Ladies and gentlemen, good morning and welcome to the Alldigi Tech Naozer Dalal, Q4 FY25 earnings conference call hosted by IIFL Capital Services Limited. As a reminder, all parts of the lines will remain in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star, then zero on your touchstone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Siddharth Zabak from IIFL Capital Services Limited. Thank you, and over to you, sir. Thank you. Ladies and gentlemen, good morning and thank you for joining us on the post Q4 FY25 results conference call for Alldigi Tech Limited. It is my pleasure to introduce the senior management team of Alldigi Tech who are here with us today to discuss the results. We have Mr. Naozer Dalal, CEO, and Mr. Avinash Jain, CFO. We will begin the call with the opening remarks by the management team, and thereafter we will open the call for a Q&A session. I would like to now hand over the call to Mr. Naozer Dalal to take the proceedings forward. Thank you, and over to you, Naozer. Thank you, thank you, Siddharth. Good morning, everyone, and thank you for joining the Q4 and FY2025 earnings call. I'm pleased to be speaking with you today in this new chapter for our company. Two key milestones or key events: we crossed the INR 500 crore revenue threshold in this financial year, so we are now part of the INR 500 crore revenue club. Equally importantly, our shareholding has been transferred from Quess Corp to Digitech Solutions, which aims to be a global provider of AI-driven digital transformation and business process solutions. You would be aware that this change is pursuant to the three-way demerger of Quess Corp, which was effective 1 April 2025. I'm joined by our CFO, Mr. Avinash Jain, and we look forward to walking you through our performance and responding to your questions. We will proceed with giving you a brief business overview covering our lines of businesses and follow it up with the detailed financial performance. Post that, we'll be happy to take your questions. I'm pleased to report eight successive quarters and two successive years of robust financial performance. Operationally, we have achieved strong revenue growth with healthy EBITDA margins while expanding our offerings and capabilities. For the full year, revenue from operations crossed the milestone of INR 500 crore, as I said, and stood at INR 546 crore, up 23% year-on-year, adjusted for the diversity of compliance business, while EBITDA was at INR 130 crore, up 12%. The growth has been broad-based across both verticals. In line with our strategic intent, the overall share of our international businesses increased from 57% to 63%, a jump of 6%. EBITDA margins have been marginally depressed due to the growth investments we have made this year. Client-specific operational leadership and sales resources primarily, both for domestic EXM sales and shared US-based resources for EXM as part of the wider Digitech organization structure. For the quarter, revenue from operations stood at INR 146 crore, up 13% year-on-year and 5% quarter-on-quarter, while EBITDA was at INR 35 crore, up 9% on a quarter-on-quarter basis. Our cash position and collections continue to be robust. Our cash position as of March 2025 was INR 165 crore, up from INR 132 crore as of December 2024. Collections for the full financial year 2025 increased to INR 574 crore, up 20% year-on-year. Coming to the operational performance for the businesses, we will start with the EXM business. The EXM payroll business reported a 10.3% growth for the full year and 6.8% quarter-on-quarter. We added the highest number of new logos in Alldigi history at 63 in FY2025, with an ECV of INR 30 crore, which was up 50% from FY2024. We had first-time wins in the PSU and government sectors, both in India and the Philippines. Our international focus on EXM sales continues with addition of INR 14.4 crore ECV, up 47%. Our overall international contribution to EXM revenues also moved up from 24% in FY2024 to 30% in FY2025. We posted good additions to our managed employee record base and continue to lead India's managed service segment. We possess 4.43 million employee records for the quarter, and our base now stands at just short of 1.5 million at 1.48 million as of 31st of March. We have made good progress on the partnership ecosystem as well as built good funnel and registered wins in the HR, MS space, including for SMEs and SaaS. Our employee records process for SP improved by 11% both year-on-year, full year, and year-on-year quarter four. Our key service delivery metrics of payroll accuracy, on-time delivery, and query tags continue to improve year-on-year, setting new benchmarks. Moving to the CXM segment, the CXM segment continued its growth momentum, and year two we crossed the milestone of INR 400 crore revenue, crossing the final revenue at INR 404 crore, which is a 29% year-on-year and 4% quarter-on-quarter sequential growth, supported by deeper penetrations in our healthcare business. The full year revenue growth was supported by a 16% increase in FTEs, reflecting the non-linear growth driven by higher productivity, automation, and operating leverage. We also continue to grow the international business, which is now contributing to three-fourths of the total CXM business on a full-year basis, up from 72% last year. As it is