Ladies and gentlemen, good day and welcome to the Q3 9 Month FY25 Earnings Conference Call of BLS International Limited, hosted by Nuvama Wealth Management. 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 the touch-tone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Nikhil Shetty from Nuvama Wealth Management. Thank you, and over to you, sir. Thank you, Rutuja. Good day, everyone. On behalf of Nuvama Wealth Management, I appreciate you joining us for the Q3 and 9 Month FY25 Earnings Call of BLS International Services Limited. Today, we have with us the leadership team to discuss the company's operational and financial performance. So we have with us Nikhil Gupta, Managing Director, Shikhar Aggarwal, Joint Managing Director, Amit Sudhakar, CFO, Loknath Panda, COO, Digital Business, Gaurav Chugh, Head of Investor Relations. With that, I now hand over the call to Gaurav. Thank you, and over to you. Thank you, Nikhil. Good afternoon, everyone. Thank you for taking time out to join this call. Just to remind you that this discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties, and other factors. It may be viewed in conjunction with other businesses that could cause future results, performance, or achievements to differ significantly from what is expressed or implied by such forward-looking statements. I would like to hand over the call to Mr. Shikhar Aggarwal for his opening remarks, post which Mr. Amit Sudhakar will discuss the financial performance of the company, and then we'll open the floor for an interactive Q&A session. Thank you, and over to you, Shikhar. Thank you. Good evening, everyone, and thank you for joining us on BLS International's Q3 and 9-Month Financial Earnings Call today. We trust you had the chance to review our results, press release, and investor presentation, which are available on both the stock exchanges and our company's website. I am delighted to present an update on our company's performance, which reflects a period of significant growth and spend. In the quarter and 9 months of the fiscal year 2025, we have recorded a robust increase in our consolidated revenues of 17% and 22% year-on-year to INR 513 crores and INR 1,500 crores respectively. These figures represent the highest revenue we have attained for the corresponding periods to date. Also, to highlight, we have surpassed our FY24 EBITDA and profit number within 9 months of this fiscal. In terms of profitability, our performance for the quarter has been remarkable, with the EBITDA experiencing a substantial year-on-year 79% growth to INR 158 crores. Our profit after tax has also seen around a 50% increase to INR 128 crores. The integration of new businesses, we have acquired iDATA, Citizenship Invest, and Aadifidelis, coupled with our transformative shift from a partner and to a self- managed model have significantly strengthened our margin profile in the current period. We have witnessed EBITDA margin expansion of approximately 1,000 basis points in both Q3 and 9 Month periods. If you look at this fiscal, we have invested over INR 1,000 crores across various acquisitions. While the integration of new business is going as per plan, we continue to witness strong cash flow generation, which translates to a healthy balance sheet with a net cash position of around INR 690 crores as of 31st December 2024. We are committed to delivering robust financial performances, which is evident in our strategic focus and ongoing structural enhancements we are implementing within our business model. These concentrated efforts are designed to solidify our foundation and propel us towards sustained growth and profitability. During Q3 FY25, the number of visa application processes has increased from 7.14 lakh in Q3 FY24 to 9.08 lakh, a strong growth of 27% year-on-year. This growth is in sync with the trajectory of global travel and tourism sector, which has been riding the wave of new trends and technologies, offering a conducive environment for us to expand our business. Additionally, our net revenue per application has witnessed a year-on-year growth of 26%, climbing from INR 2,250 in Q3 FY24 to INR 2,837 in Q3 FY25, reflecting our operational efficiency and value creation. In nine months, the net revenue per application has grown by around 40% to INR 2,800. The acquisition of Citizenship Invest was completed in October 2024. Citizenship Invest puts us at the forefront of the industry for residency and citizen programs with an expanded presence in over 15 countries. The strategic move bolsters BLS expertise in providing comprehensive visa solutions, but also leverages CI's esteemed standing and influence in the HNI category. With the acquisition of CI, we are poised to significantly increase our processing volumes and reinforce our market position. We began to consolidate the financial performance of