Good morning, ladies and gentlemen, and thank you for your time today. It's a great pleasure. My name is Nicholas Smedley, the Executive Chair of Findi Limited. I'm joined here with Deepak Verma, who's our CEO and Managing Director of our NDR operations. We're here today to give you a business update, talk through our FY 2026 guidance, as well as a new small acquisition of Sphere, which will help us deliver loyalty and rewards, as well as carbon offset technology, to our banking customers and operations in India. Very excited to update everyone this morning. I'll just quickly go back and do a little bit of Findi 101 for some of those that are new to the sto
We're obviously a payments, a physical payments ATM network business in India, where we have almost 12,000 ATMs across India, 8,000 odd Brown Label, 4,000 odd White Label ATMs in every state and territory. We also have a growing digital footprint across India. We now have more than 168,000 odd bank locations across India, giving us more than 175,000 touchpoints in totality. The new acquisition that I spoke about, Sphere, which we'll talk about in a little more detail later on, gives us loyalty and rewards, and currently has in excess of AUD 1 million ARR, and is growing quite steadily. The market opportunity in India is still fantastic. It's a population in excess of 1.4 billion people. There's more than INR 36 trillion in circulation in India, which has been growing at a CAGR of 15% over the last seven years.
There's more than 350 million people that are unbanked, or 25% of the adult population. In addition to that, there's another 450 million people that are referred to as underbanked. We see a great opportunity, being able to service those 800+ million underbanked and unbanked population in India. More than 12% of cash payments as a percentage of GDP is in place, which is quite very, very large. At the same time, digital is also growing, and that's where our bank business, which is now more than 30% of our revenues, is also very well placed to capture that upside on both digital and our existing physical ATM solutions business as we strive towards our IPO at the tail end of financial year 2027. Some key investment themes that we'll reiterate, and I'll ask Deepak to touch on a few of those.
I'll get Deepak just to talk through points one, two, and three in relation to industry tailwinds, the BLA business, and our fast growing last mile digital banking solutions as well. Deepak, over to you.
Thank you, Nicholas. We continue to grow, stabilize the base, BLA business. Our transactions, as we are seeing, are coming back on track post our completion of the deployment of the new contracts that we won. They continue to remain profitable, as we have grown. Also, as the economy has started seeing some of the rebound from Q2 onwards, our presence in the digital space has helped us convert the last mile cash customer into the financial service ecosystem that we have as a bank, services. All these are now moving parts of the business which are coming together, starting with BLA, which has given us always a geographical access, with the bank and White Label ATM business is deepening those geographies. All the strategy coming together.
That's fantastic. We also, as you mentioned, have our highly scalable and CapEx-light White Label ATM business, which we settled on earlier this year. We have a couple of key stats on there. The digital business GTV since April has increased at 43% since then. We're very happy how that has gone through since we've gone on to one platform. We've also just turned back, turned on, sales on our White Label ATM business. We've only done that in the last 30 days, and in the last 30 days, we've delivered, or Deepak's team has delivered rather, more than 560 White Label franchisee sales in the last 30 days. It's great to have that business and that channel turned back on. We've also been able to demonstrate successful acquisitions, which we've just spoken through two of those.
We've obviously got the new small acquisition of Sphere, which gives us a loyalty and rewards offering, which we were going to have to build ourselves anyway. It's a turnkey solution. It operates in four countries. It provides loyalty and rewards to the largest digital bank in Dubai. Very good customer base, and we believe its ESG and carbon offset technology for financial transactions will also be very appealing to a number of our banking customers that we have in India. We're very excited to be announcing that as well. Just a quick update of where we're up to in relation to our listing. The business transformation integration that Deepak has been working on for the year is now complete.
