So, stock will have the commodity also. I thought that the number of stock orders, will it include? Ishan Bansal: No, no, so this is talking about ETFs. So ETFs are part of stocks revenue or stocks orders effectively because it's also a part of cash segment. And the second piece that you talked about somewhere, I think we look at it offline, but our estimation is that our yield actually has improved on the stock side also in this quarter. Harshad Toshniwal: So, on a blended basis, I agree that INR19.6 has gone to INR19.9, just that if probably on the derivative orders, I take it as a INR20 per order, then the balancing figure showed a INR16.2 number. Ishan Bansal: That can't be possible, right? We, if INR19.9 and assume that INR19.9 is INR20, then that is also INR20, right? So some calculation error then. Harshad Toshniwal: Let me just recheck, I think then probably got it. That's it. Thanks a lot, guys. Ishan Bansal: Thanks. Moderator: Thank you. The next question is from Nidhesh Jain. Please accept the prompt, introduce yourself and proceed with the question. Nidhesh Jain: Thanks. I'm Nidhesh from Investec. My question is on customer acquisition costs. So last quarter, there was an increase in customer acquisition costs. This quarter, there is a decline. What is driving that? And how do we calculate this CAC? Is it on transacting users or it is on a gross customer basis? These are the two questions. Harsh Jain: Yes, so see, better way to look at CAC because ours is a very seasonal spend. Our acquisition and marketing spends are seasonal across the year spread out and we are a little opportunist in when the time is right, then we spend more. And that is always worked for us to reduce and keep the CAC within the guardrails at the annual basis. So, the best way to look at CAC number is on an annual basis. So last year, we had some branding spends and this year we did not. So, you will see a difference in the CAC. But at an annual basis, you will see that the overall spends are very consistent from what last year to this year we've spent from an absolute number point of view. On the -- yes, so that's pretty much on the way we look at the acquisition. Nidhesh Jain: How do we calculate the CAC? What is the CAC? Harsh Jain: So, CAC, Yes, sorry. Yes, CAC is, sir, overall spends that we do for marketing across the different functions, whether it's a brand or performance or content. That is the total cost and the new customers that we acquired on our platform. Nidhesh Jain: New transacting users?
Questions across 1 call
Harshad Toshniwal
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