Hinduja Global Solutions Ltd — Q3 FY26

Hinduja Global Solutions Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=3zYAX5BOt6Y Published: 3 months ago

0:00 Good evening ladies and gentlemen. A very warm welcome to the Q3 and 9 months FI26 earnings call of Hinduja Global Solutions Limited. 0:10 10 seconds From the senior management we have with us today Mr. Wenitesh Kola global chief executive officer at GS Mr. Winsley 0:18 18 seconds Fernandez wholetime director at GS and CEO of NXT digital media businesses and 0:25 25 seconds Mr. from Mahesh Kumar Utlapati, Global Chief Financial Officer. 0:31 31 seconds As a reminder, all participant lines will be in a listenonly mode and there will be an opportunity for you to ask questions after the presentation 0:39 39 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. 0:49 49 seconds Please note this conference is being recorded. I now hand the conference over to Mr. 0:54 54 seconds Anand Venugopal from Adac SPR. Thank you and over to you sir. Thank you Steve. Good evening everyone. 1:03 1 minute, 3 seconds We welcome you to the Q3 and 9M FI 2026 earnings call of Hindu Global Solutions Limited. Before we begin, I would like 1:12 1 minute, 12 seconds to highlight that some of these statements made during today's call may be forward-looking in nature. These statements involve risk and 1:21 1 minute, 21 seconds uncertainties, including those related to the company's future financial and operational performance. Additionally, in the unlikely event of a call drop 1:30 1 minute, 30 seconds during the conference, we will ensure the call is reconnected at the early. I now invite Wanker sir to deliver the opening remark. Over to you, sir. 1:43 1 minute, 43 seconds Good evening everyone. Thank you for joining us. 1:51 1 minute, 51 seconds I'm Manesh Kura, global CEO of AGS. 1:55 1 minute, 55 seconds Want to make sure that you're all able to hear me. Okay. 1:59 1 minute, 59 seconds Before I walk you through my presentation in detail, I would like to emphasize that as an organization, we're currently in a transformation phase. Our 2:08 2 minutes, 8 seconds focus today is on staying disciplined on execution, prioritizing profitability and delivery rigor while continuing to 2:17 2 minutes, 17 seconds aggressively invest in capabilities that we believe will translate into stronger growth and drive agility within the organization. 2:29 2 minutes, 29 seconds Let me start with the numbers on the slide which is on slide four. 2:35 2 minutes, 35 seconds For Q3 FI 2026, total income of AS was rupees 1,192.2 2:43 2 minutes, 43 seconds crores. Operating revenue was 1,75.4 crores and the total EITA was rupees 1 133.7 crores. 2:56 2 minutes, 56 seconds AITA margins from the quarter stood at 11.2%. 3:02 3 minutes, 2 seconds For the 9 months of FI26, total income stood at rupees 3,62.4 3:09 3 minutes, 9 seconds crores. Operating revenue was 3,222.7 crores and the total EITA was rupes 451.4 3:18 3 minutes, 18 seconds crores. EITA margins for the 9 months period stood at 12.5%. 3:24 3 minutes, 24 seconds Two quick takeaways from this information. While revenue has been a little muted, we have stayed focused on execution and better margins. 3:35 3 minutes, 35 seconds We are balancing near-term delivery discipline with continued investment in solutions and AIEL work that strengthens competitiveness. 3:46 3 minutes, 46 seconds And to that factor, we're staying very agile as a company as we add new capabilities and new solutions to support the transformation that's going on in the world around us. 4:00 4 minutes Now I want uh the slide five which is management commentary on the market environment. 4:07 4 minutes, 7 seconds What we are seeing remains consistent with what many enterprises are signaling in the subdued 4:14 4 minutes, 14 seconds macro environment and elongated decision cycles especially for larger deals. 4:19 4 minutes, 19 seconds We're seeing a lot of proof of concepts moving into pilots, people testing waters and we believe this coming year 4:27 4 minutes, 27 seconds is a year where there will be a lot of activity in moving from uh pilots to actual enterprise grade implementations. 4:37 4 minutes, 37 seconds During the quarter volume ramp downs in a couple of large accounts also moderated overall revenue growth and 4:45 4 minutes, 45 seconds this was largely due to diversification vendor diversification from these customers and some in-house shifts where they wanted to bring some things inhouse. 4:56 4 minutes, 56 seconds Important to note the impact is account specific rather than structural or any fundamental changes in our business. 5:05 5 minutes, 5 seconds Given this operating context, our near-term priority is clear. Margin expansion over topline acceleration. We 5:13 5 minutes, 13 seconds want to focus heavily on margin expansion. 5:17 5 minutes, 17 seconds And this is being done through productivity, delivery rigor, and discipline cost management and applying automation internally to drive transparency and agility. 5:28 5 minutes, 28 seconds We are not trying to overinterpret the performance. We're saying practical control what we can control. Keep execution tight and keep the funnel moving. 5:39 5 minutes, 39 seconds Moving on to the next slide. 5:44 5 minutes, 44 seconds Growth drivers and AI momentum. 5:50 5 minutes, 50 seconds Let me shift to what is encouraging for us for the future. Signaling signing signings and solution momentum. 5:58 5 minutes, 58 seconds In quarter three, we added 21 new logos in digital operations and technology services, which is one of one of our best quarters for new new signings. 6:09 6 minutes, 9 seconds These wins are expected to support growth in the next fiscal as they move from early stages into 6:16 6 minutes, 16 seconds scaled delivery. It typically takes one one and a half years to get the scale and the full potential of the customer 6:24 6 minutes, 24 seconds uh revenue that we need to get from those customers and establish trust with them. And this amount of new logos that we have 6:32 6 minutes, 32 seconds signed is going to dramatically improve uh our future growth potential. 6:40 6 minutes, 40 seconds Our sales pipeline remains strong led by digital operations and tech services. 6:45 6 minutes, 45 seconds We're seeing traction in new verticals like education and public sector interest in Canada. 6:53 6 minutes, 53 seconds We're also seeing a growing client appetite for AI infused solutions across customer experience 7:01 7 minutes, 1 second in BFSI healthcare operations and back office transformation. 7:06 7 minutes, 6 seconds What's changing is not just interest, it's the nature of engagement as well. 7:12 7 minutes, 12 seconds There's an increasing shift from AI proof of concepts to proof of value pilots and we are currently running 7:20 7 minutes, 20 seconds multiple programs spanning automation, agentic AI, agent assist and generative AI based solutions that are focused on measurable outcomes. 7:31 7 minutes, 31 seconds Finally, we are looking at HGS agent tax as our default delivery platform. The intent is very simple. Every new 7:38 7 minutes, 38 seconds customer experience opportunity should leverage one or more capabilities of AS agent X so that we can standardize 7:47 7 minutes, 47 seconds delivery and compound learning across programs. We should also deliver increased margins for us and better value for our customers. 7:58 7 minutes, 58 seconds Next, I'm on accelerator solutions and partnerships. With that context, let me 8:06 8 minutes, 6 seconds share a quick view of how we are accelerating solutions and partnerships. 8:11 8 minutes, 11 seconds We are focused on leveraging the agentex framework to build repeatable solution assets. 