EMA Partners India Limited — Q4 FY26

EMA Partners India Limited Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=fKpnuk6IB30 Published: 2 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to the H2 FY26 conference call of EMA Partners India Limited. As a 0:10 10 seconds reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions 0:17 17 seconds after the presentation concludes. Should you need assistance during this conference call, please signal an 0:24 24 seconds operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now 0:32 32 seconds hand the conference over to Miss Purwangi Jen from Velorum Advisers. Thank you and over to you ma'am. 0:40 40 seconds Thank you. Good evening everyone and a warm welcome to you all. My name is Purangien from Ballism Advisors. We 0:47 47 seconds represent the investor relations of EMA partners India Limited. On behalf of the company, I would like to thank you all for participating in the company's 0:55 55 seconds earnings call for the second half and financial year ended 2026. 1:01 1 minute, 1 second Before we begin, a quick cautionary statement. Some of the statements made in today's earnings conference call may be forward-looking in nature. Such 1:09 1 minute, 9 seconds forward-looking statements are subject to risk and uncertaintities which could cause actual results to differ from those anticipated. 1:17 1 minute, 17 seconds Such statements are based on management's belief as well as assumptions made by and information currently available to the management. 1:25 1 minute, 25 seconds Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. 1:32 1 minute, 32 seconds The purpose of today's conference call is purely to educate and bring awareness about the company's fundamental business and financial performance for the second 1:40 1 minute, 40 seconds half and the financial year under review. 1:43 1 minute, 43 seconds Now I would like to introduce you to the management participating with us in today's earnings call and hand it over to them for their opening remarks. We 1:51 1 minute, 51 seconds have with us Mr. K Sudashan managing director, Mr. Kushwal Parmar, Chief Financial Officer and Miss Mas Singh, company secretary. 2:02 2 minutes, 2 seconds Without any delay, I request Mr. K Sudashan to give his opening remarks. Thank you and over to you sir. 2:11 2 minutes, 11 seconds Thank you. Thank you Purwangi. Uh good evening everyone. 2:15 2 minutes, 15 seconds Uh and wishing all a very warm welcome to our earnings call to discuss the performance of the second half and the financial year 2026. 2:26 2 minutes, 26 seconds In the interest of some of the people who are perhaps new to the company and our business, I shall just give you a very brief overview of the company. 2:37 2 minutes, 37 seconds So uh EMA partners is a global executive search firm uh structured pretty sim in know similarly to the big four in terms 2:46 2 minutes, 46 seconds of our operational constitution and governance on a global globally so to say right and EMA partners international 2:55 2 minutes, 55 seconds now has a global footprint across 25 countries and uh uh under the framework 3:01 3 minutes, 1 second of EMA partners we've expanded strategically with setting up subsidiaries increase in uh Singapore in 3:09 3 minutes, 9 seconds 2011 and in Dubai in 201617 while we established the India business in 2003. 3:17 3 minutes, 17 seconds So these three markets India, Singapore and Dubai form the core of our operational presence for EMA partners 3:24 3 minutes, 24 seconds India Limited. Today across our EMA partners executive search business. We 3:32 3 minutes, 32 seconds are a team of over 44 professionals in the search business. As a company, we serve the entire white collar spectrum 3:40 3 minutes, 40 seconds as uh with TMA partners positioned at the top focus on focused on board level and seuite leadership mandates. 3:50 3 minutes, 50 seconds So we've built a resilient business over time underpinned by long-term client relationships and a global at locally nuanced approach to leadership hiring. 4:02 4 minutes, 2 seconds Additionally, we also identified a strong opportunity in the mid to senior level hiring space especially across India and the Middle East. 4:13 4 minutes, 13 seconds uh which leverages our deep networks at the board and seuite and senior executive levels. And with over two 4:21 4 minutes, 21 seconds decades of experience in leadership hiring, we saw the potential to introduce institutional processes into a 4:28 4 minutes, 28 seconds segment which is the mid to senior segment which is currently largely served by boutique firms. This led to 4:35 4 minutes, 35 seconds the launch of our James Douglas businesses both in India as well as the Middle East focused on 4:44 4 minutes, 44 seconds recruiting and talent acquisition solutions at at the mid and senior levels. We expect the James Douglas 4:51 4 minutes, 51 seconds business to scale meaningfully in the near term. 4:56 4 minutes, 56 seconds I'm just moving on on the operational front. Our established business, you read this as our core executive search business which we call it as a mature 5:04 5 minutes, 4 seconds business continues to be a strong and profitable core and in fact we delivered an AIA margin 5:12 5 minutes, 12 seconds of 29% and PAT margins of roughly 25% with a 5:18 5 minutes, 18 seconds bit of around INR 25 crores and PAT of INR 22 crores. So this reflects a 5:26 5 minutes, 26 seconds resilient cash generating and asset light model that provides a strong foundation for the company. At the same 5:33 5 minutes, 33 seconds time, the overall margin moderation during the year has been driven by our investments in new business verticals which are currently in a buildout phase 5:42 5 minutes, 42 seconds and generated revenues of about INR4 crores. As expected in these new businesses we have invest in invested 5:50 5 minutes, 50 seconds approximately INR15 crores including employee costs of INR1 crores which reflects the the nature of the business 5:59 5 minutes, 59 seconds which is reflects front-loaded investments in building teams and capabilities across geographies and verticals. As a result, the new 6:07 6 minutes, 7 seconds verticals are currently lossmaking with an EITA loss of INR 111 crores and a pack loss of approximately 11 INR 9 6:15 6 minutes, 15 seconds crores leading to some dilution in at the overall consolidated margin level. 6:21 6 minutes, 21 seconds However, we are already seeing early signs of operating leverage with revenue growth outpacing employee cost growth in 6:28 6 minutes, 28 seconds the second half and we do see a clear path to profitability over the next 12 months. 