Fidel Softech Limited — Q4 FY26

Fidel Softech Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=lDEbXDKun0o Published: 2 weeks ago

0:01 1 second Good day and welcome to quarter 4 FI26 earnings call for Fidel Optek Limited. 0:06 6 seconds We appreciate your participation as we review the company's operational and financial performance for the quarter as well as our strategic outlook moving 0:15 15 seconds forward. Today's call aims to provide an update on the company's progress and address any questions from investors and stakeholders. Please note that this call 0:23 23 seconds is being recorded and some statements may be forward-looking based on the current assumptions. These statements are subject to risk, uncertaintities, 0:31 31 seconds and actual results may differ. The company does not commit to update forward-looking statements unless as required by law. We advise participants 0:39 39 seconds to consider these factors and refrain from relying solely on forward-looking information. Representing Fideloft Tech Limited. Today we have Mr. Sunil 0:48 48 seconds Kulkarnney, founder and managing director. I will now hand over the floor to the management team for their opening remarks. Following their address, we will open the floor for Q&A session. 0:57 57 seconds Thank you and over to you sir. 0:59 59 seconds Namaskar. Thanks a lot uh Gumika. Really appreciate. Uh good afternoon everyone and thanks for joining our Fidel's Q4 1:08 1 minute, 8 seconds and FY26 earnings call. It's a pleasure to connect with all of you and I sincerely appreciate your continued 1:15 1 minute, 15 seconds trust and support in our journey. Today I have with me uh in this room my colleagues Mandarin who's our CFO uh our 1:23 1 minute, 23 seconds adviser Anil Mr. Tanil Patwaran our finance controller uh Jant CS Sneha and 1:30 1 minute, 30 seconds our MD Prikurani I'll start with uh many of you already know about Fidel but I'll just start with a brief on that Fidel soft we are 1:39 1 minute, 39 seconds an IT solutions and services firm with the ability to deliver last mile in local languages our core lines of 1:48 1 minute, 48 seconds business are IT consulting services language localization services Japan India consulting services and a new unit 1:55 1 minute, 55 seconds that we have started which is high-tech solutions and services. Over last few years we have strengthened our portfolio 2:02 2 minutes, 2 seconds of services of solutions such as spogle.ai which is into data analytics, linguify language localization, fix testing and simulation. 2:13 2 minutes, 13 seconds We have also strengthened our services deliveries where we are known as a leading orc in language delivery and 2:20 2 minutes, 20 seconds complex language engineering solutions or bilingual managed infrastructure support services and recently around 2:28 2 minutes, 28 seconds Japan India consulting services. So over the years we have built these solutions and ser or honed our services. Over the 2:35 2 minutes, 35 seconds last four years, we have transformed Fidel from a 25 cr company into a 100 crore enterprise 2:44 2 minutes, 44 seconds from a 6 cr per quarter to now 36 crore approx per quarter. What is equally important is that this growth has not 2:52 2 minutes, 52 seconds been sporadic. It has been consistent, disciplined and sustained over 16 consecutive quarters of growth. Of 3:00 3 minutes course, while we work, it's God's grace and support. 3:04 3 minutes, 4 seconds Today we will now share our financial performance, key business developments and our cautious but optimistic outlook 3:10 3 minutes, 10 seconds for the future. I'll start with the Q4 results. Coming to Q4, this has been a 3:17 3 minutes, 17 seconds breakout quarter for Fidel. Revenue grew to 37.27 cr up 47% quarteron quarter and 155% yearonear. 3:28 3 minutes, 28 seconds On a year-on-year basis, we have moved from 14.6 cr to now 37.27. 27 cr and on 3:35 3 minutes, 35 seconds a quarter on quarter basis we moved from 25.29 cr to 37.27 crita 3:42 3 minutes, 42 seconds grew 23.18 cr uh 18% from 4.75 cr to 5.85 85 CR and PAT increased 32% Q on Q 3:52 3 minutes, 52 seconds from 4.5 CR to 5.37 CR. Let me share the full year performance for FY26. We 4:00 4 minutes reported a revenue of 102.35 CR a strong 85% year-on-year growth a bit of 19.29 CR up 52%. 4:13 4 minutes, 13 seconds Profit before tax of 18.31 CR up 46%. Profit after tax of 14.05C cringing 50%. 4:23 4 minutes, 23 seconds And EPS at 10.02 also up 47%. 4:27 4 minutes, 27 seconds This performance reflects not just scale but quality of earnings and operational discipline. This is our 16th quarter where we continue to better ourselves 4:36 4 minutes, 36 seconds from last quarter and from a year-on-year basis. While percentages are good when we look at absolute term 4:43 4 minutes, 43 seconds just 16 quarters back we were generating around 4C cr in yearly pat and now we are generating around 14 cr in yearly 4:50 4 minutes, 50 seconds pad. This allows us to invest more in different initiatives. 4:55 4 minutes, 55 seconds A key aspect to highlight is our balanced revenue mix. APAC brings in around around 55% US around 27% and EMIA 18%. 5:07 5 minutes, 7 seconds 70% of our revenues come from ID consulting services while 30% come from language localization business 5:16 5 minutes, 16 seconds over the period we when we look at our revenue breakup and the margins 57% uh 53% of the revenue that comes from 5:23 5 minutes, 23 seconds especially from the US and Japan where we are currently in a scaleup phase is around singledigit margins while the 5:30 5 minutes, 30 seconds remaining 47% delivers strong doubledigit margins forming our profitability backbone. This positions 5:38 5 minutes, 38 seconds us well for future margin expansion as our uh international business will mature. We are seeing high growth with 5:46 5 minutes, 46 seconds controlled margin moderation which we believe is our current focus and also a healthy sign in a scaling up business. I 5:54 5 minutes, 54 seconds also would like to touch upon our cash flow and financial discipline. Our growth is backed by strong financial discipline. We continue to maintain a 6:03 6 minutes, 3 seconds healthy cash flow position ensuring adequate liquidity for operations, capacity to invest in growth 6:10 6 minutes, 10 seconds opportunities and stability in uncertain macro conditions. Our cash reserves have gone up to 32.5 cr from the opening 6:19 6 minutes, 19 seconds position of rupees 30 cr increasing the same up by around approx 2 cr after 6:26 6 minutes, 26 seconds utilization of almost rupee uh 6 cr towards payout from our internal acrals for the deals. So around total of 8 cr 6:34 6 minutes, 34 seconds of positive cash was generated this year. We have also taken a measured and strategic approach to capital 6:41 6 minutes, 41 seconds allocation. Debt has been used only as a growth enabler primarily especially for acquisitions. Our borrowings are low 6:49 6 minutes, 49 seconds cost around 2 to 3.5% JPY loans long 10ear 5 to 8 years and naturally hedged through our Japan revenues. Importantly 6:58 6 minutes, 58 seconds we have achieved this growth without equity dilution ensuring value creation for our existing shareholders. 