CI into the performance in our quarter. Further, I'm happy to report we also conducted the Aadifidelis Loan Solutions acquisition on November 26, 2024, and it's being consolidated under our digital services businesses effective the same date. ASPL stands as a prominent entity in India's loan distribution and processing sector with an extensive network that spans the nation. Our digital business has also been witnessing robust performance driven by both organic and inorganic growth. Its revenue from operations grew 87% to 137 crores in Q3 FY25 as compared to 74 crores in Q3 FY24. Organic growth of the business was 16%. EBITDA of the business grew by 88% to around 18 crores from 9.4 crores in Q3 FY24. Looking ahead, we are committed to nurturing organic expansion in our visa and consular and digital service business segments, and concurrently, we are on the lookout for avenues of inorganic growth on both domestic and global markets. Our projections for the ongoing fiscal year are optimistic, and we are focused on fostering ongoing growth. In conclusion, I want to reaffirm our unwavering confidence in the forthcoming quarters. The BLS team is resolutely dedicated to propelling growth within our principal business divisions. We firmly believe that these strategic measures we have put in place will serve as a solid foundation for sustained success in the years to come. Now, I'll turn over the call to Mr. Amit Sudhakar, our CFO, for further updates on our financial performance. Thank you. Thank you, Nikhil. Good afternoon, everyone. I am pleased to present the consolidated financial performance for the third quarter and nine months ended December 31, 2024. In the quarter Q3 FY25, we achieved a revenue of 513 crores, marked a robust year-on-year increase of 17% from 438 crores reported in Q3 FY24. We continue to see strong momentum and remain optimistic about our potential growth in the coming quarters. Our EBITDA for the quarter surged to Rs 1,458 crores, up from 89 crores in the same period last year, registering a substantial growth of 79%. The EBITDA margin for this quarter was 31%, expanded by 1,059 basis points year-over-year. The increase in our margin is a result of our successful cost optimization strategy, which includes shifting to a self-managed model and integration of new businesses. As mentioned by Shikhar as well, we have begun integration of Citizenship Invest into our portfolio in this quarter. Profit before tax for the quarter was reported at 140 crores, a 54% increase from 91 crores in the third quarter of the previous financial year. The profit after tax also showed a robust performance at 128 crores compared to 87 crores in the corresponding quarter of the previous year, reflecting a growth of 47%. The earnings per share for the quarter stood at INR 2.93 per share as compared to INR 2.05 per share in Q3 FY24. Coming to 9 months' performance, the 9-month revenue stood at 1,501 crores as compared to 1,229 crores, registering a growth of 22% over the previous period. The EBITDA for 9 months FY25 stood at 455 crores versus 255 crores in the corresponding 9 months last year, a robust growth of 78%. The EBITDA margin for 9 months FY25 stood at 30.3% against 20.8% in 9 months FY24, an expansion of 956 basis points. The profit after tax stood at 394 crores as compared to 240 crores in the previous corresponding 9 months, a growth of 64%. Now, coming to segmental highlights in Q3 FY25, our visa consular service segment revenue stood at 376 crores. Net revenue grew by 60% YOY to 258 crores as compared to 161 crores reported in Q3 FY24. The EBITDA for this segment expanded by 77% to 140 crores, with an EBITDA margin of 37.4%. This represented an increase of 1,564 basis points over a 21.7% margin recorded in Q3 FY24. Looking at the 9-month visa consular service revenue, it grew by 22% to Rs 1,209 crores, up from 991 crores in 9 months FY24. The net revenue was up by 78% YOY from 436 crores to 775 crores in 9 months FY25. The EBITDA was also for the same period experienced a significant year-on-year increase of 85%, reaching 414 crores with an EBITDA margin of 34%. The margin widened by 1,171 basis points compared to 23% margin in 9 months FY24, reflecting an ongoing commitment to growth and efficiency. In Q3 FY25, our digital business segment reported a robust revenue growth of 87% YOY to 137 crores as compared to 74 crores in the same quarter of the previous financial year. This increase includes Aadifidelis Solutions' revenue of 53 crores consolidated from 26 November 2024 onward. The EBITDA for the segment scaled significantly by 88% YOY to 18 crores in Q1 FY25. EBITDA margin stood at 12.9%. In 9 months FY25, the digital business revenue stood at INR 293 crores as compared to INR 238 crores in the corresponding period. EBITDA for the segment stood at INR 42 crores in 9 months FY25 compared to INR 32 crores in 9 months FY24. EBITDA margin stood at 14.2% in 9 months FY25 against 13.4% reported in 9 months FY24. Having invested upward of INR 1,000 crores in new acquisitions during FY25, primarily funded through internal accruals, the company remains in a strong financial position. As of 31st December 2024, our balance sheet reflects a healthy net cash reserve of INR 690 crores. That's all from my side. I will request the moderator to open the floor for questions. 