Q4 20/21

May 24, 2021

Quarterly report

Greetings, friends. Welcome to the H2 and Full Year FY 'twenty one Results by Eric Business Services Limited. As a reminder, all lines will be in listen only mode until the speakers have finished their opening remarks. All this will open the floor for participants to ask questions. This call is being recorded. Joining us on the call today from IRIS are S. Soumynathan, the CEO and Founder K Baluchandran, Founder and CFO and Deepla Ramnathan, the Co Founder. Swamy will present an investor deck that highlights the business model, products, financials and outlook for the future. Once the presentation concludes, we will open the floor for Q and A. We would request participants to click on the raise hand button or just input the name in the chat box. Before we proceed with the call, a disclaimer, during the course of the interaction in our materials, we may make certain forward looking statements and this may not be viewed in conjunction with the risks the company faces and may not be updated from time to time. More details are provided at the end of the investor material and other filings that can be found on our website at www.irasbusiness.com. With that, I would like to hand over the call to Soni to take us through the company's vision and strategies. Over to you, Swamy. Thank you, Divakar. On behalf of my colleagues and everybody else here, I expect you as a warm welcome as well because Divakar's first interaction with us as handling Investor Relations. So thank you, Divakar, for accepting the assignment. And I'm hoping that with Dwakar's inputs, we will be able to literally engage with investors in a much more meaningful manner than we have actually done in the past. Not that we've not done it, but I think it's useful to have the professional inputs from someone like Dwakar. Is my screen visible? Yes. Okay, lovely. So a disclaimer has been given by Deepakar already. I think many of you who've been to our past earnings calls and seen our annual reports know that we have 3 segments in our business, what we call Collect, create and consume. Collect is where is basically a software business software through which regulators collect data from those that they regulate. Create is a suite of software products used by enterprises to create data for submission to the regulator. So let me give you examples from both sides. So Reserve Bank of India uses our platform to collect data from all the banks in the country. All the banks in the country submit data to RBI using our platform, using our software. So Reserve Bank of India uses a protocol, Ifile, through which banks submit data to RBI in a format called XBRL. The banks use our software, which in some cases has been given free to them by RBI to create the documents for submission to RBI. Many other banks use our price software as well, which allows them to automate their submission to RBI. So the software used by RBI is the collect segment, which we have implemented in a few in about 24, 25 countries with about 30 odd regulators. And the software that we implement for the enterprises to create the data for submission to the regulator is what we call the create segment. There are multiple products there. And finally, we have the Data and Analytics segment, because there's no point in collecting all this data if you're not going to analyze it. So we have a software business sitting there as well as a Data as a Service business sitting there. So what is this thing called XPR? It's an information standard. Across the world, there are many, many information standards we actually come up with. So if you are sending money to your grandmother or to somebody else across the country and you had to go and add a beneficiary in your bank account, the banks would use a messaging protocol to ensure that the money reaches the account to which you want to send the account. That's the standard. In the securities market, there are standards like FICCs that are very common that people use. XBRL is now a standard used across the world for financial reporting. Some 70 countries in the world have adopted it. Asia, for example, Singapore, Malaysia, Thailand and so on and so forth. Apart from Africa, where there are only 2 countries adopting it, in every other continent, there is significant utilization of XBRL by various regulators. We're one of the early birds in this XBRL space. We stumbled onto XBRL quite by chance in 2,005 and we've built our business around it. But we also work with standards other than XBRL. So in the collect business, we work with regulators, helping them collect data in XBRL and other formats. In the create business, we work with enterprises, giving them software to submit data in XBRL and other formats. In the consumer segment, we help with not only the collection of data, not only the analysis of data, but also cleaning of data and also data as a service. People talk about data being the new oil. People talk about AI. People talk about ML. If you can't get your data right, all intelligence will only be artificial. There's nothing called artificial intelligence. You need data to be structured properly. You need data to be structured properly in a manner where it can be exchanged with each other. You need data to be structured properly so that it's trustworthy. And only if you structure data to things downstream like AI and machine learning and other things actually come into play. If data is an ab initio at the beginning itself not structured properly, then what you will get is garbage inputs. What we are focusing on is basically ensuring that the data is structured properly. If the data is structured properly, you can build AI business around it. If data is structured properly, you can build other business around it. So come back to my slide here. We've been around for a long time. We actually stumbled on to XBRL, as I told you by mistake, in 2,005 when a company in America outsourced their XBRL work to us. We developed the first XBRL filing platform for the Bombay Stock Exchange in 2007, 2008, which SEBI made the common filing platform by 2,009. And thereafter, we won the mandate from RBI. And from then on, we never looked back. RBI is one of our favorite clients. Are very happy with the way we work with RBI. In fact, during the pandemic, 3 of my colleagues have been also locked up with the RBI team to ensure that the data that flows into RBI continues to flow into RBI without any kind of hindrance. And today, we've also ventured beyond XBRL by creating a GST platform, which is now used by some of the top countries top companies in the country. And we've basically worked around creating products that meet with these data standards. So when you want if you want to look at the way business is structured, in the area of collect getting the country started, getting the regulators started with ex DRL is about giving them a dictionary of data elements that they need to report. That's called taxonomy. Therefore, it's a strong consulting element to the business in the area of collect, where we charge on the basis of the effort that we actually put in. Then we have the product called Ifire implemented on prem at the regulator's end to help the regulator collect data from those that they regulate. We are trying to move this on prem model to a cloud model, to a SaaS model. When you look at regulators, banking regulators are very, very finicky about data on the cloud. They don't like it in most countries. Capital market regulators are less finicky and business with these are the least tricky. So we've been engaging with regulators to see whether we can take the whole thing from an on prem model to a cloud model to a SaaS model. We currently have 1 cloud 1 SaaS model working in the case of Collect segment, that's in Mauritius, where companies file the company registry using our software. The Create segment is mostly SaaS, except for Ideal, where we have moved to even though it's on prem, we are able to a monthly billing model where basically we are charging for software rentals effectively, though it's not on the cloud. Therefore, there are difficulties in terms of monitoring it, but it's not on a per filing basis. It's on a per unit of time basis. So Carbon is our tool used for filing to ROCs in different parts of the world and capital market regulators is a completely sideways solution. It's used in different markets around the world for different activities, for filing to business registries, for filing to cap market regulators, most recently even for filing to energy regulators and so on and so forth. That's a huge growing opportunity. We'll talk about it. Iris GST is a completely SaaS model. The Carbon works on Microsoft as well. Iris GST works on Amazon, where we have some top companies in the company using our solution. Device and new mandates come up after the GST Bank actually came up. They will be able to acquire customers independent of just the whole the mobile, allows you to track the clients of your vendors. At the same time, there's also a DAS model where people take fees and penalties into the systems to decide who to actually work with. These are some of the customers that we actually work with globally. And these are market customers. They're very, very big sellers. I mean, you will see some top names from India like Larsen II Global. You'll see some more great names from the U. S. Like BMW. We work with BMW in a couple of countries. We work with the entire Bajaj Group, Bajaj Auto, Bajaj Finance. We work with Reliance Industries. We are a trusted solution provider for enterprises who need to comply. In the compliance space, we serve over 6,000 enterprises who provide