We're expecting a very strong build into our second half of this financial year, and we remain on track for a second half financial year FY 2027 listing, with Rothschild & Co giving us a recent update that from their perspective, everything is up to date for timing, as well as the valuation ranges that have previously been communicated to the market, all still remain valid, as we look forward to the next six to 12 months of updates for the market. Let me just continue on. The final element that the IPO does deliver for us is the final piece to enable us to actually apply for our payments bank license and complete that three to five-year strategy that Deepak and the team have been pushing through. That final criteria for us is to be less than 75% foreign owned. That's why we see this IPO delivering two things.
One, a significant windfall for Australian shareholders with an increase in valuation, very good arbitrage compared to Indian multiples to where we're trading currently in Australia, as well as getting us below that threshold to enable us to formally apply for that Indian payments bank license and complete our aspiration of becoming a full-fledged payments bank in India. Let me just talk through a few items. It's been a difficult but a very transformational year thus far, with very strong growth prospects ahead of us. We have completed the acquisition of Tata Communications Payment Solutions Ltd's White Label ATM business, with ATMs under management now on that side in excess of 4,500, with several thousand more to deploy out of the warehouse, as well as the full redeployment of all of the State Bank of India ATMs from the old contract.
Very excited about scaling that business over the next 12 and 24 months. We completed the bank acquisition in April 2025, and we have accelerated our digital revenues now in excess of 30% of the business. As said, that business, since we've acquired it in April, its GTV has grown by some 43% odd. Very happy with that. We have had to take some remediation in relation to the White Label fleet that we inherited from Tata Communications Payment Solutions Ltd. I'll get Deepak to talk to that in a little bit.
We've also, as a business, we're continually reviewing our capital allocation, and in light of the performance of White Label ATM new sites, the way that we would like them to, we're wanting to put as much capital as we can into both White Label ATMs, given they're capital light, as well as the bank business and grow that side. We want to continue the existing contracts that we have on a Brown Label ATM side, but our definite preference of capital allocation moving forward is White Label and digital. FindiPay merchants and employees are now successfully integrated into the one platform. We had interruption to that business for about 45 days as we merged, but that's now all done, and that was done in May and June. Very happy with how that business has traded since then.
As stated, digital now comprises a third of the consolidated group and growing. We also have the proposed acquisition of Sphere, which we're announcing today, which delivers for us now banking-grade loyalty reward and ESG solutions, which enables us to provide an instant rewards program for our WLA and bank business, as well as give us market-leading ESG opportunities for our existing banking clients across the Brown Label ATM business. We also have received initial commitments for a new AUD 30 million debt facility, with the scope for that to further increase over time. As that facility increases, we'll be able to actually refinance or pay out, rather, our Indian facilities, which will enable us to release almost AUD 40 million of restricted cash that currently sits on India's balance sheet. We're very happy that that reorganization of debt facilities across India and Australia is well underway now.
Deepak, I'll get you just to talk through the penetration that we now have in India after all of these acquisitions and what you've built.
Thank you, Nicholas. This is very, very important that, yes, if you see how, I mean, two years ago, when we started talking about how we need to grow beyond the geographies that we already have, or we were a little dense in some of the geographies. Now, in the ATM, in a bank-branded ATM side, how we need to shift both from a geographical as well as product suite that we need to build in. Clearly, we have grown with the acquisitions. We have deepened our geographical reach, each of the states, I mean, some of the larger states that we were missing. Just having only the Brown Label ATM presence now has shifted to a more distribution network of agents, as well as the fleet on street has improved significantly to service the ATM network itself.
Integration of FindiPay with BankAid, integration of the field force of the White Label ATM and the Brown Label ATM, where the cluster heads are coming together, has given us a deeper reach to each of the geographies. Overall, 175,000 + touchpoints, we call it service locations, payment locations, that has enabled us a deeper penetration across the length and breadth of the country.