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 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 Arjun Bhojwani from JM Financial. Please go ahead. Yeah, hello, sir. Thank you for the opportunity. Sir, I want to know how much is the contribution from the acquisition done in the visa segment? So iDATA and the other company which we had acquired, Citizenship Company. So how much is the contribution in the visa segment? So if you look at iDATA in the current quarter, they have contributed about INR 25 crores, and Citizenship Invest has contributed INR 4.75 crores of the net profit. The 25 crores is from iDATA and the- 4.75 crores from Citizenship. Sir, can you provide the same data for the revenue? Yeah. So the revenue in iDATA was around INR 59 crores, and Citizenship was about INR 13 crores. Sir, let's say if I adjust 59 plus 13, so it comes to 60, 72 crores. Let's say if I reduce from the current number to just see the organic number, then I see a degrowth in the number, but the visa count has increased by 27%. So I'm not able to understand. On one hand, the count is increasing. Yes, I think we have understood the point. So basically, Amit, you can add, and this is if you talk about year-on-year, we have got if you see the net revenue, that has actually increased. So basically, we look at the net revenue growth because as we have talked about the change in the business model. Hello? Yeah, yes, sir. Can you check that there is a growth matching with the growth in the numbers? Is your top line impacted by the business model change? No, no. Top line has not affected because of the change, and mainly, it is more on the net revenue. Okay, sir. Huh? Sir, also if you can, in the eService segment, how much the acquired company has contributed? It is about Aadifidelis has contributed about INR 49 crores. Okay, sir. Thank you for the answers. I'll come back with the questions. Sure. Thank you. Thank you. The next question is from the line of Sandeep Agarwal from Naredi Investment. Please go ahead. Hello. Hello? Yeah, hello. Yes, sir. So my first question is regarding we have categorized three types of services, core services, value-added, and personalized citizen services. So can you provide the bifurcation of turnover and margin between them? Sorry, can you repeat the question? So we have categorized our services in three types of services: core services, value-added services, and providing citizenship services. I'm talking about BLS eServices. Yeah. So can you bifurcate the turnover and margin between them? I think that's what three lines of business that we are doing, that we are providing banking correspondent services, we are providing e-governance services, and we also provide assisted e-commerce. At the time of IPO we had mentioned. But the margins are pretty similar in all these segments. Till now, we don't bifurcate because in the same state, we are doing multiple things. We are also running banking correspondent. We are also running e-governance using the same centers. We are also providing assisted e-commerce using the same centers. So that is why we don't bifurcate the numbers. Okay. Okay, sir. That's it. Sir, just another one. So are other income down from INR 23.4 crores to INR 14.7 crores Q1 Q basis? Yes. In our Shikhar also talked about that we have done the investment in the new businesses. So the interest from fixed deposits have come down. Okay. And sir, our net profit margin and operating profit margin also grew on QoQ basis. So what is the sustainable? Any reason, and what will be the sustainable margin? I think we have been saying that we want to maintain over 30% margin in our visa business, and digital business will change because of the mix of Aadifidelis and the other businesses. They have a different percentage of margins, so there will be a change, I think, depending on the revenue mix in that particular quarter. But if you see our visa business, our margin has grown over 36% in the last quarter, and it was 20% last year, but now it has grown to 37%, so there has been a little change in the e-governance business because the Aadifidelis business that we acquired is at lesser margin, but more profits overall are growing, if you see, so definitely, visa business specifically, we want to maintain the margins, and each of the services also, probably it will maintain that