Good day, ladies and gentlemen. I'm Felicia, the moderator of this call. Thank you for standing by, and welcome to Nucleus Software Quarterly Earnings Conference Call. For the duration of presentation, all participants' lines will be in listen-only mode. We will have a question and answer session after the presentation. I would now like to hand over the conference to Swati Ahuja. Over to you, Swati. Thanks, Felicia. Good afternoon, everyone. This is Swati from Investor Relations team at Nucleus Software. A very warm welcome to all of you for this Nucleus Software Earnings Conference Call for the quarter and year ended March 31st, 2023. For discussion, we are here from the management team, Mr. Vishnu R. Dusad, our Managing Director; Mr. Parag Bhise, CEO and Executive Director; Mr. Anurag Mantri, CFO and Executive Director; Dr. Ritika Dusad, Executive Director and Chief Innovation Officer; Mr. Brajesh Khandelwal, Vice President; Mr. Ashish Khanna, Chief of Staff and Head of Marketing; and Mr. Tapan Jayaswal, Financial Controller. As you all are aware, Nucleus Software does not provide any specific revenue earnings guidance. Anything which is said during this call, which may reflect our outlook for the future or which may be construed as a forward-looking statement, must be reviewed in conjunction with the risks that the company faces. An audio and transcript of this call will be shortly available on the investor section of our website, www.nucleussoftware.com. With this, we are now ready to begin with the opening comment on the performance of the company. For that, we would be available for question and answer session. With this, I will now pass it over to Vishnu. Over to you, sir. Thanks, Swati, a very warm welcome to all of you for joining us this very important conference call. I'm delighted to let you know about a very exciting year that we've had. This has been possible because we have 200+ customers across 50 countries. We are taking collective wisdom coming from them and 10,000 years of domain expertise within Nucleus Software to pour into building the products that we have. We are learning how to roll out our products in the market smoother and faster for delivering this thought leadership in this space over the three decades, in addition to the customer centricity we are known for. The results have been possible essentially because of this long-term focus that we've had. We do hope that you will continue to appreciate this strong focus on long-term and corporate governance that we have had. With those words, I would now like to pass on to Parag. Thank you so much, Vishnu. This is Parag here. Good afternoon, everyone, and I welcome you to this investor call for Q for an year ending, FY 2023. As regards this quarter, it has gone as per our expectations, both in terms of financials as well as in terms of accretion on an area that we have been talking about and monitoring very closely. Also, as we have been updating, a few more of our AMC contract revisions have closed in this quarter, and that is reflecting in our financial. This, of course, has been possible due to the untiring efforts of our team and leaders who have been focused on it. I do wish to reiterate that there is a one-time impact in this, because some of our contracts did get closer to the end of the quarter and the year. Please keep that in mind. We continue to work on various improvements that include improvements on engineering side, improvements on project management side, so that we are able to conclude more and more implementations in shorter times going forward. That's about it for me right now. Tapan, Sir, we request you to put some light on financial number now. Hello. Good afternoon. Swati, am I audible? Yes, you're audible. Please go ahead. Highlights from financials are: our consolidated revenue for the quarter is at INR 206.2 crore against INR 69.3 crore, quarter-on-quarter, INR 53 crore year-on-year. For the year, it is INR 634.5 crore against INR 497.2 crore. Overall revenue in foreign currency, including India rupees revenue, is $25.2 million for the quarter, $20.6 million year-on-year. For the year, it is $79.7 million against $67.1 million for the previous year. Product revenue for the quarter is at INR 179.6 crore, against INR 143 crore quarter-on-quarter, INR 99.6 crore year-on-year. For the year, it is INR 536.9 crore against INR 411.7 crore for the previous year. Revenue from projects and services for the quarter is at INR 26.6 crore, against INR 26.3 crore quarter-on-quarter, and INR 23.4 crore year-on-year. For the year, it is INR 97.5 crore, against INR 85.5 crore for the previous year. For expenses, cost of revenue, including cost of product development for the quarter, is 51.9% of revenue. 