Ladies and gentlemen, good day and welcome to E2E Networks Limited Q1 FY27 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 your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Vanessa Fernandes from the Investor Relations team at Adfactors PR. Thank you, and over to you, Ms. Fernandes. Good morning, everyone. On behalf of E2E Networks Limited, I would like to welcome you all to the earnings conference call for quarter 1 FY27. Today on the call, we have the top officer management, Mr. Tarun Dua, Managing Director of E2E Networks, and Mr. Nitin Jain, Chief Financial Officer of E2E Networks. We will begin the call with brief opening remarks from the management, followed by a Q&A session. All participant lines will be in listen-only mode during the management remarks, and the floor will be open for questions thereafter. Please note that certain statements made during this call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties that could cause actual results or projections to differ materially from those statements. E2E Networks holds no responsibility for any actions taken based on such statements and undertakes no obligation to publicly update these forward-looking statements. I now hand over the call to Mr. Tarun Dua for his opening remarks. Over to you, Tarun. Thanks, Vanessa. Hi, everyone. Good morning to all of you. We hope you had a good last couple of months since we last spoke. I'll try and do a very brief coverage of some of the progress that we have made during the last quarter and then also briefly touch upon how do we see ourselves in today's world. Then I'll hand over the call to Nitin to talk about some of the financial highlights of this quarter. Then we'll be opening the floor for questions. In this quarter, we have had a couple of milestones. Major amongst those being that we went live with our platforms. So 2024 platforms that we had received during last couple of months went online and they were put on the review. That was a major thing. We continue to strengthen our sovereign AI platform, which we will be talking more about, why we believe that is the future. We have seen some of the revenue also scaling up on our platform. Coming back to why we feel that. Apart from this, we have continued to make investments into our technology platform in terms of strengthening our team and our organization. We are very focused on helping build an ecosystem of customers and partners who can help us become a high-growth organization. Coming back to sovereign AI and why sovereign AI is important. In the past, we have spoken about why we are trying to gravitate towards higher-value tokens. When we look at the state of the open source today, in terms of where the open source models are, what we find is that they are very close behind the frontier models, which are available only through API access. Sovereign models, using a neo cloud operator or an AI factory like E2E Networks, you are able to deploy within your org boundaries where you control using our platform. How the model would be deployed, how the model would be fine-tuned, what data the model can access, what is the state that model can retain, what is the state that model should forget. You can control everything using the sovereign AI platform that we have built. The open weight models today running on top of us, the AI factory, using the software platforms that we have built, including TIR and JupyterLab. You have three layers that form the base of how the customer is going to use their own sovereign AI. On top of that, you can put your own agentic framework of being able to observe things and act. This is something that acts as a hardness, which is the integration loop that runs your observing cycle with a state tracking and tool invocation, and wraps your raw model into reliable intake workflows that you as an enterprise could essentially use. With open source coming very close to how the frontier models are working, we are very close to achieving AI sovereignty for our customers, where all four components kind of interoperate with each other using the software that we provide to our customers. That is what we believe is the key for E2E to be able to help the customers leverage the entire E2E stack using open source to make organizations AI-enabled. Both from the perspective of either running their own in-house small language models or even large language models that are proprietary to them, or help them fine-tune open source models that are now very close to capability in terms of where frontier models lie today. We are able to capture value for our customers at each of these layers, as opposed to frontier models, which are not owned but only rented and are subject to various risks, both of the nature of political as well as simply because, say, private organization controls, like who can access their models and who they would suddenly decide that, okay, this is not an intimate use case, let us shut down this customer. Open source-based models on covering AI factory eliminates that risk of someone sitting a couple of thousand miles away and judging you for how you are going to use your AI. As a company, we are very focused on building the operating leverage for us on the principle of do less and do better. This allows us to have higher quality partnerships and higher future growth without us relying on chasing vanity metrics. With that, I would like to hand over the call to Nitin, where he can explain how we have done this quarter based on some of the philosophies that we have spoken about. Over to Nitin. Thank you, Tarun. Good morning, everyone. Thank you for joining us today. I will walk you through the financial performance for the first quarter FY 2027. Let me start with the quarterly highlights. Revenue for the quarter stands at INR 1,568 million, which is up 334% year-on-year and 64% quarter-on-quarter. EBITDA stood at INR 1,179 million, with margins expanding up to 75.2%. EBITDA margin expanded 1,450 basis points compared to Q4 2026. We clocked profit before tax at INR 586 million, compared to INR 86 million in Q4. The PAT stood at INR 439 million. The performance for the quarter is driven by operating leverage and the B200 cluster going live. Now I would like to open the floor for questions. