Should we get started? You know, the last time I came here, I spoke at an event in GFF. I had an audience of one. At GFF, Sunne wala koi nahi tha. So the only people who were there at the GFF when I spoke were the people who handled the mic, the people who handled the webcast, and the people serving tea and coffee. And the organizers came to me and said, "[foreign language]." So I canceled the event. So it's hugely, it's a huge relief to see all of you here today. And we are competing with L&T, Larsen & Toubro, LTIMindtree today, and they actually have an event. So I'm grateful to you that you've come here and not gone there. [Foreign language]. So my name is Swaminathan. I'm the founding CEO of the company. And so my colleague Balachandran, he's the CFO of the company. And Deepta, she's also founder of the company. So the three of us started this company for good or bad, many, many, many, many years ago. And we've been struggling since then. Some days are good, some days are bad, more days bad than good. But the fact that all of you are here is indicative of the fact that you think things are going well. So it gives. This is a huge responsibility on us. So thank you very much for coming. I see a lot of familiar faces. There are people like Parimal who I've known for the last 45 years. There's some shareholders like Gaurav who's here. I, of course you're there very much. And I'm told Viral. Oh, so Viral's here. Viral's right there. Apart from my colleagues, please feel free to talk to my colleagues at any point in time. Ask them whatever you want. We are a very transparent company. We talk about everything. They're encouraged to talk about everything except their salaries, because then maybe you can offer them more and take them away. [Foreign language]. You must be intrigued by the screen here. How many of you are intrigued? But let's keep it interactive. I mean, because that's the only way to make things happen. [Foreign language]? We don't even know what's happening. How many of you are intrigued by what's on the screen here? Thank you. By the way, I'm told somebody has come here today all the way from Visakhapatnam. Who's that? Thank you. You know, when things like that happen, it just changes your perspective. So this tells you that right now, at this point in time, there are 1,244 users of one of our products. It's a product that most of you are probably not even aware of. But it's a product that's currently used by four and a half lakh people in the country. Four and a half lakh people in this country use this product, which is called IRIS Peridot. It's free. It's free to download. I strongly urge you to download it. It works better on Android than it works on iOS. What does it do? And why is it relevant? Why am I starting with this thing here? [Foreign language] [Foreign language], what we do, the business that we operate in, our relevance comes from the digitization exercises of the Government of India or any other country that we are part of. That's where our relevance comes from. What does it do? If you're in business, and I'm doing business with you, and you buy something from me, you want to be satisfied that the money that I take from you, I deposit the taxes so that you can get ITC. Because if I don't deposit the taxes, you don't get ITC. Four and a half lakh MSMEs in the country. [Foreign language] MSME [foreign language] Maybe four lakh, forty-five thousand MSME, big MSMEs in the country, [foreign language]. They use this app to scan the GST number and know if you're filing or not filing. If you're filing on time or not filing on time. Because if you don't file on time, he has a problem. You have a problem. If I don't file on time, you have a problem. [Foreign language] ITC [foreign language]. Why is that very, very important? What does it have to do with the larger business that you actually occupy? See, if you take a look at. Let's get to the presentation, please. Can we? Can we get the presentation up? I do have a presentation, which I will take you through. Thank you. Can you change the. I don't want to be seen. I want the presentation to be seen. There's a standard disclaimer, which basically says that everything I say should not be taken seriously. Nothing I say should be taken seriously. The usual disclaimer. There's like the markings on the back of a cigarette packet, right? Can we not have my face there. I don't need to see my face there. I don't think they need to see my face on the screen. Can that be removed, please? When you talk about Digital India today, people talk about JAM. People talk about UPI. People talk about Aadhaar. There's a lot more to Digital India than these things. I want to give you a couple of examples. Do you know that today, if you are shipping products from your factory and you generate an e-invoice, it's possible for him, who's going to be the recipient, to track the product movement from your factory to his factory through something called UPI, through something called ULIP. That's the Unified Logistics Protocol. So what is the big change that's happened in India is, Amanath, I'll say my generation and your generation, you're still younger than I am, at least energy-wise. There was a time when we filed documents with the Government of India. We gave them data. Today, what's happening is the Government of India is giving the data back to you with a suitable consent mechanism, which allows you to verify that the businesses you work with are kosher. So people like us have built a business around helping the government receive data, created a business around businesses that submit data to the government, and businesses around the consumption of data by end users. So ULIP, for example, as I told you, is the Unified Logistics Interface Platform, which keeps track of every product for which an E-Way Bill is generated using FASTag. Using FASTag, the E-Way Bill has a truck number. Using that, you know, aapka maal kahaan tak pahuncha. Now think about it. If you are in business and you want just-in-time inventory, isn't that a possible application? If you are able to harness the information about the reliability of the supply of the goods to your factory, you won't order inventory five weeks in advance and keep it. You will order just-in-time. So the implication of data coming back to you has huge business efficiency. Let me give you a second example. Actually, let me tell you a story. This actually happened. [Foreign language], "Yaar, I'm about to raid a company near your place in Delhi. And the trade is tomorrow." That company is evading GST to the tune of eight-to-nine crores. [Foreign language]. They reached the place. do? They arrive a day earlier and check where one can jump from, where the window is, where one can escape from, they check everything, those people. He said, "There is no company there." The company has shut down. I said, "Shut down?" He said, "Yes. My warrant is in the name of that company, which is called MP Enterprises." I still remember it. So the warrant was in the name of MP Enterprises. So now I can't raid some other company with an MP Enterprises warrant. It's a private limited company. What should I do? He said, "Give the name of this company." I gave the name of the company. So I went to the MCA database. From the MCA database, I found out who are the directors of that company. Then I went to the DIN database. From there, I went to the DIN database where I got the information about the directors. The information about directors told me where they live in Delhi. As it turned out, the place where MP Enterprises proprietor was living and the place where these two directors were living was the same house. What's the probability that they're not related? Almost close to zero. A raid happened. A small evasion of INR 8 crores-INR 9 crores became like an INR 85 crore evasion. It was discovered. What did we do? We just connected the dots. We connected the dots of MCA with the dots of GST. Today, there's a huge amount of such data floating around. What's the key to it? The data comes to you structured. Each one has a different structure. If all of us speak the same language, so for example, in this room, who speaks Tamil? I speak Tamil. Anybody speaks Tamil? So I'm the only Tamil speaker. Oh, you. Any Bengali-speaking people here? So we can speak in Bangla. Hindi we can all speak. Many of us can speak. Telugu, I'm sure you speak. I don't speak Telugu, so unfortunately. But if all data speaks a common language, data can make sense. So all of these agencies that are there are currently receiving data in a format and putting out data in a certain format. Our business is built around helping agencies receive data in a format and is built around helping the regulated entities create data in the format in which the regulator wants it. This is a huge revolution that's happened in India. This is a huge revolution that's happened all over the world. 70 countries in the world have adopted data standards. So let's go to the next one. It does not come with, so there are some interesting little problems. So the move to such data things don't necessarily go with, go so smoothly. So let's look at the next one. There's a very interesting thing. So in the interest of full disclosure, I'm married to Deepta. Can you imagine? Deepta and I live in the same house. But the polling booth for me is here, and the polling booth for Deepta is there. [Foreign language]. We can't even get a husband and wife to vote in the same polling booth. And we both registered with the Election Commission database at the same time. [Foreign language]. How can mistakes like this happen? It happens because data does not talk to each other. You know, all AI will become artificial. All intelligence will be artificial only. It's of no use to anybody if you can't get data to connect the dots. Data needs to connect and talk to each other for things to be effective. That's where data standards become very important. I hope it works now. If you think about, say, 30 years ago, 25 years ago, when we submitted our documents to the government, to the Income Tax Department, to whoever, [foreign language]. It used to be typed. We used to write columns. We used to do whatever, or maybe some electronic typewriter. We typed it out, took it to the department, and submitted it. That's what we used to do. So if it had to be submitted by five o'clock, we had to get there by five o'clock. Then at some point in time, they said, "Challo, electronic submission is fine." [Foreign language]. Somebody said, "Email [foreign language]" What has now happened is the world is now saying, "[Foreign language]." So those of you who gave me business cards, I don't want your business card. [Foreign language]. But what do I want? I want the information in your business card. So thank you for your business card. But don't be offended if tomorrow you find that business card in some rubbish somewhere. No disrespect to you. But I would have by then taken out the information because my objective of taking the card is to know who you are and your contact details. So the information in the card is much more important than the card itself. Whether it's a doc file or a PDF file or an Excel file, it doesn't matter. What matters is the data that I can actually consume. That's what's most important. The CFA Institute, any CFAs here? Yeah. Great. If you go to the CFA Institute and look for data standards, they will talk, they will talk, they will tell you about how data standards are revolutionizing investing. Many of you here should actually learn about what we are trying to do, whether you are interested in the company or not, for the simple reason that the tools that we talk about will change the way you invest. I promise you that. I'm very happy to come and do a demo for you, a personal demo for you, to show you how it works. So when I go to analyst meets, for me, the most interesting thing is the fact that everybody is actually a potential customer. Every one of you in this room is actually a potential customer for me. Some in an individual capacity, some in institutional capacity. So now the Comptroller and Auditor General of India, [Foreign language]? Data does not move from one department to another department. Data stays in the files. [Foreign language]. Now, our data जो है, you are not entitled to it because you don't have the rights to see it. He has the right to see it. [Foreign language], so the government is very inefficient when it comes to data flow. Why does a license not get approved quickly? Because the data gets stuck in one department. Why does permission not happen quickly? Because data gets stuck in one department. See, removing compliance does not help. [Foreign language]. So it's good to move from the world of document submission to a world of data submission. So the CAG actually said, "We need a proper framework and dictionary to help record, report, publish, analyze this data consistently and accurately." And they actually said, "It's data is difficult to link, compare, analyze across the government due to lack of common data standards." [Foreign language], "[Foreign language]. Government of India is doing it. And all of you, all of us here in this room know that when the government says we want to do something, maybe it will not happen today, maybe it will not happen tomorrow, but [foreign language]. It's already moving in that direction. There's a lot of movement in the direction of data standards in the Government of India. And I'll give you examples of that very quickly. And they finally said, "Data standards make it easier to come, to share, create, share, integrate data by making sure there's a clear understanding of what the data represents and it's in the form that's expected." And that's where the world is headed today. So the World Bank is now saying, "Let's adopt data standards." Any bankers here? Or anybody who's worked for a bank? So when banks remit money from one account to another, they use SWIFT, which is a messaging protocol. That messaging protocol is a standard. [Foreign language] wrong person gets money, wrong amount goes, wrong debit happens, whatever. So it's a structured data. So there are many different formats of structured data. The most common one used today across the world for reporting is something called XBRL. It stands for eXtensible Business Reporting Language. It's today used across the world in about 70 countries. In different countries, different regulators use it. In India, 30,000 companies are filing with ROC in XBRL. In India, the capital market filing happens in XBRL. In India, RBI is receiving data in XBRL. You heard of Nirav Modi? He got caught because RBI is requiring reporting in XBRL. You heard of Rana Kapoor? He lost his job because RBI requires data to be reported in XBRL. Because data follows structures, it's easy to analyze the data. If you submit data in documents, [Foreign language], and the process takes a lot of time. Today, there's no document. The data comes in, so RBI handles petabytes of data. RBI's entire compliance runs on our software, and out of 105 banks in the country, 100 banks use our solution to file with RBI. We are one of the world's leading experts as far as XBRL is concerned so what's the benefit so this is a study of our study done by RBI. It says, "Efficiency of reporting has improved to a great extent." Now [Foreign language]. Reduction in errors due to XBRL platform. You know, all of us know that in the last six, seven years, there's been a re-rating of banks in the market. Banks are getting valued better than, say, they were 10 years ago, 15 years ago. Why is that so? That's basically because RBI [Foreign language], it's become much tighter, and they're able to handle data and react immediately. It's not that banks did not report NPS in the past. I used to be banking at the Economic Times, so I know what used to happen. What used to happen was, [Foreign language] Even before the service branch has finished filing, a notice goes to him saying, "[Foreign language]?" That's because we moved from document-based