CE Info Systems Ltd — Q3 FY26

CE Info Systems Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=Jy0yaq6KT40 Published: 2 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to the CE Infosystems Limited also known as my my India Q3 FYI26 0:09 9 seconds earnings conference call hosted by DAM Capital. As a reminder, all participant lines will be in the listenon mode and 0:16 16 seconds there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please 0:24 24 seconds signal an operator by pressing star then zero on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over 0:33 33 seconds to Mr. Anmul Ger from DAM Capital. Thank you and over to you sir. 0:40 40 seconds Thank you Da. Uh good afternoon everyone. On behalf of DAM capital we welcome you all to Q3 FI26 conference call of MAPMA India. We have with us Mr. 0:50 50 seconds Rakkesh WHMA co-founder and chairman of the company. Mr. Rohan WMA MD Mapples DT Private Limited. Mr. Ano Jen CFO of the 0:58 58 seconds company, Miss Sapna, chief operating officer and Mr. Nikl, president of the government business. I'll now hand over 1:06 1 minute, 6 seconds the call to Mr. Rakkesh Warma for his opening remarks. Post that we can start the Q&A session with the entire management team. Over to you sir. 1:16 1 minute, 16 seconds Uh thanks Anmul. Uh I'd like to welcome all the participants to this call. Uh I 1:23 1 minute, 23 seconds would like to start saying very openly that from many of the investors perspective the we the Q3 has been a 1:32 1 minute, 32 seconds weak quarter and I'll try I'll try to give as much uh uh explanations for that 1:39 1 minute, 39 seconds and along with that uh as Anmul said the business leadership team is here and they will be able to answer they should 1:47 1 minute, 47 seconds be answering all your Q&A once I'm done with uh my commentary 1:55 1 minute, 55 seconds uh there is a seasonality factor but I don't want to harp on that much fundamentally if you look at our uh some 2:05 2 minutes, 5 seconds of the numbers that I will disclose which normally we don't talk about it every quarter we do it only at the end 2:12 2 minutes, 12 seconds of the year which is the open order book the open order book which was 1,500 2:19 2 minutes, 19 seconds crores at the beginning of the year has increased to 1750 plus crores 1770 2:28 2 minutes, 28 seconds crores as of December 31 which is a big jump by itself which means in otherwise it means that this 2:38 2 minutes, 38 seconds year we have been able to book orders worth 600 crores. 2:44 2 minutes, 44 seconds Now that probably is a big number that we we have been working on and we have been successful. 2:54 2 minutes, 54 seconds Uh we had talked about our target for FY28 where we had said that we will 3:01 3 minutes, 1 second reach around 2,000 crores as open order book. Now that's the good side of it. 3:09 3 minutes, 9 seconds Now uh coming to the weak per financial revenue per performance or profitability 3:18 3 minutes, 18 seconds performance I would like to add simply saying that there has been a deferment 3:26 3 minutes, 26 seconds or a delayed uh deliveries from our side to the customers in Q3 3:34 3 minutes, 34 seconds and uh that more or less This one part was rel because of uh customers requests 3:45 3 minutes, 45 seconds which which which led to its delay and another interesting thing that has happened is our 3:54 3 minutes, 54 seconds uh working towards developing a new age products particularly AI related 4:02 4 minutes, 2 seconds and we have been trying to uh include some of the AI elements into our products and hence that's the 4:11 4 minutes, 11 seconds internal reason but it's very important to know for you all to know that the future lies in how much AI we build into our products and technology. 4:23 4 minutes, 23 seconds So this is the overall o overall commentary from me. I would like to add 4:29 4 minutes, 29 seconds here also saying that the company had this is a general question everybody asks is about the about the labor code. 4:39 4 minutes, 39 seconds Uh I would be I'm happy to report that the labor code practically was implemented by us in FY23 itself. So the 4:49 4 minutes, 49 seconds auditors examined it now and they found that no liability 4:56 4 minutes, 56 seconds I is incurred by the company in the current quarter or current year. 5:03 5 minutes, 3 seconds Uh so uh beyond this the two questions that you will have in 5:12 5 minutes, 12 seconds mind whether we will reach 1,000 cr target FY28 or not 5:19 5 minutes, 19 seconds what would be our IITa margin for the FY26 because we we have given you a guidance of 35% IIITA margin in FY26. 5:32 5 minutes, 32 seconds six we stand behind that Q4 is halfway uh done we all know and we there's no 5:40 5 minutes, 40 seconds reason why we will not achieve that as far as the revenue growth this year overall is concerned 5:49 5 minutes, 49 seconds uh I would simply say that the Q4 growth will be better than the Q4 a year back 5:59 5 minutes, 59 seconds uh I think with this I would like to end my overall commentary. Leave the time to 6:05 6 minutes, 5 seconds all of you for asking questions and uh mainly uh Sapna and Nikil would be able 6:14 6 minutes, 14 seconds to give good answers for um great opportunities going in ahead of us and whatever the misses have happened. 6:24 6 minutes, 24 seconds Thank you. 6:27 6 minutes, 27 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 6:33 6 minutes, 33 seconds star and one on their touch phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use 6:42 6 minutes, 42 seconds handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 6:50 6 minutes, 50 seconds The first question is from the line of Anmul from Dam Capital Advisor. Please go ahead. 