Q3 20/21

Jan 13, 2021

Ladies and gentlemen, good day, and welcome to Tata Electricity Limited Earnings Conference Call. As a reminder, all participant lines will be in the listen only mode, And there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Devakat Pingle from Christensen Investor Relations. Thank you, and over to you, sir. Thank you, Lizanne. Good afternoon to all the participants on this call. We'll be discussing the q three FY twenty one results. Before we proceed to the call, let me remind you that the discussion may contain forward looking statements that may involve known unknown risks, uncertainties, and other factors. It must be viewed in conjunction with our business risks that could cause future result performance and achievements to differ significantly from what is expressed or implied by such forward looking statements. To take us through the results and answer your questions today, we have the senior management of Tata Galaxy represented by Manoj Raghavan, MD and CEO, Nitin Pai, chief strategy officer and chief marketing officer, Muralidharan HV, a chief financial officer, and, our chief investor relations officer. We will start the call with a brief overview of the quarter gone past given by Manoj, which will then be followed by q and a session where all the members of the management will take part in answering the questions. We would appreciate your cooperation and restrict yourself to two questions in the in the first call and follow on to the queue to allow other other participants an opportunity to interact too. I now hand over the call to Manoj. Over to you, Manoj. Thank you, Divakar. Good afternoon, everybody. Thank you for joining us today, and hope you and your families are safe. I take this opportunity to wish you all a very happy and healthy 2021. As you may have read the, you know, the results, I'm happy to report that, you know, we have delivered, you know, a superlative quarter, you know, all down performance. Our revenue from operations grew by 10.9% quarter on quarter and about 12.7% year on year. Over 90% of this growth was volume led, the sequential growth. Our constant currency currency growth quarter on quarter was 10% and year on year was 7.5%. This top line growth was driven by strong performance in in both our key divisions. The Embedded Product Design division, EPD, which is the largest division, it grew by about 9.3% quarter on quarter and 14.5% year on year. Our industrial design and visualization business also posted a a smart growth of 29.5% quarter on quarter and 7.1% year on year. Our PBT profit before tax grew by 33.1% quarter on quarter and 43.4 year on year. And the VAT for the quarter stood at hundred and 5.2 crores, reporting a growth of 33.3% q o q and 39.5% year on year. And and and this is, you know, this PAT is is one of the highest is the highest for the quarter, exceeding a hundred crore for the first time. So with an EPD, if you look at it, the performance was all around with growth across regions and industry verticals. I think for once, you know, all cylinders that, you know, we went firing, all the verticals performed exceedingly well. All the geographies also performed exceedingly well. Now health care, you know, as I have been, you know, communicate communicating regularly, you know, continues to grow faster than the rest with about 24% growth quarter on quarter. Media and communication, again, delivered another steady quarter with 8% sequential growth. Excuse me. We are seeing sustained recovery in automotive market for the second consecutive quarter. Our transportation vertical grew 10.9% quarter on quarter. So we are seeing some new deals, you know, OEM deals, OEMs restarting some of the key r and d programs, as well as, you know, new new opportunities with the suppliers. I'm also, you know, particularly pleased with the recovery in our design business. For the first time, we have seen an uptrend, you know, in growth on a year on year basis. And then this has been the focus for the management to really cross sell, you know, design and design led engagement into our existing account. And then I'm very happy to report that, you know, you know, we have been we have been pretty successful in this initiative, and we have we have, you know, some large deal wins to report. And we we are hoping that we will be able to keep this momentum, you know, going forward. Right? As I said during the call last quarter, you know, we we are back to a pre COVID momentum and growth rate. And, you know, I strongly believe that, you know, we will continue this momentum. And as we enter the next quarter, you know, q four and the New Year, we have a strong belief and confidence in in the, you know, strong deal pipeline that we carry across markets and across industries. And I I I strongly believe that, you know, there's a lot more to come as an organization. Right? So with that, you know, I hand it over to the q and a session. We we can we can take questions. Devakat, over to you. Yeah. So thanks, Manush. Thanks for that brief update. And as mentioned earlier, I think we would request participants to kind of stick to only two questions per participant. I think Lizann will moderate it, but I'm just requesting you because we have a huge number of people on the queue. Lizann, please go ahead. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may please press star and one on the attached tone telephone. If you wish to remove yourself in the question queue, you may press and 2. Participants requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Apurva Prasad from HDFC Securities. Please go ahead. Thanks for taking my question, and congratulations on the number. Amaroz, my first question actually, I'll just give a quick context. So it appears that the strong growth, substantial shift to offshore both have led to, you know, margins expanding significantly above the targeted band of 20 to 24% EBIT over the last few quarters. One thing I'm unable to reconcile is the increase in revenue productivity, you know, to the shift in offshore mix. Despite that, revenue productivity is up significantly. So I'm assuming there is a fair bit of IP revenue in the mix. So my question is twofold. First is, what's the IP component in the revenue as we have seen some announcements around FalconEye, and how do you see that progressing? And the second question is on margins and your outlook. So where do you see the offshore mix normalizing over medium term? And and would you like to revise your PBT margin outlook now that we are substantially above that? Yeah. So IP revenues, I I don't think there's anything major to report. And this this growth that we're showing is not significantly led by any IPO one time revenues. Right? So it's a it's a volume led, revenue increase that that that we're showing. So, I think, if I'm not mistaken, IP revenues have been lower than the last quarter revenue. So so to that extent, it is it is, you know, purely volume wise. Regarding margins, yes, we we have been able to show much higher margins than what, you know, what they have been aiming for. And these are really, you know, unprecedented times. Right? So if you look at it, a lot of levers no. No. You know, we have they have really used a lot of levers. For example, move to offshore. Right? You know, traditionally, we were in that 50%, you know, range, and now it's it's almost 57, 50 eight percent offshore. And and we believe this is the right, you know, sort of, you know, plus or minus one or 2%. I think we will be in this corridor. I I think I think the major, you know, lever that we have that that they've used is the utilization. Our utilization rates have gone up. We have we have, of course, done hiring the partner, but a lot of the revenues, they're able to, you know, they're able to deploy our internal resources and up the utilization. And that is also another reason why you see a sharp uptick in our, you know, update. Of course, the other thing is also that q three, typically, especially in the last you you look at last year and so on, you know, quite a few customers used to have furloughs around the December, you know, New Year or Christmas time and so on. This year, we're not seeing, to that extent, you know, furloughs. So so we were able to, you know, book, you know, healthy revenues even during the last month of the quarter. So I think combination of all of this and, of course, you know, growth in our medical business. Right? And and I've always been telling telling you that our medical business