CL Educate Limited — Q3 FY26

CL Educate Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=9ii7UddM7I4 Published: 3 months ago

0:01 1 second Good afternoon ladies and gentlemen and welcome to CL Educate Limited's Q3 FY26 analyst call. My name is Arjun Vadwa. 0:10 10 seconds I'm the group CFO of CL and I'll be your host today. Welcome once again to our Metavverse platform called Vossmos which 0:18 18 seconds we have been using ever since uh the co years for our analyst call. This call as always will be recorded, transcribed and 0:27 27 seconds made available in the investor zone on our website within the next 24 to 48 hours. Should you have any questions, 0:34 34 seconds please type them in the chat box in the bottom right hand corner of your screen and we will address them at the end of the session. 0:43 43 seconds Joining me on this conference call today are Mr. Satya Narayan. He's the founder and chairman of CL Educate. Mr. Goautam 0:50 50 seconds Puri, co-founder, vice chairman and managing director. Gotham takes direct reporting of the edtech business which 0:57 57 seconds includes our test prep, publishing and student outreach businesses. And Mr. 1:03 1 minute, 3 seconds Nikil Mahajan, he's our group CEO and executive director who also anchors the Martekch business. 1:11 1 minute, 11 seconds I'll start the session with a few uh finance updates and then walk you through a little bit of an update on the 1:19 1 minute, 19 seconds DEX business before handing over to Gotham and Nikil on their respective businesses with Satya then closing with a few corporate updates. 1:37 1 minute, 37 seconds I'm on slide 10 of the presentation that we shared. Uh it should be visible on your screens right now. Uh happy to 1:46 1 minute, 46 seconds share that our total revenue from a 9-month perspective has grown from 266 1:52 1 minute, 52 seconds crores to 445 crores. uh which is a 67% growth on a 2:00 2 minutes year-on-year basis. A large part of this growth has obviously come from the addition of the DEX business which wasn't there for the first 9 months of 2:08 2 minutes, 8 seconds last year. It has contributed 194 crores to our top line. Uh the corresponding uh 2:16 2 minutes, 16 seconds DEX business during this time last year was 173 crores. So we've grown about 20 crores from a DEXTEX perspective. Our 2:25 2 minutes, 25 seconds edtech business is down by about a similar amount 150 crores versus 127 crores this year and our martekch 2:33 2 minutes, 33 seconds business is up from 116 crores to about 124 crores. From a IITA perspective, we 2:41 2 minutes, 41 seconds had reported an IITA of 27 crores approximately last year and we are up 2:47 2 minutes, 47 seconds 120% to almost 59 crores from a 9-month perspective this year. Uh from a PAT 2:55 2 minutes, 55 seconds perspective we were at 4.4 crores last year. We are at minus 16 crores this year. But as all of you are aware, a 3:04 3 minutes, 4 seconds large part of the uh the packed fall comes on account of a significant increase in the finance cost and in the 3:11 3 minutes, 11 seconds depreciation uh which has come from the addition of the DEX business of which it's important 3:18 3 minutes, 18 seconds for you to understand that the total finance cost which has grown from 2 Kores last year to nearly 40 crores this 3:25 3 minutes, 25 seconds year actual interest cost of that contributes only about 21 Kores and and the remaining amount is an indas entry 3:34 3 minutes, 34 seconds and similarly from a depreciation perspective also almost 910 crores of the amount comes on account of indas 3:41 3 minutes, 41 seconds entries. So the total indas impact on uh the financials this year from a 9-month 3:48 3 minutes, 48 seconds perspective is in excess of 28 crores and there is also an additional impact this year on account of the labor codes 3:57 3 minutes, 57 seconds that have been introduced by the government of India to the tune of about 5 1/2 crores. So if I net my minus6 4:05 4 minutes, 5 seconds crores for this uh 33 cr impact my pat would have actually grown from about 4 4:12 4 minutes, 12 seconds 1.5 crores to about 17 crores. So from a businessto business perspective the growth is there both from a revenue 4:21 4 minutes, 21 seconds perspective and from an IITA perspective the PAT is obviously impacted by uh the the debt that we have taken about 210 4:29 4 minutes, 29 seconds crores at the start of the year for the DEX acquisition and the actual interest impact of that is only about 21 the 4:38 4 minutes, 38 seconds remaining impact as I I wish to reiterate 28 Kores of what you see from a from a P&L perspect effective 4:45 4 minutes, 45 seconds impacting the PAT comes on account of indas. 4:49 4 minutes, 49 seconds Uh moving forward, I'll just give you a quick update on the DEX business. 4:55 4 minutes, 55 seconds Uh the DEX revenue as I already shared has grown from about 174 to about 194 and DEX's specific IBITA contribution 5:04 5 minutes, 4 seconds has grown from about 34 crores to 42 crores. Happy to share as well that post 5:11 5 minutes, 11 seconds the acquisition and moving from an NSC brand company to Dexit Global which is 5:18 5 minutes, 18 seconds what the company is now called we have we have had a 100% rollover of clients we had one client remaining to roll over 5:26 5 minutes, 26 seconds uh when we had done this uh our last investor call that client rollover has also happened it was our most critical 5:33 5 minutes, 33 seconds client IRDA which I'm happy to share has agreed a new three-year deal with us at a substantially increased price as well. 5:42 5 minutes, 42 seconds Uh the business as I said has grown about 12%. Margins have also improved by about 300 basis points over what they 5:51 5 minutes, 51 seconds were last year. And uh in terms of what we're looking at in terms of delivery this year, we're going to do about close 5:58 5 minutes, 58 seconds to 70 lakh exam counts with about 25 lakh of those coming across our uh uh 6:06 6 minutes, 6 seconds accreditation and accreditation business and about 45 lakhs coming from our recruitment and entrance exam business. 6:14 6 minutes, 14 seconds uh in addition to the rollover of accounts that we've had which were our annuity business accounts we've also 6:22 6 minutes, 22 seconds added new segments uh by entering the university business we've had addition of clients like I am Bangalore for their 6:30 6 minutes, 30 seconds executive education program Ashoka University uh measure learning is a is another new client we've added this year 6:38 6 minutes, 38 seconds and we've also generated new business through the addition of a new accounts like CC which is the AUSH ministry, DGA, 6:47 6 minutes, 47 seconds FMS which is the armed forces and NACIN and the micro finance institute among 6:55 6 minutes, 55 seconds others in terms of new business generated this year. 7:00 7 minutes Um moving forward I'd like to request Gotham to give a brief update on the edtech business. 7:14 7 minutes, 14 seconds Yeah, good afternoon everyone. Arjun, am I audible? Yes, go ahead please. 