7:06 7 minutes, 6 seconds We al also remain committed to our shareholders. We have maintained a consistent dividend payout since 7:13 7 minutes, 13 seconds listing. A dividend for FY26 has been recommended by the board subject to shareholder approval at the AGM. While 7:21 7 minutes, 21 seconds we continue to give this dividend, we also see that we are deploying the remaining into R&D and uh new business 7:29 7 minutes, 29 seconds initiatives. This also reflects our confidence in cash flows and long-term sustainability. 7:35 7 minutes, 35 seconds As we scale, we are equally focused on strengthening business controls and governance frameworks, investing in 7:42 7 minutes, 42 seconds talent, advisory for some key areas, delivery capabilities and systems, ensuring scalable and sustainable 7:50 7 minutes, 50 seconds growth. Our approach is simple. Grow fast but grow responsibly. While every time we are growing, we also try to 7:57 7 minutes, 57 seconds ensure that we are at least sustaining the basic current levels. 8:02 8 minutes, 2 seconds This year we saw some good opportunities. We saw increased demand from our own existing customers in Japan and US as they now know that we have an 8:11 8 minutes, 11 seconds on-site facility to deliver as well. We saw some traction in IT services as well as language localization services. We 8:19 8 minutes, 19 seconds had acquisitions in Japan and US. We delivered the railway localization project, some anime related project 8:27 8 minutes, 27 seconds where the Japan teams were equally uh surprised with the quality and the overall delivery. 8:35 8 minutes, 35 seconds Earlier the anime project was delivered from offshore but in Q3 and Q4 the client preferred an on-site Japan based 8:43 8 minutes, 43 seconds engagement. We also delivered some integration projects for a global solution firm for uh and implemented 8:50 8 minutes, 50 seconds their solution for a leading e-commerce firm in India. We also landed with a 100 million JPY managed services business in 8:58 8 minutes, 58 seconds Japan where the full effect will be seen in the next fiscal year. For this RFP, we were pitted against top tier system 9:05 9 minutes, 5 seconds integrator firms. We also delivered fixed connectivity. Fix is a kind of protocol in capital markets. Fixed connectivity and testing related 9:14 9 minutes, 14 seconds training and services to Baku which is an Azerban exchange and we got some good appreciation from their team. We also 9:22 9 minutes, 22 seconds developed some AI productivity tools and new version of our fixed connectiv uh testing solution which we are now taking 9:30 9 minutes, 30 seconds to the clients. We see this as our IP based on our current uh momentum and pipeline visibility. We have planned up an internal slogan of 5x in 5 years. 9:43 9 minutes, 43 seconds When we when we started around four years back, we had uh coined this slogan for ourselves 5x in 5 years and almost 9:50 9 minutes, 50 seconds we have done 4x in now four years. Now again as a season two we have started uh we are saying again 5x in five years while targeting doubledigit pat margins. 10:01 10 minutes, 1 second Uh while 5x 5 years is a long kind of a duration our midterm vision is achieve 300 cr in 3 to three and a half years. 10:11 10 minutes, 11 seconds The margins are expected to improve steadily with scale and operating leverage. We are also seeing some 10:18 10 minutes, 18 seconds midsize deals where uh like recently we tied up with a leading OTT player in India and providing multi- lingual 10:26 10 minutes, 26 seconds localization services to them around subtitling. This includes automating using AI as well as developing some 10:34 10 minutes, 34 seconds proprietary tools. Besides this, we see AI enabled services, small PC's and contracts coming our way. We also have 10:42 10 minutes, 42 seconds partnered with tech solutions uh partners like Rhythm Flow, Himitsu Labs in AI or banking space, in data 10:50 10 minutes, 50 seconds analytics and in ERP. We continuously explore opportunities. 10:56 10 minutes, 56 seconds We have also set up a small division to focus on digital transformation around SM manufacturing. These days when we are 11:03 11 minutes, 3 seconds battling the perception battle around AI and see growth in manufacturing many of these theme manufacturers more than smart or anything they want 11:11 11 minutes, 11 seconds manufacturing to be visible data to be visible and there we are focusing we are also looking at R&D areas uh 11:19 11 minutes, 19 seconds which will connect us to future revenues. We have strengthened our presence in US and Japan and see 11:26 11 minutes, 26 seconds opportunities to cross-ell. One of our clients entityd communications in Japan referred us to their office in US and 11:34 11 minutes, 34 seconds for those requirements now Tcoin is supporting them from the US geography showing a good opportunity to crossell. 11:42 11 minutes, 42 seconds Our Japan business remains a niche strength with high entry barriers and strong differentiation. 11:48 11 minutes, 48 seconds This gives us some unique position compared to peers. That said, we remain mindful that geopolitical factors may 11:57 11 minutes, 57 seconds influence near-term outcome and we continue to monitor that. Before I conclude, I want to also touch upon some 12:04 12 minutes, 4 seconds few topics. An important theme is artificial intelligence. There is a broader perception that AI could 12:12 12 minutes, 12 seconds potentially reduce demand for traditional IT services. However, based on what we are seeing on ground, especially in Japan, we believe that 12:20 12 minutes, 20 seconds reality is quite the opposite. Japanese companies are currently in an exploratory phase when it comes to AI. 12:27 12 minutes, 27 seconds Their approach is very structured and they prefer to first experiment with AI through pilot programs, understand its 12:34 12 minutes, 34 seconds impact in their specific business context and then only move towards full scale implementation and investments. 12:41 12 minutes, 41 seconds Their approach, this approach is especially working in our favor. We are increasingly being asked to support AIEL proof of concepts and pilot projects. 12:50 12 minutes, 50 seconds Provide consulting and language localization support around AI adoption and enable integration of AI into existing workflows. What this means for 13:00 13 minutes us is AI is not reducing demand, it is expanding our scope of services. So we see AI as a multiplier for our 13:08 13 minutes, 8 seconds capabilities and enabler for next phase of growth. 