who file the data using our platform. The Ifile product, the collect segment are the first three columns you see here. So business registries in Thailand and other parts of the world including Singapore. When people ask me how good we are, I mentioned the example of Singapore. Because if Singapore uses your product, there's nothing that's great endorsement. So Singapore's company registry called ACRA uses our solution for receiving the filings from the companies registered in Singapore. Among the central banks, we have Reserve Bank of India, Bank of Mauritius. Most recently, we've got Nepal Raishta Bank and we also have the Bank of Jordan. Are expanding that market gradually. And among ACCs and stock exchanges, we already had a gratitude to Combustion Exchange for being our first customer. And in fact, it happened after Muzabib. Thereafter, we've expanded our footprint across the world through the entire Middle East and also other parts of the world. These are some of the customers that you have, but we obviously couldn't find names of every customer that we actually have. But that's the way it is. And these are all reference customers who are good for us. One of the key actually great criteria at Iris is our quality governance. I don't know how many of you know this. We're probably the fastest IPO in the history of India. We filed a process late in September and our IPO opened on the 29th September. Not because we knew this year, but most importantly, our governance has been absolutely top class. From day 1, we basically said, if we are creating a company that will ultimately go public, we need to pay attention to governance. And therefore, while we as founders are certainly on the Board, the people that we're really grateful to are our independent directors. Under law, we don't need to have a majority independent directors, but 4 out of our 7 directors are independent. I cannot overemphasize all of these are friends. At the same time, every one of them, they came on Board, they basically said, do you want us to grab a step or do you want us to question you? They question everything if we do. Sometimes it's very magningly so. But we are extremely grateful to every one of them for literally keeping us on our toes. We know that Dhirwal is an imminent fire, who many of you may know about, but we looked at that, then went to a company called into the tourist, such a headset and now he's on his own. Ashok is a brilliant marketeer who works as Hindustan Lever and worked with media for a number of years before he quit and he runs his own startup and in addition to that, she is also on our board. Hassib Rabu, you may know from his columns that he writes, He's a very well media player, he's a very famous economist. He was also recently the Finance Minister of Jammu and Kashmir. And for that, he was Chairman of J and K Bank. And he adds tremendous amount of value. He was also very, very important in the GST Council where he has shaped the GST policy. The pandemic has, of course, affected us. I mean, that's where the pandemic, hopefully, our revenues would have been much higher. The reason the way the pandemic actually affected us was the problem. When you are a company based out of India and then you want to convince people to look at XBRL, you need to go and physically meet them. Most of the world still looks at a face to face model where they like face to face meetings. We could not have face to face meetings, which is the reason why you will find that in the collect segment our revenues actually dropped because there have been absolutely no implementations. And even the existing implementations have got delayed because in many offices, in many offices across the world, people have not been coming to office. And when people don't come to office and in those countries where they don't have the facility to work out of home and monitor work done by people like us, it becomes a problem. So our revenue drop in the collect segment is largely because of the pandemic and the lack of revenue growth is also because of pandemic. In the case of the Create segment, while we do have 2 colleagues in Europe, one who is out of Barcelona and one is a new recruiter of Paris, both Europeans, I think it's important to have Goraz to sell in Europe. We have not been able to travel to meet companies. Whenever we met companies, we've done extremely well. In fact, our experience in the pre pandemic day shows that whenever we met companies, we've come off as extremely persuasive people with an excellent product, which shows up in the revenues that we actually got from Europe this year. The second thing that actually happened in Europe was the European mandate got postponed by a year. Of the 27 countries in Europe, it was 28 before UK left the EU. Out of the 27 countries, it's almost a fifty-fifty split. Some have postponed the mandate by a year and that's led to a deferment of revenues. But those that have actually continued with the mandate have given us a fair amount of business as well. And we've not done too badly. It's over a 6% market share in Europe in terms of the number of companies who actually signed up with us. In the case of consumer, there's not been a very major impact because we've really not launched too many products there And that's mostly domestic focus. At the corporate level, the virus has, of course, affected us. I lost my mother in the course of this virus. I was down with COVID. Balu was down with COVID. Deepa was down with COVID. We've all been affected by it. We've also lost 2 very valuable colleagues to the virus. And we've not kept our office open. In spite of that, for a rat coming to your house, you don't need to keep your door open. Small hole for a drain pipe is enough. So we kept the office closed and we've basically been able about it saying that we're not coming to work until they get late. And even after that, only when the air clears, people actually come in. But what we have learned in the course of doing this is the ability to reach out to customers without a face to face meeting. So we've significantly strengthened our marketing team to deal with the normal. So that even it's a process for some time, we have tried to launch significant marketing initiatives to be with our customers. But also HR front, we are adding that if there are very companies, very new child contents with them, basically like to prove, we should recruit from there and not get them to the bomb in. So we'll be able to recruit from anywhere in the world in a world where people are actually working from home. That's been a significant change in our own in our whole approach to life. I will invite Balu to take you through the financial numbers. Balu, you want to take over? Thank you so much, Soumita Arjun. I hope all of you can hear me. It's good to be back here speaking to all of you. I'm happy that all of you have joined in good numbers. We'll go through the financial performance of the company fairly quickly. I trust all of you would have seen our filings with the BSE as well as the press release. In that context, I'll try to quickly go through the national numbers. Before that, let me also say that, as I mentioned in the past, that our business to some extent is seasonal. This holds true for supporting it as well. And one reason we are seeing is that lately larger part of compliance filings for enterprises. So having said that, let's get the numbers maybe a little more in detail. So can you provide a screen before that, Swamin? Just see is the screen before that? No, no. This is starting to come. We have a contract. This is the first time, Balu. Okay, fine. So if you look at the trend in terms of our performance as a company post the IPO, you can see the trajectory is steadily going up. We had a revenue of about INR 27 crores just before IPO. We hit about close to INR 57 crores, and we have grown at a CAGR of about 15%. Of course, our aspiration to grow at a much higher rate, but we have managed that. And more importantly, we have kept the expense growth low. And with the rest of that, with operating leverage kicking into some extent, we have been able to start doing well from FY 'twenty also. If you look at our FY '20 performance, we had an EBITDA of about INR8.2 crores, EBITDA over INR2 crores. And from there, we are more steadily to the current numbers, about INR10 crores EBITDA and INR3.80 crores in terms of INR3.80 crores in terms of INR2.72 crores as well. So from a year to year basis can you go to next slide, please? Yes. Yes. Can you repeat, Sami? I'm trying, Balu. I'm trying. It's up. There it is. Okay. So this is a typical way the stock exchange rate wanted to report your numbers. If you look from this point of view, you will see that on a full year to full year basis, our top line has grown about 10%, while on a half yearly basis, the growth is 15%. But more important, the EBITDA growth has been 23% on a year to year basis on a full year basis. And from a half year basis, it is even better at 43%. And of course, that has done quite well as well. And one of the main reasons, while revenues have been growing, we have been able to manage our expenses container expenses with the result that our margins have expanded to a bit to an extent. Can you go to next slide, please? Let's look at the balance sheet. So from a balance sheet point, a few couple of key points I want to highlight here. One is from a debt aspect, we have repaid all of the borrowings, the L14 lakhs you see the lease on account of a financial lease transaction that we entered. But if you take note, we have repaid our long term debt. And we have no overdraft physically. We have changed the bank as well. With