Date: October 23, 2024

To,
BSE Limited National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers, “Exchange Plaza”
Dalal Street, Bandra-Kurla Complex, Bandra (East),
Mumbai - 400 001 Mumbai - 400 051
Scrip Code: 532790 Symbol: TANLA

Dear Madam/Sir,

Sub: Transcript of the Earnings Call.

Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirement) Regulations, 2015, please find attached herewith the transcript of the Earnings Call on Unaudited
Financial Results of the Company for the quarter and half year ended September 30, 2024, held on Friday,
October 18, 2024, at 4:30 PM IST.

The transcript is uploaded on company’s website on below link:

https://www.tanla.com/investor-relations/quarterly-results

Request you to take the same on record and oblige.

Thanking you

Yours faithfully,
For Tanla Platforms Limited
Digitally signed by
SESHANURA SESHANURADHA
CHAVA
DHA CHAVA Date: 2024.10.23
18:18:48 +05'30'

Seshanuradha Chava
General Counsel and Company Secretary
ACS-15519
 Tanla Platforms Limited
Q2 FY25 Earnings Conference Call Transcript
October 18, 2024

Call Duration ▪ 39 minutes

Management ▪ Ritu Mehta - Head of Investor Relations

▪ Uday Kumar Reddy - Founder, Chairman & Chief Executive Officer
▪ Deepak Goyal - Executive Director & Chief Business Officer
▪ Abhishek Jain - Chief Financial Officer

Participants that asked the ▪ Amit Chandra – HDFC Securities

questions ▪ Deepak Chokhani- Jade Capital
▪ Yash Mehta- Arth Ventures
▪ Balaji Subramanian- IIFL
▪ Brahma- Individual Investor
▪ Gopinath Chopta – Individual Investor
▪ Dhaval Jain- Individual Investor
Operator: Ladies and gentlemen, good day, and welcome to Q2 FY25 Earnings Conference Call of Tanla
Platforms Limited. As a reminder, all participant lines will be in the listen-only mode, and there
will be an opportunity for you to ask questions after the presentation concludes. Should you
need assistance during this conference call, please signal an operator by pressing * then zero on
your touch-tone phone. Please note that this conference is being recorded.

I now hand the conference over to Ms. Ritu Mehta. Thank you and over to you.

Ritu Mehta: Good evening, and welcome to our Q2 earnings call. Joining us with today are Uday Reddy,
Founder, Chairman, and CEO; Deepak Goyal, Executive Director and Chief Business Officer; and
Abhishek Jain, CFO. Uday will share his perspectives on business imperatives and strategic
progress made. After his opening remarks, we'll be happy to engage with participants and
address their questions.

Before we start the call, let me draw your attention to the fact that today's discussion may
feature statements that are forward-looking in nature. All statements, other than the statements
of historical facts could be deemed forward-looking in nature. Such statements are inherently
subject to risk and uncertainties, some of which cannot be quantified or predicted. A detailed
disclosure in this regard is mentioned in the results presentation that is uploaded on our website.
Audio recording and transcript will be available.

I now hand it over to Uday for his opening remarks.

Uday Kumar Reddy: Okay, thank you, Ritu. Hi, everyone. Good evening. I'm sure you had a chance to review our
investor presentation and my detailed data. Our revenue for this quarter stood at ₹1,001 crores
and Q2 saw a flat revenue, mainly due to slowdown in international business. We are witnessing
several structural shifts shaping the CPaaS market.

Digital interactions in India are surging, largely driven by the public business infrastructure. While
SMS remains relevant in price tends to market, OTT channels are becoming increasingly
dominant. WhatsApp has reduced the price of utility messaging from 30 paisa to 12 paisa, nearly
matching the cost of domestic SMS. This price parity is making OTT channels a more attractive,
cost-effective options for enterprises. As we move forward, we expect OTT channels to become
the preferred medium to customers' interactions. While certain market segments remain
subdued, we have successfully adopted to these changes and captured additional revenue
market share. Aligned with our strategic focus for FY25, we have strengthened our presence in
OTT, particularly by leading category in RCS.

Revenue from OTT channels have risen from approximately 10% to 20% in Q2 FY '25 with the OTT
revenue exceeding ₹200 crores for the quarter. We remain Google's largest global RCS platform
partner and have been named Meta's Growth Partner of the Year for the second consecutive
year.