submission to data-based submission. That's really what the whole story is all about. What do we do? When you file your tax returns, right? Yeah. The Income Tax Department has a software to receive your filings. They're the supervisor. That technology is called SupTech. All of us who file returns to the Income Tax Department know that the tax department has a software to receive your filing. That is what's called SupTech. You file your tax returns. Do you do it or some CA does it for you? I could see you. Some CA does it. Some CA does it for Some CA does it for you. The CA probably uses the template given by the Income Tax Department, or he could be using a third-party software. That software comes under what's called RegTech. Or in this case, TaxTech, because we've done a classification differently. We'll come to that separately. See, TaxTech technically is a part of RegTech. So SupTech is for supervisors to receive data. RegTech and TaxTech are solutions for the enterprises to submit data to the regulator. And finally, DataTech, which is what you saw earlier as an example of DataTech. Our entire business is built around these four broad segments. Google it, you will know how large the markets are. We are actually four companies in one, quite literally. We're actually four companies in one. It's not a very easy company to understand. We thought of a single product, single whatever company. Some people actually say, "[Foreign language]. If somebody gave you a shirt without buttons, will you take it? Will you buy it? You probably won't. You will need buttons in the shirt. Unless you have all those fancy buttons and you chose one to be able to put those golden whatever. So point is, each of these four divisions are huge. So we will have colleagues of mine coming and presenting to you about these divisions. And this is how we are. We are about 54 countries today. That means we are not in 144 countries. So we need to get to those 144 countries. You heard of Bhutan? Small country in the mountains, right? Bhutan is ranked 181st in the world in terms of size. They have implemented XBRL. You heard of Seychelles? They're ranked 190 in the world. They've approached us. Dhandha nahi aaya. So it's not a forward, it's not a disclosure. They won't implement XBRL. So no country is going to be left behind. No country in the world is going to be left behind. And what will work is, do you have the experience? Do you have the products? Do you have referenceable customers? Are you cost-effective? And do you have the knowledge? That's what's going to be most important. So what we're now going to go to is the SupTech segment. And Balu will take us through the SupTech segment. And my colleague Rahul will come and make the presentation there. Where's Rahul? Sit in the front. And Balu will first introduce the SupTech segment before we get there. Balu. Thanks, Aminadin. Good afternoon, everyone. Thanks a lot for coming in. Good numbers. We appreciate that. We appreciate the time spent on understanding our company, so I would take this opportunity to give a quick introduction to our SupTech segment. This is a segment which is our bread and butter segment at this point of time. It's going quite strong as well. If you look at the numbers, now I'll go into some of these brass tacks. If you look at numbers, SupTech accounted for as much as 45% of our revenues in the previous financial year, and for the first six months of this year, I think, you know, it is up to 50%. It's a very important segment for us for multiple reasons. Of course, we work with some of the world's most reputed and best regulators in helping them keep their financial ecosystems safe and stable. We play a very critical part. And while you work with the regulators, if you look at our business model, you can realize that regulators are very good customers. They are long-standing customers. Once you get in, then you stay there. So for them, you know, it's very important to have a very credible partner to work with. Number two, they give us tremendous brand equity. They give us tremendous credibility in the marketplace. It's an excellent strategy to land and expand. If you go to a country and if you have a regulator as your customer, if you want to expand your presence in that country and offer solutions to enterprises or some other segment of the market, having the regulator on your side makes such a huge difference. So that is the second reason why regulators are a very important part of our strategy. The third is, of course, if you work with them, you know what's going on. If you share the table with them, you know what they think about. And if you look at this industry, things are changing so fast, you know what you should build for the future. Because if you look at, you know, what we have been, you know, doing in the last, you know, 10, 12 years in the SupTech segment, you would see that the data that we handle has grown manifold. The frequency at which people transfer data to the regulator has really gone up. So you're handling, you know, lots and lots of information, and you need to handle it well. You need to handle it accurately, and it has to be unleashable. So that's where, you know, knowing what the, you know, supervisory thinking, that's very important. If you're associated with about 25-30 regulators like we are, you are in an excellent position to do this. That is one reason why SupTech segment will continue to be very important for us. The other thing I wanted to talk about before, you know, how it comes in, is that, you know, Swami already mentioned that we work with information standards. These are the digital rails on which digitalization is happening across the world. We are very strong in this electronic information standard called XBRL, but it's not just that. Our expertise comes in handling across information standards. Now, from XBRL, we have moved into other standards as well. So we have the ability to work with structured data and the ability to handle data of different complexity, different frequency, different domains, which finally help, you know, the regulator to handle the gamut of, you know, things they are, you know, managing, the volume of information they're managing. So the expertise in standards is a very important thing. And finally, of course, the, you know, industry is very important for us. The business is very important for us because the game has just begun. One is, of course, you know, the number of countries which are coming in. Second is the depth with which they're looking at how to handle information. So you have one regulator come in from one country, then your other regulators follow, then they start talking to each other. There is a full ecosystem that's getting built, which is a very important factor for building your FinTech system in that particular country. And we are pretty much there because we help in building those blocks or building those foundations from which a country can really leapfrog. Now, with these initial words, I would like to, you know, welcome Rahul Dhamne. Rahul Dhamne heads our Standard-Based Consulting. So this is an important part when you go and implement a solution for a regulator. There are multiple aspects to it, but one very important aspect is building the electronic data dictionary, which Rahul has done in ample measure. I think we have done across maybe 20-odd countries and built what is called the financial reporting standards, accounting information, or risk information that we have done. In fact, you know, he also is a voluntary participant with the Government Committee of the Bureau of Standards of the country, which actually works with ISO in Switzerland to make sure that, you know, the standards which are, you know, getting specific, you know, which are emerging, he's meeting the needs of India. So we give feedback and we interact in building those standards. So Rahul participates in those committees as well. And finally, he's a talented accountant, but, you know, he's equally at home with technology. So over to Rahul Dhamne. Thank you, Balu sir. I hope I'm audible. Good afternoon, everyone. So in the SupTech segment, let's first understand what is SupTech, what does it basically mean, and what it means to us. Now, SupTech basically refers to supervisory technology. And technology we understand, but what's with supervision? Why do we need technology and supervision together? Now, there are a lot of regulators in the world, and these regulators that I've put in the slide, they are there in all the countries. Whenever a business is to be registered, you have to go to business registry, and then you will need to have central banks in the country to manage the banking and the financing and the economy, then there are capital market regulators who will, if your company is listed, they will regulate you from a listing point of view, then there's insurance regulators, and there's a lot of financial services regulators. All these regulators, they are growing in size over a period of time, and with that, it is also coming, it's also important for them to bring in the technology aspect. No longer is the time where they can do all the supervision manually. There has to be software with them which will empower them to do their job efficiently, to automate their process, and mainly focus on risk and compliance because that's their job. They have to ensure that all the companies that they regulate, they are risk-free. If it's a risk, they need to have an early warning system with them, which will help protect the economy and also ensure that all the companies that they regulate, they are complied with the regulation. And that's the whole idea of supervisory technology to enable all these regulators across the world with software, with technology, with knowledge, and help them bring efficient supervision into their day-to-day lives. Now, what are the areas where this supervision comes into place? Now, there's prudential supervision with respect to, let's say, central bank or capital market. You have to provide your financial statements. You have to provide your depositors' data, your loan data. It has to be accurate. It has to be as per the regulations. So that's what prudential and financial norms come into place. The most upcoming supervision is the ESG. I'm sure you guys have heard about it, and it's the most important one that's going to go in the future where you're going to have green bonds. The investment in companies will be also decided based on how efficient you are with your ESG norms. So that is another area of supervision that is fast getting developed across the world, and you would need solutions for that. Licensing is an age-old supervision that they have to do. Any bank who has to get licensed has to follow a particular norm. So that's where the supervision also comes in for central bank. Anti-money laundering, again, a big subject of supervision. There are a lot of software companies in AML, and that is a subject area of interest for us as well. Cyber risk, capital market, all payment oversight, they all are supervision areas. Now, these are very important supervision areas where all these regulators work with, and they would need help. Why do they need help? Because most of their problem statements are common. If you look at the problem statement, if you read them, they are very basic, but they don't have a solution. Why? Because the data is huge. You can't put a person to find out what is the early warning system in one company. You can't do it. There are so many companies, so much data coming to you, and that's where our software comes into place. We will bring standardization in your data, which will help them bring an early warning system in your process. It will help you get timely intervention whenever there is an event that happens which can impact the economy very badly. That's where our software comes into the picture. The other most important which I want to highlight is data-centric reporting. So far, in the regulatory space, all the data is stored in silos. All the data that is submitted in silos. I think Swami gave an example of the election data. I mean, a husband and wife, and they don't know that they are connected with each other, and they live together. That's what we want to say that the reporting has to be data-centric. You have to give data only once. You should not be giving multiple times to multiple people. Just give it once, and we should be able to reuse it, repurpose it, whatever. That's what the problem statement is. These all problem statements are very common across the regulators, and this is what we are targeting to solve these problems. And as we move forward, more supervision areas are coming, more technology advancement is required. So our software requirements will be huge. The need for the knowledge will also be huge. So that's the basic supervisory technology that we are working with. And then what are we offering in this space? First of all, we are offering the knowledge. Now, when we go into any supervision area, not everyone can know supervision. Like I'm a CA, but I know central bank and capital market. I don't know a lot of things about, let's say, the insurance sector or, let's say, any anti-money laundering also. I need to go deeper into understanding it because that is not taught in my curriculum as such. So you have to build the knowledge first, and that's where the consulting piece comes into the picture. We offer consulting. We bring in the knowledge which the regulators would need to find a solution. What is the right solution for you? Many times, we have seen that the regulators or the clients that we work with, they don't even know that they need a solution. Only when we present the solution to them, they realize, okay, this is what they want. And that's how we also give them the services, the consulting services, and offer them the solutions that we have and also bring them up to speed with the technology advancement that is happening. Then, of course, there's a taxonomy development, which is basically the data-centric dictionary that we have to bring in for the data that they collect. Now, this consulting services in our business model, this consulting services is the first step that we do. We go to the client, understand what is your problem. This is the solution that we have. If you want to create a new solution, we can help you also with that. And that's how we approach their problem. Then comes the most important product of our division, of our segment, that is iFILE. And iFILE is there for like around 10 to 15 years now, and it has been solving problems of all these regulators very consistently, so that is the main platform that we have where all the knowledge that we get from consulting, we bring into that platform so that all the problem statements that we just saw, they are able to get the solutions for those problems in this iFILE platform. Now, iFILE platform is not one product. There are so many suites of products into that platform. One of the most important products that is integrated in iFILE is the web forms, so we have web forms where we can populate data fields. People can fill in the data and submit. Just like any other form that you will fill, it works on the same way, but the most important aspect about all this is the data-centric approach, which Swami also mentioned a lot about data standards and CAG and what RBI is saying. That's where the data standards come into the picture, and that's what we bring in all our offerings. We bring the data standard in the platform, in the web form, with the data dictionary. We can populate the form, you fill the data, and when it is stored in the system, it is linked with each other. It is not stored in silos. Now, that's what the filing tool is. Now, you get the data, but just getting the data is not enough. You have to validate it. I can give you any number, but it's of no use if you realize that the number is incorrect. Somebody has to validate it, make sure that it is correct, calculate it correctly, validate it with