comes at a higher margin. So the more and more, you know, the the growth in our medical business, you know, continues, I think we're able to, you know, really move, you know, overall, you know, margins, you know, in a positive direction. Right? So all of these factors combined together has resulted in good performance. And and, Manu, just one more if I can squeeze in before I get to the queue. So you mentioned continuity of momentum in the near term. Any any outlook on growth can you provide for the next few quarters based on the wins that you already secured and conversations with clients around their r and d pipeline? Yeah. We you know, Apurva, you know that we don't give guidance, but I can say that I'm pretty bullish. I I if I look at the the order book and the deal pipeline and so on, I think we have never been in a healthy scenario, you know, like this before. So I think that should give you enough confidence. Thanks. I'll get back in the queue. Thank you. The next question is from the line of Wimal Gohil from Union Mutual Fund. Please go ahead. Yes, sir. Thank you for the opportunity, and congratulations on very strong numbers. Sir, my question is follow-up to Apurva's question on margins. So if I were to say that, would you expect the margins to remain at these current 30% levels? Or there are some costs at the operating level that could sort of come back once things normalize in terms of travel costs And then if you could just give a bit of perspective on your gross margin as well. You just give both these perspective. Yeah. Thank you. Yeah. Again, you know, these are unprecedented times. Right? So it's it's very difficult for us to really visualize how the next six months or next twelve months is going to be. You know, are extraordinary, you know you know, the profitability that they've shown. Of course, it's because if you're seeing a lot of our, you know, travel and these are related expenses, and number of those expenses are literally, you know, come down, you know, drastically. Now as the markets open up, you know, though we have pivoted our our, you know, the the business model to a lot of shore and many customers have figured out the, know, the benefits of, you know, really doing it. And we have we have sort of proven that, look, even with an offshore delivery model, we are we will be able to satisfy customers. In our likelihood, we may not go back to the, you know, to to the earlier situation that 50% of our revenue would come from on-site or so. I would I would still guess there will be a few customers who would want or who would want to have the comfort of, you know, you know, engineers being near to near to their location. So I would say we would we would move we would be somewhere in between. Right? So to that extent, I would say, you know, definitely, our margins will improve, but whether we will be able to keep it at the 30% and so on in the mid to long term, at this point of time, it's very difficult to to tell you. That that could be some you know, we we may we may not go back to that 2%. We may be somewhere in between, and that's the guess that I could have had. Fair enough. One question on your communications vertical. One of your larger peers has been sort of has been expecting the semiconductor business to be impacted. Do we have any any sort of revenues coming from the semiconductor industry in our communications vertical? No. You know, I think about four three, four years ago, we exited the semiconductor space. Even though we have a very, very small you know, we have a few customers in the semiconductor space, but they're not actively pushing that business. It's more negative business that's continuing, but the I mean, due to due to certain reasons, we actually had exited that sales about four years ago. Right. Fair enough, sir. Thank you so much, and all the best for the rest of the year. Thank you. Thank you. Thank you. The next question is from the line of Bharat Seth from Quest Investment Advisors. Please go ahead. Hi, Manoj and Nitin. Congratulations on stellar performance. And Thank you, sir. Manoj, I just want to understand, I mean, in this, I mean, our all cylinders are firing. So and whether it's a vertical or geography or everything segment within that onshore, offshore mix. So just want to get sense, and now whatever efforts you are doing since last couple of I mean, a year, how are we seeing the really outsourcing opportunity in the space, which was earlier much people, a lot of work doing in house now? Showing it to, I mean, the kind of confidence that and delivery we are showing. Yeah. No. So so definitely, you know, you know, this this this space, you know, definitely, there's a lot of, you know, r and d happening and outsourcing will continue. There's no doubt about that. We used to we used be very niche and very focused on cutting edge technologies. And and as you know, we have a lot of products or a or a project driven organization maybe two years ago, three years ago. So what we have changed is we have really looked at yes. We need you know, a portion of our business will still come from those leading edge, cutting edge product development, and that is how we build our technology capability, motivate our employees, and so on. Right? But at the same time, for really growth of our business and so on, we have it's all activated to really look at push customers to really look at long term engagement, multiyear engagements, and so on. So I I I mean, I'm pretty bullish about the day we have really moved the needle from where we had about two, three years ago to and pivoted to a situation now where, you know, if I look at the the CRM that I have and if I look at the order book that I have and, you know, a lot of that business is multiyear, you know, you know, long term engagement, multimillion dollar engagement and so on. So that really gives me a confidence that, yeah, we are on the right path. So and now continuing on this segment. I mean, geography wise, won a decade back. Japan was a major market for us. So how are we really exploring that market, and are we seeing that opportunity from Japanese side? You know, Japan market, you know, it is a very traditional market. And, you know, you know, I worked for five years in Japan, so I know in and out of Japan. Right? So it it was definitely a market that has huge potential, but decisions are are very slow. And especially in this situation, whether the pandemic and so on, the natural tendency for Japanese customers is not to outsource, but to really use their own workforce. Right? And they they do not let go of people. So whenever any any such thing happens, they would really, you know, insource everything or they will really want to use their, you know, workforce. Right? So Correct. It's an important market. We stay invested. We look at, you know, opportunities, you know, that come away, especially on you know, we have increased our focus on the medical business in Japan right now. But how was growth for us will come in from both US and Europe? Yes. And last question on with that in the growth perspective, see, once we had a installation of QO QO growth of the mid single digit to high single digit, And with the kind of within pipeline, we have already won and it is there. Are we this is the beginning of that was kind of your explanation and reaching, say, almost, say, 3,000 to 3,000 I mean, half of billion revenue in three year time frame. Little broader without a quarterly abrasion. It's without factoring, quarterly abrasion. Sure. We we have huge aspirations. We have short term and long term aspirations on where we need to take this company, but we definitely want to keep keep up these growth rates, you know, not just for keeping investors happy, but internally also we have our own aspirations that we want to achieve. So so, yes, we definitely would like to grow much faster than in the previous year. Thank you. The next question is from the line of Naveen Bhotra, an individual investor. Please go ahead. Congratulations to the team for the all round excellent performance, sir. Good afternoon. Yeah. For achieving highest level of revenue and century of a debt in a single quarter. So coming up exciting times ahead, much better times as you have already said in your opening remarks. So my question is regarding the our company has now become subsidiary of Tata Sense. Earlier also, investors as well as all the things were known that our company is promoted by Tata Sense. This is just a a documentation of consolidation