Ladies and gentlemen, good day and welcome to the investor call of Aurionpro Solutions Limited to discuss the Q1 FY25 earnings conference call. As a reminder, all participant lines will be 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 an operator by pressing star, then zero on a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Aashvi Shah from Adfactors PR Investor Relations. Thank you, and over to you, ma'am. Thank you, Anjali. Good afternoon, everyone. On behalf of the company, I welcome you all to our earnings conference call for Q1 FY25. Today on this call, we have with us from the management Mr. Ashish Rai, Vice Chairman and CEO, Mr. Vipul Parmar, Chief Financial Officer, Mr. Ninad Kelkar, Company Secretary. We will begin the call with brief opening remarks from the management, followed by a Q&A session. Please note that certain statements made during this call may be forward-looking in nature. Such forward-looking statements are subject to certain risks and uncertainties that could cause our actual result or projections to differ materially from those statements. Aurionpro Solutions will not be in any way responsible for any actions taken based on such statements and undertakes no obligation to publicly update these forward-looking statements. I would now like to hand over the call to Mr. Ashish Rai for his opening remarks. Thank you, and over to you, sir. Thanks, Aashvi. Good afternoon, everyone, and welcome to this earnings call for Q1 FY25. I'm sure by now you have all received the investor deck, and I hope you've had an opportunity to review it. Our journey to deliver sustained growth has started off for this year on a strong note. Our revenue for Q1 has grown by 32% on the back of continued momentum across both our major business segments. EBITDA has increased by 27%, and PAT has grown by 41%, which is a good reflection of our enhanced operational efficiency and very effective execution on the order book by the wider team. These results underscore our commitment to building out a global products and platforms layer that delivers sustainable value for all our stakeholders. To recap the performance a bit, revenue for the quarter stood at INR 262 crore, a significant increase by YoY. PAT for Q1 FY25 stood at INR 45 crore, and PAT margins for the quarter stood at 17%. This growth is driven by significant expansion in demand for our core offerings, as well as our expanding sales channel and the strategic partnerships that we've forged with the large global technology players. All our key businesses continue to demonstrate strong momentum. We have secured several new deals in the banking sector, and the pipeline buildup in banking is especially very promising. Technology Innovation Group is expected to experience a positive growth as well, driven by advancement in the smart transit and data center operations businesses, which will get offset a bit by a planned slowdown in the smart cities segment. Q1 was quite eventful for us from a strategic perspective as well. We concluded a successful QIP, and it's very encouraging to attract prominent global and Indian institutions to join us in this mission to create a global tech player rooted in India. We concluded the acquisition of Arya.ai, which is, again, a game changer for our strategy to create a global enterprise AI player that is sharply focused on creating the next generation of AI offerings for banks and insurers globally. We're also pleased to announce that we've received final authorization from RBI on the online payment aggregator. This sets us up very well to deliver the next generation of payment solutions integrated tightly with several of Aurionpro's offerings already in the market. With our strong performance in Q1 and a positive outlook for the upcoming quarters, we feel we are well placed to deliver on our guided growth of 30%-35% on revenue and earnings. We will continue to explore inorganic options that complement our existing capabilities or enhance our presence in chosen markets to positively impact the longer-term growth potential for Aurionpro. Finally, we extend our sincere gratitude to our employees, our customers, partners, and shareholders for their continued support and contribution to this success. Okay, with that, I will close, and I look forward to an engaging Q&A. Over to you, Ashvi. 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 phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Anmol Garg from DAM Capital. Please go ahead. Yeah, hi. Congratulations, Ashish, on strong performance. I have two questions. Firstly, if you can indicate what are the key growth levers in the TIG business from here on. So as I understand, data center business has been becoming bigger within TIG. So what is the growth potential do you see over here, and does it extend beyond Web Werks as well, which has been a prominent area for you? Anmol, hi. Thanks. Thanks for the question. So look, TIG is basically three slices, right? So we've got the transit payment, smart mobility side of the business. You've got the data center side of the business, and then you've got the smart cities piece, right? I think the growth drivers basically exist for us at the moment on the transit business. I think that is growing very strongly. A lot of that growth is happening outside of India. So I think the U.S. is looking good. Central America, Latin America is looking