In our Platform business, we consistently focus on solving business challenges with a strong
emphasis on greenfield innovations. In response to TRAI's mandate, we are the first in the
industry to launch CTA whitelisting on our Trubloq platform. To the date, we have whitelisted 1.7
lakh URLs, representing 98% of all URLs across Telco, OTT as the platforms in India. So, this is
milestone.

Wisely ATP is also gaining a momentum, especially with the growing regulatory emphasis on user
protection on spams on scams. We recently signed another agreement with one of the largest
banks, which is nothing, but Axis Bank for this solution.

Finally, I want to take this opportunity to welcome François Ortalo-Magné, Executive Dean at
London Business School, to the Tanla Board.

Let’s move into the Q&A. The management team and I are happy to answer any questions. Ritu
let’s open it up.
Question-and-Answer Session

Operator: Thank you very much. We'll now begin the question-and-answer session. Anyone who wishes to
ask a question may press * and 1 on their touch-tone telephone. If you wish to remove yourself
from the question queue you may press * and 2. Participants are requested to use handsets
while asking your question. Ladies and gentlemen, we will wait for a moment, while the question
queue assembles. Participants you may press * and 1 to ask a question.

The first question is from the line of Amit Chandra HDFC securities. Please go ahead.

Amit Chandra: Yeah. Thanks for the opportunity. My first question is on the WhatsApp revenue. So obviously,
we had seen good momentum there in WhatsApp, it has reached around ₹100 crores to ₹200
crores. But if I see the sequential growth, it has been flat sequentially. Obviously, you mentioned
that it was because of the WhatsApp pricing cut. But, if you can elaborate on what was the
pricing impact because in my calculation, the pricing impact was for two months and it was only
for the utility messages, which roughly is 40% of the volume.
So, the roughly impact would be around 20% from pricing. So, is it the volume growth was 20%
and how do you see the volume growth panning out? Maybe with the pricing being similar to
WhatsApp of SMS, are we seeing a shift, maybe a more cannibalisation can happen of the
domestic messaging volumes to WhatsApp channel? How do we see it more from a structural
perspective?

Abhishek Jain: Hi, Amit, thanks for the question and Abhishek here. Just taking a step back, right, WhatsApp
grew almost 100% to ₹100 Cr or little less than that or ₹50 Cr couple of quarters back or six
quarters back, right. We have come over ₹150 Cr per quarter now, so that has been a robust
growth journey, right.

We do acknowledge that this quarter was definitely soft due to pricing change, and if you see the
pricing has come down by one-third right. We saw significant volume growth and from a channel
perspective we are seeing a good use case day-by-day in WhatsApp and hence we are very, very
bullish from a WhatsApp perspective. From a volume perspective, broadly you're right, I did not
follow volume growth, but broadly you are in directionally in the right side. I can only say we
continue to scale up adoption of areas of the prices and we continue to be very, very bullish as
WhatsApp as well as the OTT.

Amit Chandra: Okay. So, we also mentioned that the domestic messaging or the NLD volume growth has been
8% to 10% and the earlier commentary was that the ILD volumes have mostly stabilised, but
again we are seeing some kind of drop there. So is there any change that has happened, which is
considering these drops in ILD message then, we earlier used to give the contribution of the ILD
to the revenue. If, what the contribution has been, because earlier it was 25% of enterprise.
What is the number of ILD, if you can share that? And how we see the overall because the
volumes are increasing, but the mix is changing and the ILDs is going down. So, the overall impact
is we are not seeing the growth for the last four, five quarters. So how do we see the overall
growth scenario over the next few quarters?

Abhishek Jain: Sure. So, I'll take it up and maybe I'll request Deepak to add after I finish. So, you're right, what
we've called out earlier, ILD composition was nearly 25%. It has been a little bit lower than that,
but not way off than 25% mark, but it would be definitely lower than 25% what we have
disclosed.

Primarily two shifts we're seeing, right, where we have seen ILD use case towards migration
towards OTT as an alternative channel and maybe one or two enterprises would have contacted
with Telcos directly, right. But having said that, what we have seen is that in Q1, we saw May,
June or primarily May mid and June we saw a sharp drop. From then to now, we have seen a
drop, but not that bad against Q1.
 As we've called out in the letter in that from last one to two months, we see a volume little bit on
a stagnant side or flattish. So, we hope that we should not see a big deterrent from here. As
you've been seen that even earlier just to follow-up that, while the ILD SMS channel could be
dropping, but we are trying to see an alternate source to WhatsApp where we continue to gain
the market share, right. So, I would believe that we should have seen worst from an ILD and
international perspective but yes, we can't say it is done, but I don't expect a significant
downside from here.