99.9% of revenue quarter-on-quarter, 21.2% of revenue year-on-year. In terms, this is INR 106.9 crore against INR 101.4 crore, quarter-on-quarter, INR 108.9 crore year-on-year. The year, INR 405.3 crore against INR 386.7 crore for the previous year. Marketing and sales expense for the quarter is 2.2% of revenue against 4.2% of revenue quarter-on-quarter, and 3.5% year-on-year. In absoulte terms, this is INR 4.6 crore against INR 7 crore, quarter-on-quarter, and INR 5.4 crore year-on-year. For the year, it is INR 21.5 crore against INR 20.2 crore for the previous year. Our general administration expenses for the quarter is 5.9% of revenue, 7.8% of revenue quarter-on-quarter, and in terms, this is INR 12.2 crore against INR 13.3 crore- Tapan, Sir, your voice is breaking. Sorry, sorry to interrupt. Your voice is breaking. Expenses. Is it okay now? Yes, please start. Hello? Yes, yes. Please start, sir. Quarter is 5.9% of revenue, 7.8% of revenue quarter-on-quarter, and 9.2% year-on-year. In absolute terms, this is INR 12.2 crore against INR 13.3 crore, quarter-on-quarter, and INR 14 crore year-on-year. For the year, they are INR 52 crore against INR 54.1 crore for the previous year. EBITDA for the quarter is at INR 82.5 crore, against INR 47.6 crore, quarter-on-quarter, and INR 34.7 crore year-on-year. The year, EBITDA is at INR 155.8 crore, INR 66.2 crore. Other income from investments and deposits is at INR 9.1 crore, against INR 8.2 crore, quarter-on-quarter, and INR 5.7 crore, year-on-year. Total other income for the quarter is at INR 9.7 crore, against INR 9.3 crore, quarter-on-quarter. For the year, other income from investments and deposit is at INR 28.1 crore, against INR 29.9 crore for the previous year. Total other income for the year is INR 34 crore, against INR 34.7 crore for the previous year. Total taxes are at INR 20.9 crore, against INR 13.7 crore, quarter-on-quarter, and INR 7.7 crore, year-on-year. For the year, taxes are INR 43.3 crore, against INR 14.6 crore in the previous year. Profit is at INR 67.6 crore for the quarter, against INR 38.3 crore for the quarter-on-quarter, and INR 18.3 crore year-on-year. For the year, it is at INR 127.8 crore, against INR 40.9 crore in the previous year. The comprehensive income is at INR 2.8 crore for the quarter, INR 0.5 crore, quarter-on-quarter, INR 0.7 crore, year-on-year. The year, it is at INR 8 crore against negative INR 10.8 crore in the previous year. The comprehensive income, which includes net profit and other comprehensive income, is at INR 70.4 crore for the quarter, the INR 1.8 crore, quarter-on-quarter, INR 0.6 crore, year-on-year. For the year, it is at INR 135.8 crore, against INR 30.1 crore in the previous year. For the quarter, is at INR 25.27, as against INR 14.32 in the previous quarter, and INR 6.67 in March 31st, 2020 quarter. Here, it is INR 47.73, against INR 14.28 in the previous year. In terms of foreign currency hedges, on March 31st, 2023, we had $3.25 million. Forward counters at an average rate of 83.26. Up to market gain of INR 17 lakh, which is taken to hedging reserve in the balance sheet. New contribution from the top five clients for the quarter is 34%, against 35.8% in the previous quarter. Order book position is INR 639.7 crore, including INR 585.8 crore of products business and INR 53.9 crore of projects and services business. In December 31st, 2022, order book position was INR 569.3 crore, including INR 548.2 crore of product business and INR 21.1 crore of project and services business. Total cash and cash equivalents as on March 31, 2023 are INR 595.3 crore against Rs. 533.8 crore as on Dec 31, 2022. This includes balances in current accounts of INR 50.5 crore, various schemes of mutual funds, INR 453.3 crore, fixed deposits of INR 26 crore, investments in tax-free bonds of INR 60.6 crore, INR 5 crore in preference shares. With regards to receivables, we are at INR 174.6 crore against INR 127 crore previous quarter. In the quarter, there is a gross addition of fixed assets of INR 0.40 crore, consisting of primarily INR 0.12 crore on computers and INR 0.26 crore on vehicles. Over to Swati. Thank you, sir. With this now, we are ready to open our question -answer session. I will now hand over to Shailja. Over to you, Shailja. Thank you, ma'am. If you wish to ask a question, please press star and one on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press star and one again. I repeat, if you wish to ask a question, please press star and one on your telephone keypad and wait for your name to be announced. The first question comes from Niteen S Dharmavat from Aurum Capital. Please go ahead. Am I audible? Yes, sir. Okay. so a couple of questions. One is, you mentioned that attrition is comparatively in a better situation compared to previous quarter. What is the attrition level that we have at the end of March quarter compared to the December one? This is Anurag, thanks