good. Australia is looking good. We just entered the U.K. The Mastercard partnership is looking good. The Vix partnership is looking good. So I think we see a very strong pipeline on the transit side. I think it will certainly grow very strongly this year. The data center is the second sort of big driver in that space. And you're right. I think to some extent, we've been limited by the strategic relationship that we've had, and it was sort of a chosen strategy for us. So this is one of those places where there is significant demand. But we've tried to be selective in terms of business. The business has still grown at more than 50% per year for the last three odd years. I think it will continue to grow at about the same rate. Web Werks, the reason we focused on the strategic partnership is because the demand set is very wide, and we really need to focus on business that we can execute against and where we can maintain our margins, right? But we will expand the scope of partnerships we have in that space. We've been selectively also picking up the more complex projects. So for example, we announced from time to time IIT Guwahati, I IT Mumbai, High Performance Compute, the design work we do with RBI, Tier 4 data centers. So we continue to pick up complex projects which are high margins, and we will expand the scope of partnerships in that business, right? I think the question of how much can you scale the delivery capacity, I think between, let's say, 30%-50% is sort of the reasonable growth for that business. We will not try to grow faster than that. Sure. Thanks, Ashish. This is helpful. Secondly, I want to understand that we have recently got authorization from RBI to operate as a payment aggregator through AuroPay. So I want to understand what kind of business opportunity are we looking at for AuroPay? Are we also looking at B2C kind of business, or this would be totally B2B in nature? Yeah. So Anmol, I think the focus for us is to, one, build a business which is sort of good from a margin profile standpoint, right? So I think going down the totally commoditized B2C end is not our preferred choice. So we will try to first build a business around spaces that we are strong in, transit payments where we own the contracts end to end. I think this becomes a fantastic lever for margin expansion in those businesses because we've been using third-party gateways anyways. B2B, where we have software presence, combining software with payment capability, I think it is a significant sort of way to build out high-margin businesses, right? So whether it's on the lending side, whether it's on the digital statement side that we have with the Interact guys, or whether it is with the Aurobees, the SME SaaS side, right? So I think our focus would be to go where you can create a combined proposition which creates a lot of value and hence allows you to capture a lot of value, right? I think if you go down the pure sort of vanilla B2C scale game, I don't think that really fits with the sort of economic profile that Aurionpro expects from a business, right? So we'll go where there's a combination of software with payments and go down that emergent payment. Having said that, even transit is B2C, right? So we would be in B2C spaces, just not go down the plain vanilla sort of gateway kind of business. Sure. Sure. Lastly, just want to understand that we have indicated an order book of INR 1,000+ crores. So if I understand, so what can be the average duration of this order book, and how would it be split between TIG and banking? Yeah. So order book, in terms of duration, it is basically roughly, I would say, 85%-90% of the order book will consume over 18 months, right? I would say 70-odd% would come over 12 months, right? So that's how we count order book because we don't count the long-term AMCs and all in our order book, right? So those come anyway, run rate overall, right? So 70-odd% would come in 12, 18, give rate up to 90%. Right now, the split is more 65-35 in terms of the order book with TIG, something in the range of 65%, and banking, something in the range of 35%. Oh, okay. Understood. Understood. Yeah, thanks. Thanks, Ashish. That's it from my side. Thanks, Anmol. Thank you. The next question is from the line of Ahaan from Vimana Capital. Please go ahead. Hi, Ashish. Congrats on the great set of results. Just wanted to understand if the order book has expanded from when we disclosed it last closing of FY24, and if so, going forward, where do we see the growth coming in for orders, whether it be in the TIG sector or banking? Yeah. Thanks. Yeah. Hey, Ahaan, hi. Thanks. So look, order book, I think, has probably slightly expanded from where we publish it twice a year, right? We'll publish it again in September. Typically, the way Aurionpro order book behaves, right, we try not to include the long-term multi-year revenue streams because according to us, you end up showing an INR 5,000 crore-INR 6,000 crore order book, which no one knows what it is. So for us, order book is usually where we've sold projects, and there is an immediate license or an in-year sort of stream to come in, right? So for us, what happens is typically in a quarter, you will sort of consume, let's say, about INR 250 crore-INR 270 crore from the order book, and you'll probably add at about the same pace. So the net addition to the order book ends up being quite small in quarter. Q1 