Everyone, and many thanks for joining us. We just wanted to share details of the mandate we won yesterday. With great delight, I would like to announce that we have secured a landmark contract worth INR 1,370 crore, inclusive of GST, from UIDAI. As we all know, this is the regulatory body for Aadhaar under the Ministry of Electronics and Information Technology. Under this contract, Protean will establish and run district-level Aadhaar Seva Kendra in 188 districts across India. The Aadhaar Seva Kendra, short for ASK, hold significant importance as they are designated as the core facilities for catering to all front-end activities related to Aadhaar enrollment, biometric and demographic updates, and other miscellaneous Aadhaar services. These are going to be very fundamental to UIDAI's mission to provide a unique identity and digital platform to residents of India and will help enable them to establish their identity and access services. This is, again, a significant opportunity, as we see in this space, due to new births. There are mandated biometric updates at the age of five and 15 years. There are existing pendencies, and naturally, there are going to be demographic updates, as we see coming down the line. This is initially a six-year engagement where Protean will manage the complete setup and run the daily operations, ensuring smooth, ethical, and secure delivery of Aadhaar services. We are happy to state that this is indeed a historic win for us. It uniquely positions Protean as the only company today contributing towards scaling up two of our critically national IDs for the country. The scale of Aadhaar, as we all know, is unmatched. It's the largest biometric identity platform across the world. It serves today 140 crore Indian citizens, which is more than the combined population of North America and Europe. Since inception, it has evolved into one of the world's most trusted foundational identities, enabling precise delivery of government benefits and services to over a billion residents. Our renewed partnership will strengthen this journey of digital inclusion. This project further builds on our proven track record in delivering citizen services at a national scale and will expand our distribution footprint along our PAN and pension services networks. For us, it is not just a business win, but an opportunity to play a key role in India's digital transformation and positively impact billions. As one of the dominant Aadhaar service agencies licensed by UIDAI, we look forward to further strengthening our partnership with UIDAI on this front, and we are confident in executing this project with the highest standards of excellence. Thank you again for joining us, and we are now open to any questions that you may have. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Vishal Mehta from Oaklanec apital. Please go ahead. Hi, sir. Am I audible? Yes. Congratulations for the great development. Just had two questions. One is, could you talk about how the revenue recognition for this project would be taking place? It's a six-year project. Will it be like RFPs where the majority will be recognized earlier, and then we'll have some maintenance, or it's a different format? The second question is, sir, this talks about 188 centers today. Is there a scope for us to even grow that number, and maybe phase II will be another set of districts which we will cover, and that could also be additional revenues that we can generate from future business? Yes. Thank you. All right. Vishal, just to answer you on revenue recognition, this is not a turnkey project. This is more a managed services project where we get revenue per transaction. Whatever other updates or biometric updates or demographic updates, whatever we do in this bid, we will get based on per transaction. Revenue will be, you know, I mean, assuming volumes are similar, then revenue will be evenly spread throughout the period of RFP. This project will take about three to 12 months to scale up. Post that, I think revenue is more or less, you know, similar in each year, except the inflation part, which we're taking at the end of the second year and at the end of four years. This is your first question. What was the second question, Vishal? This scope covers 188 districts. Is the potential that we can have more districts taken over and the additional revenue? Yes, you know, I think as of now, it covers 188 districts for us. These are only 60% - 70% of the districts which are covered in the current scope. Naturally, there will be, there may be expansion, but we leave it upon UIDAI, you know, how they play it out for the remaining districts. Great, sir. Thank you so much. There is a scope for revenue growth beyond this 188 district. That's really interesting. Thank you so much. All the best. Thank you. Thank you. Our next question comes from the line of Rohan M. from Equiris Securities. Please go ahead. Ashwin, sir, and congrats on the contract win. Sir, as per the RFP, this was based on a discovered average rate per transaction model. On the back of the envelope calculation, it was coming that on a blended basis, you'll get roughly INR 105 -I NR 106 per transaction. I just want to confirm, is this calculation