Welcome, everybody. Thank you for joining the call.

I'll just give you a few updates what has happened before starting the presentation between the Q2 and Q3 basically. We completed 10 years of our journey.

The first 5 years were all building up right from the scratch like a new car with new tires, new engine, and then the next 3 years we started making some good money, and then putting that money back into it, back into the car, making it develop further on. Then the IPO gave us IPO funds gave us a further fuel to start our expansion in a very rapid mode, and we've started growing very, very fast.

We expect to grow more massively in the coming few years with your support and guidance for sure. Compared to the Q2, I would like to give you start a few updates which we had discussed last time.

We had discussed about starting insurance telemarketing call centers, which we have started, and we have invested into them into the last quarter and expect them to start making good money for us in the coming quarters. You will have to understand our businesses.

No Any expansion which we do, it suffer it it affects the P&L statement immediately because of the manpower being employed and no capitalization being done there, basically. That's the difference between us and the other companies there.

Second project, we started the SprintXtra and the XCode, which has started doing well now, and it is already started making revenue there in that part. We launched another platform yesterday, which ContractX, and that is will go into a beta stage in the coming few days.

ReliMoney bank integrations are agreements are done. We've started putting some business on the remittance part and the forex business.

We plan to launch full-fledged in the first quarter of next year, basically, once we complete this pilot. Doorstep banking, we we've already finished the pilot with one bank, one scheduled commercial bank, and it's been doing really, really well.

We've already signed up one another bank to do the doorstep banking with them also. Few more pipelines in there.

Motor insurance, ISNP permission we received last time. We've launched that portal and started receiving traction from there also.

We discussed about AI and would not like to divulge more, but in the very near future, it'll be be a big, big game changer for our company. We spoke about launching new products.

In the last quarter, we've launched one and about to launch one more product, making it six in a row: four in the Q2 and two now. We'd mentioned about composite insurance license due which we were supposed to apply.

That got delayed a bit because of certain applications certain things and which were double, but it's now completed, and we would be applying for that now, basically. That's for the reinsurance, corporate reinsurance license.

Overall, the company is doing well. We're expanding fast.

We're investing a lot so that it should give us a further trajectory in the coming quarters and years. I'll take you through a presentation, a few slides, and then we'll open up for question and answers, please.

Thank you. Next.

Next. Next.

Next slide. You can see overall the we EBITDA as on a 9 months grown at a 46.9%, the PAT has grown by 63.3%, which is showing that we leveraging lot of our things basically, and we anticipate the gross profit to grow further and the PAT margin to keep increasing basically.

Profit growth is being led by high-margin businesses by like delinquent loan collection business, which we're doing very well, EMI collection business, even though top-line growth has been remained stagnant again due to the DMT business which we mentioned in the last call. Otherwise, the growth growth on the top line also has been very, very considerable basically because that is again a a ₹20-₹25 crore lag there, which we have covered through other high-margin businesses.

The orchestration business is doing a doing major good revenue this year, and we anticipate it will continue and do it next year also. Technology-led businesses including travel and CRM and insurance platform are showing steady momentum, and we'll see scalability very, very soon in that businesses, too.

Next. This is our corporate governance slide.

We've always told you whatever good happens, we'll update you. We might miss something good, but whatever bad happens, we'll surely update you.

That is what we have done in in proving further corporate governance. We've appointed one independent director from the parent company in the in our material subsidiary, RNFI Money Private Limited, also now.

Next. I had discussed I discussed this presentation slide last time also.

For anybody who's new joining in, I'll explain this slide again, once again, basically. See, in between is the ReliPay platform, which we want to in the future create and in orchestration as an infrastructure of railroad.

We've got four major verticals. One is payments, which contains a corporate BC business, PPI, Aadhaar Pay, then the orchestration model, the value-driven model, and the others, basically.

Then on one side is the corporates, where which is the banks, NBFCs. We were in BFSI space, now we are diversifying to the non-BFSI space also very aggressively.