respect to the regulations. And that's where the validator, Bushfire, comes into the picture. It was a very important tool when we introduced, and everybody wanted it because everybody wants pre-validated data coming to them. No regulator wants to sit on your, let's say, income tax return and calculate your taxes manually. Nobody does that now. And even the Income Tax Department doesn't do it. It has to be automated, and that's where such tools come into the picture, which will check that the calculation is actually correct as per the regulations, and lastly, the taxonomy editor, which is basically you need to identify the data points that you need to collect. And that knowledge that you have of the data point, it has to be converted into a machine-readable language. That's where Noah comes into the picture. You will create those data points as a list in this software and create an output file which goes into the platform, and then all the digitization process starts, so the first thing that we do in any implementation, consult, identify the data point, create the data point, and integrate in all the offerings, all the tools that we have in the SupTech segment. Now, these offerings, we have done a lot of implementation in the last 15 years. Our focused areas are three focused areas: business registry, central bank, insurance, and capital markets, and we have been pretty successful in implementing our solution, the whole suite of solutions that we just talked about in all these places, and as we go on implementing, in the last 15 years, as we are going with the implementation, we are also learning new problem statements, and we are bringing new features into our platform. I'm going to show you those features in the next slide, but one important thing I want to highlight here is the store of knowledge that we are gaining from all these regulators around the world, and if you look at our clientele, you'll see that there are some big names like RBI and SARB, where they are managing many regulations. They are managing various supervision data. In fact, in SARB, we are supervising the deposit insurance. We are giving solutions for supervising the deposit insurance data, and when I say deposit insurance data, it basically means all the deposit of all the citizens of that country is being supervised, and SARB is actively taking supervision activities to involve that their deposits are seen in the banks, so these are some of the very big clients that we have, and we have some smaller clients also, but we are learning through all, and we are bringing the features in the platform which can help supervision going forward, then the other areas also we are targeting, like sustainability, is the newest of them all, which we are going to grow in the future. More opportunities are going to come in sustainability. The one thing that we have done is developed the taxonomy for GRI, so GRI is one of the ESG frameworks in the world. There are multiple frameworks available in the ESG space, which companies can adopt, regulators can adopt to support their climate disclosures. One of the important ones is GRI, and we have built the data standard-based taxonomy for them, so that's one other great implementation that we have, and it's only going to grow in the future. Now, let's look at the journey that I'm talking about. We started off in 2008, and till 2024, we have almost 24-25 clients, and we are around in 30 countries. Initially, we started with a very basic offering of platform and tool. This was done for India and UAE, but over a period of time, we kept on adding features. We added workflows. We added validators because we wanted pre-validated data to be in place. We added taxonomy editor. Then, in the next five years, we added new features like digital signature. We also implemented a new data standard called SDMX in our offering. So it's not just one data standard, but we can have our platform enabled for multiple data standards. Data analytics was also enabled. Automated data flow was a very important event for RBI and also for us because that's the feature that we activated for RBI where banks can send the data directly to RBI with minimum manual intervention of the banks. Now, that's a very important feature to have in any SupTech platform. And going forward, our focus is mainly on the granular details of supervision, like risk-based supervision. With iFILE 2.0, we are also introducing a lot of AI features in our platform, which is going to reduce the implementation time significantly, which is also going to reduce the manual processes that are required for supervision by the supervisors. This is our journey over a period. We have grown in terms of features in the platform. Along with that, we are also growing with the number of clients we are onboarding into our implementation plan. Now, talking about implementation lifecycle, what do we implement? In all these implementations, whenever we have to implement, the first thing I said is the consulting services. We understand their problem statement. We identify the data points they need. We create a taxonomy. Then we build the platform based on their requirements. Then we start integrating the channels, start integrating the validation engine, bring the analytics piece into their platform based on whatever is their requirement. And then also, the important thing is to distribute the data. So data dissemination is also one of the important features of the platform that we implement in all our implementation. Now, time frame. So all these solutions, when we have to implement, how much time does it take? Now, it all depends upon what kind of client we have. So if it's a central bank, we are looking at a huge number of data. For RBI, we are already catering to 150,000 data points. And there are around 10,000 validations that we are doing for RBI. It's a huge amount of data. Similarly, for QFCRA, which is another client of ours, an offshore banking regulator, there also we are doing some 1,000 validations, some 5,000 data points, so the data points are huge, and each of the data points is intelligent enough so that the machine can understand, so whenever there is a central bank implementation, it generally takes around 12-18 months. Capital market is fairly simple. It's a financial statement. Your Ind AS is there. Your IFRS is there in place. The taxonomies are also available. It's faster to go live within capital market, and then the much easier one is the business registry, where, again, it's the balance sheet and the income statement and the notes to account that you have to file, which is also, again, driven by the accounting standard. Now, over a period of time, in these time frames, also, we are trying to reduce the timeline. I think already we have reduced some five months in our implementation due to a lot of automation that we have already done to the platform. And with the introduction of iFILE 2.0, with more automation coming in the process, these time frames will be reduced significantly as well. Talking about the commercial model, our current model is license-based. In the sense, in whatever implementation we do, we charge for the license first. It's a one-time fee. And then we implement the customization fees, which is based on their requirements. So over and above the base product, we also customize some of the features and some of the solutions. That's what we build. And when we are building it, we also charge them. And that's what the implementation fee is all about. And then every year, it's a recurring annual maintenance cost that we charge to every client. So if you look at this model, the current model, whenever we implement, we have a long journey with that regulator. And most of our clients, our retention is almost like 100%. They are not leaving us. They are with us for all the journey of the supervision because we are adding new features, and we are solving most of their problems. So they are engaging with us with new features, with new implementation billing, new change requests coming into the picture. So that's a long relationship which we have with the current model. Now, with the new model, we are trying to see if we can have a subscription-based model for all our offerings. That will basically increase the users of the regulators, the users of the client also, which will also help us improve the platform in terms of sales perspective. So this is the current commercial model that we have. What is our target customer? So here, I want to give a reference to the BIS study, which was done in May 2024. BIS is Bank for International Settlements. It's an international organization that does the study. And they are basically trying to identify what is the requirement of supervisory technologies across the world. They have surveyed around 50 national authorities, around 45 jurisdictions, and they have found out that the most important requirement for the supervisory technologies are the first three ones. Of course, these are also the areas where they need supervisory technology. But the ones that I've highlighted in green are the most important one, and that's where we are already present. Our platform, our solutions are already in regulatory reporting. It's already in ESG reporting, and it's already in automation of regulatory processes. So that's our target market, and it's only growing because, as I said, the data points are growing, the supervision regulations are growing, and the need for the software will also grow. Now, the question is, how are we going to plan? How are we going to target the market? What is the plan to do that? The one thing that we are doing right now, we continue to do, is to have extensive outreach campaigns. All the regulators, generally, they are well connected because the cause is the same, the objective is the same. So we have extensive campaigns with them. We try to get into the network of the regulators and try to solve their problems based on the offerings that we have. The other important thing is the pricing. As we discussed, we are also looking at the SaaS model for our platform. So moving from license fees to SaaS offering, how can we do that so that some of these use cases that are already required in the market, we can offer our platform to these use cases as well? Channel partners, we have seen that some of the implementations that we have done, there was a need for channel partners to be in place. These channel partners bring advantage of the local requirements, the local interaction with the regulators, and that's why these partners are very important. And we're going to grow with our partner lists around the globe so that we can increase our implementation as well. And lastly, as I said, new use cases. All the top three ones that we are already doing, but you see the other ones also, like cyber risk and crypto monitoring also, crypto assets monitoring also, there also a lot of data is getting generated. So we are planning to implement our platform in all these use cases and expand the use case for implementations. Looking ahead, iFILE 2.0, as I said, we are going to come up with iFILE 2.0 with very much focus on the AI automation in that. And also, we are going to move from, let's say, a server-based implementation to a cloud-based offering so that the SaaS pricing can come into the picture, and that will help us with the faster implementation that we wish to achieve. And then there are some new models that we have also built, invoicing and payment modules. So that is also in the offering. It's a new feature that we have already implemented in some of the implementation, but we will be offering in the future. Now, what is the upcoming opportunity? The immediate one is the ESG offering. I think there is a lot of rollouts happening in the world in terms of regulations for ESG, requirement of ESG, and that's where our focus area is also about to have ESG implementation. Then, as I said, risk-based supervision is also a much deeper supervision for central banks. There are softwares required there also. That's another area and the last one, very important one that I want to focus on, is the integrated disclosure platform. We have supervisory technology, which is enabling or helping the regulators with supervision, then we have regulatory RegTech, regulatory technology, which is helping the entities submit the data to the supervisory agencies. We are trying to bring them all together so that even the regulators and the entities, they are using a common platform and enhance their supervision in that sense. With that, I will end the session, and we are happy to take any questions if you have. Yeah, thanks, Rahul. The format we thought we could follow here is after each business segment presentation, we can maybe allow a couple of burning questions. Of course, there will be space for questions after the whole thing is over. But if you have questions which are in the top of your minds, please feel free to shoot. We can answer a couple of them, then go to the next segment presentation. Yeah, so there are mics which will be floating around, and please feel free to ask the questions. Hi, sir. This is Siddhartha from Caprize Investment Managers. So my question is, how big is the TAM for this particular segment? I'll take a shot at it, Rahul. See, there are multiple numbers which are being talked about in the market. We just have to keep in mind that each country has at least 10 critical regulators, and each one needs to implement a full-fledged platform going forward. And there are tech refresh, and there are multiple domains within each regulator. I would say that I would not want to put a very precise number, but from our size point of view, I think it looks very large. I would leave it at that. Who are our competitors, sir, in this space? Let Rahul answer that. In this space, I think we have also a slide there. The main competitors are CoreFiling, Regnology, and Fujitsu. They have greater presence in Europe, but we have stronger presence in other regions. Those are our main competitors in terms of supervisory technology. What makes our product different from them? The last point, which is integrated platform. A lot of these software or the competition that we have, they have taxonomy development separate, and they have platform separate, software separate. But in our offering, we are bringing all together. So it's like one-stop shop for any regulator, and they would want to probably go with the vendor which is of fering everything together rather than having different vendors for different models. Thank you, sir. Thank you. Yeah, yes. You don't have any developed market like mainly in this region. Any reason why you're not able to get to that level of management? So, I mean, so there's an implementation there we are constantly. Yes. No, no. There are other developed markets as well for me. So that's the issue. Is it chicken-and-egg situation in one sense? We are trying to break it anyway. So one is you need a referenceable customer in the same developed market before you go and bid. So this has been a block that we have faced in the past. But I would say that we are close to solving that. Okay. But the fact remains, we need to make an entry into Europe as the regulators are concerned. Okay. And I think we are not very far away from doing that. That's what I would say. Is there anything in the pipeline which you think will close in the next six months or so? Okay. Hard to say with any degree of certainty, but there are balls in the air. I would say that. And we are closer to doing something in those markets than we ever were in the past. Sir, are you working for the Income Tax Department also? No, we are not. We are not working for the Income Tax Department at this point of time in India. We do some work for HMRC on the entity side, enterprise side in U.K. But so the AS26, which comes, is absolutely lousy. So I thought if you are making it, I can ask you. Thank you. We would require all your recommendations because we feel a lot of things can be done, which can significantly improve the