Bodhi Tree Multimedia Limited (BTML) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the Bodhi Tree Multimedia Limited Q4-FI26 Earnings Conference Call, hosted by Branding Edge. As a reminder, all participant lines will remain in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star, then zero on your touch-tone telephone. Please note that this conference is being recorded. I will now hand the conference over to Ms. Janvi Kankharia from Branding Edge for opening remarks. Thank you. I'll over to you.

Thank you. Good afternoon, everybody, and welcome to Bodhi 3 Multimedia Limited's earnings call to discuss the Q4 and FY26 results. From the management team, we have on call with us Mr. Mautic Tawliya, Managing Director and CEO. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks that the company faces. May I now request Mr. Morthick to take us through the company's business outlook and performance, subsequent to which we will open the floor for Q&A. Thank you, and over to you, sir.

Thank you, Janavi. Hello, everyone, and thank you for joining us today for Bodhi Tree Multimedia's Q4 and FY26 earnings conference call. I'm glad to have all of you with us on this Friday afternoon. I'd like to keep this conversation. I'll start with what the company stands today, walk you through what the industry is going through, the backdrop that it is in right now, the strategic moves that we've made during the year, and the overall financial performance for Q4 and the whole year. And then share a certain outlook for the coming times ahead. We'll then open the floor for your questions. So, Bodhi Tree has come a long way with over a decade of operating history, and I believe that FY26 has been the defining year for us. This is not just in terms of financial performance, but in terms of the overall structural progress that we've made in terms of the vision that we had for the business over the last couple of years in transitioning from a commissioned production company to a fuller IP-led multi-platform content business, entering into what I believe is the most exciting and the most robust chapter in our history. Let me just put some numbers to what we've built. We've built more than 5,000 hours of original content, 100 plus commissioned and co-created shows. We've created content over five languages in Hindi, Marathi, Tamil, Gujarati, Bengali. And our programming has reached audiences in 100 plus countries. We also have deep rooted relationships with pretty much every platform from Netflix to Hotstar, Jio Hotstar to Amazon, Sony. But what really defines us where we stand today is not just what we built in the past. It's the direction that we are heading in the future. We are no longer only a commission production. We are deliberately transitioning into an IP-led multi-platform content business. And FY26, your transition moved from just being a vision and an aspiration to actually execution. So let me just set the industry context, which I think is very important for everyone in the call, to understand why we are so excited about the opportunity. India's media and entertainment industry stood at $32 billion in 2025, and it's predicted to reach about $38 billion in 2028. The OTT segment alone is on track to hit USD $24 billion by 2030. Digital media at around $12 billion has already overtaken television as the largest segment in the Indian M&E industry. YouTube reaches 500 million Indians today, almost double its audience base. These are transformative numbers. It signifies an active disruption that the media and entertainment industry is going through right now, and OTT Multimedia has actively positioned itself to be able to take this opportunity. On the audience side, India now has more than 975 million OTT and digital viewers. That's roughly 66% of the population. Paid subscription stands at $216 million. Connected TV households are at $143 million and projected to reach $191 million by 2028. So it's very clear that the transition from what used to be a linear broadcast economy to a nonlinear and a digital-first media and entertainment economy is clearly entrenched right now and represents the major part of the ecosystem. What's also very clear is that the monetization is diversifying rapidly. It's not just SVOD and linear and traditional forms of media anymore. I have supported ADOD, which is advertising video on demand, fast channels, YouTube. These are creating entirely new economic models for content companies. And regional content, which now drives approximately 56% of the OTT viewership, is no longer niche. It is the mainstream. But here is the structural insight that upholds everything that we are doing at Bodhi Tree. India alone creates over 50,000 hours of content annually. Yet less than 1% of that IP is independently owned by creators who actually make it. The majority of long-term value sits outside the production companies that actually build these stories. Thus, there is this massive ownership gap, and it is precisely that gap that we are building into. We've seen global playbooks validate this. We have Korean studios turning K-drama heads into billion-dollar export franchises. We have Turkish producers scaling over 100-plus markets. Spanish creators building properties like MoneyHest, building global IPs. So there are global examples that have been set, and it's time to replicate these models into India. The next decade belongs to those who build scalable story ecosystems, and that is exactly what we are doing. FY26 was a