"We achieved impressive growth in both our farm advisory and irrigation businesses this quarter. Our product pipeline of newly designed irrigation products, agronomy services and financial services is strong. This quarter we’ve focused on improving both the unit economics of providing our services and increasing the levels of earned income from those services. We’re confident we’ll reach our milestone of 118,000 new customers by 30 June 2018. Our irrigation business is still highly seasonal with Q1 traditionally being our slowest quarter. This year the monsoon season lasted longer than normal, which resulted in sales of only 3,432 units this quarter, still representing a 66 percent, YoY increase. 60 percent of sales are now our micro-irrigation sprinklers and drip systems. A new rent-to-own option was introduced to boost sales of the Lotus solar water pump. Farm Advisory Services advised 25,437 unique farmers in Q1, a dramatic year-on-year increase of 99 percent. This is driven by a big increase in our engagement with groups of farmers in thousands of village demonstrations across 21 rice growing townships. Across our target markets we’ve achieved an 18 percent market penetration already. Our digital channels – designed to lower the unit economics of providing agronomy advice to our customers – added 1,900 users to its fertilizer management SMS service. Proximity Finance – our business unit offering loan products specifically designed for small farmers - now serves 79,838 rural clients. New client acquisition has been slowed by funding constraints related to the Myanmar MFI industry’s ability to hedge dollar denominated debt over the past several quarters. In September, we were able to close a US$5.3 million debt instrument with a local bank. The loan portfolio continues to diversify with only 35 percent of loans dispersed to rice farmers. Repayment rates on loans are very strong (PAR30 is 0.32 percent). Market penetration includes 1,702 villages across 56 townships..."