the way they charge for the utility messages, but nothing major impact over here.
Rohan Dedhia
Okay, thank you best of luck.
Abhishek Jain
Thank you.
Operator
Thanks and gentlemen you may press star and one to ask the question participant you may press RN1 to ask the question next question is from the line of Sanjeev Gupta, Individual Investor. Please go-ahead.
Sanjeev Gupta
Yeah. Thanks for the opportunity. Am I audible? Hello.
Abhishek Jain
Yes, please.
Sanjeev Gupta
Yeah. I understand that our company has basically two enterprise business as well as the platform business and platform business is a much like the margins are much higher in the platform business. But the only thing is it takes probably time to scale-up like for ATP, Wisely, ATP, you have — it takes almost one year to establish the use cases. So I would like to know a little bit more about our platform businesses and how do you look to scale it up and all those things.
Abhishek Jain
Right. Okay, good, Sanjeep. So let me let me give you a couple of points on platforms, right? So if you see a couple of years ago, we started our business or when we had launched our platform business. The prime contributor today as we speak was SMSC and the DLT platform that we had deployed with most of the telcos in India. You know, our aspiration is that each of the platform that we work on over four to six quarters or eight quarters depending on the life-cycle in the use-case, goes to 100cer wish list of the ambition that we have put for ourselves. Now the first mature platform that as I said is, which has been successfully deployed for last five, six years and has been doing very well. The beauty of that product is that it is so tightly embedded with most of the telcos that the incremental efforts, whether it be on GTM or innovations, innovation, we continue to do because that’s in our DNA, but more from a GTM perspective is hardly anything, right? So that’s a very, very mature product that we have. The second product that we launched a couple of quarters back was — I’m just giving you some of the platform’s name, right? So second was ATP, where we have seen a good success with two large telcos and one small deal with one of the OTT players. I think as we — as I was telling earlier that we have seen is shown a good case studies, we have shown use-case, good use-case. We see a lot good traction as we speak in the market for the and look very, very promising assets for us. The third is RCS Map platform, which has really done well. You know we have seen RCF ramping-up beautifully in India. We are closely tightened up with the telcos. We’re seeing a good revenue-share and their volumes both going on in the enterprise side on RCF and our revenue-share as well. And similarly, the same platform has been now deployed with two of the large telcos outside India and we wish to take into a few more telcos outside India as well. So I’m just talking about three out-of-the other three out of few platform businesses that we have. But I think while, yes, the scaling takes time, as we speak, we believe we are very, very excited about the opportunity that we see for both near-term
Sanjeev Gupta
And aggree entry you see as investors, when you had launched that anti-fishing platform and you were about to launch it in maybe Barcelona, the whole investing community was very much like excited that this is going to lead to a lot of revenue growth and profit growth and things like that. And probably that has taken time and those success of that platform launch has not translated into profits and bottom-line as yet. So I think that is what the main anxiety which all the investors are facing of feeling that when that can happen, like that ATP platform resulting into a bottom-line growth and profits and EPS growth.
Abhishek Jain
I can only say that the asset is beautiful. It’s solving the purpose and the pain that we are all going through both as a consumer, as an enterprise and as a regulated authority. It is taking little larger time from perspective. We are still excited and let’s see we hope for the product will do well as well in that as we go-forward.
Sanjeev Gupta
Yeah, it’s a real pain point like every day-in the first page of the newspaper, there are people who are getting scanned and their frauds and things happening and we think that we have a solution for that and we think that, yes, and I wish you all the best and we are hoping for the best. Yeah, and staying invested. Thank you.
Abhishek Jain
Yeah. Point.
Sanjeev Gupta
Thank you. Thank you. That’s all from my side.
Abhishek Jain
Thank you. Thank you.