experience. But I think we are running out of time again, so please feel free to come back with your questions. In the meanwhile, let's move to the RegTech segment. Thank you so much, Balu and Rahul, so they spoke about the first business segment, which is supervisory technology. We'll switch gears now to the second business segment, which is RegTech. Supervisory technologies are B2G business where we work with government entities. The RegTech is our B2B. Excuse me. Thank you. you. It's our B2B business line. When we say RegTech, just to set a little context, because RegTech is a very big word. And when people look at RegTech, there are various things in the RegTech market. So you can have risk management, identity management. There's lots of things in RegTech. We are in the space which is reporting. So we are in the financial reporting. That's the space of the RegTech market that we are in. So just to keep that context in mind. Now, I think, sorry. So I think within the RegTech, and I think Swami and Rahul both spoke about these data standards, right? Like XBRL, etc. Now, when you look at the enterprise side, they need solutions and tools to create these XBRL or whatever, data standards. They need solutions to create that and file with the regulator. So these kinds of reports that need to be filed with the regulator, there are two broad segments. One kind of report is extremely structured. So if you typically take a look at a regulator as a central bank, the kind of reports that banks need to file, it's largely very structured, data-driven, high-frequency, let's say daily, weekly, monthly, fortnightly, etc. Highly confidential. This kind of data doesn't go out. If you take RBI, the data will go directly from the bank to RBI. It will not go to the rest of the world, basically. So in this kind of thing, we have a solution which is a system-to-system solution implemented on-prem within the banks, let's say, which sits on top of the banking, the central data repository, the bank's data repository, and which will convert the data into the format that needs to be submitted to the regulator. Yeah? So this is one subsegment, very structured, very well-defined, high-frequency. It's configured, sits on-prem. So here, we have a solution that we call IRIS Ideal. The other kind of reporting that is done is unstructured. Unstructured, flexible, fluid. Think of a capital market annual report, for example. You'll have data, you'll have numbers, you'll have text. Every person's report will be different. Needs more human intervention or human oversight as well too in such a kind of a report. In that kind of a report, we have a solution called IRIS Carbon. So IRIS Carbon is a SaaS cloud product which is currently leveraged by many companies across Europe, North America. My colleagues will talk about this, but I'm just trying to set the context that if you take a look at the RegTech space, think about it as enterprises, think about the reporting side, and think about two products that we have in IRIS. One that typically is within BFSI and sits on-prem called IRIS Ideal, and the other one which is IRIS Carbon, our SaaS cloud solution. Now, just a little context on IRIS Carbon. While it started with the digital transformation, now, let's say you go to a country, the regulator says, "Give me data now in this XBRL format." Carbon started by helping enterprises convert their, let's take annual report as an example, into that format, XBRL format. Like I said, it needs human oversight. It needs reviews, audit trails, those kinds of things. Over time, we actually decided to move backward deeper into the CFO's office or into an adjacency, which is not just about that last-mile XBRL or iXBRL, but actually about the report creation itself. So if you think of an annual report, or I'm taking annual reports as an example, any kind of report, basically, highly collaborative, a lot of human touchpoints, and therefore, IRIS Carbon moved backwards into actually helping with report creation. So now this takes it beyond XBRL because report creation can be internal reports, external reports, any kind of reports. And we took it one step further, not just reports for the CFO's office, but with ESG or sustainability becoming huge, leveraging Carbon to create specific modules for sustainability reporting as well. So with that context set and knowing that time is a little short, I'll request my colleague, Servo, to talk us through both the IRIS Carbon and the IRIS iDEAL enterprise segment B2B. Thank you. Thanks, Deepta, for setting context. I hope you all are taking notes. There's a quiz at the end. It's a KBC quiz. I'm joking. There's no quiz, but do take notes and feel free to ask questions at the end. Okay, so we're going to start with carbon. That's where Deepta left off, and we're going to go one step deeper and talk a little bit more about that. So first thing is IRIS Carbon is a SaaS solution. It's not an on-prem solution. It's a SaaS solution that helps the office of the CFO do two things. The first one, as she mentioned, we collect information. We structure the information that is being provided to the regulators for the companies. The second thing we do is we generate internal and external reports, which is what we call disclosure management. So we're going backward in the value chain and helping prepare these reports for the office of the CFO. So at a very high level, this is what IRIS Carbon does. So through this, the next 15 minutes, I'm going to tell you a little more about IRIS Carbon, the journey, who are our competitors, what gives us the right to win, and what's our execution plan. So moving forward, a little bit about the journey. So we started off in 2009 with one regulator, sorry, with one country, which is the U.S., with one regulator, which was the SEC, one taxonomy, which was the U.S. GAAP, and one format. So humble beginnings very early, trying to find the right product-market fit. Over the course of the last decade or more, what we've been able to do is establish the right product-market fit where we are able to serve multiple formats for multiple countries. So after the U.S., we've implemented Italy, U.K., South Africa, and about 27-odd countries in the EU. We're covering multiple taxonomies, which would include the iXBRL, the IFRS, and the U.K. GAAP, and multiple regulators we are helping do the reporting for, so for example, there is the Federal Energy Regulatory Commission, which is in the U.S., and we are helping companies file for the FERC mandate in the U.S., so what happens once we've helped collect the structured information and submit it to the regulator? What's ahead for IRIS Carbon? There are two parts, as we discussed. One is moving up the value chain, which is the disclosure management, and the second is the new buzzword that everyone's talking about, sustainability, so ESG reporting, so working with sustainability teams across organizations to help prepare and submit the reports, so if we talk about where we are as of today, what problems are we solving? I'm going to say we are streamlining the processes for the office of the CFO to do the following things. The first thing is the data sets are scattered. So think about yourself or any finance team. What they do is there are emails that have Word documents, Excel sheets, and they are on local laptop machines. So data is very scattered. To get that to one place is important. The second thing is once the financial report is prepared, the auditors need to come and check what has changed, when it has changed, and who has changed. But there are no audit trails. The third part is because these are such large, complex spreadsheets. Oops. Sorry about that. Because these are such large spreadsheets, information flowing across spreadsheets, Word documents, it's important to make sure that the information that is flowing needs to be consistent. If you update the revenue number in one place, it needs to be updated across the board. Because of all these delays, what ends up happening is there is a latency effect or inconsistent information. Information is flowing late, and it's not consistent, which leads to the most valuable thing we have, which is time. Time is the most valuable thing we have as of today. This whole process takes a lot longer because it's manual. Because we are up against time submitting it on time, it leads to a lot of chaos last minute preparing the complete report. These are some of the problems that exist as of today. Are we the only ones solving? Probably not. There are a lot of competitors over there. Let's look at whom are we up against and how do we differentiate ourselves. So while building the product and over a period of time thinking through, we came up with three parameters based on which we should be evaluated. The first is Microsoft Office 365-based product. All the finance teams are extremely comfortable using Microsoft Office tools, your Excel spreadsheets, your Word documents. So the product needs to be based off that. If you look at the landscape as of today, there are a couple of big companies like SAP, which is an ERP, has a solution, which is Microsoft Office-based. There are some service providers and product companies like DFIN, Toppan Merrill, LucaNet who have an office-based solution. So we're not the only one doing that. The second parameter that's important for our buyers is it has to be cost-effective. Here is where things get a little muddy. The landscape is very cluttered. There are a lot of small service providers and product companies which are providing cost-effective solutions. They're not office-based, but they are cost-effective. The third parameter, which is most important, this is the number one reason why companies buy software is because of trust. So if you look at the satisfaction ratings, that is one of the most important parameters, and we need to have a product which is something that our customers can trust. So if you look at G2 and Gartner ratings, we are pretty high. We'll talk a little bit more on that. But Workiva comes up as a product that their customers trust. Now, if you look at all these three different parameters, there's only one organization, one product that helps our customers report information accurately, which is, if I have to summarize, we are the only Microsoft Office-based financial reporting platform that is a market leader in G2, Gartner, with the highest customer ratings, yet cost-effective. In all this, we are the only one. This gives us a differentiator compared to any of our competitors. Now, if you think about some of the key SaaS metrics being a SaaS product, we need to think about some of the key SaaS metrics. There are many SaaS metrics out there that you can look for and evaluate companies on. We've taken three of them, which we feel are important for now as a part of this discussion. So the first is the customer satisfaction. Like I said, it's a compliance software. Trust is the number one factor. The second is the net promoter score. How often is someone going to recommend your software to their friend or within the organization? And the third one is, if these two are right, how much of your customer base can you retain? How sticky is your product? So if we evaluate ourselves on these three parameters, the scores that we have received are 96 on 100 for the customer satisfaction. On the NPS, we score 92. By the way, the gold standard in the B2B SaaS industry for NPS is anything over 50 is considered best in class. We scored 92. And the customer retention, anything over 90 is best in class. We're at 92%. So from a product perspective and from a trust perspective, we are doing excellent. Along with that, there is a third party, which is neutral, that evaluates the quality of the XBRL reporting or the information is being accurate or not. In terms of quality, for 20 straight quarters, we've been ranked number one by a third-party company. This gives us a lot of confidence compared to our competitors that the work that we are doing is being appreciated by the customers because the quality is high and our service levels are extremely high. Moving forward, if I had to summarize, we are in over 35 countries. I just mentioned we are number one in XBRL quality. This is fresh off the press. It just came in this week. These are some awards that we won, which were for best functionality, best customer support, best ease of use. This makes the product sticky and gives a validation that our product is doing well. And then again, these are a few awards that we won over the course of the last one year from G2. Now, if I talk a little bit more about G2, the way G2 evaluates organizations are on two parameters. So on the horizontal axis you see over here, that is satisfaction. The further right you are on this axis, the more satisfied your customers are with you. On the vertical axis is the awareness or the presence that you have in the market. The higher up you are, the more customers or prospects know you. So our number one competitor there, if you see the green W on the top, is Workiva. They are very well known and very highly appreciated. Just for reference, they are a listed company in the U.S. They're probably over $600 million in revenue. They're not profitable, but they're valued over $6 billion. If I think about IRIS Carbon, we are performing extremely high on the customer satisfaction. We need to go out and create market awareness. A quick snapshot of some of our customers. What you'll notice on this screen, obviously, there are some logos you'll probably recognize in here. We operate across different sizes of organizations globally. So we've got the large enterprises, the ones in the center. So think of Eni, which is one of the largest oil and gas companies in the world. Renault, a lot of us may have driven a Renault car at some point in life. Colruyt is one of the largest FMCG retail organizations in Belgium and Europe. BMW needs no introduction. Reliance, we're sitting at the Reliance Convention Center, so I don't need to talk too much about that. GRU is not the Russian agency that you might be thinking. This is an energy company based out of the U.S.. They are customers of ours, of FERC. In fact, a lot of customers that we have acquired in FERC are customers who moved away from our competitor, Workiva, and to us. And then, of course, there's Bidvest. So key takeaway over here is lots of customers across different sizes, but a lot more to be acquired. This is a partial list. So how are we looking at the future? A lot of questions come around. What do we look at as our total addressable market? So we started off as structured mandates or structuring data and providing it to the regulator for our clients. There's a lot more that's coming in. There's the business registry and capital markets that we've already done. But there are state and local government reporting that's coming up very soon in the U.S.. There is, of course, the phase two of the energy reporting that I already mentioned, and sustainability reporting, as we heard earlier today, is going to be the next big thing, so there's structuring of information that needs to go back to the regulators over there. However, that's not the only market that we are addressing. You already heard disclosure management, so going back up in the value chain, helping our customers prepare the reports, the financial reports that they submit to the regulators. That's about 74,000 companies, and then finally, we have the ESG or sustainability reporting, which is a very large market by itself. There are about 50,000 companies in Europe who have to report this information over the course of the next two to three years. There are probably 5,000 in California alone and 5,000 in Australia who have to do this within the next couple of years. So in the near term, we're seeing a lot of requirements coming from these organizations having to report ESG information. But what gives us the right to win? Why do we feel we should win? I'm going to talk about a few things. The first one is, as you've already seen, the product has