13:12 13 minutes, 12 seconds We also want to uh preempt some questions. If you have seen, we have put a FAQ on our website as well in the investor section where we continue to 13:21 13 minutes, 21 seconds update about our thoughts, our approach, our business so that you get a uh peak or idea about how we run our business 13:28 13 minutes, 28 seconds and and so on. So uh we want to preempt some of these points where uh let me briefly also address the uh some some of 13:37 13 minutes, 37 seconds you which might see as a decline in standalone India revenues. So for us this is not a demand issue but more of a 13:45 13 minutes, 45 seconds structural shift following our Japan and US acquisition where some clients have moved onsite or prefer giving on-site work. Overall for us the demand from 13:55 13 minutes, 55 seconds existing customers remains strong as reflected in our 85% consolidated growth and we have expanded our valid share in with them. 14:05 14 minutes, 5 seconds This is a transition for us to a hybrid delivery model like on-site offshore and strengthening our global capability and 14:12 14 minutes, 12 seconds over time we also see that uh offshore will scale up and supporting growth as well as margin expansion. our anime 14:21 14 minutes, 21 seconds project or entity related project or another leading portal project which was which we were doing offshore are now 14:29 14 minutes, 29 seconds being supported onsite based on client requirements from our perspective instead of approaching a customer with 14:35 14 minutes, 35 seconds what we have we prefer what they want or what what are their pain points and then addressing those we also want to address 14:44 14 minutes, 44 seconds a point about our M&A approach which we see as disciplined and strategyled not driven by revenue alone. We focus on few 14:52 14 minutes, 52 seconds factors such as capability, something that will enhance our capability or competency, market access, clients and 15:00 15 minutes talent ensuring that there is a strategic fit with the acquisition. For instance, Techquine added upstream consulting strength whereas we were 15:08 15 minutes, 8 seconds always into downstream say implementation or coding or development whereas they brought in the upstream 15:15 15 minutes, 15 seconds this thing. IM was our own client. uh they brought local presence and talent in Japan with access to 40 plus clients. 15:24 15 minutes, 24 seconds These are great clients from our perspective. These are platform building moves for us that are enhance our 15:31 15 minutes, 31 seconds ability to deliver end-to-end solutions and scale globally. We will continue to pursue such strategic opportunities with 15:39 15 minutes, 39 seconds a clear focus on long-term value creation. 15:43 15 minutes, 43 seconds All these steps will help us to scale in our next phase of growth. Over the last few years, uh, last four years, we have 15:52 15 minutes, 52 seconds evolved from a small theme into a global relevant technology services company with presence in India, US, Japan. 16:00 16 minutes Basically, when we look at just the numbers, uh, that gives us a story. But as a company, we have changed in these 16:08 16 minutes, 8 seconds four years. We are now recognized as a leader in language, localization, and engineering with a unique onground delivery strength in Japan. Our deal 16:17 16 minutes, 17 seconds sizes and client profile have significantly matured supported by expanded capabilities in areas like AI, data analytics, BFSI and managed 16:25 16 minutes, 25 seconds services. At the same time, we have strengthened our leadership, governance, sales engine while building new growth 16:32 16 minutes, 32 seconds verticals. Uh earlier just showing our uh our financials or reporting would take almost two months 16:41 16 minutes, 41 seconds or one and a half months for us. Now within first three to four weeks we are taking our results to our investors and the market. So overall we have not just 16:50 16 minutes, 50 seconds grown financially but have built a strong or in process to build a strong scalable foundation for long-term growth 16:57 16 minutes, 57 seconds and cautiously optimistic about the future. To summarize we have delivered strong consistent and scalable growth 17:05 17 minutes, 5 seconds maintain financial discipline and shareholder returns. built a globally de diversified and resilient business model 17:13 17 minutes, 13 seconds at the start year start we had mentioned that we will strive for doubledigit EPS to grow the company at 30 to 40% rate to 17:22 17 minutes, 22 seconds maintain profitability and profitable growth or positive cash flows to be on the list of dividend giving companies 17:29 17 minutes, 29 seconds and I am happy to share that we were able to deliver or work on most of these parameters outlined by us beginning of 17:36 17 minutes, 36 seconds the year Could we have could we have done better? Of course. There is always scope for improvement. That said, for us 17:45 17 minutes, 45 seconds these numbers are milestone in a long journey where we continue to learn and implement. We still have to work on areas like automation. Uh further 17:54 17 minutes, 54 seconds sharpen our focus on business units and capabilities, hiring to suit our growth ambition, develop new competencies, 18:02 18 minutes, 2 seconds better communicate our activities to investors and stakeholders. 18:07 18 minutes, 7 seconds and contribute to the community and nation at large. All this wouldn't have been possible without the backing and support of our team. I'm thankful to our 18:16 18 minutes, 16 seconds entire team members, our past alumni, clients, partners, freelancers, shareholders, our well-wishes who have 18:24 18 minutes, 24 seconds helped us reach here. We are also thankful to government authorities, auditors for support and continuously 18:31 18 minutes, 31 seconds guiding us. We are confident about the f future and rem committed to creating long-term value for our stakeholders. 18:40 18 minutes, 40 seconds Thank you once again for your continued trust. I will now open floor for questions. Thanks a lot. Yeah, 18:47 18 minutes, 47 seconds thank you so much sir for the insightful introduction and detailed outlook about the company. We would now like to move on to the Q&A session. Participants who 18:56 18 minutes, 56 seconds wish to ask a question are kindly requested to raise their hand. To ensure we accommodate as many queries as possible, we request each participant to 19:03 19 minutes, 3 seconds limit themselves to three questions at a time before rejoining the queue if needed. 19:12 19 minutes, 12 seconds Ra you can go ahead with your question. Yeah. Hi. Am I audible? 19:22 19 minutes, 22 seconds Yeah. Yeah. Yes, you are audible. Thanks a lot. Really appreciate. Yeah. 19:25 19 minutes, 25 seconds Yeah. Uh, hi sir, thank you for the opportunity and congratulations on a good set of numbers. So, I wanted your commentary upon margins and uh any 19:34 19 minutes, 34 seconds forward guidance you'd like to give for the coming year and also sir uh I had a question on uh uh AI but I'll come to that in the later part. 19:42 19 minutes, 42 seconds Okay. uh from a from a uh guidance p perspective we have always uh kind of 19:51 19 minutes, 51 seconds not given any direct guidance as such like as I mentioned we are looking at a five years thing what we are always trying is to maintain whatever we are 20:00 20 minutes currently doing at least so idea is pa let's sustain whatever we are doing now and then try to build over that so 20:06 20 minutes, 6 seconds currently let's say we did around 37 cr of uh topline this 20:13 20 minutes, 13 seconds So our idea is that can we maintain that? So from let's say 35 to 40 CR also we are able to maintain minimum this. So 20:20 20 minutes, 20 seconds