GTPL Hathway Limited (GTPL) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to GTPL Headspace Limited Q4 FI26 Earning Conference Call hosted by AMT Global Financial Services Limited. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant line will be the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should we assist in during the conference call? Please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aryan Tripathi from MK Global Financial Service Ltd. Thank you, and over to you, sir.

Good afternoon, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. Anirudh Sindhjadeja, promoter and managing director, Mr. Piyush Pankaj, business head B2B and chief strategy officer, and Mr. Saurabh Banerjee, chief financial officer. I shall now hand over the call to the management for the opening remarks. Over to you, Mr. Jadeja.

The call of CTPO Hathaway Ltd. to discuss financial performance of Quartar 4 FI 26. We remain the country's largest MSO while consistently deepening our footprint as a significant layer in the fast-evolving free broadband landscape. Both our cable TV and broadband businesses deliver steady operational performance over the year. Over the past financial year, we have focused on launching and scaling consumer-centric products and services. And with the newly launched GTPO Infinity, our HITS platform will enable to scale our operation, speed of ground implementation, and cost efficiency. In the line with our consistent dividend-paying policy from last nine years, for the financial year FY26, the board of directors have recommended dividend of 20% of face value, Rs.2 per share. I now hand over to the call to Mr. Piyush Pankaj, who will take you through the KPI for the cable TV and broadband segment, as well as highlights of our efforts throughout the year. Piyush.

Thanks, Mr. Jadija. Good evening, everyone. The KPIs for both the businesses are as follows. First, cable TV segment. Our digital cable TV subscriber base, as on March 31st, 2026, stood at 9.40 million. Among the total subscriber base, paying subscribers stood at 8.70 million. Okay. In the broadcast business, Active Subscriber Wave at the end of the quarter stood at 1.06 million, adding 15,000 new subscribers on a YOY basis. Home Pass stood at 5.95 million as of 31st March 2026, of which 75% are available for aptX. The Broadband R2 was quarter 4F26, stood at ANAS-465. Average data consumption per month stood at 436 GB, a 10% increase in YOI. The number of Indian households is expected to increase from $332 million in 2025 to $345 million by 2028, alongside a rise in per capita income from US$2,800 to US$3,600. This growth is expected to expand India's middle class to approximately 715 million people by 2030-31, creating a strong foundation for higher television and broadband ownership and consumption. Television household inflation in India is around 60%, which is expected to be around 65% by 2030. Thank you. And economic trends continue to support long-term growth in television and broadband penetration. This quarter has become exceptional as the company has reported negative profit after tax. The decline in PACT is driven by mainly three factors. First, the revenue impact, subscription, Cable subscription and ISP revenues were lower due to the lower operating days in the quarter, which is a two-day impact, and a marginal decline in the driver's pay. The impact is of around 12 crore. Second is year-end accounting adjustments. Higher one-time provision towards conservative accounting and impairment being the end of a fine, which is the impact is of around 7.5 crore. And one-time corex loss of around 9 crore. The re-evaluation loss due to IRN depreciation linked to geopolitical developments in the Middle East. Because of that, the company has lost around 9 crore and the impact is here in the pack. I will now hand over the call to Mr. Saurabh Energy, CFO, who will take me through the financial performance of the company.

Thank you, Mr. Piyush, and good evening to everyone joining us today. On a consolidated basis for the quarter, total revenue rose 4% year on year to INR 9344 million. Subscription revenue came in at INR 2850 million, while broadband revenue increased 3% year on year to INR 1394 million. Consolidated reported EBITDA was INR 908 million, reflecting a margin of 9.7%. Operating EBITDA for the quarter stood at INR 854 million with a margin of 18%. Looking at the full year FY26, consolidated revenue grew 7% annually to INR 37,466 million. Subscription revenue reached INR 11,862 million, while broadband revenue rose 2% year-on-year to INR 5580 million. Consolidated reported EBITDA for the year was INR 4321 million, translating to a margin of 11.5%. Operating EBITDA stood at INR 4026 million, maintaining a margin of 22% compared to the prior year. Net profit attributable to the parent was INR 156 million. On a stand-alone basis for the quarter, total revenue grew by 9% YOY and 1% Q on Q to INR 6185 million. Stand-alone reported EBITDA for the quarter was INR 596 million at a margin of 9.6%. Stand-alone figures for FY26 stood as follows. Total revenue was stable annually at INR 8685 million. Reported EBITDA stood at INR 2369 million and an EBITDA margin of 9.6%. Net profit for the period was INR 56 million. Balance sheet of the company remains healthy with a debt-to-equity of 0.18 times as on 31st March. Next, cash flow from operations for the full year stood at a robust INR 3601 million and we are also pre-cash flow positive for the financial year. Now, I request the moderator to open the floor for question and answer session.