6:57 6 minutes, 57 seconds Yeah. Hi. Um sir first question is on the CNE business. Uh the larger part of uh DIP has been seen in this uh 7:06 7 minutes, 6 seconds business. So just wanted to understand uh how much of this business is currently corporate solutioning and APIs 7:13 7 minutes, 13 seconds SDK sale and uh in this year have we seen the larger impact because of uh uh 7:20 7 minutes, 20 seconds because of uh you know uh uh because the impact in the corporate side of the business uh versus the government side 7:27 7 minutes, 27 seconds of the business that will be my first question and second is uh on our longerterm outlook of revenues of 1,000 7:35 7 minutes, 35 seconds K by FI28 does Do we still stand there given that uh um it will require greater 7:41 7 minutes, 41 seconds than you know 35 36% kind of CQGR CAGR over the next two years to achieve that number. 7:48 7 minutes, 48 seconds Just a little bit on the CNG the prim the primary reason has been the delayed uh delivery of the of the government 7:57 7 minutes, 57 seconds sector. Okay, let's Ankit sorry Nikl will talk about so your your question if I understood it 8:04 8 minutes, 4 seconds correctly were two parts one is related to the decline in CN which I'll address and what is the contributory factor 8:11 8 minutes, 11 seconds coming from the government alone and the second is what is the spread going forward in FY 208 if I understood you correctly 8:19 8 minutes, 19 seconds so let me answer your question first so this is the spread that you are talking is about 50/50 in the CN DNA sides 8:28 8 minutes, 28 seconds government and private corporates but primarily if you see the decline has been 60 to 70% is due to government 8:37 8 minutes, 37 seconds delayed businesses and there are two reasons for that I will explain because it can be a question as to why that delay was there 8:44 8 minutes, 44 seconds so there are multiple factors but if I were to attribute two major factors because two states where we were working 8:52 8 minutes, 52 seconds um in general first that the in fiscal grant to the states for the national flagship projects that we are involved 9:00 9 minutes in got but delayed this time. Something we were expecting in May June time frame actually got converted into October time 9:07 9 minutes, 7 seconds frame giving us very little uh headroom to do the billing or finish the work. So that's the that's the fundamental 9:16 9 minutes, 16 seconds underpinninging within two two major states and I will I will I can name Maharashtra and Bihar they went first one the urban local body elections 9:24 9 minutes, 24 seconds wherein we get lot of revenue and that stalled uh our our entire work leading to this revenue coming from quarter 4 9:32 9 minutes, 32 seconds and next fiscal quarter 1 and the second from the state of Bihar also uh which got delayed uh the work had already 9:41 9 minutes, 41 seconds started that's not in terms of the order booking being But because there was no work that we could do during that point in time that got delayed. So these were 9:49 9 minutes, 49 seconds two from that perspective. And the third answer that I'll give from the government side is that there is a lot of push that we could anticipate from 9:58 9 minutes, 58 seconds made in India to owned in India. And the if if you if you see the major win that we have announced this year is for 10:05 10 minutes, 5 seconds survey of India integrated geo portal which is a big deal. which is the anchor project which is going to scale in multiplicity and there rather than 10:14 10 minutes, 14 seconds relying on the outside components we actually indigenize it in the wake of the focus that we were staying old in 10:23 10 minutes, 23 seconds India which of course delayed the project but I can tell you with very definitive terms not only that we could secure that business and also looking 10:32 10 minutes, 32 seconds forward to far more stronger multiplier but this led to a delay which is going to be taken care in quarter four and quarter one next week. 10:44 10 minutes, 44 seconds Right. All right. Question. 10:45 10 minutes, 45 seconds Uh second question related to how does it look in terms of FY28. 10:52 10 minutes, 52 seconds Uh Mr. Wma has already talked about the total order booking which is a major thing from convincing the customer going in for our solution and then second 11:00 11 minutes comes the delivery and execution. we are pretty upiting 11:09 11 minutes, 9 seconds on board. We'll be able to do it very fast. 11:15 11 minutes, 15 seconds Right. But uh do we uh still stand at our thousand cr guidance for FI 208? 11:22 11 minutes, 22 seconds Yes. I think yes that's what had mentioned in his initial commentary also we do stand by that 11:32 11 minutes, 32 seconds okay and secondly uh if I do look at uh some of the delays uh if you can quantify how much has been uh the delay 11:40 11 minutes, 40 seconds which will come in the fourth quarter because even if I consider similar yon growth rate as it was there in last year 11:48 11 minutes, 48 seconds which implies that our revenue will double uh in fourth quarter versus the 3Q uh uh levels. Uh so what was the total amount of deferment? 12:00 12 minutes Let me let me respond to that. This deferment as I said is primarily on the government side and four major cases 12:08 12 minutes, 8 seconds which we have already given. Uh I won't say that 100% of that is going to be consumed in quarter 4. uh this is going 12:17 12 minutes, 17 seconds to be uh what I will say uh uh something in quarter four and lot of that in quarter 1 next year so while we will 12:25 12 minutes, 25 seconds have a good growth in quarter 4 quarter over quarter or year over year but I won't say that entire decline that was 12:33 12 minutes, 33 seconds attributed for quarter 3 is going to be compensated for in quarter 4 alone right right and just the last thing uh 12:42 12 minutes, 42 seconds is from on the overall government business uh in our business mix. How much that would be uh as of now and uh and what was it uh last year? 12:55 12 minutes, 55 seconds Uh in terms of percentage uh 20% is the total government uh revenue of our total 13:05 13 minutes, 5 seconds uh revenue in this quarter overall over overall for the year for the fiscal for FI26. 13:13 13 minutes, 13 seconds Yeah. Yes. 13:15 13 minutes, 15 seconds And uh will will it be similar last year in FI25? 