8:17 8 minutes, 17 seconds We have developed eight new solutions across BFSI, healthcare, retail and consumer products and goods 8:25 8 minutes, 25 seconds including AM lens which is anti-mannering lens interaction intelligence 8:34 8 minutes, 34 seconds healthcare case worker and there are more under development. We're also leaning into co-inovation with our 8:41 8 minutes, 41 seconds clients with four co-innovation programs in progress. The point here is to move faster from a good idea to a usable, 8:51 8 minutes, 51 seconds referenceable solution that then we can have other customers sign up for. 8:58 8 minutes, 58 seconds Our global partnerships and solutions team is focused on embedding intelligent experience principles into client engagements, making the work more outcomeled and more repeatable. 9:10 9 minutes, 10 seconds And we continue to explore partnership opportunities. 9:13 9 minutes, 13 seconds We are not looking at doing partnerships for the just simple sake of doing partnerships. 9:20 9 minutes, 20 seconds We are doing partnerships to drive strategic value. 9:24 9 minutes, 24 seconds We are one of the select few vendors globally to achieve Microsoft's fabric feature partner status. As an example 9:34 9 minutes, 34 seconds on HS agentex, the platform is now structured as a 15 module framework with 21 AI assistance already supporting 9:43 9 minutes, 43 seconds 4 and a.5 million minutes of voice interactions and close to 3 million minutes of digital interactions. 9:53 9 minutes, 53 seconds Finally, we're deliberately targeting mid-market clients with verticalized solutions and AI where packaged faster to value offerings matters. 10:07 10 minutes, 7 seconds One of the other solutions that was that has seen significant success is HGS interaction intelligence which is the next slide is an AI powered customer 10:15 10 minutes, 15 seconds engagement solution. Let me spend some time talking about these two solutions interaction intelligence and AM lens which we recently launched. 10:25 10 minutes, 25 seconds HS interaction intelligence addresses a very practical set of operational pain points on the problem side. It is manual 10:34 10 minutes, 34 seconds QA which is time consuming and can miss trends, feedback that is delayed and teams that 10:41 10 minutes, 41 seconds lack realtime insights including around compliance to better drive decisions within contact center environments. 10:52 10 minutes, 52 seconds The solution is designed to make quality and coaching more continuous and data lit. It provides custom dashboards for 11:00 11 minutes sales QA training and operations metrics and 11:06 11 minutes, 6 seconds realtime QA using machine learning and large language models to give instant feedback on the tractions. 11:14 11 minutes, 14 seconds It also offers 80 plus insights including sentiment, call drivers, topics and pitch analysis and can 11:22 11 minutes, 22 seconds autodetect risk non-compliances churn signals and importantly it's built with enterprise safeguards 11:30 11 minutes, 30 seconds where personally identifiable information masking and encryption with the ability for multil- language 11:38 11 minutes, 38 seconds support. The outcomes we are driving is straightforward. Deeper conversation insights that translate into better business outcomes, faster improvement 11:47 11 minutes, 47 seconds loops, better compliance posture and stronger customer experience. 11:54 11 minutes, 54 seconds We have a customer uh that has adopted as an example uh the interactive intelligence interaction 12:02 12 minutes, 2 seconds intelligence where they have been able to move from reviewing and monitoring 12:08 12 minutes, 8 seconds 1% of their calls that they receive to 25% of their calls for the same cost. 12:16 12 minutes, 16 seconds and taking one month to receive that 1% of the calls to under one day to re review 25% of their calls. 12:25 12 minutes, 25 seconds So this is a significant improvement in agility and creating value for our customers. Similarly on HGS AM lens 12:35 12 minutes, 35 seconds which is built on explainable AI for antima investigations. 12:41 12 minutes, 41 seconds AM lens is focused on accelerating AML investigations with explainable AI, improving speed, accuracy, and compliance confidence for financial institutions. 12:52 12 minutes, 52 seconds It's bu built around three pillars, speed through smart case resolution, accuracy through precision, risk 13:01 13 minutes, 1 second detection, and compliance through dashboards and audit trails that keep decisions transparent and review ready. 13:10 13 minutes, 10 seconds The results highlighted on the slide are meaningful. 13:14 13 minutes, 14 seconds 75% reduction in case analysis time, 60% fewer false positives and 100% traceability of AI generated decisions. 13:24 13 minutes, 24 seconds AM lens has won industrial recognition for its capabilities from organizations such as TV APAC awards and big innovation awards. 13:36 13 minutes, 36 seconds Stepping back, the common thread across these solutions reflects how we think about intelligent experiences 13:43 13 minutes, 43 seconds or exactus. In our experience, many AI initiatives stall not because the technology isn't powerful, but because 13:51 13 minutes, 51 seconds teams lead with technology first, launching proof of concepts and pilots without redesigning the underlying 13:58 13 minutes, 58 seconds process or linking intelligence to execution. 14:03 14 minutes, 3 seconds At HGS with our extensive capability in process management, our focus is on intelligent experiences, not AI as a 14:12 14 minutes, 12 seconds front-end layer. Instead, intelligence experience is all about connecting context, data, and fulfillment. So the 14:21 14 minutes, 21 seconds experience continues even after the interaction ends where there's proactive whether it is proactive airline book 14:30 14 minutes, 30 seconds rebooking or guiding patients through healthcare journeys with timely contextual messages. The emphasis is on anticipation and follow through. 14:42 14 minutes, 42 seconds This is why we are not pursuing AI for experimentation. 14:46 14 minutes, 46 seconds We are productizing capabilities that improve outcomes consistently. 14:51 14 minutes, 51 seconds Be shorter cycle times, higher quality, stronger compliance or better outcomes and agent experiences with the right 14:58 14 minutes, 58 seconds guardrails in place. From an int from an ex standpoint, that means embedding intelligence 15:06 15 minutes, 6 seconds directly into workflows, combining AI, data, and human judgment in ways that are observable, explainable, scalable, 15:15 15 minutes, 15 seconds and ethical. It's a very disciplined approach that helps clients move beyond proof of concepts into proof of value 15:22 15 minutes, 22 seconds with measurable impact on operations and experience. 15:27 15 minutes, 27 seconds You'll be hearing more about our ex journey as we progress through the rest of our journey in the next few months. 15:37 15 minutes, 37 seconds I want to also emphasize that this creates value both for us from a margin standpoint and value for our customers 15:44 15 minutes, 44 seconds by improving their agility, their value per dollar spent as well as 15:55 15 minutes, 55 seconds the accuracy and personalized interactions that they provide to their customers. With that, I'll now hand it 16:03 16 minutes, 3 seconds over to my colleague Vince to talk about the media result. Vince, please go ahead. 16:09 16 minutes, 9 seconds Yeah, thanks uh Wank. Good evening everyone. I hope uh uh Tanuja or someone can you all confirm that you all can hear me loud and clear please? 