Veefin Solutions Ltd — Q4 FY26

Veefin Solutions Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=UJ3e0cQGECI Published: 1 hour ago

0:01 1 second Ladies and gentlemen, good day and welcome to Ven Solutions Limited Q4 FI 2026 earnings conference call hosted by 0:10 10 seconds Weerum Advisors. As a reminder, all participant lines will be in the listenon mode and there'll be an opportunity for you to ask questions after the presentation. 0:20 20 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. 0:32 32 seconds I now hand the conference post over to M Miss Pangi Jen from Verum Advisor. Thank you and over to you. 0:43 43 seconds Thank you. Good evening everyone and a very warm welcome to you all. My name is Pirangi Jan from Ballerim Adviserss. We represent the investor relations of 0:50 50 seconds Veent Solutions Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings call for the fourth quarter and financial year ended 2026. 1:01 1 minute, 1 second Before we begin, let me mention a quick cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such 1:09 1 minute, 9 seconds forward-looking statements are subject to risk and uncertaintities which could cause actual results to differ from those anticipated. 1:17 1 minute, 17 seconds Such statements are based on management's belief as well as assumptions made by and information currently available to the management. 1:24 1 minute, 24 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 1:32 1 minute, 32 seconds earnings conference call is purely to educate and bring awareness about the company's fundamental business and financial performance for the quarter 1:39 1 minute, 39 seconds under review. Now, let me introduce you to the management participating with us in today's earnings call. We have with us Mr. Raja Davan chairperson and MD Mr. 1:51 1 minute, 51 seconds Gautam Mudani wholetime director and COO and Mrs. P Meshwari Maheshwari CFO 1:58 1 minute, 58 seconds without any delay I request Mr. Raja to start with his opening remarks. Thank you and over to you sir. 2:04 2 minutes, 4 seconds Thanks for good evening everyone and thank you for joining our FI26 earnings call. 2:12 2 minutes, 12 seconds Before we get into the numbers, I will set the context for how we are thinking about vin. Now, as you know that for the 2:19 2 minutes, 19 seconds last few years, Vein all of you know largely as a supply chain finance tech company but that was 2:26 2 minutes, 26 seconds a starting point and it continues to be a very very important part of our business. But over the last couple of years, what we have done is we have 2:35 2 minutes, 35 seconds deliberately been building into a much broader BFSI tech platform. So I would say that when 2:43 2 minutes, 43 seconds you're looking at this year's numbers, please don't look at these numbers uh just as an SF company. Look at them as 2:51 2 minutes, 51 seconds numbers of a company that is building a multiple enterprisegrade banking tech product company on a common architecture 3:00 3 minutes for banks, NBFCs and financial ecosystems globally. Now that is the central uh story of this deck that you have in front of you. 3:11 3 minutes, 11 seconds Now the core message which I would want to leave you all with after this is we are building and we as a single 3:20 3 minutes, 20 seconds product company which is moving from a single product company to a multi-product B vap tech platform. 3:27 3 minutes, 27 seconds Now the products that we are now selling not only include supply chain finance but they have trade finance, cash 3:34 3 minutes, 34 seconds management, internet banking, uh LOS, LMS collections, risk and fraud management. So you see multiple products 3:43 3 minutes, 43 seconds but mind it these are not random products these are all products that sit around the same customer what the banks 3:50 3 minutes, 50 seconds and NBFCs and around the same uh business problems which is how financial institutions digitize transaction 3:58 3 minutes, 58 seconds banking working capital finance lending and collections. 4:03 4 minutes, 3 seconds So the larger vision is very simple that whenever banks should think of banking transformation specifically in 4:12 4 minutes, 12 seconds transaction banking and working capital we want them to think of a vent. 4:18 4 minutes, 18 seconds That's the story. If you move to our uh next slide slide number two 4:24 4 minutes, 24 seconds which is all about giving a snapshot of how FI26 happened. So there are five 4:31 4 minutes, 31 seconds things that I would like to highlight here. First that the listed entity has scaled that's the good news and we are seeing that the standalone revenue 4:40 4 minutes, 40 seconds itself has grown to 70 close to 71 crores. We have recorded EITA which has grown to 38 crores which is again 122% increase and the PAT of around 18.2 cr. 4:52 4 minutes, 52 seconds So what these numbers show is that the core listed entity has delivered strong growth. 4:58 4 minutes, 58 seconds The second piece is around the product story that it has expanded materially. 5:04 5 minutes, 4 seconds So we now have a broad suite of products that we just spoke about and we were building products in the 5:11 5 minutes, 11 seconds last couple of years but this year we the first year where we actually have the products ready. 5:17 5 minutes, 17 seconds The third is we have started the process of simplifying the structure that we have seen over the years and easterify 5:26 5 minutes, 26 seconds globe TF they were proposed to be amalgamated into recent solutions. The BAC SEBI process is completed and the 5:33 5 minutes, 33 seconds matter has moved to NCT. Now this is important because the business is already been built and we are operating the business as a integrated product 5:41 5 minutes, 41 seconds platform but the legal structure needs to catch up to this reality. 5:47 5 minutes, 47 seconds Fourth pillar is around the PHP exchange and the robust pipeline that we have and both are showing great momentum. Now our 5:56 5 minutes, 56 seconds qualified enterprise pipeline on our products that I spoke about is close to $18 million 6:03 6 minutes, 3 seconds and alongside PHP Exchange continues to move from the platform buildout stage that we were in to actual operating 6:10 6 minutes, 10 seconds throughput and finally FI27. This is the forward-looking thing. 6:16 6 minutes, 16 seconds The FI27 is all about execution. It's the boring part of the journey now. So the exciting part of building products, I think we have just crossed that hump. 6:27 6 minutes, 27 seconds FI27 is going to be boring. It's going to be about execution. It's going to be about moving 6:34 6 minutes, 34 seconds uh our sales discipline to become more from relationship selling going into enterprise selling. our implementations 6:43 6 minutes, 43 seconds rather than them being heroes on some implementation being repeatable on the implementation and PHP exchange on the 6:52 6 minutes, 52 seconds actual throughput. So the focus is on 27 is going to be about monetization crossing and converting the pipeline that we have the very strong pipeline. 7:05 7 minutes, 5 seconds Now moving to the next slide. This is important. This is important slide because we have lot of numbers. You have 7:13 7 minutes, 13 seconds standalone. You have uh you have standalone numbers. You have console numbers and you keep hearing about these multiple products. But there are three ways to look at vin today. 7:24 7 minutes, 24 seconds The first is a management view. How does the vin management look at the vin company? Okay, this is internally vin is 7:34 7 minutes, 34 seconds focused towards being a product platform. So when we say that it means vin solutions, etoify glof. So some of 7:43 7 minutes, 43 seconds you have heard this earlier but there are always new investors who keep coming in. So it's important for them. So vfin management view is the product platform 7:52 7 minutes, 52 seconds is refin solutions plus e25 plus globe tf. Now from a product perspective this is the integrated platform. What's the 8:00 8 minutes integration? SCF, PHP, exchange, trade finance, cash, internet banking, LOS, 8:07 8 minutes, 7 seconds LMS, fraud, risk, geni, collections, all of this. This is the product view and this is the management view. When we 8:14 8 minutes, 14 seconds look at numbers, the second pillar is the standalone number. Now, this is the stratey reporting that we do for VIN solutions 8:23 8 minutes, 23 seconds limited. This is our listed entity. This does not include etoy, globe, tf and any other businesses. Nothing about our uh 8:31 8 minutes, 31 seconds we have some acquisitions also nothing from those also. 8:36 8 minutes, 36 seconds The third the consolidated number this captures the broader group as per accounting consolidation rules. So the 8:43 8 minutes, 43 seconds simplest way to understand this is product story is one integrated platform. 