Radiant Cash Management Services Limited (RADIANTCMS) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Radiant Cash Management 4Q FH Minisix Earnings Conference Call, hosted by Antic Stock Broking Limited. As a reminder, all participant lines will be in the lesson only more, 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 an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Sir Raju Barnawal from Antique Stock Broking Limited. Thank you and over to you, sir.

Thank you. Good morning and welcome, everyone, to Q4F426's conference call of Radiant Cash Management. Today, we have with us the management of radiant gas management represented by Col. David Devithahayam, MD, sir, Mr. Alexander David, full-time director, Mr. Venkataraman, CFO, and Mr. Muthuraman, strategy and IR. With this, I hand over the call to MD, sir, for his opening remarks, post which we will start the Q&A session. Thank you, and over to you, sir.

Thank you very much, Raju. Good morning, ladies and gentlemen. Thank you for joining us today for Radiant's Investor Call. The standalone revenues for the year were flat over the previous year. We had excellent growth in e-commerce, which witnessed 21% annual growth. Kona's retail also grew well over the last year. However, we have been highlighting in our earlier analyst calls, our revenue growth was affected by the loss of a few regions of railways to competition, and loss of a large client in the e-com logistics segment, which got acquired by a larger player. For the quarter, Q4, financial year 26, continued its improving trend over the last few quarters and was at 15%. In this quarter, up from 13.6% in Q3, FY26. The improvement was mainly on account of various cost reduction measures undertaken by the company. We handled cash volume of Rs. 1.69 trillion during the year, financial year 26, a growth of about 1% over the previous year. We are taking several measures to improve revenue growth, which would help in restoring the EBITDA margins to past healthier levels. Rigorous focus on adding direct clients, increased trust on dedicated cash funds, empanelment with smaller banks, including cooperative banks and rural banks, are some of the measures taken by the management that will improve the core business revenues. I'm highlighting two specific aspects below. In the core business, the operating leverage will help improve the margins when the revenues grow at a healthy pace as a significant portion of our costs are fixed in nature. Federal logistics has reached the top line of Rs 60.7 million for the year, with steady improvement in performance quarter on quarter. The person is still reporting negative evidence. Strengthening of the management team in this division and recent addition of five Mark V national jewelry chains, this division is likely to achieve break-even in the first half of the current financial year, which will improve the overall profitability. Several cost reduction measures, including route optimization with the help of technology, discontinuation of select low-density routes, and staff cost optimization. The results are already visible in the trend line of steady improvement in standalone EBITDA margins. We are redoubling our efforts to provide alternate cash collection solutions. Including business correspondent model and Instacredit, and expect these measures to have a meaningful impact on our profitability in the current financial year. The overall consolidated PAT has dropped to Rs. 280 million in FY26 from Rs. 470 million in FY25, largely on account of losses incurred in our FinTech subsidiary. The PIDF subsidy had ended in December 2025, and the subsidiary is working towards improving its transaction revenues rapidly. The losses in the interim are transitory, and the team is confident of turning EBITDA positive in the first half of the current financial year and contribute meaningfully to the overall profitability of the company in the full year. Mr. Alexander David will provide more details on Radiant Ace 20 performance and future plans. We remain committed to providing transparent updates on our progress and answering any questions that you may have. I now request Alex to speak about the performance of Radiant Ace 20, followed by Mr. Venkat Ramnan.

Thank you, sir. Good morning, everyone. Thanks for joining this earnings call. I will be presenting the update on Radiant Ace Money, our fintech subsidiary. Radiant Ace Money reported revenue of Rs. 287.8 million for the year FY26, representing a 19.6% growth over the previous year. Currently, we have approximately 1.5 lakh merchants onboarded for POS machines and added approximately 60,000 sound boxes. Over the year, we also facilitated digital transactions of approximately rupees 1,140 crores, establishing our presence as a serious fintech player, particularly in rural areas. As reported in our last earnings call, the fourth quarter performance was poor as the PIDF subsidy ended on 31st December, 2025. For the current financial year, the management is seriously pursuing transaction revenues from already installed POS machines besides adding new business verticals to pursue aggressive growth plans. Towards this end, the management has already signed up with two reputed small finance banks, a large NBFC, and a few banks to provide fintech services and support their network rollout plans. We are also in the process of developing many of the merchant outlets into business correspondence to provide a much wider variety of financial services, including Accepting cash from our retail cash management business at competitive rates to help grow the core business of the consolidated entity. I am happy to report that we have now over 10,000 business correspondents that offer our wide array of fintech services. We continue to provide regular updates on the progress of ACE money to our investors as we scale greater heights in the coming months. I would now request our CFO, Mr. Venkatraman, to present our financial performance.