and all these things. So how the management sees this our company becoming subsidy? Are we going to benefit strategically from this becoming a subsidy? Because it is said that in the in this decade, AI is going to be much much larger scale and especially ethical AI. So how do you see if this development along with the AI and five g opportunity, which is five g, which is going to increase the AI and all these things. If you can tell us about this one. Yeah. Yeah. I think the in the in in you know, we've had a we had a, a, you know, the shadow shareholders are actually approved Tata Electric being a subsidiary of Tata funds. I think we got it from December 1. I think it's good for Tata Electric because it shows the commitment of the Tata Group and, you know, Tata funds towards, you know, Tata legacy. There's a lot of exciting work happening within the group. As you said, you know, whether it is, you know, on the AI side, whether it is on, you know, smart manufacturing, whether it is on five g. There are a number of things that are happening, and the data is increasingly getting involved in some of these new initiatives. And and and I think wherever that is technology led development within the group, you know, we've had a good chance to really support the group in in the initiative. So so from that, think, yes, it's a good step, and and I I and I I think it is perfect for the investors and the shareholders. Okay. And second question is regarding the again, coming to the capital allocation in the earlier con calls also and in the AGM also, And the subsequent call after the AGM, you said that the company will be management is in discussion with the board, and we will soon come out with a revised capital allocation policy very soon. So when we stand now and the managements and boards use how these are progressing, if you can tell us about that one. Yeah. So so I I think we've had, you know, multiple, you know, discussions with with our board also. And as you know, usually, such announcements are made in the in in the, you know, q four results. Right? So I would request you to be a little more patient. You would get to know in maybe in the next call, you know, how we are going to proceed. Thank you. We move on to the next question. That is from the line of Chiraine Wade from Alkami Capital Management. Go ahead. Hi, Manoj and Nitin. Congratulations for industry leading growth and margins. You know, great work. I just have two questions. One is that in your presentation, you mentioned that you, you know, you started working with a leading e play EV player from North America. I just wanna understand the quality of work and the kind of work that we are, you know, doing with them. What areas are we working with them? And do you see this as a start of a long term relationship? Hiren, hi. This is Nathan here. Maybe I'll take that. Sure. Yes. You started working with that customer from this quarter. And, obviously, that is in the technology space, so we're working with them and the connectivity and infotainment domain. With regard to whether it's long term and so on, I think that's an aspiration. I think we are being very conscious about the fact that any new customers that we add, we wanna make sure that there is a pathway to both the longevity of the relationship as well as the scale of revenues. So the hope is definitely that, yes, we can continue to grow our engagement over time. That is an initial start. So we just about started with them this quarter. And secondly, you know, TCS just announced some time back that they launched Autoscape, which is a solution suite for, you know, autonomous and connected vehicle experiences. So I was wondering whether, you know, this would be competing with us, or is there a collaboration, you know, on on this? Because we also have a platform, right, AutonoMy. Right, sir. So just to clarify because I of course, I will not have first time knowledge of the details on the screen, but I have looked at what are materials available publicly. To my mind, that is more of a service framework. It is not really a product or a platform. It's really, to my mind, a collection of services, capabilities, and some IP that they have that they have built put together as a combined offering for the automotive market, supporting autonomous and connected use cases. So in some sense, it neither conflicts nor nor contradicts what we offer. We are very clear that we are offering a fully packaged software plan platform Right. For autonomous driving very specifically. Completely separately to that, we have a connected vehicle platform, which as you know, they're licensed to Tata Motors and so on. So so in that sense, we have two distinct platforms, two distinct use cases, and, of course, you can do a lot more on top of that in terms of services. So so at this time, we see neither contradiction nor conflict. Got it. Got it. And my last question is that you mentioned you're seeing a sustained recovery in the automotive vertical. You know, in your opinion, are these projects more resumption of projects that, you know, possibly, you know, the the the your customers put on hold because of the tough conditions that they saw in the early part of the year because of COVID? Or are these, you know, people starting completely new projects as well? Yeah. It's it's a mix of both, Irene. It's it's it's it's also a new set of customers that they've onboarded and new set of projects that they're starting, and a few projects with our existing customers that are put on hold that are now you know, we have restarted. So it's it's it's both. Thank you. The next question is from the line of Ravi Menon from Modiola Lodwali M. C. Please go ahead. Hi. Thank you for the opportunity, and congrats on, like, a really good set of numbers. And I just want to understand the your top your two to five and non top 10, your client revenue addition. I think non top 10 is probably the best quarter at work. You know? I think you may add up nearly $5,000,000 quarter on quarter. So this is from, you know, one or two new customers, or this is very broad based. That's the first part. And then in the top two to five, you know, are we seeing more of a recovery, or is this, you know, new set of programs? Yes. So it is it is broad based. It is not just one or two new customers, one or two new additions. I think beyond the top 10 customers, we have been successfully able to ramp up customers in different revenue brackets. Right? You know, the 1 to 5,000,000 bracket, moving up to 5 to 10,000,000 bracket, and 10 to 20,000,000 bracket, and and so on and so forth. So so we have been able to really transition a few of the customers from lower bracket to higher bracket. Of course, we've also added a few new customers. So so I would say it is a it's a broad based, you know, growth. And I think that's positive for us. And so in the top two to five customers, should we think about this as a, you know, resumption of a lot of programs that were put on hold during, you know, probably the first quarter of this know, are these new programs that have been initiated? Yeah. If you really look at it, it's only the automotive customers that have held back. Whether it's the media communication and the health care, we never had any so that that was really one positive for the Galaxy. Right? We were not dependent on any one sector for growth. We had multiple sectors that are firing for us. And, yes, while automotive, you know, skid a bit, the growth recovery really growth really happened from, media communication and the health care vertical. So, so, yes, so that we don't see any hold up. In automotive, yes, there are a few, you know, programs that are put on hold that are now starting starting back. And now that you're operating comfortably above the target margin band, do you think that, you know, you take this opportunity and invest in, you know, both sales and marketing or something to accelerate growth? We are already doing that. We are already doing that. I mean, we we didn't want to raise this crisis. So while while we are pretty confident, you know, because we have other segments of the industry vertical that were firing well for us, we were able to confidently take those decisions, move ahead, invest in sales and marketing, invest in industry consultants, invest in good delivery folks and so on. So in the last two quarters, we have done all of that. Thank you. The next question is from the line of Harith Shah from Kial Chokshi Shares and Securities. Please go ahead. Yeah. Thank