From an NLD perspective, the volume continues to grow. We have seen how UPI volumes have
grown up. So, from an NLD perspective, we continue to see a volume growth from a market
perspective, and we believe we're only gaining market share there. Deepak, if you want to add
something on this.

Deepak Goyal: Yeah, Abhishek. So, I agree with you as far as ILD is concerned, you already stated. But on terms
of overall growth, what we are seeing is, we have a large chunk of existing enterprise customers.
We have present in almost 70%, 80% of the customer, where the CPaaS business is getting
originated. And, currently, what we are doing is we are penetrating with RCS and WhatsApp and
Truecaller to these customers.

And you would see in going forward basis that our wallet share is getting increased at these
customers, which is definitely a very big growth lever for us. We're going to focus on that. Also,
your earlier question was if WhatsApp is cannibalising SMS volumes. Yes, there would be some
sort of cannibalisation, but that is good for overall, good for the industry, I would say, because a
lot more new use cases are getting opened up with WhatsApp and RCS and Truecaller.

So, while there could be some sort of cannibalisation, but there'll be a good amount of growth
would be coming in overall volumes, because customers are clearly seeing ROI through these
channels. And our focus is on omnichannel experience to the customer. And that is really you
would see in the coming quarters; it is where you would see a lot of growth coming in.

Amit Chandra: Okay. And then in the Platform segment, obviously, ex of the Vi deal, the growth is there about
16%, 17% Y-o-Y. But in terms of the journey that we earlier alluded in terms of reaching say, ₹100
crores run rate in new products, obviously, we have won some deals on the ATP side. But what is
the thought process there? Are we on track or like or we need some more innovation there? And
also, in terms of the intangibles also there is some sharp increase in the intangibles in the
balance sheet. So, if you can also allude that this is largely related to some like newer products
getting into the monetisation stage.

Abhishek Jain: So, Amit, hi, Abhishek here. So, you're right. I think the vision continues to be the same. We're
very, very positive on platforms and couple of platforms that we are already in cashing in ATP
that you've heard. So, Wisely, MaaP, this is on RCS side, the Trubloq, which is our home-grown
platform has been doing very well.

Coming back to ATP, we had signed one large contract earlier in quarter one and we signed
another one in quarter two. And with the focus that we see from TRAI and DOT, to protect users
both from spam and scams only elevate us in terms of where we stand. One of the large Telcos
also launched recently an anti-spam solution, which has also raised awareness, and from there
on we see even more larger interaction from the banks on it.

So, it certifies us in terms of our early on production and gain towards ATP that we have seen
where we not just need to find the scam, but also the scammer, right. But yes, the price
discovery and the contracting process is little bit longer, but our vision to take the platform to an
₹100 Cr run rate, which we have called earlier remains intact. Rather once we see a success and
couple of good customer success story here, we would like to take it to international as well, but
it's too early to comment on that, right. So that was on the platform. Second, on enhancements,
you're right, since couple of platforms has been under development, under progress, few we
have called out is very difficult to call out at this stage and that's why you see some increase
there. We do expect some capitalisation to happen in next one or two quarters as some of the
 products that where been progresses already converted to POC and is in implementation stage.
So that's where we are.

Uday Kumar Reddy: But Amit, let me add couple of points on ATP, okay. Sorry, Uday, here. We were the first one to
recognise the problem statement in India, okay, back in probably 2022, okay? We're the only one
who has recognised this problem statement. Secondly, we not only recognised the problem
statement, but we also came up with the solution, okay, right? And we have deployed this
platform with ViL, and we demonstrated this impact with all the regulators and watch that's in
India, okay. But people are very apprehensive about using the AI and ML models. They're not
very clear, regulators are not clear, telcos are not clear. But with the launch of Airtel, Gopal has
launched the platform maybe on the voice couple of weeks ago and it has really gone very well.
So, what we're really trying to say is, since now Airtel has come out with this platform, it will help
us address these issues. One, the problem is big, so that Airtel is the first one to identify that and
acknowledge it by launching the solution and they're are using the AI and ML model. So, they got
approval from the regulators. So, with this background, we should be able to accelerate our GTM
on ATP.

Amit Chandra: Okay, thank you and all the best.

Uday Kumar Reddy: Thank you. Thanks, Amit. Thanks

Operator: Thank you. The next question is from the line of Balaji from IIFL. Please go ahead. Balaji, your line
is unmuted. Please proceed with your question.

Uday Kumar Reddy: Let's move ahead.