13:21 13 minutes, 21 seconds Uh FY25 was almost same 18 19% maybe 1% here and there but it was it was like that only the mix is generally the same. 13:33 13 minutes, 33 seconds Okay. Sure. Sure. I'll get back in the queue. Thank you for answering my questions. 13:38 13 minutes, 38 seconds Thank you. The next question is from the line of Mishra from Fin investors. Please go ahead. 13:46 13 minutes, 46 seconds Uh hello sir. Uh uh so my question is related to uh the margins like uh as you already guided that your uh guidance 13:54 13 minutes, 54 seconds of,000 cr revenue by FYI 28 is intact. I just wanted to know the margin profile going ahead uh on the blended level as 14:02 14 minutes, 2 seconds we are venturing a lot into IoT related and new articles. So uh what kind of margin do we expect in FI27 and FI 28? 14:11 14 minutes, 11 seconds Okay. uh I don't think we would like to make any commentary on FY27 FY28 margin 14:19 14 minutes, 19 seconds at this point of time when we work on the budget and look at FY27 revenue mix 14:27 14 minutes, 27 seconds we'll be able to give you guidance at that time which is at the uh next quarter but at this point of time I made 14:34 14 minutes, 34 seconds the statement that this fiscal year our margin definitely will be ITA margin will definitely be 35%. 14:45 14 minutes, 45 seconds All right. All right. And another question is related to the recent developments in the IT sector related to some anthropic launches. So does it 14:53 14 minutes, 53 seconds affect uh does it affect a business in any way positively or negatively? 15:00 15 minutes So if you are referring to the AI part in general and the global AI summit is happening coinciding with your question as you 15:09 15 minutes, 9 seconds speak. Let me tell you that we embraced AI much earlier and therefore the impact that we took is much earlier than the 15:18 15 minutes, 18 seconds impact that you are seeing at large in the IT industry. The the work that we are doing is a integrated content and 15:26 15 minutes, 26 seconds services platform based which take into into account lot of AI things without that we could not have been able to deliver. So it is integral to our part. 15:37 15 minutes, 37 seconds We innovated in that long time ago and we again re uh invested in that. So the recent hiccup that came in converting 15:46 15 minutes, 46 seconds that into billing the order into billing was also from the modified scope of work that we saw from some of the private enterprises. So the 30% 15:55 15 minutes, 55 seconds has an impact coming from private and 70 from the government that 30% wanted to ensure that what are the AI component 16:02 16 minutes, 2 seconds that we are going to be deploying. So that delayed in terms of rationalizing them but the good news is they are fully on board with our competencies on AI. 16:13 16 minutes, 13 seconds So answer is I mean we are already there. We are making investment. We have made investment. We took the impact and therefore it is not going to be uh even 16:21 16 minutes, 21 seconds likely going to impact in the manner in which the other IT sector is going to be impacted. 16:26 16 minutes, 26 seconds All right. That's good to know. And so one last question uh small uh regarding the 20 20% kind of growth that we were 16:33 16 minutes, 33 seconds targeting in FY26. So if Q4 is going to be like 70 80% kind of growth YI on YI basis to get to some some number around 16:42 16 minutes, 42 seconds 20%. Uh overall I think uh this uh when we say 1,000 cr 16:51 16 minutes, 51 seconds FY28 order book is there so I think anybody can do the calculation please. 16:58 16 minutes, 58 seconds Sir uh sir I was asking about FY26 like Q4 uh like are we uh I think Q4 is going 17:05 17 minutes, 5 seconds to be bigger as you said but uh are we going to reach around 20% kind of a growth in FY26 uh for that Q4 has to be 17:13 17 minutes, 13 seconds around 70% kind of YUI growth so that's what I'm not I did not make that statement I 17:19 17 minutes, 19 seconds made the statement saying that Q4 year on year will be better than last Q4 course. 17:28 17 minutes, 28 seconds All right. Perfect. Okay. Okay. Thank you so much, sir. Thank you for your time and all the best for the future quarters. 17:35 17 minutes, 35 seconds Thank you. The next question is from the line of Rishab Rati from Goldman Sachs. Please go ahead. 17:43 17 minutes, 43 seconds I sir good morning and thank you for taking my questions. Just in terms of IoT business and the mapled business, 17:50 17 minutes, 50 seconds we've been seeing IoT business has been growing sharply and hence the mix of revenues from IoT business has kept increasing. So how do you look at the 17:59 17 minutes, 59 seconds steady state or the medium-term outlook in the mix between mapled and IoT business in terms of the order book as 18:07 18 minutes, 7 seconds well? You might be you might have more visibility in terms of the mix between the two. So how should we think of a state state or a medium-term outlook 18:15 18 minutes, 15 seconds between the two and just secondly on that how do you how should we look at the timelines for the revenue burn of 18:22 18 minutes, 22 seconds this 1770 K order book that will be my first question I think no one can speak on the IoT 18:29 18 minutes, 29 seconds thing yeah uh good afternoon everybody the IoT 18:35 18 minutes, 35 seconds business u is kind of on a steady uh growth path we went through a management 18:42 18 minutes, 42 seconds transition uh first half of the year and the organization is fully stabled in fact kind of fully geared up for 18:51 18 minutes, 51 seconds accelerated growth and the growth from the IoT business is coming not just from 18:57 18 minutes, 57 seconds the subsidiary G2 piece which is charged with kind of executing on the IoT delivery but there's also quite an 19:06 19 minutes, 6 seconds increased focus uh within the parent company the listed Matma India as well as the government subsidiary Mats BT in 19:16 19 minutes, 16 seconds terms of the strengthened go to market around IoT and we all know that IoT has a huge scam. So in that sense uh you 19:24 19 minutes, 24 seconds know we