Infollion Research Services Ltd — Q4 FY26

Infollion Research Services Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=iCJSQvlr_60 Published: 3 weeks ago

0:01 1 second Good evening everyone. My name is Purbangi Jen from Baller Advisors. We represent the investor relations for Infol Research Services Limited. On 0:10 10 seconds behalf of the company, I would like to thank you all for participating in the company's earnings conference call, but the second half of the financial year 2026. 0:18 18 seconds Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such 0:26 26 seconds statements are subject to risk and uncertaintities which could cause actual results to differ from those anticipated. Such statements are based 0:34 34 seconds on management's belief as well as assumptions made by and information currently available to the management. 0:40 40 seconds Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. The purpose of today's 0:47 47 seconds earnings call is pro probably to educate and bring awareness about the company's fundamental business and financials under review. Now let me introduce you 0:56 56 seconds to the management participating in today's earnings call. We have with us Mr. Gorav Munjar managing director Mr. 1:04 1 minute, 4 seconds Vun Kandelval VP strategic initiatives Mr. Abhang business head NMR 1:12 1 minute, 12 seconds Mr. Abishek Ja CFO and Miss Measogi CS and compliance officer. I now request 1:19 1 minute, 19 seconds Mr. Gor Munjal to start with his opening remarks. Thank you and over to you sir. 1:27 1 minute, 27 seconds Thank you. Thank you Purwangi for the introduction. U a very warm welcome to all the investors. 1:36 1 minute, 36 seconds So I'll quickly uh before we get into the uh Q&A session, I'll just quickly browse give you a brief of uh what 1:44 1 minute, 44 seconds happened in this financial year. So uh this year we had a pretty decent 1:49 1 minute, 49 seconds execution. We u on the volume front we were almost at the long-term growth 1:56 1 minute, 56 seconds trends at an annual level. Our uh core India business continue to demonstrate resilience growth and um so in the 2:06 2 minutes, 6 seconds second half of this financial year we saw some moderation. So usually our second half of the year is uh almost 2:15 2 minutes, 15 seconds equal to the first half of the year but uh this year we saw a decrease in volumes towards second half especially 2:22 2 minutes, 22 seconds in the sec uh in the last quarter and uh which kind of peaked in the uh in in 2:29 2 minutes, 29 seconds March in March the on a per day level the number [clears throat] of projects we received was very low uh almost 25% 2:37 2 minutes, 37 seconds lower than what what was the usual run rate uh which kind which almost led to a uh flattish 2:45 2 minutes, 45 seconds uh annual number. Uh but at a annualized level it was almost 30% increase. So besides that 2:54 2 minutes, 54 seconds last year we had promised that you know there are at least two or three initiatives which we have taken which were out of the experiment stage. So 3:01 3 minutes, 1 second this year we set up the teams for hookah. It was almost a 15 member team. 3:06 3 minutes, 6 seconds Now we crossed the first cr it is a it is at least in the initial stages of a business uh no longer an experiment our 3:14 3 minutes, 14 seconds US operations the India to US corridor uh increased at a steady growth uh from a quarter to 3:22 3 minutes, 22 seconds almost one/ird now the US to India uh operations also recorded its first quarter and a bit of surprise and a bit 3:30 3 minutes, 30 seconds of positive side was that while we started Mina much later Mina is Middle East and North Africa much Later in the 3:38 3 minutes, 38 seconds uh essentially in this year we started traveling and started maintaining a presence over there as well and it also 3:45 3 minutes, 45 seconds uh it actually grew faster than our other businesses at least other initial businesses primarily because it is very 3:53 3 minutes, 53 seconds accessible in the time zone and a presence of a lot of uh Indians and we also recorded the first grow from there. 3:59 3 minutes, 59 seconds So three new uh growth areas. We also started expanding in uh EU a little uh 4:07 4 minutes, 7 seconds but that's probably a year away from any meaningful number. 4:12 4 minutes, 12 seconds So on the client side especially in Hooka we added a lot more logos for our poor India business 4:20 4 minutes, 20 seconds we have seen that our clients haven't grown as much as they used to. So this was a relatively flat year for most of 4:27 4 minutes, 27 seconds the uh most of our client sets. But in hooka we added a lot of logos. Our target is to add a lot of clients from a 4:36 4 minutes, 36 seconds perspective that once you become a registered vendor we can expect a regular flow of trainings from them. So 4:44 4 minutes, 44 seconds which I think is going ahead well. We have been uh conducting a lot of trainings. we have uh got a reasonable 4:51 4 minutes, 51 seconds number of repeat clients as well and hopefully it will become a regular business in the years to come with very 4:58 4 minutes, 58 seconds reduced cse. So we are not using uh uh 5:04 5 minutes, 4 seconds social media or or uh online channels too much as of now. It's quite expensive to from a CAC perspective but uh vendor 5:14 5 minutes, 14 seconds registrations is our primary uh CAC investment uh investment which might release which might uh turn into a a regular business flow down the line. 5:26 5 minutes, 26 seconds So we especially in Hooka we did almost 100 plus trainings this year. Uh we are 5:34 5 minutes, 34 seconds trying to move into a managed training services model where we have built up certain internal capabilities which we 5:41 5 minutes, 41 seconds can offer to our clients. More on it during the presentation. So uh in US uh 5:49 5 minutes, 49 seconds we made steady progress although it is uh not meaningfully big right now but I I think over a period of time once we 5:57 5 minutes, 57 seconds build the uh expert base uh this should start paying off uh we've been maintaining a presence of at least a month per quarter 6:06 6 minutes, 6 seconds in US uh at a overall operational level uh we added almost 70 employees so we are 270 at the end of the year uh most 6:14 6 minutes, 14 seconds of these employees have been added in relatively newer functions. Um so we now have a reasonable sales team. We now 6:22 6 minutes, 22 seconds have a you know some senior guys moving in from core businesses to newer initiatives. Uh 6:31 6 minutes, 31 seconds Vun and one of senior leaders Vaneka who was heading healthcare has also moved on to uh to a 6:40 6 minutes, 40 seconds larger role in Mina. So we would be we would be uh trying to uh 6:48 6 minutes, 48 seconds in fact we have expanded the tech team as well. So almost at almost 20 25 people uh including a few senior guys 6:56 6 minutes, 56 seconds have moved on from our core business roles to newer expansions. uh this would this has led to a bit of uh 7:04 7 minutes, 4 seconds uh vacuum uh in in the in the uh existing business uh and uh we would try 7:13 7 minutes, 13 seconds to expand that team from operational level as well uh this year. So on the tech front we have been building our prop platform. I think we're pretty 7:22 7 minutes, 22 seconds happy where we are. Uh we are one of the first networks to have completely open APIs. uh this year we would probably 7:30 7 minutes, 30 seconds open up our MCV server as well and uh in fact should be a matter of time where uh 7:36 7 minutes, 36 seconds we also did a lot of uh bot moderated calls 7:43 7 minutes, 43 seconds and overall most of the investments which we made in the tech front are going on at a healthy click we've 7:50 7 minutes, 50 seconds expanded that team as well AI uh so so we have done a lot of in fact we have 7:57 7 minutes, 57 seconds been saying for a while that we've using the three pillars in AI. Uh we want some human in the loop logic. We want prop 8:05 8 minutes, 5 seconds data and as of now we are not going very aggressive on investments on that front. 