Good afternoon, everyone. This is Pelchia. A very warm welcome to all of you for this Nucleus Software Earnings Conference call for the quarter and nine months ended on December 31, 2024. For discussion, we hear from the management team, Mr. Vishnu R. Dusad, our Managing Director, Mr. Parag Bhise, CEO and Executive Director, Mr. Surya Prakash Kanodia, Chief Financial Officer, Mr. Ashish Khanna, Chief of Staff and Chief Marketing Officer, Mr. Mukesh Bangia, Vice President, Mr. Abhishek Pallav, Vice President, Ms. Swati Patwardhan, Chief Human Resource Officer, and Mr. Tapan Jayaswal, Finance Controller. As you all are aware, Nucleus Software does not provide any forward-looking revenue earning guidance. Anything which is said during this call, which may reflect a company's outlook for the future or which may constitute as a forward-looking statement, must be reviewed in conjunction with the risks that the company faces. An audio and the transcript of this call will be shortly available on the investor session of the company's website, www.nucleussoftware.com. With this, we are now ready to begin with the opening comments on the performance of the company and post that we would be available for the questions and answers session. With this, I now pass it over to Mr. Vishnu. Over to you, sir. So, warm welcome to all of you to this conference call on our performance for the quarter three FY25. We are really happy to let you know that the quarter has been a reasonable quarter, and we are looking forward to more exciting news in the coming quarters. With those words, I would hand it over to Parag. Thank you, Mr. Vishnu, for opening this call. A warm welcome to everyone who has joined the call. I would like to reiterate that the initiative that we have been talking about in the past few quarters of Hoshin Kanri is continuing, and we are also starting to observe some initial benefits from the field from it. Some of our customers have also started to notice it. So, we are committed to this, and we expect that these kinds of initiatives will give us significant growth gains in the quarters to come. Thank you so much, and I would hand over to Tapan now to give the financial update. Tapan, over to you. Thanks, Parag. And good afternoon, everyone. As for revenue, our consolidated revenue for the quarter is at INR 205.7 crore against INR 202.2 crore quarter-on-quarter and INR 204.1 crore year-on-year. Overall revenue in foreign currency, including Indian rupees, revenue is $24.4 million for the quarter against $24.1 million quarter-on-quarter and $25.1 million year-on-year. Product revenue for the quarter is at INR 174.8 crore against INR 171.4 crore quarter-on-quarter and INR 175.4 crore year-on-year. Revenue from projects and services for the quarter is at INR 30.9 crore against INR 30.8 crore quarter-on-quarter and INR 28.8 crore year-on-year. As for expenses, cost of delivery, including cost of product development for the quarter, is 70.7% of revenue against 71.4% of revenue quarter-on-quarter and 61.8% of revenue year-on-year. In absolute terms, this is INR 145.5 crore against INR 144.4 crore quarter-on-quarter and INR 126.1 crore year-on-year. Marketing and sales expenses for the quarter are 5.6% of revenue against 4.5% of revenue quarter-on-quarter and 6% year-on-year. In absolute terms, this is INR 11.6 crore against INR 9.1 crore quarter-on-quarter and INR 12.3 crore year-on-year. G&A expenses for the quarter are 7.6% of revenue against 8.5% of revenue quarter-on-quarter and 8.9% year-on-year. In absolute terms, this is INR 15.6 crore against INR 17.2 crore quarter-on-quarter and INR 18.2 crore year-on-year. EBITDA for the quarter is at INR 33 crore against INR 31.5 crore quarter-on-quarter and INR 47.4 crore year-on-year. Other income from investments and deposits is at INR 14.8 crore against INR 18.5 crore quarter-on-quarter and INR 11.8 crore year-on-year. Total other income for the quarter is INR 15.6 crore against INR 19 crore quarter-on-quarter and INR 12 crore year-on-year. Total taxes are at INR 10 crore against INR 13.5 crore quarter-on-quarter and INR 14.6 crore year-on-year. Net profit is at INR 35 crore for the quarter against INR 33.1 crore for the quarter-end and INR 41.3 crore year-on-year. Other comprehensive income is at - INR 1.7 crore for the quarter against negative INR 2.7 crore quarter-on-quarter and INR 1.6 crore year-on-year. Total comprehensive income, which includes net profit and other comprehensive income, is at INR 23.3 crore for the quarter against INR 30.4 crore quarter-on-quarter and INR 42.9 crore year-on-year. EPS for the quarter is at INR 13.28 as against INR 12.35 quarter-on-quarter and INR 15.43 year-on-year. In terms of foreign currency hedges on December 31, 2024, we had $4.25 million of forward contract at an average rate of INR 84.95. There is a Mark-to-Market loss of INR 0.6 crore, which is equal to hedging within the balance sheet. Revenue contribution from the top five clients for the quarter is 28.1% against 28.2% in the previous quarter. Total cash and cash equivalent as on December 31, 2024 are INR 877.9 crore against INR 895.1 crore as on September 30, 2024. This includes balances in current accounts of INR 33.6 crore, various schemes of mutual funds INR 613.8 crore, fixed deposit of INR 196.4 crore, investments and tax-free bonds of INR 34.1 crore. With regard to receivables, we are at INR 109.6 crore against INR 99.7 crore previous quarter. During the quarter, there is a gross addition of fixed assets of INR 2.45 crore, consisting primarily of INR 1.17 crore in computers and servers, INR 0.69 crore on software, INR 0.56 crore furniture and fixtures, and INR 0.03 crore on office equipment. Now, I hand it over to Poonam. Thank you, Tapan. So, Pelchia, you can take the question and answer session. Thank you, ma'am. With you, ma'am. With this, we are now open for the question and answer session. 