have unleashed or you know kind of freed up everybody to also go after 19:30 19 minutes, 30 seconds IoT in the set of customers that they focus on. So it becomes a good upsell uh 19:37 19 minutes, 37 seconds creates stickiness amongst the customers and also they are being able to go after new customers where IoT is the first 19:45 19 minutes, 45 seconds thing that is sold and then they can upsell maps there too. So uh IoT we are hopeful will be on a pretty strong 19:53 19 minutes, 53 seconds growth path. it's a like independent vector to the maplet business at least from the government side I can talk 20:01 20 minutes, 1 second about that there's a lot of mapled business uh that is there to be achieved and if you kind of talked about uh 20:10 20 minutes, 10 seconds delays in in some but uh but we'll see that kind of correct itself over the 20:17 20 minutes, 17 seconds course of time um so steady state we don't want to kind of uh kind of put a 20:24 20 minutes, 24 seconds fixed number I think because we want to let uh both of the businesses kind of achieve whatever best they can achieve 20:32 20 minutes, 32 seconds from a resourcing point of view. I think we are happy to kind of resource both the businesses given that mapled has 20:39 20 minutes, 39 seconds pretty strong margins and IoT has pretty big plan. 20:47 20 minutes, 47 seconds Thank you for that. And just the second question, uh, auto production in third quarter Y increased at around 18%. 20:56 20 minutes, 56 seconds While our N&M revenue growth seems to be slightly lower at around 15%. So why has 21:05 21 minutes, 5 seconds just there been a decrease uh or slight miss from the production? 21:11 21 minutes, 11 seconds Yeah. So um we do see I mean if you look at the industry growth versus the uh growth otherwise with respect to MAMA IndiaN business. 21:22 21 minutes, 22 seconds Yeah am I audible to all of you? Hello. Yes ma'am. support. 21:29 21 minutes, 29 seconds So um so yes uh as compared to the industry we do uh I mean the growth has not been as much as the way industry 21:36 21 minutes, 36 seconds grew but please also look at u you know our technology infusion is primarily 21:42 21 minutes, 42 seconds happening in the vehicles which are connected it's not happening in the non-connected vehicles. So that's that 21:51 21 minutes, 51 seconds could be one of the reason why u you see a difference there. uh in general uh we have been seeing uh more and more more 21:58 21 minutes, 58 seconds and more adoption of our technology of our products into uh vehicles into both four-wheelers, two wheelers and 22:06 22 minutes, 6 seconds commercial vehicles. So that's been a pretty good growth story that we have there. Um specific uh specifically if I 22:14 22 minutes, 14 seconds talk about a few uh uh you know a few so I think that's where I would like to uh close my response. 22:26 22 minutes, 26 seconds Got it. Thank you and all the best. 22:29 22 minutes, 29 seconds Thank you. The next question is from the line of Vishal from Bajage Life Insurance. Please proceed. 22:37 22 minutes, 37 seconds Yeah, thank you. This is Sujit Jen from Bajage Life. Uh this is to Rakkesh G. uh so when we say that uh in the base quarter fourth quarter last year what 22:46 22 minutes, 46 seconds growth we clocked we will have better growth fourth quarter this year and just to reach a respectable number of 15% 22:53 22 minutes, 53 seconds overall growth for FI26 it means we can I mean without uh putting you to a 23:00 23 minutes number but easily do a sales of something like 200 crores a respectable number so uh is that the case that we'll 23:07 23 minutes, 7 seconds have a good robust fourth quarter uh 23:15 23 minutes, 15 seconds I wish I had the liberty of disclosing the number exactly. 23:21 23 minutes, 21 seconds Now one is al uh still 15 days are away and the second thing is we are working 23:29 23 minutes, 29 seconds on it uh closely to see what best we can get. So when we have said it will be 23:37 23 minutes, 37 seconds better than last year year on year that's the best I can share at this time I know I'm disappointing you but uh 23:46 23 minutes, 46 seconds please think about my situation also we will 23:52 23 minutes, 52 seconds attain 35% plus EIT staff fair enough and when we look at the 24:01 24 minutes, 1 second opportunity for this company you know the thousand cr number when you look at the time and overall use cases 24:09 24 minutes, 9 seconds uh looks quite doable however as we go quarter after quarter 24:16 24 minutes, 16 seconds we are lagging behind so a in terms of our long range planning within uh I presume it'll be three years but 24:25 24 minutes, 25 seconds broken into periods do you do one year planning or you do quarterly tracking of at long-term plan. 24:35 24 minutes, 35 seconds Okay, I can answer that. Uh definitely we do the three-year planning as you 24:43 24 minutes, 43 seconds said otherwise we would not have talked about FY28. 24:48 24 minutes, 48 seconds Quarterly planning is a very internal thing where the focus is al 24:55 24 minutes, 55 seconds parts. Part one is what is a funnel that gets created for from the customers 25:03 25 minutes, 3 seconds which can be converted into orders. So there is a certain percentage of funnel that gets converted. The second part is 25:11 25 minutes, 11 seconds how much we'll be able to deliver generates revenue. That is a function of how much we are able to deliver. 25:20 25 minutes, 20 seconds The third part is collection. How good the collections are happening. 25:26 25 minutes, 26 seconds So this is the way internally the business leaders they conduct their the four areas we have the automotive the 25:35 25 minutes, 35 seconds corporate the government and the IoT the all the four business leaders take care of that that's our planning and 25:42 25 minutes, 42 seconds execution process and government is see the audio of some of your colleagues was not clear you can 25:51 25 minutes, 51 seconds check with other participants but government we heard is 20% of this folure business uh folure revenues. 