16:19 16 minutes, 19 seconds Oh yes sir, you're loud and clear. Yeah, thank you. Thank you. Thank you. 16:23 16 minutes, 23 seconds Uh I apologize for my audio. Uh I am traveling and in case if it does drop um I know I'll get uh connected again. Um 16:31 16 minutes, 31 seconds so good evening everyone and thank you uh for taking time off on a Friday evening um to to for us to share with 16:38 16 minutes, 38 seconds you our performance in Q3 and where we're going from here. I'm on slide 11 right now which is the management commentary on the digital media business 16:47 16 minutes, 47 seconds of the group. Um as you know broadband is has been for a while now our sunrise sector and we're continuing to push it. 16:56 16 minutes, 56 seconds Um if you recall in the last couple of calls that we did investor calls we mentioned about key initiatives strategies that we are taking to 17:04 17 minutes, 4 seconds generate positive traction and we're happy to announce that uh those initiatives have been able to garner positive traction as well as the 17:13 17 minutes, 13 seconds enterprise business which is there have been key wins in Q3. So broadband vertical remains firmly on the growth 17:20 17 minutes, 20 seconds path and um that is clearly a journey that is only just begun uh with the fact that um broadband becoming a critical 17:29 17 minutes, 29 seconds component in everyone's life whether it's retail enterprise small medium large enterprises so celery as I 17:36 17 minutes, 36 seconds mentioned has added prestigious logos in Q3 on the DTV front that's digital television where we are the largest 17:44 17 minutes, 44 seconds independent cable uh platform with our headend in the sky platform next digital we've continue rather than you know bow 17:52 17 minutes, 52 seconds our heads down and um you know look at the fact that the industry is going through a transformation we are focusing 18:00 18 minutes on how to retain subscribers by coming out with innovative products and innovative solution and we're also looking at cost optimization in a big 18:08 18 minutes, 8 seconds way to ensure that the business is on the right track and that is reflected actually in the 3A strategy that we are 18:16 18 minutes, 16 seconds working on. My colleague Wen spoke about the incredible initiatives that AGS is renowned for now globally in terms of 18:24 18 minutes, 24 seconds artificial intelligence and we've looked to couple the 3A at the media group and focus on them while we've been doing it for a while. We've looked to focus on 18:33 18 minutes, 33 seconds them more in this calendar year and as well as in the fiscal year ahead as well which is analytics, automation and 18:40 18 minutes, 40 seconds artificial intelligence. With that I'm going to go to slide number 12. Um if you all can move to slide number 12. Uh 18:49 18 minutes, 49 seconds slide number 12 essentially is to give you all an update on solaritics. Um as I mentioned we're quite delighted with the 18:56 18 minutes, 56 seconds way the enterprise business where we've leveraged all our installed capacity. Um so five new logos, prestigious logos as 19:04 19 minutes, 4 seconds you can see have been onboarded during Q3 and I think the most important thing that the the business has done is that 19:11 19 minutes, 11 seconds the enterprise sales capability of the team of making a transition from being a retail company as you'll know one OTT 19:19 19 minutes, 19 seconds entertainment limited the broadband vertical was essentially a retail company and to be able to make a significant transition from retail to 19:27 19 minutes, 27 seconds enterprise takes a lot of components And we've been able to prove that enterprise sales capability it has been validated 19:34 19 minutes, 34 seconds now across government public sector undertaking and private sector clients. 19:39 19 minutes, 39 seconds And therefore now from Q4 onwards after we focused on volume the business is now migrating from volume to value. 19:49 19 minutes, 49 seconds Each customer that we have we're looking and and already we're tripling our revenue per customer from the existing 19:56 19 minutes, 56 seconds customer base. So that is our definition of volume to value migration. Rather than pursuing actively pursuing new 20:03 20 minutes, 3 seconds customers which we are doing by the way, we're looking at how the existing customers that we have we can generate greater value out of them by providing 20:12 20 minutes, 12 seconds them unique services and that is already being seen. I also mentioned on the right hand side if you look at mission Bharat uh we've been speaking about 20:20 20 minutes, 20 seconds connecting 100 new towns between um Q3 as well and and next year and uh we're quite proud that already we've been able to connect 50 new tier three towns. 20:31 20 minutes, 31 seconds These are towns where connectivity has been a challenge uh where people want are willing to pay for a strong quality 20:38 20 minutes, 38 seconds of service. We've already rolled out in about 50 new towns um and we've operationalized them. They've already contributed very in Q3 in the quarter as 20:47 20 minutes, 47 seconds we've operationalized them. Already a 25,000 subscriber base has been garnered from these new towns and obviously that is only phase one. Um it continues 20:56 20 minutes, 56 seconds growing as we speak. With that I'm going to go to KPIs which is slide number 13. 21:01 21 minutes, 1 second uh that is um this is something that again I thought would be very important for analysts, investors, well-wishes to 21:11 21 minutes, 11 seconds know that our business is on the right track and we're doing the right things um that globally are that are global benchmarks. If you look at the pie chart 21:19 21 minutes, 19 seconds on the left, this is where we were in terms of a customer base mix in Q3 of 21:26 21 minutes, 26 seconds FI25 and where we are today is on the right hand side which is Q3 FI26. 21:32 21 minutes, 32 seconds If you look closely, the one key component which is the lowest end of the spectrum, the 10 to 30 Mbps plan, 28% of 21:41 21 minutes, 41 seconds our base would come from there. That has shifted to barely to 21% and it's even lowering. What it means is that our customers are migrating to higher packs. 21:52 21 minutes, 52 seconds It reflects a successful upselling strategy where we're telling customers we're offering them c good quality 22:00 22 minutes service and offering them higher bandwidth. And obviously more importantly it reflects on the fact that 22:08 22 minutes, 8 seconds customers are happy with the improvement in quality of service because unless you're really happy with the quality of service and and um you know you want to 22:17 22 minutes, 17 seconds be able to continue accessing services this is where uh this is a great benchmark. So quality of service has 22:26 22 minutes, 26 seconds improved radically and obviously network maturity and if you look at a key segment which is uh the 101 to 200 Mbps 22:35 22 minutes, 35 seconds right that has also matured from about 6% to 9%. So overall we're continuing to push and migrate customers and shifting them towards a premium customer mix. 22:46 22 minutes, 46 seconds What it also does is it allows us to look at ARPU growth in future from the existing base because rather than 22:54 22 minutes, 54 seconds pursuing new customers um the cost of acquiring a new customer is significantly higher than offering 23:02 23 minutes, 2 seconds additional services to existing customers like IPv or OTT. So that's what we're focusing on which is the R2 23:09 23 minutes, 9 seconds expansion for future growth. With that I have some KPIs on slide 14. So I'm going to take you to slide 14 if you all can 23:17 23 minutes, 17 seconds see it. Uh the title says media business Q3 key performance indicators. So