margin accretive as well, it has resulted in a 100 basis point margin expansion for FY2025. We added INR 320 million of new ECVs in the full financial year across both new customers and new LOBs from existing customers. We have added a sales resource in the Philippines for local and Southeast Asia sales and witnessing early flexibility. This is with a view to improve our seat utilization in Manila, where, as you know, we primarily drive business in the US hours. Additionally, all on-shore sales resources for the parent Digitech now carry Alldigi CXM sales target too. Our service delivery continues to remain green, and we continue to make efforts to infuse artificial intelligence into our current customer landscape. I will now provide a progress update on the two platform projects, SmartPay Version 4 and SmartHR Budgeting. We have successfully onboarded 130 plus customers onto our SP4 platform, comprising 25% of our payroll revenue. For SmartHR, we have added wins of INR 70,000,000 ECV, of which INR 20,000,000 is for the SME segment. We saw remarkable jumps in our net promoter score from 11 in FY2024 to 55 in FY2025 across both businesses, reflecting a strong endorsement of our customer governance and delivery excellence. Our relentless commitment on diversity and inclusion has been yielding results, with gender diversity improving from 44% in FY2024 to 47% in FY2025. We continue to receive high ratings and increasing feedback on social media, Glassdoor, and Mission Box, etc., a direct outcome of our continued focus on employee engagement. We also continue to encourage our employees to participate in the corporate social responsibility CSR activities of the company. Looking ahead, FY2025 has had a strong foundation for our journey at Alldigi Tech, and now under the new parent Digitech Solutions, our strategy remains crystal clear. We are deepening client relationships, expanding our global reach, driving efficiencies through technology and AI, and building a future-ready high-performing team. With our platform-scaled sales channels expanded and execution culture intact, we are confident of delivering another strong year in FY2026. With this, I would now like to hand over to Avinash to walk us through the detailed financials, and after that, we'll be happy to take your questions. Thank you. Thanks, Siddharth. Greetings, everyone, and thank you for your interest in Alldigi Tech, the new entrant of the INR 500 crore plus revenue club, now a part of Digitech's chains. Let me begin our performance on the operational revenue front. Revenue for the quarter stood at INR 146.1 crore, reflecting a growth of 12.6% YOY and 4.7% COQ. For the full year FY 2025, our revenue reached INR 546.3 crore, representing a strong growth of 16.4% over FY 2024. Both verticals, CXM and EXM, have contributed to this growth. In the CXM vertical, Q4 revenue stood at INR 108.6 crore, growing 21.9% YOY and 3.5% COQ. International CXM revenue grew 24.5% YOY, while domestic CXM grew by 14.6% YOY in Q4. Both were flagged by international markets with 4.9% COQ increase, whereas domestic remained largely flat. For the full year, CXM revenue grew by 28.4% YOY to INR 405 crore. Growth was driven largely by international markets, which now contribute 74.5% of CXM revenue, up from around 72% last year. In the EXM payroll business, revenue for Q4 stood at INR 36.3 crore, marking a 10.3% YOY growth and 6.8% COQ growth. For the full year, EXM payroll revenue grew by 10.3%. Notably, employee record volume increased by 11.3% YOY to 17.24 million records, underscoring a strong operational momentum. Now, moving on to margins, EBITDA for Q4 came in at INR 35.2 crore, flat on a YOY basis, but up 8.6% COQ. For the full year, EBITDA was INR 129.6 crore, growing 12.1% YOY. In the EXM vertical, margins remained healthy at 36% for quarter four. EBITDA for EXM was INR 13.5 crore, showing an increase of 22.7%, driven by volume expansion and backup of absorption. In the CXM segment, EBITDA grew by 30.1% YOY to INR 17.3 crore in Q4, with margins improving to 15.9%, up by 100 basis points over last year. This margin improvement is due to increased salience of international business. Coming to the bottom line, PAT for the quarter stood at INR 19.3 crore, down 6.8% YOY and 3% QOQ, primarily linked to depreciation linked to our new Manila facility. For FY2025, PAT grew 30.2% YOY to INR 83.3 crore, with PAT percentage expanding to 15.2%, up 160 basis points YOY. On cash flows, our operating cash flow for the quarter was INR 48.2 crore, a growth of 87.5% YOY, and OCF to EBITDA conversion remained strong at about 137%. Full year OCF stood at INR 121.3 crore, a 33.3% YOY growth. With this, I conclude the financial highlights and now hand over the session to the moderator for taking up your questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use their handsets while asking your question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Jyoti Singh from Arihan Capital Markets Limited. Please go ahead. Thank you for the opportunity, sir, and congrats on good execution. My question is on the CXM side, how we are seeing the industry outlook on the healthcare side. Like it was help us to grow significantly in this quarter. Also, what are the outlooks going forward, if you can guide on that front? Yeah, thank you. Thank you, Jyoti. On