you for the call, congratulations to the management on a very good set of numbers. I just wanna get a sense, you know, how can you give any data relating to, you know, what percentage of your work that you do will be design related work? Of color on that one? Sorry. Your voice was very difficult to catch. Is it clear, sir? Sorry to interrupt, mister Shah. Can you use the handset mode while speaking? We're not able to hear you clearly. Yeah. Sure. Is it better? Yes. It is. Yeah. Sure. Okay. So congrats to the manager. Very good set of numbers. Just wanted to get a sense, sir. I know money in terms of on how much percentage of the world that you Mister Sir, we are not able to hear you clearly. Your voice is breaking up. Is it better now? No, sir. Your voice is breaking up. Yes. Is is it better? Yes, sir. Sir, we request you to speak slowly. Yeah. Sure. Okay. So, you know, that's on on a bit of number. I just wanna get a sense, you know, we know what percentage of the work that you you guys, you know, will be ready to design, you know, for us. Are you gonna put on that number? Are you all guys still disclose that? No. We don't we don't disclose that because and, again, you know, if you look at our design business itself, it's about 9% also design business. But, yeah, that is a component of how design and design led thinking and design led, you know, this is really affect our, you know, other embedded product design business also. Maybe Nathaniel would like to add something on that. Yeah. No. I just wanted to add that we don't want to go down that path of calling out the equivalent of digital revenues and then taking a bucket of water and taking a drop of color and then calling the entire bucket digital. Right? So so I think you end up with the same kind of error in how you look at quality of revenues and judge what is designed like. I think we are confident of the fact that design is a force multiplier. Like, when you start and lead engagements with design, one, it adds greater value to customers in terms of impact, and two, it creates greater demonstration of capability to implement with those customers. So I think at this time, the focus is on making sure that we're able to cross sell design and leave with design and use the growth and the result and growth as a measure rather than looking at how many how much of revenue is exactly coming from design or how much of it is influenced from design. So if get what I'm meaning, I'm I'm going exactly in the direction of the whole business of calculating digital revenues and then companies dropping off this whole calculation because it's it's not a very clear quantifiable measure. Sure. Sure. Okay. That that that's helpful. I know tell me, I know what will what will what's the impact of your this? I know you just carry out a paycheck in this particular quarter. Right? So, you know, it's all of the, you know, financial impact. Sorry to interrupt, mister Shah. Sir, we were not able to understand your question. Is it better if you can hear from now? Hello? Hello? Go ahead, sir. Yeah. So I just want The line for the current participant has dropped off. We'll move on to the next question. That is from the line of Malhar Mannik, an individual investor. Please go ahead. Hello. I want around 88% of revenue is from expo. So clearly, your revenue is quite susceptible to exchange rate fluctuation. So what measures do you take to reduce it? Thank you. So so we have, you know, we of course, we we hedge our, you know, products. So maybe CFO can, you know, give a give a brief idea about our product quality. Hi. I'm Moli. Let me take this question. So we we have a natural hedge against, you know, you know, against the product volatility because we do have foreign expenses to be incurred into a portion of that, take care of it. So remaining, we have a policy to cover through both the options and the forward cover. So depending upon the volatility and the market scenario and how the exchange rate movement happens, we do take the, you know, forward, forward, options and trying to protect our, you know, Okay. I have just one follow-up question. Also, your top five customers are around 38% of revenues. So what is what steps do you take to reduce the customer concentration? I don't think we take any steps to reduce the customer con concentration. I think it is it is a very positive sign that and you're not a large company. So I think I think this this is a pretty of course, you know, companies like us would depend on the top 10 customers for a significant portion of the of the revenues. At the same time, as we said earlier, we are adding a number of new customers, and these are all multiyear long term customers. They may not show up in within the top 10 this year or maybe next year, but as we mined that account and as we grow our business in in a in a in a in a few years from now, many of those customers that we open up today would eventually come into the top 10 list. So so I think I think we are pretty covered there. I don't think we have a concern there. Yeah. We are only trying to make sure that the top customer concentration is a little lesser in the sense that we don't want to stop growth there, but we wanna make sure that we are adequately protected against any upward or downward movements. But for the rest, I think we are on right track. Thank you. The next question is from the line of Sangeeta Purushotam from Cogito Advisors. Please go ahead go ahead. Yeah. Hi. Good afternoon, and congratulations for a great set of numbers. I just wanted you to spend a little bit of time just taking us through the long term structural drivers that you're seeing come through in your business, which gives you the confidence that, you know, growth is now here to stay for the next two to three years. If you could just spend a little bit of time giving a top down view on that, please. Sure. So I think I think when we look at our business and, you know, how we have been, you know, operating, I I I talked about how we have moved from a project based, you know, business to more a long term sustainable multi year part of our business. Right? So that's been the focus for us. If you look at three years to five years down the line down down the line, you know, we we operate in three clear verticals, which is the the automotive industry, the media and communication industry, and the health care industry. Yeah. So what we have consciously, you know, done is we have looked at, you know, adjacencies within each of these business. For example, within automotive industry, instead of defending all of your returns from the automotive industry, we looked at what could be the adjacencies which which we can look at, which you it's like this almost a similar skill set and resources can be easily fungible and so on. So we really looked at rail and, you know, off road vehicles and commercial vehicles and so on. So that's we we discuss them from a passenger car, you know, any uncertainty. And as you know, passenger car industry is a very cyclical industry. So Right. So that's one one of the measures that we have taken. Similarly, in our, you know, broadcast and communication business, we really looked at media and new media. Right? We were traditionally on the set top box, you know, on the video side, on the broadband side, and so on. But as you know, during pandemic, you know, everybody started using OTT services and so on. But we have been looking at OTT for the last two or three years. So we have we have we have invested ahead of time, and we are well entrenched when this OTT wave really hit hit us, and we were the first to encamp on it. Right? So Right. So so we we really looked at that new media as an adjacency because every company every large company wants to get into this new media space. Right? So that is the other adjacency. Similarly, the medical side, as we look at it, we looked at the the the pharma industry as an adjacency for the medical business that we have so that we can have a complete health care plan. So our concept is, you know, moving down the line, about 20% of our revenues in in a in a three to five year time frame will come from adjacencies. And and right now, if you look at it, quite a few adjacencies, have already reached 10% of the that particular business. So we are on the path. We're on the right path there. And I think that will help also give sustainability to our to our business. At the same time, do you look the main verticals? Right? And, of course, we always keep also looking for new