8:10 8 minutes, 10 seconds Uh we just making sure that whatever we invest is uh recoverable at this stage. 8:15 8 minutes, 15 seconds the kind of amounts that are needed to do anything in AI are uh are are substantially 8:23 8 minutes, 23 seconds larger than what we can afford at this stage from a after having ROI. I mean of course a lot of having said that uh 8:33 8 minutes, 33 seconds from within the expert network world uh we should probably be at the uh leading edge on that front as well. So that's a 8:41 8 minutes, 41 seconds quick overview my side uh on the financial numbers um we have already declared they're on your screen but Abhishek will browse you through with 8:49 8 minutes, 49 seconds some more details Abhishek who is also a CFO Abishek over to you. 8:55 8 minutes, 55 seconds Yeah thanks uh good evening every CFO at Infolium. Uh coming to the 9:03 9 minutes, 3 seconds financial performance for the financial year 2025 and 26 Infol has crossed the 100 cr revenue mark this year. The rapid 9:10 9 minutes, 10 seconds stood at 14.73 cr and pet reported at 12.72 cr. We were able we were able to 9:17 9 minutes, 17 seconds generate a cash flow of over 10 cr from operations and over 8 cr for as free cash flow for this FY. Precise numbers 9:26 9 minutes, 26 seconds are given in the financial statements filed with the NSE. These are also available on the company website. 9:32 9 minutes, 32 seconds Thank you. Now we can move to the Q&A session. 9:37 9 minutes, 37 seconds Thank you. We'll now begin the Q&A session. If you have any questions, please raise your hand icon. 9:47 9 minutes, 47 seconds Yes, Mr. Shikhar, please go ahead. Hello. 9:56 9 minutes, 56 seconds Uh hi. Hi, Gorov. How are you? Hi. Hi. She tell me. 10:00 10 minutes Yeah. So what was the volume of calls we did in H2 versus H uh this year versus H2 last year? 10:10 10 minutes, 10 seconds Uh I think that would have been disclosed. Abisha, can you help me with that? 10:18 10 minutes, 18 seconds Yes. So uh H2 in 2025 was almost 9,000 calls and H2 is in 2026 is 9,800 calls. 10:31 10 minutes, 31 seconds Okay. And what was the reason for this March month not being so good on the volume of calls and are we seeing a trend reversal in April? 10:42 10 minutes, 42 seconds So uh I'm not so sure uh but overall the second quarter or sorry fourth the second half of second half the second 10:50 10 minutes, 50 seconds quarter second half basically uh Q4 of this financial year uh we saw a bit of weakness uh we we were observing this 10:58 10 minutes, 58 seconds weakness uh for a while uh in March I'm not so sure what happened to be honest we don't really have the detailed 11:05 11 minutes, 5 seconds numbers but uh we saw a significant decline we spoke to quite a few clients of ours and they have seen uh a flattish 11:13 11 minutes, 13 seconds growth in their own numbers as well. I'm not so sure if if it is uh the war thing which has kind of uh 11:23 11 minutes, 23 seconds seen a decline in numbers. We've seen some improvement in uh April but uh it 11:30 11 minutes, 30 seconds is still back at a same per person per per day level. We haven't seen a meaningful increase at this stage. 11:38 11 minutes, 38 seconds Got it. And regarding our employee expenses, so uh as of now, can we say is it safe to assume that the current employee expenses have peaked out or are 11:47 11 minutes, 47 seconds we planning to add more employees for this FI27? 11:51 11 minutes, 51 seconds Of course, we will add more people in FI27. How can they be peaked out? So, so I'm not sure what do we mean by peaked 11:57 11 minutes, 57 seconds out. But what I can say is that at least you know one and a half two crores of 12:05 12 minutes, 5 seconds employee expenses have been besides the core business. got it. 12:11 12 minutes, 11 seconds Newer initiatives whether it is expansion, whether it is tech, whether it is sales, uh whether it is uh hooa 12:18 12 minutes, 18 seconds almost a couple of crores has been spent. Uh had we been doing a simil the in the same line of business and 12:26 12 minutes, 26 seconds continued we could have probably saved that but uh we definitely investing in future growth. 12:31 12 minutes, 31 seconds Got it. Got it. So what I meant was uh is the rate of growth of this employee expenses will will we see a slowdown over here or a similar kind of growth in 12:40 12 minutes, 40 seconds the employees we'll be seeing going ahead in the employee expenses no so so employee expenses is not a 12:48 12 minutes, 48 seconds monolith for us right so so so there are three or four parts I mean for the natural course of 12:56 12 minutes, 56 seconds business which is a core business let's say if we are about you know 180 to 200 people doing the core India business uh 13:03 13 minutes, 3 seconds they would probably need not would not see growth at the same pace as revenue but for others if we spot an opportunity 13:12 13 minutes, 12 seconds we'll do that in US we still really haven't started recruiting we still just traveling US is a very expensive market 13:18 13 minutes, 18 seconds so we haven't recruited in uh Europe Mina sea we might try at a consultant/commission level to begin 13:27 13 minutes, 27 seconds with but uh uh for newer initiatives is uh sales we would definitely add more 13:35 13 minutes, 35 seconds people. Hookah I hope we add more people it's a good thing which is still a new building new business which is coming up 13:43 13 minutes, 43 seconds uh for a poor India business definitely the growth is going to be much slower in terms of uh how many 13:51 13 minutes, 51 seconds number of people we add as as opposed to the revenue growth for US business uh the growth has already come down we went from zero to almost 3540 in the last 14:00 14 minutes year and this year we barely we haven't added so many got Got it. Got it. Thank Thank you go and all the best. 14:08 14 minutes, 8 seconds Thank you. Thank you Mr. Rohit. Please go ahead. 14:15 14 minutes, 15 seconds Yeah. Hi. Hi Donna. So Gorov 14:18 14 minutes, 18 seconds [clears throat] 14:18 14 minutes, 18 seconds uh am I audible? Yes. Yes. Hi Rohead. 14:22 14 minutes, 22 seconds Yeah. Yeah. Hi. So uh few questions. So one was uh in terms of the note that you had shared. you talked about a specific 14:31 14 minutes, 31 seconds client uh where we had to give out uh some uh discounts and uh uh to uh sort 14:39 14 minutes, 39 seconds of trend our position uh and uh the volumes also sort of went down. So I mean in the past you've also mentioned 14:48 14 minutes, 48 seconds that we are probably the most competitive in terms of our positioning uh at level that we can operate and and 14:55 14 minutes, 55 seconds the kind of margin that we have. Uh so just wanted to understand like if we if 15:02 15 minutes, 2 seconds we are already at a very strong position then why would we why would we need to give out more 15:09 15 minutes, 9 seconds discounts etc. So that was my first question. 