On left-hand side is the deep integration of all these clients into the ReliPay platform. Then we've got modules for fraud risk management, compliance, accounting, support.

Then we have this agents or the Sahayaks on the right-hand side. The business is completely based on one model, which is like more the number of corporates, more the number of products, more the number of clients, more the number of Sahayaks, more the number of products through one ReliPay platform doing the play, basically, and trying and create as a infrastructure structure.

Our active Sahayak are 2.2 lakh. We do daily transactions of 1.3 million+ in December '25, which is like a 28% increase from September '25.

These are the major events which have happened. AD-II license, we had already updated you, but it happened in the last quarter, we updated here.

We've been appointed as recovery for Bank of India, Punjab National Bank. RNFI Money's got 60 new branches, two additional branches for Relisurance.

We've been got my day As I mentioned, we're telling you the good, we'll tell you the bad also. AEPS was stable, not did not give us the expected growth, give a mutated growth in the AEPS business.

This is what has happened in the last quarter. Numbers are for If you see If you If you see see the 4+ products, we drastically increased by 15% on the number of products sold per Sahayak.

This again shows it's a drastic what are we trying to implement is more the products on the Sahayaks. We have been concentrating now not only on increasing Sahayaks, but side-by-side making more products on the Sahayaks because so that we'll be able to make more income on the Sahayaks.

This average revenue per Sahayak, this is this is including the Payworld, hence not showing traction. Otherwise, it's around roughly around 1,300, which we have been able to do if you just take RNFI into consideration.

That is again a jump of around 12% to 14%. The aging-wise clients, if you see how the number of corporates are increasing and the number of products, we've been doing really, really well on that front, also.

We We plan to keep adding these corporates because we've started targeting the non-BFSI space also, so that should bring a lot of traction further on. All numbers are for you to see.

You can see them better than me. I guess if any we could open ourselves to any question and answers we have.

Next. Next.

That's fine. That's fine.

Next.

[foreign language]

Next. [foreign language]

We look forward for your questions.

Hello, sir. Bharat here.

Can you hear me?

Yes. Yes, Bharat.

Okay. Sir, I have a few questions, let me just start.

The first question is on the mutual fund distribution business, what kind of AUM or revenue targets that you're setting up for the next 1 to 2 years?

Sir, it's in a very initial phase. Okay?

We plan to launch something like Bachat, if you could see, it's an app which is there. We got a very big retail base.

We should be able to They have in a few months garnered an AUM of already of ₹50 crores, which I last heard of. We should be able to do much more than that because our retail base is very, very big.

I guess the licensing will take some time. In the meantime, we'll get the product ready.

Once we're about to launch, I'll surely, Bharat, give you an update of what we're targeting once we know a definitive date of about what what we are about to launch. We're working more on it's as a savings scheme on a daily basis for that's the that's what we plan to do there.

Sure, sir. Sir, next question is on the forex business growth.

I've noticed the PAT margins are increasing quarter-on-quarter. Even on the sequential quarters, if you see, it is growing.

Can I know if this is sustainable for next 1 to 2 years? What could be the stabilized margins for this business?

See, as it's a platform business, railroad business. If we keep optimizing it and we anticipate it to keep increasing in the coming few years.

That's for sure. Because see, as you mentioned about the mutual fund system which we're launching, there again we're going to launch with the same manpower with a very least expense, just on the launching of the platform and a little bit on marketing.

Once more products come into the picture, the margins would necessarily increase. We anticipate it to increase further on year-on-year.

What could be the sustainable margins in the long run? Let's say 2 to 3 years down the line?

The run has just started. We anticipate it to grow very much further on, basically.

It's just started. It's just the tip of the iceberg is what we anticipate.

There is a lot of regulations also surrounded, our whole business is regulated by RBI, we keep focusing on that as well. Any new regulation, there might be up and down as well, one has to take in that consideration as well.

In the near future, we anticipate it to grow further. That's for sure.