Thank you, Alex. Good morning, everyone. Thanks for joining us on this investor call today. I will present the company's key performance indicators and financial performance for the quarter and year under 31st March 2026. During this financial year, we added 180 new clients and 230 new end customers in our retail cash management business. For the quarter under 31st March 26, we added 2,173 new points, taking out total service points for the year to 77,521. In FY26, we handled Rs. 1.69 trillion of cash, a growth of about 1% over the same period last year. The overall retail cash management business remained largely flat during this year due to loss of certain regions of railways and loss of a key e-commerce logistics client due to merger. Our gross cash losses for FY26 stood at Rs. 33 million or 0.002% of the total cash handled during the year. This is one of the best performance in the industry, a reflection of a strong focus on risk management and ex-servicemen culture in our company. Radiant Valuable Logistics grew about 35% in FY26 over the previous year and is on its way to achieve a positive EBITDA in the current financial year. Induction of an experienced management team, signing up of five marquee national jewelry chains, and optimization of routes are some of the key initiatives taken in the last few months to improve profitability in this business spectacle. Coming to financial performance, the consolidated revenues for the year were Rs. 4.4 billion, representing 1.1% growth over the previous year. The standalone EBITDA margins for the quarter continued its improving trend and clocked 15% for Q4 of FY26 as against 13.6% in Q3 of FY26 despite the losses in RBL division. The consolidated EBITDA margin for the quarter dropped to 10.7% due to losses in ESWAP. For the year FY27, the key milestones the management is striving towards are in REL profitability and improving the revenue growth of the core business. The management is taking several concrete measures to meet each of these milestones, and confident the same will reflect on the financial performance in the coming quarters. I now hand over the floor for Q&A.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use hands up while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ankit Kanodia from Zain Levesh. Please go ahead.

Thank you for taking my question. For me, first, a couple of questions related to your opening remarks for me. So you mentioned about our efforts towards getting the direct customers. We used to share that number, percentage of revenue, it was from 1%, it grew to around 13%, sometime in the last quarter, last or maybe, what is that number today and how do we see that number growing in the next couple of years? Directionally, I am not looking for a definite guidance, but directionally.

We are at about 18% now, and they're growing, so it's a... This is a critical area of our focus as of now, and we hope to grow steadily in this segment.

Is it clear to us, sir, that we will be able to, say, reach around 30% in the next 12 to 18 months?

Yeah, within the next two years, 30% is the risk of the target.

Great, great. Thank you, sir. That was very helpful. So, second question is regarding the business correspondence business which we are talking about. So, there is a player in the industry who has recently, who has been in the business correspondence business since long and recently got a… So they are in the process of selling their business correspondent business. Are we exploring not just that company, but acquiring, because we have a healthy balance sheet and a lot of cash, are we also looking for M&A initiatives here, or we want to grow it organically?

We are always open to inorganic acquisition, like the way we did the ASWARE acquisition, but as in we take a fairly conservative approach, it will be at valuations that are acceptable to us. We do come across opportunities and continuously evaluate. This particular instance is probably too large for us to.

Last question, sir, before I join in the team. And probably we'll start kicking in in the next year. And given the kind of valuation at which our... Cash we have on our balance sheet. Are we exploring a buyback?

Uh... And also, we've been a company paying the strongest dividends over the years.

We'll see you in the queue. If you can just give a qualitative view of how do we see age, money, two, three years, the business growing in terms of, I'm not asking in terms of numbers, but more in terms of how do we see the business branching out?

Thank you. Thank you. We would have challenges in the initial stages of growth.

Thank you so much, sir, and all the best for the future. And I'll come back to the few if I am.

Ladies and gentlemen, before we take the next question, a reminder to all the participants, anyone who wishes to ask a question may press star and 1. We will take our next question from the line of Harsha from RoboCapital. Please go ahead.

Thank you for the opportunity. Am I audible? Yes, you are. Yes, sir, thank you. Sir, on a consolidated basis, what is the revenue and EBITDA outlook do we have for FP27 and FP28?