8:48 8 minutes, 48 seconds The standalone number is the listed entity. The console number is the wider group. 8:55 8 minutes, 55 seconds Now until the amalgamation is complete, investors will have to keep these three lenses in mind when you're thinking of business. 9:05 9 minutes, 5 seconds Moving on to the next slide. 9:09 9 minutes, 9 seconds This is I spoke about how management views the number and what do those 9:15 9 minutes, 15 seconds numbers translate into. Okay. Now if you see on the left hand side 9:23 9 minutes, 23 seconds this is the product company parameter is what we are talking right so VIN has SCS eerify has PSB exchange and the fintech 9:32 9 minutes, 32 seconds platforms and the network platforms that's where we do all the work around uh getting in business from the PSB 9:39 9 minutes, 39 seconds exchange and providing tech to the fintex who are working with PSB exchange globe TF the third company in the mix 9:48 9 minutes, 48 seconds has traded finance, cash management and and other related banking solutions like uh corporate banking, retail internet banking, they all sit under group TF. 9:58 9 minutes, 58 seconds Now operationally these are all connected but strategically they connected customer base is similar uh therefore the sales motion is same 10:07 10 minutes, 7 seconds product architecture is the same that we have a common platform across all of these products. So the objective is this 10:14 10 minutes, 14 seconds is one integrated listed platform. All of you bring them all in and that's what we are working towards. 10:21 10 minutes, 21 seconds Now if you look at the management view of this proposed amalgamation parameter of these three companies there the 10:28 10 minutes, 28 seconds revenue for FI26 was 91.75 crores 10:33 10 minutes, 33 seconds with a E AITA of 44.7 cr which works out to a 48.7% AITA margin. 10:42 10 minutes, 42 seconds Okay, with a PAT of 23.6 cr. That is what these numbers are when management 10:50 10 minutes, 50 seconds looks at. So if we say last year we were at X, where are we this year? This is what we want to see as a product 10:57 10 minutes, 57 seconds company. Now this is not a statutory subsidy for standalone or console numbers. It's useful because this shows 11:06 11 minutes, 6 seconds what is the core product parameter looks like once the structure is simplified. 11:10 11 minutes, 10 seconds So from 1st April now that this is all with bit nt are numbers from 1st April this year when we look at numbers these 11:18 11 minutes, 18 seconds are the numbers that we will be focusing on. 11:22 11 minutes, 22 seconds If you move to the next slide this question we get a lot even from our 11:31 11 minutes, 31 seconds old investors that why is it that supply chain finance gives refin the right to win in b technology. Now what is the 11:39 11 minutes, 39 seconds great thing here and this is one of the most important strategic slides in the deck. Now the question you may ask is 11:48 11 minutes, 48 seconds why should a company that started with supply chain finance be able to sell trade finance, cash, internet, banking, 11:56 11 minutes, 56 seconds these risk products which where so many others have not been successful. 12:01 12 minutes, 1 second And the answer to that is that supply chain finance is not an isolated product. one it's one it's a corporate 12:09 12 minutes, 9 seconds banking product it sits inside a bank's transaction banking and working capital ecosystem this is the toughest part it 12:16 12 minutes, 16 seconds sits within that now it connects the anchor suppliers dealers payments collections limits risk core bank system 12:25 12 minutes, 25 seconds all of these are connected in supply chain financing so when we implement supply chain finance for a bank we are just not a 12:34 12 minutes, 34 seconds shallow technology relationship okay so what we We are getting into actual banking operations. We are that means we 12:41 12 minutes, 41 seconds understand workflows, approvals, accounting, risk, repayment, the corporate behavior. So this is what 12:49 12 minutes, 49 seconds gives us the right to have the next conversation and this is what we are seeing time and again. So trade finance is right adjacent to supply chain finance. Cash management is adjacent. 13:00 13 minutes Internet banking is adjacent. LMS are adjacent. Collections are adjacent. 13:06 13 minutes, 6 seconds fraud and risk is adjacent. So you see many adjacencies are we are talking about all of these are adjacent to supply chain finance and that is the 13:13 13 minutes, 13 seconds reason why we did not decide that let's build products just I make multiple 13:20 13 minutes, 20 seconds products the strategy was we were expanding from a strong entry point into products that was solving adjacent 13:28 13 minutes, 28 seconds banking problems for the same institutions okay this is how val wallet share increases and this is how we will 13:36 13 minutes, 36 seconds see deal sizes increase and we'll see that in the subsequent slides. And this is how VF becomes strategically relevant to the bank. 13:48 13 minutes, 48 seconds If we move to the next slide, this slide explains how we think of the product portfolio 13:55 13 minutes, 55 seconds with three broad layers. The first layer at the top are the products that are already monetizing which is our supply chain financing and our loss products. 14:05 14 minutes, 5 seconds going these are live revenue engines and they have customers already. The second layer is the entry and differentiator 14:13 14 minutes, 13 seconds products. What are they? Your LMS collections, fraud and basis products, your Gen AI products. Now these are the 14:21 14 minutes, 21 seconds products which help us deepen the relationship with the bank and sometimes these products are also opening doors and they are also helping us expand within existing accounts that we have. 14:34 14 minutes, 34 seconds The third layer that you see at the bottom is the strategic IP layer where basically our trade finance, cash 14:41 14 minutes, 41 seconds management, corporate internet banking, retail internet banking, these are sitting there. Now these are large enterprise systems. These take much 14:49 14 minutes, 49 seconds longer to sell. Anyway supply chain takes longer to sell but these take longer to sell. They take longer to implement but they also have much larger wallet potential and longer term value. 15:00 15 minutes That's the critical part. So the key point is that all of these things these products that you see on this slide are 15:06 15 minutes, 6 seconds all being built on one shared architecture. That's what we call the vin 4.0. Common services, reusable 15:15 15 minutes, 15 seconds components, common APIs and all aimed at one banking client base. So the value 15:24 15 minutes, 24 seconds for us is what? We should not be selling one product to one bank. The value is in selling multiple products into the same 15:31 15 minutes, 31 seconds banking relationship over a period of time because that's what gives us higher wallet share. That's what makes our relationship with the bank sticky. 15:42 15 minutes, 42 seconds This is this is critical. 15:46 15 minutes, 46 seconds If you move to the next slide, uh when you move to uh slide number eight 15:54 15 minutes, 54 seconds where we have the simpler version of the FI26 standalone financial performance okay you will see that revenues have 16:02 16 minutes, 2 seconds gone up standalone operating revenue has gone up by close to 90%. 