[Audio Gap] everyone. Welcome to Grameenphone's earnings disclosure for the third quarter of 2022. My name is Naureen. I'm the Head of Investor Relations for Grameenphone. With me today are our CEO, Mr. Yasir Azman; and our CFO, Mr. Jens Becker. The presentation that we are using today, along with additional documents and financial statements, are available for download on our Investor Relations website. You can start posting your questions in the comment box, and we will address them at the end of our presentation. In case you cannot post your questions, please send me an e-mail or text. I will now welcome our CEO, Mr. Yasir Azman, to start our presentation.

Thank you, Naureen. And good morning, everyone. My name is Yasir Azman. I am the CEO of Grameenphone. Thank you for joining us for our third quarter results announcement. I would like to begin with some industry facts. As reported by our regulator, till August 2022, the telecommunication industry reported 183.5 million subscribers, declining by 0.9 million subscribers from June 2022. And till August, mobile data users have increased by over 1 million, [ reaching to ] 116.1 million from June 2022. If I go by the highlights for Q3 2022. Grameenphone is continuing to experience positive traction in -- this year. We continued growth momentum on revenue and EBITDA in the third quarter. The main driver behind our growth is improving contribution from voice and data revenue and users. We will discuss our performance parameters in further details in the subsequent slides. However, the third quarter presented many challenges on the macroeconomic and regulatory environment. Like the rest of the world, Bangladesh is also facing pressure from macroeconomic situations due to rising inflation and energy costs, which have dampened our top line and affected customer spending capability. Our teams continue to navigate the challenging circumstances by ensuring that we remain committed to our strategic priorities while delivering value for our customers and shareholders. We are growing despite macroeconomic pressure and regulatory challenges. As mentioned earlier, our ongoing growth momentum is driven by higher revenue and usage from voice and data. This is the result of our commitment to continue improving our network quality and coverage and ensuring an enhanced experience for our customers in meeting the demand for high-speed connectivity. We have been heavily investing and improving the quality of service, as far as data network experience is concerned. In the third quarter, we continued to invest in our…

Thank you, Azman. And good morning to everybody. Let me start with a short overview of the key KPIs. Grameenphone continued to deliver a strong financial performance in Q3 despite -- as mentioned by Azman, despite the headwinds that we saw from the economic environment due to the inflation, rising energy prices and austerity measures to reduce energy consumption. We experienced growth in top line and EBITDA for 6 consecutive quarters, with enhanced growth momentum for 5 quarters. Increased customer-focused market activities, continued improvement in our operational efficiency, a site rollout and spectrum deployment contributed to our top line and EBITDA growth momentum. During the quarter, Grameenphone registered 6.9% year-on-year growth in subs and traffic revenue, after 6.5% growth in the last quarter. And EBITDA grew by 5%, after 4.3% growth in Q2. EBITDA margin stood at 62.2% with a 1.2 percentage point margin improvement from last quarter. We continued our network expansion and modernization plans to improve customer experience further. With the continuous investment effort, at the end of Q3, GP's CapEx-to-sales ratio for the quarter stood at 12.7%, based on the fourth quarter moving average. Earnings per share for the quarter stood at BDT 6.72, which is a 6.1% increase from last year. Now starting in the details and turning first to the subscriber base. During Q3, Grameenphone's subscriber growth was impacted by the SIM sale restriction. To lift the ban on SIM sales, GP has been actively engaging with respective stakeholders. BTRC partially lifted the SIM sales restriction in the middle of September. Due to the SIM sale ban, at the end of Q3, Grameenphone's subscriber base had a decrease, has decreased by 2.1% from the previous year to 81.8 million, while the number of data users has decreased by 1.2% year-on-year to 45.5 million. Despite having…

Thank you, Mr. Jens. As I mentioned, the first 9 months of the year has been good in terms of our continued and improving growth momentum, mainly driven by higher usage, strong market execution and a strategic focus on network investment to enhance our customer experience, and at the same time, as we discussed and mentioned, that we were facing challenges both externally or from a macroeconomic climate, at the same time, regulatory environment, which has actually dampened our growth momentum, as far as new subscriber growth concerned. However, as mentioned earlier, with strong teamwork, Grameenphone remains committed to delivering value for our customers and shareholders through continued investment and modernization initiatives that will help us to cater to the constantly evolving connectivity needs of our customer. With that, I will hand over to Mr. -- Ms. Naureen for Q&A session.

Thank you, Azman bhai. And thank you, Jens. We will now take 1 to 2 minutes for questions to start coming in, so everyone, please start posting your questions.

Azman bhai, we received some questions from IDLC, so I will start with the first questions for you. Could you please provide more details on the partial uplifting of SIM purchase restrictions? And do you have any estimate on how much the revenue was lost during the restriction?

I think -- on this particular ban on SIM sales, we appreciate that our regulator has withdrawn the SIM sales ban on unused prepaid -- preapproved numbers actually to address our customer needs. Those were approved earlier, and we are committed to meet our customers' expectations with those. The growth in subscriber acquisition, the overall growth of subscriber, slowed down in the industry due to the demand and supply shortage of Grameenphone SIM in the market and due to an embargo on recent new SIM sales. We believe the industry will be back to growth momentum once the ban is fully lifted, and customers will get connections from the most preferred telecom brand in the country. At this point of time, our preapproved SIMs are there available in the market. GP has continuously improving experience. That has been reflected in our regulators' finding in the same time, and we continue our dialogue to progress in this area further positively. At this point of time, really pinpointing, as such in a way, to what's the revenue loss of -- out of this SIM ban, it's getting difficult because -- you understand that it's a multi-SIM market. Even with slowed-down growth for Grameenphone, we have seen the continued usage growth of our existing subscriber. And with the investment we are making to improve our network quality, we have seen our growth momentum continued both in revenue and EBITDA.

Thank you, Azman bhai. Just to follow up: "When do you plan to complete rolling out of the new spectrum?" I believe this is a reference to the spectrum acquired in 2022.

Yes. So it's like -- obviously according to our plan and for the market, it's like [ real ] need to ensure quality data network experience. It is important that we have a right rollout -- planning for the spectrum rollout. We have acquired spectrum in 2021. And we have almost completed the rollout of 2100 megahertz spectrum which we acquired in '21, and we are now starting rolling out 2600 megahertz.

Thank you, Azman bhai. We'll move on to the performance questions for Jens. What was the voice degrowth -- sorry. What was the voice growth in quarter 3 2022?

Yes. This have been -- year-on-year, this was a 3.1% growth in the voice revenue.

Additionally, Jens, what -- have you experienced substantial data price cut among competitors in Q3 '22?

We -- as you all know, this is a very competitive market and there is pressure on prices always, but I can't say that we have seen a dramatic [ cut ], if this is the question. You asked for substantial data price cut amongst the competition. I think the answer is no. The whole market rather have been impacted by the data VAT increase from 5% to 10%. And as a result, according also to the BTRC published information, overall industry lost 2.4 million subscribers. So that, in essence, we don't see substantial price cut going over what we have seen before.

Thank you, Jens. We don't have any further questions on the portal. We will wait 1 or 2 more minutes to see if there are any more questions. Thank you, everyone. As there are no further questions, we will be closing our session today. Thank you very much for joining us. If you do have any follow-up questions, please feel free to get in touch with me over e-mail or text. We will be taking meetings for the next few days on any questions related to the quarter 3 performance. Thank you, Jens and Azman bhai, for your presentations today.

Thank you very much.

Thank you, everyone.