Operator: We'll move on to the next question. Yes, the next question is from the line of Deepak Chokhani
from Reed Capital. Please go ahead.

Deepak Chokhani: Hello. I've got two questions. The first question is out of the Enterprise and Platform segment,
which segment you think will drive the growth more or which sector is in your view for the next
one or two years is going to give bulk of the growth? And second question is, when do you think
that Middle East mergers can happen? Thanks.

Uday Kumar Reddy: So, Deepak, couple of things like, so, I think both the platforms and enterprises are growing. And
in fact, platforms to certain extent are growing on the back of our enterprise business, okay. I'll
give a couple of examples here. Whenever that SMS, the volumes go up, okay, the Trubloq is the
first beneficiary of this one. So, they have to go hand-in-hand. And as of today, enterprise
business is very, very large and relatively the Platform business is smaller. So, it's difficult to say,
but both are our growth engines and they're not growing at the cost of other side. They have to
grow hand-in-hand. So, our focus is to grow on both engines. There is no doubt about that. That's
number one. Number two is on ValueFirst. We have an agreement to go up to March 2025,
where we're going to settle with outgoing management by end of March. Do you want to add on
that?

Abhishek Jain: Yes, just to add on that, I think the question was when the Global will be integrated. So, I think
we are still awaiting regulatory approvals. As soon as the regulatory approvals are in place, we
should be able to integrate pretty much. We are in constant touch with authorities and the old
owner is clarifying all the doubts they have. It's more of a simple name change and so forth. As
soon as we get it, it should be integrated. We hope to get that done this quarter, but sometimes
it's very difficult to give a clear timeline.

Deepak Chokhani: Got it. Thank you so much.

Operator: Thank you. The next question is from Balaji from IIFL. Please go ahead. Balaji, your line is
unmuted. Please proceed with your question.
Balaji Subramanian: Okay. So, thanks for taking my question. I had a couple of questions. So, first is on the CTA
whitelisting through Trubloq that you have mentioned. So, what is the revenue model here? I
mean, is it one-time in nature? And is it fair to expect any meaningful revenue from this? The
second is also related to the statement that you made on 98% of all whitelisted URLs having been
processed through your Trubloq platform. So, this would be, again, how is this well above the
63% market share that you have in Trubloq? Is it because, it will be for, you'll be doing it for
different enterprises and the 63% is your share from a telco perspective. So, I was just trying to
get some colour on that.

Uday Kumar Reddy: So, Balaji, it's a very good question. Let me first answer on CTA registration and the monetisation
model like, okay. When the regulation came, and we already have one month time to roll out
and it came in all newspapers and then all the enterprises have reached out to us, and we quickly
innovated it and launched with all telcos. So that's a big achievement right now, right? So, our
priority was to enable our customers, our enterprises. So that's number one.

Number two is, yes, sometimes what happens is like some enterprises are, so this platform is
used by, I mean, this platform is deployed with most of the telcos and sometimes what happens
is not necessarily each and every enterprise is using our platform to push their SMS. But when it
comes to this kind of challenges like, they kind of reach out to us, we always help them to
register on the CTA, but there our customers are not really matter to how it matters, but at the
end of the day when they reach out to us, Deepak and rest of our team they always help them to
register and help them to comply with the regulation. That's what we did it in 2019 and when we
launched Trubloq.

Again, this is how we did it given the CTA registration. So definitely more than 98% of CTAs, which
are registered as of today also registered on our platform. It shows how committed we are to
help our customers to comply with regulations, right. When it comes to monetisation, like we
were not giving a lot of time to think on those lines and we have not yet monetized as of today,
but we can't rule out in the future. But right now, we have not yet monetized.

It's difficult to quantify like whether it is really important for us to roll out etc, etc, but at the end
of the day, with this CTA registration, Deepak is the right person to comment on that. Probably,
we might have more traffic. So, Deepak, do you want to add here?

Deepak Goyal: Yeah, Uday. So, Balaji, how it works is that it actually establishes our leadership position over
here that we are the first one whenever, and be on the right side of the regulatory, there's a
regulatory, the TRAI came up with this guideline. No one was ready. We were the first ones to
roll it out and to ensure that, you must have seen a lot of news articles are coming in the
newspaper that, the whole SMS would get disrupted and stuff like that.

But nothing of that sort has happened. That is primarily, because we were able to roll out before
anyone else and able to provide a kind of confidence to our customers, that you are in the right
hands. So that actually helps us in to ensure that our customers are sticking with us, and they
are, in the future they would give us a larger wallet share, right? So, this is what our CTA
whitelisting solution has done so far.