matured over the course of time. It has been tried and tested, and the customer satisfaction scores speak volumes for itself. We have a reasonably large customer base that we can go back to, gives us an easy entry point, opens up discussions, and has the ability to sell further. The way we have built the product, if you notice, or as a part of the conversation, it's a single code base. Step by step, we have kept the core the same and built for different mandates over a period of time. That makes it scalable. When I talk about agility, what this means is there was a recent mandate for the ESRS that came out. The mandate was rolled out on a Friday evening, if I recollect correctly. By Monday morning, our product team was ready, and we were already talking to clients who needed to report for that. So that's how quick our product team is able to move and deliver products to the market. We are using a lot of AI and automation in the products, and then finally, not only are we talking about multiple languages in Europe, so that is one of the key things. Europe is a large place with multiple language requirements, but also the regional requirements around reporting. For example, in India, what might be a comma in the U.S., or sorry, in some countries in Europe, it might be a decimal point, and in some other countries, it might be a space. So those kinds of nuances are there as a part of the solution itself. However, as much as we have a great plan, it does not add a lot of value unless we are able to deliver to the plan. So how are we going to execute? So if you think about the pillars of execution, I think the first step in that is getting the org design right, getting key people, top players across the board. We're already working on that on our hiring front. Certain areas within the product need highly functional knowledge. So we are hiring people with that specific functional knowledge. And then we are creating dedicated teams to do dedicated tasks. So for example, probably back in time, quite a few people from sales, marketing, and across the board were sitting and doing cold calling versus we created a separate team whose only job is to do cold calling and generate leads. And we've seen a phenomenal growth in being able to deliver on the outcome by having dedicated teams do that part. So in the same way, we are going across the organization and identifying how do we have the right team structure in place. The second part is we need to be able to go to market, have a clear strategy and execution plan for the sales and marketing teams. What that effectively means is there has to be the right segmentation and focus. So within Europe, whom are we going to go after? Why is that important? What product do we take to the market? So having a targeted approach is the key over here. We've increased our average pricing by quantifying the value and having a strong reason of why the customer should pay us higher. This has increased our average price that we are selling at, average selling price. And then one of the important things that we've understood is it's important to have regional people who speak the local language to sell to that audience. That would be a combination of both direct as well as partners. The next part in the execution strategy is having the right product team in place, having the right technology. We've invested heavily in AI and automation. As I mentioned earlier, we already have a single code base. And as a part of our DM offering, ESG is also part of that stream. So that's important to keep in mind. Finally, we need to have execution. So we've already started the process of building playbooks and processes for each team. We are using a data-driven approach. If something is wrong, why is it wrong? Narrow down the problem, solve the problems using a data-driven approach. The rigor comes in through the daily, weekly reviews. And the most important thing to grow fast is going to be the speed and accuracy of both decision-making and execution, which we're already doing as of now. So if I have to summarize, it's a large market opportunity. I already mentioned one of our competitors who's probably reported over $600 million in revenue. Not profit-making, but still valued over $6 billion. We just need a slice of that. It is a SaaS product which makes it scalable, and you've already seen the stickiness of the product. Once your customer base trusts you, they don't switch so quickly. Because of our existing customer base, we have a low customer acquisition cost to go back and cross-sell products. And then the revenue from this SaaS model is both recurring as well as predictable. So if I have to use three words to summarize, it's a high growth potential. Now, with that, I'd like to pivot to the second part of what Deepta mentioned, which is Ideal. Now, Ideal is not a SaaS solution. It's an on-prem solution, as we discussed. And the reason it's on-prem is because it's complex data. It's high-volume data. And the frequency with which this needs to be reported is much higher. So there are weekly, monthly, quarterly, yearly pieces of information that need to go from the BFSI sector to the regulators. So for that reason, this is an on-prem solution. Now, I'm going to talk a little bit more about this. The reporting requirements are complex for Ideal. The data needs to be without any human touch, go directly from a bank to RBI. So that needs to be automated. The data across all different banks, for example, needs to be standardized. So the same information is going from SBI, or the same structure of information is going from SBI, and the same structure of information is going from, let's say, ICICI Bank. Versus what we were talking earlier for Carbon, different companies have different sets of information that they will report in their financial reports. So in this case, this needs to be standardized. The reporting needs to be on time. So there's information that needs to go weekly. There's information that needs to go monthly. There's information that needs to go quarterly so that decisions can be made very quickly. The data needs to be validated, as we heard earlier in Rahul's presentation, and then the deployment, because the requirements are going to evolve over time by the regulator, the deployments need to be flexible based on what requirements are being deployed. These deployments need to be flexible, so what does our product actually do? We provide an end-to-end automation, so there's no human touch. The information collected and sent is seamless and accurate because there is no human touch. The validation needs to be done within the product itself, so the product helps validate that information and send. Across reports, the information needs to be consistent, so for example, if there is a revenue of, let's say, 50 crores in one document and it becomes 500, that raises a red flag. Then there are people who can go back and check what happens over there. So that consistency needs to be there across the board. The implementation needs to be quick. Obviously, regulators need information yesterday. So we have to have the ability to implement fairly quick. And for our clients as well as the regulators, they need to have dashboards that make sense that can help the m take the right decision, right? I'm going to end very quickly, a couple of last slides. So over here, what's important is to give you a sense of our client base. There are two key takeaways here. Out of 115 banks in the country, the first line for the RBI, 106 are clients of IRIS iDEAL. Keep that in mind. The second important one is we have about 22 corporate banks who are also clients. There are a number of regulators that we work with, which we can obviously see on the screen. These are some of the logos, again, partial list of our client base. Out of 115, 106 are customers. You can see the green pie over there. That's about 92% of the market share. With that said, I'm going to pause and open up for questions. Thank you so much, Servo. Sorry, I forgot to introduce the speakers. Servo actually joined us back in the end of February, beginning of March to help drive growth and sales for our enterprise SaaS businesses in the international market. Servo comes in from a background of companies that have been in the SaaS space, selling to the office of the CFO, and that have actually scaled to about $250 million ARR. Close to 300. Close to 300 million Close to 300 million ARR. Joined when they were close to 20 million, sub 10 million. So I think he's been part of the growth journey. And clearly, kind of enterprise SaaS sales, it's a game of rigorous execution. So when I talk to kind of my friends, and when I talk to where we are, I say what we've achieved is, in my mind, a very good proof of concept because we've got the customers, we've got the ratings, we seem to have nailed the product. Now it's about how we're going to scale. So I think the journey has begun. It's kind of interesting and exciting. So I don't know if we have time for questions. Can we take two questions? Sure, please. One in front here and one at the back. We'll take two. So hi there. So could you just give us our market share of IRIS Carbon in India? So, actually, IRIS Carbon primarily is targeted at the international markets where we are selling to the in Europe, in North America. In India, we do have a customer base, especially for our tax tech business and even the MCA kind of. And we have, I think, the top 1,000 customers would be our customer base in India. Our new disclosure management, which Sarbananda talked about, this Office 365 base, and when he talked about the kind of land and expand or the cross-sell, that will become a potential market to whom we can cross-sell or upsell our core disclosure management and our ESG solutions. But at this point, we are targeting pretty heavily on the international markets. Thank you. Deepta, I've been a shareholder for more than 10 years now, and I always believed in the team and the capability with the company has. Thank you. And when I look at the client list, it only reinforces my confidence. But it doesn't, unfortunately, reflect in numbers. So can you what does it indicate? Are we being preparing for all these years? And will the numbers look much bigger than what they have looked in the past? And if you can give while guiding is difficult for three to five years, can you give any kind of aspiration number where this company could be in five years from now? So Madhu, the aspiration number I'll leave to Balu as a CFO. But please don't. But let me just come to your first point as to the customers look large, but the numbers. I think Sarbo referred to a point earlier where he talked about the execution strategy, and he talked about pricing. So one of the things that he talked about pricing and playbooks, if you remember. So one of the things that we were doing in the past and that we are beginning to do differently now is the way we are approaching pricing, pricing strategy, and pricing decisions is very different from what we were doing earlier. So it's only just begun, Madhu, but it is. We have enterprise customers and smaller customers, right? Large to small. So instead of doing a pricing that we throw out, we actually do discoveries, create the value in the customer's mind, and price appropriately. So for example, some of the deals that we are now beginning to close, like I think Sarbananda spoke about, Eni, the energy company in Italy, we are able to sell at multiples of what we have been selling in the past simply by getting the processes right. Definitely our direction, our kind of where we are headed is to go up the pricing curve, which we are already doing, by the way, with the cross-sells that we have started rolling out. In terms of where we land three to five years, Balu? And I ask this question with utmost sincerity, honesty. I don't know. I've been an investor for a long time. I don't know of too many companies which can boast of this kind of client list. And again, going up to the length and the breadth, not only in India but across the world, but still the numbers are not adding up even in my mind. We hope it will. I mean, we're on that journey right now. I think the logos are very impressive. I think, like I said, this talks to trust, and therefore it talks to what I call a very good POC. Matlab, is saal jo ragdaate aayenge. I think it's a very good POC that we know how to kind of deliver. We know how to build the trust. What we need to know how to do is to scale, to get the operating leverage to kick in, to price right, to execute the playbooks. And I think that's what we're in the process of doing right now. Do you think is there any constraint before Balu comes and answers the question of aspiration? Is there any real constraint in terms of scaling? Is the manpower an issue? Is the money an issue? What is the constraint which you have faced in the last three, five years? In the last three to five years, it could have been issues around the funding. Now, I think we're putting our pieces in place. It's just executing. We know reasonably kind of what to do. I think there was a slide where I think Sarbananda alluded to hiring an A-team across all of the different functions, right? Not just sales and marketing, but let's say product, customer success, the entire thing. Or he talked about hiring people on site. I think you used some word, which is kind of in-region hires. In-region hires, for example. So we are beginning to do kind of all of those as well. The good news is that when some of these things that we are starting to do, the way we are doing it is putting some elements in place, tweaking it, because you have to know what will work in that, right? I mean, if we take in-region hire, just as an example, if we hire five people in the European region or six people in the U.S. market, just simply hiring might not work. So we are actually calibrating, hiring, tweaking, figuring, and understanding what makes it work, and then scaling. So the same thing in the marketing, where I think Sarbananda alluded to the point that we are now understanding how to scale. So the funnel that we see now is significantly larger than before. So I think it's just a question of getting the elements in place quickly enough, and that's what we're doing. Balu, you have the last. No, I don't want to add much, except that we feel the game is just starting on the disclosure management and ESG reporting space globally. People were not doing it on the SaaS platform in the past for disclosure management. Now it is coming in a big way. So for us also, we are entering fairly early. And if you look at some of the markets where we entered, like in Europe when the XBRL mandate started, and we entered, and we have about maybe 8% market share, 7% market share. So as this market grows, we don't see any reason why we should end up with a very low market share. We should have at least 7% market share and up. Aspirationally, that will lead into many millions of dollars. But the game is just started, and competition is there. I wouldn't say that it is a very easy playground for us to go and score goals. There is competition, but I think we are well poised. That's what I would say. And the past is, I would say, just getting the whole thing in place. Let me try my luck last time. In stock market, it's all about numbers, right? Qualitatively, it is very visible in the last one year what you have achieved. You have to have some aspiration, like where we are today will be 10x, 20x in the next five years, 5x, 3x. At least, and I'm not looking for guidance. At least you have to share aspirations so that at least we know what the path you are talking about, right? Let me try one last time. See, if you look at the initial years after IPO, we grew at about a 20% rate, of course, on a low base. Now we have moved to about 35% growth in the last one year, and I see no reason. I would be quite disappointed if you are not able to clock on an average basis growth rates well above what we have been doing in the past or well into the next 