So for FIT, we have not put out a specific guidance, but like I think we had mentioned in the last earnings call also, our objective is to reach 5 billion in revenue and 11 to 12 percent in PAT margins for FIT 27. Longer-term growth in fact should be in the mid-teens is what we expect.

How much losses have we entered in our fintech subsidiary ACE money and also the radiant valuable logistic business in FY26 and what can be the revenue fat outlook for FY28?

So, RVL had 60 million in losses in FI26, and HMoney, anyway, as in it is clear, it's about 100 million, 10 crores of losses in FI26, PAT-level losses in FI26. What is the next question? For these subsidiaries, our immediate goal is to turn both of them PAD positive in the current financial year, hopefully in the first half itself, for both of them.

But do we have any target as in what kind of revenues can we achieve from them in, let's say, in two years' downline?

See, the market opportunities are fairly large, as in this business can grow to 50 to 75 crores in revenues in the timeline that you indicated.

Okay, and we used to do 60 crores of pad ones, right? So, what things have to follow the similar, you know, like similar pad of, let's say, 60 crores?

Yeah, like CFO indicated, these are the three key imperatives, turn both the RBL and Ace Money profitable, and the core business growth, if we are able to achieve 12-14% growth, we should be able to reach there.

Okay, sir. My last question is regarding if I seek Q4FY26 reserve, so we have done an EBITDA of 8.5%.

So this is our lowest EBITDA in the last 12 quarters.

So where do you see it? What level can you expect for next quarter? What is the outlook over there?

Standalone or consolidated you're talking of?

Consolidated, please.

A consolidated basis had this one exceptional item, which we have moved below EBITDA, and the subsidiary level losses. As I indicated, that will be, we are working towards turning that around. So, consolidated levels as an immediate target would be to reach about 15% plus.

Okay, thank you. All the good.

Thank you. Ladies and gentlemen, to ask a question, please do a star and one. We will take our next question from the line of Love Gupta from Counter Cyclical Investments. Please go ahead.

Hi, sir. Thank you for the opportunity. So, firstly, I wanted to understand what was the content of the business that we lost due to loss of these customers, and, you know, what sort of growth rate can we expect for F527 and customer additions that we can expect next year?

Yeah, the railway loss of revenues were on an annualized basis roughly about 9-10 crores. The e-com segment is about four crores.

And secondly, you know what, if you could help me understand the roadmap to profitability for our valuable logistics business and fintech subsidy.

Yeah, so valuable logistics, we have made a lot of efforts now in our sales. We have a very experienced sales team, and we have been approaching a lot of major corporate customers, and we have been seeing a lot of positive responses over there. So, like, almost three or four very, very large names in the jewelry sector. We're in the last stages of empowerment as we speak. So... Our strategy is very simple. Once we start working with these corporate giants, because they work with almost everybody in the jewellery industry, even our name is going to spread very, very positively in the market. And we're very, very confident that this year we should be able to achieve break-even and turn this business around. We have a very strong team in place who now understands how this business works. And we're working a model in a very conservative manner, and we're very confident that this will be turning around on the Ace Money front.

On the Ace Money front, like Colonel mentioned, our key strength is a strong presence in the rural areas. So we are working with a couple of small finance banks, a few NBFCs, and even a few old private sector banks. To help roll out their QR codes, their phone boxes, their POS machines in the hinterlands. And so we're fairly confident that the rollout plans, the ambitious rollout plans that we have, working with these reputed banks and NBFCs, we should be able to achieve these numbers. Three are already signed up.

Okay, so, FY27, you said the businesses will achieve break-even. So, going forward after break-even, what sort of operating margins can we expect to generate from these businesses?

Yeah. Based on the, in the case of RVL, it's again an operating leverage business, so there is no steady number that they can put, but we aim to work towards about 20% EBITDA margin, reaching 20% EBITDA margin on a steady-state basis. In AS money, it is a little more tricky because the transaction volumes are a healthy margins business. Whereas, the on-time revenue of rollout is slightly lower margins. At a combined level, as in it should be definitely in double digits.

Okay, great. Thank you.

Thank you. Ladies and gentlemen, a reminder to all the participants, if you wish to ask a question, please press star and one. Next question is from the line of Amit Mahindeli from RoboCapital. Please go ahead.

Thank you. First question is on the cash. Like how much cash are we holding currently and does it include any customer cash or is it all company corporate cash?