15:15 15 minutes, 15 seconds Okay. So so you want to ask all the questions together or do you want to continue one by one? 15:22 15 minutes, 22 seconds Maybe uh one by one would be better. uh if I think the volume growth band I I just said that you know we have seen a bit of 15:29 15 minutes, 29 seconds decline in March specifically in the last quarter probably it is related to you know the overall economy and the clients not growing at the speed at 15:38 15 minutes, 38 seconds which we expected uh plus our baseline of US growth was much much lower in the previous year and this year it was much 15:46 15 minutes, 46 seconds higher so uh growth wasn't uh that high in the in the second half uh next I think your question was around 15:55 15 minutes, 55 seconds discounts, right? So, there is no specific client per se whom we give discounts to. Uh to be honest, uh we are 16:03 16 minutes, 3 seconds leading the charge, we are actually offering uh we don't offer upfront discounts for sure. So, what we typically do is whenever someone is 16:12 16 minutes, 12 seconds pitching to their client, we join them at the early stage and then we say that you know we would help you out with uh the scoping initial calls which is known as corporate development calls for them. 16:23 16 minutes, 23 seconds uh and then uh if the project converts over a period of time we try to recover. 16:28 16 minutes, 28 seconds For newer geographies the CD calls are offered at a higher number but we do not have the capability to service at this 16:36 16 minutes, 36 seconds stage. It is more like a relationship building exercise that you know whenever you are pitching into a new client we 16:43 16 minutes, 43 seconds would be happy to uh uh be a part of that investment. Right? Any service business uh pitching to a new client in itself is a investment. 16:52 16 minutes, 52 seconds it. Sometimes it may uh translate into a immediate revenue. Sometimes it takes months or years to really build a 17:01 17 minutes, 1 second relationship with the client. If if the client project doesn't convert then it kind of uh goes to waste. Uh regarding 17:10 17 minutes, 10 seconds the second point which you mentioned on why do we need to offer discounts? We don't really need to offer discounts. We 17:17 17 minutes, 17 seconds have been very aggressive uh in the sense that uh if you do so and so if you continue so we operate in a multi multi- 17:25 17 minutes, 25 seconds vendor environment. So what what happens is in that environment if you want some kind of client stickiness we say that if 17:31 17 minutes, 31 seconds you complete a certain amount of calls with us towards the end we would reward you or we would uh you know wave off the 17:38 17 minutes, 38 seconds charges of the last few. So that kind of concentrates the calls with you as opposed to your payers in a multivator 17:46 17 minutes, 46 seconds setup. So that's the only point. Uh we believe that structurally we we have the capability to offer that those discounts 17:55 17 minutes, 55 seconds even at these margins and uh but that's a leverage which we have in our business. It's usually not very price 18:03 18 minutes, 3 seconds sensitive. So it it's not like that it is a commoditized product where you give discounts and the volume increases and you remove discounts and the volume goes 18:12 18 minutes, 12 seconds down. So it's it's usually a long-term uh building exercise uh for us at this stage. 18:20 18 minutes, 20 seconds Understood sir. And just related to this then uh I think uh I mean of course the gross margin impact was pretty sharp 18:27 18 minutes, 27 seconds this year. Uh we've been operating at about 45 46% uh very consistently. Uh so 18:34 18 minutes, 34 seconds I think you called out that around 3 cr was an impact of these two things which you mentioned. Uh so if I were to like 18:43 18 minutes, 43 seconds just uh remove the uh new initiatives and you look at the uh domest I mean the 18:51 18 minutes, 51 seconds domestic calls business whether these calls are arising from US or uh India just the US your core business as you if 18:58 18 minutes, 58 seconds you win uh what is the gross margin level that you think uh that we should 19:05 19 minutes, 5 seconds look at I'm I'm saying that let's let's remove the expansions uh whatever you are doing in terms of and the free call etc. So if you were to 19:14 19 minutes, 14 seconds sort of just give a rough broad number uh we were at 45 46% do you get back to that number or because the growth has 19:22 19 minutes, 22 seconds come down and because uh of other things now maybe that 45 46% is not possible just highlighting again not talking 19:30 19 minutes, 30 seconds about the new initiative at this point of time. So if we remove the new initiative couple of crores out of these three crores so so we are at a similar 19:37 19 minutes, 37 seconds net margin right so so at well less than a cr kind of a number so even if you're spending let's say two two and a half 19:45 19 minutes, 45 seconds crores on something which is not giving us immediate business a reduction of about 3 crores in in net uh in overall gross is not meaningful 19:54 19 minutes, 54 seconds enough it's barely left with in absolute terms it's just about a cr and a half uh a few a few trips to US 20:04 20 minutes, 4 seconds just basic stuff you know if we we if we end up hiring couple of people in US it will probably be 3% of 20:12 20 minutes, 12 seconds our net margins so uh so so we have to also keep that in perspective that in absolute terms it is 20:20 20 minutes, 20 seconds not very substantial even if you hire one person at let's say 120 130k in sales and if we have two people on east 20:27 20 minutes, 27 seconds and west coast uh that will amount to almost three three and a half crores So uh coming back to your question that 20:35 20 minutes, 35 seconds is it the entirely the gross margin. So if you remove the initiative part even after reducing the gross margin it would not have been 3 and a half 3 4%. It 20:43 20 minutes, 43 seconds would have probably been 1 2%. Having said that in our business one two one two% is not uh substantial. Uh you can 20:51 20 minutes, 51 seconds easily increase the price uh if we go into the consolidation mode. 20:57 20 minutes, 57 seconds Got it. And our business is not very price sensitive. At [clears throat] a very broad level, it is price uh I mean 21:05 21 minutes, 5 seconds a lot of you would have done calls people do pay 21:11 21 minutes, 11 seconds the price range but uh at one or two% it's uh it doesn't really 21:19 21 minutes, 19 seconds matter. It has the other things matter far more in our business. 21:24 21 minutes, 24 seconds No no fair. I think I understand. So just two more things. Please come back in the queue. We have a long line of questions. 21:33 21 minutes, 33 seconds Okay. 21:34 21 minutes, 34 seconds Thank you participants. Since there are many people waiting in queue, I request you to keep to only two questions per person, please come back in the queue 21:42 21 minutes, 42 seconds for the follow-up question. Mr. Paragar, please go ahead. 21:47 21 minutes, 47 seconds Hi, thank you for the opportunity and hi. Uh, so I first is more of a clerical error just I wanted to point out in the 21:55 21 minutes, 55 seconds presentation. uh I think uh you know if you you have mentioned in the presentation total number of experts it's at 1 lakh 36,461 22:05 22 minutes, 5 seconds and I think in the subsequent slides you have also shared uh the breakup between domestic and international but if you total the domestic and international it 22:13 22 minutes, 13 seconds will not add up so probably we can just check internally and uh maybe one of them is not updated we'll take 22:20 22 minutes, 20 seconds yeah okay uh coming to the question uh so since you know we are focusing towards US market. My question is like 22:29 22 minutes, 29 seconds you know what kind of customers are we targeting and what is the strategy there? Basically are we targeting customers who are new to the expert 22:37 22 minutes, 37 seconds network industry or are we essentially trying to gain market share from our competitors in the US 22:45 22 minutes, 45 seconds competitors in the US and then so we we have mostly our own we have converted most of our contracts to 22:53 22 minutes, 53 seconds global contracts. Most of our clients are global. So we are targeting uh to expand within that. 23:00 23 minutes Uh so how so how does that and and of course we targeting new new customers as well but most of them are well aware of the network industry. 