Fantastic. Thanks, Deepak. Just moving on to FY guidance and operational revenue and EBITDA. As a business, it continues to grow strongly. We're expecting to exceed AUD 100 million in revenue this financial year. We have incurred significant one-off costs in the first half. They relate to a number of factors, which we'll talk through. First of all is the delay in rollout of Brown Label ATMs being behind where we would like them to be, and our actual ATMs deployed on our BLA basis being lower than what they were last year for a significant portion of the first half of this year. As a result, we've had an impact of non-recurring items of AUD 7.7 million in the first half. We're expecting, as a business, to deliver revenue of between AUD 100 million and AUD 105 million for FY 2026, most importantly, an exit run rate for FY 2026 of AUD 130 million- AUD 140 million.
An EBITDA that relates to pre-abnormals of AUD 10 million- AUD 12 million of operating EBITDA. If you include back those one-off items, it takes us to AUD 18 million- AUD 20 million of operating EBITDA or flat compared to FY 2025. Most importantly, again, the exit run rate for FY 2026 takes us to AUD 28 million- AUD 30 million plus exit run rate. Deepak has been fixated on ensuring that he gets everything he needs to be done operationally for the integration of the three businesses delivered in the first half, which he has now done. We will also talk through costs that have been identified and the benefit that will flow through for the second half.
We're expecting a very strong second half of FY 2026, and the monthly delivered numbers for FY 2026, September, which we'll talk through later, already show a significant turnaround in all of these numbers, allowing us to deliver on these exit trajectories and run rates for FY 2026 of AUD 130 million- AUD 140 million operating revenue and AUD 28 million- AUD 30 million plus exit run rate for EBITDA for operating EBITDA. Continue on. As we go through, as we've stated, operating EBITDA is expected to be AUD 11.7 million compared to AUD 20.6 million on the prior corresponding period. We've spoken through at high level, but I'll just get Deepak just to talk through the non-recurring items in relation to delays in rollout, transaction costs, employee termination costs, and transactional legal costs that we would no longer have going forward. We can talk through where the business has been and where we are now.
Thanks, Nicholas. As Nicholas rightly pointed out in the previous slides, yes, it was a difficult period. The difficulty was in choosing really that yes, A, we continue to grow and stable the business. At the same time, should we take the cost hit or we taper down the business? I think the board was very supportive of that. Look, the revenue should continue to grow. That's why, despite all the challenges, all the headwinds that we faced, we have been able to stabilize the revenue, integrated the platform. I think that was very, very crucial. First quarter was pretty bad, but second quarter is what we have just bounced back. That's where realignment of the teams, because when you integrate some of the team, you need to realign, you need to restructure, all that is being done because we have acquired full, two entities.
That has impacted a little bit in the first quarter, but second quarter onwards, everything got integrated. Secondly, on the rollout, because we got some, because of banks, lending banks, some of the external issues, we got little impacted on delayed funding from the banks and institution, which is back contract now. We have been able to sustain, deliver the growth that we have promised to the board. Now, as we enter into Q3, which is typically a very strong quarter for us, all my ATMs are back on function. First quarter, we faced, really, really, I would say that yes, 40% of the fleet was kind of operational, but not operational for various reasons. Second quarter, back on track, and third quarter, now we will do a full-blown, deployed ATM that is now generating full-fledged revenue.
Besides that, the incremental 2,000 sites that we intend to deploy in Q3 and Q4 is only going to act as the accelerator because the platform is now set with the integration.
Lovely. Thanks for that, Deepak. As Deepak alluded to, the recovery is underway. While we have gone through some headwinds for the first half of the year, we're very, very happy with where the business is sitting at the moment. As I alluded to before, the exit run rate from an operating standpoint for revenue for September is in excess of AUD 100 million, and most importantly, from an EBITDA standpoint, our September exit, or the exit of the first half, was in excess of AUD 16 million of operating EBITDA. As stated earlier, we're expecting to exit the half or the full year in March 2026 with a run rate of AUD 130+ million on revenue and EBITDA in excess of AUD 30 million.