the result that our interest costs also in this year should be at a significantly lower rate. We got good rates and that should start to move from a slightly lower. Overall, our total debt has clearly come down. The other important point I want to mention here is in terms of receivables. We always had slightly higher receivables, partly driven by our regulatory customers who takes time to pay and they pay in a lumpy fashion. But the same with higher revenues coming from the enterprise segments, we have been able to rein in receivables also to some extent. And we are down to about INR 13 crores, about 25% drop compared to number in the previous year on a higher revenue as well. So there are 2 key points I want to mention when you look at the balance sheet. Can you go to next slide, Swamy? Okay. These are some other points which I already mentioned, but just for the purpose of reiteration, let me mention that we have seen quite significantly lower cash flow from operations. And that is partly because of better receivables management and also because we have lower revenues as well. So the cash flow from operations moved up to 9.2 crores from INR 1.8 crores, which I think is quite remarkable, one of the first conditions that we operated in the previous year. Of course, our focus, if you look at the previous year, was to make sure that the sustained business, number 1. And number 2, we enhanced the liquidity. And through that exchange, our cash flow from operations increase has really helped us. With the result, the cash and cash balance moved up quite substantially to INR8.45 crores from a level of INR0.69 crores in the previous year. So there are a couple of key points I want to mention in the final slide. Maybe we can look at the Ravindra's And return on network, so this is a very important metric. If I look at if somebody asked myself, what should I be monitoring? I would say, I would say, I mean, 3 things. 1 is, of course, the annual recurring revenue. And second, it will be return on network. And third, it will be perhaps cash flow from operating activities. If you look at network, we have gone up to double gone into double digits. But as a company which is fully aligned on IP and which believes by its software products and its IP, we expect this to improve going forward with that select services. Can you go to the next slide, Sawick, please? Okay. So here is a look at the revenues, how the revenues have moved in the last 5 years. The key thing I want to mention here is that look at our recurring revenue, what we call revenue on an annual basis, we got too much extra sales up, we have other contracts. If you look at the growth we were in FY 'seventeen, we were at 12.96 folds and you move up to 40.23 folds. And that is a difference in the CNGR. So this is the thing that we are focused on. And this has shown decent growth rates, and this is where we want to make sure that we sustain our performance in this direction. Coming to the segments, Swamy did mention that our product segment where we want to relate this, we take a soft hit because of the pandemic gap because Polyester was spending slower during the pandemic, and we could not get any new contracts during the relief, the CREATE segment came to this view in quite spectacular fashion. So you can see the CREATE numbers moving from INR18 crores to INR29 crores in this year. And of course, the proportion of CREATE revenues, which has better characteristics in terms of its cash flows, margins, etcetera, has also been on the higher side, be it accounts about 52% of our overall revenue price for the year expected to be 1. And in terms of V1 segment profits, even though the track segment took a small dip, not a small dip came from 30 15% in terms of profitability, the sales segment turned around. It's some profit profitability, repair segment turned around. It's some profit in that fashion. Now we are thinking about 20% of the margins and global English gaming is actively playing out. And recurring revenues now contribute to 70% of operating revenue as compared to 60% of the industry. Can you go to next slide, please? So here is a geography wise view of Ramesh. You would see a little and strong. Of course, our GSM did improve with the invoicing mandate coming in. So that led to the helping bring the overall revenues. I would say that one thing I want to show here is the Europe revenue. Europe revenue has moved up slightly from INR 4.7 crores to INR 11 crores. Notwithstanding the fact that the mandate for registered commercial filing has been postponed in many countries in Europe. And sometimes we're doing it voluntarily. So many of the customers that we have is on large scale customers. And they were keen to still go ahead and file voluntarily and get a decent set of revenues from Europe in the year of 'twenty four. Next slide, please. So where do we go from here? I'll take over. I'll go from here. So where do we go from here? I'll take over. We'll go from here. So in the case of I5, which is a product that we sold to regulators, the collect segment, our focus is in fact convert 1 more people SaaS model, if we can. The problem here is completely artificial. Regulators want to move to it. So that recently, we had a conversation with the regulatory filing platform in HBR and Mr. Deeps, we certainly get caught and we are removing more than half. In the case of ideal, while we have had great success in the case of the banks in India, we are now getting inquiries from across Europe because we picked up good banks in Europe. We're getting caught from Cyprus and Greece and others where there are banks that need to report a new under a new compliance rule that's being drafted in the 1st September. And we've started getting customers in Europe for Ideal. Ideal has already currently got customers in India and Mauritius. And I think it's a good thing for us that there are banks in Europe who will look at it. So our core focus therefore is to improve our marketing communication to be visible as a reliable provider of compliance solutions to the banking sector, the weakness. Our big idea of course is Carbon. Carbon is now used not only in the U. S. And Europe and India and several other countries. There are some big moves happening in the U. S. As well. You will see from the announcement that I showed you, the U. S. Is still a weak spot. We are not making enough money in the U. S. Right now, even though it can be potentially in large markets. We were linked to the party about 5, 6 years ago. At the time, we had no funding to quarter the market as much. So now we need to be able to snatch customers away from our competitors. We have good reason to believe that people will do that because in quality reports, quarter after quarter, we come out on top. You may recall that in the last three, we're talking about how we've been figuring out top of the quality charts. That continues. That's a great source of confidence for us. And the other big mandate has actually come up with the U. S. Energy regulator who basically now needs to have basically said that all energy companies also have to report an equity annuity. In fact, a big move that's happening in America is every state government is now requiring all the data to be submitted in the standard. There's also a huge opportunity. So we are now looking to strengthen our U. S. Operations. In fact, to force all the questions that you might have asked, I mean, even if we drop cash, we will invest in growing our market share in the U. S. Market. And I hope that Errol will do that because I believe the return on that is much, much greater than any other international situation we get right at this point in time. So we are seeing you're missing the heavily used market in terms of acquiring more and more customers. Ita, can you possibly take us through the FERC mandate, the Federal Energy Regulatory Commission mandate and talk about how we are approaching it? Sure. Sure. So the Federal Energy Regulatory Commission that governs all energy and utilities companies in the United States, and they are mandated now that energy companies need to start reporting in XBAR format. So this mandate, Mr. Adam Mandates, is result of the sale exists. So the first phase, which is going to kick in end of this year, November 21, is going to end up over 800 companies, roughly about 850 companies. And next year, that is sorry, in 2022 end, it's going to increase to over 3,000 companies. So it's a new big market to remove the opportunity. This is listed and unlimited company in the early success course. And we are going to sign our customers constantly for a couple of large partnerships has now been relaunched with significantly more features. So the next time you invest in a company, you can actually verify the GST compliance of the company using Iris Peridot. It's a free app. So please do not download it. Please download it. We'll put the new features there. So Peridot again has significant visibility in the market. Not even though the traditional cloud model may basically not resonate with the world that we actually came. And people are not going up acquiring customers that know how to optimize it. This is a little document that we put together based on what we see around the world and the activity. One major thing happening around the world is the following. It's got nothing to do with the pandemic directly as to the pandemic thing in the last. Digital compliance is the order of the day. Digital compliance is not submitting data in PDF because if you submit data in PDF, somebody at the other end has to still take out the PDF, pull out the data, input it into the spreadsheets and do multiple things with