correct? Yeah, you know, we will not be able to comment on the rate part because this is more a, we are under confidential agreement with the UIDAI, and you are to do back of the envelope calculation. Having said that, I think I guess you are more or less right in this approach. Sure, sir. Secondly, I just want to understand the flow of funds, the way it would work. Once an individual subscribes to a service, whatever money you collect with them will be parked with an escrow with UIDAI, and they will pay you, or how will the flow of funds work in this case? Yeah, some of these projects, in these projects, the money will first go to UIDAI account, and then UIDAI will pay us on a monthly basis based on the volume achieved. This is how the fund will go in this project. Sure. Sir, thirdly, what is the anticipated cost of running an Aadhaar center? You know, we don't want to get into a margin or cost question, but I would tell you what are the cost elements in this split. One is, you know, setting up of those Aadhaar centers. Second is hardware cost. One is real estate cost. Second is hardware cost. Third, we will need manpower to run all those centers. These are the three major costs in running the Aadhaar Seva Kendra. Sure, sir. Sure. Thanks. Thanks a lot. This is the same like, you know, how you are delivering your PAN, issuing your PAN card. A little bit of difference is that we will have our own Aadhaar Seva Kendra in this case. Right. Just one additional point here, the printing of Aadhaar card in case there's a new issuance or rectification, is covered under your scope, or is it part of the UIDAI scope? It is covered under our scope as well. Okay. The printing of printing, you'll have, if a request comes to you, you will be responsible for getting the printing of that done. Okay, fine. Yes. Sure, sir. Sure, sir. Thank you. Absolutely. Thank you, sir. Thank you. Our next question comes from the line of Amit Chandra from HDFC securities. Please go ahead. Yes, sir. Thanks for the opportunity and congratulations on the contract win. My question is, is there a minimum revenue commitment per center or minimum revenue commitment in terms of number of transactions that you will accrue in case there is, you know, no transactions or you are below breakeven in some of the centers? Also, in terms of during government contracts, we have seen that there is an issue in terms of collections because here the money is going directly to the government, and then it will accrue to us. What are the payment terms in terms of the revenue getting received from the government? Amit, of course, there is a minimum revenue commitment in this bid, but we will not be able to tell you what kind of minimum commitment it is. The revenue, as I said, is based on some rational numbers. How the revenue will flow in, how will there be a collection delay or all that? These are under contract. We will get paid on a monthly basis. I don't see too much of working capital getting locked into this managed services bit. Not necessarily working capital. Are these at the next level, and are these in authorities planned for the general invoices? When When do you see that on this? This is the previous iteration of the, excuse me, TGX will be minimum automated. We We will not have official and official. Certainly, on this, like I said, there will be the difference between TGX and the realistic. Okay. I don't think so. In terms of the total, how do you think the RO gives in support income related to the authority? Unfortunately, we are under the authority regulations. I work with the customers every day. every day. Having said that, I think these numbers which we have communicated to them is not reasonable. Send over the data to the authority. The business is an action limiter. I know that, you know, most of us have earlier discussed numbers when we talk about planned business and what is the estimates. In this case, clearly, there is naturally new. As I spoke about earlier, that's when the new people are getting born. There is a mandate for the ID to go beyond the age of five and go beyond the age of 50. There is a mandated biometric update. It happens. Currently, I believe there are also preventive dates. Actually, there is a demographic, you know, change which could cause a change and, you know, so all the other elements is going to be a transaction, which is another transaction. I'll take consent to know our numbers coming through on this. Whatever assumptions have been made on the expected flow that are done by historic numbers also. To that extent, a transactional project, as rightly said, it's more a services project than a turnkey from a revenue realization perspective. Okay, sir. One last question. Yeah. To my last question on the transaction prices, is the pricing mostly fixed, or can we also charge some premium in terms of value-added services for the services that we offer, or is it a flat charge that is fixed by the authority? Under this RFP, this is regulated pricing. It is fixed by UIDAI along with the bidder, and that pricing will remain even, you know, except the inflation increase, which is every two years, it will remain the same. Okay, sir. Okay, thank you. Thank