Billionbrains Garage Ventures (NSE:GROWW) Q1 2027 Earnings Call

0:13 And there will be an opportunity for you to ask questions after the management's remarks. Please note that this call is being recorded. Additionally, please note that this earnings call is scheduled for a duration of forty five minutes. If you wish to ask a question, please use the raise hand feature available on your Zoom dashboard. We will announce your name on the call and unmute your line post which you can proceed with your questions. For today's call from the management, we have mister, cofounder and CEO, mister, cofounder and CFO, mister, group head finance, mister, head of investor relations and corporate development. I now hand over the call to Shiv.

0:58 Thank you, and over to you, sir. Thank you, Michelle. Good afternoon, everyone, and welcome to the call. Our results and shareholder letters have been published on the exchanges as well as uploaded on the company's IR website. Before we begin the call, I would like to remind all the attendees that some statements or comments made on the call today by the management can be deemed as forward looking and hence, may involve certain risks and are not subject to any review. Substatements or comments are not guarantee of future performance, and the actual results may differ. With that, I would like to invite Lalit for the opening remarks. Hello. Thanks, Shu. Hello, everyone. Good afternoon, and welcome to our Q1 FY 'twenty seven earnings call. This is our fourth call after we got listed.

1:48 This past May, we reached an important milestone in our company. We completed ten years of our journey. When we started GROWW, we had a very simple and very, very big goal to democratize wealth in India. And as I mentioned in my last call that every quarter, you will hear the same thing again and again, and we'll continue following the same purpose for many more years. Our strategy has also been consistent throughout last ten years, and that is to improve the user experience and keep launching more and more products that our customers want.

2:35 And this customer focused strategy has also led to the create... To creation of the platform that is loved by, like, millions of millions of customers. That strategy is also taken from... Starting from mutual funds to stocks, derivatives, MTS, and many more products, the most recent one being commodities where we achieved like more than 28% market share, retail market share in terms of notional ATTO. The first ten years of our journey was more about giving access to wealth, to investing to millions of Indians and managing their wealth.

3:24 The the next one will move beyond just being an execution platform or a very, very good user experience platform to actually becoming like a true wealth management company. And as part of that, we... Over the last few quarters, we have been kind of building multiple products, including MF Prime and W, where we help customers on multiple fronts in building wealth. A lot of these products are basically very research backed, where we help customers in figuring out the best investments, rebalancing, tax considerations, and many more things.

4:11 So that was... That is the kind of big focus area for us. Secondly, we continue doing multiproduct on the platform. We continue launching more products. The the last one being Vons, which is scaling really, really well. This quarter also, will see another new product come in. On credit, as we have spoken, like it's a good compounding business for us. The focus there over last few months or last few quarters, like last issuing good growth, now it consumes 34% in our disbursement and very relevant for investors. On AMC, last time we had kind of announced about the FSG Global partnership investment.

5:04 One development there is that now we have got SEBI and CCR as well. Lastly, on AI, we we remain focused on it on various fronts in both serving customer customer experience and also on how we build products. We believe that it will it will fundamentally reshape the investing experience as well as, you know, how things are built, and we kind of continue kind of focusing on that. We are leveraging it across multiple phases. Yeah. So ten years in, we believe we are still early in the journey, and we are glad to have you with us in it. And with that, let's open to the q and a. Thank you.

5:51 Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask questions may click on the raise hand option available on your screen. Once your name is announced, kindly introduce yourself providing your name and your organization name and proceed with your question. We will wait for a moment while the question queue assembles. The first question is from. Kindly introduce yourself and proceed, sir. Hi. This is here from Citigroup Global Markets.