verticals to enter and so on. Right? So and that's something that we we keep doubling in. And, you know, as and when we come up a question, we will we will definitely let you guys know. Alright. And, is there any, you know, operating leverage levers that you have in these businesses? Or, you know, once you've reached sort of stable state margins now, you know, it's it's going to be at similar levels. So what I'm trying to say is, is there any kind of platformization or product led revenues which are possible, which could give you some additional kickers in the margins? Yes. Yes. There are there are opportunities. There are platforms. We have already invested in a few of them. A few of them are showing good results for us, especially on the media and communication side. And then some of these platforms actually help us, you know, you know, gain new customers. Right? So these are entry points for us to really get into some large customers and so on. So so platforms definitely are there. There are innovations in business models, you know, all 10 business models. There are a number of things that that we are that they're looking at so that, you know, we we continue to to show our growth, right, you know, both in, you know, our revenues as well as in our profitability. Right? So so, yes, there are different possibilities, and the management is is is is really, you know, working on many of these at at this at this point in time. Thank you. The next question is from the line of Anish Munka from GST Investments. Please go ahead. Thank you for the question. So my question would be given that the last few quarters growth, we have continued to gain market share given that our listed players have degrown other listed competitors have degrown. So what would you attribute this to? Is it just due to verticals mix like broadcast, health care, or would you ascertain that to some competitive advantage of ours? And what would that be? Thank you. Sure. You know, unlike many of our competition, we have we have we are very, very focused player. We are focused engineering player, and we're focused in a few niches. And and we want to be the best in those niches. Right? And we don't really go for market share or we don't really when I say, we don't really drop, you know, our prices and so on and, you know, go after volumes. But where there is a very, very clear opportunity where we believe we are the best player, we we really go all out and, you know and and as Nitin said earlier, our design led initiative is what that really, you know, differentiates ourselves from competition. We with these design led, you know, proposals, we can go right up to the CXOs in our in our customer organizations and and really, you know, pitch in a in a in a much larger way than a lot of our competition can. We in essence, what they're saying is we can change the game. Right? We don't play the same game. We try to change the game, and that's how we we gain market share and we grow. So is it trying to create more niche categories and, like, basically, defining new categories so that your customer can get better experiences or better products, something that related to that, creating new products type of thing platforms. Yeah. This is Nitin here. Maybe I'll take that. At this time, I think it's it's clear that customer growth, irrespective of which segment they operate in, is driven by customer experience for them, their end customer experiences. Two, they are also realizing that the moment you get products connected and so on, you're able to mine a lot more data. You're able to you're able to deliver experiences on a more continual basis than just one time delivery of a product or a service. I think those are the intersections that we are really, really focusing on, is how do you help customers build that differentiation to start with. Two is how do you build those hooks into the products and services that you deliver so that you can continue to innovate on them. You can continue to deliver new features, new services, correct things that are not done too well. And I think that is really the journey we are on. Thank you. The next question is from the line of Pratesh Warda from Mission Holdings. Please go ahead. Sir, first of all, very congratulation. So my question is about the margin improvement. We have seen there's a couple of question came on the margin, the first two questions. So my real question was, how do we see going forward? Do we see because the revenue growth is y o y revenue growth is not much. So the leverage we have already exhausted, or do we have some more lever to see further margin improvement? Yeah. I I mean, margin margin improvement, you know, it's I think I've answered that question. So so we are at about 95%, you know, utilization rate. Right? So if you ask me, is there a is there a option to really up that utilization? We can definitely go up, you know, a few more points. Right? So that's that's not an issue. Can we move lot more of our business to offshore? Maybe one or 2% more. So that is also possible. So there are definitely, there are levers to improve margins. Of course, business models also, that is another way that we can improve our margins by by by really looking at some outcome based models and so on. So there are a few of them that that are still available that they are not fully, you know, exploited. And my next question is, sir, somebody asked the question, the product or platform platform based margin sorry. Platform based revenue. So do we have what percentage of those product or platform based revenue as present in present revenue streams? What percentage it has? We've not calculated that as yet, but maybe we'll have that Yeah. For the future. The the the platform itself will not really I mean, will will not really bring us significant, you know, revenues, but the platform will enable us to get into new opportunity areas and new deals where the what all that deals can be much bigger than what the platform standalone platform, you know, licenses for. Right? So that's how we look at our business. And so so, again, we we really don't want to be building products that conflict with our customers, so we're very careful about that. But, however, at the same time, we build we build our own intricate properties and and and products that usually are building blocks for our customers on which they can they can license it from us, and they can build on top of it. So so we'll get back to you on on on on, you know, on that number. But that number will be a I I not just an IP or a product revenue, but IP enabled also. Thank you. Ladies and gentlemen, in order to ensure that the management is able to ask questions from all participants in this conference, we request you to limit your questions to one per participant only. The next question is from the line of Kaushik Dhanuka from Dhan Commercial Private Limited. Please go ahead. Yeah. Hi. How ingrained is Tata LXC and JLR EV initiative? You know, we we are definitely ingrained in JLR's EV initiative. This is a pretty confidential information. I'll not be able to share too much about it, but but we are there. Both for Tata Motors and JLR? Both? Yes. Yes. Okay. Okay. So but you cannot share as to what kind of business you're doing? Not at this point, ma'am. Okay. Okay. And another thing, this the government is laying a huge thrust on the electronic sector, development of various you know, trying to get chip manufacturing, semiconductor, etcetera, mobiles, and even, I think, medical devices. Various PLI schemes have been announced, and some So you do you foresee any benefit which Tata LXC can derive with this ecosystem developing because of this? Yeah. There's a Nathan here. We are examining that. So in general, you would note that we operate in the product development space. So to that extent, manufacturing is the end result of the product development cycle. So while there is some assistance that we typically provide as manufacturing support for whoever is gonna be manufacturing, whether it's a contract manufacturer, ODM, or the own factories of the customer, that service is not very scaled. Right? But, however, I think the real opportunity for us for us would be in two parts. One, does design all the product get localized from both component and manufacturing process perspective as well as design perspective for the country? And two, whether there are opportunities to to adapt and innovate for the local markets. So I think that is really where we would find revenues for us at scale and