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. As a reminder to all the participants, please restrict yourself to two questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Neil Munot with Eco Capital. Please go ahead. Hi, sir. Good morning. Yeah. Hi, Neil Munot. Am I audible? Yes, please go ahead. Sir, this current quarter revenue and MRR jump, can you give us a mix between volume and utilization versus pricing? How much is driven by utilization, how much is driven by pricing? We are talking about revenue. There is expansion both in terms of utilization and addition of capacity, which have both majorly driven the revenue, as opposed to just pricing alone, where we have seen a very moderate impact in the quarter that went by. Understood. Sir, the new B200 that was deployed mid-May, have they been committed fully in terms of capacity as in terms of utilization? Yeah. It is quite a maximal utilization of capacity that we have. And sir, is this on IndiaAI Mission? Have they been committed to IndiaAI Mission or on our own platform? Currently, we are in the process of working with a customer around these GPUs and in a couple of weeks, we can figure out how this goes forward in the future. Thank you. Mr. Munot, please rejoin the queue for more questions. Next question comes from the line of Bharat Gulati with Dalal Street Broking. Please go ahead. Yeah. Hi. Yeah. Hi. Thank you, Tarun, sir, for the opportunity. Just regarding utilization levels for our H100, H200, and B200. What would have been the exact mix in the exit MRR for this quarter, and how much more runway do we have to grow? I understand we have announced a price hike in the month of July. What kind of impact is that going to give us in Q2 in terms of MRR growth? Yeah. See, we are majorly focused on increasing the utilization of the existing fleet, which is pretty much at maximum levels compared to any previous quarter. That being said, the major growth will come from capacity addition as opposed to majorly on the price hike side is what we believe. Got it. Sir, you just spoke about SovCloud. Just trying to understand that these sovereign workflows that we are hosting, are they yielding us better EBIT margins? Are they sort of asset-light in nature and the private cloud business that we had iterated a couple of quarters back, has that started to kick in? If you can throw some light on that. See, the operating leverage is obviously kicking in as we have increased the amount of capacity. Now, you asked a bunch of questions. SovCloud essentially is a subsidiary where the idea is to be able to kind of hold and contract large-scale GPU clusters. Then you asked a couple of more things, like if you could repeat. Thank you. Mr. Gulati, please rejoin the queue for more questions. Next question comes from the line of Bhavya Gandhi with Bajaj Alternative Investment Management Limited. Please go ahead. Yeah. Hi. Hi. How are you? Hi. Congratulations, sir. On a very good set of numbers, sir. Commendable. Thanks. Yeah. I just wanted to understand next the B200 delivery, when can we expect any timeline, if you can provide? We expect them to be here in next couple of months. We will obviously be keeping everyone involved there. Okay. And sir, would you like to guide for exit MRR full year basis this year? We do not provide any guidance on MRR. We always advise everyone to look at what we have done in the past rather than predict the future. Again, we would like to reiterate that let's look at the past form by quarter exit MRR rather than predict something for the future. Thank you. Mr. Gandhi, please rejoin the queue for more questions. Next question comes from the line of Nishant Joshi with Equisense Advisors Private Limited. Please go ahead. Sir, good morning. I have a query regarding if, can you break us between how much of the revenue is coming from inference and how much comes from training, and can you give an outlook upon next 2 to 3 quarters how this ratio would change? See, we are pretty small in terms of size and volume. Major volumes of course continue to be on training. That being said, we have increasingly seen that while people run their training clusters during their working hours, they also utilize the same clusters for running inference during the night. Pretty much hard to pin down the fungibility of compute to say that, okay, when the workload is training and when the workload is inference. We have seen both the use cases being run in parallel where you can't put a specific number to, okay, how many GPUs are on training and how many GPUs are on inference. Pretty much both the workloads along with their increasing an Intacct workload, continue to be run on the same infrastructure. Is it that margins are better on training part and pretty lower on the inference part? Profit margin. It is hard to measure what part is there on training and inference. Eventually, of course, at a global level of compute, inference will have a preponderance over training. But on a very small subset of GPUs, we are literally talking about 5,000 or so GPUs. Very, very hard to say that, okay, what percentage is on training today and what percentage is on the inference. Thank you. Mr. Joshi, please rejoin the queue for more questions. Next question comes from the line of Keshav with Niveshaay. Please