is a seasonally slow quarter for us from an execution standpoint because Q4 is where a lot of deals got done, right? So I would say slightly more. We'll publish it again in Q2, at which time it should be, let's say, up somewhere between 5%-15%, depending on what we pick up. But typically, it would move 8%-10% at most in a quarter, right? So right now, I assume low single-digit addition. Thank you for that. Just another quick question. On the data center side, within the TIG group, how much of the data center makeup in that vertical? So data center, roughly a third of the business, but it's growing quite fast, right? And smart cities side has sort of shrunk a bit and will shrink again, right? So I would say the way to look at it is last year's number, each of the three slices is roughly a third each. So transit, data center, smart cities as well. And this year, I think data center will grow stronger than the TIG overall growth number. Transit will grow stronger than the TIG overall growth number, and smart cities will shrink, will not grow, right? So I think that's how the number would probably be. So overall, the mix would be slightly more than one-third by the time you finish this year. Thank you so much. Thanks. Thank you. Thank you. The next question is from the line of Vivek Gautam from GS Investment. Please go ahead. Yeah. First of all, congratulations on consistently giving good set of numbers over the last several quarters. Keep up the good work. Now, my question is about your. Is it sort of a core DNA strategy you follow? You acquire a lot of companies, and then you let go of them if they don't perform. And I believe that smart city and that cybersecurity sort of a thing was that strategy only. So how is the strategy of AS Software going on? It's a Mitra company which you acquired in Noida. And what about Arya.ai? How much time do you give, and what is the opportunity size for these acquisitions? Okay. Hey, Vivek. Hi. Thank you. Look, I think AS Software, this was the OmniFin product that we acquired. That clearly was a gap in our strategic blueprint for the lending space. So lending, as you know, we've been very strong on the corporate loan origination side, collateral management, limit management, etc. We did not have an offering on the retail SME digital lending space. That's where AS Software OmniFin fits in. Abhijit and team are probably the most sensational team of lending specialists in the country today. They're building out a fantastic product. I think that is going to be a huge growth driver for us. Lending as a whole is going to be a huge growth driver for us, and OmniFin sort of fits a very, very key piece for us. It was a business. It is still a business which is largely centered in India. It serves 35, 37-odd digital lenders, non-bank lenders. Our goal is to make the business global. We've been very actively working on expanding the business in Southeast Asia and the Middle East. We hope to see some success or be able to report some success this year. We feel confident about it, and that business will grow. I think that business will grow probably faster than the enterprise growth numbers we have for the next few years. We feel good about it. Arya.ai is a different kettle of fish. We are very, very positive on creating a large enterprise AI offering, a global enterprise AI offering that can play specifically in the banking and insurance spaces. We feel while the world is busy doing Gen AI and building out foundation models, and there may be some winners to that game. There may be no winners to that game. We don't know how that game pans out. We believe when a technology matures, bulk of the value is created on the application layer. So obviously, the foundation models and elements play on the foundational layer. You've got a whole bunch of firms investing in their tooling around AI, which is also fine. But at the application level, we see a massive space to create value, and that's how Aurionpro goes and captures value. We've always been very good on enterprise applications. We say, "How about we bring very mature AI capabilities to play together with the enterprise applications?" This is where serious banks, serious insurers are using our mission-critical applications to run their businesses. This is where they will get the value from using AI on their business processes, and that will allow Aurionpro to really capture that value. So it's a very big bet for us. We believe Arya.ai is probably the best team in the country, probably in the world in terms of focusing specifically on banking and insurance use cases. And we intend to become a very significant global player when it comes to building enterprise AI for banking and insurance world across the globe, right? I think that is the play. Time will tell how successful we get, but we feel very strongly about it. We feel very good about our strategy. We are not huge fans of the calling API calls to LLMs and calling it AI. So we will invest heavily in the space, and we'll see how successful we get. I think these were the AS Software team was mostly from Ex-Nucleus Software. They have a direct requisite experience and track record also, I believe. That's true. Vivek, sorry, can you go again? I think your line is not good. Yeah. What I was saying is that AS Software team with Ex-Nucleus Software, quite a good track record and experience they have, I