Thank you so much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are required to use handsets while asking a question.

Ladies and gentlemen, we will wait for a moment while the question queue assembles. Thank you.

Our first question comes from the line of Suvarna from Chana Ke Capital. Please go ahead.

Hi. Thank you for the opportunity. This is Suvarna from Chana Ke Capital. Can you hear me?

Yes, Suvarna. We can hear you. Please go ahead.

I have two questions. We have noticed that there has been no growth in cable TV and broadband subscriber during this quarter. So, could you please explain the reason behind this? And my second question is, could you please provide more detail on the external item of Rs.56.89 million and whether this is likely to be there?

We are going forward. Thank you.

For the first question, yes, you are right. There is no increase in the subscriber base of KBTV and broadband both sides. KBTV, as you know, we have started implementing Alien in the Sky, so we are concentrating right now more of converting the current subscriber base. And going for the cost saving, which will start reflecting from first quarter, rather than the expansion in the first quarter, in the this quarter, all the expansion and all the things will happen from the first quarter of FY27. So you will start seeing some positive attraction on that way. Yes, as you know... The competition is very high right now, and the environment is also not very favorable for the cable TV business, but still, we are holding our base and retaining our base throughout, and plus, from the next quarter, we are going to increase our pace of operations hidden in the sky, and we are starting to get more subscribers. So, that's the way on the clear cable side. Broadband side, yeah, this quarter is a bit muted. Overall, in the year, we have added 15K, but this quarter was a bit muted, but next quarter, from the next quarter onwards, we will start seeing the addition in the... One time which you have seen the exception is the investment impairment, which I have talked about on my statement that how it is impacting our path, and that is the part of that, that is a one-time investment impairment of some of the investments, which I'm a conservative accountant. Recommended us to take it, and we have taken it this year, but you have only one time.

Okay. Thank you. Thank you very much.

Thank you. Our next question comes from the line of Richa Senghi from HKR Capital. Please go ahead.

Hello. Can you hear me from my microphone? Yeah. Sir, I had a question in line of the previous question. See, this particular industry has been consolidating since quite some time now. How long can this consolidation phase be, according to you? Like, any reason for this consolidation?

Yeah, you're right.

This industry is in the consolidation stage, and we are also different to go for the acquisitions and do the consolidation of the industry, as you know that Out of around 80 million subscriber base, still 40 to 45 million subscriber base, this is the smaller MSOs, where with the changing technology and the quality and all, it is difficult for them to hold the subscriber base for long. As you know, the change in technology is happening, and whether it is OTP, and whether it is other YouTube, and... Insta or Facebook, all have become a threat because they all are now a content company rather than a social media company. And because of that, you have to improve your quality, you have to improve your interactions with the customers, you have to be at the, you can say, improve your quality. That is the problem with this industry, that smaller IMXOs are, in the long term, are not able to do it, and that's why the consolidation is required, so that you can retain those subscribers in the industry, and they will remain enjoying the KBTV service. So, that's one of the reasons that's happening in the industry for the last four or five years. This year, as you see, our numbers have not decreased in almost eight because we have reduced our acquisitions or consolidation activity as we have concentrated more towards the Hidden in the Sky launch and putting the capex over there to create the world. Thank you very much, everyone, and welcome to the Uplift News Center and doing all the conflict So that's why we have not gone for the very aggressive consideration and all, which we used to do it from last two to three years. But now we are doing it, and we will start. And we believe that consolidation is good for the industry, as 800 MSOs are there in the country right now, which should reduce and fuel care should be there.

That we have been able to capture the benefit of consolidation to a certain extent and we will be able to get good benefits from it in future, correct?