6:39 So few questions from my side. First, if I look at your employee expense number, it seems that you have been onboarding some employees to the overall organization, maybe because of the new product segment or post integration with system. So just wanted to get some color if I were to take a two or three year view, how should one think of the employee additions given your aspiration to transition into more of a digital savvy wealth sort of a company out there? So that's the first question. The second question, if I look at your MTS growth, obviously, the momentum has been sustained. Having said that, I think a large part of the growth has been driven by increase in ticket size. Two... So two subparts to this question. One is in terms of customer acceptance of the product. I mean, how much more acceptance rate do you expect? And secondly, I mean, is the increase in MTS actually yield accretive for the cash business given the ceiling in terms of brokerage can be relatively higher?

7:42 And third question is on the active derivative customers. If I look at sequentially and look at active derivative customer data, there seems to have been a little bit of softness in that number. So just wanted to get your sense of the underlying customer behavior in that segment. So those are the three questions. One data keeping question. Was there any ease of expense during the quarter? So let me take, I think, one at a time. I can note down this time. The first question on the employee side, I think we are onboarding employees, but at the same time, if you look at the expense increase in employees, it's largely pertaining to the appraisal cycle that happens during April.

8:30 The increase is actually primarily coming from that. It is not because of there is a significant increase in headcount. And in longer and also, don't expect there will be like a crazy increase in headcount. We want to build wealth also in a slightly different way where it is more tech driven, more AI driven compared to a traditional wealth that is done with more RM focus. We will definitely have RMs also along with the AI and the technology. But in longer run also, we don't expect the org count to significantly increase in wealth as well as in GROWW.

9:16 On the second part of your question on MTS, I think there is still a lot of adoption pending. There are a lot of nuance kind of problems that we are solving, which mostly I think on the infra side internally. I think as we kind of do better on some of those things, we expect that the penetration can increase as well as the ticket size can also expand further. So, MTF, I think, is growing slightly better than what we were expecting, partially due to the market. And we think we can keep on continuing the growth on MTF the way it has been happening from last year or two. On the third part of your question was on derivatives.

10:02 I think last quarter was relatively an exception. So we should not read too much into the last quarter actually. But as a trend, what we are seeing is it is relatively stabilizing. Even last quarter, when I say last quarter, I'm talking about Q4 of FY 'twenty six And Q1 of FY 'twenty seven also has some bit of kind of uniqueness because of war, but a large part of that war also started in Q4 FY 'twenty six. So there is some, you can say, exception that is built into Q4 FY 'twenty six. But if you compare it with Q3, you will see that there is an improvement there, but obviously over time it will stabilize.

10:50 On the last question, I think on the ESOP side, definitely, I think roughly 10% of our employee cost is actually coming from ESOPs. Sorry, just, Ishan, just one small clarification. This 10% number is true for this 1Q quarter? I mean, just to be clear? Yes. Yes. Okay. And sorry, one part of the question that maybe got missed was on the cash yields due to the ticket size acquisition... Cash yields are improving. So we've been seeing that on a year on year basis, I think cash yields has improved by roughly 5%. And we expect that to kind of increasing every quarter a percentage or two as the penetration of MTF keep on increasing.

11:38 Got it. Got it. Thank you, Vishan and the team and all of us. Thank you. The next question is from. Please introduce yourself and proceed, sir. Yeah. Thanks a lot for the opportunity. I'm from Jefferies. So I had, you know, three questions starting with the first one. You know, you have secured the license to provide US stock options through the gift city. Just wanted to understand that when are you planning to launch that service? And would it be limited to only U. S. Stocks or you are looking at an expanded credit to other markets as well? And if you could give us some color on how would the pricing of this service be compared to domestic market?

12:28 That's the first bit. Secondly, there has been an article today indicating that margin requirements on expiry date could go up. Now in November 24, additional margin requirement was introduced on options. Wanted to understand what impact did you see from that implementation, if any? And lastly, you have launched GROW Prime, you have launched W for BICROW has been there for some time now. So on U. S. Stocks, I think we got the licenses.

