Hi,Piran. Go ahead, please.

Yes, I am unmuted now. Yes, congrats on the quarter, another second quarter of profit and thanks for this detailed PPT. Just firstly, I wanted to understand in the INR 63,000 crore GTV in the VAS and affordability platform business, how much of that would be lending and what else is there apart from lending in that?

So, first of all, it i s not lending. What we are doing out there is basically powering for affordability solutions where we do not take any balance sheet risk, we actually power for other banks and financial institutions on our platforms. In terms of GTV, I would say somewhere around one third of the volumes would be coming out of affordability, two third of that will come out of the rest of the services. In rest of the services, we have everything from classic aggregator related revenues, we have revenues which is related to UPI and any fees which we get on UPI transactions. We also have things like other fintech partnerships we might have in the market wi th some of the Q - Commerce companies or some of the consumer fintech apps out there or Sodexo and that would be all about two third of the platform.

Got it. Okay. Thanks, Amrish. And this one third, which is the affordability bit of it that would be majority of the revenue from the INR 63,000 crores? I am sure it would be one third, two third revenue split also.

No, it is actually, I would think that it is reverse, which is, it would be somewhere between 50% to two third of the revenues, that sort of a range it will be in.

Of the revenue from the VAS and affordability platform part of it, right?

That is correct.

Got it. Okay, fair enough. Secondly, your plural business, GTV, Sam eer mentioned it grew 75%. Where exactly is that? Under which section is it put in?

That section folds up und er in -store and online Piran, where we basically report two kinds of revenue streams, which we, it is the subscription -based revenues, which we earn on the POS devices and the online we earn as a percentage to the GTV done.

Got it. Okay. Fair enough. Yes , that was it from my end. Thank you and wish you all the best.

Thank you.

Participants are requested to mention your name and organization before asking your question. Our next question is from Mr. Keyur Kumar.

Go ahead, Keyur. Keyur, you are unmuted. You can go ahead with your question.

Hello. Am I audible now?

Yes.

Congratulations on good sets of numbers sir and for the new tech development. So, my question is from this 25% of the DCP contribution, which is coming from the VAS. So, right now we are including that the further development will happen through the VAS. So, I just wanted to understand that this contribution will be come from the like chain businesses and all, right? So, how is the TAM is basically here, because the machines and the POS will be also on the single merchant sites?

Yes, very interesting question. You know, your voice cracked a bit, but what I am going to answer is, if you actually l ook at our earnings, really, we ha ve actually come up with a new set of numbers, so that it gives you more clarity. What it says is that out of the 1.9 million touch points that we have in the market today, about 24% to 25% of that has at least one of our services added on to those terminal platforms. So, may that be an aggregator or DCC or affordability or any of the consumer apps. So, only 25% of our terminals today are contributing to the value added services which exist in our business. And that is the opportunity for us. You would also see over the last five quarters, that number has moved from 21% of the t otal DCP base to now 25% of the total DCP base. Having said that, on the other hand, when it comes to transaction value and volumes tha t has grown by almost 37% , while the number of DCP has only increased from 21 % to 24% across the entire DCP base, it has been explained well in the earnings report that we have sent out.

Okay. And another thing is sir, like, in our gifting, the issuing, the acquiring platform. So, it should be like, it is coming with the new logos and on boarding and all the things, right? So, if you can provide any quantitative number, like, how is the per logo ticket size varying or means the coming from the revenue?

We have not shared that information right now and we a re not in a position to share that. Just in terms of, just in terms of understanding on that one is, you could very well have a logo which could be a chain of 10 restaurants. But at the same time, you would also have a logo as big as something like a Meesho, which is actually a client of ours. But you could have just two extremes of it and the revenue expectation out of them could c ompletely differ. And hence, we have not actually explained what is the per logo revenue for our issuing business.

Okay, got it. But can you share the, like, how many logos we have right now?

Sameer, you have a number to that one?

I think we have multiple logos there.

I think about 650 is what I would say as the highli ght. Do not hold me to that. I will get you more information.

Okay. And lastly, on the tech side, you have developed the tap and pay. So, I understood from the RHP and all that we were very aggressive for the payment gateway segments for our new vertical, right? And now your tech basically shift that vertical entirely if we compare with the other players, right? So, first thing, because this is like a new tech, how you are developing the security side basically, because this feature unlocks very much of potentials for our business, but also enables the se curity sides. So, how you are developing that thing? And on more level, you can explain about the GTM you are thinking right now for this tech.