Okay. Can I also expect revenue growth in sequential quarters as well?

Yes, 100%, because now the DMT has already panned out. You'll see the sequential growth is already happening for the last few quarters.

The DMT is a high revenue, less margin business, we had to cover that revenue also. Now you'll see a very sequential growth in the revenue also in the coming quarters.

No, my question is with respect to non-forex business only. Ha, toh

I just told you about the non-forex business only.

Sure. Sure.

Sir, next question. Could you share the specific Q3 revenue and other numbers of just Paisprint alone?

Should we email to you, sir? Would that be fine?

No, you can answer here itself.

Stand-alone PAT.

No, overall numbers, sir, for Paisprint.

Overall numbers for Paisprint.

Sir, Paisprint have done actually extremely well because the business banking and verification stack is doing massively well. PAT is approximately ₹3.5 crores for this 9 months.

9 months. The revenue?

The revenue is approximately ₹70 crores.

₹70 crores is the revenue and ₹3.5 crores is the PAT, which we anticipate the last quarter to do very well because of the last what we could see for the last 45 days.

Okay. Sir, ₹70 crores for this quarter alone, right?

No, the entire 9 months, sir. 9 months.

Okay. Entire 9 months is ₹70 crores.

See, there again the DMT business is grown down by 75%, the revenue would shift there. It's gone more on a technology or more on a platform base.

That is the reason there. Otherwise, it's grown massively there also.

Okay. Can I expect the business to come back in the next 1 to 2 quarters?

No, the profitability will increase. The DMT business won't come back.

The regulations have changed, but the profitability will increase very massively there also. We anticipate that.

Okay. Sir, in one of the slide, we have mentioned that 8% growth in active Sahayaks, right?

Does that number include the Payworld Sahayaks as well?

It includes on both sides the Payworld Sahayaks, basically. Before and after both, because that's a club, and we've started doing marketing together, distribution on the field together.

That is how it's included, sir. Both on the back and the front, both ways, sir.

Okay. Is the integration of Payworld completely done now?

We expect you to show very good numbers from the next year there. It's done, more or less done, sir.

Okay. One last question, sir.

Again, this is about the Paisprint APIs. Can you just tell me what are the high-revenue generating APIs?

One is the connected banking platform and one is the sprint stack verification stack completely, which is generating a lot of revenue there, sir.

Okay. Can I assume that these two APIs are contributing, let's say, 75%-80% of the top line?

Yes.

Yes,

yes, yes, yes, sir.

Okay. What are the expectations from the API that we launched, I think, yesterday or day before?

It's in a nascent stage, but we've already got a lot of interest from a few banks for that system and a few corporates also. After that only we started developing that system.

We expect escrow to start contributing in the next few months, and then this platform should also start contributing.

Okay. Thank you, sir.

I will join back the queue and wait for my next turn.

Thank you. Thank you.

Okay. I have a few questions, sir.

In 9 months FY26, which business vertical has contributed the most to our profit growth?

It's a diversified profitability. No single business has contributed a large sum.

It's a diversified contribution from all. See, you'll have to understand there's one development team, there's one major field team, one HR team, one finance team.

That is our way. Some products, they might contribute high revenue, but profitability is negligible.

Some products, they are low revenue, but profitability is more. On the payment side of the business, profitability will always remain less, but volume revenue would be more.

For business like delinquent loans, insurance, EMI collection, the revenue would be lower, but the margins would be higher, sir. We can't pinpoint any single product who has contributed major revenue, sir.

Okay. You're saying it's a diversified profitability growth.

See, that's the beauty play about a platform is like it's a very, very diversified business. We can't rely on one single product, and we plan to diversify it further on, and that is what we're working on so that it should not affect us if any It's as a compliant, regulated business, if any regulations change, it should not affect us

long term.

Yes, sir.

Understood. Understood.

My next question is what growth initiatives and technology integration plans do we emphasize going forward?