Everything that all the hard work that Deepak has done with his team for the first half is paying dividends as we speak through the second half and will enable us to have a record FY 2027. Hence why we stay with great confidence with our financial advisors that there is no real change to timing of the IPO. We're still targeting the second half of financial year FY 2027 for our IPO listing, and to be in the ranges of that AUD 750 million- AUD 900 million range for that IPO as we've previously released to the market. As stated, this will be a year of two halves. For us, the second half, FY 2026, is significantly stronger than the first half with about a 45%-55% split in terms of revenue.
Part of that is having more than 560 ATMs offline that we weren't expecting in the first half due to an early switchover for some of the new contract wins that we've had, and then a slight delay in the rollout of those new ATMs as Deepak spoke about before. Most importantly, second half recovery is well underway. As stated, the September numbers that we've already seen and October numbers to date, we are well on track for delivering and exceeding what we're putting down for our FY 2026 full-year guidance. That exit run rate, which is the most crucial thing that we're concentrating on, is the performance for FY 2027, as that's what we're targeting to get priced off for our IPO.
As stated, IPO advisors are fully across all of our numbers, working with us closely, and they have reconfirmed as recently as early last month that the IPO valuation and timing remains on track for the second half of FY 2027. To quickly change gears slightly, talk through the acquisition of Sphere, which is Green Loyalty and Rewards. We're very happy with this bite-size acquisition coming into the business. Deepak and the team have been working and helping with DD from a technical standpoint as well as operationally. We're very comfortable that we'll get good cross-sell synergy in the Indian market for this ESG capability that it has. It currently operates in four other countries: Vietnam, Malaysia, Dubai, and has some operations in Australia. We're obviously very keen to get them into India as quickly as possible.
First off, though, Deepak, I'll just get you to talk through the loyalty and rewards that you were wanting to build out anyway for the White Label and bank business and how we'll be able to do this as a turnkey solution immediately and then work towards the ESG cross-sell with our Indian banks.
Okay. Thank you, Nicholas. I think this is very, very exciting that, A, we are getting reward programs of our own. We have been trying in the Indian market for quite some time to get into rewards through partnerships, which in the past we have tried but not been successful. Now this platform is ours, the product is ours, the banking relationships that we have, and the merchant relationship that we have is what we are going to monetize by this acquisition. We are pretty confident that, yes, this enabled us and added onto our existing strategy of keep having more products on the platform. Because once you keep moving on to the products on the platform, you continue to grow your existing merchant base, which acts as a retention tool for a large base of merchants.
Besides that, I think a lot of banks in India are driving the ESG agenda. Where this ties up and fits in beautifully, we will be working through our relationships to monetize this platform and take it forward.
Lovely. Thank you, Deepak. The other benefit that we also get is we're working through board rejuvenation. As part of this, on the completion of this transaction, Simon Vitulo will be stepping off the Findi board, and we'll have the benefit of Steven joining us from Sphere. His caliber in payments, Steven Benton, that is, he's the former CEO and Managing Director of eftpos Australia. Prior to that, he was Head of Consumer Finance, Emerging Business and Payments at Westpac. His caliber in banking and payments as we lead into our Indian IPO and obviously the ultimate aspiration of becoming a payments bank we see is invaluable. We also will have Tino Motanda, who will be joining us on the board as well. He's a current Investment Director at Salter Brothers in private equity and venture capital and has strong experience in emerging markets in Africa and Asia.
We're very happy to have the skill set of those two individuals helping and building out the capability of the board as we go into this critical pre-IPO phase over the next 12 months to give Deepak every bit of support so he can exceed his current growth plans that he has ahead of the IPO. As I previously mentioned before as well, we also have a funding update. We have initial commitments that have come through for a new AUD 30 million facility, which helps fund the continued rollout of the existing contracts that Deepak has and enables us to drive through. This facility has flexibility. It has the ability to scale over time. It's an initial AUD 30 million note, AUD 30 million. As we scale that up, we'll actually look to pay down debt that we have in India.