Fundamentally, let us understand this piece that the technology required in the offline payments business is way more complex than what is required in the online payment side. As you know, over many, many years, we ha ve invested into building out highly secure platforms when it comes to offline payments. When it comes to online payments, I would want to think that 90% of our technologies have been able to be reused on the online platform side. And hence, we think our platform is as rugged as the platform that we have in the offline world. In terms of security, we follow the best standards which has been laid out there by governing bodies in terms of security only, but also in terms of what the local bodies and the local regulators have asked for. As far as GTM is concerned, as Sameer mentioned to you before, we have some great new logos already in place when it comes to online payments. We just announced some days back, Lenskart has already gon e live with us on our platforms, Myntra is live with u s, Cred is live, Apple resellers are with us, Samsung.com online is entirely with us. We are making tremendous progress in asset-live businesses, may that be on the bill payment side or may that be on the online payment side.

Okay sir. And lastly, should we expect any upside on the headcount on future?

See, you know, one of the things which we actually wanted to talk and I guess both Sameer and I forgot to mention out there is that in our company, we have totally about 1000 engineers, technologists and product managers in the company. I do not know why it would require more than 1000 people on the engineering and technology and product side. So, short answer on that one is the answer is no. The longer answer on that one is in the next quarter, we will actually talk about some of the AI-related initiatives that the company has taken up. Today, we believe 18% of all code which is being written in P ine Labs has been developed using AI. We are bringing a lot of AI on our customer services side. We are bringing a lot of AI in terms of rewriting our legacy code on some of the platforms that we have out there. So, the short answer is, I do not think we are going to be requiring more head count in our business. And that is the reason we wanted to very clearly show to you that for every rupee increase in the contribution margin, how will that flow through on the EBITDA and on the PAT side.

Thank you, sir. And all the best for the future.

Thank you.

Thank you. Our next question is from Mr. Arjun.

Thanks for the opportunity. With respect to the value-added services part, out of INR 650 crores, 29% is POS. So, within the Digital Infrastructure, out of INR 440 crores, the remaining around INR 251 crore would be the Affordability and VAS revenue?

It will be Affordability, VAS and also the Fintech Infrastructure, Arjun. I think we combined three items with it, as you rightly said, f our items. There will be the POS business, there will be the online business, there w ill be the Affordability and VA S business and the Fintech infrastructure business. So, the PO S machine, which is one of the four components within the digital infrastructure is about 29% of it.

Okay. So, I was just trying to understand the take rate or realization in the Affordability business, which was, which used to be around 39 odd bps. Now, out of this INR 440 crores and INR 63,000 crore of GTV, how the realization over here has been in the first half and how has it panned out in the festive season, October, November, etc. And means how much is the kind of traction after the GST cut, etc, in October, November, how do you see this Affordability and VAS business playing out on realization and the GTV, if you could give some color, it will be helpful. Yes.

So, the realization across the segments have been more or less constant. There may be slight change in the mix here and there, like, for example, UPI may go up and the yields are lower. But intra -segmental yields have remained fairly constant in line with what we have put out in the DRHP as well. As far as the traction post Q2 is concerned, I think, as we said that the first two quarters are slightly muted, we have seen good response in the Diwali season where we ha ve seen peak volumes come in. Obviously, as our next quarter results come in, you will probably get a better clarity now the quarter is underway. But yes, I think, even in the first two quarters, we have seen meaningful traction. And that is why even in H1 versus H1 of last year, we have seen meaningful growth of our GTVs while take rates continue to remain at the same level.

Okay. So, broadly, we can assume out of this INR 440 crores, around INR 250 odd crores should be your VAS and Affordability revenue from there.

Plus minus that range. Yes.

Okay. Fine. Okay. And could you give some idea on the market share that is there in this business? Because we also see competition getting into this.

Yes. So, in this space, look, I will say that for the longest time we have been above 80% of the market share. We just did a recent report on that internally not ready to be shared externally. We continue to believe that we have about 80% to 85% of the market share in this space.

Great. Sure. Thanks, Amrish. Thanks, Sameer. Thank you so much.

Thank you.

Thank you, Arjun.

Thank you. Participants are requested to mention your name and organization before asking your questions. Our next question is from Mr. Mitul Shah.