year of significant strategic action. Let me walk you through the most important ones. Acquisition of moving images. So we completed the acquisition of... 50.01% controlling stake in Moving Images Studios, led by Manisha Sharma, a veteran, former chief content officer at YCOM 18, and veteran in the media and entertainment business. So the creative force behind some of the biggest formats in the media and entertainment industry being Big Boss, Khatru Ke Khiladi, Khan Banega Karodpatti. It is now our digital-first storytelling lab focused on digital-first unscripted IP for YouTube, AWARD, OTT ecosystems, directly strengthening our in-house IP creation abilities. The next big move was our strategic investment in Larry Networks. We acquired a 20% strategic stake in Larry Networks, one of India's largest vintage film and celebrity content libraries, to strengthen our digital monetization system, and through it, YouTube, CMS, with the long-term goal of building and controlling the digital content ecosystem. This gives us infrastructure that we are building under Bodhi Tree Ventures for a long-term and recurring digital revenues. The launch of Bodhi AI. We formally operationalized Bodhi AI in FY26. The first initiative is CastMatch AI, already streamlining casting and production workflows. The larger ambition is to move towards agentic AI and or AI content creation, which compresses our script to screen timelines to about 30 to 40% of time that we save in terms of creating content and almost 20 to 40% of content savings. Speed and cost discipline are the really competitive advantages in this business, and AI will lead us out to get there. The move towards a creator-led ecosystem. Our multimedia ecosystem deepened in FY26. We now operate through Mad Labs Alpha, a high-concept OTT and film studio with Gaurav Shukla, who is the creator of Asur, India's cult OTT hit, Gurudev Valla Screens, known for shows like Nam Karan and Odaan. Amit Khan Content Hub, a literary IP engine based on best-selling novels being adapted across TV, OTT, and audio, and moving images. Each studio brings a distinct creative voice. Together, they form a scalable IP creation machine feeding into a common monetization infrastructure through Bodhi Tree Ventures. So these were the highlights of the last year. Let me now talk about the coming content pipeline and the platform delivery. In Q4 specifically, we produced 200 hours of original content across the digital platform, delivering five key titles across others, your star, Zee, Dungle, and Sho. The one that is Little Adda Company grows 728k subscribers in just form with 100 million plus views. Our podcast is about 8 million views. The finance bonds of Q4 and FY26. Now, coming to the numbers, FY26 has been a year of consistent growth for us. For full year, FY26 on a consolidated basis, 100 in the point by gross, 32% year on year. Ebitda came in at 17.1 crores up to up 76 percent year on year. With margins expanding meaningfully to 14.44% from 10.78%. The PAC put at 7.95 crores up 62% YOY with PAC margins at 6.71%. On a three-year CAGR basis from FY24 to FY26, revenues have grown at 36% CAGR, EBITDA at 68% CAGR. At 15% CAGR. These are strong compounding numbers that reflect the operating leverage that we are beginning to build. For Q4, the total income was 36.07 crores. EBITDA came in at 5.96 crores, up 56% YOY. With EBITDA margins expanding to 16.52% from 9.73%, the highest margins of the year. PACT for Q4 was 2.08 crores, up 11% YOY. I'd ask everyone to note that the Q4 margin story is actually very encouraging. Even as the top line was impacted by project timings, the quality of earnings reflected in 16.52% shows an operating leverage that's building in the business. The full year picture of 118 crore revenue and 17 crore EBITDA and an 8 crore PAT is a true measure of FY26. The IP transition. On the IP transition, our revenue mix today stands at approximately 80% to 85% of commission content and 10% to 15% of IP-related revenues. Our goal in the next three years is to move this to a 50% mix of IP and 50% mix of commission content to make the business more robust over the next three years. What's changed in FY26 is the infrastructure and pipeline that will accelerate this shift. The Creator Studios, Bodhi Tree Ventures, Bodhi AI, Larry Networks, Moving Images, this engine is now built. The value of IP ownership compounds over time and not on a quarterly basis. Classmade on Netflix was on the global top 10. Our YouTube IPs are building loyal, monetizable fan bases. These are the proof points and they only validate this direction. We also remain clear that IP monetization has longer cycles, but also unlocks monetization with those sentient licensing, brand integrations, fast channels, and international sales that were deliberately unavailable to production companies. We are investing in these cycles deliberately because the long-term economics are far superior. Let me now talk about the strategic outlook for the coming year. Our priorities for FY27 and beyond are clear. We are targeting to reach an IP revenue of 50% contribution in two years' time on our way to 50-50% split that we've committed to. We will continue to build multiple season franchises and IP universes, scaling Bodhi 3 into 20 plus international markets, investing in regional content hubs, rolling out the Bodhi AI group wide, and deepening our content. Our next three-year targets remain unchanged, $250,000, $25,000 impact, $55,000 services revenues.