23:08 23 minutes, 8 seconds Got it. So then how does the value proposition work? So for the exit so what value proposition? 23:12 23 minutes, 12 seconds So we are focusing on two or three specific domains where we want to go deep uh before we start expanding into other domains. So, so what we are trying 23:20 23 minutes, 20 seconds to do is we are going to offer two uh hooks. One is extreme uh 23:28 23 minutes, 28 seconds uh custom recruitments even at the cost u so custom recruitments is usually a high cost affair. So we will do custom 23:35 23 minutes, 35 seconds recruitments and even if we have to uh take the cost on the chin we'll do that in order to establish the relationship. 23:42 23 minutes, 42 seconds Second, once we have the network done, uh we believe we are structurally in a very good position if we are able to concentrate our capabilities into one or two domains. 23:51 23 minutes, 51 seconds Got it. So essentially you're trying to break into couple of domains to gain foothold into we will not go very wide initially. We 23:58 23 minutes, 58 seconds might go wide in the custom part but in uh in we will try to focus all our resources into one or two domains uh to to really gain market share. 24:08 24 minutes, 8 seconds But then how does the value proposition work? Let's say you say life science may I have this uh you know expertise and I have deep domain expertise. 24:15 24 minutes, 15 seconds So structurally we think we have a fair amount of research capabilities we would be able to gain market share. 24:21 24 minutes, 21 seconds Got it. And just one last question. So you have mentioned about acquisition in your press release that you have released. Uh so are you looking more 24:28 24 minutes, 28 seconds like key uh any opportunity the US market to expand to get food? 24:33 24 minutes, 33 seconds Yes we have evaluated that. Yes we have evaluated that as well. to be honest either they are too expensive and if they are not expensive we haven't really 24:42 24 minutes, 42 seconds found value in them but as of now in US 24:49 24 minutes, 49 seconds we are inclined more towards build but we are actively exploring if we are if we are able to get something uh we have 24:56 24 minutes, 56 seconds filed our how do we perceive the entire 25:04 25 minutes, 4 seconds M&A bit uh and uh uh the each and every segment we have given that what is our 25:11 25 minutes, 11 seconds interest level uh given that we have added almost 10 crores of cash flow uh we are in a far stronger position than last year as well. 25:21 25 minutes, 21 seconds Got it. Got it. And just to confirm our unit sir please come back. Sure sir. Thank you. 25:28 25 minutes, 28 seconds Mr. Sorak Kumar please go ahead. Uh hi hope I'm audible. Yes. Hi sir. 25:37 25 minutes, 37 seconds Uh so my question is around all these three new businesses where currently we are at around 1 cr. Uh at what revenue 25:45 25 minutes, 45 seconds level we expect these businesses to break even and uh do you have any timelines or aspirations in mind for each of these three businesses to break even? 25:55 25 minutes, 55 seconds So uh so first things first MINA and US are not really separate separate businesses. they are just leveraging our 26:01 26 minutes, 1 second existing core. Uh if we include the India to US corridor 26:08 26 minutes, 8 seconds probably US business is already break even. The key point is at what point of time do we have a network deep enough to 26:15 26 minutes, 15 seconds justify investments in US. So I think roughly a million dollar mark should be there. If we get to about 8 10 crores we 26:23 26 minutes, 23 seconds should start hiring in US. That's the idea. Uh Mina I don't think we would be doing a separate hiring. we can easily service that from India. maybe a bit of 26:31 26 minutes, 31 seconds sales hiring u hooka uh it it is new to us we don't know how it will pan out at 26:38 26 minutes, 38 seconds this stage I think we have enough number of people uh to take it to the next level the MRS or at least the in fact 26:46 26 minutes, 46 seconds hooka has been a a completely different trend what what was there in the first month versus what's there in 12 months 26:53 26 minutes, 53 seconds uh is much much different from April 2025 to March 20 uh 20 27:00 27 minutes six. Uh if we continue with the numbers which we have seen in the last two three months of March 26 of Q4 uh we should be 27:08 27 minutes, 8 seconds in a good position in Oxa uh at at this stage having if required we would add more people but at this stage maybe not. 27:17 27 minutes, 17 seconds So the margin drag which has come like will it take three quarters, four quarters, five quarters. Do you have any 27:24 27 minutes, 24 seconds rough idea where we expect these margins to bottom out in how many quarters? 27:29 27 minutes, 29 seconds I I I have I just cannot even if I try to even with the best of my abilities I cannot predict in quarters. In the 27:37 27 minutes, 37 seconds longer run, I know what's going on. But in three quarters, four quarters, five quarters, I just don't know what will pan out, how the war is going to pan 27:44 27 minutes, 44 seconds out, what impact AI will have, uh how many new clients we'll be able to get, how India, there are just too many variables for me to try and predict even if I do my best. 27:56 27 minutes, 56 seconds But in the longer run, we still believe that we would be a derivative of India economy. uh given that it is a structurally a network business and if 28:04 28 minutes, 4 seconds we can uh keep on harnessing the existing data capabilities we should be able to uh you know concentrate and kick in the network effects. 28:16 28 minutes, 16 seconds Uh margin I have already given a sense that the margin contraction is a is there are three or four conditions at 28:24 28 minutes, 24 seconds play. One is we became aggressive on gross. two is we added uh almost couple 28:32 28 minutes, 32 seconds of crores of extra costs from in the net margin play and even in the gross margin play uh had we had a good Feb and March 28:40 28 minutes, 40 seconds or specifically March even just 500 calls more or 100 calls a week extra would have given almost a cr and a half 28:47 28 minutes, 47 seconds cr and a half kind of a extra number. So there are three different plays uh happening at a margin compression. Uh 28:55 28 minutes, 55 seconds when are they likely to come back to normal? 28:59 28 minutes, 59 seconds I can't predict in quarters for sure but in the longer run we definitely have capabilities of higher gross margins. 29:05 29 minutes, 5 seconds Uh sure V. Thanks. And last question on the current uh H2 India's performance. I mean it could be war with the war going 29:14 29 minutes, 14 seconds on but uh are there any chances that structurally in India the growth has matured out or you don't see any such 29:22 29 minutes, 22 seconds chances you see more it like a one-off event or some kind of cyclicity or have you seen in the past these kind of cyclicities where one or two quarters were flattened? 29:30 29 minutes, 30 seconds Yes. Yes. Yes. Every now and then it can happen that you could have a extended period. Having said that, most of our 29:37 29 minutes, 37 seconds clients uh witnessed exceptionally good growth in the early years uh in the last 29:46 29 minutes, 46 seconds 6 7 8 years I would say at some point of time they would also take a breather uh consulting industry uh in fact in the 29:54 29 minutes, 54 seconds entire financial industry uh which also feeds into the consulting industry it is nothing but a derivative of the broader 30:01 30 minutes, 1 second economy and u if that's taking a breather we can't really do much about it. Uh we've seen our conversion rates 30:10 30 minutes, 10 seconds are still similar but our inflow of projects did come down a little in the towards the end of the year. So maybe by 30:19 30 minutes, 19 seconds since most of our clients are you know either LLPs or private we would get to know by October November that what was their growth rates this year. My bet is 30:28 30 minutes, 28 seconds they were probably lower than the previous years. So should we benchmark like we can take big four like 30:36 30 minutes, 36 seconds KPMG and all and we can see at what rate these big fours are growing and is your growth could be a proxy of that I mean just to correlate. 