level. Okay. Thank you. Thank you. Thank you. The next question is from the line of Arpit Shah from Stallion Asset. Please go ahead. Yeah, hi, Shikharji. Hi, Amitji. Am I audible? Yeah, yes, we can hear you well. Yeah, just I had a question around if we see the seasonality part. If I see last year number of visa applications is around 7.14 lakh applications in Q2, Q3, and Q4. And this year, we have seen a dip on QoQ basis. From 10 lakh, we have come to 9 lakh visa applications. So how should we read these numbers, and what kind of numbers should we expect for quarter four? Should we expect 1.2 million applications for quarter four? How we should read that number? So see, if you see this quarter, we have done around nine lakh applications, correct? And if you see the same quarter last year, December 2023, we had done around seven lakh applications. But if you see previous quarter, we had done 10 lakh. So obviously, since this quarter, there is seasonality. December, people travel less. November, December. So that is why we have done lesser numbers compared to last quarter. Because of the acquisition of iDATA and new contracts that we had started, there has been an addition in the numbers. And it has actually increased from seven lakh that we did last year. There was some organic growth, some because of the acquisition, some new tenders. And that is the reason we have done nine lakh in this quarter. And going forward, quarter four, January is also a little less, but February, March, we start seeing numbers coming up. And quarter one, we see good travel going on. So definitely, going forward, we think the numbers should go up. No, I was referring to Q2, Q3, Q4, FY24. The numbers were broadly the same. There was no seasonality impact in FY24. In FY25, we have seen a dip of 10% in Q1 in Q3 FY25. So, how should we read the Q4 number? Actually, last year, what happened was one of our contracts that we run for the Indian Embassy in Canada. There was a major surge in Q3 in terms of revenue. There was a change in the environment over there, policy wherein people had to come to the center because of some change in regulation in the local laws of the country. So that is why for that quarter last year, we had seen a certain surge in revenue. But now it has come back to normality this year. So that is why normally, on an ongoing basis, quarter three seasonally is less for us as a company. Got it. So now, as far as actually FY26, what kind of broad guidance you would like to give to the market? Because this year, probably we're going to close around INR 520-550 crores kind of a number on the visa front, FY25. So FY26, you can still think that the growth will be, let's say, more than 30% on the visa front, FY26? See, if I talk about the past and tell you about the market, where it is heading. If you see in the last five years, we have done 70% CAGR growth in terms of profitability. This year, in nine months, the entire profits of the last year we have surpassed already. We have already spent INR 1,000 crore on acquisition. If you see in the future, many new tenders that we are bidding for, there are $ billions of tenders that are coming out on an organic basis. And inorganically also, we are looking at acquisition opportunities. But definitely, first of all, our objective is to maintain whatever number that we have achieved. We want to make that the new base. Whatever margins we have achieved, we want to make that the new base. And going forward, definitely, there are multiple opportunities both on the organic and inorganic front. So definitely, we would want the company to keep on continuing to grow. We have not given any projection or such to the market that this is the percentage we want to grow. But as having seen our past, the potential is there. Only 50% of the market is outsourced. Billions of dollars of contracts are coming up for renewal. We are eligible for all these tenders. There are multiple other countries which are never outsourced or outsourcing for the first time. We are also looking at inorganic growth, both in BLS International and BLS eServices. So definitely, I think if you combine all those multiple factors, there is a good lever for growth in the future. So you believe 700 crores is a reasonable estimate to make for FY26 as a PAT number? What is the reason? Sorry, can you repeat? 