it. Digital compliance is about submitting data. And the moment you start submitting data, you need to submit data using certain data standards and the most common one that's being used today is XBRL. So we see the direct tech opportunity in the space that we actually occupy as being huge And we actually see creeping regulation happening across the world in so many different areas. So when you look at countries of Australia, Finland, the U. S, where the entire company is moving to adopting data standards, please stay home. We have the products to meet the markets. What we are now integrating the marketing market players to be able to do that. And being out of India, we have a cost advantage that others don't have. That doesn't mean that we throw away prices. We try to hold our price. At the same time, we try to balance between being profitable and dropping the price. So we do not price. We don't want to ask specific as some of our Western counterparts. But we believe that is direct tech market and direct opportunity. A company like Tires, for example, is about 35 filtering clients requirements that we need to meet, about 350 forms that we need to fill in the year. So I believe that over the next 1, 2, 3, 4 years, more and more of these things will move to digital filing and that's where the opportunity lies. An integrated filing platform could be the way the world will actually grow and be ready to work. What we have created is deep domain understanding. There are if you might have seen XBL at play for quite some time, we actually look into your website and talk about the many companies offering a terrible solutions. Many of them use solutions to convert data into XBL and submit it. But let me say, nothing is rocket science is rocket science. But at the same time, to be an expert in XBL requires significant amount of expertise, significant amount of knowledge to be able to deliver solutions. In fact, my mind goes back to the day when RPI had their first tender where of the 5 other plus others were disqualified because we were the strongest of the win. But in the time phase of RBI is the implementation of XBR. We partnered with TCS because they're much larger products, hardware and the other things we don't do. So the system integration of the TCS the external components come come, has been provided by us. But we have also added 1 more data standard called STMX into this whole grant. So we didn't build the static experience. STMX quite well. So we've been building a business out of data standards. So if you believe that the world of data can be powered only because of the underlying set of data standards, we're extremely well positioned to be able to take advantage of that. And increasingly, it will be a pattern. Now there will be other data who will not like sub base solutions, but majority of regulators will actually also like cloud based solutions for simplicity purpose as long as issues like data security are taken care of. At the same time, the regulatory environment, while people in principle do long term contracts, if I make a mistake, I put it thrown out immediately. So that's not a very risky and it's going to stay with you as long as you don't make a mistake and you're going to be direct deposit for arguments all time, every time. So I think we're in the right place in case of customer turnaround. I think we started turning on last year. I think we did well this year. I hope the trend continues. I hope the pandemic ends soon. The pandemic certainly will have impact on how fast we grow going forward because in many of these this work. In many countries they come back to work partially. I think those are all good things. I think it works very good news for us. The U. S. Is also our artificial intelligence. Unlike Europe, it's much more difficult. The conversion rates are Take a minute, hopefully. I'm going to stop you like one on fixed wireless I want to let because it's subject to some great interest to us. I'm happy to take any questions. Thank you, Bhagavath. Thank you very much for your remarks. I will now come to you, Nitin. So I was just saying that I just want to first convey my condolences to you. It's not easy to lose people and this pandemic has been difficult on all of us. My first question is on Europe. We have done a spectacular performance in Europe. But I was wondering if you can have more details. Inmars, with regards to SMIC filing, how many customers have we won up till March 31? And what is the average revenue per customer that we are earning over there? Praveen, can you tell us where you're from? Yes, sorry. I'm a shareholder in the business. I'm based on my store. Sorry, okay. I just want to be careful that I don't have competitor on the call. I have to worry about things again. Deepak, you want any question? Deepa or Balu? Balu, I need to take the question. Okay. Sure. So we don't normally give very precise numbers when it comes to companies and average yield, but that has certain competitive significance to it. But let me say that we have around, say, quantity customers in the market at this point of time. And the revenue yield, it varies a bit based on the size of the customer and the kind of the nature of the contract. There are certain parameters there. But I would say that it would be somewhere between €3,000 to €5,000 So Rohit, let me add to what Balu said by answering the question slightly differently. So I'll give you a better idea. When you look at the compliance filing, we have companies filing to ROC and the pricing there typically is anything between $150 to $300, $400 per filing and that happens once a year. In the capital market filing, typically, the pricing is anything from $3,000 to $5,000 at the lower end to about $10,000 $12,000 at the higher end. We have 2 models that we follow. We have partners to whom we do a transfer price and then they do a markup, in which case we don't do the pricing. In some cases, we do a revenue share with a partner, in which case we do the pricing. So when you look at the total revenues from the cloud offerings, you have the ROC customers who depending on the country could be anything from $150 to $300 to $400 per filing to the SEC customers and the FERC customers and other Farkema who could be anything from $3,000 to $5,000 to $10 to $15,000 depending on what we're talking about. So putting it all together into one churn is also very difficult. And I know you asked about EU. Even on the EU, for example, there are differential pricing depending on which markets you're from. The capacity and ability to pay countries like Germany and France are very different from each different countries. And therefore, we do horses for hosts and prerequisites when we do a pricing for it. That was very helpful. So, Brody, I understood the So it's traditional it's novel in the cloud based solution model to offer freemium take a freemium approach where you offer it free for 1 year to hope the customer stays with you longer. So it's a fairly complicated structure, which is why coming up with one single number will end up being misleading. Thank you. I did read your letter on LinkedIn on the India initiative, but I thought it was a data initiative, to be honest. And kudos on that. The reason I asked a little bit of details on your work is because, I mean, you mentioned you've added But just speak louder. Question is again on Europe. You mentioned you have 6 person market share. So could we have more details? So question 1 here is how many companies in Europe after the filling for sure by next year? How many have already done it so far? So there are 4,000 companies in Europe, of which about 1,000 are from the UK where the mandate has not gone live so far. That leaves 3,000. Out of the 3,000 companies, many companies are from countries where the mandate is still not operational. In the countries where the mandate is operational, in the countries where we have tried to do, we have an effective market at about 6% to 7.5%. So that's a broad part of the land. And given the success that we had in these countries, we are confident that we can continue, it's not unexpected. It won't be difficult. We don't know how to get that kind of number. And we are hoping to do the right things to get that straight to that kind of number. This is not a forward looking statement. It's basically saying I want to fish my marathon less than 5 hours, turn it around my life. That's my marathon goal. Sure. Thank you, sir. Again, if you could give us a broad idea of how many companies in Europe have already shifted over the 3,000 ex UK that you mentioned, how many have already shifted as on March 31st and how many are still shifted? I don't have the correct numbers right now. I will try and get the numbers. But the reason is, you see, many good companies have gone into what's called voluntary filing. So you need to combine voluntary filing along with mandatory filing. We will try and put something together and help you. And on security measures, I mean with the same details that we discussed in Europe, what is the average how is the pricing structure there? What is the average pricing, etcetera? And have e invoicing added a lot to the revenue per customer that we're earning there? The second question is first. If you look at the invoicing part, the invoicing would have added maybe about, I would say, about 50% to the top line compared to the previous So that has helped quite a bit. The invoicing in the competition is even more fierce because it is from a transition complexity, maybe it's less from us. But it is But if you look at the average revenue we could get from enterprise, for example, it could be something like 1 to 2 lakhs. So