for this question. Attrition is definitely much-much controlled. I just wanted to share that as of now, our annualized attrition is well below 10%, and the quarterly attrition is one of the lowest in last two years. Fantastic. Okay. Second thing is about the margins. You mentioned that since some renewals have happened, because of that, the margin number has gone to a substantially higher level while there was already a margin improvement in December quarter. Since we do not give any projections, just wanted to understand which is more baseline margin, the December, March, or neither of these two? If you can give some clarity on this. Currently, that particular input will also not be possible. What we can say that, we have worked on some mental aspects towards pricing, that has led us to increase margins in last quarter, this quarter. We'll be just progressing with this momentum. Oh, fantastic. Okay, got it. Third question and final question is about the order book. When we are saying that this is our order book, can you elaborate geography-wise? I mean to say India and outside India, if you can give some color on this, percentage-wise split between these two geographies. Do not give geography-wise inputs, but what we can tell that we have been focusing a lot on India, and we are also laying down strong strategies for international markets. That will be my response to you. Geography-wise, in the past or for the future, we will not be able to share. Okay, I got it. Let me tweak my question a little bit. Where do we see the growth coming from? From India or outside India, if you can give some idea about that? My response will be that we will be solidifying our position further in India. At the same time, we will be going towards, high growing, markets in Southeast Asia, Australia, and many other places. All about, going to new markets, expanding there, and we'll be having equal focus on both these aspects. Got it. Thank you so much, and wishing you the best. Thank you. Next question comes from Rahul Jain, from Dolat Capital. Please go ahead. Yeah, hello. Is my line audible? Yes, Rahul, sir, but there is a background noise. Yes. Thank you. Hello. Yes, sir, please go ahead. Yeah, sorry for that. Just to understand, you know, little bit more in terms of this AMC repricing. Last time you mentioned that there were some pursuit that were pending. If you could share, what is the status on that? If you could quantify the absolute value, which has come from a retrospective element within the current revenue, that would be great. I can answer your second question immediately. I'm afraid we will not be able to provide the absolute value. For the first question, we'll request you to repeat because there was a background noise, rattling noise. Yeah, yeah. My first question was that last time you said that there are certain deals which you are still pursuing, which are in this process of reconsidering it. Any number of pursuit you still have pending on this aspect? Okay. The reference which we gave last time that we are working on few of the deals, many of them have been concluded, but at the same time, it's a continuous process, so we are still working on few of the deals. Yeah. Just to understand this, let's assume you started this process in the beginning of the year, and every customer might have come for that renewal during this year. Either they were repriced to the newer price or they continue to be on the old price. What is the status of people who have not moved to the new price? Just wanted to share that, all our customers, have really appreciated, our outlook and the rationale. Now it depends on the customer organization. At few places, it has moved very fast. At few places, decisions are still going on. What I can tell that, all our customers are able to appreciate the business value being delivered to them and our discussions with them. I will not be able to give- Right. A breakup of the, more or less, outlook and the progress. Right. What was the one-time component in this revenue? Not be able to share this, I'm afraid. Okay. Okay, is it safe to assume the customer who might have accepted during the quarter would have paid for the four quarters, just like it happened in Q3 for three quarters? It depends on when exactly the contract renewal was due and the effective date of the contract. Yes, wherever it was applicable, that particular revenue was taken into consideration. Right. Right. One thing is clear from your answer is that, more customer may potentially, come into this part, but there could be very, deviations from a Q basis, because some of the retrospective component may not come in the next quarter, but some new, client may accept in next quarter also. That way, there could be a near-term volatility unless and until we complete this process. Your understanding is