I do apologize to interrupt you once again. Your audio is not coming in clear. Could you please use your handset one?

Better now?

Yes, sir. Please go ahead.

Our content and operations team for delivering consistently and our investors and shareholders. So we are building this step-by-step with discipline and we have the assets team and partnerships to get there. Let me do my closing remarks now before I open the floor to questions. I want to acknowledge our entire team who made it possible and all our studio leaders for their extraordinary creative vision. Our content and operations team for delivering consistency and our investors and shareholders for trusting us to transition. Our long-term vision is to build a company known not just for producing successful shows, but for creating enduring stories and meaningful creative assets. Stories that travel across platforms, markets, and generations. FY26 gives us real confidence that we are on the right path. I thank everyone for listening to me patiently, and now I look forward to your questions. Thank you.

Thank you. Ladies and Chairman, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

Participants who wish to ask a question, please press star and 1.

We take the first question from the line of Bimal Panchal, from Bimal Panchal and Associates. Please go ahead.

Yeah, good afternoon, sir. Am I very well?

Yes, yes, very much.

Yeah, very informative introductions about the company you've given. Congratulations for good results, and you've given a very much optimistic guidance about the future. Two few questions from my side. How is the integration of two companies that you have acquired, and any guidance of acquiring some residual stakes? In one, you have got to take one percent. So what about the residual stakes?

So, the strategy that we have is very clear. We'd like to work with creators in these companies, and the residual stake is something that is, you know, the discussion for the future. Right now, the idea is to focus on using our existing resources to build those businesses and support them in whatever that we can. That is going to be priority one, and once there's a certain amount of scalability, then the other discussions in terms of stakes will arise.

Any, go find anything you are planning in some.

Hello?

Hello. Any fund-raising plans?

There might be a fund. We are still deliberating on the same, but there is no clear indication on the same as of now.

Okay. And the promoters holding up around 25% seems to be very low. So any plans to increase or...

There is definitely a plan to get it up to a decently significant holding. That is a work in progress right now. And the plan over the next two to three years is to make sure that there is a significant increase in the promoter statement.

Okay, and our face value of the size is one rupee, and the market size is six rupee, so it's around six or seven times higher, but since it's below the ten rupee, so it appears to be a penny stock, which is not the company, but how about the consolidating and coming back to the ten rupee's face value?

So that has been an active discussion with management and the board. We are working towards getting towards that and those discussions have been on, but we are in the process of making sure that something like that will happen in the near future, but it's still under deliberation.

Okay, because this is an appointment where people generally say it's a penny stock, so they tend to avoid it. No, no, no, no, no. The cost of acquiring says below 10 rupees is very much higher. And that's why. Okay, since you have told that, yes, it is, you have to be, you have to take this in. And there's not much questions. I will call the question in the years.

Thank you so much. Thank you so much, Bhimajit.

Thank you. We take the next question from the line of Mithun Maiti from MMM Capital. Please go ahead.