we can track in a very small company as well. Because we look at So we have many small companies that come to a 4, especially from 7 sectors, let's say logistics during the invoicing period, which started from October 2021. So what is the joke that's floating around in the GST space among the vendors? You said very soon you will get free GST filing coupons with your morning with your Kellogg CDF. It's quite possible. That's the way the market's headed. Understood, sir. That was helpful. I have one more question on collect and then I'll get back to the queue participants to ask. Just curious to know, 1, how do you how is the outlook, let's say, the coming year and the next year in the Collect business? And second, I'm also curious to know is our project with RBI that will be 1 with TCS, has the entire revenue flowed into our P and L already or there is still more to go over and expand? And how in what time will it flow into our P and L? So the outlook for the Collet business next year is a function of how the regulators think. And I think it's only now many of them do not have any information available to tell you how that will pan out. As far as the RBI is concerned, yes, there is still a fair amount of headroom available and there is still some revenue still flowing to the company on account of RBI's RBI implementation. So will it be over 2 years? Will it be over 3 years? Is there anything you can see about that right now? I think it will be over the next 12 months. Thank you. I'll get back into the queue for now. I have more questions. I'll follow-up later. Thank you. Thank you, Rohit. The next question comes from the line of Sajesh Vias. Sajesh, I've unmuted your line. Please state the organization that you represent and then go ahead. Hi, sir. I'm a digital investor. I bought it this year, so I started to a public company since IPO and then I have been invested since last year. My question is like credit only. So is it like a credit bureau, something like the likes of Civil, TransUnion? No, it's not. It's simply APIs to fetch data that goes into your digital lending platform. Since we are a GSP or what's called the GSP Sumida provider, we have the right to fetch data from the GSP servers for powering with consent for powering digital lending platforms. Okay. So now one question is that is it correct if I say that the Create segment will be offered higher than the Collect segment because you're only for around 200 countries, this is very limited. And so what percentage of the total pie in the world has that total FPR? So 70 countries, in each country about 4, 5. I'm glad you asked this question because let me tell you what's happening in India right now, which I think is a useful indicator. So India, for example, Bombay Stock Exchange was the first implemented, followed by RBI, followed by ROC. Very recently, IRDA has started implementing XBRL. And very recently, because RBI has issued a certain circular, NHB has started looking XBRL. So one regulator does it, others do it. In every country in the world, 1, 2, 3, 4 regulators, in fact, in the country there are about 5 to 10 regulators who could potentially implement XBRL. So 70 countries, if there are 10 regulators per country, there are 700 regulators, but only less than half of them have actually implemented it. I think the conservative estimates are that 180 regulators in the world have today gone down the XBRO route. So if you see there are 200 countries and 2000 regulators, 180 is a very small now, 10% of the regulators, but 70 countries. But as you can imagine, the smaller countries where you may not be able to make as much money will be the ones still waiting to implement it. But there are some many large companies as well. We also believe that the use case for XBAR will also expand. So there's still significant lot of headroom. But to answer your other question as to where the Create is where the action lies, in many countries Create is seeing a lot of action. And since we are one of 2 companies with a global solution with a cloud based solution and so on and so forth, we are well positioned to capture market share. It's easier to do in markets where the mandate is just starting as opposed to markets where there are intense players, which is why I'm saying it's more difficult to get SCC customers than to get FERC customers. But we're optimistic. But your point is I take the creative where significant growth will happen going forward. So that's also largely cloud at the end of the plan SaaS. Okay. Thank you. And I want to mention that I know that all business is highly seasonal that we report the financial results 2 times in a year. Is there any plan to go to the main board platform in BSE or NSE? So once you finish Class IV, you have to go to Class V. You can't stay back in Class IV. Right. Yes. Thank you. That's all. Thank you. Thank you, Sanjish. Next question comes from the line of Manan Patel. Sir, I'm Manan. I'm an individual investor. So I wanted to ask about the opportunities So I wanted to ask about the opportunity size that your company has. While you mentioned that $6,000,000,000 is a current rec tech market and it will grow $16,000,000,000 But I understand you will not address the entire pie. So what kind of size of the market are we looking at? And adjacent question is, you mentioned there are 4 competitors for you. I would like to understand the size of the competitors. So the 4 competitors, Fujitsu is a very big company where XPRL is a very small division for them. So looking at the Fujitsu's big numbers is not meaningful. As far as Wiser is concerned, Invoke and Core filing are concerned, they're all around the €10,000,000, £10,000,000 range. They're not much bigger than us. And as far as the addressable market is concerned, I think the market is big enough to support any growth we can grow at 5% a year. Can we grow 100% a year? The markets begin to accommodate that. Can we grow 200% a year? The markets begin to accommodate that. What will be limiting is our ability. What will be limiting is our resources. What will be limiting is our vision. So I think the markets, we cannot have any aspiration that we have. But at the same time, we should only chew off. We only chew off 5 minutes for it as we can digest and throw it back to you. So shareholder. Absolutely. Sir, I understand the question along with that would be, you said your vision might be a limiting factor. So I would like to understand over the next 3 to 5 years, what kind of vision do we have for us, opportunity size, huge competition in the financial results. Right. And while the size of our cash flow has grown substantially, so the retail markets grew significantly like take a quantum leap in terms of your in the size of the company for growth. In the last 10 years, the money is not easy. We've been starving as a company and we have done we've gone to a place where we will be happy. I think cropping money at it is not there. So will we raise significant amount of money or even a smaller amount of money to grow to the next level? The answer is no. At the same time, if somebody wants to come and say, you know what, I'll give you a $1,000,000,000 So I really I think we've learned how to grow in a very full manner. And we will try to continue to grow in a full position. Understood. I just want to add here, but from a funding point of view, you mentioned about competition. Competition, you said, might not be that intense, which might not be the truth because the area is picking up the semiconductor. And we do see competition coming in from adjacent areas as the market unfolds. Is the company emulate. If there's one company that you're going to follow, it's Workiva. So please take care of Workiva as a fair financial performance and look at what they've actually done. They've done magic. Understood. And sir, so my last question is, in terms of a company like us, a very important part of assets is the employees. And you said throwing money is not the only thing. But obviously, having great employees is one thing. So I wanted to understand with the size that we have, what kind of ability do we have to attract talent and how do we incentivize them to stay with us? So recently, we've talked to the CTO who used to be with Accenture for many years. So we are able to attract good people. See, ultimately, people go to successful companies. People go to companies which are on a growth path. And what we have demonstrated in the last few years is that we've turned around. So we were a KPO, we were a services company, we pivoted to products, now we pivoted to SaaS. And people like things like this. People want to be at the cutting edge of growth. People want to grow. People have aspirations. And people want to be part of a company that's growing. So we are hopeful that people will be able to attract much more people going forward, not that we are backing their creativity in the company. It also allows people within the company to have a growth path in their own career. So Priyar is a And sir, related to this, I That's your last question. Sir, I was going through your annual report, which is brilliant The reason why the company is at the state where it's growing is because the promoters and many employees have made tremendous sacrifices. In fact, not only promoted directors even employed their own money and are becoming clear all the deals is a 1 year. And I'm not in the case of this fee and I will not get a salary until every roof of every employee is cleared. The best I have the competitor in the best. Next question is from the line of Girish. Yes, I can. Thanks. Hi, Swamy. Girish, individual investor, investor for us for 2.5 years. But