comes to around say 140 CR peranom to 160 CR even if we just maintain this and 20:28 20 minutes, 28 seconds slightly grow and and of course we want to grow faster and and all that but given all so uh this is the kind of uh 20:35 20 minutes, 35 seconds what we are looking at uh of course as I mentioned our uh 5x plan which is which means 100 to 500 hour journey uh where 20:45 20 minutes, 45 seconds we see at least we'll shoot for 300 300 in 3 to three and a half years. Of course, if it takes four years, uh we'll 20:53 20 minutes, 53 seconds not jump from the window as such. But we'll we want to see how we can expand how we can do uh this from a margin perspective. Uh as I had mentioned in 21:02 21 minutes, 2 seconds last few calls as well earlier what used to happen is we were trying to maintain both growth as well as the margins and that was started confusing our team members as well. 21:13 21 minutes, 13 seconds So what we said is first at least in absolute terms when we look 20% margin of 50 cr business versus even let's say 21:22 21 minutes, 22 seconds 10 12% margin of a 500 cr or 300 cr business what is better and let's and from that perspective we took a slight 21:30 21 minutes, 30 seconds shift or deviation in our mindset and started growing more faster that said we always want to be at least making like 21:37 21 minutes, 37 seconds profitable money or cash flow uh when while we are adding business in Japan or in US and domestic also in India. What 21:45 21 minutes, 45 seconds we are seeing is every region, every business has a different or new clients coming at a different uh profitability 21:54 21 minutes, 54 seconds and and so on. So we want to maintain healthy margins. Uh but uh whether we'll 22:00 22 minutes be able to maintain 14%, 15% or 13% is something that uh to be honest I'll not 22:07 22 minutes, 7 seconds be able to say much. we at least we want to maintain and again when it comes to quarter level it it might differ but at 22:14 22 minutes, 14 seconds a yearly level at least we want to maintain what we are seeing today. Yeah, I hope I mean it might not be a direct answer but yeah. Yeah sir I I got it sir 22:23 22 minutes, 23 seconds and sir my next question was around uh the employee addition as uh I saw in the PPT as well and uh sir at the same point 22:31 22 minutes, 31 seconds of time we are seeing that uh you know uh efficiency or output per employees growing because of AI and in fact uh uh 22:39 22 minutes, 39 seconds we also saw some AI services adding revenues in your business somewhere around three crores if I'm not wrong sir uh what kind of those services 22:48 22 minutes, 48 seconds are you providing when it comes to AI and also why like what is the trend of this employee addition that you are 22:54 22 minutes, 54 seconds seeing in at your organization because of this whole AI thing. 22:59 22 minutes, 59 seconds Correct. No, so there are there are two three aspects here again. So there is in in in especially during this 23:07 23 minutes, 7 seconds quarter we don't see any much correlation between this six 60 or whatever 40 people added in this year or 23:15 23 minutes, 15 seconds or and so on because there's a lot of experimentation or things that we are doing at RN like tool development this 23:22 23 minutes, 22 seconds that so to there is some here and there but mainly what we see is currently what 23:29 23 minutes, 29 seconds uh projects or clients are asking is uh we have the certain process currently we are doing with uh with uh like so many 23:38 23 minutes, 38 seconds people or we like in Japan what is happening is they don't have people at all meaning meaning so there is uh many 23:44 23 minutes, 44 seconds of them have projects but they don't are they are not able to uh deploy it or implement it because of lack of people 23:52 23 minutes, 52 seconds so there they are saying is can we automate a certain project and this thing so earlier like few years back they would do it RPA and this now they 24:01 24 minutes, 1 second are saying can we deploy deploy your AI can we but then they don't want to deploy directly on production or anything can we take a certain process 24:09 24 minutes, 9 seconds so where we are doing a let's say a P for a US client they have 16 applications a lot of code base and now 24:18 24 minutes, 18 seconds they want to take it global but they want to look into the code base now and see whether the code is 24:26 24 minutes, 26 seconds localized or internationalized or what where are the bugs so now leveraging AI we have created certain uh uh tools or 24:34 24 minutes, 34 seconds solutions for them whereby we have automated certain way and now this entire year we'll be looking at each codebase looking at and and uh fine-tune 24:43 24 minutes, 43 seconds it or or go further for this. So uh we are there is a case where uh the 24:51 24 minutes, 51 seconds customer had a limited budget and we had to deploy an application. So earlier we would have let's say quoted say 10 mans 24:59 24 minutes, 59 seconds and we we we would need let's say literally 3 4 months to deploy it. Now even if we have quoted 10 mans but we 25:08 25 minutes, 8 seconds were able to deploy it in let's say uh 12 weeks for example or more faster way. 25:14 25 minutes, 14 seconds So we are seeing some such experimentation from our clients not a complete full-fledged 25:24 25 minutes, 24 seconds and then we have we are developing certain tools certain new things for which we are hiring. So some of them 25:31 25 minutes, 31 seconds might not be directly billable on a project or something but uh we continue to hire we continue to hire. Uh lastly 25:40 25 minutes, 40 seconds we also see some pressure from friends and families where last two years especially last two three quarters uh 25:47 25 minutes, 47 seconds new grads and uh one or two year experience they're not getting jobs. So we get referred to some candidates where we are trying to hire them and see if we 25:55 25 minutes, 55 seconds can deploy them on some pilot projects and so on. Yeah. 25:59 25 minutes, 59 seconds Uh right sir. Thank you sir. Those are my questions. All the best please. 26:07 26 minutes, 7 seconds Uh Diva ma'am you can go ahead with your question namaskar yeah 26:17 26 minutes, 17 seconds I have couple of questions with me first is on related to borrowings so as we already have 21 crores of current 26:24 26 minutes, 24 seconds investments with us and it's in mutual funds so can I know why do we have 43 crores of borrowing and when we'll be 26:32 26 minutes, 32 seconds able to repay it uh Uh uh okay. 26:38 26 minutes, 38 seconds So DA you will see that during uh this year uh we have certain borrowings on 26:45 26 minutes, 45 seconds the balance sheet. I think the borrowings have been basically in Japanese yen to take care of the 26:53 26 minutes, 53 seconds consideration payment for two of the amended deals. One is uh in US tcoin and 27:01 27 minutes, 1 second another is in um Japan which is a fidel tech KKK based out of Japan. 