the healthcare side, as I mentioned or mentioned in the past, we are looking to expand our capabilities into a bit of end-to-end patient lifecycle management, which covers right from scheduling to care, aftercare, specialty lines of support, as also the connection part of the value chain. We are also looking to expand our existing relationships in healthcare in Q2. As far as the CXM outlook is concerned, we believe that we should be able to continue to grow in high percentages as we have done in the past, as we have surpassed in the past, and that should pretty much help us in good stead in the future also. Okay, thank you, sir. Also, sir, I just wanted to know what kind of feedback we are getting for our software budget and how clients are reacting when we are shifting from earlier traditional to new CPaaS thing. If you can comment, sorry, SaaS per se. What kind of feedback we are getting and how's the industry, if you can give us outlook? As far as I mentioned, we have transitioned almost 26% of our revenues through the SmartPay Version 4 platform, and the outcomes which we have seen have been, in fact, the key KPI metrics of payroll, tax, and accuracy are in fact better for this set of customers than even for the entire overall. Clearly, some of the efficiencies which were expected, some of the shortening of the payroll processing time, which was expected as part of SP4, I think we are seeing early results in the right direction. As far as the market feedback on budgeting is concerned, I think what I can only say is that, yes, I mean, we are getting good response from the market in terms of our ability to build funnels. I mean, we have built for total budgeting, I mean, our funnel is almost INR 27 crore at this point in time, of which we have won INR 5 crore. Again, on the SME SaaS market, in a short period of time, we have built a funnel of INR 13 crore and won deals of about INR 2 crore. All in the right direction, I would say. Thank you, sir. Thank you. The next question comes from the line of Harsh Kundani from Aionios Alpha. Please go ahead. Yeah, hi. Thanks for the opportunity. Now there are a couple of questions from my end. Firstly, if I look at the margins, if we look at these segmental margins, in both the segments, there is a sharp increase in the margins on a quarter-on-quarter basis, but that has not led to as much increase in the commensurate increase in the consolidated margins. If you could just help us understand that. Yeah, sure. I mean, I think one key aspect which I highlighted, which I will reiterate, is that for this particular financial year, we have had to make significant investments in strengthening our operational leadership in Manila. Manila has been our growth center, and from where we were maybe about 18 months ago with 600 seats, we are almost touching close to 2,000 seats as we speak in Manila. We have had to make out-of-plan investments in terms of the operational leadership, the support leadership in quality training, workforce management, all the support functions which we need to run GP operations. That has had a fairly, and that's a fairly significant investment which we made this year, which is, of course, built into our current year baseline. I do not think that we will need to do anything significantly more next year other than maintaining at this level or marginally increasing. We have also made significant investments in domestic sales resources for EXM, and as I said, shared sales resources onsite in the U.S. as part of the wider Digitech structure. That is the other piece which has impacted margins to some extent. The last piece is you recollect that we have had the divestment of Avaregita, which has led to a significant profit on sales, which has flowed down to our PBT and PAT. As part of the transition process, I mean, we did have some extended period of notice pays, and I mean, as part of the transition process. That again was unplanned and not in the budget, so to say. While from the positive side, we have had, we considered to look at operational improvements in terms of the pay slips process for employees. We have had some restructuring of our EXM portfolio, but again, we have not seen the full impact of this this year because, as I said, of these unexpected costs in the transitioning process. Therefore, because of this, and of course, Q4, the other phenomenon is that we have a lot of one-timers. Therefore, Q4 over Q3 margins are benefited because we have the tax lounging and we have the one-timers in this quarter. In that sense, it is not comparable. Therefore, it was the key improvement of Q4 over Q3, but for the full year on our EBITDA margins, I think we are down by 0.9%. I will not relate to anything. No, I think you have covered all that. Harsh, anything other than this if you would like to know? No, that's good enough. Second question is that any plans for any capital allocation plans, any plans for the cash sitting in the balance sheet? I I see that dividend is not declared in this quarter. Is that due to the demerger happening at the parent level? I mean, I would just say that we are just taking a pause to sort of go through the demerger process, and we'll see, I mean, if we have to make any incremental investments into our own capabilities or otherwise. I think it's a pause, and therefore, we