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 and wait for your name to be announced. First question comes from Vaibhav Badjatya. From Honesty & Integrity Investment, please go ahead. Yeah, hi Sailu. Sorry, I missed the order book number if you can repeat that. And secondly, the number of employees for September 2024 quarter-end and December 2024 quarter-end. That's it from my side. Yeah. So this is Surya here, sir. Thanks for your question. So the order book that we have to be executed in the remaining part of the. It's in the north of INR 700 crore. So that is on the order book side. And in terms of the employee size, by end of September, it was around 1,938, which was reduced to 1,903 by December end. Yeah, that's it from my side. Thank you. Thank you. Next question comes from Sanjay K. An individual investor. Please go ahead. Hello. Good evening, sir. I just want to know how many new customers have added in the last quarter and how the traction looks like. I do not want any guidance or numbers, but how the traction looks like for the Q4 and going forward. Hi, this is Ashish. Thank you for the question. Sorry. Can you hear me? Yeah, I can hear you now. Right. So a lot of traction when it comes to upcoming banks and industry in terms of digital transformation. We are getting a lot of traction, not just in India, but in different countries, including Southeast Asia, Middle East, Australia. So we are in kind of a close coordination with all these stakeholders in different institutes. And we are very optimistic about some good number closer by the end of this financial year. So we are very optimistic, and I think the new tech stack is coming out well, and we are getting very positive feedback from the customers who are using it and getting a value out of it. Sure. How about the new customer added in this last quarter? As of now, since this sales cycle is a bit longer, we are still in kind of a closing stage. I won't be able to comment on that number right now. But yeah, to answer that, I think a lot of good traction. Our sales cycle is a little bit longer as compared to previous years. I think it is taking a little time, but I think we are in a good shape. All right. Yeah. Wish you all the best. Thank you. Thank you. Next question comes from Grishma Shah from Envision Capital. Please go ahead. Thank you for giving an opportunity. I want to understand across our key products if you could give some color as to how the growth has been over nine months and how would the order book break up between these three products? Yeah. You'll need to repeat. We could not hear the question clearly. Yeah, so I am keen to understand how the three products have fared on a nine-month basis for us and what does it look like in terms of our order book going ahead? I think, Ashish, I said, if I understood your question correctly, you want to understand how was the nine months, right, for us in terms of the product business, right, on both the lending and transaction, in one year and the next year. I think, as I mentioned, it's been a very, very good and a positive financial year for us till now. A lot of our existing customers appreciated the new features and new product offerings which Nucleus is bringing on the table, especially with respect to the value we are adding in improving the efficiency at the bank front or MSME front and also helping them in an agile way to offer new financial products to the market. I think we are getting a good traction. Similarly, for the new customers, with our lot of participation now in a lot of different industry events, we are getting a lot of queries from different players in different geographies, where we are also very optimistic. Some of them are good big players who want to transform them from the legacy system. So we are very hopeful about the time which is ahead of us in terms of transformation. Okay, so I believe that we have taken a substantial price increase in one of our key products, and we were waiting for their acceptance of the customers over the last three-to-four quarters, and now, while I understand that there has been a good response, so is there a roadmap to which you can say that over the next two to three quarters, we will start seeing growth in our yearly numbers for the product, or is it still some time given the longer conversion cycle from the customer? Yeah. This is Vishnu here. As we have been maintaining all these years, we do not give any guidance as such, but at the same time, we remain highly optimistic about our future. I get that. Is there an acceptance even in the top 5% of our customers in terms of our price increase? What's the color on that, if you could give us some sense on that? Sorry, you'll have to repeat. What