7:19 7 minutes, 19 seconds Thank you. Okay, as Arjun has already given the numbers that uh the test we in in the edtech business we are down from 7:27 7 minutes, 27 seconds 150 to 127 kilos. Okay. uh the the the issue here as I've been saying for the last three or four quarters is a 7:35 7 minutes, 35 seconds structural change which is happening in the market with stones shifting more towards uh low value products and and uh 7:42 7 minutes, 42 seconds a greater propensity to look at self prep also. Uh the good news however is that we are by and large holding on to our numbers and a couple of programs 7:51 7 minutes, 51 seconds especially BBIPM seem to be doing better uh better uh in terms of numbers and while the base is small we we see BBIPM becoming a bigger item as we go along. 8:02 8 minutes, 2 seconds Okay. Uh MBA again there's a small thing that this paper was slightly difficult and normally a difficult paper leads to 8:09 8 minutes, 9 seconds higher amount of coaching but but I will not look too much into it. By and large, yes, these are positive news. But uh I I still think despite this positive news, 8:18 8 minutes, 18 seconds we are in for some kind of a structural shift, especially in the in the graduate segment and uh the the the the difficult 8:26 8 minutes, 26 seconds period is likely to continue for another two to four quarters. Okay. Law has by and large been steady and cu has not 8:34 8 minutes, 34 seconds performed as we wanted to initially because of various issues pertaining to the unpredictability of the paper and it not getting the traction. 8:42 8 minutes, 42 seconds it needed from university admission point of view. 8:46 8 minutes, 46 seconds The university admission the the platform monetization that we do uh allowing colleges and universities to reach out to our students is doing 8:54 8 minutes, 54 seconds fairly well and uh and uh and and that's a business that is likely to grow about by by about 10%. Okay, publishing again 9:02 9 minutes, 2 seconds still is doing reasonably well and authorities wide label sales etc by and large continue to exhibit growth. Okay, 9:11 9 minutes, 11 seconds as far as the market is concerned, coming back to the structure shift that I was talking about. As far as this market is concerned, we are looking at 9:19 9 minutes, 19 seconds uh two or we have experiment with a couple of things and we are we'll be experimenting with a couple of new variants as we go 9:27 9 minutes, 27 seconds along. One of the thing that we are looking at is to to try and break the walls between the offline and online 9:34 9 minutes, 34 seconds modes of coaching. uh the advantage that we have is that we are present in about 120 cities. So an online student can definitely look at getting support from us simil wherever he or she is based. 9:46 9 minutes, 46 seconds Similarly an offline student when he or she needs should be able to go online. 9:50 9 minutes, 50 seconds So we are trying to work out a way in which we are able to break this barrier between online and offline which can become a distinctive competitive advantage for us. 10:00 10 minutes One small experiment we had done in the last season in Delhi was AFA which says attend from anywhere uh and has been 10:07 10 minutes, 7 seconds fairly successful and and the word of mouth about it posture. Similarly if you look at the other parts our shift towards the smaller product the thousand 10:15 10 minutes, 15 seconds series all about for test series all of them have been received well and in terms of numbers we have grown significantly in these domains. Okay. uh 10:23 10 minutes, 23 seconds other things obviously AI is the buzz word but yes we are trying to see how we can incorporate it in our cadmic support 10:30 10 minutes, 30 seconds u uh especially from a doubt swallowing perspective and and the support that shown needs uh 24 hours of uh 24 by7 10:38 10 minutes, 38 seconds okay we are also looking at expanding into schools so institutional partnerships a couple of pilots are on and hopefully we'll be able to we'll be 10:47 10 minutes, 47 seconds able to show give some good news in the next uh one or two quarters okay uh One of the areas which has again created 10:55 10 minutes, 55 seconds a good positive word of mouth for us is that via Dex we have been able to give students a live experience an experience of uh the the actual exam because the 11:04 11 minutes, 4 seconds DEX platform is available that the centers are the two 240 odd deck centers are available. So we have launched this 11:12 11 minutes, 12 seconds year uh as a pilot uh the MBA exams the entrance exam for CAT uh it was 11:19 11 minutes, 19 seconds conducted live at our centers at the deck centers and as I said uh this this paves the way for us to do the same thing for other exams also. 11:28 11 minutes, 28 seconds One of the success areas has been the platform monetization as I said earlier going fine. uh easy apply is the application platform uh for uh for the 11:38 11 minutes, 38 seconds stones and this year with the exception of CAT which is the uh admission test for the IM practically all other MB 11:46 11 minutes, 46 seconds entrance exams are on our platform and we are hopeful of hopefully we able to get almost all the law school law 11:54 11 minutes, 54 seconds exams also on our platform. So here from a from something like uh 10 10,000 uh applications uh or 12:03 12 minutes, 3 seconds 10,000 enrollments application forms sold from a platform we are likely to go to 14 we are around 14 month 14k and this is likely to grow 12:13 12 minutes, 13 seconds because uh the next three months is when the significant amount of application activity happens. Okay. So, so this is 12:20 12 minutes, 20 seconds something which we are bullish on and we hope to take it to the next level in the next financial year because from a MBA perspective the season will be over in 12:29 12 minutes, 29 seconds the next couple of months. From a BBA law, IPM or the UG segment the the season will be on for the next six months or it will start by and large 12:37 12 minutes, 37 seconds from April and go up to July, August and then the NBA season will happen again. 12:43 12 minutes, 43 seconds So, so this is a segment which seems to be doing fairly well for us and should be uh a positive thing for us going forward. Uh Ajun, back to you. 12:54 12 minutes, 54 seconds Thank you GP. Uh Nikil, if I could request you now to provide an update on the MK business. 13:00 13 minutes Yeah, thanks Ajun. Uh as you can see that Mart business has 13:07 13 minutes, 7 seconds been showing uh a steady but a robust growth both in terms of revenues as well as in terms of profitability. 13:18 13 minutes, 18 seconds Uh the growth in the international market has been uh much better than in the Indian market. Uh there are some 13:27 13 minutes, 27 seconds challenges in the Indian market from a consumer point of view. uh the international revenues have grown from 33 crores to about 41 crores 13:36 13 minutes, 36 seconds uh in the corresponding 9-month period where the Indian revenues have grown from about 78 crores to 81 crores. Uh I 13:45 13 minutes, 45 seconds think the critical aspect of this is uh that we have added 13:52 13 minutes, 52 seconds some of an extremely blue check bluechip customer accounts not only in India but internationally. In India we have added PWC, Himalaya drugs, Zoho. 14:04 14 minutes, 4 seconds Internationally we have added uh Adobe, Autodex, H2O, uh Zamin Airlines 14:13 14 minutes, 13 seconds uh as our customers. There are couple of new uh customers which have been onboarded in the month of January, 14:20 14 minutes, 20 seconds February uh internationally including Oriflame and a couple of others. So I think new customer onboarding is an 14:29 14 minutes, 29 seconds extremely positive sign because new customer onboarding starts contribute those starts slowly but once fully onboarded uh accelerates the revenue accretion going forward. 