have decided not to declare a dividend for this quarter. Understood. Understood. Lastly, just on the EXM business, is it possible to quantify the one-time revenue from the tax processing fees and any outlook on the EXM business going forward? No, I think we are looking to dramatically grow in terms of high coverage rates. I mean, the EXM growth this year was muted a bit because of certain elongation of the sales cycle which we saw in the market this year. Overall, as I mentioned, we have booked sales incrementally of about 50% at INR 300 million GCV. Most of our sales came in Q3 and Q4. That elongation of the sales cycle has resulted in us not being able to book revenues earlier in the quarters, earlier in the financial year to sort of get that impact this year. We should see some impact, a positive impact of that next year. We continue to sort of invest in our sales capabilities and our marketing capabilities. We are continuing to build partnerships. We are adding resources, qualified resources as necessary, particularly for the international sales. We believe that the EXM business should grow in high capabilities in FY2026, and we should correct some of the muted growth which we saw in FY2025 in EXM. The other question was in terms of the one-timer. Yes, I think it is a reality that with the new tax regime, that number will keep coming down year on year. I mean, the number this year is about just under INR 2 crore. This number was higher last year. I think at least 50% higher if I remember, if my memory serves me right. We will continue to see that because we see a lot of our customers, employees moving to the new tax regime. As you know, the tax lounging work related to, I mean, going through employee submissions on, say, HRA or LTA or some of the other tax-exempt benefits which were there under the old tax regime. With that going away, this revenue, this one-time revenues which come in every Q4, we will continue to see a downward trend. Difficult for me to predict where that number could be next year. I would not be amazed to say that it may be lower than what we have seen this year also as more and more organizations and employees move to the new tax regime. Understood. Thank you a lot for this. Thank you. The next question comes from the line of Raghuram N. S. from Eur India Ventures. Please go ahead. Hi now, sir. Thank you for giving me the opportunity. I have a number of questions on both CXM and EXM. Let me start with CXM. Like what you mentioned from where we were just about 18 months back of 600 seats all the way to about 1,800 seats which have already been announced, and you mentioned nearly 2,000 kind of seats. One does not see that kind of ACV, you can say, announcement from a revenue expectation perspective. What is driving whatever I have known of Alldigi and the management team? Obviously, you guys will not really make this kind of commitment on seats without clearly getting that kind of a revenue commitment. Where is the gap there? Obviously, when you were running at about 600 seats, the revenue was anywhere around INR 50 crore-INR 52 crore in Manila. We are running at nearly 1,800 seats now, or at least 1,500 seats before you announced this. We are still running at about INR 83 crore-INR 84 crore kind of revenue on Manila or international. I can understand that there will be a one or two quarter kind of a lag in revenue growth from the time the seat expansion is announced. Can you help us understand how this whole outlook for CXM is going to be in FY 2026? We are all looking forward to the revenue growth matching the kind of seat growth that has happened. Sure. Yeah, I will look at it. As I mentioned, we were in FY2024 to FY2025, itself, we have seen a 28% growth. In FY2024, we were at INR 3.15 billion. We have added about INR 1 billion or just under INR 1 billion at INR 4.05 billion this year. We have added INR 900 million of revenues. The Manila channel on itself, the P&L, the revenues of Manila channel on has gone up from PHP 900 million to about PHP 1.27 billion this year, which is 37 into 1 and about INR 500 million incremental revenue has come in Manila itself. I'm not too sure which numbers are correlating to our revenues per associate. At the organization level, it has gone up by almost 5% from INR 850,000 to INR 900,000 per employee per month on an overall basis, of course, that includes CXM and EXM. Of course, as you rightly mentioned, I mean, we are conservative in that sense where we do not significantly invest ahead of time so as to minimize the cost of fair capacity. I think it is going in the right direction. When I say that currently we are about 1,800 seats in Manila, I mean, that does reflect in the financials for the year. Of course, 1,800 at this point in time. It is further reflecting the financials for the coming financial year. As I said, we continue to believe that we will continue to grow in high capabilities, if not more in CXM. Okay. I understand. No, I think it's a great achievement. I'm not trying to belittle what transformation the team has brought in from a Manila and international business perspective. I'm just wanting to say that obviously, 28% growth is very significant, whether that kind of growth can sustain and maybe even accelerate because we have seen nearly 100% growth in seats. That was all that I was