you, sir. Best of luck. Thank you, sir. Thank you so much. Thank you. Our next question comes from the line of Kunal Bhatia from Dal al &Broacha Stock Broking Limited. Please go ahead. Yes, sir. Thank you so much for the opportunity and congratulations on the order. Sir, this INR 1,370, INR 1,370, including GST figure, which we have mentioned, is that the upper limit in terms of the overall revenue we could earn in the next six years? Because you mentioned that it'll be more of a transaction-based. Is there a minimum guarantee on that? You obviously mentioned that you can't give a figure, but is the INR 1,370 crore the upper limit to the overall number? No, this is not upper limit per se. This is based on some reasonable assumptions and transactions. Revenue can certainly go beyond that also. Assuming if your transactions are more, then your revenue will be more. Right now, this is more on a reasonable assumption basis. Okay, broadly. I think this is, I guess this is published on UIDAI's site as well, Protean's site. Okay, we would be having a sort of INR 100 - INR 105 per transaction to what you on a ballpark number. Yeah, I mean, more or less. You can do a modeling. We'll share the number as we get there. You can go to the government site, procurement site, and you can figure out. Okay. Okay. You mentioned that we have to set up the 188 new centers. The existing centers which we have for our PAN service centers, we won't be able to use any of those for these services of UIDAI. These are Kunal-exclusive for Aadhaar services. As I mentioned, this is a flagship, in a way, ecosystem that UIDAI is building. They are very focused on provision of all Aadhaar services at these centers. These will be exclusive and specific to Aadhaar. Okay. Okay. There is a possibility of getting a higher number on this, meaning we already have 188, which you mentioned is approximately 60% -7 0% of the overall opportunity. There is a possibility of getting a higher number on this as well. Currently, a decision has to be taken by UIDAI. Clearly, the current mandate does not cover all districts. There will be districts out there where, if there is a decision to set up more centers, that is an opportunity. Okay. Okay, sir. Got it. Thank you. Thank you so much, sir. You're welcome. Thank you. Our next question is from the line of Ashish Pareek from Emkay nvestment Managers Limited. Please go ahead. Hello. Thank you, sir. I just had a question. Earlier, what the RFP has come out and we have won the contract. Who was handling it earlier? Was it done by UIDAI alone, or was it outsourced, and then the newer mandate has come to us? I just want to understand that part. Earlier, there were two parties, Karvy and the other one was IDEMIA. IDEMIA. IDEMIA. These were the two parties who were handling Aadhaar Seva Kendra. Additionally, this business is being handled through these parties. Now this business will come under our hold. Okay. Is this exclusive for us, or will multiple parties be there, and then whoever gets the transaction will get the income, that sort of? Aadhaar Seva Kendra will be exclusive to us and the other party who has this. Okay. Other parties will also operate too? This will be exclusive, and there are two players, as you know, about the mandate. We will be setting up our own Aadhaar centers in different districts. There is a district-wide allocation wherein only one provider will be providing service to that district. Okay. Okay. Understood. Thank you. Thank you. We have our next question from the line of Darshil Pandya from FINTEREST CAPITAL. Please go ahead. Hi. Am I audible, sir? Yes. Yes. Sir, firstly, a word of appreciation for the management. As you know, they have been continuously coming on the con calls even after the season gets over to give the business updates. Really good from your side. My first question would be on BLS International has also got an order today around INR 2,055 crore for the same thing that we are supposed to, you know, do. I wanted to understand how is the second party, BLS, and are there any other party on this? BLS a nd Protean. and Protean h ave won this. Some of the districts will get allocated to BLS International Services Ltd, and some of the districts will get allocated to Protean. Got it. Sir, just to understand, how many districts have been totally today covered and how much are pending? Do we have that number with us? One eighty eight include us. It's 471, and we've got 188 out of that. Total is 471, you are saying. Got it. It's covered in this mandate. Okay. Total is 471, and we have got 188. The rest is with BLS. We have got 188. 