13:18 We, I think, are in kind of mode of testing the product. So I think we will launch it soon, but generally it's very difficult to put an exact time when it will come for the customers. We'll start with US stocks and obviously if it works, we'll figure out if there is a demand for other geographies accordingly. We'll kind of take it forward from there. It's kind of a learning curve with the new product, and we'll kind of figure it out once we have more data. Once we launch it, we'll have more data, and we accordingly gonna proceed further. On F and O piece, I think, honestly, this is news for us also because we are not hearing anything from SEBI perspective that they are thinking something like that, but news is news. So we can't comment on news, actually.

14:15 And the third thing you talked about, sorry, I forgot the third part. Prime and wealth customer. Yeah. Lalit, do you want to take it? No. So I think it's After all, please. Yeah. So we... It's a bit early,. So I think I think that our... If you look at our history, like, the... Our our processes, like, build product and x and same thing applies for US stocks also. Right? You know, build customer experience that is, like, 10 x better than whatever exists and go slow initially. And once you find the right direction, then run very fast. So I think on both all these three products, The US stocks, Prime and W, I think this quarter is a bit too early to kind of comment about them. But maybe in coming quarters, we'll talk more about them. Yes, absolutely. And just one last follow-up. On the F and O bit, I do understand it's too early to comment on our news.

15:08 But given there was a similar kind of increase in November 24, did you see any change in behavior because of that additional 2% EM margin requirement? Not exactly. I think... Because it came with, like, a lot of other changes as well. It's very difficult to pinpoint why Got it. Attribute basically the change to a particular regulation because there were, like, five things that happened parallelly. Yeah. Makes sense. Thank you. Thank you. The next question is from Praj Jain. Please introduce yourself and proceed. Yeah. Hi. Good evening. Good afternoon, everyone. This is Praj Jain from Motilal Oswal.

15:57 Just extending the previous question on F and O. You know, we've seen some slowdown in terms of your premium turnover on a daily basis. If we look at the first few days of July data, I would presume that is, to a certain extent, impact of the busy regulations. How are you seeing this kind of trend impacting your Q2 performance? And even if it back calculate the cash segment orders, assuming that the 20 per order on derivatives and commodities, then we're seeing a 9% decline in number of orders for the cash segment. Is that roughly right? So I think coming to the first one, there is, I think, dip in FNO in the early July, like you said. I think it was there in the end part of the June as well. I think it was more correlated with, again, war than anything else is what our estimation is because we saw that change.

16:58 Once again, there was a news on Iran war, and volatility again came back and then suddenly volume also went up. So it is we are seeing the higher correlation with volatility than actually any regulations as of now. Again, I think our understanding is this regulation doesn't impact retail business anyways. And overall also from a market perspective, the impact looks relatively smaller muted compared to what you mean the or unmute yourself by pressing half star six. But definitely there is some impact for industry, but not for us. Sorry. The second part on the orders on cash side, I think you're right. I think this is primarily...

17:47 You can think of gold and silver as a significant delta in this because if you look at stock orders include ETFs as well. And ETF was a significant volume in both Q3 and Q4. And we are seeing that is now that trend has kind of now slowing down relatively because both these silver and gold are not performing. And hence, there is a drop in number of orders. Okay. Another question was on your, you know, broader strategy. Right? Lalit and probably Shang, you all can return on your... You know, earlier when we started, we started with one product with mutual funds, then we added cash delivery, cash intraday, derivatives. It was one product that we were adding at a time. Right? Now today, as we as we are working, we're building commodities, we're building wealth, we're building the AMC, we're building, the new product that you've mentioned, we are looking into getting into U. S. Stock.

18:53 How are you kind of ensuring that the cost and the team tech bandwidth is kind of well controlled and how confident you are with respect to execution of each of these things, particularly wealth management is something that, you know, we've spoken a lot about. How... What are your aspirations there in terms of anything that you can mention with respect to AUM or size that can be seen in the next two or three years? Yeah. So I'll take this. Faresh, overall strategy wise, the first thing I want to clarify that while we talk about so many products, all products are at different life stage. So commodities, for example, is now almost like adoption is more or less fair adoption if I can say that. So it started, like, not now, but maybe two years back. And for...