26:00 26 minutes Yeah, you heard it right. Uh 20% maybe 20% plus. Last year it was 20% minus 26:09 26 minutes, 9 seconds within that how much would be state agencies and how much would be central agencies. 26:14 26 minutes, 14 seconds I mean one has to look at the exact numbers but overall I I will just say that we only pick up the orders where we 26:22 26 minutes, 22 seconds know we can get money collected. Can I add on you add so if you ask from the 26:29 26 minutes, 29 seconds uh funding perspective majority of the things that we do and when I say majority let me define 90% around that 26:36 26 minutes, 36 seconds mark is central funded schemes now sometimes this allocation is done by of course central government but sometimes 26:44 26 minutes, 44 seconds it is used or dispersed to the vendor by the urban local bodies or the state is a very small component let me tell you 26:52 26 minutes, 52 seconds that it primarily urban local bodies and the central uh government but primarily the 90% is funded like say I'm just 27:01 27 minutes, 1 second giving an example say when you say Amarat or previously we used to say smart city all these actually fund goes 27:09 27 minutes, 9 seconds to urban local who actually makes the dispersement but these are centrally funded schemes if that helps your question. 27:18 27 minutes, 18 seconds Yeah, thank you. And one last question to Rakkesh G and if Rouan is there is that how do you bring more granularity to business so that if one piece doesn't 27:27 27 minutes, 27 seconds work for a quarter or even for a year other pieces kind of pull in in terms of revenue growth that is one and a path to 27:35 27 minutes, 35 seconds monetization for apples. Thanks Johan. Can would you like to say something? 27:42 27 minutes, 42 seconds Huh? Sir I mean uh uh basically you know the business is resilient and diversified. 27:50 27 minutes, 50 seconds Automotive is a different vector, corporate different vector, government different vector and IoT to logistics let's say different vector and from a 27:59 27 minutes, 59 seconds product portfolio point of view also pretty diverse set of products mapled IoT and you'll hear this over course of 28:06 28 minutes, 6 seconds time what we call GISled which is more GIS software platform le so I think we 28:15 28 minutes, 15 seconds have all the pieces to be able to go after all these opportunities well Okay, it might be taking a quarter or a few 28:22 28 minutes, 22 seconds quarters more than you know what we would have liked uh and probably what investors would have liked but the fact 28:29 28 minutes, 29 seconds is that we are always pretty heavily product focused in terms of building the product and also heavily go to market 28:37 28 minutes, 37 seconds focused in terms of diversifying our customer base. So that's how we put together the strategy to be pretty 28:45 28 minutes, 45 seconds resilient and diversified business but of course with the same core which is kind of around this maps and around this 28:53 28 minutes, 53 seconds IoT and around our software or technology capabilities where AI is playing a increasing uh role. So that's 29:02 29 minutes, 2 seconds what I read more on the B2B uh and on weapons 29:16 29 minutes, 16 seconds Roan can speak a bit but doesn't matter you're talking about the map app because for us Maples means our entire business. 29:25 29 minutes, 25 seconds Which one you talking about? 29:28 29 minutes, 28 seconds Maples app. Huh app you know we have touched almost like a 40 uh I can share 29:35 29 minutes, 35 seconds some data uh map app we have touched 45 million downloads now the whole and the app is very stable 29:43 29 minutes, 43 seconds people are liking it that's the overall feedback we are getting from the users user community is really using it so the 29:52 29 minutes, 52 seconds whole idea was to make sure that the maples app is get gets accepted by the users as a serious choice Yes. Now just 30:00 30 minutes overall mapups if you talk about which has APIs, SDK, data everything. Uh we 30:08 30 minutes, 8 seconds just did some computation and found that we have 30:13 30 minutes, 13 seconds uh uh uh 10 10 crores 100 million users in some way or the other 30:22 30 minutes, 22 seconds monthly active users. I'm talking about MAU. 30:28 30 minutes, 28 seconds So the popularity of Mapples as a as a business from a data perspective from a 30:35 30 minutes, 35 seconds software perspective even from a hardware perspective is get is increasing really very well and that 30:44 30 minutes, 44 seconds shows us the future that a map app by itself someday something will happen to that very nicely we don't I can't talk 30:52 30 minutes, 52 seconds about it today till the time we have a very concrete plan on back. 31:00 31 minutes Thank you. 31:02 31 minutes, 2 seconds Thank you. The next question is from the line of Shirid Singhal from Anandra Rati. Please go ahead. 31:11 31 minutes, 11 seconds Yeah. Uh sir, uh uh what is the revenue contribution expected from the uh newly 31:17 31 minutes, 17 seconds one project with IOCL, Survey of India ETA in the next 12 months? 31:25 31 minutes, 25 seconds Uh well if you look at IOC let me put it into two different buckets. Um the next 31:33 31 minutes, 33 seconds year if you ask me it will be around uh close to 20 cr revenue 31:41 31 minutes, 41 seconds revenue and uh from survey of India I would expect around uh so there one I can only comment on the one that we have 31:48 31 minutes, 48 seconds already in our pocket but we also have you know add-on business opportunity from service so I will 31:56 31 minutes, 56 seconds and oil and gas also as well in uh IOC related projects So but to just crisply answer your 32:04 32 minutes, 4 seconds question it will be to the tune of around uh 7 to 8 crown. 32:10 32 minutes, 10 seconds Uh this is for the full year you are saying for survey of India this is for entire next fiscal okay understood the current order book 32:19 32 minutes, 19 seconds in hand I'm not talking of the pipeline it is also very interesting but I'm keeping it only limited to the ones that we have in in the pocket. 