right. Right. Right. Sorry for asking it again, a similar question what previous participant was asking on a margin basis. I understand, it's a bit tricky, but now, maybe from a longer-term perspective, not for immediate quarter or year, based upon the pricing, because you would have done some math around it when you do the pricing. What is the ideal benchmark profitability for this business? Since you have a certain cost, you know how there's a certain inflation in the cost, and there is a certain pricing that you would be building in for your customers. What could be the ideal profitability band for this kind of a business in this new mode? I'm afraid, we have some process about that, but we will not be able to share any indicative aspect or these inputs with you. Once again, I'm afraid. I mean, yeah, I know. Yes, sir. Okay. Let me just add here, you know, product businesses, typically enterprise product businesses, they run on a particular band, globally. Our attempt is to move in that direction. How soon will that happen? What would be those bands, et cetera? That is something that we would not be able to comment on. Our, we have been investing in this enterprise product business, essentially with an intent of moving to the, those, profitability levels. Right. essentially, what Vishnu, you're trying to say is that what a mature software company do is trade in the 30% to 40%+ kind of a zone. That is where directionally we are moving towards. Is that what you're trying to say, right? Yeah. Now, by putting those numbers, you are again encouraging us to give you guidance, which, unfortunately, we will not be able to give. Yeah. Yes, sir, completely understand your situation, but, you know, the reason we keep on harping on this thing is that, I mean, we've been, you know, you, as you might see that a lot of people have been waiting on this moment for very, very long, and now it's playing out. People want to really understand the true potential of it. I also understand that you don't want to lead into any speculation, but in whatever way and form, if you could slightly simplify the situation, I think it would help all of us out here. Certainly. Let me just reiterate our generic statement, which is what is most important, that we are trying to build a business which is very strongly values-driven and which would deliver long-term value to all our stakeholders, including customers, shareholders, and Nucleus. That is the only, you know, generic statement I can give you. I think, you know, we, as you said, we've also been waiting for this moment. Yes, we do hope that whatever things that we have put in place and we are attempting to put in place, we would be able to achieve that this generic statement of delivering value to all our stakeholders. Right. Slightly on a different note, if I can ask one question, which is what I'm seeing on the ground is that there's a lot of new fintech lenders or lending distribution kind of a setup is emerging in Indian market, and there's a lot of credit on UPI taking buzz all over the place. Do we see that these new flourishing NBFCs also as in prospect, or you think they are too small right now for us for them to come into our target market? There is a lot of small LMS, LOS businesses also that we see who are supporting these companies. You see increased competitive landscape. From both these aspects, if you could share your thoughts? That's an excellent question. I'm going to request Anurag to add to my response. See, our solutions are there for the mega players as well as the startups. I'm very happy to let you know that some of the startups that we are, we have been, you know, partnering with for last five years, they have grown phenomenally, and with them, you know, our growth has also taking place. I think, you know, that being the case, we will continue to work with, you know, players of all sides. Anurag, you want to add something? Thanks for asking this particular question. What we are doing from our end is, we are basically, we are keeping a very close watch as well as we are doing the in-depth market research about this phenomenon, these patterns coming in the industry. We have been also doing a wide spectrum business value provision for our customers. So as Vishnu sir has mentioned, the small, but at the same time, ambitiously growing customers, we are providing the required product platform and infrastructure for them to grow, as well as a large customer organizations which actually operate in a much, much different league. The product richness is helping their business growth as well At the same time, all customers, be it small or big, are looking forward to have a very agile go-to-market support for their business strategies. With many adapters and technology advancements, we are able to do or service their needs. That will be my