By the payment of that debt or pay down of that debt, we'll be able to release locked up capital or cash security that we have on deposit in India. There's up to AUD 40 million that we can release over time as we do that restructure of our debt facilities and banking facilities in India. Very excited to be able to access the full potential of the balance sheet and cash reserves that Deepak has built up over the last many years. That's a program that we'll look to continue to deliver on over the next six to 12 months ahead of the IPO. Now, just going into a little bit more detail, I won't go over these points. We've already mentioned the group forecast.
As said, our guidance for FY 2026 is we're targeting to deliver AUD 100 million- AUD 105 million in operating revenue, operating EBITDA of AUD 10 million- AUD 12 million, and AUD 18 million- AUD 20 million, excluding non-recurring items. The first half was a year of delivery of the integration and incurring a lot of one-off costs to be able to do that. There are also a number of synergies, which we'll talk through or cost out, that have now been either realized or identified, and the full effect of those will get the benefit in the second half and set us up for a very, very strong 2027 and beyond. Just on breakdown between business unit, Deepak, I guess I'll just get you to chat through that.
Brown Label is obviously still the engine with White Label continuing to grow, but digital, you've been very, very happy with how that has grown since we've acquired that business.
Correct. Yes, Nicholas, and I think I would like to recreate and highlight integrations. Were never easy, but the time that we took to integrate the digital platform, which is less than two months, less than 60 days, usually everyone takes a 90-day, but we have been able to get it done in 45 - 60 days, was remarkable. That integration has helped us not only just on paper, but on the field, help us accelerate some of the initiatives of the White Label ATM that we were doing. I think that is a very positive, I will not call it surprise, but very positive effort in terms of delivering what was required. The whole strategy was when we acquired both these entities that will we be able to monetize the distribution network that we are acquiring.
That is what, as Nicholas said, in the last 30 days, those 560 were contributed across all segments, whether it was earlier FindiPay, BankAid, White Label teams. The engine has been reignited. I am very excited about that because A, that is a personal satisfaction. I should mention that despite all the hard work that we were doing in the last year, end of the year, then acquiring, then setting it up, integrating, finally when you see that yes, last 30 days, all that we have been planning for some time is yielding into a good result is a personal satisfaction. That has given us the confidence that, okay, we just have to stable the Brown Label business because that was undergoing a rollout replacement of the ATM. That is a timing thing that has nothing to do with the capability and all. That timing is over.
I say for the BLA, the worst is over. For WLA and BankAid, both these are fully integrated into the Findi group and have delivered in the last 30 days. They've given us this confidence that yes, we will continue to accelerate this and deliver our plans as we move forward.
Yeah, and I'll just reiterate. As you can see, obviously from a revenue standpoint, 45-55 is the split between first half and second half as we continue the rollout and the ramp-up of the business. From an EBITDA basis, obviously we're heavily skewed to the second half. The one thing I like to point out is that if you just take our September results that we've already delivered and you annualize those, we're already back on track for a AUD 16.1 million EBITDA from ATM operations. That turnaround that we've spoken about on those last few slides is not just a, it's going to happen. It already has happened and is well on the way now as we go through.
Very happy with what we'll deliver in the second half, and that gives us a great runway into FY 2027 and the best ability for us to maximize that valuation for that Indian IPO and all of that remaining on track. Just a couple of key highlights on the business. Sometimes it's good just to pause and realize exactly what we have. I mean, we have 163,000 merchants. We have 11,500 ATMs across India. 31% of the revenue is now from digital. We've got 53% of the group operating coming from BLA business unit from a revenue standpoint, and 16% of group operating revenue coming from white label. For me, it's really reassuring to know that 12 months ago, that 31% from digital didn't exist and that 16% from white label didn't exist.
Deepak and the team have done very well identifying the right targets and being able to bring those businesses in under one roof. I'm happy to report as well that come December, all Delhi operations will be under one roof with FindiPay, BankAid, the BLA operations, head office, and white label, all in the one location, making things operationally so much smoother with backend support as well. Still operating out of Pune and then a Chief Sales Office for white label in Mumbai as well. Very, very happy with how the business operations are coming together.