Hello, sir.

Congratulations. First of all, I a m from Ahmedabad. We have talked during our roadshow that I will be there. And thank you for the wonderful, wonderful result. I a m so happy to see you on this call. And you told me that you will provide the best of the disclosure and you did it. So, this is you are the onl y company who have done the conference call like this. So, I am really happy that I a m an investor, as well as my fund is invested in yours. And second, I want to understand. My question is, QR based payment system in China and everywhere I go, the QR based payment system is taking over than the POS. Everywhere I am going, I am seeing the trend. So, POS is our fairly, you know, large contribution. So, when we are shifting or how we are coping up with that, that is my basic question.

Mitul, I wi ll give you a very intere sting fact, which again, I do not need to be disclosing out here, but I wi ll just share with you. Very interestingly, today on our terminal estate, almost 66% of all transactions on our terminal estate are actually QR based transactions. So, what we are getting to see is large merchants still are looking for having a screen at the checkout, both to publish the QR or to accept cards. So, in a very interesting manner over the last two years, while you have seen the growth in our DCP on the business, our transaction mix has already changed where 66% or two third of my transactions are today coming on the QR side. The other thing is how UPI and what UPI is going to do to our business. I ha ve actually answered that in the earnings report. Mitul, I do remember having met up with you. I want to make another comment out here. In in my personal CEO letter, I have actually talked about my experience of some of the questions I received in Ahmedabad and Rajkot. So, have a look at my personal note also, which I sent out at the end of the quarter.

Yes. I am so happy that you have remembered all those quest ions and you have written it. I am really happy.

Thank you, Mitul. We will talk later.

Thank you.

Thank you. Our next question is from Mr. Pranav.

Hi Pranav.

Hello. Hi. Can you hear me?

Yes.

Thank you for the opportunity. I am Pranav Kshatriya from NK. My first question is, I see a very strong growth in Issuing and acquiring business, especially in the international geographies. And my understanding is that we possibly have a slightly inferior contribution margin in the international geographies, but it seems that despite that the contribution margin for issuing and acquiring business has increased despite the strong growth. So, how should we see this business panning out in three to five years’ time? And what is your view on that?

So, just to say, I think we hav e been making approach into a lot of new counters because of the use cases that we ha ve been mentioning, Pranav. I think the take rates are slightly lower in the international business because as we know that our business is a take rate business, which combines the work we do not just on processing, but also distribution. We have a far str onger distribution presence in India. And therefore, there is a slightly higher contribution from the distribution part of th e business, which comes in India. As we build our capabilities and we build scale across counters in the international geography, we should see some more take rates going up there. So, I think intra -segmented take rates remain the same. It i s just that our distribution strength is stronger in India. And therefore, we get little higher revenues in India.

What I wil l add into this one is that over the last couple of years, one of the reasons why you were getting to see the India business a little bit muted when it comes to the prepaid side of the business was because there was an overhang related to GST and applicati on of GST on gift cards. In January of this year, the government of India clarified that gift cards do not attract GST. And because of that, we have again started to see a lot of brands pushing out gift cards. Gift cards are being actually distributed at a much aggressive level. If you actually see the quarter-on-quarter between Q4 of last year and then Q1 and Q2 and the first half of the year, you would see that the India numbers have started t o come in with significant year -on-year growth also on the prepaid issuing side.

Great. My second question is on the Affordability side. In your letter, you mentioned that Q2 FY’25 was unusually strong quarter. But what I understand is that last year actually the entire festivity was in Q3 and Q2 was relatively quieter. So, what is the disconnect? Just curious on that.

It was related to some one off large deals which we had pulled together in Q1 and Q2. Look, one of the reasons why I did not specifically talk about it right now, because honestly, our job as operators have to continue to power on and win market share as m uch as we can every year. But we just wanted to give a color because what could happen is people get fix ated only on the number of year-on-year growth. But we thought, let us just clarify that when you look at what is happening on the hardware and the reduction in hardware, contribution margin is growing at 21%, revenues are growing at 18%. And we had a little bit of a base effect which came from last year. And that was largely because of some lump sum business which came through in both in Q1 and Q2 actually. I personally believe that when you when you look at a Q3 and Q4, the base effect would have gone away. What we had coming out of last year when it was Q1 and Q2.