30:45 30 minutes, 45 seconds So not the big fours but the strategy consulting arms or big force or other consulting arms private equity investments public market investments uh 30:54 30 minutes, 54 seconds I explicitly said that we are nothing but a derivative of these three or four categories. Got it. Thanks. Wish you all the best. 31:01 31 minutes, 1 second Thanks. Thank you so much Mr. Dash Zedi. Go ahead please. 31:07 31 minutes, 7 seconds Hello. Uh yeah good evening sir. Thank you so much for taking my question. Uh so just wanted to you know ask about our 31:16 31 minutes, 16 seconds growth perspect. So as you said you don't want to predict something quarter down the line but if we had a broad medium-term guidance like how would we 31:26 31 minutes, 26 seconds see that and what would be the biggest growth factors for us sir like what would be the growth drivers like which 31:32 31 minutes, 32 seconds part will you know kick in more growth like what conditions will be there which we can you know rely on. So we are hoping our international business growth 31:41 31 minutes, 41 seconds is going to be better than our core India growth. India growth is going to be dependent on the three factors which I just stated. 31:49 31 minutes, 49 seconds How does the you know overall strategy consulting grow? How do the overall private equity investments go and how do 31:56 31 minutes, 56 seconds public markets AUM grow. So these are the three grow drivers for our core India business. India to US business it 32:04 32 minutes, 4 seconds will probably dependent on uh how soon we are able to build build out the network in US. uh besides that 32:14 32 minutes, 14 seconds if we are able to crack the L&D market that's a much bigger market at this stage it is still speculative so I would 32:22 32 minutes, 22 seconds not be able to point out that what is can be the growth in the L&D market uh we are at still at a it is almost a 32:29 32 minutes, 29 seconds VCish business to be honest at this stage it is too early to say anything it might take years to even uh pan out 32:38 32 minutes, 38 seconds fair with uh regards to like uh our volume 32:45 32 minutes, 45 seconds you know we just wanted to understand is it that the research that you know maybe there would be levels to high level a 32:52 32 minutes, 52 seconds bit medium-term level of research required is it that some part of our clients are using AI for it and maybe they're just coming to us for 33:00 33 minutes verification whereas previously they would come to us with four to five calls and now they're just coming with coming to us or asking service the last one two 33:09 33 minutes, 9 seconds calls where they're just validating the data or research that they've gotten from AI like how do you look at it have we had any you know customer interaction 33:17 33 minutes, 17 seconds there where where we can see the volumes of calls and is that a reason you know something that we can assume that is 33:24 33 minutes, 24 seconds this a hint because of AI because personally I feel there can be some hint because of that sir so any kind of idea 33:32 33 minutes, 32 seconds that you've gotten feedback from client or something that you could yeah we we collect this kind of feedback a lot with our client at this stage uh 33:40 33 minutes, 40 seconds the ratio of projects to clients is and their revenue still remains the same whatever numbers we had but it's a very 33:48 33 minutes, 48 seconds dynamic number we don't know how it'll pan out but what I believe that that with the advent of AI primary data 33:57 33 minutes, 57 seconds rarely gets impacted it is the secondary data which is likely to get impacted uh for the simple logic that unstructured 34:05 34 minutes, 5 seconds data available data available reports you know things which were usually done by research reports for a few thousand uh dollars. 34:15 34 minutes, 15 seconds All this will get collated and get discoverable. So whenever someone is doing shallow and wide research trying to understand the basics of the market, 34:23 34 minutes, 23 seconds they'll do it. Uh but our business has never been that. So while you may classify us as a research business, but 34:31 34 minutes, 31 seconds uh no one pays $500 an hour for uh basic research research which is available. So your point is that uh they would be just 34:39 34 minutes, 39 seconds validating maybe not but if everyone has access to all that data 34:46 34 minutes, 46 seconds then uh all the more reason that primary data becomes far more uh u valuable. But 34:55 34 minutes, 55 seconds the data which has never been written down is what we bring on the table. And it is not that we have been saying this after a started 35:04 35 minutes, 4 seconds you know when you know these LLMs turned up. We have been saying this right from our 3 four IP 3 four year IPO road show days 35:13 35 minutes, 13 seconds that uh the reason we exist is because this information and human in the loop and that intuitive ability of experts is 35:22 35 minutes, 22 seconds what we bring on the table. So uh AI is definitely going to reshape the research 35:30 35 minutes, 30 seconds setup. How will we how will it pan out? Your guess is as good as mine. But what I believe is that 35:38 35 minutes, 38 seconds we would like to be at the forefront of it. We we will try definitely try to you know procure best ways of primary data. 35:48 35 minutes, 48 seconds Uh AI has helped us a lot. We see it both as a threat and opportunity. In fact, a lot of other uh things have 35:56 35 minutes, 56 seconds opened up as I mentioned uh bot moderated interviews. So instead of four five interviews, some clients have started taking 30 minutes lots of 36:04 36 minutes, 4 seconds interviews with bots because the limiting factor in some cases was not just the price. Sometimes it was 36:12 36 minutes, 12 seconds also about analyst time and the ability to synthesize. So which also means that they could probably collect more data. 36:18 36 minutes, 18 seconds So how so there are both uh uh positive and negative drivers. Having said that shallow and wide research is definitely 36:27 36 minutes, 27 seconds going to be impacted but primary research not and there are enough opportunities as well for it to cover. 36:34 36 minutes, 34 seconds Okay, fair enough. And this the first question the medium growth that we were seeing. So hello. 36:41 36 minutes, 41 seconds Hello. Hello. Yes. Yes. Go ahead. Dash. 36:49 36 minutes, 49 seconds Yeah. I was just asking in terms of medium-term growth like even if you don't want to comment a year to year basis like any kind of like a broad 36:56 36 minutes, 56 seconds growth guidance that you know you would like to build stuff. 37:02 37 minutes, 2 seconds I can just think of it in a you know 3 to five year perspective. Uh I've already explained everything I could. Uh 37:10 37 minutes, 10 seconds I can't really uh put a number at this stage. Uh let it stabilize and we will be able to do that. The new businesses they are too small to really you know 37:19 37 minutes, 19 seconds share a sample at this stage and the old business uh there are too many uh it's a bit volatile to predict. So even year on 37:28 37 minutes, 28 seconds year level I I I don't know but at a fiveyear level I probably know that this business is going to be larger. Fair fair. Thank you. 37:36 37 minutes, 36 seconds We do not have the capability to do that to be honest. Fair. Thank you. Thank you Mr. Sanka. Please go ahead. 