response to you. Sure. The competitive landscape side, are you seeing the small emerging LMS, LOS businesses, making some dent? Because every third company that I meet, they say that HDFC, Bajaj, are their customer. I don't know how many solutions these companies are using. What I can say right now here is that, as there are these players are coming up in the market, they're having their own pitches. We have got enough experiences where our customers have shared with us that they have, they got some inputs from these new players. At the same time, the comprehensiveness of our product platforms is something where they feel no player around. There had been a lot of appreciation. There can be a situation where these emerging players, emerging operators, I will say, that must be going to different customers and talking to them. The, the breadth and the width we are supporting for these customers, of them you have just named, that's a, that's a different space in which we are operating, and we plan to operate. Right. Right. Thanks for that color. Sorry for the background disturbance at mine. As I said, they ride to this side, it seems it's perfectly aligned to us. Thank you. Thank you. Next question comes from Pratap Maliwal from Mount Intra Finance. Please go ahead. Hello, can you hear me, please? Yes, sir. Thank you, and thanks for taking my question, and congrats on a good set of numbers. Initially, just wanted to ask, on a general, just generally, like last three years, we've seen that after Q4, we've had a dip in revenues in Q1 of the following year for various reasons. Is there anything that will make this trend happen again in Q1 FY 2024? We may not be able to comment again on that. We will, of course, our effort is to build the momentum, but we may not be able to say anything about projected numbers. Okay. Now, as you said, that progress on our AMC revisions is an ongoing process. Just wanted to ask generally that the number of customers that we wanted to convert by FY 2023, have we successfully converted? Have we successfully met that target? Is there any more in the pipeline that a higher or lower number maybe that we want to do for the next year? ...Yeah, I would say more or less, we achieved what we wanted to in the previous year. As Anurag had said, the effort continues. I'd also mentioned in last call that these are significant revision. These are difficult negotiation. They do take time, we are moving steadily towards it. There are still some customers that maybe we've been in negotiation with for a couple of quarters maybe, and we are still expecting a few more to close then, going forward? Yeah, yeah. The effort will continue on this as well. Okay. In this regard, last quarter, you had pointed out that about half of our incremental revenues had come from our retrofitted AMCs contract. I'm not asking for any numbers. Just for in this quarter, has it been maybe the similar number, higher, lower, something on that line? I will again mention that the same thing, that basically, there had been a momentum. We are working on building that particular part. It will keep continuing significantly, but with respect to. I'm not too sure whether we have talked about half of our revenue last quarter, but certainly we will not be able to give any indication about the split or the share perspective. Just the incremental revenue side. In the last call, it was pointed out that 50% of the incremental was from our retrofitted AMC contract. Just that what was called out last quarter. I'm just asking for a comparison. I will just share, I will just mention that a percentage will be coming out from that. Sorry, sir, I didn't get you. What I'm saying is that, as per this particular AMC revision is a continuous exercise, a good percentage will be coming out from the AMC revisions as well. At the same time, we will be focusing on the newer markets. That will also constitute to our growth. Okay. Just a quick check on the employee headcount that we have and any maybe hiring plans going forward. We basically had closed the year at close to 1,800+ associates. This number is quite similar to what we had on March 31st, 2022. We definitely do have hiring plans. As always, we have been hiring, onboarding young minds and young talents. In addition to that, we will be also onboarding some resources to basically level our product journey to next levels. Okay, sir, our plan of onboarding 400 freshers, has that been completed or is that still undergoing? Any other targets, maybe? That particular target has been met. We have onboarded a number of freshers. Okay. or the way we call, done that. We plan to continue this momentum going ahead also, hiring freshers? That's right. That's right. Okay, sir. Thank you for taking my questions. Congrats on a good set of numbers again. Thank you. Next question comes