See, we have a 90-member tech team there which is in-house. I would not like to diversify more, but we're working a lot on the AI stuff, and you'll see a lot of changes in the coming quarters, which will be shown by our balance sheet and will be presented to you also once we have completed what we're trying to do, sir.

Right. Understood.

My next question is from which region of the country do we see maximum Sahayak contribution?

It's again product-based, sir. Forex would be contributed from Delhi, Mumbai.

Insurance would be Gujarat, more would be there. AEPS business would be from Bihar, Odisha, Bengal.

There again it's a diversified business again, sir. For Sprint Verify, it would be again the major Tier 1 and Tier 2 cities.

That is how the whole business is based, sir.

Okay. Sir, if you can throw some color on

reinsurance broking license status? Sir.

Reinsurance broking license, it's, as you told us, is for us it's all about clients and cross-sell. A few clients with whom we do insurance, they asked us, they had a bigger ticket size, and they asked us if we could do reinsurance, but we did not have a license.

Our criteria, requirements required by IRDA were fulfilled. We did not require to put any capital or something.

We just had to hire somebody with a reinsurance broking background. We thought why not apply for it and pitch this as an additional one product, basically.

Hopefully in the next 2 to 3 weeks, we'll apply for this license. You don't take my word, but once the application is completed, in the next 2, 3, 4 weeks, we'll surely apply for that license, sir.

Understood. Okay.

Next question is we had also talked about the expected growth in loan collection segment. Can you share some highlight in terms of its strategy and path ahead, and how much business or growth are we expecting from it?

See,

we are expecting the numbers to grow more than three times in the coming few years. That's what we're targeting.

We are in the process of finalizing our AOP. The next concall, I'll be able to divulge you more on what numbers we are trying to achieve, but we're expecting a massive growth.

We already on the path to that growth, sir.

Okay. Next concall, right?

Sure. You also mentioned, sir, this is my last question, you also mentioned strong growth from Paisprint given new product launches, can you please share some updates on the same?

Yeah. The connected banking platform is doing very well.

The Sprint Verify platform has taken off. It's started shooting.

We doing a lot of development. We just launched the SprintXtra last quarter, which has started getting traction.

Yesterday, we've launched the Sprint Contract platform. It's going to take 1, 2 months to get it on the beta phase, but we expect that also to give a lot of traction.

Mind you, these all business are not only give us a one-time income, but they give us an annuity income also. Whatever we're building up, we're building up in the kitty.

That's the beauty about all our businesses. Other than the forex business and the delinquent loan collection business, most of them built up our annuity income also.

That is the advantage of our business there also. We think it should give us a massive traction there, contribute a lot of traction to the top line and the bottom line as well, sir.

Understood. Thank you so much, sir, for answering my questions.

If I have any more questions, I'll join in the queue.

Thank you.

Good morning, sir. How are you?

Yes.

How are you?

I'm fine. My first question is how are we trying to differentiate ourselves in terms of technology?

Sir, I just mentioned, sir, we are working a lot on the AI bit. I can't divulge this more on a call.

If somebody would like to come and visit to our office, please more than welcome to our office, where we could show what we are doing, sir.

Okay. Can you please highlight why the growth in active Sahayak and ARPU as compared to last year was quite low?

Sir, basically ARPU has been grown on RNFI as an individual level. We took up Payworld, and once any integration happens, a few of the agents fall out from the old company, they get away.

That is the reason that ARPU has not fallen, ARPU has increased for RNFI for sure, but because of the Payworld. Now the integration is more or less complete, and you'll see the traction very much in the next quarter, sir.

Okay. My next question is we saw the update on RNFI being recovery agent for two national banks.

How many such banks are we targeting, and what kind of growth in business it can add?

Sir, presently we work around 2 to 3 dozen clients on the recovery front around few nationalized banks other than this also. The business is growing quarter-on-quarter very massively.

There's a lot of traction. We are only one of the few players who have their own digital platform, own call centers, and own in-field staff including Sahayaks doing collection.