All of them have settled down really, really well. I think that is what is going to bring a lot of efficiency, synergy, and optimization in the H2. Now there is no reason that is left on the table that will not help us grow.
Yeah, and like again, just pointing out, where GTV in the digital business when we acquired it was at AUD 4.2 billion. It's now at AUD 5.1 billion GTV. It's up 40% from the dip when we came through and acquired, which is very, very good. To be AUD 900 million up in GTV over that period since March 25, we're very happy. We've gone from seven products to eight products during that period as well. We're in continual discussions to take that from eight to 10 to 12 over the next 12 months. It's all about adding additional products through our wide distribution network of more than 163,000 KYC merchants. There's a further 100,000 on top of that of non-KYC merchants. The actual network net is 265,000 locations across India, but we focus on the ones that have full KYC, which is the 163,000.
A great opportunity and base there for us to go forward with. I'll just talk on a high level. As we've already discussed, we've had Brown Label, just the rollout. The portfolio expansion has been a little bit behind where we'd wanted it to, but some key stats that I think are very important to talk about. We've got record high transactions in August. The State Bank of India portfolio has seen a positive impact of a 9% increase in transactional volume year on year, which is fantastic. The average rate on total transactions under the new State Bank of India contract is 27% up on the average rate realized under the old contract. That's a net, but two things, up in volume and also up in actual revenue per transaction on our largest contract. Deepak and the team have done a great job on securing that new contract.
It's now just finalizing the rollout of both the State Bank of India ATMs, the Central Bank of India ATMs, and then past that, the Union Bank of India ATMs in 2027 and beyond. Very, very happy to be on there. Deepak, I might just get you to talk through a little bit of the White Label issues that we've had to go through and deal with in stabilizing and now the business that we have now and the growth that we're getting from the sales that we've turned back on.
Okay, thanks, thanks, Nicholas. First of all, the purpose of putting this table is, A, we are just at 33 transactions per day per ATM. You can clearly see that, yes, how we were operating Brown Label ATMs, even the smallest bank or a bank which is not in demand is doing roughly 60, 65 transactions. We are significantly down. That was the whole purpose of getting into this. I said, okay, let's identify what are the key challenges, what we were anticipating. It has not turned out that good, but we have been able to identify that, yes, what is causing a loss in this business and have been able to fix. What we have done in the first six months of the acquisition: fixed the team, fixed the responsibilities, fixed the operational metrics, how and how much needs to be delivered, how to address the franchisee issues.
We have been seeing quite a delay in addressing all those issues. From that, now to start receiving a thank you and a congratulatory note from the franchisee that, yes, at least they have been heard. That was the difficult fix which we have been able to fix in the first three months. The next three months was reigniting the sales channel as we spoke and reigniting that, yes, how do we get the ATM delivered on time to the franchisee last mile. Besides that, the trust between two or three teams that were being involved. One is the Brown Label logistic team which were delivering the ATM. Second was the Findi BankAid team which was front-ending the customer or the merchant.
Now, gaining trust between the teams was of maximum importance to us, which we have created in the last six months by doing handhold calls, conference calls, and everything to say, okay, now each one is only and only delivering Findi ATM. On the ground, there is no different entities. On the ground, there is one brand that we carry, which is Findi, and that's how everyone is aligned to. Aligning the backend, aligning the operations, aligning the sales team, the field team, the front-end guy, the back-end guy, all that work is being done in the last six months to get to a confidence. Why we are showing this table is, look, A, that is where we have to accelerate. This is where we are after the alignment. These numbers will look very, very different.
I don't want to make an aggressive comment, but I am pretty 100% confident that, yes, A, it will be, if not, if not more, it will be at least two of the worst performing ATMs of WLA, which holds us around 50, 60 transactions.