19:50 So when we are private, then we will not... We are we are not talking about products every quarter. Right? So we are always building multiple products, but every product, it is a different kind of life stage. Right? So number number two is that on the people and cost side and everything, see, what we have realized is, one, like, our core business, our, like, established businesses, they get more and more efficient in terms of building. So the the team sizes and everything, like, you know, they get more efficient. And then all the new products that you see, like, so many new products that we have launched, effectively, it's all coming from the existing team. Like, we create new part structure and so on.

20:36 So it was more like in a multithreaded kind of org. If you if you are read about our board structure philosophy, like, there are multiple parallel engines that keep keep running with very common simple... Single top level strategy. So that is on second. And then, as I said, like all products are at different kind of point. Commodities is very advanced. U. S. Stocks is just starting, like, hopefully, we'll be launching in in few months. Mean, we can't promise right now, but depending on the experience, how experience kind of comes. WS, again, we are kind of refining the experience, although we like there is some traction there and so on.

21:22 On your last question on the projections and stuff, I think, again, as I said, like, in my previous answer, it's kind of a bit early to kind of give those. But we we are very confident. Like, we are very happy with whatever we are seeing right now on the on the progress. No. That that helps. The last question from my side. When we think about, say, over the next couple of years, what could be possibly the important point in terms of cost, if you want to highlight or in terms of revenue line items that can that you see as the risk to your earnings profile in the next couple of years? Vishal?

22:08 I don't think so. As of now, we can't... So if there is anything, we will let you know. I think as of now, it's just on top of the mind. Sure. Thank you, and wish you all the best. Thank you. We'll take the next question from Sardanak Mukherjee. Please introduce yourself and proceed. Hi. Thank you for the opportunity. Good afternoon, everyone. This is Swarnup from three sixty one Capital. Two, three questions from my side. First of all, on the MPS side, I wanted to understand the... You know, we had a very strong run-in one q, but as we move into two q, the first fifteen days or the trend looks fairly flattish, And possibly, you were not very divergent from what it was in the industry. So I just wanted to understand what has changed or what you... Difference you were seeing from, say, the end of the quarter to now... Till now.

23:08 And, also, for the particular quarter, I wanted to understand that in terms of the active users for MTF, also, there has not been much change, although the assets have gone up quite high. So how how to read into this? And that's the first one. The second is, again, on the... So you... In the shareholder letter, you have mentioned about the NFE Actives and the focus in terms of building that. So... But when I look at, for example, in terms of the MAUs and DAUs, those numbers look fairly stagnant. In fact, DAUs have come up slightly from what it was in '14. So how how should we read into this? So these are the two questions on operating trends, and then I have couple of smaller questions that we'll take it after.

24:01 Got it. I think first one, I am... I was not sure that I understood the question that end of quarter to today, you are looking at trends from f and o perspective or you are looking at trends from cash equities perspective? No, from the MTS book. MTS book has... Okay. So the challenge, I think, from end of the quarter and any time when we are looking at in between is MTS specifically the end of period number compared to if you look at even in last quarter because markets were down literally on the last day. And there is an effect on MTF indirectly that comes. Similar is in this kind of last two weeks as well. The market when they closed in June 30 versus what it is today is very different.

24:51 So hence, that shows up in the NPL book as well. It was a bullish trend to kind of now a, like, more volatile trend and which has a negative impact on the MTF book. And the second part of the question was on the... Sorry. I forgot. Yeah. On the on the MTS active users, so what I see is it remains at around $130,000 as well. Right? So I think that was the Dow also. I think, again, if you compare it with q four, q four had lot for volatility compared to q one. And if you compare it with q three, you will still see a better trend. I think that is probably anomaly in q four.

25:38 Okay. Understood. And because MTS is very I mean, MTS is cash delivery oriented. So even still you would think that Q4 would have been an anomaly from that time? Anomaly because I think when quarter ended, actually, it ended at a a negative note. Hence, the number was actually slightly lower. And q one ended at a positive note and hence the number was slightly better. So we are seeing that roughly like INR 600 crores to INR 700 crores getting added on a quarterly basis on the book side and which is continuing. If you average it out, I think it will come to the similar number. Okay. Understood.