700 crores, is that a reasonable estimate to make for FY26? See, actually, what I've told you is that I don't want to comment on any specific numbers. But what we have done in the past, we want to maintain whatever numbers we want to make that as a base. And then, as I've told you, there are many opportunities both on organic and inorganic front. And definitely, we as a company, negative working capital cash-flowing company. So definitely, we feel that we will grow as a company. But exact numbers, I do not want to. I cannot mention at this stage. Sure, sure. I completely understand. In the visa and consular business, what percentage of business is now not directly dependent on visa? What percentage will be visa and what percentage will be non-visa in the visa and consular business? See, that percentage normally we don't take out. If you see in the COVID period, we did, what, 50 crores of profit each year. Still, that was only on the back of consular service business. Obviously, that has also grown. So I don't know the exact mix of how much is exactly consular, how much is visa. Because in many countries, the embassy outsources all the services to us, including consular and the visa. So there is no specific mix that we have taken out. Got it. Mr. Shah, may we request you to please rejoin the queue? We have participants waiting for their turn. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, please limit your questions to two per participant. If you have a follow-up question, you may rejoin the queue. The next question is from the line of Ankush Agarwal from Surge Capital. Please go ahead. Yeah, hi, sir. Thank you for taking my question. Firstly, just a clarification, the 25 crores and 4.75 crores numbers that you gave for iDATA and citizenship, these are EBITDA numbers, right? Not net profits? These are net profit numbers, right? These are net profit numbers. No, last quarter, you gave INR 23 crores EBITDA for iDATA. Yeah, so iDATA, the revenue was about 59 crores, and they had a profit of 25 crores in this quarter. No, last quarter of Q2, you said EBITDA was INR 23 crores. Now you're saying that was INR 25 crores for this quarter. No, no, no. I think you're very confused. We only mentioned about this current quarter. That has just gone down. The third quarter, December ending, we have done a profit before tax of around INR 25 crores in iDATA and INR 4.75 crores in Citizenship Invest. Okay. What will be the number of applications for iDATA during the quarter? I think that we have to find out. I don't think we have the bifurcation right now, but we'll get back to you on that. Okay. So the second question was basically this year, if we look at our growth, the growth has broadly come from a substantial increase in our margins and some of the inorganic acquisition that we have done. Now, going ahead next year, do you think there is more room for us to expand our margins from where currently it is and to be able to do certain big ticket size of acquisition? Because otherwise, I mean, do you think there are organic-wise, you are looking at some of the contracts that will deliver you the kind of growth that we have been seeing? Because otherwise, sequentially, there is hardly any growth in the core business. If you see, how can you say that? If you see, last year, we had done INR 88 crores of EBITDA on a combined level in December quarter. And this year, we have done INR 140 crores of EBITDA. So if you look at that. Yeah, so that's what I'm trying to say. This year, obviously, we have seen a substantial increase in our margins. If you see, we subtract the iDATA and citizenship numbers from INR 140 crores, the number comes to around INR 110 crores. So compared to INR 88 crores, we have done INR 110 crores of EBITDA only on an organic basis. So there has been a surge of 30%-40% even on the organic business. And if you see our. Absolutely. See, I'm not denying that. Obviously, we have delivered a substantial increase on the core business margins. Those were like low 20s this year. It's like mid 30s. But from here onwards, do you still believe we can expand margins from here? I think that would be difficult, right? See, first of all, we as a company want to operate on a sustainable basis. We are always aiming for, obviously, more efficiencies that we can bring into the business. If you see, last year, we were doing 20% of the EBITDA margins at consolidated level. This year, we have reached 30% level. From last quarter, there has been a little dip because of the acquisition of our subsidiary, then our subsidiary required this company Aadifidelis solution, which is at a lesser margin. So definitely, our objective, as I've said in the past, is to maintain the margins that we have achieved. Whatever quarter, whatever margins we achieve, we want to maintain that, and we keep on striving for bringing in efficiencies in our business that may or may not lead to increase in margins in the future. But definitely, whatever we have achieved, we want to maintain that. That is what I want to specify. Okay. Got it. Just the iDATA application number for the quarter, if you got it. Sorry? The number of applications for iDATA this year. Got it. That we will need to maybe we can send you this separately because we don't have those numbers handy right now. Okay. Got it. Thank you. Thank you. Thank