16:08 16 minutes, 8 seconds Okay. From 70.74 it has from sorry 37.32 has gone up to 70.74 has close to a 90% year-on-year jump. 16:17 16 minutes, 17 seconds You see our EITA margins on a standalone basis those have gone up by close to 800 basis points and they are now at 53.89%. 16:27 16 minutes, 27 seconds If you look at our diluted fullear EPS, they are at uh they are at 7 rupees. 16:35 16 minutes, 35 seconds They're 50% higher than last year. 16:39 16 minutes, 39 seconds If you look at our PAT margins, they are lower than last year. But that is only basically because of our depreciation 16:46 16 minutes, 46 seconds finance costs which have increased and this is linked with our ongoing product investment cycle. So standalone the company has delivered strong revenue 16:54 16 minutes, 54 seconds growth and strong AITA expansion that can be seen here on a standalone basis. 17:01 17 minutes, 1 second If you move to slide nine okay move to slide nine 17:10 17 minutes, 10 seconds that's the audited consolidated financial results that we have for Q4 and FY26. 17:17 17 minutes, 17 seconds Okay, that's the that's the one which we have the chart the revenue bridge is there. Now this revenue bridge is very 17:24 17 minutes, 24 seconds interesting because what it does is it bridges the standalone numbers with the consolidative view of numbers. So you see standalone revenue is 70.74. 17:34 17 minutes, 34 seconds On top of that you add the proposed company parameter we spoke about east globe tier. Okay that's 21 crores from there that takes us to 91.75. 17:44 17 minutes, 44 seconds On top of that you add further 253 crores worth of revenues from our other group service entities controlled 17:53 17 minutes, 53 seconds entities that therefore takes it up to 345 crores. Okay. So that's the revenue 18:01 18 minutes, 1 second bridge which I wanted to show you because this is important because this very clearly separates the core product company story that we have from the 18:09 18 minutes, 9 seconds broader accounting consolidation that we have to do. So the broader group skill is evident here. It's important it's 18:16 18 minutes, 16 seconds evident and it's a key parameter. The key parameter that you should watch out is the product company platform that 18:23 18 minutes, 23 seconds you're building and simplifying. So look at the 91.75 and look at the scale that the broader 18:30 18 minutes, 30 seconds group brings in. So yes, the console revenue has grown sharply and margins therefore should be read in 18:38 18 minutes, 38 seconds that cont context because there's ongoing product investment which is happening plus all of these companies are at different stages of maturity. 18:47 18 minutes, 47 seconds Some are still being invested in some are service lines. Uh some are service industries margin the margin profiles 18:54 18 minutes, 54 seconds out there are very different. So that is the way to think about this. So what we have said is what we are doing now is we simplifying the structure integrating 19:03 19 minutes, 3 seconds the product companies and we have said earlier that our white triggers media which is there that is we had said that 19:10 19 minutes, 10 seconds earlier also that will be going up for listing on the main board this year. So as a group we'll have two entities VIN 19:18 19 minutes, 18 seconds solutions limited which will be the product entity and then Y trigger media which mean services entity that's how to think of the VIN group. 19:30 19 minutes, 30 seconds If we move to the next slide now this is I'm sure many of you were looking forward to this slide. This is 19:37 19 minutes, 37 seconds the most important slide uh the forward it's the most important forward-looking slide in the deck. Now you see the qualified pipeline that we have is close 19:46 19 minutes, 46 seconds to $80 million across 58 active qualified banking opportunities. But what is the important point here? It is 19:55 19 minutes, 55 seconds not the size of the pipeline but the nature of the pipeline. Because if you see 75% of this pipeline is non-supplier 20:02 20 minutes, 2 seconds finance. That means the market no longer looks at us as a supply chain finance company only. Also 27 out of the 58 20:12 20 minutes, 12 seconds bands in the pipeline are evaluating more than one product module with us. 20:17 20 minutes, 17 seconds That is a very very important signal because what it means our multi-product strategy uh goal that we have that is 20:26 20 minutes, 26 seconds starting to show up in actual sales conversations. Very important also geographically 20:34 20 minutes, 34 seconds 70% of the pipeline is now international. It's not an India story. 20:39 20 minutes, 39 seconds 70% of the pipe international and very clear bets that we are seeing very clearly concentrated across Southeast 20:46 20 minutes, 46 seconds Asia, Middle East, South Asia. Okay, you are seeing early shoots in Africa also. 20:53 20 minutes, 53 seconds When I say South Asia, that is ex India with India is strong. India is a 30%. 20:58 20 minutes, 58 seconds But Southeast Asia and the Middle East are again very very strong for us. So what is it that this slide is saying? Three things. 21:07 21 minutes, 7 seconds nonfive demand very clearly visible international expansion very clearly visible and multi-product enterprise 21:14 21 minutes, 14 seconds selling we are visible so now obviously uh as investors remember this pipeline 21:23 21 minutes, 23 seconds is not revenue until it is converted so FI27 is all about execution the execution is going to be important but 21:30 21 minutes, 30 seconds directionally this gives us great confidence that the platform strategy that we had started with over the couple of years that we were playing out is resonating with the market. 21:43 21 minutes, 43 seconds If you move to the next slide which is again something that people are looking forward to is the PHP exchange slide. 21:52 21 minutes, 52 seconds Okay. Now this is moving very clearly from a buildout phase to a throughput phase. Now on the lender side if you 22:01 22 minutes, 1 second will notice here on the left hand side top corner the lender network that we are tracking there are 32 integrations that we are tracking as we speak three 22:10 22 minutes, 10 seconds have gone live completely five are work in progress and when we say three are live it means at least one 22:17 22 minutes, 17 seconds of our products are live on the three in some of them there are two products so when I say products it means within supply chain finance there is supply 22:24 22 minutes, 24 seconds financing there is factoring there is dealer finance so at least One of them would have gone live with these three 22:31 22 minutes, 31 seconds banks. Five are working in progress and 24 are yet to start. But important is there are 32 lenders in the pipeline for whom we have to do integrations. 22:42 22 minutes, 42 seconds On the sourcing partner side, now there are 42 integrations that we are tracking. Six have gone completely live. 22:49 22 minutes, 49 seconds 10 are work in progress and 26 are yet to start. So this year is all about getting these integrations up and 22:56 22 minutes, 56 seconds running. So at a platform level throughput is very good. We are seeing 88 corporate deals are active at various 23:04 23 minutes, 4 seconds stages. At various stages and on the lead to at the bank stage there are 88 corporate deals which are active and 23:12 23 minutes, 12 seconds this number is very telling because please remember there is no death of banks in the country. 23:19 23 minutes, 19 seconds There is no depth of treads in the country. 