Okay. The second part of that question is on Affordability and VAS GTV. There was a GST cut which happened, which sort of propelled some of the spends for TV. Was there some impact of that in Q2 because it came on 22nd of September? And should we see further acceleration in Q3 because of that?

So, there was a marginal impact, but it was both positive and negative. So, what happened is as soon as our Honorable Prime Minister Modi Ji actually announced that the GST rates are going to get changed, we are almost 15 days of complete slowdown when it came to any purchases in the markets. And we had basically transaction volumes completely drop off. I think it was around 22nd of September when the new GST rates kicked in. So, we had about an eight days which came in more or less, I would have said it would have netted off the spectacular rise that we had in the, sorry, netted off the drop that we had in the early part of September. As far as the Diwali season is, that is going into Q3, I would not want to forecast anything on Q3 on this call, please.

Okay, sure. Last question is on the devices business. If I back calculate according to your disclosures, the AR PU implied is around INR 336 for Q2, which is significantly lower than INR 380 odd , which was there for FY ’25. I mean, you did mentio n in the letter that you are deliberately moving away from the hardware based deal to a software based deal. So, how should we sort of see this panning out in coming years?

While I let the CFO answer this one, I just want to give one headlines on that one is, and that is the reason why even though we have 29% of our revenues, we have the take rate actually dropping, our contribution margin has gone up. Because what we are get ting to see is much more of software led sales happening when it comes to subscription revenues. And while our take rate has gone down, and actually our contribution margin has gone up.

Yes, I think Amrish have covered it. So, as I said, Pranav fair observation. And that is the conscious call we are ta king where we are taking care, we are basically, headline revenues may look slightly muted, because hardware is a bit lumpy, but it is a low margin business. And that lower take rate there has been compensated by the fact that our contribution margin has actually grown by 21%, with revenues at about 18%. And that is a conscious part of our strategy.

Fair enough. Thank you so much for the opportunity and all the best.

Thank you Pranav.

Thank you. Our next question is from Mr. Srinivasan.

Hello.

Yes.

Am I, am I audible sir?

Very clearly. Go ahead Srinivasan.

Yes. First of all, congratulations for the great set of nu mbers and especially second consecutive PAT positive this quarter. My question is about the operating leverage. You guided that INR 50 to INR 57 EBITDA for every INR 100 contribution. So, can you commit this for the next couple of quarters?

This is, I think, as a business, Srinivasan, the reason we have given this guidance is because we ha ve been demonstrating how our operating leverage is playing out. So, if you see our top line has grown at about 20% - 22%. Our adjusted EBITDA margins has moved up to about from 9% to about 19% to 20% already. And we have given t he structural reasons why you a re seeing this operating leverage play out. Like we said, there is a focus on building value-added services, tech-based revenues, international revenues, which are high margin. We are seeing operating leverage come out of the employee cost with productivit y gains are headcount not increasing at the rate of revenue. And therefore, this is a structural way we are trying to break down our operating leverage to say that as a business moves on and builds scale, you should expect at least about in the range and that is why we have given a range that roughly about 50% to 55% of our incremental contribution margin will fall through adjusted EBITDA.

Okay, thanks for that. And my next question is about the tap to pay online that you demonstrated initially. Does this support all types of cards like RuPay, Master and also like RBI two -factor authentication and iOS and Android? So, does this support all these combinations?

I will give you the answer on two parts. One, absolutely it supports everything what you just talked about. But the second part of the conversation is you obviously have to go through certifications, getting approval, and only then you can take it to GTM. All of that work is pending. We are taking this across many, many markets as we speak just now, but that work is pending in terms of getting approvals and getting all the local testings done.

Okay, so I have already used this product in some other place. The problem that I used to see is always latency. Latency issues I see. Sometimes it fails. Merchant finds it difficult to roll back.

No, I want to clarify that. What you have seen as a product is where merchant is using his or her phone to receive card payment transaction. What we demonstrated is - consumer is using his phone to make a payment to the merchant. It is a completely different product that we actually showed. So, we are saying consumer is sitting at home, he is on an app, a food delivery app. When it comes to a payment page, he just uses his card, taps on his own phone and the transaction is getting initiated and completed. What you would have seen is where you are giving the card and tapping it on the merchant's phone, which is the other form factor.

I see. Thanks for the clarification.

Thank you.

That is all from my side.

Thank you. Participants are requested to mention your name and organization before asking your question. Our next question is from Mr. Himanshu Taluja.