again this is something that we share uh it's 23:26 23 minutes, 26 seconds something that we track literally on a daily basis and not just say weekly or monthly or quarterly basis. And on the 23:33 23 minutes, 33 seconds left uh where the titles are highlighted in blue is the media business. Right? If you look at a churn which is losing 23:42 23 minutes, 42 seconds customers which in the industry is significantly high we've been able to ensure that it's sub 2% per month. This 23:50 23 minutes, 50 seconds is a significant um uh reflection of what the company is doing to ensure that we deal with the headwinds that are 23:58 23 minutes, 58 seconds facing the entire linear television industry. Not just next digital but the entire industry whether it is cable television whether it is headend in the 24:06 24 minutes, 6 seconds sky platforms whether it is DTH uh or any other service linear service so we've been able to control um the churn 24:16 24 minutes, 16 seconds and more importantly we've been able to retain and maintain the average revenue per user which is in the lower block if 24:24 24 minutes, 24 seconds you can see which was about 122 rupees last year per customer which is now at 122 2 still this year. 24:33 24 minutes, 33 seconds Broadband is a strong success story which is the uh orange uh boxes highlighted. Uh this is a strong story 24:42 24 minutes, 42 seconds and we're quite proud of that. I'll go to the second block, second column um the lower block which says franchisee 24:50 24 minutes, 50 seconds 90day chan huge uh huge aspect of pride because the the industry is close to 24:58 24 minutes, 58 seconds anywhere between um 3 to 3 to 4% per month and we've been able to bring that down significantly in Q3 which again 25:07 25 minutes, 7 seconds kind of reflects what I was saying in the previous slide improved quality of service and network maturity 25:14 25 minutes, 14 seconds And that reflects very strongly in these numbers. The revenue mix we've been able to continuously um you know I remember 25:22 25 minutes, 22 seconds in the first call I mentioned that one of the strategies will be to reduce our dependence on strategic alliance partners or SAP and focus more on 25:31 25 minutes, 31 seconds organic enterprise uh business. And if you look at it, we're talking about 46% 25:38 25 minutes, 38 seconds of the business now comes from organic and enterprise. And enterprise alone now adds uh contributes about 14%. 25:48 25 minutes, 48 seconds The right hand side block which is subscriber mix by plan. Again as you can see uh very important factor for us 25:55 25 minutes, 55 seconds which again reflects network maturity and improved quality of service. uh more than 32% of our subscriber base now opts 26:05 26 minutes, 5 seconds for a long duration pack or a long duration recharge uh which is a minimum of 3 months. So this is something that 26:15 26 minutes, 15 seconds we're quite um you know again uh it's it's it's it's it's a huge benchmark and a huge KPI for us uh which is having 32% 26:24 26 minutes, 24 seconds nearly one/ird of the base focusing on uh a 3month and greater pack and the the 26:31 26 minutes, 31 seconds team the sales teams the operations teams their targets are to keep on reducing the less than 3 months 26:38 26 minutes, 38 seconds subscriber mix and increase the um greater than 3 months Another advantage that we've focused on 26:46 26 minutes, 46 seconds and again we like to work under the radar. We've been focusing very quietly on improving our efficiency, operational efficiency, our performance and 26:55 26 minutes, 55 seconds therefore our bottom line. This is reflected in the bulk bandwidth the bandwidth cost which is a percentage of 27:02 27 minutes, 2 seconds revenues generally is anywhere between 38 to 40% or even higher. We've been able to bring that down to 35% in this 27:10 27 minutes, 10 seconds quarter and that is again a reflection of where we are at this point in time. 27:17 27 minutes, 17 seconds Um we believe as an organization we need to inherit embibe what my colleague Wen was saying and we've been 27:25 27 minutes, 25 seconds already there very actively in the 3A space which is how um AGS and have been able how the BPM business and the media 27:34 27 minutes, 34 seconds business have been strongly integrated and this is a reflection of what we are currently doing. We've been doing it for 27:42 27 minutes, 42 seconds a while but obviously we've not been talking about it. uh but I thought that today let me explain of how we're using 27:49 27 minutes, 49 seconds 3A as a business accelerator right um the entire industry is changing uh I'm sure each one of you no one needs to be 27:58 27 minutes, 58 seconds told the fact that everyone's moved to online not everyone a lot of people are moving to online today the mobile 28:05 28 minutes, 5 seconds becomes the center of of um communications um people look at IP TV OTT technology 28:13 28 minutes, 13 seconds is changing there will be broadband of a satellite. Um there'll be broadband to there'll be digital to devices as well which will come in future direct to 28:20 28 minutes, 20 seconds device services in future. So how are we ensuring as an organization that we're 28:27 28 minutes, 27 seconds able to manage this effectively right we have focused and said to be able to lead 28:34 28 minutes, 34 seconds in this environment we want to be different. We want to continue to innovate and we want to ensure that the customers remain at the center of our 28:42 28 minutes, 42 seconds business and therefore we focus on artificial intelligence analytics and automation and I'll be very brief 28:49 28 minutes, 49 seconds because I'd like to to rather than talking about it I'd write like to at the end of the next quarter I'd like to 28:58 28 minutes, 58 seconds demonstrate how we've applied it but just to give you all a sense uh because I'm sure that'll be interesting for everyone in terms of artificial 29:05 29 minutes, 5 seconds intelligence Our technology teams are already working on a very interesting thing which is self-healing networks. 29:13 29 minutes, 13 seconds How a network when it faces a problem, when it faces a fiber cut, how does it selfheal? How does it move to a better 29:21 29 minutes, 21 seconds path? How does it move to a redundant path? How does it recognize the need for customers uh urgency like during 29:28 29 minutes, 28 seconds business hours? So that is one of the aspects of artificial intelligence and obviously demand forecasting becomes a critical aspect there. That is from a 29:37 29 minutes, 37 seconds customer perspective. From our own business perspective, we are looking at how can we create smarter recommendations for customers when you have cricket matches around the corner? 29:48 29 minutes, 48 seconds How can you help customers do a surge in the bandwidth that they want? Right? How can you provide multi-product service 29:55 29 minutes, 55 seconds menus for them? uh all of it focused on improving customer experience because at the end of the day the customer today 30:04 30 minutes, 4 seconds will not hesitate to jump ship if he's not happy if he or she is not happy with the quality of service. We're looking at 30:10 30 minutes, 10 seconds AI playing that critical role from an automation perspective which is the second column on page 15. There is no 30:19 30 minutes, 19 seconds question about it. We are looking at frictionless engagements. Customers want to be able um to have workflows that are 30:26 30 minutes, 26 seconds online that are able to be accessed while we already have them in place. 