did you want to know about price increase? Sir, we had taken a price increase in our key product, right, which was FinnOne. So I mean, how is that accepted? I mean, what percentage of our customers are accepted or converted to the new platform, if you could give some color on that? Okay. So as far as that is concerned, we had price increase on our existing platform because, as we have been mentioning, it was the prices were ultra deep discounted. And our customers have been understanding enough to realize this point, and they continue to look forward to implementing our new solutions as well. Some of them are getting implemented already, and the others we are confident would like to implement and derive benefits out of the new products. Okay. Because the BFSI product sales across various companies is seeing a phenomenal growth in the current environment. So I'm just trying to calibrate that maybe next year is when a larger percentage of our customers are accepted the new product and we would start seeing growth. Is that a fair assumption? Yeah, it's a fair assumption. And in terms of order book, this is executable over what time frame? I think over next five years. Yeah. There are different phases of the year for different customers. But on an average, you can assume around three to five years. Three to five years. Okay. And the initiative that you have been talking in your opening remarks, I mean, what is it pertaining to, and what are the numerical benefits that we would derive out of this? Yeah. Yeah. Thank you for that question. Very important. So we adopted in the past. Essentially, the organization has adopted Lean Journey in a way. Lean is a concept you would all know from manufacturing. It was initiated by Toyota, then was adopted in various manufacturing units, and now service companies are also adopting it. So we have also adopted this concept. It is a change management process. We look at essentially anything and everything in the company, whether it is engineering, whether it is implementations, whether it is HR processes, sales processes, and look for improvements in that. So we have, for the current year going, we had prioritized five to six initiatives which are primarily customer-focused in terms of improved SLAs, improved turnaround times. So those kinds of initiatives on which we have started to see now some benefits. Essentially, these are in terms of productivity improvements, reductions of wastages, et cetera. So will that lead to improvement in our operating margins or gross margins or reduction in headcount? How do you quantify that? Okay. So reduction in headcount is something which we're definitely not looking at, but definitely using the same headcount to do more and more work. Now, it's too early to say. When I said that we are getting some feelers that our customers are appreciating it, it is more in terms of turnaround time and in SLAs, whether it is for deliveries or fixes. Now, for this to convert into financial numbers, I think it's still some time away. But ultimately, yes, that is what we are expecting in due course of time. Is it like two years in, three years in? So what is the goal post? It will be difficult to say it in those terms, but I'm sure, yeah, three years is a reasonable time, but how much we can quantify right now, but we are all very excited about the results that we are seeing on some of our engineering and process improvements. Okay. Fine. Thank you and good luck. Thank you. Thank you. Next question comes from Vinay Nadkarni from Hathway Investments Private Limited. Please go ahead. Yeah. Good afternoon. Just wanted to check out for the last time when you had increased the sales, it was in March 2023. Since then, your sales have been more or less the same between INR 200 crores-INR 205 crores every quarter. But your employee expenses have continued. Are you looking at newer areas of development which can help you garner more revenues in the future, or how is this employee expenses rising so much when your sales are stagnant? Thanks for this very meaningful question. The way I would like to respond, this is Vishnu. The way I would like to respond to this is two ways. One, our customers, as we have mentioned earlier, our customers are taking longer time to take their decisions, and that is how the top line has remained static for almost eight quarters. And the other aspect I would like to talk about is the employee expenses. We are confident. We are more than confident that as our customers, prospective customers, and existing customers start taking decisions, we will be able to leverage all the strengths that we have in terms of our human capital. And the investment that is going in would be more than paid off. So that's how I would like to respond to this. Yeah. But are you looking at expanding your product base to add new products, or are you looking at only one range of products that you are working on? Or any new sectors you are wanting to add? No. As of now, we will continue to focus on these two sectors, that is transaction banking and lending. However, areas like AI are something where a substantial part of our existing human capital would start getting deployed in the months and quarters to come. Okay. Thanks a lot. I'll join the queue. Thank you. Thank you. Next question comes from Jyoti Singh