Operator
Thank you. Thank you. A reminder to all the participants, you may press and one to ask the question. Next 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 OTD platform. Obviously, we have seen very strong growth in this quarter and also for the year, the revenues almost doubled. But as the base for this OTT has been increasing and now it’s 30% of the revenue. So from this high base, can we assume that the strong growth will continue? And also in terms of the market-share and how the whole market is growing, if you can share how the market-share has shifted for us on the OTT side? And also, if you can comment on the pricing-related uncertainty that was there. So is the pricing for the OTT channel stabilized? And also, in terms of the shift that we’re seeing from the ILD to the OTT channels. So are we seeing some shift from the NLD also to the OTT channels as well
Abhishek Jain
Hey, hi,. Couple of points, right. I think OTT channel growth has been really good, done well. I think we’re exiting this year with a very, very-high tailwind, I would say. I think we are very, very excited. The enterprise team has done fundamentally extremely good job in gaining the market-share. I would say, A, while market would have grown for the OTT channel, I strongly believe that we have gained the market-share every quarter that has been gone by in last, say, couple of quarters, right? So our belief is that, yes, definitely we have moved the market-share for ourselves from an OT point-of-view. From a price stability perspective, I think we have not seen any price change. That last price change was happened in Q2 and early Q3. As of now, Q4 had fully baked-in the price stability at this stage, please no discussion on price revisions and so forth as we speak from an OTT perspective, that’s what you were talking about. I think from a shift from NLT to OTT, I — ILD to OTT, as I referred earlier that ILD has not been anymore a volume for us, it’s a sub 10% to 10% for us. From an NLD to OTT shift, I think it’s okay. I would say there will be always some use-case, which may shift from NND to OTT or Visa Marsa as well. But I think at this stage, I would say NLT volume has grown in a double-digit between 15% to 20% and if we are able to get a little bit of price increase, I think it would be a great scenario both from a top-line and a bottom-line for us.
Amit Chandra
Okay. So as you move the base, yes, sir.
Deepak Goyal
Yeah. Just to add what — just to give a bit more color, you would have seen — I mean as you — as you’ve seen, our OTT volumes have grown, our revenues have grown. But we are making great progress in, you know, signing more-and-more customers. And we see that this year is going to be even better for us. I mean, just to tell you, we have signed and gone live with one of the — I mean, in fact, the largest NBFC in the country. We have gone live with the largest gaming company in the country on WhatsApp as well as on RCS. We have signed the largest bank on WhatsApp and currently, the integration is going on and we are building a lot of use cases. We have also signed the, I would say the number two largest PSU bank and we have gone live with them. And there is — we have you already — I mean, our integration is on with a lot of other banks and food delivery companies and a lot of other companies, right? So we are seeing a great traction in what are the kind of use cases we are building, the kind of expertise we have shown to these customers and they are really happy. And it is not just about WhatsApp, wherever we are — we are selling WhatsApp, we are selling RCS as well. So we’re giving options to our customers where it’s not just about WhatsApp, we are providing options WhatsApp, RCS as well as Truecallar. So, yeah. And as far as the prices are concerned, customers have also realized that you know the kind of work we are doing, we are — and so just to — okay, in a nutshell, we are going to start charging for our services as well to these customers. So this year, we would see that our OTT revenues would definitely go up. Our number of customers will go up on these channels and our margins will also improve.
Amit Chandra
Okay. Sir, just on the OTT channel to understand the growth drivers more clearly. But what is the kind of planned mining strategy? So how many of the NLD customers are now using the OTT channels? And also whatever growth we are seeing, this is coming from existing customers or it’s coming from net-new customers that we are signing? And also, what is the stickiness in terms of the new customers that is being onboarded? So how easy or difficult it is to shift from a vendor to another in terms of OTT? And also the adding on to the margins to it because we have seen that the OTT volumes have been scaling up, the gross margins have been — have been — have been coming down over the last four quarters. So is it fair to assume that the OTT volume is coming at a lower gross margin?
Deepak Goyal
Okay. So, yeah, yeah, Abhishek, please.
Abhishek Jain
No, go-ahead,.
Deepak Goyal
No, you please go-ahead, then I’ll add-on.