14:42 14 minutes, 42 seconds uh as we as I had shared in the last uh call uh the slight dip uh or muted 14:51 14 minutes, 51 seconds revenue growth in India uh was predominantly driven by two significant customers uh AWS and Air India. Air 15:01 15 minutes, 1 second India actually totally shut down its outreach and marketing operations post 15:08 15 minutes, 8 seconds the air crash in Ahmedabad. Uh the good thing is that they have restarted engaging in the market not only in India 15:16 15 minutes, 16 seconds but internationally and we expect them to start scaling up uh in the coming financial year over the next 12 months. 15:27 15 minutes, 27 seconds AWS was again an internal structural adjustment uh because they collapsed a few of their different business 15:36 15 minutes, 36 seconds divisions into one. So for a period of about two quarters uh businesses were unsure how to go about it. things have 15:45 15 minutes, 45 seconds stabilized on that account and I think uh we are currently in the process of executing a large ticket event in this 15:52 15 minutes, 52 seconds quarter in India uh in the next two weeks and I think uh the turbulence in 16:00 16 minutes some of these large ticket accounts which had hit us in H1 has stabilized and I think we would should see uh a faster revenue accretion going forward. 16:14 16 minutes, 14 seconds Uh one specific uh update on business is that uh we had started slowly working 16:21 16 minutes, 21 seconds around creating a CXO community. Uh we have started engaging on customer-driven 16:30 16 minutes, 30 seconds CXO community engagement over the last 60 to 90 days and we have seen an extremely positive traction. 16:38 16 minutes, 38 seconds uh we have done these kind of engagements uh successfully driven predominantly 16:45 16 minutes, 45 seconds with Google PWC and to some extent by Dell. uh I think as we start expanding 16:54 16 minutes, 54 seconds this engagement uh across a larger set of customers with a larger set of CXO communities not just 17:03 17 minutes, 3 seconds CMOs but CHRO's CFOs uh the CIOS and CTO's I think that will establish a much 17:12 17 minutes, 12 seconds stronger foothold for us to be able to uh acrew revenue from different divisions. 17:20 17 minutes, 20 seconds of business as of now uh 99% of our revenues come in predominantly from the CMOS CIOS and the CTO's and we are 17:29 17 minutes, 29 seconds working towards diversifying that basket going forward. 17:34 17 minutes, 34 seconds Uh uh which is our social events and uh business arm catering to luxury weddings 17:43 17 minutes, 43 seconds and social events. Uh we started off about 9 months ago. uh we have acrewed a re revenue of about six crores having executed just about about four events. 17:55 17 minutes, 55 seconds As you all know this is a segment where the business incubation to closure 18:01 18 minutes, 1 second cycles are pretty long uh take about 3 to 6 months from the initial engagement 18:08 18 minutes, 8 seconds to the final closure of business and the event execution could again be 6 to 9 18:15 18 minutes, 15 seconds months down the line. So I think currently as we as I speak we are sitting on a reasonable 18:24 18 minutes, 24 seconds strong wedding pipeline but large chunk of it is execution and delivery in FY27. 18:34 18 minutes, 34 seconds Uh I think uh as we uh report even the next couple of quarters we may not have 18:41 18 minutes, 41 seconds too many events. Most of the events uh execution for them are in Q2 2, Q3 and 18:48 18 minutes, 48 seconds beyond. Uh but we are sitting on an extremely healthy pipeline for the next fiscal. 18:57 18 minutes, 57 seconds Thank you Nikil. Uh Satya if I could now request you to come in and provide an update on the My Sati initiative. 19:07 19 minutes, 7 seconds Yeah sure Arjun hope I'm audible. Yes. 19:14 19 minutes, 14 seconds go to the next slide of Jun. 19:18 19 minutes, 18 seconds Yeah. Okay. Um, hi, good afternoon everybody. 19:22 19 minutes, 22 seconds As you know, one of the things that u we were looking at when we acquired uh NCIT 19:29 19 minutes, 29 seconds and rebranded it as DEX IT Global was also to search for uh not just addition 19:37 19 minutes, 37 seconds of business impact at the overall group level but uh some significant value creating disruptive initiatives. 19:49 19 minutes, 49 seconds And the one that we picked up and focused and we have uh executed it over the nine months is what is uh something 19:57 19 minutes, 57 seconds that I'm going to cover uh here in the next five minutes. We have the links and 20:05 20 minutes, 5 seconds the releases etc everything on the on the website. You could take a look at it. I will quickly cover this. 20:11 20 minutes, 11 seconds uh you know SATI stands for scholastic aptitude test for higher ed institutions and as a test prep company and also one 20:21 20 minutes, 21 seconds who has seen assessments as DEXIT for the last two decades. One opportunity that we have picked up is can we 20:31 20 minutes, 31 seconds create and form a an assessment IP platform of our own wherein the core 20:40 20 minutes, 40 seconds strengths of CL as well as DEXIT they are deployed in the marketplace. 20:49 20 minutes, 49 seconds So what Sati does is to look at four 20:55 20 minutes, 55 seconds 21st century skills which have been uh approved both at the uh NEP going all 21:03 21 minutes, 3 seconds the way to the United Nations uh as the important skills to be evaluated for youngsters as they get into higher 21:11 21 minutes, 11 seconds education or they get into the workplace. 21:15 21 minutes, 15 seconds because of the NEP 2020 this has acquired a lot of importance and every university uh is trying to build their curriculum 21:25 21 minutes, 25 seconds in and around it. So mysati.org has been launched. The first MVP is to 21:33 21 minutes, 33 seconds help students in 11th and 12th take this exam and then the universities will begin accepting this as their score for admissions. 21:44 21 minutes, 44 seconds Which means a university could be using an IITJ as a score. It could be using a CUT as a score or an SAT as a score and 21:54 21 minutes, 54 seconds it also similarly will use MySATI scores. 