26:23 The other other queries that I had was... One was that, you know, cash is improving. Where do you think it is likely to stabilize when when you evaluate from your side? And second is that given that this quarter, we have, like, one q versus four q, we have seen some softening in volumes. I I mean, because '4 q was more volatile, etcetera, on both on the stock side as well as on the derivative side. But still, our float income has gone up quite substantially this quarter. So just wanted to understand that that, you know, what what is playing out there? Is there more margin despite that so people willing to maybe, you know, keep keep it in their pooled accounts, etcetera? So if you could give some color on that.

27:10 So, actually, float income has another variable, which is, like, interest income as well. So, interest rates have also changed between last quarter and this quarter. So, we saw the yields going up, which has benefited on the revenue side. And average balance also, I think, was probably not significantly higher than last quarter. Hence, the yield are up just because of the interest part of it. Understood. And if you would take the question on the cash yield. Cash yield, think it's, again, very difficult to estimate where it'll end because there is one variable because of MTF, it is doing well. But there are multiple other variables like the average ticket size has also gone up over a period of time, which is also boosting the cash yield.

28:01 So our expectation is that in the near term, will definitely go up, but difficult to kind of estimate where will it stop. Got it. Understood. Very helpful. Thank you so much. No problem. Thank you. A request to all the participants to kindly limit their questions to one or two parts... Per participant as we have a long queue. Thank you. We'll take the next question from Sanket Gora. Please introduce yourself and proceed, sir. Yeah. Thank you for the opportunity. This is from. So so my my first question is is on CAC. If if I look at the CAC number for new NTU added, it seems to be around 1,900 rupees, and that number was around 1,400 rupees in 1Q and around 1,000 rupees in 4Q.

28:58 So it seems to be a sharp jump in acquiring new customer. Just want to understand this could be the new normal or is it you spent a little more on advertising for any event and the reason it went up? That's my first question. Yeah. I think you probably already know that we do IPL in this quarter, and there's a significant amount of our marketing spend, which goes into IPL, especially in Q1. And if you look at it, it's not really directly correlated with how much acquisition that will happen. There is a branding benefit out of it, then there are like, you can say if markets are doing well, probably we would have acquired significantly more.

29:45 And hence, without the IPL spend, this number would have been significantly lower or more closer to what you were seeing earlier. Okay. The the reason I asked, Isan, this question was that even in 1Q, had IPL. Right? So so 1,400 going to to 1,900 is still still a big jump per per customer required. So Only one week of IPL was there in q four. This had, like, almost two months of IPL, so that is the delta. Okay. Understood. Perfect. And second, just two data keeping questions. In cash, $2.54 crores of revenue, what you made in the current quarter, can you break it down as a percentage, how much came from INR 20 per order and how much came at Golaram, which is linked to MTF book? So that's one question. And second, if you can do a data keeping, the revenue from Fishdom and ANC will be useful.

30:40 So we actually on the first one, we don't kind of disclose those kind of numbers. That's like too much detail. It's not relevant. So we have like, there is a 5 rupees minimum, there is MTS, sorry, MIS, which has a slightly different kind of ticket size. There's like a lot of complications there. So hence, I think average is probably what you have to work with. On the income or revenue from system plus EMC, I think it is part of the other income. So roughly, I think between both of them, we are lesser than 2% or closer to that number.

31:26 The reason I'm asking is that system, have you seen after you acquired a momentum improving? That's the reason I was asking because in the... No, no. We haven't yet seen the significant improvement in revenue on system side. I think it is still in the kind of more of a gestation stage, and we will kind of talk about it once it kind of becomes more relevant. Perfect. Yeah. That's it from my side. Thank you. Thank you. The next question is from Abhijit Sarkari. Please introduce yourself and proceed. Hi. This is Abhijit from GROWTAC. A couple of number questions. One is if you could comment on the cost to operate line, which declined this quarter, and how should we think about the run rate going forward?