from Anuj Sharma, from M3 Investment Private Limited. Please go ahead. Thank you and congratulations to Vishnu ji and the team for a good numbers. I think finally the product is deserving what it's due. Few questions. In this, in this process, have we lost any customers who have not wanted to give in to the new pricing regime? No, we have not lost any customer, because of these negotiations. Okay, great. The reason I would like to believe is the fact that our earlier prices, as I have used the phrase, were ultra deep discounted prices. Right. Right. Right. Right. Second is, you know, now that if going forward there will be inflation, does the pricing board automatically take into account any changes of inflation? Will it be self-adjustment or again, you know, if let's suppose we are set for the next few years, after that, again, we'll have to go back for... You know, this time we have built in something which will automatically kick in with inflation degree. Just some, you know, insights into the adjustment of pricing. Yeah. Thanks for raising this, inflation-related question. I just wanted to clarify that, inflation was just one small component of this repricing. It was essentially, the repricing was all about the value that we deliver. Yeah, you may just want to keep that at the back of your mind. Yeah, yeah. No, I agree. It's a culmination of multiple factors, including inflation. My question was, going forward, under what circumstances, let's suppose the pricing was INR 80, it moved to INR 100, just an example. Under what circumstances the same client would give us INR 95, and under what circumstances he would give INR 110, assuming it is repriced from INR 100, from INR 80 to INR 100? Under what circumstances can it increase and it can decrease? That sensitivity, factors of sensitivity will be helpful. Yeah, certainly, you know, while we can talk about price moving from 80 to 100 on 80 to 105 or 80 to 95, I would want to highlight the fact that this is a B2B business, and the value delivered to the customer is can be very, very different. It is directly dependent on the value delivered. Okay. Okay. Last point, and harping on this, under what circumstances could, if the volumes of loan generated are lower, then, could the pricing be lower next year, if that were one of the factors? This is too fine into the pricing calculations. I don't think we will be able to respond to that finer level. Yes, I can only share that the pricing do take care of whatever are the relevant dimensions suitable for B2B business. That has been all factored in, that's the reason why we have been able to close the negotiation successfully with our customers. All right. All right. All the best. Congratulations again. Thank you. Thank you. Next question comes from Vaibhav Badjatya from Honesty and Integrity Investments. Please go ahead. Yeah, thanks for the opportunity. Just a clarification on the AMC revenue itself. I don't want any numbers or any guidance or anything like that, but, you know, in earlier quarters, you said that because some of the contracts were under negotiation, we did not even recognize the revenue on a normal run rate basis, which was based on the old contract. Whenever the contract closed, we recognized the whole revenue at the new rate. That was the earlier communication. Because the financial year has ended completely, are there any customers for which we have not recognized any amount of revenue because of this for the full financial year, for full or part financial year? No, I don't think so, because, we targeted a set of customers. For them, we did not consciously recognize revenue, and we more or less closed all of them. We did not target last year, for them, the normal cycle continued. I don't think there is any. If your question is that there is a spillover from last financial year to this year, I don't think so. Okay, got it. Understand. That's quite helpful. Secondly, you highlighted this one-time revenue, which is fine, I understand that. Apart from this, are there any kind of one-time project executions or implementation or something that has been done during the quarter, or it's all one time was just related to this AMC thing only? Yeah. Well, the reference to one time was related to AMC revisions because of the retrospective effect. The implementations and all those revenue are, like, continuing the way they are expected to continue on project completion or various milestones. That's a normal cycle. Okay, got it. Lastly, on the order book, if you see the order book also, it has gone up decently as compared to the last quarter. Again, I just don't want to know exact numbers or something, but would it be mostly due to the AMC repricing impact, mostly? I don't want to know again, the breakup or something, but just the major component moving the order book. It's a