what I understand is you will be able to use existing products like Carla or do you create complete So having answered the question, it's I think the ESSA silos that are also listed in the U. S. Need to do dual silane, use the same product coming for work filing. So it can contain taxonomies easily and therefore it's used across multiple. So carbon can use for ROC filing, carbon can use for capital market filing, carbon can use for DFLC filing, carbon can use for German filing, carbon can use for Hindi filing. Sameer, does that also mean that companies like Vertiva, who is well entrenched in SEC filing, can come quite easily to FERC then? Vertiva is a competitor in FERC. Of course, they are. And they are a very meaningful very strong competitor in FERC. But what we have done is we have tied up with one of the outstanding companies in this space. So the whole XPRL movement in the U. S. Was led by a guy called Hudson Hollister, who now runs a company called X Data. And for those of you who wonder how many people change the world, you should really check this guy out. He's actually single handedly changed the world in a writer, but bringing him a level of transparency, which is not that before. Xdata. Us is our website. They are partners. Xdata is led by Hudson who made xdata happen. And that gives us tremendous advantage in U. S. So yes, working out with a very strong competitor and we take it we're pretty mindful of that. But working with Hudson, we believe we have a significant opportunity in the market markets for efficacy and thereafter for ACC. Thank you. So my next question is more on the consume side. Last time you mentioned that we can expect some announcements on the consume side, but I'm not seeing anything. Anything else that's in progress or is delayed? It's still book in progress. And I think it's you see, if you look at the numbers in the company over the last 3, 4 years, our losses were because of the investments made in the consumer segment. So at the same time, we found that the market and by and large investors, we have a complicated business. When you have a complicated business, it's important to keep it. So people say, what profit you're negative, or maybe negative. So we said, consumer is still a very important segment. And we need to figure out what to do with the consumer segment. But we have launched Addixo, which is the consumer segment product. We have launched Peridot, which is a consumer's consumer segment product. And you can expect more products to come going forward. We have some ideas. We are working on a few things. But at the same time, it will be a function of how much cash we can throw up quickly to reinvest in the consumer segment. So it will be more like an API based economy that you are targeting? Absolutely right. Absolutely It will be products, but they'll also be API based thing feeding into end use, feeding into intermediaries of end users. Right. I also happen to see that you had some APIs in the infinite. In site. What exactly is it you're targeting there? No idea what that is. Balu, do you know? This must be the Kariksu. Kariksu at ADH, am I right? This is in the you're talking from the Indian context? Indian context. Yes. I saw it. The The NTCA portal, if I'm NTCA, the National Payment Corporation is starting an API kind of exchange where we offered some APIs as well. This must be related to that. We have been offering our APIs, especially digital data, public APIs a number of digital lenders and marketplaces. Yes. I happen to see it together with like Ujjivan Bank trying to get into this. That's what my understanding. Thank you. I'll my question is answered. Thank you. We have a follow on from the line of Rohit. Rohit, go ahead. Rohit, I'll unmute your line. Please go ahead. Thank you for the opportunity. I just have a couple of follow-up questions on Europe. I noticed that recently there is a CSRP directive that mandates ESG disclosure in Europe in XBRL. So what does this mean for us? When will it be implemented? By what time period? And what does it mean for us in terms of market size? In any detail, we'll be replaced, but I can give my 2 bits as well. So these are very important initiatives because it has come at the right time. The ESG reporting in Europe used to be earlier done through the paper PDF mode. And that also a limited number of companies, what is called the end of RD directly, the financial reporting directive. Now the EU has come together and they're looking at the next phase of reporting from an ESG perspective. We expanded the U. S. To a minimum of 50,000 companies, which includes both public and non public companies. That's one part. Other part is there very clearly unequivocally saying that unambiguously saying that this reporting would need to be in an in line XBL format, similar to what is being done for the ESG companies or financial reports. So both financial and non financial reporting will come together in an interactive reporting format for ESG. The other important part is ESG reporting would need to be auditable asset. So companies which are going to report, say, carbon emission from Plan A or Plan B, we need to make sure that the hydro trail is maintained and is audited. So all in all, I think it's a very ambitious directive. This would take a few years to rectify. Our sense is that the company will start looking at around 24 hours. That's the very smart time lines I took out. But the direction is very clear. This is going to be a non cash reporting in a big way. So there is going to be taxonomy which is going to be done up by the newly constituted international sustainability reporting board, which is analogous to ILSB for audit, ICON reporting. So they will come with a taxonomy and there is also a move to converge a few independent bodies in this space together. So we have one place where the data that initiative reported is very clearly defined along with the electronic attributes. And that's what notably, in Europe, we expect something happening from SCC in the next year. And this should also be initiated. But the green pricing aspect is linked to ESG's. So these are two sides of the same coin. So this is exciting. And this is where corporate reporting XDR is going to play a bigger role. Ruiz, another message I want you to carry away from the green Don't be surprised if mutual fund documents are filed in XBRL. So the XBRL mandates are actually expanding gradually all over the world. I'm glad you raised the ESG thing, if I'm saying talking about it. So the opportunity on account of these new filings will all come from XBRL. That's where we are extremely well placed. And carbon is one product that can take on everything. My follow-up question is on U. K. As you mentioned, there are 1,000 companies in the U. K. So what are the XBRL filing status there in UK? And also you mentioned in the last con call about HMRC where we already have some customers and we are seeing some progress. So could we speak about that as well? So all ROC filings in the UK happen in XBRL. All tax filings in the UK happen in XBRL. The new mandate is basically capital market filings also need to move to XBRL. That's the new mandate. So in the ROC filings, we still continue to retain reasonable market share. We work with a partner who delivers customers to us. And we're not doing too badly there. That actually has grown. And we are now beginning to work with local partners to try and acquire customers for capital market filing as well. So that is a 1,000 customer market that is available there and even that has to be done by next year, am I right? The filing has to start from January onwards. And we now have people on the ground working on it. On the ground isn't working out of India but doing it. So do we have a market share, rough market share there? 0. It's not the Mange just come out. We actually are trying to sort of get started there. And I think with the lockdown happening in the U. K. More than once, things have been a bit slow. We think the first customers will start signing up by about end of Q2 or Q3 this year beginning of Q3 this year. Okay. So far in the UK, nobody has signed up with anyone yet? And nobody has filed either. Okay, great. Understood. That was helpful. And my last question is on so I mean, one, I was surprised to see us throw so much cash because I expected I mean, given we are a growing SaaS company to invest cash investment, how much will that be? And how do you see this going forward? So when you look at a lot of the SaaS companies coming out of Chennai, they're addressing markets of a different variety and their approach to whole sales and marketing is very different. We work extensively with partners in different countries, especially because we can't get in front of customers. Compliance is very serious business, but customers like to see your face before they actually sign up with you. One of the ways in which we kept our sales and marketing costs under control is by leaving significant revenue share for our partners. By leaving significant revenue share for our partners and some of the true marketing collateral that we deliver from India, our marketing spend has actually been kept under check. When you look at companies like you look at companies like Akiva, they are driven significantly by the marketing spend. They will acquire customers also because of that in the U. S. Markets. But our approach will continue to work with partners. Will that be the same going forward? Or as we saw, you appoint 2 people in Europe, 1 in U. S, you see yourself appointing more and more people on the ground? It will be a blend. It will be a blend. Understood. So could we maybe in future