not just because manufacturing has moved to India. Thank you. The next question is from the line of Harish Kavalkar, an individual investor. Please go ahead. Hi. Good afternoon. Good afternoon. Sir, congratulation to you and your team for the navigating this company in the difficult times and delivering extraordinary result. I have two simple question. First one is where do you see Tata legacy over the next five to ten years perspective? And second question is, where do you see the difficult challenge in any segment of Tata legacy business? Yeah. We we do have our own, you know, you know, stated, you know, goals for the next, you know, five years. They're with that ten years. However, that is internal to to us, and and and these are very, you know, aspirational goals that we have put in place and and something that we are working on from a from a, you know, growth strategy perspective. So, yes, you we would, you know, you would see us in five years to be a much larger organization. We will we will we we hope to do things much different differently. We hope to innovate on business models. We hope to really open up new segments. There are a number of things that that are there in plan, but I think that's something that that we will let you guys know over a period of time. Challenge, yes. There is always challenge external environment. There is, you know, country specific risk. There is visa regulations. There is there is a number of number of all of that. Right? But I think I think talent and, you know, that's that's really not a risk because we believe we have good good leadership development capabilities, good hiring plans, and training plans. So so we have already built all of that to really help us, you know, scale our business. So challenges would be external, would be any any specific industry risk that we that happens or any event like COVID happening, you know, I don't think there's any specific challenge only for Tata Lexus. Let me put it put it that way. Thank you. The next question is from the line of Dupesh Mehta from MK Global. Please go ahead. Yeah. Thanks for the opportunity. Sir, first, how is the demand is very strong. So how you think supply side situation playing out? Do you find any difficulty, and what would be the attrition rate currently going on? Second question is about sales effectiveness. In earlier part, we have faced some difficulty to sell to new client. How you think that is playing out for us now? Thank you. So attrition is about actually, about 6%. So attrition is not a concern for us. I think, you know, regarding hiring people and so on, I don't think I don't think we have we have an issue, especially in the high growth market that that we are playing in. I think, currently, if you have a name for itself and and in in the areas that we operate in, getting talent is is not an issue. Of course, we we we look at internally the the school that we have, and we plan our hiring and, you know, accordingly at the junior level. As well as at senior levels, on need basis, we hire. So, I I I don't see that being being an issue. What was the other question? Considering work from home and remote working kind of environment, particularly to new client. No. No. No. No. Additional new clients, no. So in fact, we have seen accelerated you know, I as I said in the in the earlier question also that we have not let let's wait this crisis. Right? We have been, you know, investing in our sales team. We have been investing in consultants and industry veterans, and we've just done a number of things, and that has actually resulted in really a good, you know, inflow of, you know, new customers and new prospects, and, you know, our our deal pipeline is, again, on an all time high and so on. So so I think, again, that's that's not an issue. And and I think the the internal team is also very motivated looking at these results that, you know, we can really aspire to to grow to grow in in in these terms. Right? So so I think we have a very motivated team there. We have added new new sales folks in the team. So I think I think we're good there. We don't have an issue. Thank you. The next question is from the line of Rohan Advant from MultiAct. Please go ahead. Sir, thanks for the opportunity. Sir, my first question was if you look at the onshore, offshore mix year on year, offshore has gone up from 59.7 to 67.8. This should have meant that revenue per employee should have been under pressure, but that has actually grown. So does that mean offshore billing rates have gone up significantly or maybe that some employees are actually working offshore but billed, like, at onshore rates? No. It's a mix of you know, that's something to do with our pricing how we do. Right? And you need to link it with the fact that we are we are also looking at, you know, our utilization has increased so that automatically our revenue per engineer would go up. Plus, we have been you know, of course, you can't generate this this profit margins if you are if you have a depressed rate. Right? So there are differentiated services that we offer that we are able to charge your customers, you know, based on the value that we provide to the customers. So I think that has helped us really maintain maintain our revenue per engineer ratios. Thank you. The next question is from the line of Deepan Mehta from Excelsior Equities. Please go ahead. Yes, sir. Congratulations on a very good set of numbers. In the earlier question, you had referred to maybe new verticals which you would look at. So can you tell us which are the new verticals which would which would interest you Because because of your special, you know, kind of strength which will be there or skill set. So which are these specific verticals, and do they have the scope to be as large as the current verticals in the share of your revenues over the next, say, three to five years or so? Yeah. This is Nitin here. Maybe I'll take that from a strategy perspective. I think Manoj has already articulated the fact that we are expanding our footprint in our existing verticals. So we're looking at adjacencies directly to our adjust current verticals including off road and rail. We have looked at new media which requires skills and capabilities that are a little different from what you traditionally use in broadcasting video, equally pharma, which is a completely new space for us in the health care industry. So I think at this time, we have our hands reasonably full. I think we have a journey to do even in the current adjacencies that we've called out in achieving that scale, deep capability differentiation. So I don't think we want to be distracted so soon with addition of new verticals in a hurry. But at the same time, from a strategic perspective, of course, I have to do my job. So we continue to look at which are those verticals that represent reasonable opportunity, not just for the short term, but has to be sustained. The market has to be big enough as we grow. And lastly, if we should be have we should have reasonable capability to execute, even to start with. Right? So that is the way we would look at it. And I I don't believe we are in a hurry to either adopt new verticals or declare new verticals also. Thank you. The next question is from the line of Madhu Babu from Canada HSBC. Please go ahead. Yes, sir. On the broadcast and communication, could you talk about the subsegments? Because one part on the sector boxes and all, so is there a decline or a, you know, all stagnant growth there and on OTT, are we seeing higher growth? So can you talk about the subsegments? Because now that is the largest vertical. Maybe I'll take that. We really classify that business into three broad pieces. One is the vendors who supply boxes and equipment into that industry. So we would call them equipment vendors or CP vendors, whichever you would like to call it. The second is the operators. The pay TV operators or the telecom operators who then deploy these boxes as part of their services. So if you look at Nertel or Tata Sky and so on, they will traditionally count as the operator set. And there is a third set, which is the studios and the broadcast channels themselves. The ones who've dealt develop content but deliver it via the pay TV operators. So in general, for us, the OEM segment or the box segment has always remained steady. But over a period of time, we expect it to mature, that will not grow as much. We really expect others to work that we do with operators, which has always been increasing over the last seven, eight years now, and that has also led to growth. And the second piece, I think, is the media, new media, really the broadcasters, the content creators. We're also now going direct to consumer with OTT that we expect as the real accelerators to grow. So from our our perspective, we really classified into three three broad sets, equipment vendors, operators and broadcaster slash media companies. Thank you. The next question is from the line of Ankit Shah from White Equity. Please go ahead. Thank you for taking my question. Sir, can you share the utilization level for the current quarter and the previous quarter, please? Utilization level. We realized that 75% 96% this quarter, and the last quarter was current 70. 