Dr. Nusun, thanks for giving me the opportunity. So, we have targeted a list of 50-50 services and IP-driven businesses. And currently, I remember the last phone call also, we were around as in HY. We were doing... It was two quarters back. Hello?

Yeah, that was quarter two.

Quarter two. Right. So quarter two, it was also 80-20, I remember. And we are still around the same. So I wanted to know what specific projects we have in the current pipeline, which will result into 50-50 mix.

So the 50-50 mix is planned out over the next two years. It will be a mix of digital content, which would mean more IPs to be created over YouTube and other partnerships which are in progress with some other OTT platforms, which will have IP sharing. I cannot talk about them right now because the agreements are confidential, but what I can give guidance is that there are about three to four projects in advanced technology platforms. We will be having our OPs, and there are plans for further developing the YouTube site in terms of adding more digital content to our pipeline, and a mix of those two is what is going to propel the percentage that we're looking to achieve in the next 30 years.

Okay. Sir, with regards to this YouTube links, under which page it comes across? Is it under the individual creator or a different, or it's under the BodyTree's own YouTube page? How does it work?

No. So, the way it works is that there are multiple YouTube channels which we are working on consolidation. So, A, there is a Leirei network. So, Leirei itself is a CMS and it has multiple channels under it. So, there are certain channels that Leirei themselves operate.

Sir, your voice is cracking.

There are about 28 channels. Is it better now? 28 channels on that umbrella. And then there are other channels that we have a little other company, a little crime company. So the bouquet of channels that we are working on developing, which will then eventually come under a singular umbrella.

Okay. Okay, fair enough. Sir, with regards to this, we are transitioning from single payout to co-creation and selective IP ownership, basically. So how does our relationship changes with regards to whether we have that kind of negotiating power with Netflix, Geostar, or any of these apps, basically?

So, today, the markets have changed significantly. A lot of platforms are open to co-ownerships, co-creation abilities, since it's a very different kind of a market that used to exist, say, pre-COVID. So, more than the leverage that we have, because we are obviously building more of our business on YouTube and Meta, there is a significant openness now towards platforms wanting to work with production houses and content creation houses like us on IP creation. And sharing.

So, they basically agree on the terms, which are more like win-win positions, basically, or they...

Yeah, essentially a win-win position, because for them, they see that the content company also has some skin in the game, and at the same time, it also de-risks their investments to a certain extent. So, there is that openness that is there now.

Okay. Also, you have a strategy called fail-fast kind of strategy for YouTube and the digital IP. That's what I recollect. And I just wanted to know the hits ratio which we are getting with regards to how much hits we are with the experimental, these kind of IPs, which are moving from YouTube to OTT and TV platform basically.

So, I think the learning that we've had from over the last two quarters is obviously this, that the best would be to, you know, test things out on a smaller platform in terms of investment like YouTube. And then depending on the traction, you build further on YouTube or then you try to pivot towards a bigger platform or do a combined platform kind of a strategy. Now, that has affected different results. So, platforms have been open to take up our platform content on OTT, and also let us retain that on YouTube. So, there are multiple business models and revenue models that are emerging, since it's such a disruptive market right now. So, in that case, it's the fail-fast strategy remains, but what's interesting is that the business models and the business overall and monetization has gotten more evolved.

Okay. And you see this reward coming up in this financial year, as in a bigger way?

Yes.

Oh, okay. Fair enough. Just moving images, which we have taken the acquisition, as in we have taken majority stake over here. How is the integration going on with regards to the formats, which are more digital IP driven, basically, and any specific pipelines for FY27?

So there's a pipeline of about six to seven IPs that have already been lined up. I think that is already in progress. There's an IP that just came out called The Ward, which came on Little Edda Company on YouTube, which everyone should see. Again, it's a very interesting reality show about pregnant women in a hospital ward, and that has gotten us a lot of traction. That's the last project property that we've done, and we have five, six such IP-related fiction and non-fiction properties lined up for the coming year.