30:31 30 minutes, 31 seconds It's not like we don't have them. We've already implemented them uh early as well as with a under the bigger a AGS um 30:39 30 minutes, 39 seconds umbrella. We have looked to implement it. This is taking it to a next level altogether. The automation and last but 30:46 30 minutes, 46 seconds not the least is analytics. We collect loads of data. We've got close to 5 million uh homes that we connect to. And 30:53 30 minutes, 53 seconds if you look at an um you know at a typical framework, you're talking about 5 million homes. So you're talking about close to 25 million people probably that 31:01 31 minutes, 1 second could have potential access to a service. Our idea is how can we do deep segmentation? And when I talk about deep segmentation, we're looking at for 31:10 31 minutes, 10 seconds example rural markets. uh rural markets may require surge in connectivity probably in the morning and late evening 31:18 31 minutes, 18 seconds and probably sometime in the afternoon but not during the day whereas cities would require connectivity during the 31:25 31 minutes, 25 seconds day for enterprises and probably lower surge in the morning. So we're working on deep segmentation uh the teams we 31:34 31 minutes, 34 seconds have a team as you know we've invested significantly in teams over the last uh uh year or so. So that is going to oper 31:41 31 minutes, 41 seconds obviously lead us to operational analytics where we're able to track service quality. Today we track uh multiple parameters in terms of service 31:50 31 minutes, 50 seconds quality. All of this that we've defined over the last uh 12 to 18 to actually 24 months and effectively now we're looking 31:58 31 minutes, 58 seconds at how can we take that level of of dashboards and now make it hyper local. How can I track in a suburb of Mumbai? 32:06 32 minutes, 6 seconds how can I track in a rural market which is limited to 800 homes. So all of this we're looking at putting together and 32:15 32 minutes, 15 seconds and build. So like I said there is a clear business accelerator for us on the 32:22 32 minutes, 22 seconds basis of where we are today and we're quite proud of the way things have been going and um are we facing headwinds? 32:30 32 minutes, 30 seconds Obviously this industry is continuing to face headwinds. I'm talking about the digital television industry, but coupled with the broadband business, coupled 32:38 32 minutes, 38 seconds with the innovations in enterprise, coupled with the fact that the DTV customer is your prime customer for 32:45 32 minutes, 45 seconds broadband, we believe that we're on the right track to take this business ahead. 32:50 32 minutes, 50 seconds Um, thank you very much for listening to me patiently on this. Uh, with that, I am going to hand over to my colleague 32:57 32 minutes, 57 seconds Mahes Kumar who's our global CFO. Uh thank you again for listening patiently. Mah, may I hand over to you? Thank you. 33:08 33 minutes, 8 seconds Thank you, Vince. I hope I'm uh audible. Yes sir. 33:16 33 minutes, 16 seconds Okay. Thank you. Good evening everyone. 33:20 33 minutes, 20 seconds I will walk you all through our financial performance for third quarter and 9 months ended December 31, 2025. 33:27 33 minutes, 27 seconds But uh before getting into numbers, let me spend a couple of minutes to set the context for the quarter. 33:34 33 minutes, 34 seconds This uh has been a period of focus change for us with an emphasis on disciplined execution and clear 33:41 33 minutes, 41 seconds priorities. Our approach this quarter was to ensure stability in the business in this volatile macroeconomic environment. 33:50 33 minutes, 50 seconds And as uh earlier highlighted uh uh this was more of a softer quarter from a topline perspective driven largely by 33:59 33 minutes, 59 seconds some account specific volume ramdowns and elongated clientation cycles particularly in a few large engagements. 34:07 34 minutes, 7 seconds Importantly, these impacts, just to reiterate that they are tactical and client specific in nature rather than any structural ones and we continue to 34:16 34 minutes, 16 seconds see healthy new client editions and strong pipeline as uh mentioned by Wank earlier about the new uh logos that we have won during the quarter. 34:28 34 minutes, 28 seconds From a margins perspective, from a profitability standpoint, our focus this year has been margin resilience and 34:35 34 minutes, 35 seconds discipline along with building pipelines. 34:38 34 minutes, 38 seconds Sequential margin moderation in Q3, which I will be talk talking over when I go to the financial presentations. This 34:45 34 minutes, 45 seconds reflects the temporary volume softness and one-time impact of cost optimization initiatives that u we have uh undertaken 34:54 34 minutes, 54 seconds during this period. uh which though partially get offset by productivity improvements and delivery optimization 35:01 35 minutes, 1 second and as we progress once volume normalizes and cost control initiatives start showing benefits we expect operating leverage to play out more 35:10 35 minutes, 10 seconds meaningfully. So with uh setting the context let me get into the details of third quarter and 9 months ended 31st 35:19 35 minutes, 19 seconds December 2025. I am on slide 17 revenue for the quarter sto.4 35:27 35 minutes, 27 seconds crores moderated by around 1.4% as compared to the previous quarter and 35:33 35 minutes, 33 seconds marginally better by 1.1% year-on-year basis. 35:39 35 minutes, 39 seconds In the current quarter, depreciation expenses are at 123.2 crores as compared to 118.2 crores 35:47 35 minutes, 47 seconds uh sequentially and on year-on-year basis, depreciation has dropped from 137.5 crores to 123.2 crores. 35:56 35 minutes, 56 seconds We recorded a one-time impact of INR 4.5 crores during the quarter arising from the implementation of uh India's new 36:05 36 minutes, 5 seconds labor codes reflecting statutory employee benefit adjustments and has been presented as exceptional like the 36:12 36 minutes, 12 seconds financial statements. We expect the ongoing impact to be limited with no change to our long-term margin and growth outlook. 36:20 36 minutes, 20 seconds Profit before taxes for the quarter is at -41 crores as compared to 14.1 crores in the previous quarter and 36:30 36 minutes, 30 seconds and a profit of 41.3 crores the corresponding period of previous year. 36:35 36 minutes, 35 seconds Taxes for the quarter are at ina 15.1 crores as against 12.9 crores in the previous quarter as against 49.9 crores 36:42 36 minutes, 42 seconds in the corresponding uh periods of the previous year. During the quarter we have profits from discontinued 36:50 36 minutes, 50 seconds operations of INR 90.5 cr net of taxes as mentioned in our notes to publication page through transfer and assignment 36:58 36 minutes, 58 seconds agreement. Company has assigned its third party liability without recourse for a consideration of US $8.96 million 37:08 37 minutes, 8 seconds and correspondently recognized the gain of USD $8.9 million. This assignment liability relates to a period prior to 37:15 37 minutes, 15 seconds sale of healthcare services business which was consuminated on Jan 5th 2022 37:21 37 minutes, 21 seconds and is being clearly identifiable to the business being discontinued and in line with what it's disclosed as discontinued 37:29 37 minutes, 29 seconds operations including net of taxes total pack for the current quarter including both continued and 37:36 37 minutes, 36 seconds discontinued operations is at INR 34.4 4 crores as compared to negative of INR 27 crores in the previous quarter and a 37:44 37 minutes, 44 seconds negative of INR 8.6 crores on year-on-year basis. Total AIDA at INR 37:50 37 minutes, 50 seconds 133.7 crores is down by around 170 basis points sequentially and 780 basis points year-on-year basis. 