21:58 21 minutes, 58 seconds That's the starting point. The two important innovations in this and it's very important for us to uh appreciate 22:05 22 minutes, 5 seconds this as it could be a very game-changing innovation in the Indian higher education and the talent pipeline 22:14 22 minutes, 14 seconds landscape. One is this is India's first ondemand examination which means unlike an IITJ or a CUT which happens in a 22:23 22 minutes, 23 seconds particular window of 1 day or 7 days this is an ondemand exam today you can go to mysati.org RG you can uh as a 22:33 22 minutes, 33 seconds student pay 500 rupees choose a city and a location of dexiti pick a date and time and take the exam that's number one. 22:44 22 minutes, 44 seconds Number two is this also is the first computer adaptive test in our country uh unlike other examinations. So deploying 22:54 22 minutes, 54 seconds AI while GP covered a couple of places where we are applying uh deploying AI in terms of academic support uh adaptive 23:02 23 minutes, 2 seconds learning etc. here the adaptive testing is also going to deploy AI in a very in a very real sense. So we are starting 23:10 23 minutes, 10 seconds with the middle part of this what you are seeing on the screen sati 4C 4C standing for creativity collaboration communication and critical thinking. 23:20 23 minutes, 20 seconds There is a precursor to it called sati now which will be done in grades 8th 9th and 10th as a preparation. NOW stands 23:27 23 minutes, 27 seconds for national aptitude Olympiad that also will test the four C's. And we are also looking at Sati exit exam which is going 23:35 23 minutes, 35 seconds to be represented Sati X which a student takes while he is in the final year or the penultimate year and the corporations, organizations, recruiters 23:44 23 minutes, 44 seconds they will accept that score. Let's move ahead. uh Arjun uh we worked on it uh the work began as 23:53 23 minutes, 53 seconds early as April. Uh the uh product development, the platform, everything uh 24:01 24 minutes, 1 second uh is in place. On the 23rd of January, we formally launched the uh platform. 24:08 24 minutes, 8 seconds You can see a few photographs where eminent people from some IIT 24:15 24 minutes, 15 seconds chancellors uh they are all there uh and uh the uh assess the universities think 24:24 24 minutes, 24 seconds of it as a now a SAS model where universities they get empanled 24:32 24 minutes, 32 seconds on an yearly subscription model and as you know we have 55,000 colleges we've got uh you know government universities, 24:41 24 minutes, 41 seconds private universities. So there is there is the demand for talent. They come onto the platform and they get the mysati scores. 24:49 24 minutes, 49 seconds Schools also would get will get a myati zone. They will come onto the platform and the students pay just 500 rupees. 24:57 24 minutes, 57 seconds That's a massive price disruption also that we are doing and we are able to do that because the distribution the 25:04 25 minutes, 4 seconds technology is already in place of nit which we are leveraging and the ability to design an adaptive test uh along 25:14 25 minutes, 14 seconds these four C's that capability is there with us we further added more uh competencies both in India and abroad 25:22 25 minutes, 22 seconds all those details are available in a in a fulllength videos that you can find on YouTube as well as the link is on our 25:28 25 minutes, 28 seconds investor zone. That's that's the that's the assessment part. At the same time, 25:35 25 minutes, 35 seconds the revenue monetization for MySati would also come from the easy apply that 25:43 25 minutes, 43 seconds GP was talking about. We've done 14,000 applications this year already without the myati because over 25:53 25 minutes, 53 seconds 125 universities work with our one of our division CL media for their market engagement for their application etc. 26:01 26 minutes, 1 second Now when the universities come on my SATI that's we believe that that's going to get a multiplier effect and in 26:09 26 minutes, 9 seconds application form the benefits are the student gets application forms at one place whereas we get about 70% of the revenue 26:18 26 minutes, 18 seconds from the application forms that go to the university. This is a very standard practice. That's a second monetization opportunity which means uh and we also 26:27 26 minutes, 27 seconds answered this in a detailed FAQs that will go live on the investor zone. You can take a look at it and we are happy to respond to more questions. 26:36 26 minutes, 36 seconds Uh number three is as you know GRE, GMAT, SAT they also have the official 26:44 26 minutes, 44 seconds practice test and official learning zone. That is also something that the practice tests are already live. The 26:52 26 minutes, 52 seconds learning zone will be live in the next 45 days and that's the other monetization opportunity which means for 26:59 26 minutes, 59 seconds every student who comes and takes MySati at 500 rupees he if he applies to four 27:06 27 minutes, 6 seconds institutions using easy apply on our platform and if he or she takes a couple of practice tests and and uh learning 27:14 27 minutes, 14 seconds zones the monetization opportunity could move from 500 rupees per student to about 6 to 8,000 rupees is per student. 27:24 27 minutes, 24 seconds Let's move ahead. 27:28 27 minutes, 28 seconds The uh the good news is that even before we have rolled it out, we have 18 27:35 27 minutes, 35 seconds empanled universities about 900 courses and about 45,000 seats that are going to be filled 27:44 27 minutes, 44 seconds through MySati and if you look at the quality of institutions uh IIT Madras Zanzibar campus IM Mumbai uh for their 27:54 27 minutes, 54 seconds uh executive program uh which Pilani for their diagnostic and development programs for students inside the campus. 28:03 28 minutes, 3 seconds These are some of the good university. 28:05 28 minutes, 5 seconds If you look down south, Githam is is a well-known university in in the twin states of uh Andra and uh uh Telangana. 28:14 28 minutes, 14 seconds Uh so the good quality institutions 18 of them are already onboarded and we are in discussions with 75 more and uh 28:23 28 minutes, 23 seconds the idea is uh how do we get Indian universities we are in conversations 28:30 28 minutes, 30 seconds with a consortium of nine universities from UAE. We are in conversations with 28:37 28 minutes, 37 seconds the uh through Australian embassy with a bunch of Australian universities which are setting up campuses in India and six 28:44 28 minutes, 44 seconds of them have signed up with us for the MySati CL media outreach program already. So it is looking like something 28:54 28 minutes, 54 seconds which is uh which could be very disruptive, very transformational and we also believe that once we build these 29:02 29 minutes, 2 seconds deep institutional relationships with universities, it's going to benefit all 29:10 29 minutes, 10 seconds the three entities in the group which is Dexit for instance is already doing the entrance examinations for Ashoka 29:17 29 minutes, 17 seconds University or Githam or IM Bangalore distance learning program. So the moment we are able to then go and solve one 29:25 29 minutes, 25 seconds problem for any university with a relationship could be private or public then the other services could come 29:32 29 minutes, 32 seconds around and the utilization use of AI use of 29:38 29 minutes, 38 seconds distribution of both CL and Dexit and the availability of these assets to be 29:45 29 minutes, 45 seconds sweated with a new idea called MySati looks a very very promising. ing 29:52 29 minutes, 52 seconds initiative which has started entirely after the acquisition and we're looking forward to executing this and scaling this over the next two to three years. 