5-10 years, I would say. And that would give us a number which I think is quite decent. Okay. I'll just make one more small introduction before we go into the next act, so to say. So this TaxTech business, IRIS. It's a very clear adjacency to what we have been doing in the past, where we work with handling complex data for enterprises and giving it to regulators. In tax tech, we primarily work with transaction data. If you look at the genesis, this business, this happened along with the introduction of the GST regime, where GST came in and they wanted to build a network where companies can come and get data back and forth. We came in as one of the licensed providers, what is called the GSP. We were part of the first cohort which got qualified as a GSP. We came in 2017. From there itself, we have played a very active role in the ecosystem. If you look at the kind of people, many people are dropped out, but there are about seven to 10 people who are of some size. We are one of them in the GST tax tech space. We have a really good set of marquee customers, which again is adjacency. If you look at the other pieces, we have an offer for CFO's office, which we want to roll out in India as well, which is a disclosure management ESG reporting. We work with many large companies in the indirect tax reporting space. The good thing is this area where we entered as a domestic play. What we are seeing is there is a market which is emerging globally as well because e-invoicing as a concept, not so much complicated India-specific tax reporting kind of mandates, but e-invoicing is coming into vogue in a very big way across countries because people feel that that can plug the revenue leakage. So we have made our first foray into Malaysia as an e-invoicing solution provider. And the whole stack is now looking quite promising, even other markets as well. But before I expound on that, I'll get Vaishali Chheda. She is one of the key architects of our product in the GST reporting space. She's a chartered accountant, but you'll see her fiddling with Python scripts once in a while. So she's equally home with technology as well. And she'll quickly take you through what we have on offer in the tax tech space, which we feel is a strong adjacency to our overall bouquet. Over to Vaishali. Good evening, everyone. So I'll quickly just give you an idea about what is the product stacks that we offer in the tax tech segment. So tax tech is carved out of RegTech separately. It not just has solutions around tax compliance, but also adjacent solutions around improving the business processes internally. So all the businesses in India may have multiple GST registrations. So for each GST registration, they have to do monthly compliances. That's where our solution, IRIS GST in India, helps the businesses do all the mandates that have come in with respect to indirect taxes, be it GST compliance or e-waybill generation or e-invoicing. So the platform is used by large corporate houses, and it isn't though these mandates have come across over different years. However, a single platform is needed because the underlying data that goes in each of these government systems is the same. The same invoice goes for e-invoicing, same invoice goes for e-waybill, as well as when you do the GST filings, it's the same invoice. So integrated platform helps to keep the source data same, and all the compliances get met. The main features that the platform offers is it can connect to any ERP source system so that the data gets directly transferred from the source systems to the final GST, the government. Now, if we look at e-invoicing, as Balu Sir mentioned, we have global opportunities arising, and we went live with the Malaysia e-invoicing platform. This platform was kind of repurposed from the India e-invoicing solution itself. So it was like the platform is the India platform was built in a scalable model. Now it is now there in Malaysia. Now we are also looking at other geographies. So this e-invoicing now in Malaysia also, if you see, it is just the first phase that began in August. Now the second phase will begin from 1st January, where we will again have new businesses that we can kind of target. And then all the businesses in Malaysia will go live from July 25. So we see a lot of scope in Malaysia itself, and also we will be trying to cater to different other geographies. Beyond tax compliance, what we see is the use cases emerging now, so much of data being present and so much of digital trails being present. We see a lot of use cases coming in from our existing clients itself, because now GST is so complex that there are so many notices coming in, and people want to track those notices, create corporate memory for the same, because if you look at the way cases get closed, a lot of years go by before that cases close and teams change, so it acts as a corporate memory for tracking invoices, and we also have tried to do an AI-driven auto case creation. I'll be speaking about what we are trying to do with AI at the end in LMS specifically, but that is what the Litigation Management System will help the corporates manage their notices. Then there is another use case, which is from the accounts payable side. Now, due to e-invoicing, a lot of transactional data is already available with the government. Now, that data itself, even before the supplier sends invoice to you, you can get that information from the government. So you can automate your purchase data through using the e-invoicing. And wherever e-invoicing is not applicable, those suppliers' PDF invoices also can be scanned, and then the automation can be done for the purchase registers. And in the end, it helps the companies to make their payments to the vendors timely. Now with GST, there is one important thing that they also need to do before doing payments is to check whether the vendor is a compliant vendor or not, because unless he's compliant, I mean, I'll not get my input tax credit, as Swami Sir mentioned at the start of the session. That is very important. What this solution does is it has all the checks in place. Even before doing the automated purchase entries, it checks whether the vendor is compliant or not. That is what accounts payable automation system is. Third is the Tax Cockpit solution for the finance teams, essentially to report to the CFOs. They need quarterly data that comes in in a presentable fashion, as well as they need it for their own monitoring purposes. So with Tax Cockpit, major, what we are trying to do right now is use all the indirect tax data as well as some direct tax data to create a Tax Cockpit for the finance teams. So Balu Sir already mentioned we are an authorized GST provider. We also got an IRP license because of the type of the solutions that we give to the clients, as well as with so much of years of experience within the GST ecosystem, we have also got private IRP license. We have also got various awards in 2021, 2022 with respect to best tax tech. We have large corporate houses. 1,500+ clients are using our platform. 5 million invoices monthly are being generated from the invoice registration portal. These are some of the marquee clients, and most of these clients have a long-standing relationship. These are there since the start 2017. Some of these logos are new, which is iPay88, Rubberflex. These are all Malaysian clients who are using our platform for e-invoicing, Amkor Technology MSC. These are all Malaysian clients. Now, talking about emerging opportunities, what we see it is across both the places. One, within the core tax compliance itself, whatever platforms we already have, how do we kind of scale those? So it is completely dependent on the regulatory mandates coming in. If the e-invoice scope gets increased or the government introducing new compliances or new mandates, a recent example, government introduced one more system, which is Invoice Management System recently, which we had to then integrated as a new solution inside the platform and made it live along with the government making it live. Then e-invoicing, as we said, we did already for Malaysia. Now we are also looking at Singapore and UAE. Singapore is coming in 2025. The mandate will be live in 2026 UAE, so we are studying the standards and stuff, and then we are also planning to go global for e-invoicing. With respect to new products, we are also exploring what all can be done for direct tax compliances, TDS reconciliation. Of course, these are again the use cases that are coming in from the large corporate houses where we are already present, and there is a problem that they are facing currently, even with all the solutions available. There is a real challenge in those type of reconciliations where we are trying to see if we can basically give some solutions on that. And beyond tax compliances, if you look at the accounts payable automation module that we are trying to build in India for India market, we are also seeing traction from Malaysian market. We have been giving demos to even Malaysian clients, and there is a lot of interest that they are showing, so we are also trying to see if we can repurpose the same because everywhere accounts payable is something that would be a common thing that everyone does. Only the mandates are different there. Somewhere it would be GST, somewhere it would be VAT, so we are trying to see that we can repurpose all these solutions for different global markets, and in terms of new products, what we are doing in tax beyond tax compliances, we are also now looking at accounts receivable. We have done accounts payable. Now we are also seeing if there are emerging opportunities and exploring the accounts receivable automation, and we want to expand the Tax Cockpit to CFO dashboard. So like even Deepta ma'am mentioned, right, in XBRL also, there is something for CFO's office. We want to have a common CFO dashboard which will go across all the mandates, across even the internal reportings that they do. We want to build something on that and data applications so that we will cover in the DataTech segment. There are certain data applications also that we are building on tax tech. Tax tech, what we see mostly the key drivers for this segment is the regulatory mandate being first. Also slowly, the businesses are also now understanding that it is not just compliance. It is also for their own internal improvements because with the data being digital, they can also improve so many business processes within their company. With a lot of automation technology and AI coming in, we definitely see all tax tech solutions with AI leveraging AI in tax tech would give a competitive edge, is what we feel. And with respect to AI, what we are trying to do, as I mentioned earlier in the litigation management space, we're trying to create an intelligent legal assistant. Now, what does this mean? So you all must be already knowing what does a legal advisor do, right? So whatever notices come, he has to read through the notices, then find out the data that needs to be submitted to the government. Then he has to analyze all the acts and then make the reply. So what we are trying to build with legal assistant is leveraging LLM models that generative AI provides. We are trying to do all those steps with an intelligent legal assistant who can do data extraction, find out what is the data is needed, can connect to the source system from where the data can be extracted, and then analyzing the various laws, so here, the LLM models are built so that it can take in all the acts, be it GST Act, Income Tax Act, and also in case there are previous judgments that have come in for similar cases, etc., so that is what we are trying to build the LLM model into, and based on that, then drafting a reply, so this is what we are working on right now, which we feel is very important. These are some of our existing Litigation Management System clients, and they are, of course, very excited about the AI assistant, so yeah, so that's it. I will end over here. So that's it from my side. Any questions? Yeah. Again, if there are any burning questions, we can take that or we'll move to the next section. We are running ahead, running a little delay, obviously. Any questions, anyone at this point of time? Okay. Let's go to the next session. Sure. So I think Madhu's one handpicked husband. He does not have a single share in the company. His wife does. So his wife has sent him here to grill us. So let's be clear about that. While I get to the next part, I'm going to answer some of the questions you asked. I'll use the example of Rishabh Pant. Rishabh Pant got into an accident. They almost gave him up for dead. In 2017, we got into a situation where people had given us up for dead. Madhu underwrote a right here, and that's how we survived, so he has a right to ask the question that he asked, so now, when Rishabh Pant came out, nobody thought he would survive. Two days ago, he's become the highest-paid player in IPL for the potential that he actually has. When a company goes through a crisis, it's difficult to break free by doing the same thing over and over again. The recruitment of a Servo, for example. Ultimately, it's the people in the company who change the fortunes of a company. Until now, we have done what we could do with the limited resources that we actually had, and incrementally, we went with feet on the street, calling on customers. We got a reasonable market share in Europe. We got a reasonable market share in the U.S. energy market. Now that we have a set of marquee investors, so the investment that Madhu made in the company in 2017 has got us this far. Now, the new capital that we actually raised, along with, again, with some marquee investors, will allow us to literally catapult into a different orbit altogether. What do we have? We have referenceable customers. Renault is a customer. BMW is a customer. Reliance is a customer. Bajaj is a customer. Larsen & Toubro is a customer. Thermax is a customer. So the base, the customer base has been built. RBI is a customer, yeah. Huh? RBI is a customer. And RBI is a customer. But RBI [foreign language], Mr. Das is not listening. [Foreign language]. I think it's a hugely respectable client, and they've opened doors for us. When Servo came in, and I remember when Deepta was talking to Servo, where is Servo? Servo's disappeared. I think he's hopefully gone out to get some business. I hope. He took the company that he was working for, probably about sub 10 million to 300 million. I think what it takes to get there is a mindset, the confidence. Many of us grew up in an era. Parimal and I used to play cricket together. We grew up in an era when we did not think India could win. Look at what happened two days ago. That comes from self-confidence. Having money is not enough. Having the confidence is very important. I think Deepta gave the example of how we are now taking our customers from paying X amount of money to a multiple of X by offering additional hooks. So the growth will happen by doing more for customers and by bringing in more customers. All of us, and it's all so what has happened in the last seven years is consolidation. What has happened in the last seven years is establishing our credentials. This is the first time Madhu's company went for us in seven years not come. So we have now reached the stage where we have the confidence in our ability to get to the next level. And confidence is half the battle. When you back it up with resources, which we now have, to whatever extent, you can never have enough resources, right? Our competitor is sitting with $100 million in the bank account. We're sitting with about INR 40 crores-INR 50 crores in the bank account. So there's no comparison. You can't really compete with a competitor like that on money. But you can compete with them on ideas. You can compete with them in other ways. So we know how we are different. So when it comes to aspiration, if you want to make a projection, you need enough historical data. Without historical data, you can't make a projection. Do I have an