Abhishek Jain
Sure. Fine, fine. So Amit, I think it’s mix of both. As said, the advantage that we play-out in the industry is that I think we are the only player in the industry who can offer all this channel end-to-end. And it’s not just the channel offering, but the solution capability that people. The enterprise team has built-up. Platform anyways, platform team has anyways had a strong footprint in terms of technology capabilities, but I can — I’m telling you that from an enterprise perspective, the solution enterprise team has built-up is very, very and it’s not restricted to one channel, but it’s an omnichannel and hence that’s what we are being preferred as a partner for our customers, which means that we are able to offer them the most efficient way for them to communicate, whether through OTT, whether through SMS or various other channels that our client would like to reach. And hence, the reason I wanted out to highlight that is the same clients are able to A a deep-dive and do organic growth and do a cross-sell of selling OTT channels with the same client you know, we are able to get the market-share. We are also able to win new clients on the back of OTT channels and so forth. Second, the OTT channel is also about to be communication — rich media communications and solution build clients, which becomes the case study becomes very, very use-case — use-case study becomes very, very critical for us and our clients, which means the stickiness for us and our customers becomes more important, right, rather than just a utility message being sent as a one-time. So I would say because the solution is built on-top of the platform that we have, our partners have, whether we metal and others, it becomes a more sticky story for us along with our customers. So that’s one. From a margin point-of-view, we have been calling you out that we have been making investments out for the future we are making investments for growth. So I would say the margin shift or little bit softness that you have seen in the gross margin, not necessarily would only mean because of the shift to the OTT channel. It’s also because of what we have been making on various areas, whether we go-to-market, whether we did it cost and so forth. However, as Deepak said, there is an opportunity for us to price it better, there is an opportunity, there is a value that customer sees for our solution built-up and hence, we will be able to price them as well. And hence, as I earlier communicated, we believe that margins should be in a narrowed range. That would be our endeavor as we speak. Deepak, if you
Deepak Goyal
No, I just want to just want to add, if — I mean, if you are aware, you know, we as a company, as Karex, we were about three years behind as far as WhatsApp is concerned in India because WhatsApp appointed our competitor as their sole partner and then you know, and then they opened up for others for after three years. So it was always a catching-up game for us. So to answer to your question, yes, all the customers, they want to — they want to be on OTT as well. They want to have a two-way communication with their enterprise customers. But we as — I mean Carex and Tanla and ValueFirst, so we were serving these customers for SMS and slowly we were pushing them to come to us to use OTT as well. So that shift is happening now. Lot of customers from our competitors from our competition, okay, moving to us now. And that’s what I just said a few minutes back that there are a lot of customers who are now signing us up who are there with our competition. So that shift is happening and definitely we are going to increase our market-share on ODT channels.
Amit Chandra
Okay. Thanks for the elaborate answer, sir. Sir, last question would be on the platform business. Obviously, we have launched the MAP RCS India. So that will obviously be a boost. But in terms of the platform business growth, obviously, Y-o-Y, it is up ex for VI. But in terms of sequential weakness, what is not working there as per your view and also the kind of uptick that we expected from the ATP side. So do you think that it’s not working the way we earlier thought it to be? And also there is additional pressure from the in-house anti-fishing solutions being built by the telcos itself you know.
Abhishek Jain
So I would say, Amit we should not read too much this quarter just a small blip. I think definitely platform continues to be very, very promising. What has not worked out, I would say would be that we didn’t thought that the sales cycle would take much longer and we have to prove ourselves from a use-case perspective because the problem is real, problem is here and now. I think that’s where maybe we would have gone wrong or our assumption would have gone wrong. But from an asset perspective, I think it has got nothing to do with the offerings that our competition has launched. I think it only supplements our platform case use-case that is real and it’s very, very promising. As we speak, I would only say that the pipeline continues to grow. We continue to have serious interaction with our clients. We have renewed the two contracts that we had earlier and we’ll share with you as things goes.