30:02 30 minutes, 2 seconds I'll take the rest of those rest of the questions where it is relevant. Thank you. Back to you. 30:09 30 minutes, 9 seconds Thanks so much Satya. Uh I've uh if you'll just give me a few minutes I'll just uh go through the questions that 30:17 30 minutes, 17 seconds have come. Uh we will uh now take up your questions over the next uh 15 to 20 minutes. 30:25 30 minutes, 25 seconds Sure. Thank you. 30:43 30 minutes, 43 seconds U first question. Uh GP if you'd like to take this. Is the CUT business not picking up? 30:52 30 minutes, 52 seconds This is from Gonit Singh. 30:54 30 minutes, 54 seconds Okay. Okay. Gunit. Um COT business is there in terms of volumes and not in terms of value. The issue with CO has 31:03 31 minutes, 3 seconds been the weight has been conducted in the last three four years. It has lost significant amount of credibility among the restaurants and they don't look at 31:11 31 minutes, 11 seconds it seriously. So, so while they prepare for it, they go for the shorter versions or the let's say the lower price variants and that is what we are we we 31:19 31 minutes, 19 seconds we have been focusing on now. So, so C is unlikely to become a big growth driver for us. Okay. But yes, the 31:28 31 minutes, 28 seconds numbers would be there. It will suffer from a pricing and hence the overall value that we'll be able to derive from the product is not going to be as high 31:36 31 minutes, 36 seconds as we anticipated initially when it was launched. 31:42 31 minutes, 42 seconds Thanks JP. Uh there's some follow-up questions also from Gunit. So I'll just take all of them at one shot. Uh he's asked about our standalone business 31:51 31 minutes, 51 seconds making losses. Gunit. The loan that we have taken uh for the DEX acquisition. 31:57 31 minutes, 57 seconds The 210 cr loan that I spoke about earlier is on the books of the parent entity. And when you look at the 32:04 32 minutes, 4 seconds standalone numbers, the interest cost uh that comes from that loan features on that on the books of that entity. And as 32:11 32 minutes, 11 seconds I spoke about earlier, there's the interest cost and then there's the indas impact of the capital reduction scheme 32:19 32 minutes, 19 seconds for the redeemable preference shares that exist from the NSC regime days which cause an uh which make the uh losses look more extreme than they are. 32:30 32 minutes, 30 seconds Uh specifically Gunit has also asked about uh is there seasonality in the DEX business? Uh yes GitH just to explain 32:39 32 minutes, 39 seconds the DEX business uh again very briefly uh in in terms of the way it is 32:46 32 minutes, 46 seconds structured. There are two lines of uh where the business runs. There's the certification and accreditation business which is more like an annuity business. 32:55 32 minutes, 55 seconds It's what Satya was speaking about as the ondemand side of our business. For example, a client of ours, Irda, which 33:03 33 minutes, 3 seconds is the insurance regulatory authority, you can book a slot and come and do an exam. That business runs right 33:11 33 minutes, 11 seconds throughout the year, 365 days of the year. Similarly, we have other clients who also fall under the same category 33:18 33 minutes, 18 seconds who use our 237 center infrastructure for ondemand exams. So IRDA, ICI, UIDI, 33:27 33 minutes, 27 seconds NISM, NCFM, all these exams run right through the year and there is no seasonality involved. This this is very 33:36 33 minutes, 36 seconds much like an annuity business. The second part of our business is recruitment and entrance exams which 33:42 33 minutes, 42 seconds works on when is the exam happening. So the exam could happen over a one-day period, it could happen over a 7-day 33:50 33 minutes, 50 seconds period, it could happen over a 30-day period. and the revenue recognition would be accordingly in line with uh 33:58 33 minutes, 58 seconds meeting the performance obligations as per ind5. 34:02 34 minutes, 2 seconds So the uh so there is an element of seasonality that hits the business and typically uh we are a little uh H1 heavy 34:11 34 minutes, 11 seconds as compared to H2 but there is also uh the matter of the the business not 34:18 34 minutes, 18 seconds necessarily being aligned with financial quarters per se. So you bid for contracts, you go through the RFP mode, 34:26 34 minutes, 26 seconds you go through the tender mode and when the uh so it's typically an works on an order book system where you have 6 to 8 34:35 34 minutes, 35 seconds months of time lag between when you start the process of applying for business to when the business actually 34:41 34 minutes, 41 seconds tends to fractify. So what we report from a financial numbers perspective is what gets translated into revenue. But 34:50 34 minutes, 50 seconds we also have a pipeline across both the uh accreditation and certification business and across the recruitment and 34:59 34 minutes, 59 seconds entrance exam business which would fractify in Q4 in Q1 of next year in Q2 of next year and so on. So I hope that 35:08 35 minutes, 8 seconds gives you a little bit of understanding about how the DEX business moves and why a beta is it's not a Q1 Q2 Q3 Q4 35:17 35 minutes, 17 seconds consistent line of business that happens across certification and accreditation but not across recruitment and examination. 35:27 35 minutes, 27 seconds Uh Satya there's a question on uh on the fund raise and uh the loan from promoters would you like to take that up? Yeah sure. 35:39 35 minutes, 39 seconds Yeah. So uh as uh all of you know you know in the context of acquisition 35:48 35 minutes, 48 seconds of uh Dexit Global it's a wonderful asset and our 35:55 35 minutes, 55 seconds experience of now having run it for four quarters with the uh topline growing and 36:03 36 minutes, 3 seconds the EITA which is in the 4550 cr range uh it's it looks very solid in terms of growth over the next 3 years. 36:16 36 minutes, 16 seconds Uh and we had uh taken loan for that acquisition in addition to partially funding it from our internal approvals or free cash that we had. 36:26 36 minutes, 26 seconds Needless to say, we stretched ourselves a little bit and we are uh uh absolutely 36:34 36 minutes, 34 seconds convinced about the quality of the asset. the quality of the acquisition 36:40 36 minutes, 40 seconds and the medium-term to long-term benefits of this uh both BAUS independently and together synergistically. 36:51 36 minutes, 51 seconds However, there is a short-term little bit of a uh cash stress situation which is acute and short-term and it is in 37:00 37 minutes that context that we as a board have uh looked at raising a small amount of capital while our much clearly 37:09 37 minutes, 9 seconds articulated goal of becoming entirely deleveraged in 24 to 36 months that stands and we are in this process uh in 37:19 37 minutes, 19 seconds the first step planning to raise a small amount. We have taken an approval of up 37:25 37 minutes, 25 seconds to 50 crores. We may not go all the way and while that process will take as you 37:32 37 minutes, 32 seconds know anywhere between uh 6 to 8 10 weeks uh we as core promoters we are extending 37:42 37 minutes, 42 seconds some loan at terms that are determined uh at an arms length approved by the the 37:48 37 minutes, 48 seconds the good governance formula of neither more nor less uh uh with respect to other uh loans. 