We're working a lot on the technology there to optimize it, and not only the volume will increase, we anticipate the profit margins to increase also. So [foreign language] because there's a lot of business.

Mind you, whatever I say, the regulations have to remain same and everything has to be same. We anticipate the business to increase and the margin to increase also because of tech play which we're trying to do, sir.

Okay. My next question: Also, we did not see major growth in cross-selling of products.

Can you highlight your thoughts on this?

Sir, there's a lot of growth, sir. There's a 15% growth in a four-bucket cross-selling, sir, which shows that the cross-selling has increased massively, sir, and is going on increasing.

We're working more, as I told you, not only we're working on the Sahayaks increase, we're working more on the product increase, sir. The cross-sell will increase, sir.

Mind you, with the client cross-sell, if you're asking that, with the banks, the cross-sell takes time, sir. The trust has to be developed, the deliveries have to be done, and then the cross-sells happen.

There's been a lot of cross-sell. A few banks, we do mostly all the products with them.

With a few banks, we do for 40 35%-40% products with them. We're keeping on increasing there.

We've been only in the BFSI space up till now. With the AD-II license coming in, Sprint Verify platform developing out very nicely, we've started entering the non-BFSI space also, and we expect a lot of clients coming in there also,

sir. Understood.

Just one final question: If you can share some information of your Sahayak, in terms of why they would like to stick with RNFI or the kind of change they see while associating with RNFI or their income growth, it would be really helpful.

Yes, sir. It's more about technology, UI, how you solve their queries, and most importantly, the diversified product portfolio, sir.

That brings a lot of stickiness. A lot of stickiness.

A lot of hard work goes in training also for each product.

Yes. Cross-selling, we say on a call, sounds very easy, but for the field, it's a very difficult job to do.

The geography is very vast, training people, different language barriers. Sir, diversified products is a key stickiness points.

Okay. Thank you very much for answering my questions.

Thank you, sir. Thank you.

Hello.

Yes, sir. Good morning, sir.

Hi, sir. Good afternoon.

Sir, one basic question, I'm relatively new to the company, but one thing I'm not able to understand, sir, if the ARPU for the 9 months is ₹1,183 and the number of Sahayak is 2.2 lakhs, then the revenue should be a multiplication of that into 9 months, right? That comes to ₹234 crores.

That comes to ₹234 crores, but the non-forex revenue is ₹347, where is the gap of this ₹115 crores, sir, if you can help me understand that, please?

Actually, for ARPU we are calculating only for RNFI and Payworld business, not all subsidiaries.

Sir, basically ARPU only where Sahayaks are involved. For Sprint Verify, connected banking, the Sahayak is not involved.

For insurance into the corporate, the Sahayak is not involved. We just classifying the business whether Sahayak is involved into the ARPU.

Where our corporate businesses there and the Sahayak is not involved, that business is not classified as a Sahayak business, we don't count it in the ARPU, sir.

Okay. Got it.

Sir, may I ask a follow-on question, please?

Yes, please.

This gross margin of 37% for this 9 months FY26, indicatively next 2 to 3 years, I understand there's a lot of upfronting of cost because you're launching a lot of new products. All of that let's say operatively stabilize over the next 18 to 24 months, thereafter what is the gross margin that it can get to, and eventually leading to a growth in EBITDA level also, EBITDA margin?

Can't give you a number roughly, sir, because the new product, what traction is going to get, the regulation is there, the traction which we are getting by tech play which we are doing. Sir, it's a platform, this way we anticipate it to keep increasing if everything goes as per plan and what we plan to do.

As I mentioned earlier, sir, we think this is just a tip of the iceberg, and we anticipate to increase considerably, sir, because the expenses won't increase, it would further reduce, sir. The revenue

would

increase, sir. Yes, sir.

Perfect. Sir.

Thank you, and wish you all the best.

Thank you, sir. Thank you.