Yeah, yeah. That's the way we are working towards. We are really aggressive towards the consolidation and we will work towards that. After our Head to the Sky platform, we are going to be very, very aggressive.

From an industry standpoint, we now see that apart from us, only one other HITS operator remains active. Given this limited competitive landscape, would you help us understand what has prevented more players from adopting the HITS model?

Um, now you have to...

Broaden your horizon as for the competitors, because right now your competitors are everyone who is providing the content. That's why I've taken the name of, you talk about telcos, you talk about YouTube, you talk about Insta, Facebook, everyone, who all are giving the content or who are taking the eyeballs of the customer. Those have become your competitors. So you have to broaden your horizon on the competitors. You don't have to go for traditional competitors. Original competitors are always there and they are soon to be there. But you have to broaden the competitive landscape. And we are working towards on that basis that we have the competition with all the players who are providing content.

And one more question. Sir, the cable TV industry has been facing some structural challenges due to the OTT platform. Right now, players like you, Airtel, Zio, we have started giving OTT with normal TV channels as a part of our set of work plan. So, how do you see the cable TV subscribers evolving over the next few years with this?

You see, the whole world is moving towards the connected TVs, where you will... Getting the TV also wins a cable connection or ticket connection, plus you are having one or two OTPs or three OTPs there in the home. And that is the way which we look forward also, that the future will be like that, because content, you can say, is more of platform agnostic. So content has to reach to the customers. If it is a good content, customer will go and see that content, whether it will be on any platform. So you have to go according to the customer perspective, what their requirement is. And if contents are getting available on those platforms, then you have to go for those platforms. And you have to. So we look forward. Towards ours as a pipe, if you see. We are a pipe which is existing at home. Right now, we are distributing broadcasters' channels. We can distribute productivity also. We can distribute gaming also, which we have started. We can distribute financial services also. We can do more of a layering of the services to the customers. So, you are, you have the reach at home. How you are going to utilize that so that your customer is satisfied, whatever he wants. He is getting that. So, that's the way we look into the business, and that's why we are providing all type of combinations of different services. And that's the way we look forward for the future.

Okay, sir. Okay. But, scientist Thomas, I will join the field for the further questions. Sure.

Reminder to all the participants that you may press star and want to ask a question. An execution comes from the line of Harish from Alpha Alternative. Please go ahead.

You see, you are talking about this 4 to 5 crore customers in the MSO space, right? And you are saying that you will be very interested. Can you tell us, in the next coming years, like FY27 and FY28, how much of this 4 to 5 crore customers you can acquire? Very confidently.

It's a very speculative question, as you know, and we are in a talk with different players, big players, I will say, and which you will start getting the announcement in first quarter only, as now we have implemented Hidden in the Sky, and now we are going ahead for the kill. I will say, yes, good substantial number will come. I can't give you a exact number, as you know, it's more of a mixed population. But yes, we are on the job. And next quarter, next quarter call, you will get that, okay, this much number has come, and then we will start seeing the trends on that side. But yes, we are doing the contribution, and one of our main strategies is that.

So, this will be your acquisition of MSO, right?

Come again, sorry, guys.

So, you are talking about acquiring three of the Airbagos?

Yes, we are talking about acquisitions, but yes, we are looking forward to go ahead and do it. So, yes.

Secondly, I just wanted to understand on your cable TV base, How difficult it is to take a 5-6 rupees hike in ARPU? Yes, I have to...

You can do higher. We are doing it this year also. We did it last year also. But as you know, Indian markets are very sensitive about the ARPU. We are increasing it. And every time, if you see, it's increasing by 3 rupees to 4 rupees to 5 rupees, which is hardly, you can say, 3 percent to 4 percent increase. But that 3 to 4 percent increase will happen every year. That is going to happen. So, in three years time, you will say, yes, 10 to 12% agreement has happened in the ARPU. But drastic improvement in ARPU is not, we are not looking forward to that. We are more going or playing the volume game rather than the value game here. That value is going to be 2 to 3%, 4% maximum. And main volume game is going to. It is going to give you the returns and the revenues.

So the volume will be taken care of by the acquisition of Endoso, right? So from there you see the volume growth.