32:29 32 minutes, 29 seconds Understood. And sir uh what is the current uh status of a joint venture in Indonesia? 32:37 32 minutes, 37 seconds Rohan. 32:39 32 minutes, 39 seconds Yeah. So it's in build phase. Um you know this is something that we had expected and uh so what uh TLT uh TLT 32:50 32 minutes, 50 seconds teralink technologies has been doing and they are active in terms of kind of presenting the uh the updates on their 32:58 32 minutes, 58 seconds social media tltmaps.com and uh through TLT maps on LinkedIn etc. The product is 33:06 33 minutes, 6 seconds getting made nicely. Uh Mandy is contributing its part for various countries and they also have partnerships with other local uh 33:15 33 minutes, 15 seconds providers in variety of countries. Uh the the the go-to market is happening to 33:22 33 minutes, 22 seconds a variety of OEMs. Of course, Zindreia being one of them because it's the parent company for the majority partner 33:29 33 minutes, 29 seconds in the movie for Hindi or whoever. But there are also a lot of other OEMs that uh they are targeting uh who are liking 33:37 33 minutes, 37 seconds the quality and accuracy of the maps visa with other incumbents. They have also now opened up the enterprise uh 33:46 33 minutes, 46 seconds enterprise sales of the TLT uh maps and solutions to uh other uh other 33:54 33 minutes, 54 seconds non-automotive customers in the corporate and government world and also they are also going down the path of 34:01 34 minutes, 1 second advanced maps uh ADA maps or SC plus and HC uh uh maps uh similar to kind of how 34:09 34 minutes, 9 seconds we've been doing in India. So I would say it's a in a good build phase. Uh we have to be patient uh allowing them to 34:17 34 minutes, 17 seconds kind of build out a strong product and uh kind of once monetization starts off it's another India like opportunity. So 34:26 34 minutes, 26 seconds that's what gives us the confidence that in the 3 to 5 years uh you know 7year journey it's going to be a pretty good 34:35 34 minutes, 35 seconds contributor the way what we have done here in India without us uh with us kind of already having generated revenue uh 34:44 34 minutes, 44 seconds from uh from the GV. uh but yeah I mean if you notice kind of our our fat it is 34:52 34 minutes, 52 seconds impacted every quarter by a couple of goes of uh you know kind of operating expense related losses uh but that's to 35:01 35 minutes, 1 second be expected in a JV which over the course of time will contribute you know 35:06 35 minutes, 6 seconds in the tens of millions uh terms uh understood and so last last question 35:15 35 minutes, 15 seconds uh is on a IoT business. So uh uh what kind of revenue what kind of contribution do we see on an overall mix 35:23 35 minutes, 23 seconds going forward from IoT business because last year it contributed around 25% and as of 9 months it is it has it has 35:32 35 minutes, 32 seconds contributed around 35%. So will it be in this range or uh will it increase going forward? 35:42 35 minutes, 42 seconds I answered that question before that you know these are independent vectors IoT and maps uh you know both have their own 35:49 35 minutes, 49 seconds TAMs and their own opportunities uh automotive uh corporate and government have huge uh kind of 35:58 35 minutes, 58 seconds opportunities both around appled and and IoT and the teams are you know expanding 36:05 36 minutes, 5 seconds uh focus on both and the teams are also expanding And then of course we have our own international uh focus as a as a company 36:14 36 minutes, 14 seconds I mean independent of the JV and other in various geographies. I at least I 36:20 36 minutes, 20 seconds wouldn't uh want to put a kind of percentage band uh both the businesses 36:27 36 minutes, 27 seconds should contribute uh you know as much to the overall kitty of the company. uh and uh and you know there's operating 36:35 36 minutes, 35 seconds leverage baked into both uh so um you know that it'll it'll always be additive 36:42 36 minutes, 42 seconds uh you know from a profitability point of view besides growth uh thank you sir that's all from myself 36:51 36 minutes, 51 seconds thank you a reminder to all participants anyone who wishes to ask a question may press star N1 36:59 36 minutes, 59 seconds the next question is from the line ofqamati from CWC please proceed. 37:05 37 minutes, 5 seconds Hey hi thanks for taking my question. Um um Mr. 37:09 37 minutes, 9 seconds Thanks for uh giving some clarity on how you look at uh Q4 right but even if so the the question which I want to just 37:16 37 minutes, 16 seconds have some views on is if if you deliver the Q4 which you're talking about at least right uh do you have the visibility on the funnel that you would 37:25 37 minutes, 25 seconds be able to maintain the current order book also at the end of Q4 right because the revenue which you deliver in Q4 37:32 37 minutes, 32 seconds seems to be very large uh and if if you have given an order book in Q3 which you have um to sustain it you would have to 37:41 37 minutes, 41 seconds have another 200 crores of inflow. So how do you look at the funnel or how are you seeing the funnel? 37:49 37 minutes, 49 seconds I think I think few things have happened in Q4 where because we are talking about the order book open order book as of 31st December. 37:59 37 minutes, 59 seconds uh since then January has gone, February halfway has gone and things have also happened but those numbers are not 38:08 38 minutes, 8 seconds disclosed at this time. So as to answer your questions question 38:15 38 minutes, 15 seconds very nicely is yes the new order book has is happening in four. 38:24 38 minutes, 24 seconds Oh great. So, so uh if if I want to just summarize you, you were trying to say that at the end of Q4 also 38:31 38 minutes, 31 seconds it's fair to assume similar or better order book uh levels closing levels, right? 38:38 38 minutes, 38 seconds Yeah, it seems like that only. Great. Great. Anyway, do you have some idea? 38:46 38 minutes, 46 seconds Should be like that. 38:48 38 minutes, 48 seconds It should not. It should be around that only. Maybe better also. 38:51 38 minutes, 51 seconds Could be. Yeah, maybe better also. Great. 