Nice. Okay. A few more questions, sir. If at all, I can come back in the queue. If at all, there is a problem with the number of questions which I asked. Okay, it seems like so. Yeah, so I, so this layer and networks, well, we have done a minority state as in 20%, I suppose. Are we using the same content and uploading in the same YouTube or are we just going to reproduce the same content and use AI to? As in, get the new characters out of it and monetize them. Do we have...

So, there are two components to this acquisition. One is the old vintage content, which is retro content, which is very valuable today in the given scenario with AI and all that. So, the plan is to put a lot of this content to the younger Gen Z audiences as well. But at the same time, using AI to be able to deliver some very important content. So, yeah, right that we are using leveraging this to be A more interesting variant of those contents using AI and building on the Lehre legacy, which is vintage retro Bollywood content. That's one part of the equation. The second part of the equation is the CMS platform, which gives us distribution capability. Lehre is one of the oldest. This platform's in the country awarded by YouTube when YouTube was just starting out in the country. So there is that legacy also that it comes with. The YouTube, the CMS platform gives us the distribution capability to distribute

our own channels that we are developing as our own entities through this platform.

It gives us an authentication. It gives us better ability to work against claims and patients. And at the same time, let's just go into a multi-channel.

Sir, I'm sorry to interrupt you, but your audio keeps breaking out.

Sorry, is it better now?

This is better, sir.

This is better. Sir, I was not able to hear the last few minutes.

So, as I said, one is the retro content and the whole usage of AI that we will do to also make it more interesting for the Gen Z audiences who are not exposed to that content of vintage Bollywood. The second thing was to do with using the CMS, because Lehre is one of the oldest CMSs in the country, which is given by YouTube, so there's a certain legacy that comes with it, is to use. Enhance our content monetization and creation and distribution strengths, where we are able to give the entire suite from content creation to content. Through legal claims and IPs, which the CMS system allows you to do, to content distribution, because the CMS is a better reach, and revenue monetization through branded content and AdSense. Flywheel, around which we would create our own in-house channel or enable other external creators to build their own IP studios on YouTube, becomes significantly enhanced as we own the entire channel. Did that answer your question?

Yes, but there were some breaks, I suppose. But I suppose I will leave the console transcript later on. But I got the major gist of it, how we are trying to get there and workable. Another thing which are more regards to the international expansion, as in I recollect, we are trying to enter overseas market, I suppose, two or three overseas market. Any specific geographies which we have targeted or decided using any kind of IP, something like that?

Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Thank you. Ladies and gentlemen, we have the management line reconnected. Mitra, if you could please be kind enough to repeat your question. Thank you.

Okay. Yeah. Hello? Am I audible?

Yeah, yeah, yeah.

Okay. So we initially targeted two or three overseas markets. So is there any specific discussions done? As in like what market we have prioritized or what kind of languages we are trying to get to work?

So, the way that it works is that the IP you created in all the last coming year, they would be presented to the global markets for adaptation and on. So, there is no specific geography as such. It is essentially whichever markets are more suitable to be able to adapt those in their countries themselves. So that's the usual strategy that any content creation company, which has its IPs, would usually work. So it's not a job of format based, and where the format gets the most traction.

Got it. And... And the micro dramas which we are targeting, especially in Bullet and Cuckoo TV, any specific growth rate which we have and what kind of contribution which we had in our revenue, basically, this year or next year?

So I think this year the revenue contribution would have been hardly 3-4% of the overall growth we have been making microdramas. We've entered into microdrama production because the amount of demand that is there, given the microdrama platform boom that is happening, we are capitalizing on them and using our brand and credibility of production into it. I think it will increase significantly in the coming year ahead in terms of the production which we will be doing on microdramas.

Okay, and the expected would be, in terms of contribution, right now it's 3-4%, it will go to, let's say, 10 or any higher number, or it would be just, as in, below 10, basically?

It will always, it will be below 10.

Sorry, below? Hello? Hello, am I audible?

It will be below 10%.

Okay, okay. Fair enough. Any updates on this creator parks in Assam, basically, which we are trying to do? Is it still ongoing?