Inorganic, organic. See, I'll just give you the largest perspective on that basis. I've just given that there are 32 million households and they are out of that. The TV household is just 193, 194 billion. And still it is somewhere around 60% only. So still 40% is there, which is without TV, which is a, you can say, non-cable, non-DTH, non-TV areas in country right now, which is somewhere around, you can say, 130 million to 140 million households, which is there. So that opportunity is, because these are opportunities there, which you can increase, you can... Go for inclusiveness of them as becoming the TV households as now one of the reasons that we have gone for the header in the sky so that we can be present in every new corner of the country and we can start the business week's time to end it. And that's one of the prime things that how you can bring this 150, 140 million households into the wave of your television and everything. So that's one of the biggest biggest target. Bless! The other target becomes, as I say, a 45 million households, which is still with the smaller MSOs, and they are like a low-hanging fruit. As far with DGX from the last 5-4 years, as you have the same number of channels, you have the same quality after digitalization, and you have a big portion of DGX as a competition where you can win back because DGX has won the customers from the cable and broke. Another question is your free dish. Because free dish, afterwards, they have increased tremendously. Only because there was no option at the rural areas for the other players to go into or have to reach those households through your P2P or Fiverr and everything. And BPX is too costly for that. And that's why they have gone into the fold of British. So there is 40-50 million of cyber bases lying in the building, which you can now hamper because you are also reaching there through a incident in the sky. So the possibilities are large. Yeah, we have to take it one by one. But possibilities are large, and we can attack in everyone, and there is a lot of work from next decade, I will say, that you can do this and increase these businesses. So, that's, that's, that's, I can say, the nautical, as far as I can say.

Thank you. Can you ask me on your capex and depreciation? How should we model this going forward?

Yeah, capex, this year we did around 290 crores of capex total. Out of that, around 110 crores is in the broadband at 180 crores, which includes the capex is 180 crores. We are looking forward that next year we will be, again, back to 250 crores. Somewhere we are looking forward that 150 to 160 crore will be on the broadband and rest will be on the

table and heads. When will the JPEX speak, sir?

Sorry, has your voice a second?

When will the JPEX speak out?

Maximum. Maximum will peak out means you're talking about the quarter-wise peak out or?

No, no, no. You're doing 300 run rate every year, right?

That will come down to, what, 100 crores of maintenance? By when? You're talking about when it will start reducing. We are not looking forward to reduce it as we have seen that this is the time for the growth for both the businesses. As I say, the cable business, a lot of heads and cable business, there's a lot of perspective. Same is there in the broadband side, as you know. In the broadband, only 46 million households are in the wide side right now. And as you see, the wireless costs are going up with the time. So, this is the time where you can hand your thing. And out of 32 million, only 46 million, which is how we around 40. Thank you. I will say this is just, next decade is going to be both for broadband and cable for both the businesses, where you can increase your stake and the whole participation in the country. So, I am not looking forward for at least for next three years that I will.

Got it. Okay. Thanks. That's all.

Thank you. Reminder to all the participants that you may press star and one on your first turn telephone in order to ask a question. An expression comes from the line of Vinit Manik from Karma Capital. Please go ahead.

Yeah. Hi, Puji. Can you hear me?

Yeah, yeah, Uji. Go ahead.

Puji, just one question from our side. It was really disappointing to see a loss this quarter. But, sir, overall, despite of all the efforts that you mentioned on the call, that we have been doing it for so long, Our margins have been at least on the operating side that we used to say that 24% margin we used to make that was down to 22 and now it is down to 18%. And in fact, if we see on the CATV, this is also we are seeing a degrowth. Our broadband business is also growing at a very smaller phase. So, how should we look at the long-term, you know, business structurability about the profitability of the business because margins have been falling and growth has not been so great for us. So, that was the first part of the question. And the second part is that can you slightly elaborate on the exceptional charges that you said on the investment that you have taken with the recommendation of the auditor that what was largely that was applicable to, And the nature of it, if you can explain. Thank you.