32:16 And the second number question is, you know, we had disclosed this data last quarter on new customer assets on the platform, close to about 25,000 odd crores. So if you could disclose that number for this quarter, if possible. And then a qualitative question. So at the time of the IPO, we had disclosed a number on the affluent customer base and the overall contribution to the assets. I just wanted to understand the behavior of this customer profile because as a platform, there is still a bit of a limitation in terms of offering assisted services or the wealth platform itself is sort of just starting to build up. So just in terms of retention of these type of customers, if you could comment on that, that would be as helpful as well. Thank you., you want to take it? On on cost to operate versus last quarter, if you you can see a slight improvement because last quarter had some onetime risk cost, which were taken.

33:17 We expect this cost to continue as is with slight inflationary increase over coming quarters. Sorry, there was one more question. I think on the affluent retention, I think affluent retention is actually significantly better compared to the other guys. Because I think once you have AUM sitting with the platform, typically customer tends to kind of stick with it. And these are the customers who have been probably there with us also for a longer bit of time. There is a habit also that they have formed and they probably really like it, that's why they would have stick. So it's a relatively a quality base and that's why their retention is, like, very, very high. When when I say very, very high, like, almost 100%.

34:10 Got it. And sorry. One number on the customer assets. Sorry. I didn't... Which... You were talking about the? No. Sorry. No. So last quarter, we had the the change in customer assets broken down into net inflows and market movement. This time also, the... What is it? Shareholders letter. When you will see the EMV talk about the inflow. So if you subtract it, then you will find the delta. The twenty seventh or something was the inflow, I think. Okay. Sorry. Missed that. Thank you. Thank you. The next question is from. Kindly introduce yourself and proceed.

34:57 Thanks for the opportunity. I'm from Investec. So my question is on the certain data point questions. So firstly, in in RSP, you've disclosed year wise customers revenue contribution on a yearly basis. If you can share the data for FY twenty six, that would be very useful. How FY six revenue contribution is coming from the year of origination of the customer? And that would be very, very useful. And secondly, can you comment on how the ARPU trends are there for the customer that you acquired in FY 'twenty six and the customers that got acquired in Q1 FY 'twenty seven? So Q1 FY 'twenty seven is actually to Nissan to kind of comment on ARPU side. But overall, if you look at in FY twenty twenty six, the customer acquisition quality was better and which we have seen across every year that as the platform has become richer and bigger, the quality of the customer has been improving.

35:58 We, as of now, haven't kind of built that data yet, but we'll let you know once we have the data, we'll share it with you. So apart from this ARPU, customer acquired in hepatobjects, the ARPU is better than previous year's first year ARPU. Correct. Yeah. Thank you. That's it from my side. Thank you. Thank you. We'll take the next question from Manish Oswan. Please introduce yourself and proceed. Thank you. My name is Manish Oswan from Minerals Bank Securities. My question on the first data keeping question, what is the average yield on a MTF book? And the second question is the the... AI transfer, use of AI, where do you see the impact materially?

36:45 I mean, of running the business, operating costs will go down or better cross selling of, you know, opportunities or maybe bit much more more role in the best management business. Where do see the AI is impacting your business in a much bigger way? Thank you. So I'll quickly take the first question and then I'll push it to Lalit. On the yield side, so our pricing is exactly this 14.95% and which is charged on this. There's a small, like, delta between closing balances and average and stuff. So hence, yield slightly varies between that, but roughly the number is around 14.95. And on AI, we saw...