6:34 6 minutes, 34 seconds Lastly, I would also like to highlight an important step towards enhancing shareholder returns. In our recently 6:42 6 minutes, 42 seconds concluded board meeting, we approved a buyback of INR 7 aggregating to INR 7.25 6:49 6 minutes, 49 seconds crores at a price of INR 100 rupees per share. This is the first buyback announced by the company and we expect 6:58 6 minutes, 58 seconds to buy back approximately 3.12% of the paid up capital reflecting our confidence in the business and our 7:07 7 minutes, 7 seconds commitment to delivering value to our shareholders. Overall this balanced approach where a strong cash generating core supports high growth emerging 7:16 7 minutes, 16 seconds verticals positions it well to drive scalable growth while creating long-term 7:22 7 minutes, 22 seconds shareholder value. Now I would request our CFO Kushal Parmar to provide financial highlights for the second half 7:31 7 minutes, 31 seconds and the financial year 2026. Kushal over to you. 7:39 7 minutes, 39 seconds Thank you sir. Good evening everyone. 7:42 7 minutes, 42 seconds Let me now take you through our consolidated financial performance for the period under review. For the second half of financial year 2026, our revenue 7:51 7 minutes, 51 seconds from operations stood at around 47 crores reflecting a strong growth of approximately 35% year onear. A beta for 8:00 8 minutes the period was around INR7 crores up 70% yearonear with margins improving to 14.25% 8:08 8 minutes, 8 seconds an expansion of 292 basis points on year-on-year basis. Net profit was 8:15 8 minutes, 15 seconds reported at INR 5 crores translating into a PAT margin of 11.1%. 8:22 8 minutes, 22 seconds For the financial year 2026, our consolidated revenue from operations stood at around INR 87 crores 8:31 8 minutes, 31 seconds registering a growth of approximately 18% yearonear. EITA came in at around 8:37 8 minutes, 37 seconds INR14 crores up 8% yearonear with EITA margins at 16.45%. 8:44 8 minutes, 44 seconds Reflecting a decline of 156 basis points on a year-on-year basis. Net profit for 8:51 8 minutes, 51 seconds the year was INRA 12 crores with PAT margins at 14%. With that I would now like to open the floor for question and answer session. Thank you. 9:03 9 minutes, 3 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. 9:13 9 minutes, 13 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies 9:23 9 minutes, 23 seconds and gentlemen, we will wait for a moment while the question queue assembles. 9:30 9 minutes, 30 seconds Our first question comes from the line of Rishi Maheshwari from Axa Capital. Please go ahead. 9:38 9 minutes, 38 seconds Hi Sudashan. Hi Krish, thank you for taking my question. Uh this is regarding uh uh your path to profitability in the 9:46 9 minutes, 46 seconds new business. uh now my sense is that uh James Douglas as well as my cloud which are the two new investment avenues that 9:54 9 minutes, 54 seconds you have opened up in the last year or so is uh perhaps should be facing some form of uh challenge in terms of the AI 10:03 10 minutes, 3 seconds advent that has been struck within the market. Uh as a result I see that large businesses are reconsidering their uh 10:11 10 minutes, 11 seconds hiring prospects of how much do they require to hire. Um my um uh keen understanding over here will be that uh 10:20 10 minutes, 20 seconds uh if in case you face an issue like this uh given that large uh investments that you have placed in these business 10:28 10 minutes, 28 seconds in these two businesses um how are you placed to to navigate through this challenge that's my first question thank you 10:36 10 minutes, 36 seconds thank you uh Rishi I'll take this question see uh firstly just to the AI we see AI as an enabler for our 10:45 10 minutes, 45 seconds business. So I will also come to the point where you ask whether AI is going to reduce volumes of hiring. So I'm actually glad to report that the 10:53 10 minutes, 53 seconds myarcloud business actually uh registered a financial turnaround during this financial year. So that is point number one. So AI we have actually 11:02 11 minutes, 2 seconds facilit using AI uh to actually improve efficiencies in our business first ground and second if you look at the 11:10 11 minutes, 10 seconds James Sug business which addresses largely the mid to senior level uh hiring volumes there we do not see any 11:18 11 minutes, 18 seconds substantial impact of AI reducing number of jobs which would happen in the middle level uh levels as we speak. So uh to go 11:28 11 minutes, 28 seconds back to your question so I don't think we will see any major headwinds because of uh on volume front both as far as my 11:35 11 minutes, 35 seconds cloud is concerned or even uh as far as Dames Douglas uh the professional search opportunity continues to be robust and 11:44 11 minutes, 44 seconds uh the of course what you see is that the first 6 8 months of investment on people and these are all these all 11:52 11 minutes, 52 seconds happen these investments are on salaries and people right and they are expensed out on the P&L and that's why you see what uh we saw. So we will we expect 12:01 12 minutes, 1 second that these businesses to turn around financially this year. 12:08 12 minutes, 8 seconds Okay. Sure. So can you give me some sense of what James Douglas has done in the last year? I can see that it is at a 12:16 12 minutes, 16 seconds loss a bit loss of 11 cr. If you can also supplement uh an information on the revenue that it has generated, the number of employees that you have hired and on an average per employee cost. 12:30 12 minutes, 30 seconds So Rishi so this business added roughly about 30 people during this financial year and uh so we are ramping up the on 12:38 12 minutes, 38 seconds the people front quite rapidly and if you could uh see the people correlation to our business uh which I've always 12:45 12 minutes, 45 seconds maintained even in my past interactions is that uh there is a correlation to people uh you know and people costs are 12:52 12 minutes, 52 seconds upfront loaded right in the business and they start turning positive and then we need to and typically this gestation period is between anywhere between 6 to 13:01 13 minutes, 1 second 12 months know once people come on board uh you know or you rather okay you put it 9 to 12 months to uh just to be a 13:09 13 minutes, 9 seconds little bit more specific and uh and they start delivering uh returns so we expect a turnaround of this business uh during 13:18 13 minutes, 18 seconds this financial year okay okay what is the what is the effort 13:24 13 minutes, 24 seconds towards that uh I'm presuming that from a scr from scratch uh what is the number of new logos that you would have added 13:32 13 minutes, 32 seconds over here? Um any other information regarding uh the uh the acceptance of James Douglas among corporates? Can you 13:40 13 minutes, 40 seconds give us some insight on it to for us to get some confidence in terms of the uh the growth that you're advising? 