38:00 38 minutes Moving on to slide 18 which shows details of 9 months ending 31st December 25 and a comparative period of 31st 38:08 38 minutes, 8 seconds December 24. Revenue from operations stood at 3,222.7 crores versus 3,243.1 cr a marginal drop of 0.6%. 38:20 38 minutes, 20 seconds As explained in the quarterly finan uh uh in the quarterly numbers after considering exceptional item impact of 38:27 38 minutes, 27 seconds INR4.5 crores into new labor code PBT is at negative 81.6 crores as compared to 38:34 38 minutes, 34 seconds INR 43.6 crores of the earlier period taxes for the 9 38:41 38 minutes, 41 seconds months period is at INR 47.9 crores as compared to INR 72.5 crores in the similar period last year. Pat from 38:49 38 minutes, 49 seconds discontinued operations for the 9 months period designer 148 crores as against 218 crores in the corresponding period 38:56 38 minutes, 56 seconds of earlier financial year. Total PAT after considering continue and discriminate operations is INR 18.5 39:03 39 minutes, 3 seconds crores as compared to INR 102.4 crores of the corresponding period. Total EIDA 39:09 39 minutes, 9 seconds is at 451.4 crores as against INR 532.6 crores in the corresponding period. 39:17 39 minutes, 17 seconds Moving on to slide 19 which is our balance sheet. Our balance sheet remains strong with a net worth of 39:25 39 minutes, 25 seconds INR8206.5 crores. We continue to operate with healthy liquidity, disciplined capital allocation and stable working capital 39:32 39 minutes, 32 seconds matrix. The gross treasury balance is around INR 6,429 crores against a debt of 1,292 crores 39:41 39 minutes, 41 seconds with the net treasury balance is around INR 5227 crores. 39:50 39 minutes, 50 seconds Moving on to next slide which is slide number 20. 39:55 39 minutes, 55 seconds Left side of the chart shows the revenue by source wherein CX operations constitutes 55% of our total revenue and 40:03 40 minutes, 3 seconds digital and media services accounts for 45%. The right side shows split by vertical. Tech media and telecom 40:10 40 minutes, 10 seconds continue to be our largest vertical accounting for 50% of total revenue. CD and retail at 16% BFSI at 18%. Health 40:18 40 minutes, 18 seconds and life sciences and others accounts for 7%. 40:22 40 minutes, 22 seconds and public sector revenue remains stable primarily from UK and Canada which are mainly consistent with prior quarters. 40:32 40 minutes, 32 seconds Moving on to the next slide which is slide number 21. 40:38 40 minutes, 38 seconds This is uh uh revenue composition by origination for the quarter India uh accounted for around 38% of the total revenue which is originated from India. 40:47 40 minutes, 47 seconds US 28%, UK 14%, Canada, Australia and others adding up to 20%. And the right side shows from a delivery standpoint. 40:57 40 minutes, 57 seconds 42% of the total delivery was accounted from India. Between US and Canada, it's around 26%. Philippines accounting for 14% while UK and others accounts for 17%. 41:09 41 minutes, 9 seconds Moving on to slide 22. Client concentration uh chart shows well diversification of our customer base to minimize any single customer risk. Our 41:18 41 minutes, 18 seconds top customer accounts for 6.4% whereas top five customers accounts for around 18.8%. And top 10 customer represents 28.4%. 41:28 41 minutes, 28 seconds DSO levels remain well controlled reflecting tight collection disciplines despite the micro environment and we continue to fund growth initiatives primarily for open flows. 41:38 41 minutes, 38 seconds Just to reiterate I think a couple of points. One is on AI invest banks. A key point uh is that our investments in 41:46 41 minutes, 46 seconds agent AI platforms and proprietary solutions are increasingly moving from investment phase to commercialization. I think as mentioned by Wank and Vince uh 41:55 41 minutes, 55 seconds during their uh briefing uh briefings and there is some near-term margin absorption as well as we scale these capabilities. We are seeing early 42:03 42 minutes, 3 seconds revenue attractions and strong client pull which gives us confidence in medium term margin accuration rather than dilution. 42:11 42 minutes, 11 seconds Looking ahead uh we remain cautiously optimistic while micro uncertaintity and client prudence may persist in the near 42:18 42 minutes, 18 seconds term our pipeline quality AI like differentiation and disciplined financial execution position well for the gradual improvement in growth and 42:26 42 minutes, 26 seconds margins. Our priority remains sustainable, profitable growth with continued focus on productivity, cost 42:34 42 minutes, 34 seconds effective and capital allocation efficiencies. With that, I will hand it over back to moderator. Thank you. 42:43 42 minutes, 43 seconds Thank you very much, sir. We will now begin the question and answer session. 42:48 42 minutes, 48 seconds Anyone who wishes to ask a question may press star and one on their touchstone telephone. 42:55 42 minutes, 55 seconds If you wish to remove yourself from the question queue, please press star and two. Participants are requested to use 43:02 43 minutes, 2 seconds handset while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. 43:17 43 minutes, 17 seconds Our first question comes from the line of Pria Sha with family office. Please go ahead. 43:24 43 minutes, 24 seconds Uh hello am I audible? Hello. Yes ma'am. 43:30 43 minutes, 30 seconds Okay. So hi sir I have couple of questions. First being can you share measurable productivity or margin 43:37 43 minutes, 37 seconds improvements driven by the AI infused delivery so far that you mentioned. 43:48 43 minutes, 48 seconds Sure I will take the question. We have seen uh essentially if it is a uh delivery location that is already 43:57 43 minutes, 57 seconds onshore uh meaning if the delivery location itself is in uh one of the sourcing 44:03 44 minutes, 3 seconds markets like the US or Canada or UK uh especially in the US and Canada we've been able to see a uh margin improvement 44:13 44 minutes, 13 seconds somewhere of uh 15 to 20% in improvement of margins 44:20 44 minutes, 20 seconds So and that is if it if the delivery is being done out of offshore uh we are 44:27 44 minutes, 27 seconds seeing more of a 10% or so margin improvement. 44:33 44 minutes, 33 seconds Okay sir that's understood. So I have one follow-up question regarding the same. So interaction intelligence also 44:40 44 minutes, 40 seconds promises realtime QA with 80 plus insights. So how are clients responding to this outcome based pricing you know 44:47 44 minutes, 47 seconds which is linked to these the new AI tools? 44:53 44 minutes, 53 seconds Uh we are seeing demand there's a lot of talk about outcomebased pricing but when at the end of the day when it gets to 45:00 45 minutes actually procurement not every customer is ready to sign up for outcome based pricing. Uh we for example the 45:08 45 minutes, 8 seconds interaction intelligence solution is being charged more to the customers based on the number of transactions meaning in this particular case uh it is 45:17 45 minutes, 17 seconds based on number of calls call minutes processed through the system. Uh we are seeing traction in it but it's still in the early stages. 45:29 45 minutes, 29 seconds Uh just one more question sir. uh so AML lens which claims like around 75%age 45:37 45 minutes, 37 seconds of reduction in case analysis time and around 60% fewer false positives. So are you seeing some strong BFSI adoption 45:45 45 minutes, 45 seconds over here and could this become a scalable size SAS style offering in the future? 