Hi Gaurav,

Can you incorporate the numbers from Q123 please. cosmos nos. are not available for Q1-Q223 but gtv and evok data is available. I am suggesting to look at the annual trend of FY23 vs FY24 rather than QoQ, hoping that would give us a more smoother picture.

My concern here is not just the next Qtrs numbers. But rather to look little further and see if we are missing something on what the change in trend of cosmos nos. means for NPST investors. OR should we drop tracking the cosmos Payee PSP Nos. altogether saying that it’s not relevant snice the trend doesn’t match QoQ? Anyways, if its not n Top15 we are not going to get it’s data, like for this Sep.

1. We already know, evok revenue is per transaction basis (likely linked to transaction value). As retail investors, we want to track the transaction value monthly basis but it’s not available, hence we try to track its close proxy, evok transaction volume, but unfortunately that also is not available directly to us, hence we track it’s closest proxy superset i.e., cosmos payee PSP nos. reported by NPCI. I think we are all on same page till this point and this has been confirmed by Mgmt. also. We also know that evok volume and PSP nos. were closely linked to each for the 2 qtrs. of FY23, for which mgmt. revealed this data to us.

2. But we want to brush off the drastic fall in Cosmos Payee PSP nos. saying it doesn’t match with evok nos. on QoQ basis. That’s the point where i differ, because my concern is not on how this upcoming Qtr is going to be. It’s most likely going to be decent. But my point is, has the slightly longer term trend for evok changed ? from the scorching 2-3x growth of FY24 and Q125 to a more moderate one ?

Even if the above metric is a derived one, but doesn’t it look like an important one as it gives some sort of an explanation why evok revenue is higher to transaction volume trend ?