Yeah, lovely. I'm looking, we're all looking forward as we continue to see. I take great comfort in the fact that we've only just turned on the sales channel again. As we've said, 560 sales in the last 30 days. Our internal target is an additional 200 sales every month going forward. I know going forward that Deepak will exceed those numbers as we continue on. Sorry to put you on the spot there, Deepak.
Let me give you the good news. We have covered halfway in the first five days.
There you go. Lovely. In the first five days of the next 30 days, you've already done 100. Love that. On the digital front, just a quick trading update here as well. As said, we're very happy after we had the 45 days of disruption. The GTV, monthly GTV has just continued to grow. We obviously had those 45 days in May and June, but July, August, and September, we're basically up now since we settled in April. As of September 2025 to now from April, we're 43% up on GTV. We're very happy with how this business is continuing to grow. I'm looking forward to having the entire BankAid team under the one roof from December. Everyone will have one shared vision. There'll be no travel between offices because there's about an hour between the BankAid office and the Findi office at the moment.
To have everything under one roof from December is going to be fantastic for the business at large. There's the update on digital. Deepak, I'll just get you to quickly talk on the Unified Banking Centers, conscious of time, which is an extension of the BankAid, BC Max, sorry, that we've told the market about. Just a quick update here and then we'll close out.
This is very close to my heart, only for the reason that yes, this is what we are really addressing in the country with all your support. We felt that yes, while ATM is only one part of it and the rural centers are one part of it, how do we have a unified banking center which provides complete access, complete access to the basic banking services, which the rural India is slightly deprived of? These centers helped us accelerate some of the initiatives which are being led by government, led by bank, enabled us to address the last mile customer very quickly and efficiently. It's more a neighborhood kind of a store, a banking center, which facilitates all the banking transactions that are authorized under our BC segment. That's where we are driving it.
Our team is happy, market is happy that yes, there is a neighborhood branch that they see every time they see a store, which we branded as Unnati, which means progress in English. In Hindi, we call it Unnati. It's a progressive store. With that thought in mind is what we have and enabled all these locations with this. All basic banking services will be catered at these points. Besides the big banking services, the financial services, which is insurance, the travel services, which is like booking of train tickets, railway tickets, or we will be opening more segments very soon under this umbrella. These new services have transformed these locations beyond a banking point. It's a full-fledged financial service point now.
Fantastic. Thank you for that, Deepak. I'll just quickly touch on the final slide before we close out. Obviously, one of my favorite topics, corporate synergies after transactions. Deepak and the team and myself, we've worked very hard. We've already identified and delivered AUD 6 million of costs for these two transactions. There's a further AUD 2 million identified. The full benefit of all of these synergies and cost outs will be realized in the second half of this financial year. Very happy that we've been able to do that and actually get synergies from these acquisitions and effectively continue operating in efficiency at scale that we will continue to build as we go through. Very happy that this has been a focus during everything else that the team has been delivering and fixing. We've also been able to identify this pool.
Again, Deepak, thank you for everything that you and your team have continued to deliver for us. Thank you to all the shareholders for continuing to support the business as we go through. I'm really excited over the next 12 - 18 months as we get ready for the Indian IPO. We now really see what this business can do in the second half and FY 2027. Any closing remarks from yourself, Deepak?
Oh, just wanted to say thank you once again for keeping the faith. We may continue to hear some of the noises. I have learned in my career that when you are hearing some of the noises, it means you are growing and we'll continue to grow. I will continue to focus, Nicholas, on growing the business. Let people continue to make the noise. We don't care, really.
Correct, correct. No, thank you, Deepak. Thank you, everyone, for your time. If you have any further questions or inquiries, please reach out on email or my phone number is at the bottom of each announcement. Please reach out and we're happy to answer any questions people may have in full detail. Thank you again for your time and have a lovely day.
Thank you.
Happy Diwali.
Happy Diwali from India, yes. Thank you, Nicholas.
Thank you.