We have got about 100 crores of cash in our books, our own cash. Out of that three, cash is about 60 crores available as of March 26. In addition to the customer course, which is for the CMS business, which gets rolled over within every 48 hours.

Right, sir. And on the core business, how do you see growth? I just, I don't know if I missed the comments. For the core business, like FI27, how do you see, what type of growth do you see?

Yeah, like I said, we are working towards a mid-team kind of growth rates in revenue.

Okay, sir. Because I was looking at, you know, the touch points, and I don't see that type of growth in the touch points in the presentation. Typically, the touch points should increase in tandem.

Ideally, yes, but because of the large loss of three regions in railways, it skewed the picture. We see the quarter, this quarter, we added about 2,100 points. But overall, for the year, there's a slight drop in the overall number of touchpoints between last year and this year. And, yeah, over a longer period of time, you'll see a fair degree of correlation between the number of touchpoints and the revenue growth.

So, I mean, the plan to add touchpoints stays as it is, right?

Yes, yes, 100%. Yes, yes.

Right, sir. And the last question is on the, you know, the REL business, the valuables business. Like, the customers that we are pitching to currently, right, what type of change management do they have to do? Like, we are, say, pitching for cash management. So, what is the customer doing currently?

Well, a lot of the major corporate dwellers are working through the banks, and we are also providing them services as end customers. When it comes to the other segments in the jewelry business, let's say wholesalers, a lot of them are doing it on their own, but the good thing is our RVL sales teams, we have also kind of made them well-versed with our products in the CMS business as well. So, as and when they're approaching for sales, they're also pitching the RCMS business as well. And we've already had some success. There are almost five to six customers we've added for the RCMS side as well. So, cross-selling is also happening on the ground for both the verticals.

Right, sir. But I mean, for the large type of jewellery corporates that we were talking about, that may be a little tough to crack because the banks will have more entrenched relationships with those corporates. The banks will provide various other services apart from cash marginals.

We are very careful to not antagonize the banks. So when it comes to large corporates, we usually don't pitch the CMS business, especially if we're already working with them through the banks. But we are mainly only targeting those customers where there is a potential for direct customer acquisition.

Okay, understood. Thank you.

No, no, and just to add, even if the banks offer retail cash management services, there are 37 banks that offer these services, but there are only two nationwide service providers. So anyway, the business comes to us.

Okay, got it. Thank you.

To ask a question, please just star and one. Next question is from the line-up Abhishek Chazla, an individual investor. Please go ahead.

Hello. Good morning, everyone. So, regarding the Ace Money collaboration with the banks for Rural Rural, could you just expand on the nature of contract grab? Is it outsourcing or you are collaborating in another way?

No, no, it's not outsourcing. We So we do, I think banks have, some small finance banks, they have their own targets for reaching out in rural areas or unpenetrated markets. So, we do a tripartite collaboration with a small finance bank and a payment aggregator and us, and since we have the feet on street in the last mile, so we install the machines, install the software, and activate those, and we get a one-time, as well as a continuous transaction revenues. With some NBFCs, in their branches, we are facilitating digital transactions. And, again, providing machines on rent and getting transaction revenues as well. For a few banks, we do some outsourcing, as in for large private sector banks, we do some bit of outsourcing. But the predominant focus is on the first two, small finance banks and NBSDs, where we are able to. Where they don't have strong branch presence in these regions, particularly the small finance banks, whereas we have a strong network, it's a win-win for both of us.

Is it clear to say that the small finance banks or NBFCs are leveraging your digital infrastructure?

Our rural feed-on-street infrastructure, as well as our software and the fintech solution platform.

Got it, got it. And regarding the valuable logistics, when you say reaching break-even, the way I understand is, I've asked this previously as well, as we add more clients, we add more routes. So, how do you prove an easy break even? So, I'm just trying to understand, if we had more clients, I think the losses will continue for a more while, while the top line still grows. So, can you clarify on the breaking down target, what do you have seen?