aspiration? Yeah. I can say I want to become a thousand-crore company in five years' time. Somebody will laugh at me whenever I say that. Somebody may not laugh at me if I say that. I can have any aspiration I want to. We don't have enough data to basically, if a follow-up question comes saying, how will you reach that number? We don't have enough data. What we have started doing is to start establishing ourselves as a significant player in the world. One of the things that we're going to do in two minutes' time is to connect to my colleague who lives in the U.S. And he will tell you how the world for us has actually changed. We have to fight Gora Angrez, you know? We have to compete with the Goras. And the Goras work very differently. You asked a question about developed countries. We've done work in Italy. We've done work in Singapore. And Singapore has developed a market as any market in the world. That's huge. Huge. Us. But ultimately, Gora Angrez compete [foreign language], the color comes in the way. We've lost mandates because of the color of our skin. It's a fact. Because only Gora Angrez are hired, right? Hired, correct? Correct, right? We're hiring. But Gora Angrez are hired. I think the past is not an indication of our aspiration for the future. I'm still not going to stick out my head and give you a number. You take any number that you want to. All that I know is the opportunity out there is huge. If you're a INR 102 crore company as we are last year and our competitor is $600 million, I mean, [foreign language]. I think I'll be retired by the time. Do we have the aspirations to grow faster? Do we have the capability to grow faster? Do we have the resources to grow faster? Do we have a roadmap to grow faster? The answer to every one of these questions is yes. You know, a lot of people say companies that survive are akin to cockroaches. We're not a cockroach. We are a caterpillar that's become a butterfly. See, when the caterpillar becomes a butterfly, it goes blind. Then it sheds its skin, and out comes a butterfly. So we liken to that. So we are at that stage now where those possibilities are in front of us. We are at that stage now where those possibilities will take us to a different zone altogether. Arrey, [Foreign language]. So we have to get to that stage. We are getting to that stage now. So I'm going to take two minutes on one business that is very significant. Can you just get to the next slide? So this is a very small part of the business, but it's going to be very, very significant. It's going to be very significant going forward. I mentioned to you that the Government of India's biggest mind shift change has been giving access to data to the people. Today, corporates have access to the data. So where are you from? Originally? Jaipur. Jaipur. I can tell you how many companies started operations in Jaipur yesterday. That data is available to the government. I can tell you how many companies surrendered the GST license in Jaipur yesterday. That's available to the government. The government has opened up possibilities of harnessing data for improving decision-making. So I strongly encourage every one of you to go and see some of the demos. We have a CFO dashboard, which is absolutely state of the art. You'll see it soon. Leveraging GST data and other data. So we're bringing all those 20 databases together to show possibilities to companies. One thing I want to mention to you, we are not an IT services company. In IT services companies, the customer states the problem for the vendor, who then creates a solution by throwing people at it. They look at every problem as 20 FTE, 40 FTE, 60 FTE. That's not how we look at it. So when Rahul talked about SARB, we have never done a deposit insurance product before. We're now doing it with them. Every product that we develop is with an anchor customer. Every product that we develop is with an anchor customer, either in India or overseas. And when you work with an anchor customer, you usually get it right. So that deposit insurance product that we developed for South Africa can now be sold in 50 different markets, 100 different markets. Even DICGC could be a possible buyer of it. So that's really the way we look at it. So the DataTech offering that we talked about, Credixo is basically data APIs to promote lending. The first company in the country to point out that GST data can be used to enable lending was us. We wrote the note for that. But we didn't have the resources to go and back up on it. We follow up on that. So recently, we signed an MOU with Telangana Government, which some of you may know about, where we are basically saying, can we leverage data to promote the MSME ecosystem in Telangana? There are INR 28 lakh MSMEs in Telangana. One of the good things the government has done, and these are all fabulous initiatives, there's an Udyam database. Udyam is the database of MSMEs. And then there's also something called Udyam Assist, which basically looks at companies below the GST threshold. And that number is getting huge. With more and more such companies coming into the formalized economy, they become a possibility for selling various things too. And digitization offers that possibility. So data enablement through Credixo. Peridot, I mentioned to you. Currently, 4.5 lakh people use it literally to run their businesses. There have been 15 lakh downloads. Why doesn't everybody use it? I don't know. I don't know how many of you have even downloaded it. Please download it. That's called Peridot. It works very well on Android. On iOS, it doesn't work too well. RightClick is an automation tool to generate research reports, to generate reports of different kinds. We work across Europe in 27 countries. We're able to generate content for those companies to issue press releases. See, ultimately, these are all adjacencies. The way we look at the whole thing is compliance is our core business from which data comes. What all can you do with data? There are many things you can do with data. You can run mathematical operations with data. You can create contextual content around data. And that allows those things, that possibility. iConnect is basically a data tool, an Excel-based thing where you can compare companies. IRIS Watch, how many of you invest in private companies, unlisted companies? I strongly recommend that before you leave, take a look at a product called IRIS Watch. When you invest in a private company, unlisted company, and you want to keep track of it, you want to know that they're not taking money into the wrong areas. [Foreign language] GST data [foreign language]. Today, we developed this tool. We developed this product in collaboration with a VC fund based in Bangalore. And VC, this is a huge possibility going forward. It's a data application business. It basically also tells you [foreign language]. You know, you can get the profit and loss account of every company that you're investing in on literally a real-time basis. If they also are in, and Government of India says, even though your threshold for GST filing is INR 40 lakhs, you are welcome to file GST returns even if you're below INR 40 lakhs. So ask your investing companies to file the GST return and share the data with you. [Foreign language]. I mean, there are companies, you will know the compliance status of the company. You will have a clear-cut view of the P&L of the company. And [foreign language]? Once you have that, the chances that you are actually going to be blind is very minimal. And today, what we have developed in working with a fund in Bangalore gives us a huge amount of confidence as to what the possibilities are. And that takes you data as a service, which is basically data APIs. That's what we actually are doing in this. We're now going to spend a few minutes on the financials because I'm sure that's what ultimately matters. And Balu will take over and look at the financials now. Balu. But Anand? No, we will not do. We'll do Anand right now. Is Anand ready? Anand is there. Hi, Anand. Very much so. Okay. Anand, by the way, is a rugby player. Yeah, hi everybody. Good afternoon. Anand is a rugby player. I've known him for the last 50 years. 50 years? Am I audible? A little more. Okay. So Anand. Yes, I can hear you. Anand, the question is, so Anand serves on the global standards body. XBRL International is the custodian of XBRL standards across the world. Anand has also been working closely with GRI. So GRI is the Global Reporting Initiative. And they are one of the drivers of sustainability reporting all over the world. And we've been working very closely with GRI. We developed the rules for them. I will basically request Anand to. So Anand and I grew up in Kolkata. One thing you should know is anybody who grows up in Kolkata, as Parimal will tell you, [foreign language]. We can talk for the next 20 minutes without being asked a question. [Foreign language]. Anand, over to you. Give us a worldview. Thank you, Swami. Before I get into a verbal diary, I shall try and keep my control here. Yes, as you know, throughout this afternoon, we were talking about various products, various markets, regulators, reporting entities, and all this is driven by the standards that we adopt. On one side, XBRL is a data standard. We have been involved in the standard for a long time. The recognition came through from the fact that we now have a representation in the XBRL board. We are actively engaged in several of the working groups. So we know which way the standard is progressing. It is important that we stay on top of it so that we can advise our regulatory customers. We can advise our customers on what is to come and what needs to be prepared. We are engaging with all these bodies, with XBRL International, with GRI, with the International Sustainability Standards Board, with CDP, where we have gone into, we have done some pilots working with EFRAG and looking to see how their decision, their policy is eventually going to roll out and impact all the stakeholders of the market, which includes our products. So we are ahead of the market, participating and engaging all these standards bodies. We also are in the XBRL Advisory Board for GRI, which gives us access to all the regulators where mandates are being discussed, so we talk with GRI along with the regulators as to how mandates can be implemented using the XBRL standard, helping the companies to digitize their reports. On one hand, while we engage the regulators working with the standards body, we are also engaging the companies which are already reporting ESG reports as to how they can digitize, and we work with GRI. GRI has about 14,000 companies who are already registered with them, and we work with GRI to help these companies to digitize. While we're doing this, the standards are also evolving. ISSB is a relatively new standard, so we are working on several pilots. In fact, we have already started tagging documents. Digital documents have been created. So we understand how the taxonomy is to be used. We are tweaking our products well ahead of competition because we have this advantage of working with the standards body in evolving the standard. And hence, those inputs and the pilots, the pilot project inputs come into our product improvement itself. IFRS 19 is a new standard which is being promoted, put together by IASB. We were involved in the fieldwork where we have already set the taxonomy for IFRS 19 before it even hits the market. So that gives us an insight into what is to come. And it makes our product way ahead of competition, which helps us in putting all this together. While there are multiple standards in the ESG space, you're talking about GRI, we're talking about ISSB, we're talking about CSRD and EFRAG from Europe, and other mandates which are kicking in, one of the key challenges is interoperability, and we are part of several working groups where we are helping both XBRL as well as the standards body to make the data interoperable. That one standard and automatically it can be translated into another standard report. So these activities that the company is involving, the team are involved, the IRIS team is involved, helps us not only prepare for what things to come, but it also brings us to the limelight as one of the key players both in sustainability and in the adoption of XBRL. One other thing I want to mention to you is the U.S. government. If you remember, I talked about CAG prescribing data standards for the Government of India. The U.S. government has now said that local corporations, local municipal corporations have to report in structured data format in XBRL to the government, to investors to raise money. The logic for that was, until now, municipal corporations used to borrow money and report to some municipal council. [Foreign language], for example, Urban Development Ministry [foreign language] report [foreign language] all the corporations. U.S. SEC basically said, if you're raising money, you must come under the jurisdiction of SEC. So the reporting that SEC has for companies should apply to municipal corporations also. We've already done a pilot for four states. Anand, will you talk about our pilot with various state governments in the U.S.? Yes. So XBRL U.S. has been in the forefront. We are an active member in XBRL U.S., which then brings us as part of a working group which is advising the government. We have been working together with XBRL U.S. in building a taxonomy for local governments. We have done pilots across several states where we have looked at different types of government agencies, the general purpose, specific purpose, municipalities, school districts, community colleges, the objective of seeing how this taxonomy can be used in digitizing the reports, and we have been working with several government agencies, the Municipal Securities Rulemaking Board for one, the Governmental Accounting Standards Board, GASB is the other, and several other regulators, including SEC, who are looking to implement what is called the Financial Data Transparency Act. The act requires that about 90,000 state agencies have to report in a structured data format, and they have described the structured data format, which is XBRL. XBRL U.S. is playing a big role in facilitating this adoption. It is not an easy process. 