Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue Rs. 429 Cr +10% y-y; collections Rs. 443 Cr +9% y-y; deferred revenue Rs. 2,029 Cr +16% y-y - EBITDA margin at 37%; net profit Rs. 91 Cr; cash from operations Rs. 135 Cr; cash balance Rs. 3,234 Cr - Silver subscription churn elevated, causing net decline in paying suppliers; focus on upsell and retention in Platinum and Gold segments - AI deployed extensively across platform for matchmaking, voice AI, user verification, and product cataloguing - Management cautious on AI impact; some business lost to AI search but proprietary data protected; AI investments expensed fully - BUSY Infotech Q2 billing Rs. 46 Cr +20% y-y; revenue Rs. 37 Cr +27% y-y; deferred revenue Rs. 155 Cr +40% y-y; new license sales 11,000 - Long-term margin guidance at 33%; current elevated margins due to timing and lower sales investment - Credit facilitation pilots ongoing with no significant capital risk; focus on enhancing buyer experience - Paid advertising contributes ~10% of buyer traffic, focused on top quartile categories; plans to increase spend with targeted campaigns - Management experimenting with buyer monetisation and verified buyer programs; no clear timeline on churn improvement - ESOP expenses declining due to scheme design; no capitalization of AI expenses - Board to consider capital allocation including buybacks