38:56 38 minutes, 56 seconds Which means the inflow for the year which is 600 already should be like somewhere around 800 which looks like a strong number after a few years where we 39:05 39 minutes, 5 seconds have seen this number at at around 55 5 to 600 barring. We are anxiously h waiting because you know both Sapna 39:14 39 minutes, 14 seconds Nikil and the third one who is not here Ankit they are doing their best to garner as much orders because they don't 39:22 39 minutes, 22 seconds just look at the quarter great quarter the delivery team under them are more uh looking at these folks are 39:30 39 minutes, 30 seconds really focused on how to get in more orders and orders and orders I'll just add some I'll just from my 39:39 39 minutes, 39 seconds side if you look at the if you look at the confidence level and and kind of focus and energy level of the teams 39:46 39 minutes, 46 seconds inside it's quite heartening to see I mean I I I get the pulse directly from the IoT team but also and the government 39:55 39 minutes, 55 seconds team but also when I see the energy with which the automotive and corporate folks you know in the whole team from the 40:02 40 minutes, 2 seconds leadership downwards it's it's really a strong place we are in sometimes numbers don't show up like it did show up in Q3 40:11 40 minutes, 11 seconds but it doesn't change the fundamentals and the output for the business. Thank you. 40:19 40 minutes, 19 seconds That's helpful. Just uh if I may another question, right? So, uh like like Rohan mentioned on the call, right? The way you look at the business, there are five 40:27 40 minutes, 27 seconds vectors which is IoT, map, consumer, auto and government. uh we understand there are overlaps between between IoT 40:34 40 minutes, 34 seconds and lay map right but if if you just circle out say specifically consumers right when you remove government/defense 40:42 40 minutes, 42 seconds business and also remove the IoT business which saw a strong growth that vertical seems to be uh uh decelerated a 40:50 40 minutes, 50 seconds bit uh consumer and enterprise was there anything specific beyond uh government or IoT which which led to this slowness 40:57 40 minutes, 57 seconds or or is it is it fine like if you can just help understand better IoT is not for 41:03 41 minutes, 3 seconds yeah IoT is so so basically uh yes uh uh when it comes to the reduction in uh the 41:11 41 minutes, 11 seconds business uh for CND uh majority is attribute towards government but there is private sector also that's playing 41:18 41 minutes, 18 seconds some role over this uh there has been uh delay in us being able to uh bill our 41:25 41 minutes, 25 seconds customers in quarter 3 primarily because um you know I think Nitskill had touched upon this slightly uh while he was 41:33 41 minutes, 33 seconds explaining and he was talking. uh there have been changes in scope of work in some of the projects that we had undertaken and the changes were 41:42 41 minutes, 42 seconds primarily around infusion of AI for these specific customers and and that is 41:49 41 minutes, 49 seconds something that we have been able to do uh and the results will show up in Q4 and subsequent Q1 but that also did 41:57 41 minutes, 57 seconds impact us uh in being able to um in in the in the reduction of in CND business. 42:03 42 minutes, 3 seconds If you say um majority was government, private was also private sector also played some role there. 42:11 42 minutes, 11 seconds Got it. Got it. So mainly it's it's a slight delay in delivery and nothing else change, right? It's just because you are infusing this this new new features ability in your products. 42:20 42 minutes, 20 seconds That's that's what led to it. 42:21 42 minutes, 21 seconds It's primarily coming as demand from the customer. As far as infusion of AI in the company goes, it's been happening for years across our different product 42:29 42 minutes, 29 seconds lines. And we have been u uh in fact our entire uh data creation process is already AI enabled. 42:40 42 minutes, 40 seconds Superb. Thanks a lot. Thanks for answering the questions. Thanks. 42:44 42 minutes, 44 seconds Thank you. The next question is from the line of Shri Narayan Ram Kishaw Mishra from Boda BNP. Please proceed. 42:56 42 minutes, 56 seconds Thank you for the opportunity. Uh so my first question uh is uh in the presentation we have highlighted one of 26 cr in uh 3QFI25. 43:07 43 minutes, 7 seconds Uh so just wanted to know what was the nature of this one and what kind of margins we made here and did 4Q FY25 43:18 43 minutes, 18 seconds also include these kind of one-offs. 43:28 43 minutes, 28 seconds question. 43:31 43 minutes, 31 seconds Can you repeat your question? You are not loud enough. Can you speak it once? 43:37 43 minutes, 37 seconds Is a question that that you know this oneoff uh you know reduction that happened in quarter three uh is that going to happen in future? Is that your 43:46 43 minutes, 46 seconds question? No no no no. So in the presentation we are highlighting that uh third quarter of 43:52 43 minutes, 52 seconds last year had one of 26 cr revenue right okay yeah yeah that's 44:00 44 minutes so what was that and what kind of margins we made made in this business oneoff business and 4q fi25 did that 44:09 44 minutes, 9 seconds also include such one-offs hey if you're asking about that 26 44:17 44 minutes, 17 seconds crores course last year last year Q3 it was a one time okay 44:24 44 minutes, 24 seconds but it was a one time thing that we got with a good margin respectable margin and that of course since it was a one 44:33 44 minutes, 33 seconds time so what uh at the end of the day what you see that this year the if I 44:40 44 minutes, 40 seconds remove that 26 crores then the reduction is not that that much and the growth has happen. So, but that's not an excuse 44:49 44 minutes, 49 seconds from our side. It was a one time thing also are important for us. 44:55 44 minutes, 55 seconds Mhm. But fourth quarter of last year did not have any one of that would be like for like uh growth which you are saying 45:03 45 minutes, 3 seconds in 4Q 26 when we would grow to I should assume that fourth quarter did not have any one-offs. Is that fourth quarter? 