believe, which you required. No, I agree completely. I think Abhijit and team are probably the strongest team of lending tech specialists in the country today. It's a very, very strong setup. We enhance that with the strength that Aurionpro brings in, and we let Omnifin become a global product. We feel very strongly about it. We feel we've got just the right team to execute on this. Next is the opportunity size for their products in Southeast Asia and in the banking domain. A lot of banks in Indonesia and Myanmar, there's one order which you got, I believe. So is there still a lot of potential there? Our penetration level is already at a substantial level. Similar query about the opportunity size for our rest of the vertical, especially data center and transit in India and abroad. Thank you. Yeah. Look, I think opportunity size for each of these spaces is pretty large. I'll join direct too, sir. He's written to the queue. Yeah. So let me take that. So look, opportunity size for each of the spaces is pretty large. Lending, we see a lot of spend coming in across the markets that we play, which is mostly in Asia. And as the world has gone into a high interest rate environment, there is even more interest in sort of transformation projects on the lending book. So we see actually a pretty serious demand coming in. Then the other way to think about it is Asia is probably at best 8%-10% of the overall technology spend. As we expand into Europe and U.S., I think the size of the opportunity becomes bigger. So I think our focus should be on building out the best possible product and become the most competitive player. I think the segment is large enough for us to grow very strongly for very, very long periods of time. Same thing with data center. I think, like you mentioned, I think there's tens of billions of dollars coming into the space. There's all sorts of reports which will tell you it's a $1 trillion opportunity over the next 5-7 years. Same thing with AI, right? So I think these are all large spaces. We are a fairly small player in that space. So I see no problem in the headroom for growth or our ability to grow very, very strongly for several years into this space. The focus should be on building the best possible product that we can, and that's what we're focused on. Thank you, sir. Thank you. The next question is from the line of Abhishek Shah from Ambit. Please go ahead. Hi. Good evening, everyone, and congratulations on a great set of numbers. Just a couple of questions. So firstly, in your previous call, also, you had mentioned regarding Arya.ai and on this call also regarding the payment license. These are likely to be more products that we would use as possibly margin accretive in the long term. So we wanted to get a sense on how we can think about our margin going forward. And secondly, on the revenue side, you mentioned that you don't include the recurring revenue stream in your order book. So some sense on what that number is and how sticky and what kind of growth we can expect on that as well. Thank you. Yeah. Hi, Abhishek. Thanks. So look, Arya.ai payment license, they will be margin accretive, but at the moment, these are investment-driven long-term growth drivers, right? So I would not really build in I mean, Arya.ai maybe, but I would not really build in a sort of uptick on the margin side. Our R&D, as you know, by and large, is expensed out, and the size of the R&D budget keeps on increasing every year. So the game plan is for the next two, three years to not focus on margin expansion. I don't think this is the time for Aurionpro to do it. I believe the best way for us to add value to shareholders is to keep increasing the size of the R&D and keep increasing the number of products we sort of bring out into the market and keep the margins where they are. So that is the game. But having said that, in a quarter or two, it can go up or down 1%, and I think we don't calibrate our margins so finely. But I would not expect margins to really go up because we're not trying to do it. But overall, I think over the long run, we do believe software businesses are capable of driving 40, 45, 50% EBITDA. I think that's pretty common in the industry, not even at a very large scale, at a fairly modest scale. So as the businesses mature and the growth rates slow down, we do expect EBITDA numbers to start climbing up, but this is not the time to do it. Second, order book. Look, I think for us, the reason we don't count these is typically, especially on the software side of our business, the revenue streams are very sticky. So we rarely lose a customer once they start using Aurionpro's software. So the maintenance streams are typically for life, which in software business is anywhere from 15, 20, 25 years, right? I mean, changing software is a very painful task for anyone, especially when you tend to sell to regulated spaces such as banking and insurance, right? So I think that's the reason we look at it that way. We believe the AMC streams are more or less permanent, and we keep adding them to the plan every year depending on what it is. They're typically indexed. So your stream would probably go up between, let's say, 3.5%-4.5% or so every year because of being indexed to CPI and stuff like that. What is the quantum of these streams? I would say, as soon as I publish that number, I will probably not do that right now, but maybe we'll