you. The next question is from the line of Tanish from Beas Capital. Please go ahead. Do you have any data on what percentage of your existing contracts are up for renewal in the next two, three years? We have renewed 90% of our contracts. So as we have said in the last one or two years, after COVID, all of these contracts came up for renewal. Spain, we have done the contract again. Last few years, we have done the contract with the Indian Embassy in Canada again. So 95% of our contracts, 90% of our contracts we have renewed. So what percentage will be renewal next year, next two years? Next two years, see, all these contracts are 5 to 7 years, some are 10-year cycle. So as I said, most of the contracts we have renewed. Next two years, probably 5%-10% of the contracts might be coming up for renewal. And what amount of new contracts are you looking to bid in the next two, three years? Bifurcated by geography, if you have any data, where is the traction? There are multiple tenders that we are bidding for, multi-billion-dollar worth of opportunities that we are bidding for. There are different stages of bidding. A lot of this we have done. If you see the press releases and announcements that we have done in the last one year, we have added new contracts with Portugal, Poland, Italy, Hungary, Czech Republic, many governments that we have added, so there are multiple other tenders also that we are bidding for, and some of the countries which are outsourcing for the first time also, so there are multiple opportunities that we are looking at. Okay. Just another bookkeeping question. What is the difference between the net revenue and the revenue from operations in the visa and consular segment? What are line items that are not included in the net revenue? Yeah. So Tanish, basically, the direct expenses and commission to the or when we had the part-time model, what we used to pay them was a direct expense. For example, courier charges. So the Blue Dart payment has been netted off. And net revenue basically means the net revenue which we are earning per application. And that is what we focus on, and we strive to increase that. Thank you. The next question is from the line of Akshat Bairathi from RSPN Ventures. Please go ahead. Hi. Thanks for the opportunity. Sorry if this question is being repetitive. Just wanted to understand on the sequential revenue. So we have seen the number of applicants and the revenue per applicant dipping this quarter sequentially, which has impacted our revenues. But in Q2 as well, if we remove the iDATA revenue, sequentially, we saw a dip of almost 13.5%-14%. So any color on that will be really helpful. And the second part of the revenue is that we have done three acquisitions in the past, in the previous couple of quarters. So when do we see this revenue growth peaking in sequentially? See, I think we did not understand your questions properly. But from what we've understood is that quarter on quarter, as we have explained, there is a dip in the volume because of seasonality impact. Still, if you see our net revenue per application has actually gone up, right? So actually, quarter on quarter, year on year, both the parameters are revenue per application has gone up. Only the overall revenue has dipped because of the volume drop. And I think that is what was the first point. The second, see, how we look at it, our existing business growth depends on the growth in the travel industry. And if the travel industry overall grows at around 11% year to year, then our growth, we work on, say, 15% as a growth in our numbers and revenue. Got it, sir. So the second question is on the cash. We are carrying around INR 700 crores of cash balance. So are we planning any more acquisitions going further? See, this year, this financial year has already spent upwards of 1,000 crores in acquisitions. And definitely, we have spent a major chunk. Still, we have 700 crores of net cash on the books. Going forward, as we have explained in the past, we are constantly looking at value-added opportunities for the company, both from organic and inorganic basis. But definitely, we are open for inorganic opportunities as well as when we win new tenders, technology, we need to deploy cash. So we are very open for more opportunities in the future. Thank you. The next question is from the line of Manish Choraghe from KJMC Capital. Please go ahead. Hi, Mr. Agarwal. I believe that you have given a number of 49 crores as a revenue for Aadifidelis. Is that correct? Yes, correct. Okay. So I just wanted to know that this number is for entire quarter three, or I think it has been acquired at the end of November. So this number is for December or for the entire quarter three? I think this is some part of November and December. 