27:10 27 minutes, 10 seconds uh these pay payouts have been around uh where the borrowing has been 6 + 10 around 16 crores whereas the payouts 27:19 27 minutes, 19 seconds have been around 22 crores for both the deals and the third uh acquisition which 27:25 27 minutes, 25 seconds we have done corporation as you know uh the consideration payment was very low in that case and they have certain 27:34 27 minutes, 34 seconds long-term loan in the balance sheet which we have taken over through this acquisition So that is the third component of the 27:42 27 minutes, 42 seconds borrowing. The entire repayment schedule is over next five to 6 years and the interest rate since these are JPY loans between 2% to 3.25%. 27:57 27 minutes, 57 seconds Okay. 27:59 27 minutes, 59 seconds Okay. Sir, can you also mention from whom do we have borrowed this amount in Kak? Our banker have been quoted bank 28:09 28 minutes, 9 seconds but uh there is a Japanese bank for corporation and there Indian bank is Kota bank. 28:16 28 minutes, 16 seconds Okay. Uh my next question is as we have trade receivables very high in this financial year. Can I know the reason behind it? 28:26 28 minutes, 26 seconds What did you say? Trade receivables. 28:28 28 minutes, 28 seconds Yes sir. So trade receivables are around I thinkable have moved from 16 crores last year to 28:37 28 minutes, 37 seconds say 26 crores this year. Correct. That is the correct yes yes 28:45 28 minutes, 45 seconds I want to know the reason behind days uh if you see the last quarters the revenues itself have been 37.27 28:53 28 minutes, 53 seconds crores. So naturally the receivables also have gone up during the quarter 4. Okay. So it's natural. 29:01 29 minutes, 1 second Yes. Yes. 29:03 29 minutes, 3 seconds Uh my next question is as we have non-current investment of 16 crores. So can you classify it? 29:11 29 minutes, 11 seconds Your your voice is little low. Can you be little louder? 29:15 29 minutes, 15 seconds Non-current assets of 16 crores as we already have non-current investments of 16 crores. Uh can you classify it? 29:25 29 minutes, 25 seconds So this is again coming out of the same deal which is done in Japan and uh yeah 29:33 29 minutes, 33 seconds so with this is again with IM corporation that we have taken over uh their business and so this uh 29:40 29 minutes, 40 seconds non-current investment is also part of that which we have taken over and over the period of next two to three years now we'll see how we can manage that or 29:49 29 minutes, 49 seconds or or those uh investments we uh deal with. Yeah. Okay. 29:57 29 minutes, 57 seconds These are all part basically in on Jan 6th we we took over this uh company and 30:04 30 minutes, 4 seconds now we are in the process of integrating their finance team, art teams, delivery teams and and so on. Yeah. 30:11 30 minutes, 11 seconds Okay. Okay sir. Uh my last question is as we have given plan of 300 crores of revenue in next 3 to 3.5 years can you 30:20 30 minutes, 20 seconds give me the guidelines which you are looking forward for it? 30:26 30 minutes, 26 seconds And how will you be to give you guideline earwise as as Sunil son said right in the beginning comments that we 30:34 30 minutes, 34 seconds are not in the process of giving u guidance as such but we have been talking about our vision and how do we want to sort of uh travel on that path. 30:45 30 minutes, 45 seconds Since we started with our journey with 25 crores annual revenues, we reached 100 cr within a span of four years. 30:53 30 minutes, 53 seconds Something similar we want to do over next five years. And therefore we have decided two milestones. One is within say three three and a half years we 31:01 31 minutes, 1 second would like to duct 3x revenues and then 5x revenues over five years. So naturally 31:08 31 minutes, 8 seconds we also indicated uh to you that our last quarter revenue is 37.27 27 cr. So 31:15 31 minutes, 15 seconds if we assume that it is 40 crores run rate then we should be anywhere between 140 to 150 CR uh that is the if you hold 31:25 31 minutes, 25 seconds on to current revenues and then drive certain growth these are the numbers we can look at correct as an outlook but there 31:34 31 minutes, 34 seconds is no guidance as such uh I also want to bit add to it so when we started again uh we said that we'll 31:41 31 minutes, 41 seconds chase uh 5x which means around say 35 to 40% growth year on year. But then what we realized with our current team that 31:49 31 minutes, 49 seconds time uh not everybody was geared. So if you look at our first two years we grew 31:55 31 minutes, 55 seconds bit slowly 25% 25 7% by the time team started picking up. Then we gave a target to internal teams that uh when we 32:03 32 minutes, 3 seconds say 35 40% suddenly it looks like a big number but we said like can we do at least 7 to 8% or 10% growth quarter on 32:12 32 minutes, 12 seconds quarter. So we try to break that. So now we see that at least the team has understood this well. We also wanted 32:19 32 minutes, 19 seconds want to tell ourselves that many times it's beginner's luck next 32:26 32 minutes, 26 seconds can we do it and and so on. But so we want to go in that direction. We we believe that so far we can we have done 32:34 32 minutes, 34 seconds uh and uh if we can reproduce that. So of course there are so many uncertaintities happening around and but 32:42 32 minutes, 42 seconds we see AI as an enabler. we have the Japan market actually uh really not explored that much and then Japanese 32:50 32 minutes, 50 seconds companies taking interest in India uh trying to set up small GCCs for there so there's a lot of things happening but uh 32:58 32 minutes, 58 seconds as you know Japan is like slow sales market so many many of these OTT opportunities or what we said today we have been working for one one and a half 33:07 33 minutes, 7 seconds years with them on different PC tools creation and uh during those quarters we were not able to show immediate margins 33:16 33 minutes, 16 seconds or profits but now that has translated over the year. So uh yeah just to answer we might not have immediate exact answer 33:24 33 minutes, 24 seconds but we know we are going in a certain direction. Yeah. Okay. Thank you so much sir. Thank you D. 33:35 33 minutes, 35 seconds Participants if you have any question you can raise your hand. 34:10 34 minutes, 10 seconds We have also uploaded the uh the deck on the on the platform so that it has more 34:17 34 minutes, 17 seconds whatever insights that I mentioned on our website also there's a FAQ forum where uh we continuously update 34:30 34 minutes, 30 seconds participants if you have any questions, you can raise your hand or type them in the chat box. 34:46 34 minutes, 46 seconds Yeah. 34:52 34 minutes, 52 seconds Aka sir, you can go ahead with your question. Yeah. Uh, am I audible? Yeah. Yeah. Namaskar. Yes. 34:59 34 minutes, 59 seconds Yeah. Namaskar sir sir uh any plans to uh go on the main board? 