Balaji Subramanian: Okay, got it. Thanks a lot, and all the best.

Deepak Goyal: Thank you.

Operator: Thank you. The next question is from the line of Yash Mehta from Arth Venture

Yash Mehta: So just two questions. I wanted to ask that we have registered a growth rate of 4% in the first
half of this year. So, will we be able to surpass this growth rate in the next two quarters? And will
there be an EBITDA margin improvement in the next two quarters?

Uday Kumar Reddy: Mr. Mehta, right now we would like to stay away from making forward-looking statements like
let's hope for best.
Yash Mehta: Okay, all right. Thank you.

Operator: Thank you. The next question is from the line of Brahma, who is an Individual Investor. Please go
ahead.

Brahma: Yes, thank you. In digital platforms, what is the revenue we booked in quarter two from Vi? And
will there be any revenue again booked from Vi in quarter three? Or can we expect the similar
growth of 15% to 20% in digital platforms in Q3?

Abhishek Jain: So Mr. Brahma, hi, this is Abhishek here. Are you referring to the ViL firewall deal.

Brahma: Yes, the business which we have with Vi and which we have winded up, okay. To what extent it is
included already in Q2?

Abhishek Jain: So, the last revenue that we had was for Q4 last year. There was small number in Q4. In Q1, Q2,
both we have zero revenue from ViL firewall. So, we don't see any headwind because of that
going forward.

Brahma: Okay. So, because I've seen somewhere the statement given as it is normalised to 16%, wherein
it actually de-grew by 7.7%.

Abhishek Jain: So that was the reference for year-on-year. Last year in quarter two, we had close to ₹20 Cr as
part of our top line and margins. That is not there in the current quarter. So, if I normalise for
that, we would have grown 16% gross profits.

Brahma: Okay. So, can we expect the lineup growth of about 16% to 20% in digital platforms in Q3 also?
Or my other question was with the Axis Bank which we closed the deal. Will there be any
revenue recorded in Q2 or will it be reflecting in Q3

Abhishek Jain: So, on the first question, it's difficult to comment. As Uday said, we will avoid giving a forward-
looking statement. Only we can say that we feel very, very robust in terms of the platform that
we have developed and are developing. Second, from an ATP perspective, yes, the second
customer that we have signed was mid of the quarter. So, we did get partial revenue in quarter
two. The full quarter benefit should flow through to us in quarter three

Brahma: Okay. Do you mind quantifying it or again you would want to avoid that?

Abhishek Jain: I think, we have not disclosed that. So, we will avoid that.

Brahma: Fair enough. No issues. Thank you so much.

Abhishek Jain: Sure. Thank you.

Operator: Thank you. The next question is from the line of Gopinath Chopta, an individual investor. Please
go ahead.

Gopinath Chopta: Hi, good evening, everyone. I wanted to understand an outlook on the MaaP platform. I mean,
more in the sense of what the management team thinks of its potential. And let's say, you
consider Truecaller partnership and MaaP in four quarters from now, which platform do you
think would perhaps add more to the bottom line, right? That's question number one.

And the second question that I have is, is on the international expansion. And in the last five
quarters, we've more or less in the top line stagnant. And, I mean, do the management think the
future growth is dependent on how we expand internationally and how soon can we expect
international markets to contribute meaningfully to the bottom line?

Uday Kumar Reddy: So, Gopi, couple of things without attracting the forward-looking statements like, all I can say
right now is you can expect some news in the next couple of months on both on MaaP platform
 as well as on the geography expansion like. So, we have been working on both the trends for the
last one year, and let's hope our best. I don't want to give any, I don't want to make any forward-
looking statement, but let's hope our best. And all I can say right now is our MaaP is going to be
big and RCS and as a channel is going to be big.

Abhishek Jain: And so, we are investing a lot of our time and money behind our MaaP platform and RCS as a
channel. And just to add from an RCS perspective, it's a rich media we have seen from a
promotional messaging perspective, it's very, very good. We have started seeing many uses case
in terms of delivering visitors to PDF and so forth, right. So, we are seeing a good traction in
domestic market and as Uday just pointed out, we do wish to expand it and take it further from
here.

Gopinath Chopta: Got it. Is there any sense of when the international markets could meaningfully contribute to the
bottom line, is that something, I mean, at least not as you're able to look at in the next five
quarters or so?