from Arihant Capital Markets Limited. Please go ahead. Yeah. Thank you for the opportunity. Sir, I just wanted to understand on the customer decision side. Like you mentioned, customer is taking more time than expected. So what kind of feedback now we are getting if we have done with the sales team if we had a discussion? So what kind of feedback we are getting when a customer will going to start taking decision faster? Now, most of the things that were expected already happened on the macro side. So what's your feedback on that side? See, typically, the sense we get is that our customers want to be very cautious about the solutions that they're choosing, and hence their selection cycles have moved from typical six months to a year, sometimes two years, and so on. And that is about the only sustained feedback that is coming. I just wanted to add another aspect that what we are observing is even for such decisions, now even boards are getting involved, which is something which we have not experienced in the past. So that is one where all financial institutions now have IT steering committees there to make presentations. So that has kind of added to the cycle. That is one, I think, another observation. Thank you, sir, and also from the guidance side, as you mentioned, you are being optimistic, but if you can give us some idea what kind of visibility we are seeing for the company? No, I don't think we will want to talk about any numbers because it is what has been our policy, and we would like to stick to that policy. Thank you so much. Thank you. Next question comes from Samar Singh from TPF Capital. Please go ahead. Withdrawn his question. Next question comes from Rahul Jain from Dolat Capital. Please go ahead. Yeah. Hi. I hope my line is audible. Yes, sir. Thanks for joining in. Yes. Yeah. Hi. Originally, I have a couple of questions. Firstly, just to try to understand the environment and situations slightly better. We've been seeing some challenges in terms of adding new customer decision-making and all this what you've been highlighting for some time. And recently, we also did some leadership addition in the Southeast Asian ANZ market. So first of all, to understand where this replacement and that's why we had a period where we didn't have this kind of a leadership, or this is more like strengthening of manpower or from a sales point of view that has happened with the induction of these two gentlemen in Southeast Asian ANZ. Yeah. Clearly, both these were replacement. We did not have these positions filled for some time, and that's what we've done, and we have a couple of more senior positions that we are in the process of filling in. Right. So in a way, is it safer to assume that the market is also not great and plus we had this kind of gaps in the key roles which also could have caused some opportunity misplacement? That's a very meaningful assumption to make. Right. Also, since this situation may be evolving in a slow and steady manner, is there a change in stance we would like to do on our S&M side of the spend? Because that number has scaled up quite materially while in the interim, we have not seen any progress on the revenue side. So do you think the need of the investment would mean that that number would remain healthy while revenue may lag here? We strongly believe that our story has not been told at all. We are not, to use a phrase, we are not going to rooftop and shout about our achievements. So we will need to continue to talk about our achievements whenever we are talking about them. Only question we hear is, "Where were you?" Those are the kind of remarks that we hear. So we will continue to focus on marketing and letting the audiences know, the relevant audiences know what is it that they can get from us. And post that, I'm sure we'll generate the returns on the investment. Right. And in terms of EBITDA margin, and of course, as you said, investment might continue. But if you look at our profitability for nine months, it has now reached a little over 15% mark, which is something we used to do in the previous decade as an average, but we had a lot of plus and minus in this last couple of years where we saw a lot of movement. So you think this 15% long-term profitability is the right benchmark for us for the next couple of years, or do you think this is an over-investment and a weak year, and our operating level of profitability is much better than this number? We would want to go to profitability much better than this number. How soon that happens, that remains to be seen. But clearly, this is not our benchmark. Our benchmark would be much higher. Yeah. So my question was more in terms of as a leader, as a business leader, when you don't see growth, would you go towards optimizing profitability for that period to ensure the base minimum level of profitability, or you would see that in the interim, it could go to even a lower number than this, and then it might pick up when we see a growth traction? Okay. The way we would respond to that is we do not expect anything of that sort to happen. But if required for a quarter or two, even if it goes below this, we would allow that to happen. But continue to focus on the investments that we make for the long-term value that our customers expect from us. So we are making substantial investments in areas like AI, and our solutions have now, in some manner, started delivering value to some of our customers using AI. So we would want to rather accelerate that in months and quarters to come. Sure. Sure. And just last one bit, which is more of a bookkeeping. I think there was this mention of INR 700 crore order book number. It would be great if we could get the breakup in terms of product and services here. Yeah. So most of it is in product. Almost like more than 90% would be in the product territory. The balance is for the services. You said 90 or 95? Sorry. 