13:47 13 minutes, 47 seconds You know the the acceptance has been very good to say. So I cannot go into specifics of number of logos added but 13:54 13 minutes, 54 seconds over the year we have actually EMA partners has worked with over 100 clients during the year 14:01 14 minutes, 1 second 160 to be specific. So we have an existing network of relationships plus the team has also come in with network 14:10 14 minutes, 10 seconds of relationships and we've already added significant book of business on which the team is currently working on. So we 14:17 14 minutes, 17 seconds are pretty positive in terms of the outcomes during the financial year. 14:22 14 minutes, 22 seconds Okay. Sure. Just one on EMA partners the mature business. Uh I see that from FI 24 to 26 uh I see that the AITA would 14:32 14 minutes, 32 seconds have grown from about 16 17 crores to about 25 crores now uh which reflects 14:38 14 minutes, 38 seconds about 23 24% kagger. uh you think that is sustainable uh or an improvement over there or you may see some matured uh 14:48 14 minutes, 48 seconds reaction in the next year how would you think about that growth I think we we we are also looking to add capacity on the search side but I think 14:56 14 minutes, 56 seconds these margins as we add people we think we still will be able to maintain uh 15:02 15 minutes, 2 seconds near about 24 25% what we see this year okay and on top of that In 15:11 15 minutes, 11 seconds fact, you answered your own question because over 3 years you've seen uh you know margin accurative uh performance 15:18 15 minutes, 18 seconds for the core business and uh so we expect as we scale we expect the margins to remain steady there at our business. 15:29 15 minutes, 29 seconds Got it. Uh the last question would be uh on the you know while it's a hardening move to see the buyback uh the quantum 15:38 15 minutes, 38 seconds seems still slow in the low in the context of the total volume value that you hold as cash and bank balance. Um 15:47 15 minutes, 47 seconds what is the idea of uh of keeping the surplus cash? Is there any other thing that you have in mind? 15:53 15 minutes, 53 seconds So see as we said in the in in our past interactions uh so you know we are evaluating potential acquisition 16:01 16 minutes, 1 second opportunities. So at the same time the buyback was also uh know you know 16:08 16 minutes, 8 seconds intended to sort of as a uh no okay we also want to note that the promoters are not participating in the buyback. I just 16:15 16 minutes, 15 seconds want to make it very clear and secondly we also felt in a way to uh you know there is a small token of a repreation 16:24 16 minutes, 24 seconds for our shareholders and also we also see that under the prevailing tax regime shareback is more efficient for 16:30 16 minutes, 30 seconds shareholders you know so these are the considerations which we went in so we looked at a site uh which will still 16:39 16 minutes, 39 seconds enable us to still go ahead with our plans on potential acquisition opportunities Please would you like to elaborate what what 16:47 16 minutes, 47 seconds are those potential opportunities? Are they as big as uh you know placing about 15 20 crores of cash towards that? 16:55 16 minutes, 55 seconds No, you've seen the cash in our balance sheet. So I don't want to get into specifics on what we're going to deploy. 17:01 17 minutes, 1 second We are tracking two or three potential acquisition opportunities. So we'll be very very pleased to update you at an 17:08 17 minutes, 8 seconds appropriate time and uh we should be uh in touch with uh you shortly. 17:15 17 minutes, 15 seconds Sure. Thank you so much. I'll get back in. Thank you so much. 17:20 17 minutes, 20 seconds The next question comes from the line of Kesha G from Counter Silicon PMS. Please go ahead. 17:27 17 minutes, 27 seconds So uh so Mr. Sudashan taking from the previous speaker's uh comments on the 17:33 17 minutes, 33 seconds buyback I think uh in 2024 the promoter sold something like 8 lakh shares at 124 17:42 17 minutes, 42 seconds rupees an offer for sale and realized around 10 rupees and now uh with the 17:49 17 minutes, 49 seconds company having net cash of 107 cr out of it 7 cr is being used for share buyback. 17:56 17 minutes, 56 seconds So basically the promoter shareholding is not even going back to 75%. So actually it is uh I mean even after 18:05 18 minutes, 5 seconds selling at 124 the I mean if if the promoters are not willing to take their 18:11 18 minutes, 11 seconds shareholding 275 at 100 rupees a share despite having the cash. So actually it 18:19 18 minutes, 19 seconds creates doubt in the mind of the shareholder that actually how much value is there in the company. I mean there is another way to look at it. Our market 18:26 18 minutes, 26 seconds cap is 200 crores. 100 cr is the net cash. So 100 cr is the enterprise value and last year 25 cr was the aida minus 18:35 18 minutes, 35 seconds the new business expenses. So that means that four times aa also uh the it it doesn't seem the promoters 18:44 18 minutes, 44 seconds are too enthusiastic about doing a large share buyback. So in and now you want to use that money to to do a acquisition. 18:54 18 minutes, 54 seconds So realistically can you acquire a company at four times a beta at which our company is trading in the market? 19:03 19 minutes, 3 seconds There is always a trade-off in an acquisition. But to answer your first question, why are we uh you know I said 19:11 19 minutes, 11 seconds our acquis plans to acquire a business uh you know we continue to pursue uh our 19:18 19 minutes, 18 seconds know potential opportunities there. So the pricing is a matter of value discovery. So we will uh see how it sits 19:26 19 minutes, 26 seconds because it's also we also believe number of times our share what we are traded today is a function of the market. We uh 19:34 19 minutes, 34 seconds we are super what should I say we are very confident about the intrinsic value of our business and and uh so there are 19:41 19 minutes, 41 seconds there is no question about uh know any doubt on that front. So to go back to your question so we are also that is 19:48 19 minutes, 48 seconds also the reason why we are also conserving cash to look at the right opportunity so that we are not uh stuck on that front as as we uh go forward. 20:00 20 minutes Now Mr. S I'm new to the company so I'm just prime of face looking at the numbers it seems okay you answered that 20:07 20 minutes, 7 seconds around 11 K uh we spent on the new business so that is why probably our AIA is at the same level at at which it was 20:16 20 minutes, 16 seconds four years back so now this 11 cr that we spent can you just elaborate on which part of the business did we spend this 20:25 20 minutes, 25 seconds uh is it on the our cloud uh business. 20:31 20 minutes, 31 seconds No, I I'll explain. We actually spent bulk of it. We ramped up the professional search, the James Douglas business both in the Middle East and 20:39 20 minutes, 39 seconds India and then uh the bulk of the uh spend went towards the uh these businesses 20:47 20 minutes, 47 seconds and uh we have said roughly about 30 people between these businesses between Dubai and India. 20:54 20 minutes, 54 seconds And by when do you foresee this uh new business to break even? 20:59 20 minutes, 59 seconds So we are looking at this financial year uh these businesses will uh be a beta positive. 