37:58 37 minutes, 58 seconds Once the road is clear in four to six weeks time, the same advance what we are giving now that's that that'll become 38:06 38 minutes, 6 seconds our investment and we are fully convinced about this quality of investment. Uh and that's that is our 38:13 38 minutes, 13 seconds expression of confidence. However, we are extending it as a quick advance to make sure that day-to-day business does 38:21 38 minutes, 21 seconds not have to feel more stress than what is needed. So that is the uh context. I 38:29 38 minutes, 29 seconds would want uh to reassure all of you uh that the 38:36 38 minutes, 36 seconds quality of uh growth 38:42 38 minutes, 42 seconds the synergies of both dexit and CL and the actual numbers that have played out 38:50 38 minutes, 50 seconds even in the last four quarters that gives us enough confidence to tell you that uh this is something that we are 38:57 38 minutes, 57 seconds fully convinced about and and we will uh uh we will look at this as a small 39:03 39 minutes, 3 seconds effort in the overall path to becoming debtree over the next 24 months. 39:11 39 minutes, 11 seconds Thank you. 39:12 39 minutes, 12 seconds Thanks Satya. There's a follow-up question on how do we plan to raise the 50 kores uh and do we plan to raise it 39:20 39 minutes, 20 seconds at the parent level or in one of the subsidiaries? 39:24 39 minutes, 24 seconds Yeah, sure. Thanks Arjun. I think it is appropriate for me to mention that uh as we have mentioned even earlier, 39:33 39 minutes, 33 seconds we have inbound conversations and also one or two conversations that are happening uh with both financial and strategic investors. 39:44 39 minutes, 44 seconds Some of them are interested in the parent entity. A couple of them are interested only in debs. at the boards 39:51 39 minutes, 51 seconds of both the companies and the investment subcommittees of the board. We are engaged. We are examining those. 39:58 39 minutes, 58 seconds The those conversation could take anywhere between 4 to 7 8 months. But I think in calendar year 2026 we see that happening. 40:09 40 minutes, 9 seconds So we are very mindful as an institution as as a board that the best option of raising 40:19 40 minutes, 19 seconds money in the in the parent vehicle at appropriate valuations or the 100% sub 40:27 40 minutes, 27 seconds dexit. We will make the right decision at an appropriate stage. Uh some of these are very interesting very exciting 40:35 40 minutes, 35 seconds conversations. It is not appropriate for me to make a mention of those uh prematurely and that's what gives us the 40:43 40 minutes, 43 seconds confidence notwithstanding certain uh other uh short-term signals in the market etc 40:52 40 minutes, 52 seconds that we are very confident about how it's going to pan out. The only 40:58 40 minutes, 58 seconds place where which GP covered adequately is where we we are also beginning or we 41:05 41 minutes, 5 seconds are also working upon reinvention uh some some initiatives that have to 41:13 41 minutes, 13 seconds pay back is the test prep structural disturbance that is there that is something that we need to focus on the 41:20 41 minutes, 20 seconds rest three engines whether it is uh dexiting cl media 41:27 41 minutes, 27 seconds or Keystone, those are doing very well and we are hoping or working towards MySati emerging as a very very valuable 41:35 41 minutes, 35 seconds strategic engine for at least two out of these three if not three out of these three in the next one year. 41:42 41 minutes, 42 seconds Back to you. 41:44 41 minutes, 44 seconds Thanks Satya. Uh there's a question from Manoj Baryia, one of our longtime investors. What is the tenure of the 210 41:52 41 minutes, 52 seconds cr loan and repayment schedule and rate of interest? Uh, Manoj, it's a six-year 41:58 41 minutes, 58 seconds loan uh with a rate of interest of 11.9% and a structured repayment which is uh 42:06 42 minutes, 6 seconds loaded towards the back end of the the final three years with the first three years being a little bit lighter. 42:13 42 minutes, 13 seconds I'll I'll take up some more business questions and then I'll come back to a few more of the finance questions in between. Uh Gotham, if you'd like to 42:22 42 minutes, 22 seconds take up this question. It's from Rahul Bansali, again, one of our regular and long-term investors. With the edtech business potentially going uh through 42:32 42 minutes, 32 seconds structural risks, are we looking to do any strategic partnerships going forward? 42:39 42 minutes, 39 seconds uh see strategic partnerships that discussion keeps happening on and off with different players. uh I would not think name of any and even at this point 42:46 42 minutes, 46 seconds of time we had in discussions with a couple of players but it has to make sense for both of us and uh since nothing of the sort has happened uh 42:55 42 minutes, 55 seconds there's nothing on the p nothing let's say on the paper right now but these discussions keep on happening and any good opportunity we get we always 43:04 43 minutes, 4 seconds willing to look at things because we think we have great products we have a great network and other players who want 43:12 43 minutes, 12 seconds to ride on our network can always come in provided it works for both of us. So yes, we are open to it but nothing concrete at this point of time while discussions are on. 43:23 43 minutes, 23 seconds Thanks GP. Uh Nicl, there's a question on the martekch business. How will the mix of revenues between international 43:30 43 minutes, 30 seconds and domestic pan out over the long term and uh how do we scale the international business going forward? Also, if you 43:39 43 minutes, 39 seconds could share some specifics on how Versa is performing in North America. This is a question from Henil. 43:54 43 minutes, 54 seconds Uh Nikil, I can't hear you. If you're speaking, you're not audible. 44:08 44 minutes, 8 seconds You muted yourself? Yeah, I muted myself. So, uh as I uh uh said the international growth had been 44:16 44 minutes, 16 seconds much faster over the last four to six quarters and we expect that growth rate to continue to be faster as compared to 44:25 44 minutes, 25 seconds the Indian market. uh our growths in Indonesia, Singapore, US uh they're 44:32 44 minutes, 32 seconds growing at a pretty steady rate and as of now international accounts for roughly around 44:40 44 minutes, 40 seconds uh 35% of the total revenues I think over the next 3 to four years we expect international revenues to become almost 44:49 44 minutes, 49 seconds equal to the domestic revenues. Uh regarding your question of uh Versa, I 44:55 44 minutes, 55 seconds think we have started deploying it. Uh we are currently doing a pilot for two 45:02 45 minutes, 2 seconds customers in the US. We're also doing a pilot for Salesforce as I had shared earlier. Uh that is predominantly for 45:10 45 minutes, 10 seconds the North American market but has been invoiced from APAC because of Salesforce internal uh constraints because we are 45:18 45 minutes, 18 seconds not yet registered as an empanel vendor there. while we are registered in Apac we are in the process of getting 45:25 45 minutes, 25 seconds empanled at Salesforce North America. So I think uh the initial uh success 45:32 45 minutes, 32 seconds stories of Versa are beginning to uh reflect but uh this is a journey where 45:40 45 minutes, 40 seconds the acceptance from pilot to a large scale commercial deployment takes between two to four quarters and I think 45:48 45 minutes, 48 seconds uh we will go through that cycle before expecting a rapid ramp up of this effort. 