37:35 You you answered the question partly yourself. So it's helping... So first, let's build about... Let's talk about building building the business. Right? So all the product development and everything, like, all engineers use AI a lot. So it helps in kind of building things faster, higher quality, and so on, and lot more things in panel and so on. So that is, like, one big big leverage. And then on customer experience side customer experience side, you can think of, like, you know, like, support services. Now earlier, where customer would call you if everybody's busy, then you'll have to wait. But now with AI, that kind of helps customers reach out to you faster, have their queries faster, the context that is available to our in the format... In the ranking of Magic formula, which is like a high ROC or low p and and so on. Or we want to see, okay, I want to check the latest quarterly,

39:06 some updates from the management and so on. So they are, like, few use cases which are, like, very, very edge cases, which you can't kind of accommodate in UX. So there, AI can quickly kind of, you know, go through all the data and then kind of help you faster. So that is that is g r one and so on. So likewise, across the across the product, we see that. And over time, like, we'll continue figuring out a lot more use cases that help customers to kind of make better investing decisions as well. Thank you. We'll take the next question from Dheeraj Kumar Reddy. Please introduce yourself and proceed. Yes. Hi.

39:51 Thanks a lot for the opportunity. I represent TVF Capital. My two questions are, I just wanted to understand what is the lack of product velocity beyond like the products which you've spoken about? I mean, we see FDEs, bonds, etcetera, which are like where other players are probably doing better in the market. So I just wanted to understand what are those two or three new products which the company is thinking from a three to four year standpoint beyond what you have spoken about? And secondly, how is company currently using existing customer data? Is there some sort of personalization in the way the engagement is happening?

40:36 Because today the newsletter or even the app interface is probably more standardized. Is company trying to build something more personalized with the kind of data which GROWW has today? Just wanted to understand what is the thought process there. And maybe if you can elaborate more use cases on the AI, that would that would be helpful as well. Yeah. So I think AI, we already spoke. And as as more use cases come, we'll kind of keep talking about them. On the new product fee, I think we are very thoughtful about launching products. Like, we if you look at our sequencing also, like, we could have launched a lot of products, like, three years back. But we assess the demand, then we assess our experience, and then we kind of do internal launches and then go and so on. So... But it's very hard for us to talk about next three to four years because lot of lot of products that we are launching, they will have their own new versions, next versions, and so on.

41:46 For next two years, for example, like, the current pipeline is... Looks very strong next one to two years. Right? So w is going to be a mammoth, like, very large product. Like, it's not actually a product. It's mixture of multiple products within within w. Right? So it's it's like the full full kind of set of products for affluent customers and HNI customers and so on. Then once we already launched last quarter, and we are seeing a very a very strong uptick there. And we will... We are very kind of confident and happy about how it is progressing. US stocks, are going to launch now that it's gift city thing has kind of come around and so on.

42:34 Yeah. I mean I mean, from product perspective, there is a very strong pipeline for us over next next year and two. And, like, when we say products, other side, like, you know, best products are never kind of done done. They... You you continue building them kind of keep improving the customer experience further. Got it. Any any numbers here, Lalit, as in, like, from example, bonds, how many customers have shown some positive response or even w for that matter? Any any indications on how the market is reacting to a good clip? So we see good kind of... As I said, like, very good indication. Numbers is a bit kind of... It will not make sense. Right?

43:22 Basically, numbers will not give you the right data. So we will we will kind of talk about numbers in couple of... In... Basically, in incoming calls. Got it. And and what about the user data, which... The the second question which I asked So so that's quite bit bit tricky also. See, basically, you know... So user data, user privacy is very important for us, But we do things which which help customers in multiple ways and so on. Right? So so we have to take care of a lot of things there while doing anything. But we use some bit of kind of data to improve the customer experience. We might do it more, but we have to be very careful about how customer thinks about this, which is very important for us.

44:12 Understood. Got it. Okay. Thanks. Ladies and gentlemen, we will take that as the last question for today. I would now hand over the conference to mister Shiv Talam for closing comments. Thank you, and over to you, sir. Thank you, Michelle. Thank you, everyone, for attending the call. We appreciate all the questions, and please do feel free to reach out to our e mail on the shareholder website for any further questions or clarification. Thank you so much, and have a good week. Thank you, members of the management. Thank you, sir.