consider sort of publishing that at a future stage. Let me take that away. Thank you so much, and congratulations again. Thank you. Thank you. The next question is from the line of Ankush Agrawal from Surge Capital. Please go ahead. Yeah. Hi, sir. Thank you for taking that question. So sir, typically in a software products business, along with R&D, sales and marketing is another cost pocket which requires a sort of upfront investment. Though R&D is something that we have talked a lot about, can you talk a little bit about the quantum of investments in terms of percentage of revenue that we are putting into sales and marketing, how this number has moved over the last couple of years, and how do you see this number going at it? Like R&D, we are continuing to increase that budget based on the operating numbers that we are getting. So similar kind of thing, is it playing out in the sales and marketing side as well? Yeah. So look, sales and marketing, we've steadily upped the spend. We are not huge fans of software businesses claiming you need to spend 20% on marketing and sales for us to keep growing. So we typically keep it below 5% for us. Having said that, the channel is now twice the size it was last year. So we keep scaling the channel basically more or less in line with the planned growth numbers. The way to look at it, and I'll tell you why we are not big fans of saying sales and marketing will take 15% or 20%. I know that's very accepted in the SaaS space and software space. And the reason for that is the following. We sell mission-critical applications to regulated institutions who rarely change software. So this is not like some SaaS, CRM software where switching cost is low. The switching cost for Aurionpro software is very, very high. You're talking a large bank using a corporate loan origination system. You look at banks in Singapore have used us for 15 years, 17 years, 20 years. The cost of switching is fairly high, right? So if you don't sell a single new logo, you'll probably still grow the banking software business between 12%-15%, right? Obviously, to grow at 60% like we are growing right now, we need to sell new logos, and that needs a sales channel, and that's that we invest in. We believe that number would probably stay in the range of 5% or less than that, more or less, as we grow. If that changes, I'll come back and talk about it, but at the moment, we don't feel the need to really scale that number. Having said that, the sales channel is growing. It's grown over the last two years. It's basically doubled. Over the last year, it's gone up by 50%. Marketing spend for us is very low at the moment, and this year, we intend to step that up so that will go up a bit. Second question that I wanted to ask, so in terms of the strategy of licensing our IP to some of the larger product companies globally. So at the current stage, it makes a lot of sense given that some of these players have a large presence in terms of the developed market and in terms of the logos that they have. But in the future, as and when Aurionpro itself becomes a larger company, how do we see this kind of partnership evolve wherein maybe in the future, Aurionpro might itself be capable of going directly to these geographies and to this type of clientele? So if you can talk about how do you expect this kind of partnership to evolve, and does this context allow you to, say, in the future, go and compete directly with these companies for the same kind of product that you are currently licensing? Yeah. So great question, Ankush. And I think you framed it quite well. Look, at the moment, we are $140-$150 million players in most spaces, our $10 billion, $20 billion, $30 billion, $50 billion spaces, $100 billion spaces, right? So you are a very small player in very, very large spaces. You are a very competitive player with a very deep product, but you're still a fairly small player, right? So I think for us, this is the time to go out and expand. In the product business, in the software business, it's not so straightforward to really go into US and Europe. So I'll give you CLO as an example. We compete with FIS, we compete with Moody's, we compete with the same global players in Asia, and our win rates are typically the best in the market. We win more than we lose. It does not mean that when I go to the U.S. and I compete with the same players, our win rates are going to be the same. Most likely, our win rates are going to be very, very bad. The reason for that is you need local, it's not a product depth issue. It's a local references issue. It's a local adaptation issue, right? You need time to build that up. It takes 3, 4, 5, 6 years after initial successes to build up a scale software business in banking and insurance space. For us, that is one. The second thing is we have a slightly different way of thinking about how to add value to the bank. We believe the banking tech world, especially, has been very proprietary tech-driven, has been very prop tech-driven, and typically, vendors have not worked together with each other to look at value. We believe that is changing. We believe that needs to change given how complex the tech landscape in banks has gotten, right? So the combined created value of us with the Finastra or us with the Murex or any of our partners is a lot more than the individual sum of the parts, right? So we strongly believe in