21:05 21 minutes, 5 seconds Okay. And what is the organic growth in the rest of the business that we are expecting? 21:13 21 minutes, 13 seconds We delivered about 18% uh the the 18 to 20% this year we delivered 21:20 21 minutes, 20 seconds on the core uh business in terms of topline growth. We continue to maintain that we should be able to deliver uh uh 21:28 21 minutes, 28 seconds a growth which is consistent you know over the 3 years we have maintain that 18 to 20% growth in the core business 21:35 21 minutes, 35 seconds and and what about the operating margins I mean uh I consider 25 cr aa this year 21:43 21 minutes, 43 seconds minus the new business expense so it's almost 29% a bit margin so now that this 21:50 21 minutes, 50 seconds year the uh new business is expected to break even. So can we expect on a overall basis to clock somewhere in that kind of range a bit margin? 22:02 22 minutes, 2 seconds We said that in a long term on in the long term our business will deliver 25% pat margin is what been our consistent 22:10 22 minutes, 10 seconds position over the years on a steady state basis but at the same time has also appreciate the fact that we are also constantly in investing in new 22:19 22 minutes, 19 seconds businesses and new resources. So we maintain that this is still we are in the investment phase as far as our 22:26 22 minutes, 26 seconds company is concerned and uh the last one year we have actually been successful to that extent. We have added these two new 22:34 22 minutes, 34 seconds businesses both in the Middle East as well as India and ramped up the team to 30 fresh uh resources. So we we'll 22:42 22 minutes, 42 seconds maintain that but in a steady state basis I think uh to your question we should be able to maintain pat margins of consistently about 25%. 22:50 22 minutes, 50 seconds Okay. Now uh Mrs. Sashan if you could explain that I mean it seems that there is a lot of volatility in the business. 22:58 22 minutes, 58 seconds Now if you look at our standalone business then last year the revenue was 11 cr and uh there was a marginal AITA 23:07 23 minutes, 7 seconds loss and in F26 suddenly revenue went up four times and then AITA from 36 lakh loss went to 9 cr. This is I'm talking 23:16 23 minutes, 16 seconds about purely standalone. So how come there is so much volatility in the business? 23:23 23 minutes, 23 seconds See in executive search we are the in our structure there are two businesses which does executive search in India. So 23:30 23 minutes, 30 seconds we are rationalizing the uh structure uh going forward. Okay. So you will see more little bit of a consolidated 23:38 23 minutes, 38 seconds picture going forward uh as far as the search business is concerned and we are also investing in two subsidiaries which 23:45 23 minutes, 45 seconds is the Middle East subsidiary in James Douglas as well as a subsidiary in India on the James Douglas business 23:54 23 minutes, 54 seconds also our receivables almost doubled uh last year from 13 K to 25 K. So I mean 24:03 24 minutes, 3 seconds even though the topline growth was like uh in less than 20%. So what's the reason for this? 24:11 24 minutes, 11 seconds See you see you can see an uptick in the last quarter revenue right. So these are that's more like a recency effect and 24:19 24 minutes, 19 seconds and uh so that's about it. In fact this is these are balances as of 31st of March and today as on 25th of April I 24:27 24 minutes, 27 seconds think already a sub substantial part of that has been realized. So there is no concern as far as the retrievals is concerned on our 24:35 24 minutes, 35 seconds uh so Mr. Sin how many employees do we have across the organization on a consolidated basis? 24:42 24 minutes, 42 seconds We have about 107 employees across uh three geographies as on uh 31st March. 24:52 24 minutes, 52 seconds So last year also it was 107 employees only on a consolidated basis upper 25. 24:58 24 minutes, 58 seconds So then again uh where did we exactly incur that additional 11? 25:05 25 minutes, 5 seconds Yes there was a people there was a rationalization across the platform business my artcloud business which led to also a increase in revenues and a 25:13 25 minutes, 13 seconds financial turnaround of that business and some of the headcount got added in the James Douglas business. So it's just that uh that shift happened in terms of the mix. 25:26 25 minutes, 26 seconds Okay. But the overall number remains the same though the uh the mix might have changed in the employment of the subsidiaries. 25:35 25 minutes, 35 seconds That's right. 25:36 25 minutes, 36 seconds Okay. Understood. And uh Mr. Singh what kind of typically uh salary hike uh are we looking at and when large did we take 25:45 25 minutes, 45 seconds that salary hike in the organization or we need to take it going forward. 25:51 25 minutes, 51 seconds So the typical I mean the this is the year uh the end of the financial year has been like any other organization we look at salary increases. So this 25:59 25 minutes, 59 seconds typically anywhere it'll range from 8 to 10 8 to 12% depending on the performance of the individual. 26:07 26 minutes, 7 seconds So can we expect the total salary bill of like 54 cr on consolid basis last year can uh should one expect this to 26:16 26 minutes, 16 seconds increase by around 10% yearon year every year? 26:21 26 minutes, 21 seconds Yeah, you can you I think that's a fair assumption to make. Yes. But other same time salaries are also a function of 26:28 26 minutes, 28 seconds performance. The overall compensation is a function of performance in the in revenue generating roles. So to that 26:35 26 minutes, 35 seconds extent any increase in salary will also mean there will be a proportionate increase in revenues. 26:43 26 minutes, 43 seconds Right? No, but last year somehow even with the employee base remaining the flat but the re the salary expense went 26:51 26 minutes, 51 seconds up by 20% uh on a Yon basis. So what was the I mean did we take that steep a salary hike? 27:04 27 minutes, 4 seconds Can I just repeat the question? 27:06 27 minutes, 6 seconds last year effort 26 on consolidated basis our total salary expense went up 27:12 27 minutes, 12 seconds by 20% year on year so what and yeah yeah I got you so the earlier uh 27:20 27 minutes, 20 seconds when I spoke I said we we actually spend close to uh 11 crores in new hiring which is 27:28 27 minutes, 28 seconds basically all frontloaded on people cost on teams and capabilities so that is where the increase 27:37 27 minutes, 37 seconds Okay. Despite the total employee strength in the organization remaining flat. 27:42 27 minutes, 42 seconds Yeah. Remaining flat because this is people with different skill sets, client facing skill sets what we added uh especially in a James Douglas business. 