mentioning. Otherwise, it's been an amazing performance of growing that business. EXM, coming to that, it's essentially the same kind of I can see some revenue. Obviously, you have been mentioning about the international business driving growth forward. How do you see this as you move ahead further into the FY2026? Whether it will further increase, what will happen on an FY2026 level? What's the outlook for FY2026 from an EXM perspective, whether it is domestic and international business? No, I think we must continue to sort of focus on, of course, okay, let me put it differently. We are continuing in the domestic space. There is no intent for us to slacken the pace of growth, the pace of investment, so that we continue to maintain our lead or enhance our lead over the number two and number six years. That said, international business does give higher what we call PEPM, the per employee per month realization for serial processing, which on an average is nearly double than what we can under the domestic industry. Yes, we will continue to focus on the international business. We have also seen our international margins, for example. I mean, I'll just give you for the last, while it's a smaller base, the international part of the EXM revenues has grown by a stagger of almost 20% plus, while the domestic, being a larger base, has grown by 4%. All of that is in the right direction. We continue to look at multi-country payroll. Growing multi-country payroll is a key part of our FY2026 strategy. We are actually onboarding someone from competition in early June who will help us drive the multi-country payroll, working primarily with multinational organizations. Yes, to answer your question, we also believe that we will continue to grow EXM too in high capabilities, in the high team. There's no reason why we believe that that should not happen, with, again, a significant focus on international. Okay. No, thanks for that. At the corporate level, my previous shareholder or investor also asked about this gap on the balance sheet as well as the fact that obviously there has been a change in the way last year was only about there was a significant dip in the overall dividend that was given out. Previous year was much higher than that. Are we really making a commitment to the community that we are going to finally move significantly on the inorganic kind of side? Is that something that is on the handle? The second part was you mentioned about the digitized sales team, some part of the costs being allocated. If you can help us with what is the absolute number that we are speaking about so that we can build it into the model going forward? Yeah. I mean, again, that's not important whether it's the Digitech sales team or otherwise. I mean, because as an organization, as an independent organization, also we would have to make investment in sales, and particularly U.S. sales, if we have to continue to grow. I don't have that number readily with me. The point of that is that we have made investments. It's just instead of having maybe two dedicated people, as I mentioned, maybe five or seven of Digitech's sales team will all carry a quota for selling CXM for Alldigi. That's the only difference, I mean. The fact that we would have to make investment in sales and U.S. sales is a given, and we can't move away from that. The second question on dividends, as I've already mentioned, yes, I mean, there is no change in our overall dividend policy where we want to maintain a consistent, predictable dividend policy subject to certain ranges or certain caveats. We continue to do that. I mean, as I said, it's just a pause for this quarter as we move to a new parent and as we were settling down in terms of the corporate structure. I'm sure that the board at the right time in this financial year will take appropriate calls in terms of when the next round of dividend payments should be. Okay. Thank you so much, Naozer. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. The next question comes from the line of Sankeet Sushil Mithwakar, an investor. Please go ahead. Hello. Thanks for the opportunity. One of the highlights of this financial year was that Alldigi Tech has acquired PSU and government sector companies in Manila and also in India. So the contract has been executed and is the revenue executed or only the contract has been executed, sorry, acquired? No, no. This contract, you're talking about the PSU contract, right? That is already kind of in Q4. To be honest, it will start with one contract in India and one contract in Manila. That is the first thing we coincidentally put in the same quarter into the PSU business because, as you know, public sector units do not outsource and particularly a sensitive area like shareholders. I think that's the important part of it. Of course, as I said, it's coincident that we could get both in the same quarter. It's a start, and we'll try to see how we continue to see how we can make small but meaningful inroads into the public sector space. It hasn't been included in the revenue. Only it has been acquired. Has it been included? Have you started processing the contract, started generating revenue? The contract has been signed, and then of course, as you know, it gets into a transition phase of up to three months, if not more. The revenues from these two