45:14 45 minutes, 14 seconds No. 45:16 45 minutes, 16 seconds Okay. Okay. Got it. And uh I'll again uh sorry I'm asking it again on the 45:22 45 minutes, 22 seconds deferment uh issues. So again if you can you know give some color on you know 45:30 45 minutes, 30 seconds whether we are facing any issues uh you know from the customer end in terms of adoption or is it more at our end that 45:38 45 minutes, 38 seconds you know we want from a readiness perspective that you know these deformments are happening and uh you 45:46 45 minutes, 46 seconds know okay then next question I'll ask later are you facing any problem from the customers because of which you it got 45:55 45 minutes, 55 seconds deferred or something else our rate is not if the question is related to if there is any doubt in the minds of the 46:02 46 minutes, 2 seconds customer in our ability to execute uh I mean that is not the case because that is manifested by our always growing 46:09 46 minutes, 9 seconds booking orders the customer's way of you know showing confidence materially is in the form of the businesses that they 46:17 46 minutes, 17 seconds award because they have been doing plenty plenty and it's growing Mhm. 46:25 46 minutes, 25 seconds on that side and also in our ability to execute. Let me tell you that it was delayed because of the reason that we 46:32 46 minutes, 32 seconds already cited but I do not see any any doubts or I don't have any qualms with respect to our execution as well. So no 46:40 46 minutes, 40 seconds nothing of the sort rest assured on that part. 46:44 46 minutes, 44 seconds Okay. Okay. Okay. Thank you. And uh so on the order book side uh if you can highlight uh you know what kind of 46:53 46 minutes, 53 seconds orders uh we have from government and within that of course you had already highlighted the mix between state and 47:02 47 minutes, 2 seconds central but I think when the schemes are funded by central government but although the dispersements are to be 47:09 47 minutes, 9 seconds made from state governments uh then these are more likely you know to get delayed because states have their own 47:17 47 minutes, 17 seconds constraints uh and funding issues. Uh so uh is is that understanding correct? 47:24 47 minutes, 24 seconds Yeah, I I will let me respond. I I understand your doubts uh as well. Uh I let me clarify that. So we could have 47:31 47 minutes, 31 seconds grown much faster in government space than what you are do seeing today. But we are very choosy in picking up the 47:39 47 minutes, 39 seconds type of contract we should take. There are a lot of state government even if the funding is from the central government there are lot of businesses 47:47 47 minutes, 47 seconds which other geospatial agencies take but since we know that there is going to be lot of execution problems al also 47:54 47 minutes, 54 seconds tomorrow uh the recovery uh problems we do not tend to get into those uh you know uh use cases the use cases 48:03 48 minutes, 3 seconds primarily we take for instance if I give you an example even if it's happening at the state level project Naksha there is a central agency survey of India 48:11 48 minutes, 11 seconds involved in executing and giving approvals. Once that happens, it becomes much simpler. I don't say government, you know that government is never 48:19 48 minutes, 19 seconds simple, but it becomes much simpler as compared to had the state been instrumental in both approving and 48:26 48 minutes, 26 seconds granting. So these are the kitties which are earmarked for states but there are no diligencies which actually orchestrate and and and monitor this. So 48:35 48 minutes, 35 seconds that makes the life little better if that answers your question. 48:39 48 minutes, 39 seconds Yeah. and answer and answer on the order book mix uh in terms of uh government projects. 48:45 48 minutes, 45 seconds If you say mix uh so very high on mapled but when I say mapled as I said in my 48:52 48 minutes, 52 seconds initial remark we are integrated content and services which means lot of data as well as lot of development. Raan talked 49:01 49 minutes, 1 second about GIS platform. Our mix primarily go from this combination uh from the maplet 49:09 49 minutes, 9 seconds side which is 60 to 70%. And about 20% we have uh this IoT next uh and 49:17 49 minutes, 17 seconds remaining 10% is a very uh you know different AI kind of tools that we are de developing for some I will say security and intelligence agencies. 49:30 49 minutes, 30 seconds Okay. Okay. Thank you sir. 49:36 49 minutes, 36 seconds Thank you ladies and gentlemen. We will take that as our last question for today. I now hand the conference over to manage 49:43 49 minutes, 43 seconds management for closing comments. Over to you sir question 49:51 49 minutes, 51 seconds closing remark. Okay. Uh I would like to thank all the participants uh for patiently hearing our business 50:00 50 minutes leaders uh about uh what we have done and what we plan to do and hope uh your 50:08 50 minutes, 8 seconds confidence in MAPM India's future continues. The business is absolutely on the track. The management team, 50:17 50 minutes, 17 seconds leadership team is on track. uh so how the market react something I don't I have not been able to learn yet that's 50:26 50 minutes, 26 seconds the thing I would I wish I can learn from all of you but business is doing well and uh this hiccup of quarter by 50:34 50 minutes, 34 seconds quarter I had talked about it long time back that it will happen 2028 we still 50:42 50 minutes, 42 seconds hope we can make it that's that's where we are working on. 50:50 50 minutes, 50 seconds Thank you. 50:53 50 minutes, 53 seconds Thank you. On behalf of Dam Capital Advisers Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you. 51:02 51 minutes, 2 seconds Thank you.