27:51 27 minutes, 51 seconds Okay. Now Mr. last last year for 25 our legal and professional fee was 5.76 27:58 27 minutes, 58 seconds crores on 74 cr revenue. So it was like almost 8% of our top line. we were spending on legal and professional fees. 28:06 28 minutes, 6 seconds So can you shed some light on what exactly is this uh uh expense item and going forward what kind of expense are 28:14 28 minutes, 14 seconds we looking at incurring just give me a second let me just look 28:21 28 minutes, 21 seconds at the numbers just uh see these are typically uh it's not 28:30 28 minutes, 30 seconds legal fees we not uh there isn't too much litigation so just to clarify these are legal and when We say this is all clubbed under one. We use lot of 28:38 28 minutes, 38 seconds business tools, right? So this could be subscriptions to some databases and so on and so forth. So that's why that is the that's the cost of doing business. 28:47 28 minutes, 47 seconds Okay. 28:47 28 minutes, 47 seconds Understood. Understood. Now Mr. Sarishan uh our subsidiaries also seem to be very volatile. the Singapore subsidiary uh or 28:56 28 minutes, 56 seconds the Singapore business uh it the the revenue decreased from 3.7 cr in F24 to 29:03 29 minutes, 3 seconds 1.76 cr in F25 and the AITA declined from 2.6 cr to 9 lakhs. So I'm not able to understand why there should be so much of volatility. 29:14 29 minutes, 14 seconds I will explain. So we we we have actually undertaken a restructuring of the Singapore subsidiary. We have added uh in fact if you'll uh see last year in 29:23 29 minutes, 23 seconds fact just about in uh early this January or February of this year we brought in a new managing partner for our Singapore 29:32 29 minutes, 32 seconds business. So we are on the path to bring in uh fresh legs to our Singapore business and uh you will see a 29:39 29 minutes, 39 seconds substantial uh improvement in the overall uh uh you know the health of the Singapore business and then we also look 29:47 29 minutes, 47 seconds to build that business into a steady state uh revenue and uh profit generating engine for us going forward. 29:55 29 minutes, 55 seconds So what was the revenue Singapore uh subsidiary of Singapore business in F26 and what was the AITA roughly? 30:06 30 minutes, 6 seconds One second just let me just look at the specific numbers. Yeah, just give me a sec 30:22 30 minutes, 22 seconds this year. This year we generated about roughly approx about about 3 three and a half crores of revenue and uh the bitter 30:28 30 minutes, 28 seconds was about uh yeahak it is it is actually we had just 30:38 30 minutes, 38 seconds a loss of about 10 lakhs or so in this okay so there's a loss of that and similarly now Mr. K in Dubai subsidiary 30:46 30 minutes, 46 seconds though the revenues increased from 7.5 17.5 cr to 20.26 26 cr in F25 yearon 30:53 30 minutes, 53 seconds year but the AITA shrunk from 6.64 cr to 4.26 26 cr in F25 Y and Y or in other 31:00 31 minutes words the AITA margin shrunk from 38 to 21% in F25. So again what was the reason for this? 31:10 31 minutes, 10 seconds In Dubai we have a two-tier structure. 31:14 31 minutes, 14 seconds So we have a step down subsidiary which is the James Douglas professional business the mid to senior business which we ramped up this year. So on a 31:22 31 minutes, 22 seconds consolidated basis uh there was an impact on IITA in Dubai. 31:27 31 minutes, 27 seconds So for F26 what was the revenue in a bit in Dubai? 31:33 31 minutes, 33 seconds FY26 the the revenue was this is the core uh business or the total revenue right 31:41 31 minutes, 41 seconds executive total is about 24 cr 23 and a half 24 cr and a bit 31:54 31 minutes, 54 seconds just give me a second now just give a rough 32:09 32 minutes, 9 seconds the was about uh about 8 and a half crores or so. Okay. 32:16 32 minutes, 16 seconds So now going forward Mr. Sin should this volatility subside in our uh Dubai subsidiary the Singapore business and 32:23 32 minutes, 23 seconds even the domestic business. Yeah, that's the see once the James Douglas businesses the new businesses stabilize 32:30 32 minutes, 30 seconds and and uh once they start generating a steady pool of cash and profit and and so with uh this Singapore restructuring 32:38 32 minutes, 38 seconds and addition of new resources happen in Singapore, you will see you'll start seeing steady state uh uh revenues 32:46 32 minutes, 46 seconds coming through and uh also PAT will also stabilize the percentages will start stabilizing. 32:51 32 minutes, 51 seconds Now Mr. So uh for the domestic business if you could give us some idea about the how many placements did we do and uh at 33:01 33 minutes, 1 second CXO level and what was the average uh basically uh average fee that uh we got 33:09 33 minutes, 9 seconds we don't report average fee metrics uh so all I can tell you that 44 people in 33:17 33 minutes, 17 seconds the search business delivered our top line in uh the core business. Uh so you 33:24 33 minutes, 24 seconds can actually uh take a uh view on the uh average uh ticket size coming out per 33:31 33 minutes, 31 seconds person. So we look at it I I'll tell you because we actually stopped reporting we not reporting average ticket size there 33:38 33 minutes, 38 seconds but you can uh it's let me just tell you on a we had a headcount of about 44 people in the core 33:47 33 minutes, 47 seconds business. uh but uh but we are given that the proprietary nature of this information we are not actually taking 33:54 33 minutes, 54 seconds this out information actually okay so I mean okay forget about the numbers but I mean the what was the 34:01 34 minutes, 1 second volume growth let's put it that way in percentage terms year on year no see our success comes in in increasing the ticket size it's about 34:10 34 minutes, 10 seconds executive search is not about all the time increasing the number of jobs we do it's also it's also the combination of 34:17 34 minutes, 17 seconds increasing the ticket price as well as in increasing the number of jobs we close. So uh we can safely assume that 34:24 34 minutes, 24 seconds this year was also a year that we actually there was a significant increase in our ticket size during the financial year which led to robust margins in the business actually. 34:35 34 minutes, 35 seconds Okay. Now Mr. Sin the 18% kind of revenue CAR that we are looking at going forward. So out of which how much would 34:44 34 minutes, 44 seconds be volume growth and how much would be the realization growth on an average. 