contracts will come in FY2026. Okay. Is it substantial? Like how is it only? Not hugely, but yeah, I mean, it's a start, as I said. And it's a reasonable size. I wouldn't say it wouldn't be very small, but yeah, I think compared to what kinds of contracts we get in the EXM market, I think it is on a number of average than the average contract. It's higher than the average ACV which we sort of get in the EXM space. Okay. And about the dividend payout policy, which is almost more than the net profit if you could look at the last year, is it going to stay the same this financial year as well? I've already said that. I think it will be better if you move on to some other questions because I've already answered it twice. Okay. Sorry. Thanks. These These are all the questions from my side. Thank you. Yeah. Thank you. Thank you, Sankeet. Thank you. The next question comes from the line of Raaj from Ārjav Partners. Please go ahead. Hello. I'm Audible. Yes. Yes, please go ahead. You commented on the outlook of the EXM part, and you wanted to know the outlook of EXM business. I've already spoken about that. I'm saying that we will continue to grow in high teens for both PSM and EXM. Sorry, I couldn't hear it. Can you repeat again? I'm just sorry. We will continue to grow in high teens. So high teens for both CXM and EXM. High teams both for EXM and PSM. All right. Sir, what would be your outlook on the SmartPay side, SmartPay 4 and SmartEdge platform? Yes. There is no outlook. As I also mentioned in the static position, we have a transition plan to move all our existing customers to SmartPay 4. We have migrated about 130 customers and about 26% of our revenues already. The balance is work in progress, and we should be completing that by around July, August, I would say. On SmartPay, as I mentioned, we have been able to build a good funnel for the updated product, which I can give you the details in a couple of questions ago. We continue to get positive feedback from the market. Will this transition be a bit aggressive for us here? Which one? Migration to SmartPay and SmartEdge. Will that be a bit aggressive to us? SmartHR, so there are two different aspects. SmartPay is an internal engine. Yes. Over a period of time, as we complete the migration, as we see some further operational efficiencies coming in, yes, it should be a bit aggressive. SmartHR is a market-facing one. As we get new business, as we get new customers, as we increase revenue, yes, that too should be a bit aggressive. All right. Okay, sir. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. Ladies and gentlemen, a reminder. If you wish to ask a question, please press star and one. We take the next question from the line of Yash, an investor. Please go ahead. Yeah. Good morning, sir. And congratulations on a very good set of numbers. My question is, there is a very huge boom of GCCs domestically. How are we going to tap that opportunity? Is that in the payroll we are going to do? If that is the case, what is the growth we are expecting in the next couple of years? Or maybe down the line. Thank you. Yeah. As you know, there are just under 2,000 GCCs in the country now. I mean, about 1,800-1,900 GCCs. You're right. We are looking at GCCs as a potential area for our payroll business to grow our payroll business. We have moved over the last quarter in terms of doing digital marketing campaigns and reach outs. We have reached out to about 1,100 of the 1,800 GCCs. What we also find is that all of these GCCs are very, very small. The average size of these GCCs, and that's a nice way it has to happen, I mean, it's about 500 seats. From an overall opportunity for all, for an individual opportunity, it's not large. We believe that the GCCs, once they come into the country, do grow over a period of time. Actually, the GCCs actually fit in with our small-scale strategy. We are actually hiring a person who's going to join us next year who's going to drive GCC sales for us. It is not a large number because, as I said, on an average, the GCCs in India, including the GCCs that are coming, do not have headcount in excess of 500 seats. Okay. Okay. Okay. One more question, sir. Sir, obviously, I think most of these KPOs and GCCs, they already have a global giant, obviously, on there. Now, how difficult is it for our company to make such a transition and win those orders from them? Yeah. Yeah. No. I mean, from a limited Alldigi perspective, yeah, there are wider opportunities for GCCs within the digitized, as I said. For the limited Alldigi perspective, it's largely payroll. Unless a GCC has a global partner who sort of performs the payroll—for example, let's say a parent is using, say, ADP, for example, and they do decide that they will just extend ADP to the GCC India also—then to that extent, yes, there will be maybe some difficulty for us to break through. Otherwise, we've also seen that a lot of GCCs follow their independent path because an ADP is quite inflexible in terms of customization, particularly for the Indian taxation landscape. We see a mix of both. I mean, we see GCCs are very open to talk of payroll with us. We already actually support a lot of GCCs, both in India and Manila, by the way, in payroll. Yeah, so we'll continue to do that. Whilst, of course, as I said, for the larger digitized companies, there are