37:45 37 minutes, 45 seconds Hi Gorab G. Go ahead. 37:50 37 minutes, 50 seconds In the previous call you had mentioned that you'll be disclosing the data for free calls and total paying times. Could you please quantify these for the 37:57 37 minutes, 57 seconds current period and also help us to understand how these so free calls? 38:03 38 minutes, 3 seconds Yes. Yes. Free calls and paying points are conversion of these three calls into I'm not sure we would be we we don't 38:11 38 minutes, 11 seconds have it ourselves. I'm not sure we could disclose it but uh overall uh how it works is that we give CD calls in the 38:19 38 minutes, 19 seconds projects get converted and they become a part of it and the volume discount happen at the end of the project. So 38:27 38 minutes, 27 seconds it's never that this call is free or this call is not free. It's usually the project which gets compressed at the last few calls we give a you know 2% or 38:35 38 minutes, 35 seconds 3% volume discount or something like that. for CD calls. Uh again uh some of them uh you know so you could assume 38:44 38 minutes, 44 seconds that CD calls in India will probably be doing about 10 lakh a month of sorts. I mean never more than that. 38:51 38 minutes, 51 seconds Oh thank you sir. 38:55 38 minutes, 55 seconds Thank you Shahini Gupta. Please go ahead. Yeah. Uh can you hear me? Yes ma'am. 39:03 39 minutes, 3 seconds Okay great. So uh sir I just wanted to ask uh if you can just please repeat why 39:10 39 minutes, 10 seconds the gross margins in this quarter have been hit and you said that you've said it before if you can please uh uh explain yourself again. 39:26 39 minutes, 26 seconds Okay. So, uh so you've actually given that in the commentary. Is there if there is specific question I would have be happy to answer that. 39:35 39 minutes, 35 seconds Uh no if no it's okay if you can just uh just okay I just I'll just read out the same 39:42 39 minutes, 42 seconds thing. Uh so so gross margin so know we have been trying to expand into newer 39:49 39 minutes, 49 seconds businesses especially newer goss outside India and we we would like to uh you know build up relationships or long-term 39:58 39 minutes, 58 seconds relationship with newer partners and newer companies. So uh plus we we would like to become quite aggressive from a 40:06 40 minutes, 6 seconds pricing perspective within the within the industry. uh we believe that we structurally we are very well capable of 40:14 40 minutes, 14 seconds absorbing that and we want to lead that uh thing rather than being driven by competitors. In fact it makes it 40:21 40 minutes, 21 seconds difficult for competitors to match those kind of gross. Uh structurally we are at a very good position at a per person per call level. Uh especially in the India 40:30 40 minutes, 30 seconds business we have a lot of data capabilities which we can harness. So uh we are very aggressive. We want to be 40:38 40 minutes, 38 seconds dominant within our India market. you want to gain market share maybe just three years ago uh or even five years 40:45 40 minutes, 45 seconds ago we were amongst the top one top two kind of a number we are probably equal to the next two or three combined now so we are gaining market share at a steady 40:53 40 minutes, 53 seconds state I mean amongst the India growth players we we are gaining that at a steady state 40:59 40 minutes, 59 seconds and uh we believe that uh you know we can easily 41:10 41 minutes, 10 seconds work with those kind of gross margins at this stage. Uh and along with it we can offer uh you know relationship based 41:19 41 minutes, 19 seconds discounts or you know to build relationships with our newer clients or uh in a multi- vendor setup try to get 41:26 41 minutes, 26 seconds the relationships uh more sticky by offering uh uh you know volume based discounts towards the end of the projects. 41:34 41 minutes, 34 seconds So, so is my understanding correct that you're saying that these gross margins are what are what are likely in the in 41:44 41 minutes, 44 seconds the next maybe one year or two years. Is that correct? 41:48 41 minutes, 48 seconds No, I never said that. I said it it depends. I mean it depends on a lot of factors. If we go move into the consolidation phase then probably we can 41:56 41 minutes, 56 seconds increase the price but if we keep on moving into the growth phase as well within India market as well we could 42:04 42 minutes, 4 seconds probably keep that it it's it depends I mean there are too many variables but structurally we have the capability to increase the margins there is a leverage 42:13 42 minutes, 13 seconds I'm not really predicting anything at this stage but uh what I can say is that we're pretty happy with the uh with the 42:22 42 minutes, 22 seconds overall numbers and uh uh in in the sense that 42:30 42 minutes, 30 seconds we can easily work with these gross margins and if you wish structurally we have the the in the entire market I 42:38 42 minutes, 38 seconds think we have the capability uh to work at the lowest margins and still be far more profitable at a net level while 42:45 42 minutes, 45 seconds expanding. So even if we just stop expanding we can add two 3% of our expense. Okay. And sir, my second question is any question you come back. 42:56 42 minutes, 56 seconds Second question I'm just ask lot of participants over here. Okay. 43:04 43 minutes, 4 seconds Thank you Mr. Mahhat. Please go ahead. 43:09 43 minutes, 9 seconds Yeah. Hi Gorov. Uh uh so Gorov uh just would like to know how do we see your 43:15 43 minutes, 15 seconds business uh coming to employee expenses for example your employee expenses have gone up by 25% in last financial year whereas the business has gone up by 30%. 43:27 43 minutes, 27 seconds So how do you actually uh look into you know addition of employees? Is there any productive analys productivity analysis 43:35 43 minutes, 35 seconds that we have done like u suppose if the employees go up by this percentage the 43:43 43 minutes, 43 seconds business has to go up by that percentage or maybe and I also would like to address you on the cost of sales. 43:51 43 minutes, 51 seconds uh so what constitutes this cost of sales because I could see that it has gone up from 54 to 59 year on year and 43:59 43 minutes, 59 seconds uh as a percentage of sale of course so how do we take this going ahead I mean in the next financial year or maybe 44:06 44 minutes, 6 seconds couple of years down the line what would be the standard uh in this particular uh ratios 44:15 44 minutes, 15 seconds this is a very similar question what I just answered in the previous one so cost of sales is just the reverse of gross margin. So, so I would skip that. 44:23 44 minutes, 23 seconds Uh the first question employee bit I think uh as I said just you know someone 44:31 44 minutes, 31 seconds asked the same question. So it is not a monolith. It is not going in a percentage. Uh there are three aspects to it. One is a core India business. 44:39 44 minutes, 39 seconds Second is the uh uh you know somewhat predictable uh peripher uh core but 44:46 44 minutes, 46 seconds other geo business and the third is hooa. So uh it at a at a top level we are trying to expand uh sales capabilities. 44:59 44 minutes, 59 seconds Uka is almost from scratch. So we don't know how it will pan out. Uh in our core India business the rate of 45:08 45 minutes, 8 seconds addition of employees for the rate of increase in volumes uh is not proportional at all. uh 45:17 45 minutes, 17 seconds in fact uh if we go into the consolidation phase it can actually uh we can actually be at far more productive. 