• Subscriber churn challenges: Paying subscribers recorded a third consecutive quarterly decline due to high churn among newer silver suppliers, leading the company to slow new supplier acquisition until retention improves.
• Revenue growth drivers: Top-line growth is projected to continue at roughly 10%, driven primarily by ARPU expansion (rising from 64,000 to 69,000) and upgrades among gold and platinum suppliers rather than customer volume additions.
• Operating margin guidance: Management maintained its margin guidance of approximately 33% plus-minus, attributing quarterly fluctuations to timing differences between high fourth-quarter collection expenses and operational revenue recognized over an 18-month average.
• Busy Infotech contribution: Busy Infotech generated ₹36 crore in revenue from operations and ₹59 crore in collections (out of ₹463 crore total collections), representing about 10% of revenue and 15% of collections, with expected forward growth exceeding 30%.