the open ecosystem way of creating value for the banks, and we are heavy proponents of it, and we feel it will go that way. What happens if the world does not go that way? I think these are not marriages for life. We can always walk away. We're not giving up our IP in these cases. We keep our IP. We license the clients mostly directly, right? So you can always walk away. I mean, if it's no longer a win-win, right? But at the moment, it is a solid win-win. We feel over a period of time, it will remain a solid win-win. We don't just do that on the banking side, right? On the transit, if you look at it, we collaborate with Mastercard, we collaborate with Vix, right? So we feel strongly about the ecosystem value of sort of vendors working together to create solutions to their strengths, right? If it doesn't go that way, I mean, these are not marriages for life. We have our IP. We will at least have references in the market, and we can build on that, right? So that's the way I look at it. Got it. Just a last clarification. So the next 1-year AMC would be included in our order book, right? The next 12 months? It's not included in the order book, but it's included in the guidance. Yeah. Yeah. So it's not included in the order book. Order book is basically anything new that we are going to do. Correct. Got it. That was very helpful. Thank you. Thank you. Thank you. As a reminder, anyone who wishes to ask a question may press star and one on the touch-tone phone. The next question is from the line of Rishabh Garg from Sacheti Family Office. Please go ahead. Hello, sir. Am I audible? Yeah. Hi, Rishabh. Yeah. Sir, so I wanted to understand, right? So I understand that you provide services related to data and consulting and project management-related services. I wanted to understand how much of the CapEx spike is related to building a data center, right, from scratch is attributable to services provided by us. So I wanted to ask a few questions on that. What is the average cost of a data center, one megawatt data center, and how does it differ across Tier 3 and Tier 4, and how much of such a CapEx is attributable to our design services and project management services? Yes, sir. Yeah. Look, so I think it's a tough question. Depending on the scale of DC you're going to bring up, I mean, if you want to get into a detailed question, I think probably best get through investor relations, and we can sit down with the DC team. Look, broadly, what we capture is only a share of what the spend that goes into a data center. So we look at designing all those data centers. We'll handhold, especially for the strategic partners, through that process. We will program, manage the build of the DCs. We will not get into the EPC side or all that stuff that goes into it, right? So we probably end up, it would depend. So some of our contracts are pure design contracts, so then you're picking up a few percent. Most of the contracts would include design and program management thing. You're getting to probably 30%, 35%, 40% of the spend, but you would never get to the 100% of the spend overall, right? So that's how it works, but it really varies depending on the scale, depending on the purpose, and depending on what exactly you're setting up. So let's say INR 40 crore spend for one megawatt. So how much would that be excluding real estate, and how much of that remaining—I assume 40% of that and 30%-40% of that can be attributable to your services? We can capture, let's say, 40%-50%, but we will not capture that in every contract. It depends on the nature of the contract. Okay. And can you give some breakthrough of this 40%-50%, right? How much of the design services and how much of project management services? Yeah. Look, I think it would really vary project to project, right? Yes, estimates. I would say it's still design would be like a few%. The rest of it is if you're really doing the heavy work, so. A lot of our contracts are actually pure design contracts, right? So in which case, obviously, all of it is designed, but typically, you are saying single-digit%. Of the design one. Okay. Of the design, yeah, of the design side, right? The rest of it then depends on the scale of work you take on, right? It's really project by project. I think we will at most capture what—so I think the way to look at it is this: we are taking on only what we can realistically deliver, right? Because the space is such that if you tomorrow wanted to start going at 200%, you can find a path to growing at 200%, but we will not have the delivery capacity to do it. We are taking on projects to the extent that we can sort of reliably scale and deliver on them. Also, do you have any recurring services when data center is built and operating, or is it only at the table of Capex? Yeah. So look, our long-term game is—so I think the way to look at data center is this: data center is today where transit was for us 4 years or 5 years back, right? It's by and large a services business where we have very little IP, right? But the reason we get into a space is because we feel strongly about the demand in the space, and then we feel once we have understood the whole space through the services offering, we will productize and drive the non-linear economics. So we are only now getting ready with the first set of products in the data center space. For example, we are close to launching properly an Edge