Abhishek Jain: So, I can only say that two things, right. One, the OTT channels are very, very promising. So, from
a domestic market perspective, we have while the SMS volume is growing. Our ultimate focus as
well has been on developing and on growing our OTT channels and the platform business.

On the international markets, I think it would be difficult to talk anything further than what Uday
just said. We're all invested in; you would have seen the investment that we have been making
out in these areas and it takes time to set it and generate a meaningful revenue.

Gopinath Chopta: All right. Thanks a lot for answering the question. I wish you all the best.

Abhishek Jain: Thank you.

Operator: Thank you. The next question is from the line of Dhaval Jain, an Individual Investor. Please go
ahead.

Dhaval Jain: Hello?

Abhishek Jain: Hi

Dhaval Jain: Yeah. I just wanted to like, I have been on the call, and I thought you were going to be able to get
forward guidance is on the revenue decline. I just wanted to know because we have been
stagnant in our revenues for almost four quarters now and it's an achievement that we have
been hitting on ₹1,000 crores marks. All right.

So, I just ask you that on a financial front of ₹44 crores of employee expenses have increased to
₹54 crores. That's almost a 20% jump in the employee cost, and that has led to a margin dip of
2% I see. So, unless and until we are not doing a revenue growth, if it's fair enough to understand
that our margins will decrease further or it's going to stay constant?

Abhishek Jain: So, Dhaval, I think growth is our priority, so we'll continue to hunt. I think Deepak, Uday and all
other leaderships are properly focused on growth, without growth, no company can sustain
margin that is for sure. So, I think our prime focus is definitely growth and a profitable growth.

Coming back to margin, if you see our gross margin, the gross margin has been a narrowband of
26% to 27%. We dropped despite VIL network impact, which had an impact of 200 basis points,
our margin has been able to sustain with narrowband as I said, right. And we saw a slight dip of
60, 70 basis points quarter-on-quarter.

Having said that, we continue to focus on growth, and hence that would help us sustaining our
gross margin. Coming back to indirect cost, it's a conscious investment that we have made. We're
doing our investment on both market and product solution, newer OTT channels to fuel up
 future growth, right. So those are the investments that have been consciously being made by the
management. But as I said, our prime focus would be a profitable growth and our entire focus is.

Dhaval Jain: Another follow-up question. I see that trade receivables grow consistently. So, I think the March
of FY'24, we had ₹842 crores of trade receivables., but we see 20% jump in trade receivables as
well. So, I just wanted a more clarity.

Abhishek Jain: Sure. I think Dhaval, the reason for two reasons, right. One is from the shift of international
business to domestic. We've generally seen international has a lower DSO Days. So, their
collection is much better in international markets. So that is one reason.

Second is, if you see our cash have been ₹705 crores despite giving a dividend during the last
quarter. We did see some delays in getting the POs and hence collections getting spilled over to
next quarter. We have almost collected ₹150 Cr plus by 15th of October and so forth. So, I think
it's more to do with the mix of business moving from international to domestic. I think we should
see a good collection this quarter. I'm not too much worried frankly about it.

Dhaval Jain: So just the last question, I'm not again trying to ask your forward guidance. I just want to
understand that our trajectory of our company has been phenomenal in the last five, six years of
the revenue growth. I just want to ensure that going forward, are we going to stay on course,
and how are we to going to move, how is it going to plan out, because now we have reached
₹1,000 crores of constant revenue in a quarter. So, going forward, so with the revenue run rate,
be like ₹1,250 crores per month per quarter of the revenue or do we have some target on that?

Abhishek Jain: So, we do have our internal targets and as I said earlier, it is difficult to share forward-looking.
But I can assure you that we are not sitting complacent, right. I don't think our ambition is to be
at where we are today. Our ambition is much beyond what we stand today. Entire focus of
Deepak, Uday and the leadership are towards growth, as I said. So, I would not be able to reveal
any other numbers from here, but definitely we are much more ambitious than what the number
reflects as we see.

Dhaval Jain: All right, sir. Thank you so much.

Abhishek Jain: Thank you.

Ritu Mehta: Thank you, everyone. That was the last question for today. In case we could not take your
questions due to time constraint, please feel free to reach out to Investor Relations team. Good
evening.

Operator: Thank you. On behalf of Tanla Platforms Limited, that concludes this conference. Thank you for
joining us. You may now disconnect your lines.

This is a transcription and may contain transcription errors. The transcript has been edited for clarity. The Company takes no
responsibility of such errors, although an effort has been made to ensure high level of accuracy.