Yeah, sure with it. So, first question, you are right with it, that this quarter is a bit disappointing because we have gone for the negative path, and... And this year also, if you can, I said that at the beginning also that we have a very muted number on both the businesses as we have not lost the number, but yes, we have not increased the number which was expected that we should increase our number and all. So, as in the table business side, I will say that we were concentrating towards not going overboard of acquisitions and all, and concentrate on our LMS Skype Apex, so that we can be ready for the future. So, that's why we have a bit muted. In the broadband side, yes, the competition mainly from the new technology, which has come as the air fiber, and that has suddenly taken us on the leap, and now we are recovering from that. Our nutrition has started with this. Yeah, the profitability side, I will say we have maintained our operational profit, if you say 22%, 22%. Yes, you are right. But at some point of time, we were at 24% to 25% in 2022 or 2023, and we have come down to 22%. But we are looking forward that with the implementation of S, as you are going to save a lot of money in your business. Every cost that is going to increase your, which is technically going to increase your emitter, plus the new businesses which you are going to get is going to increase that. So you are able to control your cost. If you go through our... It was that. Yes, you are right that in one look, this is a real situation. Thank you. Two parts are there. One is the impairment, which has happened on some of our old investment, which has happened on those investments, which is, you can say, invested a long time back in 2011, 2012, 2012. Thank you. And they have recommended to go for impairment for the more like a cleaning of the hooks, one time, and that has appeared there, which... The total is around 5.7 crores and above the EBITDA is around more of 2 crores, 2.5 crores. The total is around 7.5 to 8 crores is there. And the second portion which we have got is because of our Forex fluctuation, as you know that the accounting of headed in the sky, the transponders which we have taken from Indonesia, there the contracts are in the dollars. I started taking that in the depreciation place. And those frustrations, because of those frustrations. First March, the depreciation was very high for the IML, and first and second, it got back. And we got hit by around nine crores because of that, in the books, which is like a one-time. If those one-time would have not happened, we would have, those are the national costs. Twitter markets. Future, I will say we need, we are very, very hopeful. As you know, we are rethinking on the whole business from last one, one and a half years. And that's why we are implementing or taking big steps, where we are spending in the... So all those things we are doing on the basis that, yes, we are going to implement our strategies.

And sir, the 18% margin that we reported, the operating margin that we reported this quarter, was because of that one-time charges included in that, from 22 to 18, or that one-time charges below the line item that we...

I can say it is below the line item, but the 2% has been... Operational slide number 24 as you see.

But, 22 is full year, right? FY20 seems to be 22%. This quarter it went down to 18% on our operating losses.

This quarter...

One minute, one minute. Yeah, this quarter we have 18%. That is one of the exceptional because two days revenue has gone. So always quarter four is lower with it because in quarter four you get just the 90 days, not the 92 days. So if you see the quarter three it was only 4%. It was extra still because we've got 92 days there. So that's why revenue goes up and down. So it's better to see on the yearly basis that where we are standing.

Oh, got it. Thank you, sir. Thank you for that.

Yeah. Thank you. Our next question comes from the line of Virishti Gupta from VG Finance. Please go ahead.

Hello, sir. Am I Ravidic?

Yes, sir.

Yeah. So, sir, my question is, like, what is the churn profile for cable customers and which retention initiatives have shown the best result?

Oh, churn, if we talk about, the industry churn is somewhere around 17 to 18 percent. We are at the same level. And if I talk about 17 to 18 percent churn, then you can see that if we are retaining our customer at the same level, I will say that it is a reducing churn year to year because when the COVID time was there, the churn has gone up to 24 percent. And then it started reducing and reducing, and now it is at around 70-80%, it is there. And we are hopeful that it will go down with the time, as more retention will come into that. Now, we are doing all efforts on the retention, and that's why we are going down to 70-15%. Still, industry, it is at 20-21%. Churn is going up. Yes. So, we are doing better than industry on the churn matter. So that is the case.

Okay, okay, sir. And what is the strategy for setup box upgrades or replacements and how are the costs recovered?

See, if we are talking about replacement

and all the replacements are happening and generally we are doing the replacement with our used box and for this box. And if it has to be in the new box, then there is a cost involved in that for the replacement. So that's where you are recovering your investments. There is a two-way you can replace if a box is not working. Either it has to be a refurbished box, which is like a used box, which is a repaired and retrieved and repaired box. Through that, you can recover the very small cost. Or if you have to go for the new box, then you have to pay for the new box. That is it.