35:05 35 minutes, 5 seconds Uh yes we we of course we want to we we meaning take theoretically I don't year 35:13 35 minutes, 13 seconds back also we were eligible I mean three because we had just completed three years but then last year they changed the rules etc. So there are 35:22 35 minutes, 22 seconds few conditions I think one was 100 cr and then there was a net worth 75 cr and and so on. So we are trying to see that 35:30 35 minutes, 30 seconds we first fit all these 10 and then of course we want to go on the main board but uh any timeline anything you're 35:39 35 minutes, 39 seconds planning which you can share with us correct no so ideally we want to go on main board on uh this year itself if 35:46 35 minutes, 46 seconds possible and and but uh then again as I said there are one or two conditions that we still have to manage but uh next 35:54 35 minutes, 54 seconds two quarters we'll see how we can try to manage those uh conditions and and uh go on the main board. We see of course that 36:01 36 minutes, 1 second also one as a milestone for us uh for our shareholders as well because then we go on the the big bigger canvas. Yeah. 36:09 36 minutes, 9 seconds Great sir. All the best. Thanks a lot. Really appreciate. 36:15 36 minutes, 15 seconds Another question is tax rate going forward. 36:23 36 minutes, 23 seconds Tax rate tax. what is the tax rate that we expect going forward? 36:29 36 minutes, 29 seconds Now, I think effective tax rate will continue to be the same because I don't think there is any opportunity for doing any uh tax savings. 36:41 36 minutes, 41 seconds Okay. Okay. 36:48 36 minutes, 48 seconds What big opportunities does the company sees by leveraging the AI solutions? 36:57 36 minutes, 57 seconds AI solution what what is the opportunity available to the company that so we see meaning there are various in 37:04 37 minutes, 4 seconds the language field we still see clients asking us to develop tools for checking 37:11 37 minutes, 11 seconds AI output or develop multilingual LLMs and and and so on like as I mentioned and for on the IT side right from AI 37:20 37 minutes, 20 seconds assisted development for testing or uh for uh data related uh like analytics or 37:29 37 minutes, 29 seconds modeling a lot of areas where we we are seeing some queries coming up. So and with base now in Japan as well in US US 37:37 37 minutes, 37 seconds that way is a more mature market but in Japan everything is completely new and there's an open field out there. So we see a lot of opportunities. Only thing 37:46 37 minutes, 46 seconds is how we can convert that or convert in the size that we want. meaning some currently the deals are very small but 37:53 37 minutes, 53 seconds if they turn out to be big then it will really add to the top line. Yeah. 38:00 38 minutes Okay Manish you can go ahead with your question. Thank you. 38:09 38 minutes, 9 seconds Uh first of all uh congratulations on the good set of numbers sir sir. uh pardon me for my ignorance here. 38:16 38 minutes, 16 seconds I just wanted to understand as to how does this uh language localization work. 38:20 38 minutes, 20 seconds So if you can uh give a couple of examples as to how does this model exactly work. Correct. 38:25 38 minutes, 25 seconds Especially for the Japanese clients that you handle. 38:28 38 minutes, 28 seconds Yeah. So motor when we say uh we are localizing a a software on an application or a website what we are saying is we are 38:36 38 minutes, 36 seconds adapting or for a certain local or a certain environment. And so when we say we want to take this software and uh 38:44 38 minutes, 44 seconds take it to China or Japan then we have to show the not just the uh screen but 38:51 38 minutes, 51 seconds the calculations the yen to dollar to JPY tax array meaning everything goes changes in the software for example so 39:00 39 minutes uh people see that just as a translation but there is lot of intricacies there then there are areas where let's say 39:08 39 minutes, 8 seconds when Amazon Alexa speaks in English but I want Alexa to speak in say Telu or Marati or Hindi then we have to create 39:16 39 minutes, 16 seconds data sets to train the AI engine of Alexa to then so companies would ask us to create data sets in Hindi then Hindi 39:23 39 minutes, 23 seconds will be uh Bombay Hindi, Hyderabadi Hindi, Lacno Hindi it has to understand all types of Hindi and and and so on. So 39:31 39 minutes, 31 seconds then then they will ask output in a certain format. So, so this is one. Then automotive uh industry will have again 39:40 39 minutes, 40 seconds uh uh like cars would want to go without any uh assistance or drivers but then it 39:49 39 minutes, 49 seconds has to think like a human being. When you see it is a rock or a speedbreaker, it has to think. So then image annotation in OTT we see a lot of 39:57 39 minutes, 57 seconds automation in subtitling and labeling because South Indian movies are coming to North India for example or likewise in Japan anime is they want to take it 40:05 40 minutes, 5 seconds to global so in all this in the anime there is this let's say balloon where the text is there then we have to write programs to extract it and so earlier a 40:14 40 minutes, 14 seconds lot of programming was needed but now leveraging AI lot of these things are possible like earlier we would have to 40:22 40 minutes, 22 seconds have voice over we actually had to rent studios but now synthetic voice using AI we can generate but then some clients 40:29 40 minutes, 29 seconds specifically ask because of certain reasons regulatory or compliance we want human interface only so here a lot of 40:37 40 minutes, 37 seconds play comes from linguistic side meaning language side and technology side but so that's why we 40:44 40 minutes, 44 seconds had coined ourselves as a lang firm but it started getting confusing because 40:51 40 minutes, 51 seconds so At heart we are an or by nature we are a tech firm like IT services for technology firm but when we say we have 40:59 40 minutes, 59 seconds an ability to deliver in local languages. So if you want to develop a trading platform or a uh salary application uh salary slip application 41:08 41 minutes, 8 seconds HR you can go to infosys or any any big ID company or anyone for example but the moment you say we want salary slips in 41:16 41 minutes, 16 seconds Marati or Telugu and or bilingual meaning date/ dinang for example and and so on then such work people tend to give 41:25 41 minutes, 25 seconds us because we bring in the linguistic capability as well as the the uh technical aspect. Now when it comes to 41:32 41 minutes, 32 seconds Japan, every delivery has to be in Japanese language. They'll not accept anything much or much in English. If beats SAP implementation, beat Oracle, 41:41 41 minutes, 41 seconds be it managed services. So when I say managed services, the L1, L2, level one, level two support, they want in Japanese. L3 can happen from India in 41:49 41 minutes, 49 seconds from US or anywhere. But the first layer has to come from Japan where we bring in our expertise. We we'll support everything in Japanese. Uh we also have some Japanese speaking in India as well. 41:59 41 minutes, 59 seconds But then they prefer in that time zone or locally there and and and so so language and when we say Japan in Assean 42:06 42 minutes, 6 seconds there is Bahasa, Tagalog, Thai in India and around there is Simalis in Sri Lanka, Bangala in Bangladesh. So there's 42:13 42 minutes, 13 seconds a lot of language play comes in play and then in India also we work with big portals uh like e-commerce portals where they need language support