Pranay Shah

Yes, sir. My question is basically on the ATV price which is for the quarter decline by 7% Q - on-Q. So, since we transitioned into a new model, so I think what is the reason for such a decline in ATV?

So, second question is on the revenue recognition, basically. So, if I look at deferred revenue and collections, can you help me understand that what percentage of deferred revenue will be booked in the current quarter? And what percentage of the billing is booked in the revenue?

Okay, that's understood. And sir, the third question is on the managed services and others. We've seen that there's a loss being narrowed down in the current quarter. So, should we read more into it? How should we look at the trajectory going ? And what are the steps which are taken to narrowing of losses in the current quarter?

Sir, my question is regarding ad tech ecosystem. Another ad tech player who has partnered with LLMs like OpenAI for advertising pilots on ChatGPT, which went live in March 2026 and I believe ChatGPT has also rolled it out in the U.S., Australia and Canada. I'd like to know whether we are also conducting some pilot experiments on this stage? If yes, what are the learnings which we have?