Hello, sir. In the last conference call, you were guiding for 40% to 50% of year-on-year growth in non-forex business.

Do you stand by that now as well?

Sir, last time also I said, sir, we targeting that, and I stand by that right now also provided the conditions remain same, sir. We stand by that, sir.

Okay. That's all, sir, from my side.

Thank you.

Thank you, sir. Thank you.

Thank you everybody for joining the call. It's been a 10 years journey for us.

The journey has ups and downs throughout the years, but after we've raised capital, the journey in terms of business has increased because it's provides fuel to the engine with the new capital raise we are done and the warrants we have issued, and the funds would come in the next few months. We anticipate it to provide a further growth engine.

Like I always say, thank you very much for your support. Keep guiding us, we'll keep learning.

Any queries, please free feel to ask. If somebody would like to come and visit the office, more than welcome.

That will give you more idea about what we do. We are in a different business.

See, we'll have to understand one thing, our business is not a balance sheet-intensive business, it's a P&L-intensive business. Any investment which we do now would give money in the future, but hit the balance sheet in the near term basically.

We have to grow also, maintain profits also, it's a balancing act because we anticipate a lot of growth in the coming few years. We're working towards that.

Thank you for your support, and like always, I'll end with the line: they might be good, they might be bad, but we'll always be transparent to you. Thank you very much.

Thanks a lot.

Yes, please.

Hello. Hi, Simran, can you hear me?

Yes,

Chirag, how are you?

Good. Thank you.

Apologies, I joined the call a bit late, I don't know whether this was covered. Just a couple of questions from my end.

Can you give me an update on the forex business, what is happening over there, and then can move to the next question?

Yes. For the forex business, the remittance tie-up is done with the two banks.

We've started doing the pilot with those two banks, and the pilot is near about to end in the next 30, 35 days, and the platform has already been launched. We anticipate to kick off massively from the first quarter of next year, sir, on the forex side of the business, sir.

Okay. This is after the AD-II license that we have received, right?

This is after the AD-II license, sir. Yes,

sir. How will be the margins going forward in this business now?

Sir, the problem with the forex business was always that currency is treated as a commodity, if I buy a dollar today for ₹90 and I sell it at ₹90.50 in the next 1 minute also, the turnover will show as ₹90.50 and the margin as 50 paise, which looks very, very bad, but otherwise it was an okay business. Now what would happen, the remittance part, the currency would not be taken into the consideration, only the remittance charges would be taken into the consideration, the margins would increase massively, sir.

Also, we only had an FFMC license earlier, where we could do currency only for two two things, business and leisure. Now we can do for around 16, 17 products.

Remittance were not allowed earlier, now we are allowed to do remittance also. That would change the scope, sir.

No, understood. Understood this.

Sorry, my question was more on the take rate part. I understand the previous model on the FFMC.

The take rate part, the margin is around 1% to 1.5%, sir.

Okay. The blended across all the products.

Yes, sir.

Okay. Any volume or throughput number that you can guide us from this business?

Sir, as I told you, we just finalizing the AOP numbers, sir. In the next quarter, if the board allows, we'll give you a guidance on the numbers we're targeting, sir.

Okay. What is the different value proposition that we will be bringing?

Because I believe there are other AD-II licensees player also.

See, a lot of companies are doing well in that space, but our major traction is we already have a distribution set up. Employees is there in every nook and corner of the India.

Our business model is not to be a number one in any space, but leverage our network, manpower, technology, and we get more profit out of that space basically by being not even a small player, a decent player. That is what we're targeting, sir.

That's the differentiator between us and the other, sir.

Understood. Just for my understanding, the Sahayaks will not be used in this segment, right?

That's what is a differentiator here. We've got a lot of Sahayaks in cities also doing various products like EMI collection, domestic money transfer, BBPS.

Then we've got, sir, around a lot of base of ours is travel agents who do a lot of air booking and stuff like that. We've got a mixed base, sir.