various possible plays in terms of some of the digital offerings, which is part of the wider digitized umbrella. Okay. Great, sir. Thanks for answering the question. All the best, sir. Yeah. Thank you. Thank you so much. Thank you. We take follow-up questions from the line of Raghuram N. S. from Your India Ventures. Please go ahead. Yeah. No, just thought I'd take the opportunity of having maybe let a number of questions around. On the management team build-out, you mentioned that you had to obviously focus and get a much bigger kind of a layer of management built out in the Manila operations. Is that something that is more or less at its end now? How do we see that? Also, at the sales level, obviously, when we are going to support something which is maybe double the size of what we were supporting till about a year back itself in terms of number of seats, how do you see the US sales team and maybe wider geographical reach out? How do you see the sales team build-out also going in the next year? Yeah. As I said, Raghu, I mean, I believe that the operational leadership or the senior leadership which we need in Manila is largely in place. Yet, of course, as you get new business, as you get new customers, each of them will come with its own mandated spans in terms of what level of leadership we require to supervise the new customers, what level of support spans are required in terms of quality, training, and so those specific customer-related investments we'll continue to make. We believe that the investments made so far in terms of overall country account leadership and management leadership, I think, should be sufficient, and we do not see any significant add to that, at least in FY2026, is concerned. On the same side, Raghu, I'll rejoin the thoughts which I mentioned. We did hire a sales resource in the Philippines to look at Philippines local and Southeast Asia business. We have added a couple of sales guys in the U.S., but under the wider digitized umbrella, including very, very senior sales teams to also sort of, I mean, help us monitor and provide the local leadership on the ground for our sales teams. That is also there. Of course, this is something which we'll continue to evaluate because even domestically, for example, sales has come with its own challenges in terms of if someone doesn't perform. We have also tightened the bottom quarter management process of our domestic sales team. Yes, a little bit of that's grown. Or, I mean, adding salespeople to capitalize on emerging opportunities, that will always be there. I gave you two examples. One is a person who drives sales in GCCs thematically. Another person who drives multi-country payroll thematically. Those tactical calls on the sales side, whether in India or the U.S., we will continue to take through the year. Okay. So also, is this a very clear indication that going forward, the sales teams within for the overall Digitide platform will be the way to go? And those people will have a specific sales target within their overall target for Alldigi? Is that the model that's been put in place now? We are moving to that model. I'm more particularly on the international U.S. sales side of the CXM side. I mean, there is no fixed model. There could be some people who would maybe have a target of doing 90% sales for Alldigi, which is the BPO sales. Some others could, their primary role would be to do IT sales, platform sales on the insurance side. They may have a portion, a smaller portion of their target in terms of CXM sales. Yes, as a concept, I think the sales team in the U.S. will work much more closely and try to cross-sell services and products across the wider digitized frameworks. Okay. No, I understand that because obviously, those are some of the questions that will come up now as we move into a more integrated digitized kind of platform. Yeah. Domestically for CXM, I think the focus, I mean, the sales team is separate because they're India-based and doing payroll, which is a very different product to sell. The domestic India sales team for payroll remains distinct, while the US sales team is in the process and will further get unified. Okay. So we are not really in the process of putting together a specific EXM salesperson or team for the developed markets? As I said, we are, but that will be done out of India for the moment. Okay. We do not have anybody who is going to be based out of the U.S., sir. Yes. I believe that's the position at the moment. Yes. Okay. Thanks, Naozer. Thank you. Bye. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. As there are no further questions, I will now hand the conference over to the management for their closing comments. Thank you. Thanks. Thanks so much. Yeah. So I would like to thank all of you for the time that you've given us today. On the back of our strong results in FY 2025 across all parameters, supported by investments in key business drivers over the past two years, we are well poised to capitalize on the market opportunity and continue to deliver superior financial and operational performance. With this, we would like to close the call and look forward to interacting with all of you again in the future. Thank you. On behalf of IIFL Capital Services Limited, that concludes this conference. Thanks for joining us, and you may now disconnect your line.