45:24 45 minutes, 24 seconds So the at the overall percentage level uh as I said almost a couple of crores 45:31 45 minutes, 31 seconds is less could have almost led to a similar number of revenues. 45:36 45 minutes, 36 seconds Uh but Goro just wanted to know why do we need employees? Actually I'm I'm not I'm just trying to understand cuz you're 45:44 45 minutes, 44 seconds just adding you have a digital network right and you get lot of repeat business also. So where are you adding these employees 45:52 45 minutes, 52 seconds into like I mean uh I mean if it's a digital platform I think the serviceability of one employee to all 46:01 46 minutes, 1 second there could be like much many of the clients which which can be serviced by a single employee right I mean I just want to understand how exactly you go ahead 46:09 46 minutes, 9 seconds and do the recruitment sure so uh we adding a fair number of 46:16 46 minutes, 16 seconds employees in sales uh we adding people who work on US time zones for adding experts in US and [clears throat] 46:23 46 minutes, 23 seconds uh uh besides that we have just built up a new vertical called HOSA which is the L & D vertical. So as I said in our core 46:33 46 minutes, 33 seconds business the ratio of increase in sales or revenue is not proportional to the added number of employees which you also 46:41 46 minutes, 41 seconds pointed out but we're trying to do a lot of newer things in our post business when we are in the expansion phase. We increase the customer panel calls where our employees speak to a lot of experts. 46:53 46 minutes, 53 seconds Uh there are very few self-registered experts. We do not encourage self-expert self-registrations. We are very curated platform both on a client as well as a 47:03 47 minutes, 3 seconds expert side and that's where uh so so almost uh 50% of our employees are on the research side where they're aggregating and getting good experts. 47:13 47 minutes, 13 seconds about 20 25% would probably be the servicing side and rest of it is sales and sales HR finan support. Uh now the 47:22 47 minutes, 22 seconds ratio varies a little across that uh that ratio has been mentioned in our DRPS and is almost the same in our core 47:29 47 minutes, 29 seconds India business but outside India and newer businesses is where we are adding most of the employees. 47:35 47 minutes, 35 seconds Do you also incentivize your sales team when they get more uh uh experts enrolled? Is there any is there any incentive? 47:43 47 minutes, 43 seconds Sales team is not the team which works with expert. Sales team is the one which works with uh newer clients and farming 47:51 47 minutes, 51 seconds of any any incentivization that happens at a internal level to these guys. 47:56 47 minutes, 56 seconds Yes, of course. So sales never works without incentives but in our scenarios the incentives are geared more towards servicing than your sales. 48:06 48 minutes, 6 seconds Okay. So not addition. So only the service. 48:09 48 minutes, 9 seconds No both but I'm saying the servicing part and the expert part is also incentivized a little but uh in our 48:17 48 minutes, 17 seconds scenario we don't have a ready product which you just go and sell it's uh in a multi- vendor setup you can 48:25 48 minutes, 25 seconds easily add on to a project but how do you service the project is where the real incentive kicks in do this uh sales also 48:36 48 minutes, 36 seconds I request all right thank Yeah. Vicas Kasuri. Go ahead sir. 48:45 48 minutes, 45 seconds Yeah. Hi Gorov. Uh so I had some questions regarding hooks. So uh these 48:52 48 minutes, 52 seconds um uh learning uh content that gets that gets created. So is there uh so do you 49:00 49 minutes look for repeatability of that particular IP and uh is there is it like uh targeted or is it generic? By 49:09 49 minutes, 9 seconds generic I mean like uh something that gets created for one client can be used for another client. Uh if you could just help me understand that part. 49:18 49 minutes, 18 seconds I just quickly say a line and then I'll hand over to VK. Uh so yes uh we working uh it took we we are building the entire 49:27 49 minutes, 27 seconds thing at a modular level at least the first uh uh the way we are envisioning hooksa at at the first level is that we 49:36 49 minutes, 36 seconds definitely building modules they would be repeatable uh I'm not sure at what stage will that repeatability kick in but at this stage we are just picking up 49:44 49 minutes, 44 seconds whatever possible to uh have a reasonable level of data on which to build on but yes uh there is a fair 49:52 49 minutes, 52 seconds amount of repeat rate uh to tell you more about Hoosa uh the repeatability the kind of clients everything I'll hand 49:59 49 minutes, 59 seconds it over to Vun feel please go ahead Sure thanks so yeah uh I think you're 50:08 50 minutes, 8 seconds right what we are trying to do is we're trying to capture both of these segments you know while we're very conscious about repeatability of our L & D 50:17 50 minutes, 17 seconds programs and uh specifically the modules that we are creating uh we're also So concentrating on providing customer 50:24 50 minutes, 24 seconds bespoke solutions to our clients which are not generic generic or readily available in the market that acts as a 50:31 50 minutes, 31 seconds very good entry point for us. Right? So uh we we we do both. We've got uh a good 50:38 50 minutes, 38 seconds level of programs on our website that are around IP. Uh we work with our experts to create these you know 50:46 50 minutes, 46 seconds programs which can be uh a bit generic and repeatable. We've already done a lot of repeat programs. Uh a lot of our 50:53 50 minutes, 53 seconds clients have seen some of our programs and requested the same programs for their teams. Uh what we are essentially 51:00 51 minutes going to look at is we're not going to discount the fact that our clients would still need some bespoke solutions and uh 51:09 51 minutes, 9 seconds how we can be more efficient with our sales is the repeatability angle of it. So we are very cognitive of both of it. 51:15 51 minutes, 15 seconds So at some point in future could you provide uh some more color around it like how much is repeatable and how much is like oneoff and what are the 51:24 51 minutes, 24 seconds economics of both these uh kinds of uh probably maybe I might have some answers for you. 51:31 51 minutes, 31 seconds Thank you sir. Thank you very much. 51:33 51 minutes, 33 seconds Sample is like the sample is still very small. Got it. Thank you. 51:40 51 minutes, 40 seconds Thank you Mr. PMU. Please go ahead. 51:49 51 minutes, 49 seconds Mr. Premote Mr. Maheshwari please go ahead sir. 52:01 52 minutes, 1 second Yeah. Hi, I just have one question like that following the increase in the authorized capital in last AGM up to 50 52:07 52 minutes, 7 seconds K and given that the company is in SM segment only with a paid up capital constraint the could the management 52:15 52 minutes, 15 seconds clarify you are preparing for a potential mainboard migration merger inorgate opportunity or any fundraising. 