presentation also share the partners we have in each of the geographies that we work with? We work with. Sure. We can do that. We can do that. Yes. We have a follow on from the line of Maran Patel, please. Go ahead. Can you hear me, sir? Yes. So I wanted to understand this year our COLLECT revenues fell down and along with receivables also came down while COLLECT is a receivable heavy business. So I wanted to understand what kind of receivable days are sustainable going forward? Balu? So if you look at numbers for this year, you see that our receivables are about 85 days. So my target is to bring it down to 75 going forward. You take maybe a year or 2, but I think that is certainly doable with higher revenues coming from the Create segment. And maybe further down the line, maybe another 3, 4 years, it could be even much less. Even if the collect segment bounces back after the pandemic? That's right. Understood. And sir, my last question is with significant AI capabilities and like software available which can read PDF. So can they disrupt our business in any way? Or I might not know more technologies, but I wanted to understand, are there other things that can come up which can disrupt or read data directly from a PDF and file it with a regulator? So are there any risks like that which can obsolete our business? In a world where man can send a man's craft to the moon, in a world where we can send Mars rovers and monitor them from here, one can never rule out any possibility. But every company which gets into a certain space keeps adapting constantly to ensure that it has a growth story. I was watching a BBC serial some years ago where they said that every company reinvests every 20 years. We are very mindful of that. We started as a company with my iris.com with information portal. We then said let's go back into data standards. We met Amorphous and we transformed into a software company. Now we started with a KPO. Then we went into products. So companies that recognize or see the light on the wall keep modifying it so that they stay relevant to the market. And I'm hoping that we do the same. Anyone else who has a question can I mean he can go ahead? He can go and ask the question before Rohit does. Gaurav Singh, is it? I need to unmute him. One second. He's on the chat box. Yes, yes. I've unmuted the line, Gaurav. Go ahead. You need to unmute yourself, Gaurav, before you can ask a question. This is Gaurav from Saplin Capital. I was interrupted. Sorry for the delay. So I missed the initial bit of the presentation. So pardon me if I'm repeating the question. So I just wanted to know what is the stickiness of once you sign up with a customer? What's the stickiness of your business? Because it's a SaaS model, what's the stickiness? Unless I screw up royally or you come and offer it for free to a customer, the stickiness is very, very high. If you see, we've only been growing the number of companies who are signing up with us. We haven't lost the company yet, touchwood, and I hope it stays that way. Also, we've not had these SaaS offerings long enough to come up with data in terms of customer churn. The big risk that we actually see, Gaurav, and I think it's a great question to ask and I'll then tell you why. ROC filings happen once a year. And it's quite possible that by the end of the following year, people forgot which software they actually use, which is a once a year filing. So the need to stay abreast of the customer and stay in touch with the customer is fairly high. Fortunately, we've not lost customers. We've lost a few here and there, but nothing significant for us to worry about. So the stickiness as of now is fairly high. And what's the cross sell opportunities like once you sign up with the customer probably in the UK and the U. S? So what's the cross sell opportunities like? Again, a great question. See, there are different kinds of customers. The ROC customers, the cross sell opportunities are very different from the capital market customers. In the capital market situation, for example, there's something called MiFID II that's come up in Europe, which requires companies to look at investor relations very differently where we see some opportunities. So there are some cross sell opportunities. And like the example I just gave you. In the case of ROC for example in certain markets when you combine ROC data with for example in India with legacy data that can spur digital lending. There are some possibilities and we are mindful of that. At the same time that to happen, certain other systems certain other things in the ecosystem have actually got to fall in place. And what if you were to sort of sell all your super products to a particular customer in your country like Europe, what's the ticket size you'll be able to generate on a SaaS revenue basis per customer? It? I have never done the calculation. Therefore, I don't have an answer to the question off hand. And one final question. What's the competitive advantage looking out of India? Is there some competitive advantage you will be following competitors with people in order to be able to be able to do that? Significant cost. Cost is a significant advice. Also the fact that there's one simple example. So we recently acquired a company in South America who want to do filing locally, who also should file in the U. S. So carbon carries both possibilities. And these are the advantages we actually see. So you need to offer 1 platform. The question somebody asked here, do you need to have a different product for it to be filing? The answer is, it's 5 or even carbon can be That's it, Dhruv. Thank you so much. So, Dhruv, there are a couple of questions in the chat box. Can I take them? Yes. We should ask the question for the information. The rest may be analyzing reason we did not do it at that point in time is because we had a change in the auditors. Our statutory auditors at the end of 10 years had to move on to a different statutory auditor. And we basically said that now that we move to Ind AS, let's give the statutory auditor time to settle down before we actually move. Because auditors play a very important role in terms of conversion of the accounts to Ind AS, which is now happening. And but the resolution was valid for 1 year, which is the reason why we had to take a resolution again to get the permission from the directors from the shareholders. Now after that, there's still a process to be followed. The process includes submitting the documents to the stock exchange for their approval. That typically, I think, takes about a month or so. But we've initiated the index conversion working with our auditors right now. So once these things happen, we hope things then will come to a situation where we can migrate. That's Risabh's question. The question from Rahul, I think the bulk of the customer actually came from the U. K. We had a significant jump. South Africa we had a significant jump. We actually had jumped in many different markets across the world. So we've actually done well in South Africa. We've done very well in Europe. We've got significant number of customers in the U. K. As well, significant number of customers in India, also for GST, also for ROC. All in all, all around, there has been significant improvement. The only market where the growth was still very modest, where we went from 6 customers to 15 customers was the U. S, where we are hopeful that we can take it to a much larger number. One second. The other question from Rahul, I'm reading it. Understand that these are pay per use product and definitely quantify how much of the realized cases have increased in usage. Rahul, these are once a year usage. And so it's not really it's not that they use it every day. They use it once a year. But the bulk of the growth in the case of our Create business had actually been from carbon and from GST more than from Ideal. So if you're basically saying is carbon the reason why it's increased significantly, the answer is yes. And those are your questions so far. Yes. Raul, you had a question. I think Rohit has a perspective. So my question is on R and D. So you mentioned the Workiva and I did spend some time on Workiva and issuer Deriv. I noticed that they've moved I mean, XDR is probably one of the most basic things they provide and they have moved on to a lot of other suite of software where they offer much more value added services to the customers and thereby increasing stickiness and yield for customers. So do we have I mean, how big is the product pipeline? You mentioned we hired a CTO from Accenture. So could you speak about the R and D and the product development pipeline going forward? Just a small correction. We hired a CTO who used to meet Accenture, then started his own startup, which and he then folded up the startup and joined us. So he didn't come directly from Accenture, just so that you know. My point was that he came from Accenture and, of course, he will attract good people like that. That's number 1. Number 2, in terms of value added products, just like others have a disclosure platform, we also have a disclosure platform, which we have not launched in a big way in Europe just yet. To do complicated products requires that you win the trust of the customer. And requiring that's the first step to it. Once you have the trust of the customer, you can pretty much sell multiple things to him. It's also important to have feet on street. You can't sell complicated products. You can't sell an airplane sitting in India on the phone. You can't sell a disclosure platform sitting in India on the phone. You need to have somebody on the ground. So it's been a slow arduous process. Maybe, Deepak, can