90%. 90%+ will be on the product side. The balance will be on the services. Okay. Thank you. That's it from my side. Thank you. Thank you. Question comes from Samar Singh from TPF Capital. Please go ahead. Good afternoon. Thank you for the opportunity. We recently announced a new FinnAxia deal. I just wanted to know how many customers we have for FinnAxia post this deal announcement? So, I mean, I think you're talking about, so, Ashish, you said you're talking about Federal Bank going live. Am I right? Right. Right. So yeah, I think we did get this deal a few months back. We replaced one of the solutions which was not giving them value enough for their corporate customers. So they have gone live absolutely on time, and I think that's what jointly both Federal Bank and Nucleus' DNA precisely is about that win or achievement in terms of going live. And so we are going very strong with them. And similarly, there are a couple of more deals when it comes to transaction banking product, which is FinnAxia, which we are pursuing with some of the big banks. So we are definitely seeing a lot of tractions on that particular product. And definitely, Federal Bank achievement, on-time delivery, and quality delivery will also help us to get those deals faster. So that's what we are kind of anticipating at this stage. All right. I think historically, we've focused a lot on FinnOne Neo and FinnAxia, at least for the last couple of quarters. It hasn't really come up in the calls. So I was just curious to know if you could, I mean, I think our number of FinnAxia customers we have are far fewer than the FinnOne Neo customers. So if you could talk about why that is, why FinnAxia has not been able to scale up, and why we have not been able to cross-sell to our FinnOne Neo customers, and do you see any changes happening in the near future? Right, so maybe let me talk about our product a little bit, so FinnAxia is a very different product which deals with the corporate customers, and mostly big banks and institutions require this kind of a product, and today, if I talk about, I'm not talking about the number of customers, but if I talk about the kind of transactions it is handling, so we are handling more than $15 trillion worth of transactions a year through this platform, so we also talk about the kind of volume this platform is handling today, and we are operating with this platform in 20 countries as of now, right? And I think with more digital journeys, digital payments coming into the ecosystem, not just in India but across, I think we are seeing ourselves very well placed in picking up those deals and in bringing those efficiencies or enablement system to the banks and institutions so that they can kind of process those kind of volumes and heavy payments with a robust solution. So I won't compare it with the number of logos from FinnOne Neo because it's a different product. But in terms of value, I think we are seeing a lot of traction, a lot of value. And we are hopeful that now, with more focus on the digital payments, we will be able to make more reach of this product to different financial institutions. I just want a clarification. I mean, this product is not a new product. It's been there with us for a long time. I'm just wondering if something has changed either in the product or in our marketing that we expect now for the product to do better going ahead. So changes are on both sides. I mean, one, we have also re-architected our product. So it is now API-first strategy in the technical architecture front. So product architecture definitely got enhanced with a lot of new features and new functionalities. Switched around an API-driven architecture. Second, I think the market, as I mentioned about the market, market also is showing a lot of responsiveness when it comes to digital payments with a direct focus from a lot of governments of different countries. So we also cross-border payments. So we see a lot of tractions from both the sides. One, we have also changed ourselves from a product standpoint. And second, market is also becoming more responsive, more open to such kind of a transitional transformational projects or products. Got it. Okay. And just a question on our profitability. It seems like the domestic business has the more steady profitability, I mean, in terms of the bottom line. There's slight fluctuation, but more or less stable, while all the other geographies seem to have a lot of volatility in terms of profits. Sometimes a large profit number swings to sometimes negative. So could you just help us understand why that happens, and do we see any of the other geographies becoming more stable like our domestic business? Yeah. As you understand from our response to the previous question, we did