go ahead. Hi. How are you? Yeah. Hi, Tarun. I am good. How are you? I am good. Yeah. Congratulations on the great quarter. If you could help us understand the recent subsidiaries, the Delaware entity and the GPU infrastructure entity, and I think you already spoke about SovCloud. Whether any of these meant as a financing or maybe asset vehicle or maybe if you can just throw some light on that. Sorry, I did not really understand your question. Can you repeat? Your voice was not so clear. So actually, we recently set up entities in Delaware and the GPU infrastructure entity and the SovCloud. I think you already spoke about that. Sure. If you can give some color on these subsidiaries. Sure. SovCloud is essentially an infrastructure subsidiary, very focused on build-out of the infrastructure. The U.S. entity, the Delaware entity, obviously is focused on selling in the international markets and being able to establish presence outside India, where we can work more towards market access as well as do alliance management, as well as service customers who are outside India. Sure. I think on the presentation you mentioned under the software section that large-scale GPU deployment and enabling funding arrangement to accelerate the AI infrastructure. If you can provide some strategic insights on this plan. Very early days. As we do more, we’ll obviously announce that. Thank you. Mr. Keshav, please rejoin the queue for more questions. Next question comes from the line of Varun Gandhi with Finavenue Growth Fund. Please go ahead. Hi, Varun. Hey, Tarun. Again, great set. Very positively surprised. Number one would be on the margins. Going forward, should we expect these sort of gross margins to be normal? Because it's the best margin we've seen in the recent history. It's a combination of increased utilization, very robust demand scenario in the market, and also majorly driven by operating leverage as we grow larger. As we grow in size, we obviously intend to have a delicious mix of both contracted revenue as well as the on-demand and spot revenue, and also explore various AI services in terms of inference and agentic based on open source models. I do believe that this is quite sustainable over the medium-term and potentially the long term. Got it. Secondly, is there a chance you could share a mix between revenue contribution by customers? For example, enterprise AI customers, startups. We have quite small perhaps right now. Let us try to focus on growing bigger. Because these kind of becomes tracking metrics for everyone once you say, "Oh, this is important," and then people start tracking something, and then there is potentially more relevance for these metrics today. My advice would be that let us not do this today. I think at a certain point of time, at a certain scale, probably it would start making sense. Today at 5,000 GPUs, and another 1,000 coming in, still the size is too small to start talking about these metrics, is what we believe. Thank you. Mr. Gandhi, please rejoin the queue for more questions. Next question comes from the line of Vedant with Nirmal Bang Securities. Please go ahead. Am I audible? Hi. Yes, please go on. Firstly, congratulations, sir, on the great set of numbers. Thank you. My question pertains to outlook on AI industry. We are listening some kind of things about AI bubble and simultaneously China developing some AI models which are cheap and very competitive to American models. What are your comments on that part? If something happened, like AI commoditization happens, how do you see Sure. I am hearing you, sir. What we believe in is that, essentially, it is still day zero in the world of AI. If you are plugged into the AI ecosystem, I think, every week there are some very significant pieces of news related to AI technology. Some of them tend to get picked up by media and blown out of proportion, and people start to pay attention to that. We believe that some of those things which are equally important are completely ignored. It is still day zero at AI. We are still in the midst of largest build-out in the history of history itself, where the whole world is building the AI super cycle, and I think we are at the beginning of that AI super cycle, and it is still day zero at AI. I don't think we should worry too much about, okay, this happened, and will the whole AI industry compress because of this one event or this new thing that is happening. I don't think we have come to that sort of stage anywhere where one particular news item that we are hearing is going to change the whole AI industry. I don't think that's the case today. I think pretty much we are seeing a very broad trend where most organizations in their AI adoption are fairly early, except for AI natives. Everyone else is fairly early in the ecosystem. I think the runway for AI is very long. I think in the past we have spoken about how this is a decadal theme. I think we've just begun that decadal theme of AI adoption amongst the organizations. I don't think we should start worrying about this or that news item. Like I said, there is a lot of news on AI which doesn't get captured by media, which is equally important. Some of the things get captured and then get blown out of proportion. I wouldn't worry too much about any of the news items related to AI, which either are predicting, like tomorrow the world of AI is changing or tomorrow there is a doomsday scenario in AI. I don't think either of them are true. Okay, sir. Thank you. I hope I have been able to answer your question. Yes. You expressed your views. Thank you so much for that. My second question is, there was some computing shortage, I think so. That's why your realizations have increased somewhat. How do you see it going forward on the realization part, the demand-supply