It's not only that we are present in rural area. Predominantly if you say 2 lakh agents, they must be semi-urban and rural around 70%-75% agents.

There are like 25% agents available in the rural Tier 1, Tier 2 cities, sir.

Got it. On the non-forex bit, while I understand every quarterly variation in the numbers, but how should we read this 12% growth year-on-year in the non-forex business?

Have we stopped few products there, or in general the volume has been lower?

No, as I mentioned, the DMT product, there's a guideline change in November 1st last year, DMT was a high-revenue, less margin business, so that has affected the top line. In fact, it affected by 63% business went down.

That affected massively the top line. We've grown massively the top line also actually, sir.

Because of that, it's not being reflected. Now that has panned out after the third quarter, you'll see a lot of traction there, sir.

Understood. Sorry, how much was the DMT business into total non-forex?

₹30 crores, sir. There is an incremental effect of ₹30 crores.

₹30 crores, ₹30 crores.

Incremental downside.

In the first half, only up to September it was a ₹30 crore downside, sir, because of the DMT business.

No. Let's say in Q2 we did ₹120 crores of non-forex business.

How much of that was coming from DMT?

I'll have to give you the exact number. Roughly it's around ₹30 crores in the first half, Q1, Q2.

[foreign language]

Basically there is an incremental downside from last half to this half is ₹30 crores.

In the first half.

Till September only.

Okay. Sorry, can you just explain to me what was the change in the DMT rules?

The RBI regulated it saying every remitter

registration Actually, there is a change in criteria for remitter registration. Earlier it was OTP-based, now it is Aadhaar biometric-based.

A lot of people have moved to bank accounts basically. That is what happened in that segment, sir.

Now that transition has taken place, and now we can expect the growth to come back in the DMT again?

Yes, sir. In the fourth quarter, that transition is taken away, sir.

Yes, sir.

Understood. It was more like a quarter impact of this.

It was a 9 months impact, sir.

It was a 9 months impact,

sir.

Okay. Sorry.

It

came in effect in November 1, 2024,

last time.

Understood. Just the last question from my end, how are the business trends in let's say the EMI collection, the insurance, cross-selling, and all those other products?

Everything is growing at a scale which we wanted to and anticipated to. As you joined late, Chirag, I mentioned ours is not a balance sheet-intensive business, it's a P&L business, any expansion we do for the long term, it hits our balance sheet immediately in the short term.

We're doing a balancing act between doing profitability and spending to grow at the future. We require a lot of fuel for the future to grow massively on the network, sir.

That's what is happening, sir.

Understood. Thank you so much for your answers.

Apologies, I joined a bit late, it was a bit repetitive.

Thank you, sir. Thanks a

lot.

Hi, this is Vedant Punjabi from Ardhan Energy Projects. Sorry for joining late, I actually had some issues.

I just wanted to ask one quick question, and that is over the next 2 years, what are the operating levers that you see driving the growth of the business? When I joined, I heard you say that we have substantial growth anticipated over the next few years.

It would be distribution expansion or monetization per outlet? How do you envisage this growth?

As an investor, what are the levers that we could probably keep an eye on to track such growth?

Basically, sir, as we always say, the mention is the platform is going to remain the same, the team is more or less going to remain the same. As you rightly said, we plan to increase the distribution, increase the number of Sahayaks, then increase the products on the Sahayaks, that's leveraging the Sahayaks to get more monetization.

On the left-hand side, the corporates, we keep increasing the corporates. We started entering the BFSI space as well, we'll see a lot of traction there.

Then on the corporate side also, we keep increasing more products, thus monetizing the corporate also. These are our few parameters, sir.

Our leverage point is the expense remains more or less same, increases by fixed cost remain same. In fact, we're working towards lowering it and increasing the revenue.

It's an effect which will work both ways: the revenue would increase and the expenses would come down in the future. That is how if it doesn't come down also, it stays around that number, that is what we intend to do, sir.

Okay. Understood.

All right, thank you.

Thank you.

Thank you.