23:23 23 minutes, 23 seconds All of these bank all these corporates that we're talking about they are today banking with some or the other bank the 23:31 23 minutes, 31 seconds question is despite that why are they flocking to this platform to a new platform and the reason is that PHP 23:40 23 minutes, 40 seconds exchange solves a problem for these corporates which has been a black hole for them that one single platform one 23:49 23 minutes, 49 seconds single place from where they can get access to all of these various banks including the largest public sector banks. Okay. So, cumulative requirements 23:58 23 minutes, 58 seconds of 22,000 crores they have requested on the platform and approved limits at various stages are 5,400 crores. Okay. 24:07 24 minutes, 7 seconds And this is the most important number because once these limits are approved, this is the main thing. Once a bank 24:14 24 minutes, 14 seconds approves limits to the anchor then this moves for from the anchor. The anchor then 24:21 24 minutes, 21 seconds starts giving you vendors. They start giving you dealers. These limits will then have to be allocated and bifurcated 24:29 24 minutes, 29 seconds amongst them and that is when the dispersements will start. But the most important job of getting these anchors 24:38 24 minutes, 38 seconds the limits approved has been done. So now it's only a question of when these limit will be translated and all suballocated to these dealers and suppliers. 24:48 24 minutes, 48 seconds So this is an ecosystem infrastructure that we are building which is connecting lenders, sourcing partners, corporates 24:57 24 minutes, 57 seconds and all the financing activities and and remember ecosystems take time to build. Now this 25:04 25 minutes, 4 seconds early period is all about integrations, lender onboarding, sourcing, partner connectivity, uh corporate activation. 25:10 25 minutes, 10 seconds These are all that we have been focusing on and once the rails are in place throughput can start scaling. So that's not something that we have been pushing. 25:18 25 minutes, 18 seconds We've been pushing more on getting the rails in order. Focus is very clear increase the live integrations, get the transaction flows happening on the 25:27 25 minutes, 27 seconds platform and then convert this activity into meaningful platform throughput. 25:32 25 minutes, 32 seconds That is the sequencing that we have to look at. 25:37 25 minutes, 37 seconds Let me just take a pause here. Okay, there are a few more slides in the deck but these are all around historical standalone and consolidated financial 25:46 25 minutes, 46 seconds statements and balance sheets. Uh we've included them just from the completeness and reference but I don't want to spend the time in taking you through that. 25:55 25 minutes, 55 seconds Okay. Uh let me just summarize the story before we move to Q&A. One, the 26:02 26 minutes, 2 seconds standalone listed entity has delivered very strong growth. The revenue has scaled up. EITA has expanded. Business continues to remain profitable while we invest in product IPs. 26:14 26 minutes, 14 seconds Second part, the console numbers show that the wider vining group has achieved much larger scale and as I mentioned earlier, the console numbers have to be 26:23 26 minutes, 23 seconds read along with the current group structure, subsidiaries and control entities. 26:29 26 minutes, 29 seconds Third story, the product story has changed materially. Ven is no longer only a supply chain finance company. It 26:37 26 minutes, 37 seconds remains a strongest entry point. Yes, but we are now building and selling a broader BFA tech platform across transaction banking, lending, collections, risk, AIE solutions. 26:49 26 minutes, 49 seconds Fourth, the proposed amalgamation is important step. It is simplifying the structure and make our life and your life as investors also easier because it 26:57 26 minutes, 57 seconds make it cleaner for you to read our numbers. 27:02 27 minutes, 2 seconds Fifth, the pipeline gives us great confidence. The fact that 75% of the qualified pipeline is non-supplier chain finance, 70% is international. Almost 27:11 27 minutes, 11 seconds 50% of the banks in the pipeline are evaluating more than one product tells us that the market is beginning to see Vel as a multi-product platform company. 27:22 27 minutes, 22 seconds And finally, PSV exchange is moving from a platform buildout to an operating throughput stage. The integration, 27:30 27 minutes, 30 seconds sourcing, partner network, corporate requirements, approved limits, they're all moving in the right direction. So, we very happy about that. 27:37 27 minutes, 37 seconds So, FI26 was all about scale, platform expansion, structural modification and simplification. 27:44 27 minutes, 44 seconds FI27 is going to be, as I said, the boring part of the job. I am not going to come to you and say anything new things that we are building. We are 27:53 27 minutes, 53 seconds going to be sweating out all the products that we have built already and focusing on execution converting the 28:01 28 minutes, 1 second pipeline into deals and once the deals get converted actually executing and monetizing all of the work that we have 28:10 28 minutes, 10 seconds done. Okay. So that is what the focus of med 7 is are going to be. Uh in a couple of months time by July we'll be eligible 28:19 28 minutes, 19 seconds to go on to the main boards. That's something else that we all as investors have to look forward to. So that's one 28:28 28 minutes, 28 seconds thing plus white media uh getting listed. So these are the things that I leave you with. With that I'll stop here 28:36 28 minutes, 36 seconds and we have time now and I'll now be happy to take questions from you. 28:43 28 minutes, 43 seconds Thank you very much. We will now begin with the question and answer session. 28:48 28 minutes, 48 seconds Anyone who wishes to ask the question may press R and one on the touchstone telephone. If you wish to remove yourself from the question queue, you 28:55 28 minutes, 55 seconds may press R and two. Participants are requested to use handsets while asking a question. 29:03 29 minutes, 3 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 29:09 29 minutes, 9 seconds Participants, you may press star and one to ask a question. 29:18 29 minutes, 18 seconds The first question is from the line of comment from capital. Please go ahead. 29:24 29 minutes, 24 seconds Thanks for the opportunity. Am I audible? 29:28 29 minutes, 28 seconds Yes, you are. Okay, great. Uh so from the bid pipeline that we have uh what do you think uh you know what do you expect 29:35 29 minutes, 35 seconds our success ratio to be uh fair to say maybe one/ird or so uh can be our success measure 29:43 29 minutes, 43 seconds much more much if it's one/3 I'd be very sad it's much more but what I would say is from the pipeline perspective at 29:50 29 minutes, 50 seconds least 25% of this pipeline we should see conversion over the next six months itself 29:58 29 minutes, 58 seconds that's the guidance I can give Okay, perfect. And on the uh you know the corporate transaction that you are 30:06 30 minutes, 6 seconds doing for amalgamating the companies uh so what will be you know after the transaction is completed what will be 30:13 30 minutes, 13 seconds promoter uh shareholding uh you know was that was it what is apart fromation is there other uh objective in mind? 30:23 30 minutes, 23 seconds No sorry we lost your audience. 30:26 30 minutes, 26 seconds So if I got the question right, the question is about what will be the promoter shareholding in the merged entity. Got it right? 30:35 30 minutes, 35 seconds Correct. So the promoter holding is going to be 30 promoter holding after there are warrants also. So once the entire all the warrants are exercised 30:44 30 minutes, 44 seconds and the merger has happened the promoter holding will be 39.41. 