Dhruv Shringi: Sure. So in terms of the overall markets in India, the markets continue to remain fairly buoyant , in fact the markets recently touched a new 52-week high, which is quite unheard of, right? We’re seeing on the other hand, in more developed markets that markets seem to be touching a 52-week low, whereas in India we just recently touched a 52-week high. So markets are quite buoyant. Demand for good offerings continues to remain there. We think we are one of those where there is a strong appetite given the high degree of that.
Scott Buck: Great. Well thank you for the time guys and congrats on the quarter.
Operator: Thank you. With our next questions comes from Anja Soderstrom from Sidoti. Anja your line is now open.
Anja Soderstrom: Hi, thank you for taking my questions. I’m just curious for the new enterprise clients. This is like you accelerated up to 30 new customers this quarter. Are you at all scaling up the sales team? Or are they just getting €“ are you just seeing a stronger demand or is there more growth to go after, so maybe €“ it should be scaling up your sales team or should we think about that?
Manish Hemrajani: Anja, I think Dhruv’s line just drop, I’ll take that. We haven’t really expanded the sales team as much. It’s more of the inbound demand we are seeing coming in and that’s what’s resulting in the number of customers we were able to sign.
Anja Soderstrom: Okay, thank you.
Dhruv Shringi: Anja, I am sorry.
Anja Soderstrom: And then I’m just curious €“ hello?
Dhruv Shringi: Hi. Sorry, sorry. My line just seems to have gone silent for a while. I’m back on. Yes, Anja, please carry on.
Anja Soderstrom: Okay. Thank you. Manish was able to address my first question. But my second question is about the freight business. How’s that trending compared to your expectations and what can we expect in terms of revenue contribution from that for this year?
Dhruv Shringi: So the freight business, before €“ as we’ve mentioned in the past in the last quarter, I think a bit working capital constrained. Hence, we were being a bit more cautious on the trade business. Our first priority was to provide incremental working capital to our corporate business, which was recovering very strongly. So freight was slightly muted in the previous quarter because of this working capital constraint. But given that subsequent to quarter end, we’ve got this debt facility from MAK Capital and we are now in advanced stages with some of our other banks out here for extending the working capital facilities and increasing the size of our current facilities. We expect the freight recovery to happen very rapidly as well.
So again on freight, the organic demand for technology and a technology lead solution is extremely high in this market. Freight, as you would recall is a very opaque market, so we think technology can really disrupt that. There were some working capital constraints because of which we had to slow that down slightly, but in the November month onwards we’ve started seeing recovery happening again very quickly. So freight for next fiscal year, which is like FY 2024 we would expect the trade business to do almost between US$5 million and US$6 million of revenue.
Anja Soderstrom: For fiscal 2023?
Dhruv Shringi: For fiscal 2024.
Anja Soderstrom: 2024, okay.
Dhruv Shringi: So which is the next fiscal year?
Anja Soderstrom: Okay. Thank you. That was all for me.
Dhruv Shringi: Sure. Thank you.
Operator: Thank you. Our next question comes from Lisa Thompson from Zacks Investment Research. Lisa, your line is now open.
Lisa Thompson: Hi, good morning. I was just wondering if you could talk a little bit about what you’re seeing as far as demand from consumers. In the past you said there’s a lot of pent-up demand. Is there still pent-up demand or has that pretty much been filled?