combination. AMC repricing is a significant part, but yes, there are orders otherwise also that have come in. Okay, got it. That's it from my side. Thanks a lot, and congratulations, and I think we really appreciate the long-term focus and the focus on the corporate governance and honesty this company has. Thank you. Thanks a lot. That's it from my end. Yeah. Thank you. Next question comes from Sheikh Mohammed, an individual investor. Please go ahead. Thank you for the opportunity, and congratulations to the management for the excellent set of numbers. I have actually same number, but with a twisted question. Like, we have 200 clients from the 50 countries. How many clients we have renewed the new contract, new pricing contract, and how many are left? No, sorry, Sheikh, specific numbers we cannot give. Okay. Another, actually, I missed the order book number. Can you just share me the order current and last quarter order book value and current quarter order book value? Tapan? Order Book value of Q3 and Q4. Tapan, would you respond to that? Tapan, sir, are you there? No issue. I will go through the recording. Thank you. Thank you. Next question comes from Devarsh Vakil, from HDFC Securities. Please go ahead. Right, sir. Congratulations on a great set of numbers. Our products are mainly into this corporate banking, retail banking, cash management systems. If I remember correctly, we had some initiatives like offline digital cash solution, PaySe, and are there any initiatives to go through such new product lines in the near future, or are we investing in some other products right now? Hello, am I audible? Yes. Hello. Yeah. As of now, the investments will continue in the product line that we have. Of course, there are extensions to that that are being planned. For instance, we, in the new product line on the lending side, Islamic banking is something which we plan to take up now. There are a good number of customers that we have in Middle East, so that is one, but not drastically beyond what we have been doing. Yes, extensions would continue. Okay. Thank you. Thank you. Next question comes from Manish, from Mano Group. Please go ahead. Hello? Yes, sir. Hello. Please go ahead. Sir, is there any guidance for FY 2024? I'm sorry, I joined the call a little late. I think historically, we've been saying the policy of the company is not to issue any guidance of any sort. Okay. Otherwise, how is the outlook looking like for FY 2024 and beyond? For the overall business. Yeah. India- Yeah, I don't know when you joined. Yeah, I don't know when you joined, Yeah, I don't know when you joined, but as my colleague conveyed earlier, the momentum we expect to continue. Though, again, since I don't know when you joined, in this. I joined on 3:30. After 3:30 P.M. I'll repeat in any case, that we did mention in the initial comment that there is a retrospective effect in this quarter and this quarter's revenue. That has to be kept in mind. Okay. I mean, the traction from all the geographies are good? Yes, we're getting good traction from, in, the geographies that we are in, operating, for sure. India accounts for about 60% of the holistic pie, right? India and followed by Southeast Asia and West. That's correct. Okay, sir. Thank you. Thank you. Next question comes from Devish Jawan, an Individual Investor. Please go ahead. Yeah. Hi, Vishnu sir. Congratulations on a great set of numbers. My question is, can you provide an update on FinnOne Neo's market share in India? A follow-up is, are there any new products that you plan to launch soon, apart from loan life cycle management? As we are moving into, you know, some of, whole lot of our customers from FinnOne to FinnOne Neo, it will be difficult for us to give answer the question about, you know, FinnOne Neo specific numbers. Talking about the products, we are, as of now, continuing to focus on this only this product line, the existing product line. We will just want to make sure that all our customers are able to derive maximum value out of it. Okay. sir, can you please share the composite FinnOne and FinnOne Neo's market share in India, as if that data is available with you? Okay. We have, you know, our products, collectively support, help originate and/or service and/or collect retail assets worth more than INR 40 lakh crore. Okay. Okay, sir. Thanks. That's all from my side. Thank you. Next question comes from Imran Contractor, from Quantum Investments. Please go ahead. Hello. Sir, the very good results. I would just like to know, what do we plan to do with the excess cash which we have, or how much is the excess? You know, the board has declared 100% dividend, and I'm sure they will also decide about what to do with the balance of it. Okay, then. Thank you. Thank you. Thank you. We have a follow-up question from Pratap Maliwal from Mount Intra