you just answer the question about the disclosure platform? Sure. So on the other side, you talked about, right, Joorhek? So one thing that we're doing is Carbon is a SaaS product. It has like a basic disclosure management platform. So disclosure management essentially allows people to collaborate and create reports, right, not just to be realized them, if I can call it that. And the disclosure management platform is being used, but in a limited way at this point in time. So one of the big focus areas is actually getting a comprehensive disclosure management platform in. That's one of our targets for this year, which will also mean that if you're able to upsell the disclosure management platform to our existing customer base, Carbon will also start getting used on more even basis, not only for not only during filing time basically. So that's one, let me call it, big area of focus. There is also a lot of other projects which are on in the area of automation. So automation, I think somebody asked about like the complexities of XBRL and would there be ways that people can hide it. And that's something that we ourselves are working towards to bring in more automation to make it easier and simpler on the margin. The third is, of course, working across kind of consuming different kinds of formats basically. So it's not only XBRL as an output, but other output formats that we see being required and other but other outperformance that we see being required and other input formats. There's a couple of like R and D pieces, some clear R and D pieces going on apart from a whole range of product enhancements. And, Prashanth, to answer your question about where you will get the presentation, it will be posted on our website and also filed with the Bombay Stock Exchange. What's fascinating for me is that we have 62 participants on this call, and not long ago, our market cap was not significant growth. So I'm grateful to every one of you for being on the call, and it puts things into perspective in some ways. Sorry, Rohit, did I interrupt you? Rohit, did you have a question? Gaurav Singh wants to be unmuted, Divakar. Yes. So just wanted to know since you're into the SaaS business, so there's a fixed cost that you're working with basically on more than above average, everything sort of moves down to the bottom line. So since you've not taken any salaries for the past few years, so once you onboard all of that, what's the fixed cost that you're working with on that part? Gaurav, the fact that I'm not getting a salary doesn't mean it's not provided for. It's provided for in the books. It's expensive every year. I'm just not taking the money from a cash flow point of view. It's had impact in cash flow and not the expense of the company. It's fully provided for me. Okay. And one final question since you sort of approved a lot of cash this year. So what's your stated growth target since you've been sort of as far as the top line is concerned, okay, there's some bit of the fact that the on premises business or the non SaaS business was quite heavy. So the SaaS business didn't show up as much on the revenue side, right? And the total revenue sort of was looking a little bit optimistically. So now that SaaS is probably 70% of your normal top line and it will show up now in the coming future, what's the stated growth targets with the cash that you have and the marketing dollars that you have spent towards achieving that? Small correction. When I say 71% revenue, it has 2 components to it. It has a SaaS component to it and it also has a component that's not SaaS, which is also recurring. So there are multiple kinds of recurring revenues. Significant portion of SaaS, that's a fact, number 1. Number 2, as far as now that we're generating cash, small companies can grow at any percentage you talk about. It's actually meaningless to talk about percentage when you talk about small companies. So I think our focus going forward will be the U. S. Market in a big way and the EU market in a big way. And also to see we are at the mercy of our leader when it comes to their priorities from the point of view of launching an XBR Lammer's restorative platform. That we cannot reiterate. But we see opportunities in America. We see opportunities in Europe and we see opportunities in a couple of other places, which what we can focus on going forward. Rahul, you're talking about which annual report? I reported last year perhaps or 2 years ago. I don't know which annual report you're talking about, Rahul. FY 2020 annual report has 1200 customers. I'm not sure what it says there. Okay. FY 2020 had 1200 annual customers. How did Sunny go to 6,095? Excellent question. So when we contract with customers, for example, let's say, for example, in Europe, we have several partners. The partners contract with customers. And over the last 1 year, we actually started getting into tripartite customers with the tripartite agreement with the customers. So the customers are as much our customers as their partner. For example, South Africa, the big jumper actually comes from South Africa. So South Africa, we have a partner called XTS who will be partners for a number of And while there are certain customers who XDS has given to us, we've also bought customers who we route through XDS to put into our system. So we've now started recognizing every one of our customers and not just our partners. And that is the reason why you will see a significant jump. In addition to this, we've also added customers of almost about so like for like, if you actually compare, we've added about 700, 1800 customers this year. So when I when you said 1200, 1200 in the previous annual report that 1200 has to be seen in the context of 60095 minuteus 1200, that's minus 1800. That's a like for like comparison. Thank you. I'll be pointing it out. So Rohit here, just one last question, if I may. Yes, please. I'm not very clear still on the pricing model in the GST product that we have. So could you explain that? It depends on number of GST INs that the company has. It depends on number of invoices that the company is to file. It depends on the complexity of the filing. It depends on how often they need to raise invoices. So we have a fairly detailed model that we use into which we plug in all the data of our company and out comes a certain price. And finally, after we copy the price, the customer will still negotiate it downward and lower it. Okay. Thank you. That was helpful. Okay. Swamy, right now, there are no other participants in the queue. Do you want to make closing comments, please? Sure. I mean, I want to thank every one of you for participating in this. Rohit, are you still there? Yes, sir. So I have a question for you now. Yes, please. So I recently had an exchange with 2 sets of investors, and I am left from Axt. So one investor who came into the company at a price of $12 said, great company, you give us a 6 bagger. Another investor who bought at 79, said, as a promoter, as a CEO of the company, I'm focused only on fundamentals. I'm mindful of the price. I see what the price is, but I'm mindful of the fundamentals. How do I which investor do I serve? Do I serve or do I serve the investor whose last month you will buy the free one time? Or do I basically say, Sir, you know what, I stay focused on fundamentals? So, sir, I mean, I can speak only for the V I think. So, I generally look at companies that are well run for a period of 4 to 5 years at least as a whole period. So, the short term can never be predict I mean, You can't predict the short term movements of prices because you can't predict the behavior and the emotions of investors. You can, as you say, focus on the long term fundamentals of the company. And as long as you're doing right over a 5, 7 year horizon, that's the best thing that can happen for all shareholders, my opinion. So my answer to my shareholders is that I focus only on fundamentals. Is that the correct answer? I focus on growth company for the next 5 to 7 years or 10 years. That's what I think is the correct answer. That's what I do. I do nothing but as a company internally, internally, we are targeting our trading account. So as a company internally, we basically focus on the fundamentals. We are mindful of the stock price. We are mindful of returns on shareholders. But at the same time, our focus is only on improving company fundamentals. So that's the answer I'd love to hear from any company I'm interested in. Thank you. Thank you. Thank you. Thank you. Bhadu, any closing comments before we close? No, except we would like to express our gratitude for I'd want Divakar that our calls go very long and that we get more people than we've seen in many, many larger companies. And I think that our experience in the market may either get a few more SaaS companies coming in or not coming in. So I basically I'm grateful that we went public when we did. Many people have had comments about how small we were. We had no option but to go public at that point in time because our shareholders wanted it at that point in time. We are glad that we did it. And the money that we raised, we've used it well to grow to where we are today. And that's where we are. So I'm grateful to you for your participation here. And feel free to ask any questions. I do I'm fairly active on Twitter, though I don't talk about company price and other things on Twitter. I talk about the company broadly in terms of announcements that we make. We also make filings on time to the Bombay Stock Exchange when something happens, something material happens. So once again, thank you very much. Dhivakar, do you want to close it? No, that's fine, Swamy. Thank you.