have challenges in terms of the sales and account management bandwidth for some time. And that is what has resulted in uneven profitability in some of the geographies. But going forward, we are confident that we'll be able to maintain and further grow the profitability. But just to push back on that, this is not a recent phenomenon, right? Swings in profitability have been around for many years now in the non-domestic business. So I mean, is it more implementation revenue in those geographies and less of sort of AMC revenue? Is that why these swings happen? No, it varies from geography to geography. Dear participants, kindly stay connected while we connect the management team back on the call. Welcome back, the management team. Please go ahead sir. I'm not too sure till what time you hear us. So you were just answering the question. I believe the question was, is that the volatility in the other geographies in terms of profits have been around? I mean, that's not a recent phenomenon. That's been going on for some time now. And so I was hoping to get some more clarity on that. Yeah. Yeah. So as I was explaining, we've been having implementations in certain geographies, and at the end of the time, the profitability, revenue may go up, profitability may come down. And then there's the other geographies that some other point of time where AMC revenue would be there, and that's where the profitability is higher. So this has been the case. However, going forward, we are confident that we'll be having steady profitability in all the geographies, which would keep going. Okay. That's it from my side. Thank you. Thank you. We have a follow-up question from Sanjay K. An individual investor. Please go ahead. Thank you for the opportunity. I have two questions. Recently, the company has participated in this exhibition where they demonstrated a vehicle finance product at AFSA in the U.S., I think, on that. So is this a new product? And how was the response to this product demonstration? That's the first question. And the second question is about generally, Q4 is generally better compared to Q3 for the product companies. So are we seeing the same thing happening here, or just better, or you can just give that idea? Okay. Hi, Ashish this side. So let me attempt to answer the first one. So AFSA event, definitely, I mean, so one of the major products for FinnOne business for us is the captive auto finance market. So we are already working with some of the big players in captive auto finance market in multiple countries. We are trying to enter into North America as a region. General Motors Finance, for instance, is our customer from last 25 years now. They are using our captive auto finance product, which is an offshoot of FinnOne Neo, a FinnOne product. They have been using this product from last 25 years in multiple countries. We have implemented it across part of Europe, part of Latin America. We are in talks with multiple players in North America right now in the captive auto finance market to enable them with our product. T hat's the reason why we are also focusing on North America in terms of participating in industry events and sharing our perspective, sharing our thought leadership in lending space, and especially in captive auto finance space. That's the reason. There are a lot of tractions, and it's a very good industry connect. So we are hopeful of doing business in North America. Sorry, can you repeat the second question? Yeah. Yeah. Second question is generally, all these product companies have Q4 is generally better than Q3. So I just want to check whether it's at least the same thing will be happening for this Nucleus, or it's going to be different? Sure. Thank you. Thank you for the question. I think, again, as Mr. Vishnu mentioned, we are very optimistic, but at the same time, we don't give guidance. That's not part of the policy, and we want to stick to that policy. But yeah, we are very positive. We are very optimistic as an organization. Thank you. And all the best. Thank you. Thank you. Next question comes from Hardik Bora and individual investors. Please go ahead. Hi. Good afternoon. Am I audible? Yeah. You are. Okay. First of all, I think it's commendable that you continue to focus on spending for growth rather than prioritizing profitability for the moment. And that's good for long-term value creation. If I look at the segmental numbers, the geographical breakup that you provide, my assessment is that the incremental costs are being spent for India's geography. Is that correct to surmise from the segmental numbers? So can you repeat the last part of your question? If you look at the segment geographical breakup, if you subtract the revenue minus the segmental profits, it looks like India's geography has seen a majority of these incremental cost increases that we have seen in the last three quarters. So is it correct to assume that a large part of this growth-oriented cost is equal for India? So see, I would like to kind of clarify on this. See, whereas the cost increment is happening in India, but the efforts are going for overall growth. So So obviously, the activities are happening for growth in India, and therefore you are seeing the expenses in India. But so far as the growth and the efforts are concerned, it is for throughout the world, not