26th November onward. Okay, so if I'm not wrong, in FY24, this company has done a revenue of INR 577 crores. Can I assume that in quarter four, the number could be around, revenue could be around INR 150 crores for Aadifidelis? Yes, that is what we expected. Yes. Okay. Thank you. That's it from my side. Thank you. Thank you. The next question is from the line of Gopal Krishnan from Uttaranchal Investments. Please go ahead. Good afternoon to the team. Am I audible, sir? Yes, please. Yeah. Fantastic. Actually, sir, I found that this iDATA and Citizenship Invest, those the dividend is phenomenally higher by around 50% from the data that you have provided in the investor presentation. So going forward, the 30% EBITDA that you have achieved will definitely be more, right? So for example, in FY26, can I say that your EBITDA will be close to 40%, something like that? See, if you see the actual numbers that we have given you, Citizenship Invest, our EBITDA is close to 37%. And iDATA, the EBITDA is close to 41%. And these companies are operating in specific geographies for specific governments. We have been operating as a global company across the world. So some countries' margins are lesser, some countries' margins are more. And from that point of view, if you see, we have reached from a 20% last year now to a 30% consolidated margin. And our main objective is to maintain these numbers. We don't want to have haphazard growth. So our objective is to maintain the numbers. And we are looking at cost efficiencies and cost results in the future. And if you see our quarterly visa segment EBITDA margins, they are also nearing to 37%. So in visa business, because these companies are coming under visa and consular business segment, we are achieving those 37% EBITDA. No, actually, but the iDATA, the EBITDA is 59%, and Citizenship, the EBITDA is 45%. As you said, okay, it's on a specific geography, but going forward, I thought it might average down to around at least 40%. I mean, correct me if I'm wrong. No, actually, you're wrong because iDATA EBITDA got 41%. And in our numbers that we have achieved this quarter, and Citizenship Investment is at 37%. And if you see our visa numbers, we've achieved an EBITDA margin of 27%. Okay. And then second question is regarding this digital business. This seems to be a drag on our total business. Is there any plan to spin off digital business into a separate entity like what you have done with e-services? See, first of all, we do not believe it's a drag. If you see, digital business is a volume-generating business. And since it is a business mostly operating in India, we get paid in INR. It's a volume business. So if you see, our overall profit this quarter is at 18 crores compared to nine crores last year same quarter. So actually, we have doubled our profits in this business. And going forward, we feel that there's a big opportunity. We have done 87% of revenue growth in this business. So I feel definitely this business also has a big potential in the next few years. And as we add more value-added services, etc., I think in the long run, the margins will also go up in this business per application. But if you see, on a total basis, total revenue is growing, total profits are growing. So definitely, I feel that this is also a good synergistic business for our company. Thank you. The next question is from the line of Dinesh Kulkarni from FinSight. Please go ahead. Hello, sir. Can you hear me? Thank you for the opportunity. Really good set of numbers. My question is, where do you think the next set of the next phase of growth would come for our company, assuming, as you just mentioned, that we already have done 1,000 crores of acquisitions and we have cash balance close to 700 crores? Just want to know whether it will be more of organic or inorganic if you could elaborate on that. As I've already mentioned in the last couple of questions, the same answer I can give you again, that we are looking at both the opportunities. There are multiple billion dollars of contracts that are coming up for renewal, multiple services, multiple geographies that we are bidding for, and different services, so organically also we have been winning of tenders, and next few years also we expect the same. Inorganically also, since we acquired these three, four companies only in the last one or two years, next few years also we are looking at different inorganic opportunities, so both the places growth will come from. So my question is more in terms of whatever growth we have achieved in the last 20%-30% growth, is that achievable again? Are we fully penetrated now, and we don't see this kind of high double-digit or 20% plus growth? As I said, we are still at the tip of the iceberg. We have full potential in the market. Only 50% outsourced. 