Finance. Please go ahead. Hi, thanks again for the opportunity. I just wanted to ask that in terms of our geographic segment, Southeast Asia, the revenues have increased, full year basis, but our losses are also increasing. What challenges would we be facing now that the personnel costs and the immigration-related issues of the past quarters would have reduced? What could be the path to profitability here? Hello? Hello, can you hear me? Yes, sir. Hello, Anurag. Yeah, yeah. I will back to when visa-related constraints have come, they had predominantly hit us in Far East Asia, Southeast Asia, Japan and Singapore and nearby countries. At that point of time, I mentioned that we are working on the pipeline, clearing the projects, delivering them as per the plans. This will lead to these two geographies coming into profits. I'm happy to share that we have achieved that in Far East Asia. Japan is back on that particular track. Southeast Asia also, we have increased the revenue, at the same time, cost has gone in proportion. We are also expecting a relatively higher increase in the revenue in quarters to come, similar to Far East, Southeast Asia will also be in black financial year. Okay. just if I understood it correctly, that in the FY 2023, we had the benefit of some retrospective effects in terms of one- time revenues. since we've kind of converted all the customers, or more or less all the customers we had to, so going forward, such retrospective one-time benefits of multiple quarters of revenues coming in, we won't be expecting that. Is that correct, understood? In the beginning of the call and during the call, we mentioned that it's a continuous process. Yes, a good number of customers, contracts have been re-discussed with them, rebaselined, but at the same time, that will be continuing for a few of our customers. We will be definitely expecting some upsides. It's a continuous process for some more time. Okay, sir. Thank you. Thank you. Thank you. We have a follow-up question from Vaibhav Badjatya, from Honesty and Integrity Investments. Please go ahead. Yeah, thanks for the follow-up. In terms of, I mean, I just want to make sure that I heard it right. What last time you said is that whatever customers we targeted to move to the new AMC pricing, we concluded those contracts and by March 31st, and all of them are converted to the new pricing, right? Yes, we have the customers with whom we have started these discussions. We have actually concluded the discussion with them and rebaselined the pricing. As I mentioned, that's a, it's a rolling over process. Yeah. While we have concluded it for those customers, we are still having discussions with few other customers, which is going on. Understand. Just to involve there, so the customers to whom we have asked for the revised pricing, any customer has come to us as concluding said, "No, that no, I will not give you a revised pricing, and that's why you have to continue the old contract," and we have settled with that at the old contract. Is that happened? No. Not a single case has been observed like that. Okay. Depending on the customer, it has been for a shorter time, none of these situations have arose. Okay, got it. In terms of the, you know, targeted customers, again, I don't want to know the name of the customers or the number of customers, anything, just a qualitative comment. What are the criteria for you to select that these were the targeted customers? Is it, like, based on your profitability metrics, that these customers are the lowest on profit metrics and that's why they should be targeted, or it was by the size of the customer, or any other criteria that you use, that these are the customers with whom we have to go and get them to the new pricing first? As I mentioned- [audio distortion] Yeah, Anurag, please go ahead. The question already had the answer in it. We have a very comprehensive method to identify the parameters. Basis on that, we select the customers, we start discussing with them. It has got quite a few parameters. I will not be able to share what those parameters are, but it's a comprehensive one that I can share. Okay. Okay, that's it from my side. Thank you. Thank you. Thank you. That will be the last question for the day. I hand over the floor to Swati for the final remarks. Thank you. Now, we would like to thank all the investors for joining us today for this call, and I now pass it over to Vishnu sir for his closing remarks. Over to you, sir. Once again, I would like to take this opportunity to thank all of you for your keen interest in Nucleus Software. Would like to reiterate our commitment to build a company which would Continue to add value to all our stakeholders. Thank you so much. Thank you. That concludes our conference for today. Thank you for your participating. You may all disconnect now.