Yeah, so it's work in progress right now. We're building the blueprint and the plan for this. We should be able to make a certain update announcement on it over the next one quarter.

Okay, and what kind of revenue contribution which we expect in this kind of parks?

Potentially. The Kurovini contributions will come in after two years. One year.

After one year. Okay. But any specific guidance? I would like to ask you to please.

Thank you for follow-up questions.

Okay. Okay. Thank you. Thank you.

We take the next question from the line of Naman Gala from Spark Capital Private Wealth Management. Please go ahead. Yeah. Hello. I'm audible.

Yeah. Yeah. Very much.

Yeah, thank you for the opportunity. I would like to ask, in content business, businesses are very long capital intensive, but platforms often having long payment cycles. So, can you provide us a sense of your average receivable days and whether they have improved or worsened in FY26? And how are you managing your cash flows as you take on more IP related investments?

So, for the content business, I mean, the question that you asked is very pertinent, because these are long gestation periods and cycles. The content business, in terms of payment cycles, remains pretty much the same. These are primarily going to be either milestone-based payments, or they're going to be credit periods that accrue over a period of time. So, that part of the business remains the way it is, and it obviously also gets more exacerbated with the digital content and OTT and IP pieces because those revenue cycles become even more longer in terms of investment, in terms of return on investments and other cycles, So, which does bring in cash flows become very relevant at that point of time. So, because we are in the middle of building this cycle right now, we expect that this will continue for a year more, but then after that, once the accruals start, because a lot of IT business is also royalty-based, so your revenue cycles and your cash flows will start getting more and more better once recoveries on those investments start, Because then those cash flow cycles and royalty cycles give you that kind of premium which are able to circumvent any cash flow things that you have going on in the current year or so.

Okay, sir, that's all.

Thank you. We take the next question from the line of Murtaza, from Pinpoint X Capital. Please go ahead.

Hi, sir. Good evening. I hope I'm all evening.

Yeah, very much.

Yeah, congratulations on a good set of numbers, and thank you for the opportunity. Personally, sir, I just had a question regarding, there's a lot of noise going around, some new IT rules and some censorship rules. I just wanted to understand, is there any kind of a risk with the content we are creating in regards to this?

So there is no content that we are creating in the areas where the legal frameworks don't set in. In fact, what's happened over the last one year is that very clear frameworks have been established to do with what kind of IPs and what kind of content that needs to be created and what is allowed from a regulatory standpoint. So we are completely following those guidelines. So we have zero risk when it comes to actually getting our content censored or taken down.

Understood, understood. And so I just wanted to understand if there's some sort of a metric like average realization per hour or something like that that we track as in for our efficiency for the content we're creating or something like that.

It is still what I would think is that while for the commission business we are able to, since there is a legacy of two, three decades that these businesses have been going on, when it comes to digital content especially, because now they have multiple revenue ecosystems, those matrices are still work in progress. I mean, because the industry is getting disrupted almost on a daily basis, and now with AI also coming in, it's very difficult to develop those matrices at this point of time. I think it will take maybe a year, year and a half for the industry to consolidate, and that's where we'll be able to see a lot more predictable and, you know, stronger matrices coming into play.

Understood, understood. And sir, I just wanted to better understand the seasonality in terms of the revenue recognition or kind of revenue booking that we feel. Because earlier, last year, it was a bit more different. This year, it seems a bit more different. However, the numbers on the console is better than the last time. I just wanted to understand how better is it for us to look at the revenue recognition or the booking that we often see quarter-wise.

Mm-hmm. So, I think what has changed is that in some forms of, because the company is moving towards more IP creation, the recognition has been taken into certain assets that we are taking in, also inventory, and then as the recognition of the revenue happens, we are amortizing it. So there is some policy changes that we've done to account for IP-led businesses, which is why you're seeing that, given that the revenue recognition when it comes to commissioned businesses is a lot more straightforward. While IP needs a lot more nuanced understanding in terms of how the recognition needs to happen, how the amortization of the cost needs to happen. So those are the changes that we've made and we will be fine tuning it over the next one year or so before we have a very clear way of recognizing those reps and putting those matrices in place.