Okay, okay. And like, how do we coordinate between business teams of cable and broadband to maximize our cross-sell opportunities?

No, the teams are different, yes. You can say that the collaboration is always there between the teams on the strategic matters, on the ground matters where you have to give the, you can say, the leads here and there, but yes. As both of the businesses are different, require different skills. So the teams are different. Yes, you view the leads, you collaborate between them in the same areas. Technical people are there who are going to help each other. All those things are there. All the synergies are there from the helping side. But yes, there is a broadband team in different and the KVG's dedicated teams are there.

Okay, and in the broadband, what is the expected ARPU mix as customer moves to higher speed tires?

So, right now, ARPU is 465. If you see, from last three years, the ARPU was at around 440, and it has gone up to 465. We have not increased our package price. We have reduced it a bit. But because customers are migrating to higher packages, higher speed packages, because of that you have shipped, the last two years you have seen that around 25 degrees. We are looking forward that that increase will come in the future also.

Okay, okay. Further, I also wanted to know that how long does it typically takes us to convert the home pass into a paying broadband customer? And what steps are shortened that timeline? What steps we have taken?

See, once you make the home pass and you declare it that it is available for the sale, generally it takes... It's 18 months for converting those home parts up to around 17% to 20% or extracting the customer to that way. And it depends on the area. So if it is a very dense area, then it can go up to 25% to 30% also. And if it is a rural area, it might be 20% to 15%. But yeah, the industry norm is 20% conversion of the home parts. That's the best. We are at around 17% disease.

Okay, okay. And how do we prioritize which Niagara Road or Circles to roll out next, and what commercial criteria drives that choice?

Those are, I think, we have, we are going into the details of operations, that how we do that for areas of our life, and we can connect offline, and I will give you all the details of those. Thank you. Thank you. So that's the way, that's the operational thing. It's not, you can say, standardized thing. Standardized is...

Thank you so much, sir.

Thank you.

Next question comes from the line of Viral Jain from MSG Finance. Please go ahead.

Yeah, hi. Am I audible? Yes, Viral, you are. Yeah, thank you for the opportunity. Two quick questions from my side. The first one was on the Capex side. So, can you just provide us a guidance for the CAPEX plan for going forward, let's say, for two years from 27 to 29, and what will be the split between the cables, broadband, and heads, and how much of it will be for growth, and what will be the maintenance CAPEX?

Yeah, so we are looking forward for somewhere around 350 dollars per item. That's the CAPEX that we are looking for. And out of that, around 150 carol is going to be in hot baths, and the rest 200 carol is in the cable and heads, cable and heads, because people are going to get into it at that time. And that's the win. If we talk about the maintenance capex, maintenance capex will be somewhere around 50% in both sides. Thank you very much. You can say, thanks to you.

Got it, sir. My next question was with regards to the ROC. So, if we look historically from FY14 to 18, we could see that we were doing ROC of around 12 to 15 percent. But during the COVID year and post, it grew up exceptionally high to around 25 percent. And post it, we can see that it's already coming back to normal range of 12 to 15 percent in FY23 to 24. So, however, but the last year we saw that the ROC was in the single digit. So, what could be our expected target for ROC in FY 27 to 30, and what will be the initiatives? Will it drive?

Yeah, because, see, the normalization is somewhere around 50 percent. This year is exceptional, as I said, that we have not gone for big acquisitions and all, or increasing the number in both the businesses, as we were both concentrating towards implementing the new platforms or structures in such a way for the future. And the investment has gone towards that and the capex of the new platforms and all. And thus, the incremental or steadiness The sustainable CAPEX is required more rather than the crude CAPEX, which we did, and that's why you will see the ROC has come down a bit, but going forward,

Back to 15%, got it, so that was all from my tech. Thank you.

Thank you. As there are no further questions from the participant, I would like to hand the conference over to the management for the closing remarks. Thank you, and over to you, Tim.

Thanks. I would like to express my thanks to every participant who took their time out to attend the call. I would like to thank NK for organizing this call. For any queries, please feel free to contact NLFGIR. Who are our Investor Relations Advisors. Thank you, and have a good day.

Thank you, sir. On behalf of MK Global Financial Service Limited, that concludes this conference. Thank you for joining us, and you may now disconnect tonight.