and and so 42:22 42 minutes, 22 seconds on. So meaning there is a perception that translation there's a lot of techn technology that 42:28 42 minutes, 28 seconds goes behind and and and yeah it could be speech wise NLP natural language processing or it could be 42:37 42 minutes, 37 seconds related to AI or anything. Yeah but again we also do generic 42:46 42 minutes, 46 seconds language we just want to develop a English based trading platform. will support you then but then you might say then why come to 42:53 42 minutes, 53 seconds Fidel you'll go to bigger firms or better firm you and and so on but our niche comes from that perspective 43:05 43 minutes, 5 seconds next question is from Adid Jooshi there any acquisitions in the pipeline this year again there is uh there we always 43:13 43 minutes, 13 seconds continue to tap opportunities we know exactly what we like so for example we are looking at certain competencies to build or location wise today we are in 43:21 43 minutes, 21 seconds far east let's say in Japan and far south India but today if we get opportunity to acquire in say Singapore or Hong Kong then we are seen as an Asia 43:30 43 minutes, 30 seconds pack company from US or European company clients perspective so we are continuously looking as I mentioned we are not in a rush we want to see that 43:38 43 minutes, 38 seconds they are either bringing us a new competency new geography opportunity new clients for example today uh 70 80 uh 43:47 43 minutes, 47 seconds 70% our business is through system integ integrators or something 20 25% is direct customers can we get opport to 43:54 43 minutes, 54 seconds have somebody has direct end customers as their clients like banks or or say Disney or something like that so then we 44:01 44 minutes, 1 second would like to acquire such company and and so on so we we continue to explore but immediate or we'll see how how it goes. Yeah. 44:13 44 minutes, 13 seconds Okay. Where do you see PAT margins three years from now? 44:19 44 minutes, 19 seconds This is a bit difficult question or to say anything. As I said, we have we always say that we want to maintain double digit margins meaning can we get 44:28 44 minutes, 28 seconds more? Of course we want to but I think uh the on one side we are seeing that 44:35 44 minutes, 35 seconds compared to few years back there's a more uh requirement to invest in R&D or partner it could be joint like let's say 44:44 44 minutes, 44 seconds we do it in-house or when do we do set up a small unit where we do jointly by partnering to another company where we invest together or then we invest in a 44:53 44 minutes, 53 seconds startup or something like that. So and all this will take direct or indirect hit on the margins but but to even 45:01 45 minutes, 1 second sustain every year now going forward there's lot of changes happening so uh we want to maintain healthy margins but 45:09 45 minutes, 9 seconds at the same time we want to see focus more on the growth more on the quality of clients that we are more are these long-term and and so 45:18 45 minutes, 18 seconds on and lastly to we also have that we want to create some jobs as well meaning 45:26 45 minutes, 26 seconds unless we support the communities and create like there we have some impact of the Japan culture in Japan you don't 45:33 45 minutes, 33 seconds restructure immediately it's rather very difficult to let go someone and they are also kind kind of working for you with an idea of that I'll work with this 45:42 45 minutes, 42 seconds company for my life so we we also have that bit mindset yeah 45:51 45 minutes, 51 seconds okay sir Ma sir, you can go ahead with your question. 46:03 46 minutes, 3 seconds Hello. Hi, Namaskar. 46:05 46 minutes, 5 seconds Yeah, you have a category listed on your website high-tech solution. So, how is it different from IT services and enterprise solutions? 46:16 46 minutes, 16 seconds Correct. I mean again at a base everything is technology only. So then but what we are seeing is so when we are now uh so recently what last two 46:25 46 minutes, 25 seconds quarters what we are doing is we are kind of visiting manufacturing firms some are using semen's machines some are using some Taiwanese machines and and so 46:33 46 minutes, 33 seconds on and where uh what what they have unique problems when you say smart man 46:40 46 minutes, 40 seconds factory digital factory that doesn't give us but we have this explicit case where we want this data if this get data 46:48 46 minutes, 48 seconds on a display but then there is an interface of these machines there's some electronics some IoT 46:57 46 minutes, 57 seconds bringing that data or relaying it to cloud showing it on their mobile so there's an interplay of different technologies and and so on it's not a 47:05 47 minutes, 5 seconds simple specia java code and that's where we we thought this brings a lot of 47:13 47 minutes, 13 seconds different play so we could have named it multitech something we said we let's have high-tech and and so on. So plus we 47:21 47 minutes, 21 seconds also see a lot of uh play happening around different technologies when like uh like these days somebody's doing 47:30 47 minutes, 30 seconds drone. So drone like drone but drone is capturing a lot of images and now this images when they 47:39 47 minutes, 39 seconds are coming in can we build applications on top of that deciphering the what the image is and and so on. So we are like 47:47 47 minutes, 47 seconds can we partner with this but this will involve high imaging resolution again cloud AI and different and that's where these kind of solutions we have clubed 47:55 47 minutes, 55 seconds together and said that can we put it under a unit of a high-tech solutions that's our idea. Yeah. 48:03 48 minutes, 3 seconds Yeah that was it from my side. Thank you. No thanks a lot. 48:10 48 minutes, 10 seconds Uh do we have any other questions? Uh another from Ad Johi. 48:16 48 minutes, 16 seconds No sir as you said that high-tech solutions do we have any revenue as now as of now 48:24 48 minutes, 24 seconds from that vertical? No, no, as of today it's a direct revenue but we are working on this PC's and this is just like last 48:32 48 minutes, 32 seconds one or two quarters we actually started talking did a survey earlier in 2016 we had done some IoT project de 48:40 48 minutes, 40 seconds development and we had built revenues close to say 50 lakh to 1 cr kind of but then we were that time we thought of 48:49 48 minutes, 49 seconds going into product development and then we also were incurring losses then we realized was unless you have first two three customers 48:57 48 minutes, 57 seconds product development and it's a big deal meaning unless you have deep pockets and and so on. So from then onwards we are seeing that let's first talk to few this 49:06 49 minutes, 6 seconds thing will they pay at least five lakh 10 lakh 2 lakh 50,000 whatever for any of something and and and can we then deliver in that price point and and so 49:14 49 minutes, 14 seconds on so as of today we immediately but uh like Japan consulting when we started but slowly trickle there are companies 49:23 49 minutes, 23 seconds coming up and sometimes it helps us we go with when when we went to these two manufacturing firms they actually gave us CAD designs 49:31 49 minutes, 31 seconds which had come from them from Germany and they want they saying can you develop a program to extract 49:39 49 minutes, 39 seconds this text from German to and change it and deploy again get these drawings translated basically so it is leading to 49:46 49 minutes, 46 seconds some other language localization or ID business for us but this high-tech is still yet to give us uh recognizable 49:53 49 minutes, 53 seconds revenues here okay sir thank you thanks a 50:09 50 minutes, 9 seconds any other questions? 