Hi, sir. Congratulations on a great set of the numbers and also very good disclosures in the presentation. Just one question at my end. Given you have a narrative to deliver a 20% to 25% growth over the near to medium term and probably clearly VAS, Issuing and Acquiring businesses and the Affordability solutions are delivering you a growth of 30% range, it is just the POS business which is expected to grow at 15 % to 18%. How will you build that narrative or what expectations do you have around the POS business, device businesses, if you can just help us?

Yes, so I think, look, the way we look at our POS businesses, our POS touchpoint actually helps us monetize and build on the various rails of the value -added and Affordability business. So, if you see the headline POS numbers, they have also grown at about 19%, where we are at about 1.9 across about one million merchants. So, I think we have not seen a slowdown of growth there. But clearly the opportunity for us on the POS devices is to see how that 25% number keeps increasing because that drives the monetization of the value- added services that we have.

I just want to mention, Himanshu, just mention out here is when it c omes to just sequential quarter-on-quarter, we have actually moved from 1 .7 million deployments to about

1.9 that is 90% growth.

So, it is about 1.9 is what we have been able to grow on that business. But as I told you, materially, what is going to make a difference for us from an earning standpoint, material difference is actually going to come out of what is going to happen out of the 70%-75% of the rest of the revenues that we are getting in the company.

Thank you, Himanshu.

Thank you. Our next question is from Mr. Prakhar Sharma.

Hi. Am I audible now?

Yes.

Thank you and congratulations. It has been a great journey and best of luck. What I wanted to just ask you is if you could explain the seasonality on 1Q to 2Q. I know it is not the best half for you. So, if I look at your revenues between 1Q and 2Q, you have gone up by about INR 34 odd crores from INR 616 crores to INR 650 crores. Your contribution has actually gone up by INR 17 cro res, which is about a 15% incremental contribution margin. And your EBIT DA has gone up by just about INR 1 crore. So, your margin has come down. So, if you could just explain what is this seasonality? I am sorry, I got into numbers and maybe you know.

Prakhar, I a m going to be completely transparent with you. What that seasonality is between Q1 and Q2. Remember, I have been in payments for 25 years. I cannot tell you what the seasonality between a Q1 and a Q2. In fact, I would say that there are enough and more years on which Q2 is gen erally weaker than Q1. And that is largely because that is the rain period across the country. So, I would say the seasonality in the payments and fintech business in general are just bucketed into two parts. Q1 and Q2 would be weaker and the stronger one would be a Q3 and Q4. I honestly cannot tell you. But between Q1 and Q2, what will be the seasonality breakup you know.

Yes, because I was just, I know it is a small number. I was just inquisitive to see why have the margins actually come off sequentially, which is the point I was trying to just get to.

I think the margins, the EBITDA margins are more or less on the same line, maybe plus one percent minus here or there. I think some small numbers change there. But largely on a tr ajectory that we are at, Prakhar , we are at a 19% to 20% adjusted EBITDA margin.

Yes, margin is very minuscul e, I think less than 50 bps or 1% out there. But I think more interestingly, going forward Prakhar, we have actually made it super clear for everybody to calculate saying that if the Q3 and Q4 are going to be stronger, what does that mean from a PAT standpoint.

Of course. And is there any color you can share on the affordability, especially the support that

Sorry, we lost you, Prakhar.

Prakash, we could not hear you. We just heard affordability.

Am I audible now?

Yes.

Okay. I was asking if you could throw some color on the affordability, especially the EMI credit that is going through your pipes. How is that trending for you and for the market? And are you able to improve some sort of take rates on that side?

So, I think Sameer has already answered on that one. In terms of the overall transaction processing, VAS and the Affordability business, we believe that individual segments, the margins have remained same as what we had established earlier. In terms of affordabil ity numbers, as you can see, it i s almost coming at about, sorry, the overall number is almost coming at about 35%-37% higher on a year-on-year basis. And by the way, that ha s been the case for the last five years. So, it is not that this number is entirely surprising where it is. I can only tell you that the Diwali this year has been just stupendous, just an unbelievably strong Diwali we have had.

But that will come in Q3.

This is perfect. And best of luck to you and the entire team. Thank you so much.

Thank you very much, Prakhar.

Thank you. Our next question is from Mr. Navneet Singh.

Thank you for the opportunity. My voice is audible.