45:55 45 minutes, 55 seconds Uh thanks Nikil. While I have you, there are also some follow-up questions on Utserv. 46:00 46 minutes Sure. uh what is the cash burn in the UTSV business and will profitability 46:06 46 minutes, 6 seconds drag UTS uh and as a result the company over the next six quarters and how do we 46:14 46 minutes, 14 seconds leverage the contribution of uh Sanjie Kapoor and Samir Puri specifically uh in terms of leveraging it across Uts. 46:26 46 minutes, 26 seconds Okay, let me answer that in two parts. 46:29 46 minutes, 29 seconds uh UTSA is currently an extremely lean and mean team of just six to seven 46:35 46 minutes, 35 seconds people and uh the predominant cash burn uh is in to is in terms of people 46:43 46 minutes, 43 seconds investment technology and product investments uh which I think we have done substantial part in year one. Uh we are 46:51 46 minutes, 51 seconds expecting the total cash investment required uh for maintaining overheads and keep 47:00 47 minutes rolling up and expanding business uh to be in the range of 1 one and a half crores in the next 12 to 18 months. uh 47:08 47 minutes, 8 seconds as the business scales up with each successful project closure there is a cash surplus which is getting generated 47:16 47 minutes, 16 seconds and I think by the end of the next 12 months uh we should hit the cash break even situation and move forward from there to a cash positive situation. 47:26 47 minutes, 26 seconds Uh so that I hope that answers that query. 47:31 47 minutes, 31 seconds Regarding Sanjie Kapoor and Samir Puri, I think uh the Sanjief Kapoor agreements 47:38 47 minutes, 38 seconds uh once they were approved by the board uh will now get executed while Mr. 47:44 47 minutes, 44 seconds Sanjief Kapoor has been uh from behind the scenes helping us uh in terms of business 47:51 47 minutes, 51 seconds development uh referring clients. I think with the formalization of the association now we 47:59 47 minutes, 59 seconds expect a significantly enhanced uh leverage and participation from him and that should result in an accelerated 48:08 48 minutes, 8 seconds uh business growth not just in UTS we're also expecting some positive rub off of 48:15 48 minutes, 15 seconds that association even in the keystone corporate business uh over the next maybe 12 months it may not happen in the 48:23 48 minutes, 23 seconds next two quarters But I think that positive rub off should start reflecting in a detailed and a more intense 48:31 48 minutes, 31 seconds engagement with a certain segment of clients uh in which Mr. Sanjie Kapoor has an extremely positive uh reputation. 48:40 48 minutes, 40 seconds Thanks Nikil. Uh I've got a ton of finance related questions so I'll just answer them all very quickly and then Gotham I'll come back to you for some 48:49 48 minutes, 49 seconds more ED tech questions. Uh one of the questions is what is the receivable cycle in the dexit business? It's 48:56 48 minutes, 56 seconds typically 60 to 75 days. Uh there's a question on is there any deposit to be given for GST demands. Typically a 10% 49:05 49 minutes, 5 seconds deposit is required to contest any GST demand unless it is uh quashed through a RIT petition. If you are specifically 49:14 49 minutes, 14 seconds referring to the update that we provided in this quarter on the CL media twile CL media related demands uh the uh 49:23 49 minutes, 23 seconds significant portion of that we are hoping to quash through a writ petition for which we have taken a legal opinion 49:31 49 minutes, 31 seconds from Lakshmi Kumar and Shraran. one of the top uh legal groups in the country for indirect taxes and they strongly 49:39 49 minutes, 39 seconds believe we have an excellent case on that point. For anything which requires us going to the Appalate tribunal uh a 49:46 49 minutes, 46 seconds 10% deposit is required. There's also a question on what non-core assets do we have and how much can we monetize that? 49:54 49 minutes, 54 seconds We have uh a land parcel in Raipur for a school we used to run and we have a few 50:02 50 minutes, 2 seconds uh uh buildings available in Pune, Delhi and and Mumbai. The total worth of those is about between 25 to 30 crores. We 50:11 50 minutes, 11 seconds continue to look for buyers for those and as in when we have something uh relevant to report on that front, we 50:18 50 minutes, 18 seconds will definitely share it with with you as an investor group uh on the edtech business. So GP there are a few 50:25 50 minutes, 25 seconds questions in terms of what is the scalability possible for the BBA and IPM business overall and what is the 50:32 50 minutes, 32 seconds traction in the publishing business uh especially on the B2B side which we had spoken about earlier also uh which 50:42 50 minutes, 42 seconds verticles under edtech will drive the recovery and uh given that we will be under pressure for the next two to three 50:50 50 minutes, 50 seconds quarters how do we see it moving forward? 50:54 50 minutes, 54 seconds GP yeah I'm sorry Ajun I was on mute quite 51:03 51 minutes, 3 seconds a few questions together uh I I'll try to take all of them but if I miss out uh I think you'll have to repeat the 51:11 51 minutes, 11 seconds questions okay sure so so so first of all when you look at how do we move forward which are the sectors which are going to uh show show 51:21 51 minutes, 21 seconds the recovery path see This is a structural change. So it is going to impact all segments. Some segments it will impact more, some it will less. Uh 51:30 51 minutes, 30 seconds what I mean by that is when you look at the uh school segment, school to college or the UG segment, BBI, IPM law, these are segments which are by and large paid 51:38 51 minutes, 38 seconds for by the parents and parents are little more little less hesitant in terms of paying extra money for for the for from an educational perspective. 