50:12 50 minutes, 12 seconds Yeah. Yeah. Many of you might have not invested or whatever. I'm not sure this thing. But please do follow our our 50:20 50 minutes, 20 seconds company. to do look at us, give us pointers, any ideas, any any competitors that you see in the market or you you 50:27 50 minutes, 27 seconds tell it would be great to to connect and and uh learn from you as well. Yeah. And if 50:35 50 minutes, 35 seconds you cannot meaning if there are no questions today as well, feel free to reach out. Sneighha is our CS. She'll be happy to answer any questions or or take it later as well. Yeah. 50:46 50 minutes, 46 seconds Okay. Done. Uh sir I think we have taken all the questions. Uh I think there's one more question in the chat box. 50:54 50 minutes, 54 seconds Uh there's one more question sir. Which region do you see the high potential going forward? 51:01 51 minutes, 1 second Meaning for if you ask me if you say tomorrow there is business in Africa I'll take flight next flight to Africa and go there. 51:10 51 minutes, 10 seconds We want to welcome it. But what we are seeing is uh we have now base in Japan, 51:17 51 minutes, 17 seconds US and India. India is also growing. So we are not uh leaving it untapped. So we regularly participate in like 51:25 51 minutes, 25 seconds exhibitions or events here. We do some mailers like last week there was a event in Hyderabad. There was a pharma exhibition where we showcased our data 51:33 51 minutes, 33 seconds modeling or data analytics solutions, language solutions because that's also a very regulated area and it needs some language support and so on. So we we 51:43 51 minutes, 43 seconds meaning we are not suddenly trying to go in unknown regions but uh some of these uh recent experiences that we have. So 51:51 51 minutes, 51 seconds for example we get regular training requirements from say Nigeria or Azarbaan Baku exchange actually meaning 51:59 51 minutes, 59 seconds it's not like a brokerage firm or it's an exchange asking us to can we support uh last year we had Bangladesh two years back rather we had Bangladesh exchange 52:07 52 minutes, 7 seconds asking us to train their team in on fixed connectivity. So we believe that these emerging markets have some requirements that we can deliver from 52:16 52 minutes, 16 seconds here. Japan market because of our presence and Japanese language expertise we can try to leverage that we don't 52:24 52 minutes, 24 seconds want to leave it like open. Uh US market now we have a presence out there and uh it's one of the biggest tech markets 52:32 52 minutes, 32 seconds where we still have hardly started there. So we at least these few areas we would or geographies we don't want to 52:40 52 minutes, 40 seconds leave untapped. That said we are continuously open for looking in different geographies or markets. Yeah. 52:49 52 minutes, 49 seconds Okay Manish sir you can go ahead with your question. 52:54 52 minutes, 54 seconds Yeah thanks uh thanks for taking up my question. So sir this revenue of 37 crores that we've achieved this quarter 53:03 53 minutes, 3 seconds can that be minimum revenue that we can achieve uh across uh the four quarters in the uh new financial year. Is that the minimum revenue that we can expect? 53:14 53 minutes, 14 seconds We want to if you ask me we want to maintain that and overachieve that. And that said uh we it's a bit early. We 53:24 53 minutes, 24 seconds just rather uh we are so uh ecstatic about the fact that as I 53:30 53 minutes, 30 seconds mentioned just Sal we were doing six crores a quarter and now we have like 6x 53:37 53 minutes, 37 seconds of that. So we want to maintain that at least minimum this. Uh so far we have maintained typically Q1 of the next 53:46 53 minutes, 46 seconds fiscal year is bit tough because again you have raised the expectations and and you want to overgrow the Q4 and Q4 53:54 53 minutes, 54 seconds typically are good uh and so on. But that said we want to at least maintain this and and uh grow work from there. 54:02 54 minutes, 2 seconds Yeah. 54:04 54 minutes, 4 seconds Just to add to what Sunilan said just now. So this 37.27 cr is a combination 54:11 54 minutes, 11 seconds of organic and inorganic during the quarter. Naturally we are taking a 54:17 54 minutes, 17 seconds handle on the latest acquisition of iron corporation. It will take a little time for us. Then we do have another 54:26 54 minutes, 26 seconds acquisition done in US. So we are we have got reasonable handle there. But then how do we drive the growth within 54:34 54 minutes, 34 seconds the these accounts while sustaining the current level of revenues that is going to be the key and we are exactly working 54:41 54 minutes, 41 seconds on that. So that's why there is no straight mathematical answer but our intention is to sustain this level of revenue and grow. 54:59 54 minutes, 59 seconds Does that answer your question Manish? Hello. 55:12 55 minutes, 12 seconds So Manish sir, you are on mute. Mute. 55:22 55 minutes, 22 seconds Ask Manish whether it answers your question. Yeah. Yeah. Yeah. Yeah. Yeah. Sorry. I have connectivity. 55:30 55 minutes, 30 seconds Okay. Okay. Excellent. Thank you. Thank you. 55:36 55 minutes, 36 seconds Done. Done. Sir, I think we have taken all the questions. Uh I would like to hand over to you for 55:43 55 minutes, 43 seconds your closing remarks and then I'll close the call. So, thanks a lot uh for your time today. 55:50 55 minutes, 50 seconds As I mentioned, uh we see these as milestones. We the journey is long. We we expect you or request you to continue 55:58 55 minutes, 58 seconds following us. Uh to refer us to friends and families you know if when when you 56:05 56 minutes, 5 seconds see or feel confident about us uh give us pointers and we'll be open to look after any suggestions as well and uh 56:13 56 minutes, 13 seconds from our side we continue to we'll continue to keep uh as much as communication as possible. Uh once again thanks a lot to Finn portal as well to 56:22 56 minutes, 22 seconds your team for arranging this. Thanks to all. Yeah. 56:25 56 minutes, 25 seconds Okay. Thank you. On behalf of Pin Portal, I would like to express our gratitude to the management team of Fideloft Tech for taking time to join us and provide such detailed responses to 56:34 56 minutes, 34 seconds the question. We also appreciate all the participants for their engagement. If any question remains unanswered, please feel free to reach out to our email ids 56:42 56 minutes, 42 seconds given in the chat box. You may disconnect your lines now. Thanks. Thank you so much sir.