30:51 30 minutes, 51 seconds Okay. Perfect. And my next question is on the PSB exchange. So what is the actual transaction volume currently like for Q4 on the PSB exchange and how do you see that ramping up from here? 31:03 31 minutes, 3 seconds As I said the transaction volumes are when you look at transaction volume it's supposed to look at what are the approvals that you have at various 31:10 31 minutes, 10 seconds stages. Now that is the first level of transaction but how does the transaction work? Let me explain that. First the 31:17 31 minutes, 17 seconds bank has to give an approval to the large corporate for either a supplier financing line or a dealer financing line. That since is the most important 31:26 31 minutes, 26 seconds part which takes time. Once that is given then the corporate will bring in a list of suppliers and dealers and 31:35 31 minutes, 35 seconds present it to the bank saying now whatever line you have given me please bifurcate that line amongst these 31:42 31 minutes, 42 seconds players. Bank says they have to bifocate that line. Once the bank has bifocated that line and distributed it amongst 31:49 31 minutes, 49 seconds these various suppliers and dealers that's when the suppliers and dealers can start requesting for financing. So we are right now at the first stage of 31:57 31 minutes, 57 seconds the transaction where the approvals are in place. We have now also started getting a by distribution of those 32:05 32 minutes, 5 seconds limits to the players below which is the suppliers and dealers. So that's what transaction on that side of dealers and 32:13 32 minutes, 13 seconds suppliers requesting for financing is what you will see in this quarter now. 32:19 32 minutes, 19 seconds Okay. Got it. Perfect. And my last question on the White River Media. We started tracking the company recently. 32:25 32 minutes, 25 seconds So can you just update on what uh you know that business is and how it will be listed separately and what is the thought process there? 32:33 32 minutes, 33 seconds White Triggers Media is arguably India's largest independent digital content 32:40 32 minutes, 40 seconds creation and distribution company. So last 10 movies that you would have seen eight they would have promoted. So they're very strong on entertainment 32:48 32 minutes, 48 seconds very strong in sports. Uh that company is doing extremely well. That company is 32:55 32 minutes, 55 seconds going in for a listing. So the DRSP should be filed around September I assume and listing is expected this year. Uh that's the idea of the company. 33:06 33 minutes, 6 seconds How much do we hold in that company? 33:09 33 minutes, 9 seconds Uh the they we have a substantial stake in that but because of these amalgamations there are 33:16 33 minutes, 16 seconds some uh financial transactions which are happening right now. So I can't give you the exact number right now. They are up for grabs but uh we soon be able to share that with you. 33:28 33 minutes, 28 seconds Great. Thanks. That's it from my side. All the best. Thanks. 33:33 33 minutes, 33 seconds Thank you. Next question is from the line of Matthew Harris from Seven Canyons Advisors. Please go ahead. 33:42 33 minutes, 42 seconds Hi, can you hear me? 33:45 33 minutes, 45 seconds Uh it's very soft. Your voice is muffled. Could you speak a little louder? Okay. Is this better? 33:54 33 minutes, 54 seconds I'll try if not really, but let me try. Yeah. Is this better? Yeah, this better. 34:02 34 minutes, 2 seconds Okay. Sorry about that. Um I'm wondering if you can tell me a little bit about um what you would expect uh capex to be 34:11 34 minutes, 11 seconds this year and uh what sort of what goes into that and maybe um the difference between kind of what 34:20 34 minutes, 20 seconds you would spend maintenance wise on capex versus new investment. 34:25 34 minutes, 25 seconds Okay. uh pile you could come in here in terms of giving the actual numbers that we see for this year and the logic 34:33 34 minutes, 33 seconds behind it I'll give it so um vin standalu uh the x is 107 cr uh 34:42 34 minutes, 42 seconds at a product level uh that is bin historic and loop tf the capeex it is 130 cr in terms of numbers and 34:52 34 minutes, 52 seconds consolidated entities at a consolidation level uh The capeex is 187 cr which includes all our other step down subsidiaries. 35:03 35 minutes, 3 seconds So Michael from a capex perspective I I'll just complete the because you asked the question I'll just complete it 35:11 35 minutes, 11 seconds from a capex perspective these are capex which go into building the product IP. 35:16 35 minutes, 16 seconds So anything which is a reusable IP anything that's a product in which you can take whatever work you are doing 35:25 35 minutes, 25 seconds you'll be putting it into the core product and then reselling that time and time again is what is classified as a 35:33 35 minutes, 33 seconds capex and that's what is uh that's what it kept 35:44 35 minutes, 44 seconds okay so you said for the consolid validated numbers was the 187 crore for 35:51 35 minutes, 51 seconds this year for FY27 or was that for the FY26? 35:57 35 minutes, 57 seconds FYI26 we will not be able to share any forward-looking state numbers as of now 36:05 36 minutes, 5 seconds but but suffice but suffice to say but Michael the only thing we suffice to say it's going to be lower than this year's number. 36:14 36 minutes, 14 seconds Okay. because we we're nearing the end of our we nearing the end of our product IP cycle because over the last uh two 36:22 36 minutes, 22 seconds years we have been heavily investing in our products and as I have said at the start itself that we are at the end 36:29 36 minutes, 29 seconds of our product journey we have built out this year is going to be all about monetizing what we have built so new builds are going to be much lower than 36:37 36 minutes, 37 seconds last year uh okay that's all I have thank Thank you. 36:47 36 minutes, 47 seconds Thank you. Next question is from the line of Paris Shi from latent advisor. Please go ahead. 36:55 36 minutes, 55 seconds Hi, can you hear me? Yes. 36:59 36 minutes, 59 seconds So, first of all, congratulations on a great set of numbers. Uh, so regarding the PSB exchange in the quarter to call, uh, you said that, you know, we have a 37:07 37 minutes, 7 seconds 7-year exclusive deal. So has that started with the you know first bank onboarding or will it start after all the banks have onboarded? 37:16 37 minutes, 16 seconds No it has started it start with the first bank on okay and uh also the pricing which you explained to us uh that 65 basis points 37:25 37 minutes, 25 seconds and it's bifurcation. So in that 50 basis points are for you know manpower if they take the manpower for 37:32 37 minutes, 32 seconds onboarding. So that will be on our payroll or we'll engage it through some third party. 37:38 37 minutes, 38 seconds They are on our payroll. We already have this. We are currently present in 26 locations. 37:44 37 minutes, 44 seconds So not only is that manpower now available for uh the banks who are on the PHB exchange platform for the 37:53 37 minutes, 53 seconds business which is coming on the platform. We have received requests from some banks where they are signing up 38:02 38 minutes, 2 seconds that team for also onboarding business which they are bringing outside the platform. That's a very critical requirement which the industry had and that's why we invested in that. 38:12 38 minutes, 12 seconds Okay. Got it. And uh you know on the slide which you showed us where you know you are showing that upward limits are 38:20 38 minutes, 20 seconds there which are you know part of which are converted from cumulative requirements. So I noticed that last time the conversion was around 30%, but 38:28 38 minutes, 28 seconds if you see incrementally this year it is only 14%. So how do you see this uh going forward? No, no, it is that's the 38:37 38 minutes, 37 seconds way is not to look at the cumid requirement and the approved limits because as more and more banks come in just because limits have not been 38:45 38 minutes, 45 seconds approved they do it doesn't mean they rejected it means that they are still underprocessing in some of the other banks because the whole concept let me explain 38:54 38 minutes, 54 seconds the concept of PHP exchange on one side if you have multiple banks and if all of these banks have a different risk appetite they are all going to price that risk separated differently Okay. 39:05 39 minutes, 5 seconds Therefore, when somebody comes in for a limit request, that limit request can be approved by multiple banks and these 39:13 39 minutes, 13 seconds multiple banks can approve it at different price points. 