34:52 34 minutes, 52 seconds So when you okay as in the ticket size versus volume that's right 34:59 34 minutes, 59 seconds yeah see I think you will see more uh realization growth as you go forward 35:06 35 minutes, 6 seconds okay the big factor there is CXO compensation and as CXO compensation also goes up you 35:14 35 minutes, 14 seconds will see that there is a realization growth also will uh it will start impacting on a positive uh 35:23 35 minutes, 23 seconds Um, now Mr. Swarm, how much is the IT sector contributing to our business? I think it was mentioned in last year's annual report that the business shrunk, 35:31 35 minutes, 31 seconds the technology business shrunk 30% yearonear because of I'm assuming the IT sector headwinds. Uh, if you could just 35:39 35 minutes, 39 seconds give us some clarity on that. See we we we are actually uh at the point at this point we are not uh reporting 35:47 35 minutes, 47 seconds sector-wise revenues more because of largely because of the proprietary nature of the information but uh we also detailed out our leadership teams and so 35:56 35 minutes, 56 seconds on in our investor decks. So you will also see that where you know uh in fact all our sectors have been equally 36:03 36 minutes, 3 seconds represented and it's fair to assume that I mean if if you look at on an overall basis uh you know we we are present in 36:10 36 minutes, 10 seconds every core sector of the economy you know be it uh IT to industrial manufacturing to financial services or 36:18 36 minutes, 18 seconds life sciences and so on. So we are there in every core sector we have representation as a firm. 36:24 36 minutes, 24 seconds Okay. Uh now uh now Mr. Swashin if you could just broadly give us some idea that how much does the executive segment 36:33 36 minutes, 33 seconds professional and general recruitment each of these three segments how much do they contribute to our revenue? 36:41 36 minutes, 41 seconds We've we've said this we the the executive search is what we call it the core business. It's close to about 90% of our uh 90% of our business and the 36:51 36 minutes, 51 seconds rest are all new businesses at this point in time and we expect this mix to uh change as the other businesses grow. 37:00 37 minutes Okay. Now uh to sum it up Mr. Rashan. Uh if if you could just uh firstly uh am I 37:08 37 minutes, 8 seconds correct in uh in basically surmising that we should close FY27 with somewhere around 100 K topline with 25 cride. 37:24 37 minutes, 24 seconds No, but uh on a on a lighter note I said but uh look I I don't want to give any forward-looking statement on this call. 37:32 37 minutes, 32 seconds Uh but you should I think in a sense we have shown consistent topline growth over the last 3 years and uh you know I 37:40 37 minutes, 40 seconds would uh our aim is to maintain uh you know and then this is I'm all talking on an organic basis. So we you can expect 37:48 37 minutes, 48 seconds that uh a similar growth subject to of course I mean there's always this market conditions and so on and so forth. And 37:56 37 minutes, 56 seconds so lastly is for a layman investor if you could just uh explain us in simple language what exactly does this my 38:04 38 minutes, 4 seconds rcloud does what exactly and there is some intangible asset also which has come on the balance sheet this year. Uh 38:11 38 minutes, 11 seconds if you could explain that as well. See my cloud is a platform based business. 38:16 38 minutes, 16 seconds So there is a recruitment platform. We are looking to build the the uh entry to 38:24 38 minutes, 24 seconds mid-level hiring business through uh a network of freelance recruiters. So we built a platform through which the 38:33 38 minutes, 33 seconds entire uh service is fulfilled. So that is the my cloud business. So it is a potentially scalable business uh where 38:42 38 minutes, 42 seconds through technology. So that is the uh core. So we've actually explained this in the investor deck as well. There is a separate slide which is which talks about the business. 38:53 38 minutes, 53 seconds Yes, I'm looking at slide number 20 slide number 12 but basically if you could explain how does it exactly work? 39:01 39 minutes, 1 second Let's say I am looking for a analyst. 39:03 39 minutes, 3 seconds So I I understood I understood your question. So, so we have a platform. If you are a company, say you want to 39:10 39 minutes, 10 seconds recruit say 100 people, you we give you access to the platform. You open the jobs on the platform. So, we have recruiters on the platform who will pick 39:19 39 minutes, 19 seconds up the jobs, who will do the fulfillment, that means the sourcing of candidates and so on. And they will upload the profile to the platform. And 39:27 39 minutes, 27 seconds we have a quality control organization a small uh the machine based and the artificial intelligence based QC layer which will determine the fit of a 39:35 39 minutes, 35 seconds potential candidate and then they will process it for onward processing with the uh client who has opened the uh 39:43 39 minutes, 43 seconds requisition for jobs. So that is how it works. So as we go forward we want to make it less people intensive and more technology intensive as we go forward. 39:52 39 minutes, 52 seconds But you should also understand that requires significant investments. So we are still on a wait and watch mode on uh 39:59 39 minutes, 59 seconds when and how to scale the business further. 40:03 40 minutes, 3 seconds So so Mr. Sin how will the people how will the recruiters know about my 40:11 40 minutes, 11 seconds platform exists my cloud has a business development team like any other business. So they will 40:19 40 minutes, 19 seconds also be in touch with clients and uh see we we are all in the client service business right. So when we are recruiting CXOs the those same companies 40:28 40 minutes, 28 seconds also have uh they also hire at the other levels in the organization. So that's how my art cloud will also sec uh source it clients. 40:37 40 minutes, 37 seconds Understood. So thanks a lot for uh answering my questions in great detail and best of luck to you and uh many thanks for the share Bab. Thank you so much. 40:48 40 minutes, 48 seconds Thank you. A reminder to all participants you may press star one to ask a question. 40:55 40 minutes, 55 seconds The next question comes from the line of Deepak Podar from Safaya Capital. Please go ahead. 41:07 41 minutes, 7 seconds Hello. Please go ahead with now you are. Please go ahead. 41:10 41 minutes, 10 seconds Yeah. So just a a few clarification first up out of 87 crores that we did um around 82 crores is from our mature 41:18 41 minutes, 18 seconds business and 5 kores is from our uh new business. Would that be right? 41:24 41 minutes, 24 seconds Yeah, it is roughly the same. Yeah, that's and a beta would be 25 crores 20 25 and a half crores from the mature and minus 41:31 41 minutes, 31 seconds 11 from uh the new new business and 22 crores p from existing and then minus 99 from new. 41:39 41 minutes, 39 seconds Correct. We have detailed that actually in in our presentation. 41:43 41 minutes, 43 seconds That that's great. And um so now you mentioned our core business can grow at about 18 to 20%. Right. So, so ideally 41:50 41 minutes, 50 seconds the margins that you expect there would be what? 24 25% EITA margin or 24 25% pat margin. 41:59 41 minutes, 59 seconds 24 25% uh EITA margin in the longer term. Yes. Uh that that's in our core. 42:05 42 minutes, 5 seconds Yeah. Because I'll tell you because we will also we are also looking to continuously add uh more uh people there 42:12 42 minutes, 12 seconds on the core business as well. So uh you know but you we expect to uh uh have a stable 24 25% debit in there in that business. 