70. Okay. They're up by 6%. Got it. Got it. Thank you, sir. Thank you. The next question is from the line of Amang Shah from Amsec PMS. Please go ahead. Hi, sir. Sir, so from what I understand, auto companies have long multiyear development cycles. Does it hold true for the other two divisions also? And sir, in that case, could you give a short qualitative statement on how much would be the onetime revenues and if there is any implementation or maintenance revenue subsequently? Thank you. So both both in the in the medical health care space and in the media and communications space. As I explained earlier, we have moved into multiyear, you know, larger deals rather than doing onetime projects and so on. In fact, the message to the sales team and, you know, the business team is that we really need to really need to focus on those customers that can give us these multiyear deals and, you know, larger deals. So over a period of time, most of our, you know, at least new customer additions and, you know, has been multiyear deals. So so that, I I guess, would continue. Thank you. The next question is from the line of Kavalpreet Singh from Ambit Capital. Please go ahead. Thank you for taking my question. So I wanted to understand on the health care segment, if you can obviously, like, a past, present, and future on that because that segment's growing very strongly. So I would like to understand, you know, when you started adding clients, what your aspiration was was. Today, you like you say that the margins are higher. Maybe if you cannot quantitatively give what margins are like in this segment, but why are they higher compared to the other segment? And do you see potential for this segment to be, you know, like, 25%, thirty % of your overall revenue somewhere down the line, let's say, three to five years down the line? Thank you. You talked about the medical assessment. Yes. Maybe I'll take that question here. This is Nitin. One, we started in the medical device space about three, four years back now. Formally, calling it out a vertical and then investing in that domain specialist that we need, a set of doctors, for example, that we would want to onboard so that we could provide two domain expertise, PhDs who come with the relevant background as well. So we've invested in building that core team and then having relevant product engineering services, whether it comes from electronics or software package around that core team. The intent has been very clear that we wanted to start with classic product development or new product development for medical devices. And over the last three, four years, what I think we have done is, one, make sure that we acquire marquee customers. So we're focused on focused on very leading customers in the space in terms of their industry presence and size so that we could grow along with them. The second was to make sure that even as we engage with them in product development, we go downstream in terms of what else can we do for them through the development life cycle. And you would know that, in the medical space, regulatory compliance and filing, is equally important and, merits as much spend as in the core new product development part itself. So I think what we've really done is a wonderful job in developing that end to end capability. I think that is not only delivering us larger deals, but it's also differentiating us in the market that we can take that responsibility end to end. And in many ways, we're bringing a lot more certainty to outcomes of product development and maybe many of our competitors are able to do. Why? Because we're able to see further ahead in terms of risk of compliance, risk of regulatory, and as best possible, navigate through those right in the design phase. As we go forward, I think, like Manoj called out, we're looking at what comprises health care as an industry. And when you look at that, of course, you have other pieces there, including the pharma sector. We already know that there are certain capabilities that we have built for medical devices that are as relevant to pharma. So we'll start with those, and then we'll expand capability further. So I think in terms of a view of the industry, I think we have a very clear view of how we want to be end to end in medical devices and how we want to be far more fulfilled in the larger health care space. So that's as far as industry goes. As far as margins go, I think I already called it out. The fact that we deliver an end to end service, we're able to deliver far better outcomes, and we are able to project far better outcomes because of our end to end view of development and regulatory and compliance, I think naturally deserves better margins. Thank you. The next question is from the line of Viti Devia from. Please go ahead. Hi. Good afternoon, sir. Viti from India. Sorry to interrupt, Viti. There's a lot of disturbance from your line. Hello? Now am I audible? Yes. Much better. Thank you. Thank you. Good afternoon, sir. Greetings for the New Year. I just want to know liquidity position for Tata Electric. Could you state the cash on book? Cash on book? For cash on book. Yeah. Yeah. It's around 900 crore now. Alright. Alright. Alright. Thank you, sir. Thank you. The next question is from the line of Hatem Jain from Invesco. Please go ahead. Yeah. Has the company given wage hike this year? Yeah. Yeah. We have gone wage hike with respect I mean, from October 1. Okay. And any plans Will it be in line with the, like, a normal year or any views there? It should be in line with the normal year Okay. Unless world changes suddenly. Thank you. The next question is from the line of Karan Opal from Philip Capital. Please go ahead. Yeah. Thanks for the voice, Aditi. So two questions. First, on the top line, it was flat this quarter. What was the outlook here? And secondly, what is the overall outlook on the transportation vertical? Do you believe that the recovery which we have seen in the last two quarters is estimated? And I have one more follow-up. No. I didn't get the first question. The second question is about transportation vertical and recovery. Yes. We we talked about it last two quarters. We have been showing growth and and recovery. I I think it's an ongoing process. The industry is still not out. You know, there are there are customers that are still struggling, you know, with COVID and, you know, all the changes that are that are happening. But, however, we are pretty confident that we are on the growth path. I didn't get your first question. The first question was on the outlook on the top line. Outlook on the top line. Yeah. So I think we will we will continue to grow and, you know, definitely exit the financial year. You know, though the year started on a bad note in q one, we hope to exit q four with the bank. Thank you. The next question is from the line of Madsen Aswath from Keyway Advisors. Please go ahead. Yes. Just more on the transport sector itself. Yes. Drop, mister Aswath. Your voice is breaking up. Is it better? So slightly better. Please go ahead. Yeah. More on the transport sector. We've seen some sort of recovery emanate over the last couple of quarters, but still, you know, we are way off in the auto cycle. So just wanted to understand from your own perspective, do you see really this is just the beginning of an auto revival? And since that's the largest portion of your revenues, do you see overall growth on the top line increasing quite appreciably going forward? The the largest segment of our revenue right now is media and communication and not auto. That is number one. Auto, I would still be a little cautious even though we have seen, you know, we have seen the growth coming in. Whether it'll lead to superlative growth or not, I think it's still too early. You know, the, you