39:18 39 minutes, 18 seconds After that, whether a corporate takes it or not is a different matter. But approvals will happen. So, your approval um what do I say? Your approval 39:27 39 minutes, 27 seconds percentages on the platform will be much much higher than uh usual. So don't look at the fact that the approval is 20% or 39:35 39 minutes, 35 seconds 25% or 30%. The all of this will get approved over a period of time 22,000 cr will get approved by some of the other bank once they are on the platform. 39:45 39 minutes, 45 seconds Okay, got it. And just two more quick clarifications. 39:49 39 minutes, 49 seconds Sorry to interrupt you Pesh. Can I request to come back for a followup please? Sure. 39:55 39 minutes, 55 seconds Thank you. A request to all the participants. Kindly limit yourself to two questions per participant and rejoin for a follow-up. Next question is from 40:04 40 minutes, 4 seconds the line of Hershel and division investor. Please go ahead. 40:08 40 minutes, 8 seconds Uh thank you for the opportunity. Uh am I audible? Yes, you are. 40:13 40 minutes, 13 seconds Okay. Uh congratulations on a great set of numbers. Uh I have uh couple of questions from my side. First one is uh 40:20 40 minutes, 20 seconds 75% of your pipeline is non SCF. Does that mean SCF growth is slowing down? 40:27 40 minutes, 27 seconds And the second question is your qualified pipeline is 80 million. So how much of this should be should convert into revenue in FI27? 40:38 40 minutes, 38 seconds I'll take the first question first. Uh when I say 75% is non-suppli financing, 40:45 40 minutes, 45 seconds it is not that supply chain finance has gone down. In fact, supply chain finance pipeline itself has gone up. But now because our overall vent company's 40:54 40 minutes, 54 seconds pipeline has become much larger and that is because the other products have started contributing to the pipeline. So on a like to like basis supply chain 41:02 41 minutes, 2 seconds finance this year the pipeline that we have is much higher than what we had last year even last quarter. So we are adding continuously supply chain 41:09 41 minutes, 9 seconds financing but we are happy that 75% now comes from non-sup supply chain finance. 41:16 41 minutes, 16 seconds I hope that uh explained that we are not going away from supply chain finance. We are just adding in more on top of it. 41:23 41 minutes, 23 seconds That's one. Second, as I said that the 80 million I just answered that that 80 million is not something that will go entire is going to come in in this year. 41:35 41 minutes, 35 seconds We can say over the next 6 months 25% of this pipeline will get converted. So that much I can say right now. Beyond that it will be to move too forward looking. 41:44 41 minutes, 44 seconds Okay. Okay. Uh thank you so much. Thank you. Thank you. 41:50 41 minutes, 50 seconds Next question is from the line of Ash individual investor. Please go ahead. 41:57 41 minutes, 57 seconds Hi, thank you. Uh hi Raja. So my first question is in the earlier calls you mentioned that uh you know you're looking at uh implementing uh the 42:05 42 minutes, 5 seconds possibility of implementing a product similar to PSB exchange in other countries as well. So how has the discussion gone? Is there any uh complete steps that have been taken? 42:18 42 minutes, 18 seconds So we are as I said last time also there are six countries who have evidence and interest in bringing up this platform in those countries. We are in active 42:27 42 minutes, 27 seconds conversation but remember these are all going to be joint ventures. So these take these things will take its own time but we expect at least a few of those totify in 2027 this year. 42:40 42 minutes, 40 seconds Okay. Uh and uh the other question is uh we have seen uh tremendous amount of 42:46 42 minutes, 46 seconds growth in last uh two years right. So how do you see uh next two years? Will it be in similar lines as two years or 42:54 42 minutes, 54 seconds there will be some slowdown somehow how do you see next two three years given me so much you give me one more 43:03 43 minutes, 3 seconds option you gave me only two options that will it be as good or will it be worse you didn't ask me will it be better so 43:12 43 minutes, 12 seconds that's the third option which is there because the way the I think I think the fact that as investors you will see that 43:21 43 minutes, 21 seconds earlier you were a monoline company product company but now you have become a company where you have multiple products large products deepening 43:31 43 minutes, 31 seconds relationships going not just India going outside India PB exchange ramping up all of these things if you put together I 43:39 43 minutes, 39 seconds think AI will tell you where we are going it's going to be much better much better 43:47 43 minutes, 47 seconds okay thank thank you thanks Thank you. Next question is from the line of Romesh and division investor. 43:55 43 minutes, 55 seconds Please go ahead. 44:00 44 minutes Uh you muffled a little. Could you come a little closer to the mic? Yeah. Am I audible now? Yes. 44:09 44 minutes, 9 seconds Yeah. Uh my question sir is uh uh after the restructuring I want to know the 44:17 44 minutes, 17 seconds the service uh changes so how much uh percentage of product will be hold by 44:25 44 minutes, 25 seconds and will there be management control or it will be like 44:32 44 minutes, 32 seconds sorry I couldn't I couldn't understand the question is you'll have to repeat it once more because the voice is not so can you Please come in a better reception area. 44:42 44 minutes, 42 seconds Am I audible now sir? Yes. 44:46 44 minutes, 46 seconds Yeah. So my question was uh since the restructuring is happening currently I'm very clear about the product 44:54 44 minutes, 54 seconds consolidation how about the uh service business uh with the management company be there and uh leading to the reduced 45:03 45 minutes, 3 seconds operating margins or will it be like affiliate? 45:08 45 minutes, 8 seconds No, so Y tribles media has a very strong management by itself. So you're absolutely right. The product company 45:16 45 minutes, 16 seconds management remains with us. The Y tribles media management remained with the founders of Y tribers media and 45:23 45 minutes, 23 seconds that's the company that they will manage. But because they are a part of our group, we will continue reaping benefits of them being a part of the group. 45:34 45 minutes, 34 seconds Yeah. Yeah. My question is not just about uh white rivers, it's about all the service subsidiaries. Uh as you 45:41 45 minutes, 41 seconds understand currently in financial year 26 we have the direct management control. So we reporting the you know 45:50 45 minutes, 50 seconds the revenue is 100% but uh the percentage of profits are reduced leading to lower uh you know operating 45:58 45 minutes, 58 seconds margins right about that aspect I'm asking so going forward when the restructure is done so do still retain 46:05 46 minutes, 5 seconds the oper operative control or management control or do we just run it as an affiliate 46:12 46 minutes, 12 seconds no we that's something which we haven't we haven't arrived at a definite answer on that. That's a good point Romesh and 46:19 46 minutes, 19 seconds that's something which we keep evaluating internally but we haven't arrived at a concrete answer. I think closer to end of this year we'll have an answer. 46:30 46 minutes, 30 seconds Thank you Romesh request to come back for a followup. 46:34 46 minutes, 34 seconds Participants you may press star and one to ask the question. Next question is from the line of arial investor. Please go ahead. 46:45 46 minutes, 45 seconds Uh hello. Am I audible? 46:49 46 minutes, 49 seconds Yes. Come little closer to the mic please. Yeah. Is it now audible? 46:57 46 minutes, 57 seconds Yeah. Let's try. Uh yeah. So thanks for the opportunity. 47:02 47 minutes, 2 seconds Uh my question is uh you're not now talking about many products like SCF, trade cash management, internet banking, 47:09 47 minutes, 9 seconds loss, LMS collection and AI as well. So is digital spreading the chart to print is my question. 