42:22 42 minutes, 22 seconds But you did mention that long-term we aspire to have 24 25% pack longterm that is on a steady state business. So which I'm saying in a in 42:29 42 minutes, 29 seconds the next 3 years if I continue to say add people in that business as well and that's how our growth will come through 42:36 42 minutes, 36 seconds more coverage. uh you will uh know and there is a continuous process of investment in new resources and and as 42:43 42 minutes, 43 seconds it stands everything has to go through the P&L right so the all fresh investments in people it's not I can't amortize it over 3 years 5 years and so 42:52 42 minutes, 52 seconds on as it's not a capex it's a people investment salaries so they go flow through the P&L on the same year and and uh so that's where I said on a steady 43:00 43 minutes state business you will start seeing the and as we scale you will start seeing margin start stabilizing and we should 43:07 43 minutes, 7 seconds be able to deliver 25% fat. Uh but that will be over time. 43:12 43 minutes, 12 seconds Okay. And and how about new business? I mean this 5 crores how how how would be the growth trajectory? I mean this 5 crores can reach what level? FI27. 43:22 43 minutes, 22 seconds It's a large market. We are addressing the mid to senior level hiring business you know as per uh the uh uh research or 43:31 43 minutes, 31 seconds in fact it has been detailed out in great detail in uh ken research that done that the tan uh in 202930 43:38 43 minutes, 38 seconds is actually roughly about 10 and a half thousand crores so and then largely that is dominated by mom and pop shops 43:48 43 minutes, 48 seconds yeah so uh and then we are looking at that market as once we scale that business that potent that business has a 43:55 43 minutes, 55 seconds potential to uh I'm not putting a number today but uh I'm just giving you the total size of the market which you're looking to address which is the metro 44:04 44 minutes, 4 seconds seniors level uh segment which is significant and and today the the opportunity is that that is also has 44:11 44 minutes, 11 seconds either you have regional players or uh you have one or two national players and and uh we will be the first ones or the 44:19 44 minutes, 19 seconds you know uh few institutions players in that segment. So we come with that uh ability to invest in people, resources, 44:28 44 minutes, 28 seconds training, uh technology or IT systems and so on and so forth. So so we expect to rapidly scale that business. 44:36 44 minutes, 36 seconds No. Okay. And then the TAM you mentioned is around 10,000 crores of this 10 and a half thousand cr by 2930. We've detailed this in our uh Ken research had 44:44 44 minutes, 44 seconds done that actually in our prospects it's actually there that reported there. 44:49 44 minutes, 49 seconds Okay. and and and and this five crores I mean we are at least targeting doubling it in this year I mean some ballpark I mean what what shall 44:57 44 minutes, 57 seconds I don't want to be I you know I'm not confirming your assumption but look uh I think our intention is to uh deliver on 45:04 45 minutes, 4 seconds numbers there and and be pat this year on that business to be what pat positive 45:12 45 minutes, 12 seconds okay so so we do expect for fi 27 the new business can be both a beta positive positive and pat positive right absolutely Yes. Okay. Okay. Understood. 45:21 45 minutes, 21 seconds And my another question I think we have got 100 crores plus of cash, right? Then why it's not showing up in other income? 45:27 45 minutes, 27 seconds I mean why other income is so less the the the second half? 45:33 45 minutes, 33 seconds Second of the BDC some of these uh in cash has been passed in uh mutual funds 45:40 45 minutes, 40 seconds and public market uh instruments. So is obviously the given the way the market has operated uh so there has been an 45:49 45 minutes, 49 seconds erosion and other income but these are largely MTM uh MTN losses so it's not that it's 45:56 45 minutes, 56 seconds money down the drain or anything I got it I got it um I understood I I think that that would be from my side 46:03 46 minutes, 3 seconds would like to wish you all the best yeah thank you thank you so much thank you the next question comes from the line of Kamill Bisarani from you first hospital. Please go ahead. 46:14 46 minutes, 14 seconds Yeah. Hi. Uh thank you for taking my question. Uh I want to know how has the impact been uh or to the Dubai uh market 46:23 46 minutes, 23 seconds uh uh after this war has erupted. What is the impact you are seeing there? Uh 46:30 46 minutes, 30 seconds the growth is uh h business happening have you or is thereact Dubai impact? Okay. So there is it's 46:38 46 minutes, 38 seconds this Dubai impact is actually just not restricted to Dubai. There is a global impact of Dubai. Right? I think uh we in 46:46 46 minutes, 46 seconds fact we've gone on record if the war persists then uh it's it's just not to our business but there is going to be 46:53 46 minutes, 53 seconds secular impact across the spectrum and as far as we are concerned the the uh war actually broke out some somewhere on 47:02 47 minutes, 2 seconds the 28th of Feb if I'm not wrong. So this obviously led to little bit of uh pressure on our uh business in the in 47:11 47 minutes, 11 seconds March especially our professional business where uh you know the the mid to senior level business where in fact candidates had to travel and for 47:19 47 minutes, 19 seconds interviews and so on. So there's there has uh been an impact but uh uh we will 47:26 47 minutes, 26 seconds see but now as we speak uh Dubai is stabilizing uh but again things are not 47:32 47 minutes, 32 seconds fully 100% uh normal as we speak. So I mean we we so things are of course there 47:39 47 minutes, 39 seconds we always focus on things which we can control and then that's what we are focused on right now. Got it. Thank you so much. 47:47 47 minutes, 47 seconds Yeah. 47:49 47 minutes, 49 seconds Thank you. A reminder to all participants, you may press star and one to ask a question. 48:02 48 minutes, 2 seconds Our next question comes from the line of Keshov G from counter PMS. Please go ahead. 48:09 48 minutes, 9 seconds So Mr. version. Uh what's the difference between my RC cloud and James Douglas? 48:16 48 minutes, 16 seconds Uh James Douglas uh I think there are two James Douglas entity subsidiaries. 48:23 48 minutes, 23 seconds So what exactly is the difference? I understand your question. So we uh when we initially look conceptualized James 48:32 48 minutes, 32 seconds Douglas we looked at uh a separate brand addressing the the uh entry to mid-level 48:39 48 minutes, 39 seconds segment. So during the year we rationalized on our approach to the market to ensure there is brand clarity. So our positioning is very clear now. 48:48 48 minutes, 48 seconds EMA partners focuses on senior level executive search which is uh board and CXOs and and James Douglas as a business 48:58 48 minutes, 58 seconds focuses on mid to senior level hiring and my artload focuses on entry to mid-level hiring. So that's the clear 49:06 49 minutes, 6 seconds distinction between our brands and then uh so that's how we have differentiated the market segment for each of our businesses. 