Yes, Navneet, go ahead, please.

So, I have a couple of questions. One question pertaining to IPO. So, as per the last private funding round, Pine Labs was valued at about USD 5 billion around three years ago. IPO has happened at around USD 3 billion . So, what has happened that led to fall in its valuation?

Sir, I have answered this question five times. Whatever value is on the terminal that is my value. I cannot do anything.

All right. No issue. Another question. So, there are a lot of listed players and some of the competitors of Pine Labs about to go in IPO. So, what is it that Pine Labs has compared to these competitors? These competitors are aggressive and they may trigger certain price war and margin may hit. So, what is your strategy around these?

Navneet, you know, it is not good to speculate about what competition is going to do. I think one of the things I try to show out there is we continue to win on all sectors. We continue to grow our platforms very well. I do not think so. I am too much worried about my protecting my business or growing my business. I feel very comfortable. Thank you.

We canno t make forward looking projections of this. I think this call is restricted more to how this quarter has performed Navneet. So, that data is there in the data that we shared.

All right. Got it. One trivial question related to the product that are demonstrated at the beginning of this call that tap and pay feature. So, is this feature require a separate app to be installed on the consumer device?

No, it does not. It is an SDK which will go into the app of the consumer Internet company.

Understood. Understood. Thank you. That is all from my end. And all the best for next quarter.

Thank you Navneet. We will just take one last question. Mr. Kush Shah go ahead and then we will wrap it up.

Yes, Am I audible?

Yes, you are.

Congratulations for the good set of numbers. My first question would be what would be the monthly fee for the POS device you charge?

So, as we have said earlier on the call it is in the range of about, it is a blended range of about INR 350 to about INR 380 and that range kind of splits depending on whether how much of hardware or component is there in it.

Okay, perfect. And the second question would be what would be the software as a side? How we are different from the competitor? Because the adoption, the product development , everyone will be able to make software at one point of time so are we different from the competitors side?

Yes, I did, but.

No, honestly answer is that only. What we do is premium in what we do. We are very proud of the technology that we built over the years. The kind of ease of use, the reporting, settlement, security, ease of configurations, existing pipes and integrations that we have. It is a fairly complex and well-developed platform. It is a full ecosystem which we have built out there.

So, the TAM wise, how would be the TAM wise compared to the quick commerce or the travel platform so we can gauge the market around this?

As we have said on the call, each of the segments top players are already our partners, Navneet . So, basically, if you see the top three quick commerce companies work with us across some of our businesses, the top retailers work with us, the top banks work with us, top petroleum companies. So, I think we are playing across an entire ecosystem of the payment space across merchants, brands and enterprises. And I think our product stack, our DNA as a tech first of Fintech helps us kind of build deep integrations, create value - added services and be relevant to them in their journey of growth. I think that is our economic that is our mode which we have been able to live up to and we have seen our business grow within that cohort.

Okay, perfect. And on the ESOP side, I want to ask a question, how much would be the expense that would go further on the higher side?

I think we have guided on our presentation on where we stand today. I think more or less, we should be in the ran ge of about 4% to 6% of top line and trending slightly downward as we go into the amo rtization of the existing ESOP.

Okay, so basically, it will be consolidated around between 4% to 6%.

My last question would be the gifting side at Q wikcilver. What would be the TAM of a gifting in India so that we can gauge market size?

Yes, so I think we had a technical partner Redseer, which has given a very detailed assessment of TAM of each of the segments, not just in India, but across the globe. I think in the especially the markets we operate now, so if you can look at those, then you would be able to get a deeper sense on that. I think all of that is covered in our DRHP, which we put out just a few months back, which we put out a few months back.

Perfect. Thank you so much.

Thank you very much.

Thank you.

Thank you. That was the last question for today. With that, we conclude the Q&A session. I will now request Mr. Amrish to share his closing remarks before we end the call.

Thank you very much for doing this. Please take a minute to read the note which I had put out there. We are back to work. Thank you to all of you for having welcomed us on the public markets. This was our first earning calls. You guys have been fairly kind with us in these questions also. We will learn, we will improve, and we will keep giving you more disclosures. Thank you very much.

So, if you have any further questions or information, feel free to reach out to us at the investor relations email that we have put out at the end of the presentation. Thank you and have a good evening.

Thank you. You can now disconnect your lines. Thank you everyone for joining us today. Have a great evening.