know, the large automotive customers and the suppliers, I think that is a little I mean, I I think we would need to give it maybe at least a couple of more quarters so that we can confidently say that this growth is can continue. Right? So we are we have seen some good, you know, green shoots, some new projects, some large engagements that they signed on. So that is definitely positive for us. Our top customer has been flat. I mean, as you would have seen, you know, the OEMs, typically, that business has been pretty flat. So but but we we hope that, you know, in the next two quarters, that will recover. Right. Thank you. Thanks. Next question is from the line of Pradesha Rathod from Nippon Mutual Fund. Please go ahead. Yeah. Hi, Manoj. Can you give us some outlook on pricing for next year, particularly on the new technology as well as the legacy business? Like, how is the things standing out given if there is supply side pressure in coming six months? Can you go go back and ask to a client for pricing? Again, I you know, we we we really don't we don't we don't really work on, you know, what what do say, legacy projects or, you know, the a very small percentage of our, you know the service that we deliver is is clearly on on on the low end of the spectrum. Right? Most of the services that we offer are on the upper end of the spectrum, and it it is more value selling that we do. We we rarely compete with the on on pricing and so on and go down. Right? We we really tend to look at the value that we provide to our customer and accordingly price the services that that we have. So will that be price pressures going forward? Yes. And during COVID, we've had some price pressures. We had to we had to give some temporary concessions and, you know, credit terms and so on. But I think we're out of all of that, and we have reverted back to our original rates. And so so so far, I I things are going the positive direction, and I really Sorry. Sorry. Sorry. I think I'm not put it correctly. My my intention was, you would tell me what's with your price hike if that supply side pressures in coming six months? Can you go back to a client and ask for a price hike? That's always a very sensitive topic. Right? Especially large customers, nobody will entertain a price hike, whatever they say. Right? So so we we we so so what is what is very essential is you don't end up signing a customer at a very low rate because you know that it'll be next to impossible to go back and get a rate hike. So so yeah. So we we we have to manage our internal the the the the, you know, group productivity gains through the right size of the team, the right expenses of the team. We have to maintain our profitability. We can't go back to customers always. Of course, it's not that we don't go back and try, but, you know, once we arrive at the at at the particular rate structure for customers, it's usually at least a three year sort of a rate structure that we agree on. And given your business mix has changed in terms of vertical wise in last couple of quarters, particularly in last seven quarters. Is there any meaningful change in the average or median duration of your project project site, project length, or project duration? Yes. Yes. As I've mentioned. Right? So earlier, you know, you know, the average median about two years ago was about six months deals or eight months deals. Now it's definitely above a year or, you know, multi year also. So so, yes, the average size of projects have increased, the duration has increased, the average, you know, revenue has also increased per customer. Thank you. The next question is from the line of Amar Mori from Alpha Accurate Advisors. Please go ahead. Hi, sir. Greetings from the New Year, and thanks a lot for the opportunity. So my question is more on the offshore and on-site mix. On the medium term, do we see that this kind of ratio will be maintained for under two, three quarters? And how do we see this ratio changing in a medium to long term? Yeah. I can take that. On one hand, I think, yes. A lot of this, like, sale digital was accelerated by COVID. I think this whole long side offshore mix change has also been accelerated by COVID. I think the big question remains how much of this is elastic in the sense that when things all become normal, how many of the customers will want to call back and still want that same outside offshore issue that they were used to? And remember, they now got used to better cost structures too because, obviously, when you have less on-site, your overall projects also cost you less. Correct. And you have to balance that against wanting people on-site and wanting greater control, visibility, and so on. So I think we will start or we'll most likely see that ratio change a little bit as markets open up and so on. But it is our intent very clearly to not let it change too much. Okay. Okay. Thank you. The next question is from the line of Amit Thawani, an individual investor. Please go ahead. Thank you. Thank you, sir. Thank you for taking my call. I think the panel made a great point that we our revenue is our order size I mean, our order duration used to be, you know, maybe a couple of months, three months, and the order duration is going up. And that's because we are now catering not only on active product launch date, but I guess over the life of the product rather than, you know, maybe software updates across the life of the product, as someone said, filing of pharma. So I just wanted to understand how how how how do you see this pan out over the next few years? I mean, how much change could we see in the life of or the length of the order going forward? I mean, we are probably at six months today. It it will definitely help us in derisking the company and making revenues lesser, you know, less lumpy. So I just wanted to you know, how how do you see this, you know, this order over the life of the product, you know, timing out over the next three to four years? How how the revenue mix. How how how do you see the revenue mix changing there, sir? Yeah. So this is listen here. Maybe I'll take that. And I think that is related to a fundamental nature of products changing the world. So if you look at products, what were supposed to be one time delivery to a customer, fill it, shut it, project it kind of a model where you sell a car, and that's only revenue that the OEM will ever see in his lifetime from that car customer unless he goes and buys another car. And the same would have been true in a consumer product like a phone or even in a medical device. I think the simple fact is that the industry is sorting to the point that once devices are connected, once they're able to get back data, you can deliver a lot more services over that connection, and you can monetize the data in many forms. I think that also leads you to then requiring development that is not ending when the product is delivered. The software development actually continues. I think we're already seeing that in medium communication, and that's why OTT is such an exciting segment for us. Because it's not just to do with launch of the OTT service. It's really the fact that the OTT service continues to evolve and improve and you continue to add features and so on. We really expect that the fundamental nature of products and services will change to this model. There are things that continuously updated, upgraded, experiences continue to change, and it's not that one big life cycle where you where you develop a product, launch it, and then there is a small maintenance team. So I believe that's the real future of the world, and we hope that we are in the right place and with the right capabilities. Thank you. Ladies and gentlemen, due to paucity of time, that was our last question. I now hand the conference over to mister Nitin Pai for his closing comments. Thank you, I should first of all thank all the investors who joined us today on the call. I'm sorry that we ran out of time. And if any of you have questions further, please feel free to reach out to our agency, Christensen, or to write to our investor relations email ID. We'd be happy to take any further questions that we did not address. It was a wonderful quarter. I think we've captured for the start of the New Year that we look forward to. We hope you have a great year too. Thank you so much. Thank you. You. Ladies and gentlemen, on behalf of Tata LHC Limited, that concludes this conference call call. Thank you for joining us, and you may now disconnect your lines. Thank you.