51:47 51 minutes, 47 seconds uh however when you look at the the graduate segment or the college to college to further study segment whether 51:54 51 minutes, 54 seconds it is GMAT GRE or it is for study abroad or it is MBA these are the segments for which most of time the student himself 52:01 52 minutes, 1 second or herself is paying and there they are little more circumcript and they try to conserve money okay so so if you ask me 52:09 52 minutes, 9 seconds what what is going to be the way forward the way we look at it the way forward from a recovery point of view is keep your focus on volumes when it comes to 52:17 52 minutes, 17 seconds the graduate segments. uh yes you have to keep innovating on the product keep adding uh value uh value to the product 52:24 52 minutes, 24 seconds and uh as I said earlier make sure that you're available in all formats and there's a interoperability which means you should be a student should be able 52:32 52 minutes, 32 seconds to move from online to offline and vice versa and uh and and products like test series and small products which are not 52:39 52 minutes, 39 seconds the complete program but one segment only only maths only English only reasoning only law kind of products are the ones which are going to drive 52:48 52 minutes, 48 seconds recovery obviously that means we'll have to go for higher volumes while we have been able to grow our volumes by and large but but but it will mean higher 52:57 52 minutes, 57 seconds volumes but at a lower price so the volume growth will have to be significantly higher than what we have seen so far okay BBIPM 53:07 53 minutes, 7 seconds is likely to be a growth area for the simple reason uh postgraduation is optional graduation is compulsory and in 53:14 53 minutes, 14 seconds the current scenario a large number of IM and IITs and the other premier institutes are launching UG programs uh and and that is what could be a good 53:23 53 minutes, 23 seconds driver and that is what could be as good replacement from a MBA perspective. So whatever is the fall in the revenue from MBA it is possible that you'll be able 53:31 53 minutes, 31 seconds to pick it up from a BBA IPM kind of products. Okay Ajun can you just repeat the remaining questions? 53:37 53 minutes, 37 seconds Uh GP I think you've covered everything except for the publishing business. 53:42 53 minutes, 42 seconds Okay, publishing business is steady. Uh the it is still doing what it is supposed to which means the growth is uh 53:50 53 minutes, 50 seconds is then the normal growth is there. We still have a few author titles as well as few authors or GKP titles where only 53:58 53 minutes, 58 seconds the company name is there. So so steady business uh no significant growth but no decline also and the steady 10% or 54:06 54 minutes, 6 seconds growth kind of a thing is happening continuously. We have consciously cut down on a few retailers and distributors 54:13 54 minutes, 13 seconds keeping in mind the the uh let's say keeping in mind the viability which means they have the the payment based on 54:22 54 minutes, 22 seconds the payment cycle that the distributors or retailers have for us we keep on we keep on turning them around. 54:29 54 minutes, 29 seconds Yes Ajun back to you. 54:31 54 minutes, 31 seconds Thanks GP. Uh there's a question on what comes under allocated costs in the in our segment reporting that is leg uh 54:40 54 minutes, 40 seconds largely corporate expenses which are not necessarily necessarily relevant to any specific business which includes the 54:48 54 minutes, 48 seconds leadership team the secretarial team a few members of the finance team and any legal related costs and uh of that 54:56 54 minutes, 56 seconds nature. I hope that addresses your question over there. Uh I'm I'm just running through the question list to see in case I've missed anything critical. 55:05 55 minutes, 5 seconds Uh there's a question on how much of the depreciation of uh in the DEX business comes from 55:13 55 minutes, 13 seconds leases. We have about 9 crores of depreciation from a 9-month perspective in the DEX business of which about 8 55:21 55 minutes, 21 seconds crores comes from the uh right of use assets which is again an indas requirement. Uh, 55:30 55 minutes, 30 seconds I think that addresses most questions. 55:36 55 minutes, 36 seconds I again I'm just double-checking the list to see in case I missed anything. 55:41 55 minutes, 41 seconds Uh, there's a question on whether we are likely to need to discontinue any more businesses to compete uh for projects uh 55:49 55 minutes, 49 seconds in the DEX business. No, there are no such plans as of now. whatever needed to be done. We we took those proactive uh 55:58 55 minutes, 58 seconds uh decisions last year in terms of eliminating any potential for uh for for there to be any conflict of interest. 56:20 56 minutes, 20 seconds There's a question on uh you know can we work with the likes of ICAI ICSI and so 56:27 56 minutes, 27 seconds on uh in for the DEX business. Yes, we are already working with ICI. We will do 56:35 56 minutes, 35 seconds between 20 to 25 KES of business with them this year. uh what we do with them is we try to help them improve their 56:42 56 minutes, 42 seconds pass percentage for students who write the CA final exams by introducing four modular uh tests which students take at 56:52 56 minutes, 52 seconds our DEX locations. These are open book exams which are uh designed to uh and they've made it mandatory to clear these 57:00 57 minutes four modules to be able to appear for the final CA exam. We are in talks with 57:07 57 minutes, 7 seconds ICI to improve our uh our product range and our product offering with them. Uh 57:14 57 minutes, 14 seconds our platform of course as you're aware is uh exceptionally robust and uh we can 57:21 57 minutes, 21 seconds add a lot more modules to the same. So conversations with ICI to do that are on. We're also in talks with them 57:28 57 minutes, 28 seconds whether the foundation exam can be moved to a CBT type module uh modular exam and then can be done almost uh on demand 57:38 57 minutes, 38 seconds like some of the other exams that we're doing with ICI and with IRDA. So those conversations are ongoing but they take 57:45 57 minutes, 45 seconds a little bit of time to fractify. We also remain engaged with ICSI specifically 57:52 57 minutes, 52 seconds uh in terms of looking at modules that we can do with them. So some of these projects are ongoing as are a lot of 58:00 58 minutes conversations as Satya mentioned with universities uh which you know as being part of the CL group we work with a lot 58:07 58 minutes, 7 seconds of university partners. So we're so the DEX team is is working on expanding those relationships and also looking to 58:16 58 minutes, 16 seconds add more corporate clients to help corporates with their L &D and training goals. So you'll hear a lot more news 58:24 58 minutes, 24 seconds from us over the coming four quarters on what DEX is doing and uh how we hope to expand that business going forward. 58:35 58 minutes, 35 seconds Uh Satya would like to come in. 58:40 58 minutes, 40 seconds That's okay. That's okay. I think you've covered it well. 58:43 58 minutes, 43 seconds Yeah. Thanks. So uh if there are no more questions, it's also 4:30. We'll wrap up 58:49 58 minutes, 49 seconds this session here. Uh If I may, I'm just going to put the last slide back on the 58:56 58 minutes, 56 seconds screen that includes uh my contact details and my colleague Amit. Feel free to get in touch with us or with members 59:04 59 minutes, 4 seconds of our IR team AJ or Mutu uh for any questions that you have. If you need a deep dive on any of the numbers, book a 59:12 59 minutes, 12 seconds time slot with us and we'll be happy to answer your questions in detail. We'll be back uh to interact with you uh with 59:21 59 minutes, 21 seconds our with our Q4 numbers uh later this year. Thank you everyone and have a good day. 59:30 59 minutes, 30 seconds Thank you. Thank you everybody.