45:54 45 minutes, 54 seconds So we are not looking at as a looking at it as a SAS offering. We're meaning software as a service but we're looking at it more as service as software or 46:03 46 minutes, 3 seconds process as a service right so this will include both the software and uh the antimony along investigators 46:13 46 minutes, 13 seconds itself packaged together to execute a process for the customers uh we have won awards we have a few 46:20 46 minutes, 20 seconds customers who have adopted it and we're seeing success where the customers have seen significant value now the question 46:27 46 minutes, 27 seconds that We all have to test the market and see and we believe is that there will be a significant demand in the uh banking sector for the solution. 46:40 46 minutes, 40 seconds Uh thank you sir that answers my question. All the best I'll join back the queue. Thank you. 46:51 46 minutes, 51 seconds Thank you. 46:53 46 minutes, 53 seconds The next question comes from the line of Shrii Sharma. Please go ahead. 47:01 47 minutes, 1 second Thank you for the opportunity. So, couple of questions. Uh, you added 21 new digital operation and tech service 47:09 47 minutes, 9 seconds logo in Q3 which has been the strongest signing quarter. How do this win support 27 exploration? 47:20 47 minutes, 20 seconds So I I don't want to truly give a forward-looking view but I can give you a general a general view of uh you know 47:28 47 minutes, 28 seconds how we expect things to pan out or based on history right. So any technology 47:35 47 minutes, 35 seconds services clients typically or digital operations clients start off with a very small project uh where we need to 47:42 47 minutes, 42 seconds establish trust and we need to establish proof of value for that customer and typically that that grows 47:51 47 minutes, 51 seconds significantly and with those existing projects from those customers the win rate grows up 47:59 47 minutes, 59 seconds also almost doubles compared to when you uh when the first project and the time to close accelerates as well. So over 48:07 48 minutes, 7 seconds the next two years, we expect uh these customers to yield significantly more revenue than what uh they start off 48:14 48 minutes, 14 seconds with. So this should add to our growth and support our growth initiatives for the next next fiscal year. 48:21 48 minutes, 21 seconds Uh that's great sir. And secondly, digital and media service now contribute around 45% of opening operating revenue. 48:31 48 minutes, 31 seconds So how do you see this mix evolving over next two to three years Mah you want to take that question? 48:43 48 minutes, 43 seconds Okay. Yeah. 48:48 48 minutes, 48 seconds Yes. Uh Vince see I mean as as I mentioned uh Hello Vince you want to take that up and 48:56 48 minutes, 56 seconds then I can pat him from an overall question. No no no May is gone. No no May is gone. 49:00 49 minutes Why don't you explain from an overall perspective? I think that'll be better. 49:04 49 minutes, 4 seconds Sure. Sure. So, as I explained from our outlook perspective, we are definitely looking at change in the revenue mix and 49:12 49 minutes, 12 seconds one of the key lever that we are pursuing is is from a digital perspective. The AI differentiation is one thing that we are definitely looking 49:20 49 minutes, 20 seconds at. So what we are looking are uh from a change in the mix is the current uh 55% that 45% that is constituting 49:29 49 minutes, 29 seconds constituting from media and uh uh digital sphere eventually we can look at an increasing from 49:38 49 minutes, 38 seconds on an average 5 to 10% growth we can see but I mean this is this is not sort of a forward-looking guidance but this is where we are seeing from the new logos 49:46 49 minutes, 46 seconds that is coming in that's how the mix going to evolve But not from a periodic certaintity but definitely this is the direction that it will lead to. 49:58 49 minutes, 58 seconds Got it sir. Got it. And lastly sir uh could you uh like with a strong traction 50:04 50 minutes, 4 seconds in can Canada public sector and education is the client base structurally diversifying? 50:13 50 minutes, 13 seconds Yes the client base is structurally diversifying. We are having uh see in the past historically we we 50:22 50 minutes, 22 seconds our public sector customers were primarily from the UK. Uh we are now gaining significant public sector 50:29 50 minutes, 29 seconds clients in Canada and as we are proving value in Canada. We are starting to see a more diversification of the client 50:36 50 minutes, 36 seconds base. Uh we are also historically we had a significantly more customer concentration as indicated by by Mahesh as we're adding these new logos. 50:46 50 minutes, 46 seconds customer concentration risk is coming down. Uh got it. So that answers my question. 50:53 50 minutes, 53 seconds Thank you so much. 51:00 51 minutes Thank you. Uh Miss Shi, does that answer your question? Uh yes sir. Yes sir. Yeah. Thank you. 51:07 51 minutes, 7 seconds The next question comes from the line of Hina Parik and individual investor. Please go ahead. Yes. 51:15 51 minutes, 15 seconds Uh hello. Uh I have a couple of questions. First one, me uh mission 51:21 51 minutes, 21 seconds bharat has operationalized 50 plus tier three towns adding approximately 25,000 subscribers. So um could this become a meaningful rule growth engine? 51:36 51 minutes, 36 seconds Yeah. Hi um Hina, good good to talk to you again. I hope you can hear me Hina. Yes. Yes, I can hear you. 51:42 51 minutes, 42 seconds Yeah. Okay. Yeah. So, Hina, if you recall in our strategy presentation that we did at the end of Q2, um there's a 51:51 51 minutes, 51 seconds lot of India that is untapped and one of our philosophies, not just the philosophy of Hinduja global solutions. 51:58 51 minutes, 58 seconds So, the overall Hinduja group is digital inclusion. That is why we even launched our headend in the sky platform. And uh 52:06 52 minutes, 6 seconds if you recall headend in the sky platform when we launched in 2015 was able to change the way 52:17 52 minutes, 17 seconds I know in uh Sawangu in Pulwama in in you know 52:24 52 minutes, 24 seconds all Jang in Arunachal Pradesh etc. We believe that there is a similar and a similar opportunity because the Hinduja 52:33 52 minutes, 33 seconds group and uh obviously Hinduja global solutions our philosophy is partnership for growth. So we found um that there 52:41 52 minutes, 41 seconds are key entrepreneurs in these small towns that we go to and um who want to make a difference who are ready to kind 52:49 52 minutes, 49 seconds of take on the the mantle of becoming a digital service partner and we believe that this 100 city 100 town plan can also expand well beyond those 100 towns. 53:00 53 minutes So you're absolutely right. It will become a mainstay going forward because keep in mind two or three things. Number 53:07 53 minutes, 7 seconds one, these markets have had lower access to connectivity. So obviously connectivity plays a critical role. 53:14 53 minutes, 14 seconds Number one. Number two, very importantly, the they are underserved to a great extent and not necessarily um 53:22 53 minutes, 22 seconds exposed to a high quality of service. So that makes a huge impact for us to get in there because we provide a very high level of quality of service and third 53:31 53 minutes, 31 seconds most importantly it becomes part of our overall network like a hub and spoke system. So our cost of operation and 53:39 53 minutes, 39 seconds therefore our margins improve but our cost of operation doesn't include exponentially as we connect these new towns. So overall you're absolutely 53:48 53 minutes, 48 seconds right Hina that is going to become a mainstay for us going forward. It also sets the base to do what we did in our 53:55 53 minutes, 55 seconds digital television business many years ago. So overall we're on the on on that track completely in sync with what you just said. 54:03 54 minutes, 3 seconds I hope that answers your question. Yes. Yes. Yes. Definitely. Great. Great. 