52:22 52 minutes, 22 seconds Thank you. 52:25 52 minutes, 25 seconds So uh uh we we do have I mean whenever the main board allows whenever the uh we 52:35 52 minutes, 35 seconds clear all the criteria we would like to move to the main board if required and uh at this stage I think we we clear 52:42 52 minutes, 42 seconds most of the criteria except a few I'm not sure what would be the right number but whenever appropriate we would definitely move to that and we'll take 52:50 52 minutes, 50 seconds care of rest of the uh formalities as well because we need three years to be in this SM segment and 100 K turnover which we achieved this year. 53:01 53 minutes, 1 second Yes, three years and 100 crores is done. 53:03 53 minutes, 3 seconds U there is I think thousand shareholders and there is a few other things as well which need to be taken care of. We we I think we clear most of it. some of it if 53:12 53 minutes, 12 seconds if not then next year if if everything I think there is some net worth crit uh the number of shares criteria as well 53:21 53 minutes, 21 seconds the overall go so so probably Abhishek would be able to give you a better answer but uh the short answer is that whenever required we at appropriate time 53:30 53 minutes, 30 seconds will definitely shift 53:48 53 minutes, 48 seconds Mr. Shubam Jav. Yeah. Hi. Uh am I audible? Yes sir. 53:54 53 minutes, 54 seconds Yeah. Hi Gorab. Uh thanks for the opportunity. My first question was uh on the salary expenses that are getting capitalized. What would like would this 54:03 54 minutes, 3 seconds be a recurring expense and what would be the quantum for the same? Uh you mean the tech expenses right? 54:11 54 minutes, 11 seconds Yes. Yes. 54:13 54 minutes, 13 seconds Abishek would you be able to help me with that? 54:15 54 minutes, 15 seconds Yeah. Uh Shoubam these are purely the salaries given to the tech team uh who are involved in developing the uh 54:23 54 minutes, 23 seconds internal intangible that you have seen in the balance sheet and that is purely that only. No, like uh is this going to 54:31 54 minutes, 31 seconds be recurring from now onwards and what would be the quantity? 54:35 54 minutes, 35 seconds Uh I I think you are asking about when will it be uh when when will we start amortization of this? 54:44 54 minutes, 44 seconds Uh no what I'm asking is what would be the quantum for these expenses the salary for tech teams that uh that is 54:51 54 minutes, 51 seconds getting used for the platform that you are building right like would the quantum be increasing next year onwards for the capitalization or how would it be? 55:01 55 minutes, 1 second Yes once it goes into maintenance phase the salaries spent on these tech teams will be uh on a recurring basis and will hit the PNA. 55:11 55 minutes, 11 seconds Uh okay and Gorov my second question was regarding the client development calls that we are doing right I understand that we have to give these out in higher 55:20 55 minutes, 20 seconds numbers in newer geographies like US and Mina to garner our foot in those markets. However for our India business 55:27 55 minutes, 27 seconds have they increased per project compared to previous years and in general are we facing any competitive intensity due to which we have had to reduce pricing to maintain client stickiness. 55:41 55 minutes, 41 seconds We haven't really reduced everything to really change that but uh we have 55:47 55 minutes, 47 seconds gone aggressive voluntarily. uh CD calls they've been in a similar range for a long time although we have kind of uh uh 55:56 55 minutes, 56 seconds increased a bit u we we became a little aggressive especially in newer geographies and within larger clients to 56:05 56 minutes, 5 seconds increase stickiness we obviously give volume discounts we are in a multi- vendor setup uh 56:13 56 minutes, 13 seconds and uh I I think what what was the last point which you raised uh yeah So basically in our India 56:20 56 minutes, 20 seconds business right I get your point that geographies we have we do a give we do give a few CD calls 56:27 56 minutes, 27 seconds in India business as well uh but that's usually controllable I mean and have they increased in the previous 56:34 56 minutes, 34 seconds years for example let's say per project level may have you guys been doing calls not really so basically to call it out 56:43 56 minutes, 43 seconds our India business remains as it is uh with regards to our previous years in terms of our India business became a problem from 56:50 56 minutes, 50 seconds a volume perspective a little in the last uh quarter but otherwise uh most of the dynamics are similar uh we've given 56:58 56 minutes, 58 seconds volume discounts yes but CD calls uh are broadly in the same range so basically our uh competitive stance 57:06 57 minutes, 6 seconds in India business remains the same right it is just because of the newer geography CD calls that we are doing our gross margin is looking a bit lower 57:13 57 minutes, 13 seconds compared to previous years would that understanding be correct Yeah to a very large extent yes. Uh but 57:23 57 minutes, 23 seconds yes we have become aggressive in India as well. I'm not sure it is entirely because of competitive intensity but we are rather leading the charge there. 57:32 57 minutes, 32 seconds Got it. Uh yeah I think yeah that's that's uh it from my end also just one last question. What are the finance 57:39 57 minutes, 39 seconds charges of 45 lakhs this year in the P&L? 57:43 57 minutes, 43 seconds Well these are purely bank charges. Uh what are the bank charges? I don't see any borrowings in our balance sheet. 57:49 57 minutes, 49 seconds Yeah, the bank charges the basic the transaction that uh transaction fees that we pay that we pay on uh uh international payments. 57:59 57 minutes, 59 seconds Uh entire 45 lakhs is of transaction charges. Yes. Okay. 58:07 58 minutes, 7 seconds Thank you. 58:08 58 minutes, 8 seconds Sure. Thank you. Thank you. That was the last question for today. Gora, I now hand it over to you for your closing remarks. Cool. 58:16 58 minutes, 16 seconds Uh so that should be it. I mean I can see a few more hands. I'm not sure we should continue but uh I hope I have 58:24 58 minutes, 24 seconds addressed all the questions. If not feel free to reach out. Uh happy to answer all the questions. Uh I I can see uh 58:33 58 minutes, 33 seconds I just had I I'm just quickly going through all the questions which were sent to me offline in case I missed any. 58:40 58 minutes, 40 seconds uh I I think a quick question which I saw was uh you know how soon do CT calls 58:47 58 minutes, 47 seconds convert uh to projects. So it depends on which geography we operate. If uh in in India geography it is uh you know 58:55 58 minutes, 55 seconds relatively few months in uh geographies outside India it depends on our strength of the network. CD calls are usually 59:04 59 minutes, 4 seconds done to build uh the long-term relationships as opposed to a only project based thing. So once a long-term 59:11 59 minutes, 11 seconds relationship is built, we typically get more projects from those teams. So but that doesn't necessarily mean that it'll convert right then and there. If you 59:19 59 minutes, 19 seconds have the capability to service, it will convert over a period of time and uh it becomes deeper into a and and the relationship become deeper with those 59:27 59 minutes, 27 seconds respective teams. So any other let me just check if I have anything. So uh 59:33 59 minutes, 33 seconds just the closing remarks no so overall we understand that this this year has been a bit subdued towards the second 59:41 59 minutes, 41 seconds half having said that in the longer run like from a five-year perspective almost nothing changes for us we still remain 59:49 59 minutes, 49 seconds as a derivative of overall India economy uh in the shorter run we are likely to remain aggressive at at this stage we 59:57 59 minutes, 57 seconds might consolidate a little over the next year uh but on the newer fronts we'll definitely remain aggressive. We have added meaningfully large uh amount of 1:00:06 1 hour, 6 seconds cash you know free cash flow to our kitty and uh hopefully we would be able to press the accelerator and we have all 1:00:14 1 hour, 14 seconds the va to do it whenever you find the apple find the relevant opportunities. 1:00:19 1 hour, 19 seconds So that's it from my side. Thank you so much for believing in us. Thank you for attending the call. Uh if there's still any more questions feel free to reach out to the val team or us directly. 1:00:28 1 hour, 28 seconds Thank you so much for attending the call. Thank you everyone. Thank you Lo.