Compute product, which is a fully productized product, right? We also have some services in terms of really being able to run operations on those, right? So at the moment, I think the recurring side is low, and most of it is services, but if it pans out the same way transit pans out for us, in the next couple of years, we will move to a very heavily productized stuff, which will be significantly recurring, but then it's still initial product launches in pilot stages. So I think we are probably 12, 18 months away from those going mainstream. Got it. Just last question. So what is the team size for the data center-related? And what is our capabilities on how much data center business we can do in terms of units of data center or in terms of revenue? Look, I think we can probably keep on going at 40%-50%. Right now, it's about a third of the TIG pie, so probably INR 200 crore, slightly less than that. I think we can reliably keep on going at 40%-50% for a—or at least 30%-50% for a fairly long period of time if we wanted to. I think the reality is a pure services business. The reason Aurionpro is cautious scaling it is the margin profile is not the same as a productized business, right? So we feel good about continuing to scale it at a good growth rate. Right now, it's a third of the pie for TIG. You can do the math, right? I think that's basically what I will say at this point. All right. Thank you so much. Really appreciate the answer. Thank you. Thank you. The next question is from the line of Karthik Iyer, who is an individual investor. Please go ahead. Good evening, sir. You touched on data centers and banking software. Could you just throw some texture on the state of affairs of the transit business and if you're pursuing any tie-ups or acquisitions in that respect? Okay, Karthik. Hi, great question. Thank you. So look, transit for us, the focus this year is on consolidating and building on the success we had in terms of building out the strategic partnerships last year. So we're in the US; we are investing quite heavily. We feel good about being able to expand in Mexico, which is a very large market. I think we reported initially a couple of months back, and we got a strong partnership with the market. Latin America, in general, I think we are in a few deals, so that will expand. We announced the partnership with Vix to enter the U.K. market. We announced the partnership with Mastercard, and we're working with them on multiple deals across the world. We announced our entry into the Australian market as well through a partner. So I think we've now done the groundwork of being in the right markets with the right partners. So this year is more about doubling down on those partnerships and really monetizing what comes from it. So we feel very, very good about transit internationally growing very well for us. In India, we've been very choosy because I think we are the only player who plays in India who can really export in a big way. So we've been focused on the international pie. In India, we've been selective, but the engagement we had around the card issuance with Haryana government, I think we just are very excited about that. I mean, that's a scheme with a meaningful impact, but it's very good business as well, the card issuance piece. So we see how we can expand on that one as well. So transit will continue to grow strongly. Like I said earlier, TIG, we expect transit to grow quite fast, data centers to grow quite fast, and we'll slow down on the other pieces, right? So transit, I think the closed-loop to open-loop movement in the world is probably over the next 5, 7, 8 years, I would say 90% of the world will move from closed-loop to open-loop, if not more. So it is a very long runway of demand. We have one of the most integrated end-to-end offerings stack in the space. We do everything from validators, the hardware side, our own EMV-certified card readers, to the AFC software, to the ticketing systems, to even the gate. So we are probably one of the most integrated there in the space, in a space that is going to see huge demand over the next 6-8 years, right? I think we'll keep calibrating that growth, but we feel very good about continuing to grow strongly just right across. Thank you so much. Thank you, Karthik. Thank you. The next question is from the line of Nirav Timbadia, who is an individual investor. Please go ahead. Hey, Ashish. Can you hear me? Hey, Nirav. Hi, good afternoon. Hey, good afternoon. Hey, my first question is around Aurionpro's platform. So in the latest budget, right, government put a lot of emphasis towards MSMEs, right? And I believe the platform is especially designed for them, right? And I believe we had multiple tie-ups with multiple state governments, right? So can you give more details on the platform and what kind of opportunity we have around that? I mean, do you see that becoming a large contributor, or it's still in an early stage? Yeah, thanks, Nirav. So look, the reason we invested in the platform and we built it out is because we feel over the long run, MSMEs or SME space in general, one, needs a mature tier-one solution when it comes to digitization, and they need the handholding and the support. We believe that is a large opportunity over the long run, and not just in India, but across markets, right? And we had the right assets to play in that space. Now, with the payment license