50% market is still getting outsourced. And out of the 50% market, which is outsourced, multiple tenders are coming up for renewal in which we are eligible and we are bidding for. So definitely, there are still huge potential in this visa consular services and many other services that we can get into. Okay. Okay, sir. That's it from my end, sir. Thank you very much and all the best. Thank you. Thank you. The next question is from the line of Arpit Shah from Stallion Asset. Please go ahead. Yeah. Thank you for the opportunity again. I just wanted to understand. We have seen a stellar EBITDA growth and stellar net revenue growth through the visa business. But when it comes to the PAT numbers, we have a bit of a lag on the PAT numbers. So when will it converge to EBITDA growth numbers, the PAT growth, according to you? Sorry. You're talking about taxes? No, the PAT number or the PBT number. The PBT number has lagged the EBITDA growth and the revenue growth number in the visa business. So when can we see it converging, going ahead? I think over the period, it will. Currently, what is happening because of the accounting standard, the booking and amortization happens much higher. So therefore, the numbers look a little subdued as far as PBT is concerned. But PAT is going up. There's a tax element which is increasing because now tax has come in in Dubai, as well as our expansion in Turkey and India businesses. There's a tax percentage that is much higher. So if you see the percentage of tax over PBT is going up. Okay. What kind of tax numbers we should build in for FY25 and FY26? What we are working on last year, we were around 9%. The tax percentage was around 9%. This year, we think it will go to around 12%. Is FY25 expecting 12% and FY26? 12%, as in 12%. 12%. Okay. And how are we looking to utilize the cash, the INR 590-690 crores? How are you looking to utilize it? Is it going to be in dividends? As Shikhar said, we are seriously looking at new opportunities and acquisitions as well as expansion of our existing business on new contracts. So those will be there, and dividend, obviously, will also be part of it. Thank you. The next question is from the line of Ahaan Tulshan from Trivantage Capital. Please go ahead. Hi. Am I audible? Yes, you are. Please go ahead. I just wanted to understand what the approximate market shares would be for VFS Global and BLS International. Exact numbers, since the market is not very structured in terms of any market report or study, so we don't know the exact numbers, but after the acquisition of iDATA, etc., probably we should be globally at 15%-20% market share in client governments, and we don't know the exact number, the competition is at, but definitely, we are much ahead. Okay. Thank you. That's all from me. Thank you. Ladies and gentlemen, due to time constraints, this will be the last question for today, which is from the line of Mayur Bapodra, an individual investor. Please go ahead. Hello, sir. Am I audible? Hi. I can hear you. Congratulations for the great set of numbers. Sir, just all my questions have been answered. Just one question regarding capital allocation. So what is the thought process when we acquire any company? For the past three quarters, we are on acquisitions three, and we invest 1,000 crores in different new companies. So what is the thought process behind 1,000 crores? ROC, ROE requirements, or what is your thought process behind allocating capital for acquisitions? If you see from a business point of view, we have acquired companies that are in our line of business. They are synergistic businesses, high profit point businesses with good government. They are working where we can go globally. We can combine our offices, etc. So definitely, whatever margins that they are doing, we can sustain them and learn from them. So that was the strategy from a business point of view, and we will recover our money within a matter of a couple of years. In terms of ROE, ROC, Amit, if you want to add. So we ensure that our return on investment is much higher compared to what we earn on our interest from the banks and the others. So we currently work on ROE of around 15% or so. Okay. Great, sir. And sir, I heard Shikhar and Amit's show and your talk, and I enjoyed it thoroughly. The understanding of business you provided on that show, and congratulations for the future endeavors. Thank you. Best of luck. Thank you. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for closing comments. Thank you, everyone, for joining in our Q3 FY25 earnings call. We hope all your queries were answered. In case of any further queries, please feel free to get in touch with Mr. Gaurav Chugh, our head of investor relations, or the investor relations team at E&Y. We look forward to interacting with you next quarter again. Thank you and goodbye. Thank you. On behalf of Nuvama Wealth Management, that concludes this conference. Thank you for joining us, and you may now disconnect your line.