only limited to India. Okay. Understood. And sorry, you might have given this clarification. Is there a broad split you are providing? How much of this cost is being spent on sales and marketing, and how much of it is on further product development and improvement? Yeah. So the breakup of that would be available as part of our results. And Tapan, at the beginning of the call, also mentioned about the individual component of the cost. Okay. All the best. Thank you. Thank you. Thank you. We have a follow-up question from Vaibhav Badjatya from Honest & Integrity Investment. Please go ahead. My question has been answered. So that's it from my side. Thank you. Thank you. Thank you. Thank you. If you wish to ask a question, please press star and one on your telephone and wait for your name to be announced. I repeat, if you wish to ask a question, please press star and one on your telephone and wait for your name to be announced. Follow-up questions from Vinay Nadkarni from Hathway Investments Private Limited. Please go ahead. Yeah. Just wanted a break-up of revenue between license, implementation, and AMC, if you can provide us. Sorry, the line is a little bit disturbed. So you will have to repeat the question. Yeah. Sorry. Can you hear me now? It's better. Can you give us a breakup of how much from licenses, how much from implementation? I'm sorry to interrupt, sir. Your voice is not clear, sir. Sure. If we understand your question well, I think you are asking for a breakdown between license and implementation in terms of revenue. Am I right? Sir, there is no response, sir. Sure. Okay. No worries. Next question comes from Lakshay Agarwal from Growth Ventures. Please go ahead. Hello, sir. Thanks for taking my question. So you had earlier mentioned that you're exploring the new product offerings, particularly in AI and investing efforts over there. So I just wanted to understand that what exactly would you be developing using this, and how would it impact? Hi, I'm Abhishek Pallav. The idea is to generate data-driven insights and hyper-personalized in this era. There are use cases in each part of the front if you look at the way transactions are happening, security, or the follow-ups that agents are doing. I'll not be talking about use cases, but there are plenty of use cases that we are working upon, plenty of business problems. The idea is to enhance the customer efficiency and agents' efficiencies and enable customers and decision-makers to take right decisions instantly, as well as with lots of information that can help them to look at the way decisions are being made in the right direction. Number one. Number two is right prospect. Certain times, there are cases wherein when to follow-up, what is the right time to follow-up. There are areas of some hyper-personalization to data-driven insights and segment-based cross-sell upsell. There are so many use cases that we are working upon, and we are also using capabilities from large language models to convolutional neural networks, deep neural networks, et cetera. So any specific area that you're looking for? Actually, I just wanted to understand that is any of these segments implemented right now in our product, or we are working towards it yet? No, no. Our product offering has this. So we have AI enabled in our product from almost more than 20 years now. So as Abhishek mentioned, so our transaction banking product FinnAxia is already enabled with an AI fraud detection module, which helps to detect the fraud in the transactions. Similarly, we have multiple use cases, as Abhishek mentioned, in the entire lifecycle for lending product, lending enterprise product, including the origination, servicing, and collection. So there are a couple of use cases which are already kind of explored live in the system, and some we are developing. Okay. Understood. And while implementing all of these solutions, is it possible that we are able to charge a premium from our customers due to this? Absolutely. I think, see, it's not about charging a premium, but I think so we believe in a lot of value creation when it comes to customers as a partner, right? So I think a lot of use cases are adding on the customer side in the operational efficiency for their business, or enable the next set of customers, or unlock the next set of customers for them, or create a new set of financial products for their end customers. So I think we are seeing a lot of value, and that value creation comes definitely as part of our pricing strategy. So I mean, we don't call it out as a separate premium pricing product at this stage, but maybe we are not sure how this will unfold or unwrap in the future. So as of now, it bundles up within the product offering. Okay. Yeah. So thank you. The idea is to increase the efficiency and help customers see insights from the data they already have, yeah, and take decisions for the business. Yes. Got it, sir. Thank you. Thank you. Thank you. Now I pass it over to Mr. Vishnu for his closing comments. Thank you very much for your continued interest in Nucleus Software, a nd I would like to reiterate our commitment to long-term value addition to all our stakeholders. Thank you very much once again for your interest. Thank you. That concludes our conference for today. Thank you for participating. You may all disconnect now.