coming in, we get even stronger in the space. So we feel that there is a long-term opportunity to play. Having said that, right now, from a revenue standpoint, that's not a meaningful contributor. It is still, let's say, an R&D project, which is very well thought of, and you're right, it was very well appreciated by some state governments, and we continue to talk to more, right? So right now, the focus is on broadbasing the platform, broadbasing the adoption, get a lot of SMEs on the platform, right? And we will use part of the functionality for the B2B payment supplier payment side that we are building out with the payments Auropay base, right? But I would say this is a 3-5-year play. Don't expect meaningful revenue contribution this year or the next. And the reason for that is, one, these are spaces which need to be incubated and really scaled. Second, we're not a startup. We don't have the need to show immediate sort of runs on the board and all that stuff. I think we can take our time building the ecosystem, and then the longer-term value would be larger, we feel. Okay. Thanks. Thanks for that. My second question is around on the website, right, on the Aurionpro's website, in the client list, I see some of the largest US banks like JPMorgan Chase, Wells Fargo already in the list. So what kind of engagements we have with them at this stage? Yeah. So look, it would vary from bank to bank. I mean, we've got, so I think we've got relationships with a very large number of global banks. I mean, I think the U.S. banks typically, so what happened is over the last couple of years, through some of our partnerships, we have expanded in U.S. We expect this year U.S. to get to, let's say, a double-digit $ million, more around the mid-teens sort of number, which should be a strong growth, right? And part of it is through our tie-ups with the global fintech majors that we talked about, and some of it is through our tie-ups with the U.S.-based fintechs who we are supplying our technology stack to. It's still not something big. I think these are small sort of starts in most cases, but the combined contribution will be big. I mean, what do we do for which client? Unless it was a very large thing, we normally don't talk about it, right? So I won't want to start getting in there. But U.S., I expect this year should grow 50%-60% for us. Part of that IP is coming from Singapore, so I don't know which side of the bucket the revenue sort of fits in, but U.S. would sort of grow strongly for us this year. So again, just to add to that, right? So I see JPMorgan Chase, Wells Fargo, and Citibank as our customers or our clients on the website, right? So are we already in there, or are we in the initial stages? Look, I think no. We will be doing something small here and there, but we're not in there with the major product. Okay. Okay. But are we engaged with them, or are you able to at this time, are we engaged with them, or it's too early to say on that? No, we're still engaged on some services and trying to build something. I mean, if we declare something on the website, normally there is some revenue behind it, but it's not like we sold a big lending product or things like that. Okay. Okay. My last question is on Arya.ai. So what kind of growth it had in the recent quarter? I know you mentioned that it was growing like more than 100% for the last two years. Now, in this Q1, what kind of growth it had? Have we completed the integration with them so that we can go out and sell or bundle with our products? Yeah. So look, Nirav, I'll not get into sort of quarterly sort of number declarations at a subsegment level. For the full year, we expect Arya to grow 50%-60%. I'll sort of leave it at that. The integration side of things is a little bit more interesting. It's fully integrated on the sales channel side. So we are seeing fantastic conversations across Southeast Asia, Middle East. We participated in some joint events together in Middle East, in Southeast Asia. We started work around integrating the Arya stack with our enterprise applications, which is lending, which is the Integro side, which is the transaction banking side, which is the OmniFin side, right? So we started that is our main play, integrating Arya with our enterprise applications. So that gives us a net sort of revenue lever where we are already present with the client, as well as gives Arya a way to operate. And yeah, I mean, sales-wise, we see strong momentum. We expect to grow for the full year. That's about what I'll say. Okay. Okay. Thank you, Ashish. Thank you, Nirav. Thank you. Ladies and gentlemen, I now hand the conference over to Mr. Ashish Rai for closing comment. Okay. So thank you, everyone, for joining the call. I hope you got some more color on how the Q1 was and anything else you're interested in. We are sharply focused on our core strategy, which we've been fairly transparent and clear about for the last couple of years. There is not a lot of new changes to that playbook. We will stick to the playbook. We will try and execute with discipline. We feel very strongly about the size of opportunity in front of us in each of those spaces, and we will remain focused on executing against those opportunities. Thank you for taking the time to join this call, and I'll see you again. Thank you. On behalf of Aurionpro Solutions Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.