40% we got, 50% we got. Got it. Understood. Sir, last question would be, do you have any update of the last call that we had with regards to the PAN 2.0? Any update from the Income Tax Department? Right now, the call is only for this business update. I think it will be better to register to this. You can ask offline about the. No problem. I'll do that. Thank you so much. Okay. Thank you. Our next question comes from the line of Apoorv Bandi from Whitestone Financial Advisors Private Limited. Please go ahead. Thank you, sir. Sir, from when will it contribute to P&L? I think the project starts once the LOA is signed. From the revenue perspective, I think in Q3 onward, we should see some revenue coming up from this project. In 12 months, it will be fully scaled. After 60, again, all because we will be doing OpEx, right, for the P&L, right? It will be utilized over six years, or? I am as ignorant as you are. I will not be knowing what will happen after six years. It may get renewed, it may not. They may come up with RFP. Right now, it is six years, and that's it. Okay. Actually, my last question is on different districts, as you have mentioned. Here's the 188, and here's how the districts. Correct. That's true. Okay, thank you, sir, on the district. Thank you. Thank you. Thank you. Our next question comes from the line of Mayur Ghatani from OHM PORTFOIO EQUI RESEARCH PRIVATE LIMITED. Please go ahead. Thank you for the opportunity. Sir, I just wanted to check. In short, there will be four players today, right? Two players. Okay. What about Karvy and IDEMIA that you mentioned? They are not there anymore? I think their mandate will be over with this. Okay. If I walk into a post office, they have allowed these other modifications or other applications. That continues? Yes, that are, you know, center of excellence for Aadhaar services. This 1,471, what we are talking about, you know, who will drive the most of the volumes in this space. Okay. Any issuance, any changes, anything, etc., you can go to these places as well, along with the post office and the NIC? Yes, yes, that's true. Thank you. Thank Thank you so much. Thank you. The next question is from the line of Karan Bhatelia from MAIQ Capital. Please go ahead. Thank you, sir, and congratulations for the order. Sir, I wanted to understand what are the transactional terms with UIDAI? Like we are talking about, let's say, INR 100, INR 105. The amount we will get on a monthly basis, is that the entire amount, or will UIDAI take some cut, and then you'll get the net for transactions? No, I don't think. I mean, what we are not saying is whether it's 105, 110 because there are different services and different. No, no, I understand you. UIDAI is not, UIDAI is a public institution. They are not going to take a cut. In fact, some of these services are subsidized. You know, citizens pay less, but the customer pays more. Got it. For the 188 districts, like what sort of area are we targeting? Like any top three districts or something? Like state? Whatever you can just give a geographical. These are specifically allocated districts. Each party will have named districts. I will have 188 named districts. The other party will have their named districts. Majorly in the eastern part of India? I mean, it will be across, right? It is spread out. There is no specific. Any like top three or something like that? Only one party, one district. I mean, you will not see a situation wherein two parties are basically in the same district. Oh, got it. Thank you. Thank you. Ladies and gentlemen, if you wish to ask questions, you may please press star and one. We have a follow-up question from the line of Apoorv Bandi from Whitestone Financial Advisors Private Limited. Please go ahead. Yeah, sir, my question is on the margins. What do you expect from this? How much margins can they contribute? This business will contribute about, as we said in our release, this business will contribute about INR 180 crore- 190 crore on a rational basis. This will definitely aid to bottom line what kind of margin. It will be a good margin business according to us. Beyond that, I mean, this is the same like it's a managed service business. You can assume. Okay, sir. INR 200 crore on a BIDR level per year, right? I'm saying every year you will get about INR 180 crore, INR 190 crore of revenues. Okay. Okay. Thank you. Thank you. The next question is from the line of Prem Luniya from Astute Investment Management. Please go ahead. Hello, sir. Congratulations on the new update, and thank you. I just wanted to understand, sir, of course, you cannot share the BIDR number. I wanted to understand on the blended level for the company, would it be accretive or how should we look at it? Will it contribute by Q4 or Q3? It should be EBITDA accretive, for sure, because you are adding INR 180+ 190 crore to the top line. I mean, it should be EBITDA accretive. What was your other question? That is what I wanted to understand because now we'll have to do an OpEx and we'll have a direct cost as well. After 3 onward, but fully scaled, you will see in the next six t o 12 months from now. Sure, sure. Does it answer your question? Yes, thank you so much. Congratulations. Thank you. Thank you. Ladies and gentlemen, we will take that as our last question for today. I would now like to hand the conference over to Mr. Sethi for closing comments. Over to you, sir. Thank you. Thank you very much for making the time to join the call. We wanted to share this. If there are any other questions or anything you would like to know, you can always reach out to us. Thanks again for your time, and thanks for all the support. Thank you. On behalf of Protean eGov Technologies Ltd, that concludes this conference. Thank you all for joining us. You may now disconnect your line.