Yeah, so, the mistake which we did earlier is we had kind of opened a lot of lanes without any kind of actual sales. To efficiently move goods across those lanes. So now we have a very good strategy in place. We have a certain number of lanes which we are focusing all our sales teams to push business for. And how it works in this business is we have a kind of fixed cost, our vehicles, our airway movements. And all we need to do is fill up those containers, those valve boxes too. Move across those lanes. The more and more we increase volumes across those lanes, the costs kind of remain the same. There's not much incremental costs. And when more and more volumes and additional revenue is getting added on, the cost will get absorbed, and then after that, we are able to turn those lanes profitable. So we're already seeing some positive development. About 25% to 30% of our lanes have already turned around. We are now completely focused on going into the market and filling up the other lanes as well. Also, the good thing is because we have a very strong network in RCMS, we are able to open lanes very, very quickly. But we are being extremely careful to only expand when we are seeing that kind of revenue potential.

Got it. So, is it fair to say there is a little shift in your strategy? Earlier, you were more focused on opening lanes. Right now, when you are reaching to the major marquee brands also, you are still offering them those lanes which are currently operational. Instead of offering them, then we will open a new range for you.

That's correct. We first obviously pitch the lanes, which we are very strong in, but in case it's a very major customer and then they have some special requirements, then we're able to maybe do special lanes for them, but also we give them additional pricing for that, that is special pricing, and we also request them to move maximum volume through our existing lanes in case we need to do anything special for them.

Yeah, odd. Our work for a parallel list for instead of 24-hour delivery, 48-hour delivery, or 72-hour delivery.

Yeah, we also have frequency. So based on load and consolidation, we don't move them every day. We can move them sometimes twice or twice a week based on how much of consolidation we have. That's how we have structured the whole business.

No, no, that's good to know because it was a new vertical for you all, and now you are optimizing it. Like, that is what I understand. And lastly, I just wanted to know some, like, in this whole call earlier, the patch van was a very big focus. Like, where is it standing as of now? Could you just throw some light on that?

Yeah, so that continues to be a focus. Like we announced earlier, we've got a large contract for rolling out of dedicated cash funds, and two, three more large contracts are in pipeline in discussions, so that will continue to drive our growth. So the cash fund operations, the share of cash fund operations has been steadily increasing, as you can see in our investor presentation, you highlighted that. It's about 12% today. Cash-one operations are about 12% of our revenues.

Mr. Chawla, you want to ask more questions?

Oh, no, that's all for mine. Thank you.

Thank you. Ladies and gentlemen, anyone who wishes to ask a question, may press star and one. We will take our next question from the line of Sandeep, Samantha, an individual investor. Please go ahead. Mr. Samantha, your line is unmuted. Please proceed. Mr. Samantha, as there is no response from the current participants, we will take the next question from the line of Philip Kumar Sahu, an individual investor. Please go ahead.

Hello.

Hi.

My question was on the core business. We had picked up a large project order from an existing customer. Has that rollout started? Can we expect it to completely reflect in Q1 onwards?

Yeah, Ronald has started from first April onwards, yeah.

So, that order itself should have added around 3% to 4% on this year's top line, on the core business. So, is it fair to say that the core business will grow double digits outside that order? And the question is mostly, do we, I mean, there's been a lot of inflationary costs in the last two quarters, particularly in, you know, both in wages as well as fuel. Do we have a way to reflect that in the current year's revenue? Yeah.

Good question. Actually, we are all serious about the fuel crisis and the consequent cost of fuel, and as a consequence, you must have read it in the papers. The Cash Logistics Association or the Currency Cycle Association has jointly now approached all the We look at how best they can accommodate this and help us with this fuel charges which have gone up. That process of discussion has commenced, so we look forward to some positive outcome from that, which will help us in managing these additional charges. on the overall operational expenditure.

Sure, sure. So, you know, assuming that we have a favorable outcome of this whole exercise, where do you think we will end up in the core? I'm not talking about the subsidiary losses. I understand that they are unpredictable, and while we are all optimistic, you know, it may or may not happen, but our core business itself has suffered a lot. And listening to your other peer, they are taking very surgical measures to, you know, cut down on cost, and that is reflecting already into their results. So when will our core operations show healthy, you know, profitability?

We have any secrets of this show. You mentioned, I mean, this is something that is being universally looked at by our industry. I'm very positive that...

Sure, sir. This is regarding the exceptional item that is reflecting in the consolidated number. Now, if we take out that exceptional item also, there are some, you know, RBI had mandated certain deployments and some incentives. Now, what would be the total impact of such kind of one-odd events, like the deployment of POS till December, as well as now the unfortunate best thing? What is the net impact of this one-time events? Can we quantify that on the subsidiaries?

Now, the impact of this exceptional item on the subsidiary is about $31 million.