Amit Chandra
Okay. And lastly on the cash balance that you have INR1,000 crores out cash. So that is 15% now of the market cap. So what’s the organ — like inorganic growth strategy? Are we — are we looking at some substantial kind of an acquisition outside India?
Abhishek Jain
So two things, right? From a return to shareholder perspective, we have declared an interim dividend. Board has approved this quarter. So we are declaring INR6 as a dividend interim dividend in addition to what we did last quarter. Second, I think the philosophy remains the same. We are very, very strategically investing both on our ingrown talent, right, because talent is key for the success both in the enterprise business and the platform business. Our HR team is working day-in, day-out to ensure that the talent is critical and we have a right hiring and right team in-place. B, we continue to invest in the organic, on the GTM side, on the technology side, on the innovation side. And the third, M&A, as you said, we continue to look out for. We don’t want to rush, but whenever we believe that there are the right assets, which will — which will help, you know, grow us faster, which will fit-in our — fit with us from a cultural perspective, I think we will not shy away in away
Amit Chandra
Okay, sir. Thank you and all the best.
Abhishek Jain
Thank you. Thanks,.
Operator
Thank you very much. Next question is from the line of Aditya from Robo Capital. Please go-ahead.
Aditya Sen
Hi, thanks for the opportunity. So I see that the realization that India gets on WhatsApp is quite low or rather should say it is, I guess, the lowest when compared to other like 30 40 countries. So is there a reason for the same? And do we see an upside as to matching the median realization or going north from the present realization that we get-in all three segments that is marketing, utility and authentication
Abhishek Jain
Deepak you want to take that
Deepak Goyal
Sorry I couldn’t get the question properly can you please repeat?
Aditya Sen
Sure. So I plotted the data, which shows that India gets the lowest realization in WhatsApp revenue, both in all the three segments, marketing, utility and authentication. So is there a reason for the same that why we are getting the slowest realization? And will we grow forward from here, not form here to match the median realization of the WhatsApp revenue?
Deepak Goyal
No, are you talking about — are you comparing India’s realization with other countries
Aditya Sen
Through.
Deepak Goyal
See that would always. Sorry.
Aditya Sen
Yeas. Please continue.
Deepak Goyal
Yeah, yeah, so that would always be the case
Operator
Okay can you hear us. Deepak sir can you hear us?
Deepak Goyal
Am I audible?
Operator
Yes, sir. You’re audible. Go-ahead.
Abhishek Jain
Yes, Deepak.
Deepak Goyal
Yeah, okay. So what I was saying that WhatsApp has kept their prices, keeping the prevailing SMS prices are in that country, right? So if you look at it here in India, SMS prices are in the range of nine to 11. So they kept their utility prices at around 11 pesa and marketing messages, they kept around 70 75. But in a lot of other countries, you know, let’s say, if you look at Indonesia, the WhatsApp prices — the minimum price is INR250 if I convert that into Indian rupees. And the reason is because the SMS price also over there is about INR250. So most of the countries, you know, if you look at it, the SMS rates are much, much higher, the realization is much higher, that’s why even WhatsApp price is also much higher. So this is how it works. I hope I answered your question.
Aditya Sen
That answers completely. Thanks a lot for that. And what change in enterprise segment for the next two, three years? Any guidance on that?
Abhishek Jain
So I think we don’t guide for future, so it would be difficult to say that. As I said earlier, we are exiting this year with a high note. Q4 has been good for us. Continues to show good tractions. That’s where I leave it at right now. It would be difficult for me to make a forward business.
Aditya Sen
No worry. Thanks a lot. That was my question. Thanks.
Abhishek Jain
Thank you.
Operator
Thank you very much. Thank you. I now hand the conference over to Ms Ritu Mehta for closing comments.
Ritu Mehta
Thank you, everyone. That was the last question of this evening. In case — in case we couldn’t answer your questions, please write — please write to us at investor to investor health. Thank you so much. Good evening.
Operator
Thank you very much. On behalf of Tanla Platforms Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you. Thank you