49:15 49 minutes, 15 seconds So Mr. version when anyway 90% of our revenue is coming from the CXO basically 49:22 49 minutes, 22 seconds the executive search and we have only 2.6% 6% market share in India. So then 49:29 49 minutes, 29 seconds is it not better to focus on our strength and grow the highly profitable business that we have instead of getting 49:38 49 minutes, 38 seconds into the uh mid and lower level hiring in which anyway we have no prior uh 49:46 49 minutes, 46 seconds strengths and I mean uh you see despite your efforts I mean whether it will break even or not I mean business you 49:53 49 minutes, 53 seconds can never be sure of. So I mean is that risk really worth the effort and also the acquisitions you are planning to 50:00 50 minutes make are they in the mid and lowlevel uh search uh segment? 50:07 50 minutes, 7 seconds It's a good question. Uh see look we own client relationships at the top. So uh our confidence in building the other 50:15 50 minutes, 15 seconds parts of the business stems from the fact that since we have relationships at the top our ability to cross-ell is very 50:22 50 minutes, 22 seconds good and and uh so that also that gives us the confidence. Second, I spoke to about the total addressable market in the mid to senior level segment. And I'm 50:31 50 minutes, 31 seconds not denying that we are still focused on not to to uh to just get my point uh know we are still we are absolutely 50:39 50 minutes, 39 seconds focused on growing our executive search business and our uh there is no dilution of our efforts on that. But at the same 50:46 50 minutes, 46 seconds time given that we have such strong client relationships at the top we and also the market opportunity in the mid 50:54 50 minutes, 54 seconds to senior level segment we are really focused on looking at how we can capitalize on that opportunity and that's where James Douglas is part of 51:02 51 minutes, 2 seconds our plan and the third one said that is the volumedriven technologyled business so and then today there is so much 51:10 51 minutes, 10 seconds conversation on technology how we can we use technology to disrupt recruit computing and so on. So that is an area 51:17 51 minutes, 17 seconds where as a large company in this space it's also uh you know uh we we are 51:25 51 minutes, 25 seconds looking at uh opportunities in that segment how we could scale and potentially that scales and then we we do see that there is it will be 51:33 51 minutes, 33 seconds ultimately value accreditive to our entire platform that's how we are looking at it right so just one question sir how does 51:42 51 minutes, 42 seconds the uh economics or uh terms of trade uh differ for maybe EMA partners versus a 51:49 51 minutes, 49 seconds Michael Page versus a James Douglas on different levels, different competitors. 51:53 51 minutes, 53 seconds So how does this work? Like does better hit rate give us better 52:02 52 minutes, 2 seconds fees with the customer or how does this work? This would help us understand better fees and better realization for executive search because there is a 52:10 52 minutes, 10 seconds process is different but I will not get into terms of the trade on this call because that is again very client 52:17 52 minutes, 17 seconds specific but uh we said the top end of the business is pre-tained executive search business that means there are 52:24 52 minutes, 24 seconds periodic payments during the uh course of the engagement and and uh in the James Douglas business the model works 52:32 52 minutes, 32 seconds slightly differently uh but again largely that is also an exclusive arrangement with clients what we uh have 52:41 52 minutes, 41 seconds uh but the the terms of engagement may be slightly different to executive search. So each business has its own uh what should I say the nuances in terms 52:49 52 minutes, 49 seconds of terms of trade so so that I mean I presume that would broadly answer your question but I don't want to get into 52:57 52 minutes, 57 seconds specifics in terms of whether it is what is the free nature or quantum and so on. 53:03 53 minutes, 3 seconds Got it. I'm sure uh is the candidate vacancy similar for everyone like uh via 53:10 53 minutes, 10 seconds VMA partner maybe suppose SIS or blueprint someone also like Questco 53:18 53 minutes, 18 seconds would like to just go and pitch for that customer candidate. So is it same for everyone or once we get them a customer 53:25 53 minutes, 25 seconds is it only they stick to EMA partners finding them the right CXO and that is exclusive to us. Correct. 53:33 53 minutes, 33 seconds Correct. All engagements are exclusive to us. That's right. As EMA partners. 53:37 53 minutes, 37 seconds Okay. So, so if you could help us understand how would a customer addition strategy go going forward because we have hired uh uh like the recruitment 53:47 53 minutes, 47 seconds people on that side. So, do we also have people on the sales side where they will go and acquire these customers uh 53:54 53 minutes, 54 seconds highend higherend customer that pay us better fees than other segments? 54:01 54 minutes, 1 second No. No. See our our consultants are our sales people. We don't we don't call them sales uh as nomomenclatured as sales because this is not classical 54:10 54 minutes, 10 seconds selling. This is basically solutions uh selling right. So it is the approach is a bit different and and uh see we 54:18 54 minutes, 18 seconds have a 23 year track record in India in terms of what we have done the uh uh the kind of engagements we what sort of 54:27 54 minutes, 27 seconds clients we have worked with and so on and so forth. We have a very solid body of work. So the market recognizes our brand. So we are a very strong brand in 54:35 54 minutes, 35 seconds executive search. So and that's how our customers or our clients work with us and and uh uh so that's the uh so that's 54:44 54 minutes, 44 seconds the that's our sales strategy is basically about showcasing what sort of a track record we have in the uh industry. 54:53 54 minutes, 53 seconds Thank you ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to the management for their closing remarks. 55:04 55 minutes, 4 seconds So uh thank you all for participating in this earnings con call. I hope we were 55:11 55 minutes, 11 seconds able to answer your questions satisfactorily and at the same time offer insights into our business. If you have any further questions or would like 55:19 55 minutes, 19 seconds to know more about the company, please feel free to reach out to our investor relation managers at Valorm Advisors. 55:26 55 minutes, 26 seconds Thank you. 55:28 55 minutes, 28 seconds Thank you sir. Ladies and gentlemen, on behalf of EMA Partners India Limited, that concludes this conference call.