47:20 47 minutes, 20 seconds Not really because if you see the customer is exactly the same. 47:28 47 minutes, 28 seconds If you remember how I started I said that the customer is same the people that we're selling to is usually same in the bank. Okay. In fact, our margins go 47:38 47 minutes, 38 seconds up when we do something like this because it is the dream of every monoline product company to sell multiple products but to the same 47:46 47 minutes, 46 seconds customer. If we were to start building products and having to sell to different go beyond banking, start going into some 47:53 47 minutes, 53 seconds other segment then it would be a challenge. But for us the fact that we have sold a supply chain finance product 48:00 48 minutes in the first place makes it easier for us to have a conversation say on trade finance. Once you sell trade finance it makes it easier to have a conversation 48:08 48 minutes, 8 seconds on internet banking. So it's actually a boom for vin that we now have multiple conversation that we can have with the 48:16 48 minutes, 16 seconds same client. And because we can now sell multiple products to the same client, our relationship moves from a single 48:23 48 minutes, 23 seconds vendor, single product vendor to a strategic partner with the bank. 48:29 48 minutes, 29 seconds Thank you. So the line for the participant Rob, we move to the next participant. Next question is from the line of Anakit DH and division investor. 48:38 48 minutes, 38 seconds Please go ahead. Uh, hi, I'm audible. Yes, you are. 48:43 48 minutes, 43 seconds Uh, thanks. So Congrats on a good set of numbers. I got some understanding of the PSP exchange as product. But just for 48:50 48 minutes, 50 seconds clarity on it, could you just explain the whole process from say company A using the platform was for credit and 48:57 48 minutes, 57 seconds finance to finally getting the funds. Uh could you just explain the whole process for a platform? 49:05 49 minutes, 5 seconds The way this works is uh a company comes in first to a fintech 49:13 49 minutes, 13 seconds doesn't come in directly to the platform. It first goes through a fintech who we call sourcing partner. It could be a fintech or it could be a 49:20 49 minutes, 20 seconds logistics marketplace. It could be an ERP provider. Somebody who is not PHP exchange. They go there. That sourcing 49:28 49 minutes, 28 seconds partner is the integration that we talking about. That sourcing partner would have done an integration with PHP exchange. 49:36 49 minutes, 36 seconds Then the corporate who's there on the sourcing partners platform requests for financing on the sourcing partner 49:43 49 minutes, 43 seconds platform that as a data package then flows in and comes onto the PHP exchange 49:49 49 minutes, 49 seconds platform. There data is massaged there uh we collect data from various uh third 49:56 49 minutes, 56 seconds party APIs create a data package out of it and then send it ahead to the banks who have already got integrated on the platform. 50:05 50 minutes, 5 seconds Uh once uh can people go on mute please? 50:13 50 minutes, 13 seconds Okay. Once the data package is sent to the banks uh it's sent to all the banks who have uh been integrated on the 50:21 50 minutes, 21 seconds platform and who have already uh configured their gating criteria. Gating criteria mean 50:29 50 minutes, 29 seconds what kind of business they're ready to look at. This data package goes and hits the gating criteria. The bank then has a look at that what passes through the 50:38 50 minutes, 38 seconds gating criteria then requests for additional information gets on a few calls with the corporate once that is 50:45 50 minutes, 45 seconds done it goes into the bank's credit committee all of those approvals happen then a term sheet is provided to the 50:52 50 minutes, 52 seconds corporate again through the platform the corporate approves the term sheet once the term sheet is approved post that the 51:01 51 minutes, 1 second a program is set up for that particular corporate onto the platform once on both on our platform and on the bank's 51:09 51 minutes, 9 seconds platform. Then the corporate starts inviting their suppliers and their dealers to come onto the platform tagged 51:16 51 minutes, 16 seconds to the program which has been created for them on the platform. These suppliers and dealers come in again through the fintech platform. 51:25 51 minutes, 25 seconds They are then again underwritten by the bank using the credit criteria which has been a agreed with the corporate when 51:33 51 minutes, 33 seconds the approval was given in the first time. Then the limit which had been given to the corporate is then split and allocated to each of the suppliers and dealers. 51:44 51 minutes, 44 seconds Post that the corporate then will raise invoice on the dealers and the dealers can request for financing or the 51:51 51 minutes, 51 seconds corporate can approve invoices for the suppliers and the suppliers can request for financing or the corporate can request for financing on behalf of the 51:58 51 minutes, 58 seconds supplier. That's how the entire flow works. 52:03 52 minutes, 3 seconds Thanks for the answer. I just had a quick follow up on that. uh since uh it's a quite an extensive and exhaustive 52:10 52 minutes, 10 seconds uh network uh does it uh uh like indirectly create a mode for the company because the whole process is very uh 52:18 52 minutes, 18 seconds lengthy and uh it doesn't it's not easily replicated as we need a company who also has their own sources and 52:27 52 minutes, 27 seconds dealers and suppliers and a lender network that needs to integrated to our own software. So is it are we building a 52:35 52 minutes, 35 seconds mode around it and how scalable do you think it will be in the next year or because we are going into monetizing 52:42 52 minutes, 42 seconds that asset rather than creating uh creating it. 52:48 52 minutes, 48 seconds So two parts to your question. The first part uh in terms of whether it's a mode absolutely I think it's the it's a one of the best modes that one can create. 52:58 52 minutes, 58 seconds Previously another participant had asked a question in terms of the exclusivity the fact that it's a selling exclusivity 53:06 53 minutes, 6 seconds is there beyond that we would not require it because we would already be integrated with the entire ecosystem within the country whether it be the 53:15 53 minutes, 15 seconds banks NBFC's or the fintex you're already integrated so there you don't require an exclusivity when you are the 53:21 53 minutes, 21 seconds infrastructure that is one and in terms of scaling sky is the limit in is because 53:29 53 minutes, 29 seconds India has a very very large unmet demand of these uh corporates and this is not just a supply chain finance platform. 53:39 53 minutes, 39 seconds This is a platform on which once this corporate now comes in for supplier finance can tomorrow come in for term lending the corporate can say okay this 53:47 53 minutes, 47 seconds time I need a,000 cr limit for myself or the corporate needs u external financing 53:53 53 minutes, 53 seconds corporate needs uh uh LC BG the supplier needs term loan uh the dealer requires a 54:00 54 minutes term loan for a new uh showroom that they're setting up so any form of term 54:06 54 minutes, 6 seconds loan any form of an overdraft CC, LC's, BGS, all of these are possible for the participants on the platform. So this is 54:14 54 minutes, 14 seconds a marketplace that you're building and as we all know marketplaces once they start and you start seeing traction on 54:22 54 minutes, 22 seconds it after a point in time they take a life of its own. So you get outside operating leverage on a platform. You can once you set up a platform you can 54:30 54 minutes, 30 seconds go to sleep because once I got the corporate in this year once the corporate has brought it suppliers and dealers in this year and they start 54:38 54 minutes, 38 seconds transacting as long as the platform is working we do not even have to go and talk to the corporate or the supplier or the dealer. The business happens by 54:47 54 minutes, 47 seconds itself because they are taking financing for their business. We don't require to do anything. We have just provided the tech. Tech is working fine. It's humming. Nobody bothers about us. 54:59 54 minutes, 59 seconds Thank you. I'll request you to come back for a follow-up question. 