Yeah, that's the post-deployment we did last year, I mean, last financial year, that's not a repeatable event, right? I mean, we will be, the RBI incentives are already withdrawn on the post-deployment, isn't it?

Yes, sir, the PIDF subsidy ended in December, but we, like you said, we have... Well, since the subsidy was available and was to be expired, a significant management focus was on that particular area for the last two quarters, that is Q2 and Q3 of last year. Since then, we have been working in... We are in utilizing our rural network strength and have already signed up with, as I said, the two small finance banks and this thing. So we are no longer dependent on the PIDF to grow our business. We have ambitious growth plans for the current year and definitely try to achieve break-even within the first two quarters in that business. There is a large business. Opportunity available for us to tap into rolling out, one, capitalizing on our existing one and a half lakh plus POS machines in terms of transaction revenues. Two, deploy more equipment like roundboxes and QR code in these and newer outlets, as well as deployment of larger machines through these small finance banks.

And you are saying that despite the withdrawal of the incentive, it is be remunerative to deploy those POS and sound boxes in the...

Yes, yes, yes, yes, yes, yes.

Okay. Thank you, sir. Thank you very much.

Thank you. Ladies and gentlemen, to ask a question, please press star and one. Next question is from the line of Chandamoli, Jadannathan, an individual investor. Please go ahead.

Hello, sir. When it comes to your consolidated numbers, sir, I could see that the turnover, when it comes from the consolidated, I mean, the number of possibilities, only about 70 lakhs in the last quarter. So, is there anything that I am missing or the transaction revenue alone is only 70 lakhs? Otherwise, if I look at the cost, even a fixed cost employee and the other expenses, it's roughly about 6 crores on a quarterly basis, apart from the depreciation. So, to achieve break-even, I think you'll have to achieve 6 to 7 crores run rate on a quarterly basis. Correct me if I am wrong.

Okay, so the...

Yeah, so to achieve break-even, it will be slightly less, as in we will be probably at about 4.5 crores per quarter is what the break-even revenues will be. The numbers you said are right, about a little less than a crore is the standalone revenue for the subsidiary for Q4, because that was the transition period. As I mentioned, we have already signed up with small finance banks and an NBFC, and the numbers are much stronger in – expect the numbers to be much stronger in the first quarter this year.

Without even considering the POA space mission and things like that. That has, I think, got over in the last December itself.

No, no. Yeah, see, only the subsidy got over, but we have, still have, the banks have their own mandate to roll out machines. Their own small finance banks are hungry for growth in specific geographies where they would want to grow. So we are helping roll out of that, including our machines, our software, and for on behalf of these small finance banks. And also... Through NBFCs, we are rolling out. So, there is a demand for these equipment in hinterland-specific geographies, where we have a strong rural presence.

So, sir, which means is this 70 lakhs is the whole transaction revenue, or is this also part of some?

No, no, that is a transaction. There is no material cost in that.

Which means it is likely to grow only from this level?

For sure, yes.

And about this, the one-time fraud which has happened, how is it scraping a fraud? Did we get back that money or it is kind of a fraud?

The investigations have identified the culprits, and some of them have been taken into custody now. It is the specific geography of Assam where this has happened, but the most important culprit is still at large, and we are in the process of trying to, the police is that. Take him into custody. Once that happens, How much recovery is possible? At this point, I would like to comment as to what is likely to be the result of that, the entire process.

But as a prudent mission, we have provided a full amount. A full amount as we have provided a full amount.

Thank you. Next question is from the line of Amit Mahintele from Robo Capital. Please go ahead.

Hello, thanks for the follow.

Sir, given that we're contemplating, are we targeting that in H1 or H2?

Sorry, can I just repeat?

Both subsidiaries that we expect to break even, will it happen in the first half of the year or it will take in the second half?

Yeah, our target is to reach a break even in the first half for both.

Okay, that's it from my side. Thank you.

Thank you. Ladies and gentlemen, we will take that as the last question for today. I now have the conference back to the management for closing comments.

I'd like to thank you. Thank you for their active participation and their good questions that they directed at us. The performance for the year has been subdued, and the management is taking several measures to grow the core business and turn around the performance, the new initiatives that we have taken. Thank you all for your time and your continuing interest in our company.

On behalf of Enting Stock Broking Limited, that concludes this conference. Thank you all for joining us today and you may now disconnect your lines.