90,000 state agencies, state regulators, state controllers across 50 states, and also the federal agencies who are going to look at the data. Single Audit is another aspect of the reporting requirement. Single Audit is for agencies who are getting government grants over $750,000. They have to report the usage of the grants till the grant is utilized completely. That reporting is also in XBRL, which forms part of this overall Financial Data Transparency Act reporting requirements. I understand that when the U.S. government mandates XBRL reporting, even if your country has not adopted XBRL, if one of your agencies in your country receives money from the U.S. government through some U.S. agency, you have to report in XBRL. So it's creeping into other countries because of the U.S. government mandate. So if you get money from USAID, for example, say Jordan gets money from USAID, fortunately, Jordan has adopted XBRL. But if Jordan had not adopted XBRL, they would have to use XBRL for reporting to USAID what they did with the money. So the U.S. government is now dictating terms to beneficiaries of the world. It's not going to happen overnight. It'll take two, three, four years to happen. And we are well positioned to take advantage of that. So if you have any questions for Anand, please shoot. None. Okay. Anand, thank you. You can go back to sleep. He's in Amsterdam right now. I'm doing some conference there. In fact, I woke him up last night at 2:00 A.M. This morning at 2:00 A.M. Thanks, Anand. Thank you. So Balu will take over financial. Leave it open to all questions you have. Balu. Let me make it pretty quick because all this is disclosed information. I'm pretty sure many of you might have seen it as well. We IPO'd in 2017. Of course, I'm showing only last three years. COVID did affect us a bit because our regulatory business slowed down considerably because governments became very tight-fisted. And so we also became very tight-fisted and we were running a very tight set of operations. And that you could see in the way we have been spending money as well. So if you look at, of course, revenues have gone up. Profitability also has gone up because there is a bit of an operating leverage in the current dynamics within which we operate. But I should just give you a sense of where we are in terms of our sales and marketing expenses, which is not shown here specifically. We spend typically about 12%-14% of our revenues in sales and marketing at this point of time, which I would say is quite low compared to what people could be doing in the SaaS space. We have done that partly because historically we have been very frugal and we came from a particular set of situation with which we were very careful about spending money. But now we have reached a particular stage. I would think that we might actively consider upping our sales and marketing expenses given the fact that the industry looks very attractive for growing at a much faster pace. So that is one point I want to leave with you. The other point is, let's go to the next level. Next one. See, if you look at the segment-wise information, again, this is in the public domain. We are profitable in all the segments, even the TaxTech segment, even though it is very small in terms of size and we are investing, we are still profitable because we are operating with low sales and marketing spends, and we do spend in product development, but we are using Indian rupees against dollars, so there also we are frugal, both which we could be upping in the future, but having said that, we are trying to time it such that we are able to get traction at the same time we spend, so we don't hit the numbers or the key ratios so much. Of course, there's a balancing act that is not going to go away. I think all of you are aware of that. How do you balance hypergrowth that we want to aspire for? At the same time, make sure that financials are not so much affected. So that's what we are trying to strike as we go along. Just take a look at the key ratios as well before. Yeah. The next one. Next one. The one after this. So you can see our ROE has gone up. And that is a number which I think can go further if you get a desired traction. But if you look at a five-to-seven-year time frame from now, you could see as we scale up, there could be certain years where we could spend much more aggressively in getting the customers into the system so that over a period of, say, five-to-seven years, we get really good returns. So that's the way the game could be played. It all depends on the SaaS market dynamics, which we are looking at scaling up to. And the advantages we have existing customers, so the low CAC could be a factor, but you need to reach across to many more customers as well. So that is one point I want to leave with you. Go back to the segments. Yeah. So you can see how the pie is distributed. I would ask you to look at the region-wise revenues pie, where you can see Africa has gone up a bit because of our South African revenues. India is still at about 28%. But going forward, I wouldn't be surprised if Indian share starts coming down and the share from the developed markets go up. So that's where we are. I would like to stop here because this is all public information. Perhaps we can get into the Q&A more right now because we are certainly running behind schedule. Is that okay? Yeah. We're running behind schedule, but sure. We're here till 7:00 P.M. anyway. So questions, feel free to ask. Please, take a mic. Use the mic, please, so that people are audible. Can you share the total employee strength currently, the additions last year, and the average revenue per employee for the year? So let me just say one thing. Number of employees about 550. 550. About 550. Globally. Yeah. Yeah. A little less than that. No, a little less than that. About 550. Yeah. There are three divisions in the company. So if you want to look at metrics of the company, the aggregate number is actually meaningless. Don't take offense when I say that. The way you would look at SupTech is different from the way you would look at RegTech, the way you look at from TaxTech, and the way you look at DataTech. If you look at historically, the maximum investment that we ever made was actually in DataTech, which is yet to take off. The reason it's yet to take off is because we didn't have the resources to market it. It's a very market-resource guzzling business. So we went quiet on that. The second biggest area where we've invested is actually Carbon. SupTech, you don't require a huge amount of investments. In terms of revenues, RegTech, once operating leverage kicks in, the average revenue per employee will actually skyrocket. In the case of SupTech, the average revenue per employee will remain more or less the same over time. But it will be lower. So in the case of RegTech, the average revenue per employee will be low in the early days of adoption, and it will just go through the roof afterwards. And we're reaching that stage now. So when you look at aggregate data, because we have people in DataTech, your average number will actually come down dramatically. And more importantly, which is why I'm saying it's important, why did we segment the information to this detail and start sharing it this year? Because we want investors to know the data. So wait for three, four points to actually come before you draw any conclusions. But my only request to you, do not aggregate. Look at each of them separately to do that. So 550 total, how much was added last year? We added about, I would say, about 10% of this. And the attrition rate? Attrition rate about right now runs at about 12%-13%. And what is the number of employees added in the AI field in the last few quarters? In what field? AI. I think, again, I want to mention to you, a lot of these questions will make sense for a software services company. Because software services company buys people and sells people. That's not what we do. That's not the business we are in. Therefore, again, with respect, that's not a very meaningful metric. For us, the use of AI is to improve the realization from each customer because of the reduced amount of human involvement. AI is a productivity tool for us, for our products, number one. Number two, so when I talk about SupTech, I think Rahul talked about the fact that central bank implementation takes between about 18 months. The moment I start leveraging AI, my time for implementation will actually come down dramatically. So for me, the purpose of AI automation is to do that initially, which very soon will lead to a situation where the customer will demand a share of revenues. The third important thing, across Africa, there are 54 countries who have not gone down this path, except for South Africa, Nigeria, and Mauritius. In many countries, there aren't enough people available for them to go in this direction. The moment you use automation and use AI, you can go to those countries and automate it in such a manner so you can literally circumvent the human resource problem to be able to do that. And that's not driven by how many people we add. How many people we add is not the right way to look at it. The way to look at it is what I just mentioned to you. Actually, lastly, how many million dollars clients revenue per year? Again, the wrong question to ask. Again, the wrong question to ask. Don't take offense when I say this. There are products that we sell that are $200 worth. And there are products that we sell that are $10,000 worth. In SupTech, there are million-dollar customers. Software services companies, that's a perfect question. Million-dollar customers. As a company selling software as a service, as a company selling software products, we have a price range from $200-$10,000 at the lower end to $1 million at the upper end. The SaaS is about $10,000, could be $200, could be $6,000, could be $8,000, could be $10,000. The SupTech, the regulatory offering, could be $500,000, $1 million, $2 million, depending on the complexity. So again, please do not look at that metric because it will mislead you completely. A lot of people look at that metric because the metrics that we are used to in this country in a software services background are those metrics. I think new language is required. For example, I think I'm happy that Nitin is here. Maybe Nitin can tell us what metrics to use, Alpha Ideas, he represents Alpha Ideas. So ther e are new metrics that need to come in, new language that needs to come in to be able to look at it. Actually, shared a few metrics for developing a business model for the company. We shared it. We shared the metric. We shared customer retention. We talked about customer churn. Those things really matter. Thanks. Thank you. I'm glad you asked the question because the traditional analyst in India is still a services-focused person. There aren't enough companies in our space for him to understand that the issues are very, very different. I hope there are more and more analysts. If there are any people here on the sell side, I hope you will start looking at those metrics. There's a very good report that's come out from, I think, Avendus on SaaS, which I'm happy to share with you, which talks about some of these metrics. There's a very good report that's come from BCG, a report that's come from SaaSBOOMi, and there are about five, six reports like this. Increasingly, in India, you will find dozens of SaaS companies coming out, and those SaaS companies will, at the end of the day, dominate the IT landscape in this country. I think there's a McKinsey report which talks about SaaS companies accounting for almost 40%-50% of the IT economy in this country within the next two, three years. I think that's coming very, very fast. Questions? Sir, it was mentioned during the presentation that you are focusing on international markets more. So I would like to understand your strategy here. Given how big the Indian market is, I mean, I just want to understand your thinking as to why you are focusing on international markets as compared to the current Indian market here. [Foreign language]. But if you're looking at your tax-tech segment, so India [foreign language] we don't have to look outside. You know who's my biggest competitor? For tax, I mean, in tax-tech segment? For anything that we do. Government. Government. [Foreign language]. [Foreign language]. Even RBI started saying we'll give a free tool to banks. [Foreign language]? Fortunately, some banks realize their limitation to those things. Our biggest competitor is the government, in many cases. There are 28, whatever, 10 crore MSMEs in the country, [foreign language]? 99.9 are micro enterprises. The number of large enterprises worth going after is about 30 or 1,000. [Foreign language]. We were not well funded. Therefore, we were late to the party. We are not focusing on international markets now. We've always focused on international markets..[Foreign language] [Foreign language], if you go and basically say, "I'll do it for you for INR 10," [Foreign language], "I'll do it for INR 5." [Foreign language] "INR 5." [Foreign language], "I'll do it for INR 2." You will not believe it. How many of you download data from the Bombay Stock Exchange website? Many of us do. Or NSE website? BSE and NSE launched XBRL 15 years ago. When did they give you a tool to download the data? Last year. 15 [foreign language]? Because [foreign language]. The vendor was not able to deliver the data. What [foreign language]? L1 mentality. L1. I'm not blaming them. That's the kind of country we are. We're chosen to be that kind of a country. If you want innovation in this country, this L1 mentality has to go. Because innovation L1 [foreign language]. So we will continue to focus on international markets. India. India [foreign language]. We are not averse to it. We are working with a state like Telangana right now, which is a huge possibility. We are working with PFRDA, who is a new client of ours. We are working with RBI. It's not that we're not saying India. India is a great place. You know what India does for you? You do all your experimentation here. And I think Digital India has offered us tremendous possibilities to do things. And we are very, very grateful to the government for giving us that opportunity. But we would also be grateful to the government if they allow innovation to thrive by getting rid of this L1 mentality. Thank you. Yeah, please. Wait for the mic. Wait for the mic. Thank you. Sir, in your presentation, as far as GST goes, you mentioned you have started the work in Malaysia. Yes. How different or how simple is the GST in Malaysia or outside India? Because in India, when we introduced GST on the 1st of July, the Prime Minister Modi was there in the Times of India saying, "One nation, one tax." And the next day, we had five GSTs and five slabs. That means five into five, 25. Subsuming 17 taxes and duties prior to GST. When we will understand that making things simple is making sense of life is what the thought, not a question. So. Am I out of syllabus? Is Bhaswar here? Bhaswar, how complicated is the Malaysian system compared to the Indian system? Can you compare? Yeah. So Malaysia. Use a mic. Use a mic, please. So yes. Malaysia, actually, the initiative was taken by the Income Tax Authority over there. And the tax rates slabs are very simple over there. They have only 5%, 20%. So they have a very simple tax. So it is a sales tax and service tax. So they have not yet implemented GST. They had implemented earlier, but then they had scrapped GST and then gone back to the Sales and Service Tax model. So implementation-wise, if you see, invoicing was pretty simpler than the GST invoicing. So the complexity that we had over in India, this was very easy to transit. So yeah. Don't you feel that it is high time that we understand that we should have only one slab of GST of 14.5% and a single GST? No. I disagree with you. I disagree with you. I think at the end of the day, at the end of the day, having multiplicity of SLABs serves a purpose. Not having multiplicity of SLABs also serves a purpose. They both have their merits. In a country with such large inequality, I think there has to be a progressive taxation structure. It may be easy to administer one structure. But even then look at the rampant amount of corruption that's still there, the rampant amount of evasion that's still there. The day we all basically say, "We will respect those tax structures and pay the taxes on time and pay it properly," maybe something can be done. But I would not say that I completely agree with you that there are complications. I completely agree with you. But that's more on account of implementation. But having said that, I think the transformation of this country because of GST is there for all of us to see. It's huge. There are difficulties. There are difficulties. But this country is a country that's transformed because of removing of the cascading effect of taxation and the ITC and the set-offs and so on and so forth. So with respect, I disagree with you to some extent. At the same time, I agree with you it's still complicated. Thank you. Thank you. If no questions, I think food is served outside. And that's much more attractive than anything I can say. Thank you all. If you want to see a demo, please go and see the demo. The CFO dashboard, I recommend. People People investing in private companies, please go and see this thing called IRIS Watch. Ask for it. And we will gladly do a free pilot for you. If you are investing in private companies, we'll gladly do a free pilot for you using IRIS Watch. Shilpa is the person to talk to. Shilpa is the brain behind this whole product. Shilpa, raise your hand. That's Shilpa. And ask anything you want. I'm the resident lead of the company. She's the smart one. Thank you. Thank you so much.