55:04 55 minutes, 4 seconds Next question is from plan of Kan a retail investor. Please go ahead. Yeah. Hi. Uh thanks for the opportunity. 55:12 55 minutes, 12 seconds Uh I've got uh two questions on the balance sheet. One is u we've increased our debt position uh in this financial 55:20 55 minutes, 20 seconds year both uh short-term and long-term significantly. Uh so I'd like some clarification like you know um where are we using this debt for what purpose have 55:29 55 minutes, 29 seconds we raised this debt and second is um uh our trade receivables have also now uh 55:36 55 minutes, 36 seconds more than doubled. So you know your thoughts your comments on that uh regul how much time do we expect to uh receive 55:44 55 minutes, 44 seconds this uh money and the third one is uh you know to one of the previous participants question you said that you won't be able to give uh a capeex number 55:52 55 minutes, 52 seconds for F27 uh I I'd request if you could share that number because you know you would have already planned it and it's 55:59 55 minutes, 59 seconds it's a pretty uh standard uh you know uh thing in the in the industry that every company every manager would share the 56:08 56 minutes, 8 seconds capeex numbers at least we are not asking for guidance on the revenues or something but the capeex one please thank you so much those are the three questions 56:17 56 minutes, 17 seconds okay so the second question I'll take first in terms of the receivables so yes our absolute receivable block has gone 56:26 56 minutes, 26 seconds up but if you look at but our top line also has gone up a lot if you look at the DSO or DSO is now less than 100 days 56:33 56 minutes, 33 seconds last year it was 130 odd days right now it is 99 days. So our DS have improved drastically. So we are we are very very 56:41 56 minutes, 41 seconds comfortable from the receivable standpoint. Everything is fine out there. Uh to the question your first 56:51 56 minutes, 51 seconds question was around uh what was the first question? Let me three questions are difficult. First question 57:00 57 minutes just remind me first question was on what? 57:03 57 minutes, 3 seconds Yeah on on the borrowings your short-term and long-term borrowings. 57:05 57 minutes, 5 seconds Shortterm and longterm. Yeah, short-term long-term. 57:08 57 minutes, 8 seconds So on a short term, the short-term borrowings have gone are looking higher because some of the long-term borrowings which are now going to be paid this year have moved from long-term to short-term. 57:19 57 minutes, 19 seconds So that's the reason the short-term borrowings itself have not gone up. But because the maturity has come down, therefore the long-term will move to 57:25 57 minutes, 25 seconds short-term. That's one. On the long-term borrowing side, we continue investing on 57:32 57 minutes, 32 seconds our IP and there are some borrowings which are reflecting here. 57:38 57 minutes, 38 seconds Last borrowing was on the acquisition that we had done on white trigger which is again backed by an FD. So that's that's the long-term borrowing status. 57:48 57 minutes, 48 seconds So borrowing itself have not gone up but classification of borrowing have got changed from long-term to short-term because of the short-term is showing 57:56 57 minutes, 56 seconds higher and long-term is backed by FDS which we had used for acquisition. 58:07 58 minutes, 7 seconds Thank you. Yeah. 58:11 58 minutes, 11 seconds Next question is from individual investor. Please go ahead. 58:17 58 minutes, 17 seconds Uh hi Rajir am I audible? Yes. 58:22 58 minutes, 22 seconds Yeah. First of all congratulations on a great set of numbers. Uh so firstly I would like to know when you're talking about uh the loan management system, 58:30 58 minutes, 30 seconds loan origination system and the collections are we thinking uh like are these beyond working capital loans are these also 58:37 58 minutes, 37 seconds referring to term loans? Uh has the scope of our team increased drastically? Is that correct 58:46 58 minutes, 46 seconds understanding or is it still limited to working capital loans? 58:50 58 minutes, 50 seconds No, it's not it's not just working with working capital. It's it's term loans, it's overdraft, it's CC, it's all types 58:58 58 minutes, 58 seconds of loans and not just from the corporate also retail. Yes, we know that retail is a much more easier uh play. Corporate is 59:06 59 minutes, 6 seconds more complex. But if you have a product anyway and if the bank comes to you and asks you for the same platform on the retail side, we very well give it 59:15 59 minutes, 15 seconds because the work that we had done is we spend time in building the product IP. 59:20 59 minutes, 20 seconds So once product IP is made and we don't have to make any uh drastic changes to it, you may as well give the same 59:27 59 minutes, 27 seconds product to the retail side also. So we continue focusing more on the corporate side. retail is def factor which comes in because the products on the corporate 59:36 59 minutes, 36 seconds side are that much more complex than the retail side. 59:40 59 minutes, 40 seconds Okay. My second question is u uh the securitization that we are trying to do. 59:45 59 minutes, 45 seconds Uh do we have the NVP like the minimum viable product as of yet like you just said that we are going off going into a pulloff period. uh so but but I thought 59:54 59 minutes, 54 seconds there was much work pending on that side and you were actually uh pretty uh you know enthu enthusiastic about that effort that side of things. what's 1:00:03 1 hour, 3 seconds happening over there are we no we were we were but we have we have put that slightly on the back burner so therefore you will see I've not 1:00:10 1 hour, 10 seconds mentioned it anywhere over the last couple of calls also because the way the world is right now uh we rather just 1:00:17 1 hour, 17 seconds focus on the things which are sure short and big ones so we do not want to spend time now in creating markets secretion 1:00:27 1 hour, 27 seconds was creation of a market we do not want to spend time in creating a market as on date because the external situation the way we see it at a global and a macro 1:00:35 1 hour, 35 seconds level is not aminable to doing new things right now and I would also like to know a bit 1:00:43 1 hour, 43 seconds about epic indifi because I think that has been dodged at all like throughout the whole conversation you didn't mention there's some update around that can you please uh throw some light on 1:00:51 1 hour, 51 seconds that uh like ownership issue around epic and defy I'm not sure whether I getting the name wrong 1:00:59 1 hour, 59 seconds no so there's no ownership issue there's a governance issue out there that we were not happy with the governance which was being uh done by the promoters of 1:01:07 1 hour, 1 minute, 7 seconds the company because of which we uh have taken a strong exception to that and therefore we have now taken this to the 1:01:16 1 hour, 1 minute, 16 seconds arbitration but anyway they are a very very small company they contribute they were contributing less than 2% to a 1:01:22 1 hour, 1 minute, 22 seconds console level numbers and uh uh a lossm company in that sense so no material impact to us but still they were a part 1:01:32 1 hour, 1 minute, 32 seconds of our group and we were not ready to deal with a company which was not good or strong on governance. 1:01:40 1 hour, 1 minute, 40 seconds Thank you very much ladies and gentlemen. We will take that as the last question. I would now like to hand the conference over to the management for closing comments. 1:01:52 1 hour, 1 minute, 52 seconds Uh I would just say that thanks for all the questions that I received and uh the 1:02:00 1 hour, 2 minutes numbers that we have shared these numbers are uh going to be even better for the next year. So with that I'll call a close to this uh meeting. 1:02:11 1 hour, 2 minutes, 11 seconds Thank you very much on behalf of E solutions limited that concludes this conference. Thank you for joining us and you may now disconnect.