54:08 54 minutes, 8 seconds Thank you so much on that. Uh one last question. Um if you look three years ahead uh what does a scaled HS look like 54:17 54 minutes, 17 seconds in terms of revenue mix margins AI contribution anything on that 54:26 54 minutes, 26 seconds would you like to uh yeah mean I'm taking the question um so as we look so first of all I again 54:35 54 minutes, 35 seconds don't want to make a forward-looking statement but from a strategic direction standpoint what we are driving towards is 54:43 54 minutes, 43 seconds an AIEL digital operations company. We will continue to deliver intelligent experiences which are 54:52 54 minutes, 52 seconds essentially AI supported interactions which are contextual uh which are personalized 54:59 54 minutes, 59 seconds and then post the interaction support proactive operations which we call as intelligent operations. 55:09 55 minutes, 9 seconds So we look to HGS as being one of the companies that provides 55:16 55 minutes, 16 seconds support to uh our client base to make them more efficient, more effective and more personalized to their consumers. 55:24 55 minutes, 24 seconds And this is through using AI to drive context, using AI to support our team members to deliver the best possible 55:32 55 minutes, 32 seconds interaction as well as follow on fulfillment that's proactive in nature. 55:37 55 minutes, 37 seconds That is how we see the future going and we expect that a significant portion of our business uh will be driven and 55:46 55 minutes, 46 seconds supported with AI and people working together in the future. 55:51 55 minutes, 51 seconds Fair enough. Understood. Uh really helpful sir. Thank you so much and all the very best. Thank you. 55:59 55 minutes, 59 seconds Thank you. Thank you. 56:01 56 minutes, 1 second The next question comes from the line of Hershel Patil and I investor. Please go ahead. 56:09 56 minutes, 9 seconds Hello. Thanks for the opportunity. 56:12 56 minutes, 12 seconds Uh just I have a few questions. Uh with productive and delivery rigor uh being emphasized, can you share the early indicators of operating leverage as volume ramp? 56:26 56 minutes, 26 seconds Uh could you repeat the question please? Sure. Sorry. 56:29 56 minutes, 29 seconds Sure. with productive and delivery rigor being emphasized. Can you share the early indicators of operating leverage as volume ramp? 56:39 56 minutes, 39 seconds Sure. So uh with what we're noticing is that we are able to reduce the 56:48 56 minutes, 48 seconds especially in the uh contact center and the CX space uh as we are doing volume ramps what 56:55 56 minutes, 55 seconds we're seeing is that the amount of time it takes to hire 57:02 57 minutes, 2 seconds train and deploy a resource from the time of onboarding to time of on the job 57:10 57 minutes, 10 seconds training to actual productivity. We have seen almost a 30 40% reduction in the time it takes to make that happen 57:18 57 minutes, 18 seconds which directly translates into margin improvements. The second part that we're noticing is the amount the ratios the 57:28 57 minutes, 28 seconds you know management ratios especially related to team leaders and uh managers 57:34 57 minutes, 34 seconds who are spending time overseeing and managing the teams that are performing these customer interactions. 57:43 57 minutes, 43 seconds are the spans remain to be the same or improving slightly but the team leaders and managers are able to spend more time 57:51 57 minutes, 51 seconds doing coaching and supporting the staff which is driving higher uh quality of service and better productivity. 58:00 58 minutes The third aspect that I want to point out that we're seeing is post uh being productive. Once a uh 58:10 58 minutes, 10 seconds individual is finished on the job training is productive, we are able to continuously do micro training 58:19 58 minutes, 19 seconds uh and coaching on a almost on a realtime basis uh using our interaction intelligence capability where we are 58:26 58 minutes, 26 seconds able to get feedback on the quality of the call because we're able to have AI listen to more of the conversations 58:35 58 minutes, 35 seconds uh capture more information get subjective information that helps our managers to coach their teams better. So overall 58:43 58 minutes, 43 seconds this not only improving productivity is also improving quality of service also uh at the end of the day. Hope that answered your question. 58:53 58 minutes, 53 seconds Yeah sure. Okay. Uh also you mentioned the elongated decision cycles in the large deals. Are you seeing like early signs of recovery as we approach FI27? 59:07 59 minutes, 7 seconds Um I think the elongated cycles continue to exist. We are not seeing a dramatic change in that space. Uh I mean from a 59:15 59 minutes, 15 seconds HGS standpoint we are seeing some changes because with the new customers that we have acquired as they build 59:22 59 minutes, 22 seconds trust with us. Uh they're improving uh the the decision cycles are improving a little bit. That is more because of I believe the trust that we're 59:31 59 minutes, 31 seconds establishing with our customers and the value we're providing. But in general because of the uncertaintity in the macro environment of the macroeconomics 59:40 59 minutes, 40 seconds environment globally as well as uh fatigue on the amount of technology 59:48 59 minutes, 48 seconds uh innovation that is happening to some degree or the I call it the next shiny object syndrome right people get worried about the next shiny object and they're 59:57 59 minutes, 57 seconds they almost get into indecision. uh that I think that's continuing to exist and I think we'll continue to see that for at 1:00:04 1 hour, 4 seconds least another one more year until things start uh improving. 1:00:10 1 hour, 10 seconds Okay. Thank you so much. I'll get back in. Thank you. 1:00:18 1 hour, 18 seconds Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to the management for their closing comments. 1:00:33 1 hour, 33 seconds Thank you everyone for the call. 1:00:36 1 hour, 36 seconds Yeah, thank you everyone for joining the call. Truly appreciate you taking the time on a Friday evening and uh uh you 1:00:44 1 hour, 44 seconds know spending time with us, listening to our uh outlook and where we're going as a company and what we have done so far. Uh and appreciate all your support. 1:00:53 1 hour, 53 seconds Enjoy the weekend to you Vince. 1:00:57 1 hour, 57 seconds Yeah. Yeah. Um yeah, I I echo Wang's sentiments um and really appreciate because it's always difficult joining in 1:01:04 1 hour, 1 minute, 4 seconds on a weekend and we truly appreciate that. um as Wen pointed out and relevant questions at the end of this that um as 1:01:13 1 hour, 1 minute, 13 seconds as a group we're all clearly on a upward mobility traction and we hope to be able to achieve those those elements we we 1:01:22 1 hour, 1 minute, 22 seconds pointed out and I'm sure in Q4 we'll be able to report much more. Uh with that um thank you very much and uh Mahes over to you. 1:01:34 1 hour, 1 minute, 34 seconds Thanks Vince. Thanks Mike. Thank you everyone for uh taking the time out on a Friday evening and uh going through our 1:01:41 1 hour, 1 minute, 41 seconds presentations. Thank you everyone and uh have a nice weekend ahead. Thank you. 1:01:48 1 hour, 1 minute, 48 seconds Thank you on behalf of Hinduja Global Solutions Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.