Understood, sir, understood. And so, last, like, last call, there was, like, you were mentioning that there was some issue with the commission from the Geostar structure or something because of the merger that was going on. So, have we, like, resumed our commission from there, and has there been any change or disruption? No, that's a lot more.

That's completely streaming right now. So, those are things in place.

So, is there any major change or anything? Are we affected in any manner?

No, I think there's no major change. It's just been more, it's completely streamlined right now. There was that one-month process where the market was happening, so the consolidation was going on. But now, that's completely in place.

I understand. It was just a very temporary thing. Okay, I understand. Yes. Sir, and regarding the projects in pipeline for FY27, I just wanted to understand roughly what sort of revenue we've already sort of logged in as in the projects that are already ongoing versus we'll be starting to work on just in that sense.

So, all I can give you guidance is that there's about six or seven projects right now, which are in phases, which will start seeing some of that realization will happen in Q1, but more towards Q2, Q3, where we'll start seeing a lot more of those productions, you know, happening, and the project's been completed and given.

Understood. And so, is there any... I'm a lover. There's this audio kind of a vertical that's forming out. So are we in any sense, do we take part in it, like the Pocket FM or the Cuckoo FM, these were sort of in light for some time. So are we somehow involved in all of this? Just wanted to understand our exposure and get something. Hello? Hello, sir, am I audible?

Yeah, yeah.

So the audio vertical for us is not something that we are focused on, but if it comes as a part of the IPs that we are creating, then we leave that as a focus area. I mean, it's sometimes organic. So if there's a certain property that we're creating that leaves itself to audio, we would be going and doing it in partnership with one of these platforms or on Spotify and other distribution platforms that are available. But there is no strategy completely based on creating a vertical around that.

Understood. Understood. Okay, sir. Thank you very much. All the rest for the future. Thank you.

Thank you. We take the next question from the line of Vatsal Jain from GE Investment. Please go ahead.

Hello. Hi. Good afternoon, sir. Good afternoon.

Thank you.

I just wanted to ask, sir, who made two acquisitions this year and launched an AI unit as well? And you're also like scaling multiple studios simultaneously. So, how are you funding all of this? Like, is it entirely from internal approvals? And are you planning any specific funders?

So, the funding came from the rights issue that we did last year. From the proceeds of that and certain approvals, we've been funding all these acquisitions and these future development initiatives.

Okay, and any fundraising plans?

We have a pipeline for the next two to three years. If there is a mismatch that we would figure out, then we may go into more further fundraise. Nothing at the moment.

Okay, thank you. That's it from my side.

Thank you. We take the next question from the line of Metun Maiti from MMM Capital. Please go ahead.

Uh, am I audible?

Yeah, yeah.

Okay. So, uh, most of the things are answered. I now, I have a question with regards to the, uh, the balance fits, uh, where we basically, we have seen there's a, uh, jump in, uh, other financial assets, uh, from 104 lakhs to 1198. Um, is why we have such a big jump in other financial assets and what this constitutes?

I'll be able to, I'll be, it'll be helpful to, for me to share the, uh, breakups of that, but primarily a lot of some of it is unbuilt revenue. Um, some of it is certain IPs inventory that we've, uh, you know, we've created, uh, which, which, which right now would get accrued. So it's a mix of these two or three factors, which is what is, uh, which is what is sitting on the balance sheet for the accruals to happen.

Okay. Most of the things are answered, sir. That's it.

Okay.

Okay. Thank you. As there are no further questions from the participants, I now have the conference over to Mr. Amartek Tolia, MD and CEO, for his closing comments.

I'm very thankful for everyone, all the stakeholders and shareholders, to be a part of this call. I would request everyone to keep supporting us in our future endeavors as well. I'm looking forward to seeing you very soon. Thank you so much.

Thank you. On behalf of Bodhi 3 Multimedia Limited, that concludes this conference call. Thank you for joining us. Anywhere now, disconnect your lines.

Thank you.