gap between the computing GPUs? I think that is again, we have to look at over a couple of years. The compute needs would come in phases. There would be phases where there is shortage of demand. There would be phases where there is shortage of supply. Eventually, if you look at a long enough cycle of five, six years for any particular set of assets, they would see both good times and maybe slight bad times. Hopefully with increasing adoption, all of these curves would smoothen out a lot more, where customers would be able to predict demand in advance and the supply side would react accordingly, and eventually that demand would match supply in a way that nobody is losing money, whether it is the buyers of AI compute or whether it is the sellers of AI compute. I think we'll all find our equilibrium in the medium term. Majorly, we are not really talking about the increased pricing as a result, resulting into the independent set of numbers. Majorly, our numbers reflect the increased capacity and increased operating leverage more than anything else. Thank you. Mr. Vedant, please reach out in queue for more questions. Next question comes from the line of Shubham Tamrakar, CFA with Alturas. Please go ahead. Hi. Am I audible? Yes. Hello. Yeah. Hi. Thank you, sir, for giving me this opportunity. First of all, great set of numbers. Sir, I have a question with respect to the pricing increase. Sorry, your voice is not audible. Now it is audible, sir? Yes. Now it is audible. Yeah. I'm just trying to understand that how much capacity is still there at its old prices. Is there any pushback we receive when we increase our prices? Okay. Essentially, we are in this for the long term. What we find is that, for every generation that we deploy, there would be ups and downs in each of those generations. Eventually, each generation of GPUs will find their sweet spot in terms of price-performance ratios. Obviously, all contracts need to be honored wherever we enter into contracts with customers, whether they are advantageous to us or whether they could be slightly disadvantageous to us. Essentially, we are here to play for the long term. With regards to pushback on pricing, I think making sure that the customers are able to find value in our software and orchestration platform and are able to experience our solutioning and support. We are able to access higher quality customers is more important to us than worry about pricing alone as a way to do business. Our goal is to have a very harmonious relationship with our customers. I do believe that customers do understand that the market is offering a certain set of goods and services at a certain price, and that needs to be respected. I do not feel that there is a very massive, what you call pushback from the customers that, "Look, this is something that has to be available at this price and continue to be available at this price." Of course, post contracts, the price needs to be renegotiated, and most customers are happy to renegotiate the price based on the current market scenario and current market conditions. Fine. Sir, second question with respect to the finance of new capacity and the CapEx plan that we are thinking of. If you can help us to understand that first. Also any fundraising plan? We obviously plan to deploy the B200 as soon as the new lot becomes available to us, and we are expecting that to happen over the next couple of months. Apart from that, we obviously plan to build more capacity in terms of more Blackwells, including non-flagship Blackwells as well. Also we have plans to expand our capacity into Vera Rubins. As and when we kind of have immediate figures for, okay, we are going to deploy X number of GPUs of this generation, we will obviously come and talk about that. For now, I would like to maintain that we are both aggressive as well as judicious in terms of our capacity expansion. Being an AI factory, a neo cloud, owning its own platform, for us, definitely getting more GPUs is the way forward for us and we would continue to do that. Thank you. Mr. Tamrakar, please rejoin the queue for more questions. Next question comes from the line of Rohan Nagpal with Helios Capital. Please go ahead. Yeah. Hi, Rohan. Hi. Thanks for taking my question. It is absolutely a set of numbers. I had a question on the- Thank you. renewed CPU pricing that you had intimated customers of. So two questions on that. One, is it driven purely by market conditions changing and demand increasing, or is there an underlying cost pressure that's driving the cost increase over there? And the second thing was, you intimated a price increase going live, and you rolled it back, and you pushed it out a little further. Could you just talk about the dynamics over that? Sure. So, primarily, on CPU, it's not a very major volume from a revenue perspective today for us. That being said, we would like to continue to add CPUs, which is what necessitated the increase in pricing for the CPU customers because at whatever price point we offer our services, we would like our services to be of the highest quality. And to maintain that quality, the requirement was that we should be able to charge more. Now, we obviously proposed that to our longer-term customers. And so there was an ask from the customers that, okay, whatever we are already using, is there a way to preserve the price point for us? So where we offered that, yeah, if you would like to kind of contract out some of the capacity for a slightly longer term, say one year, two years, then we can hold the current price for the duration of the contracting, which is an option that many of our customers chose, where they said that, okay, we'll pay you some advance, and we'll increase the contract length from normal one month to about, say, a year or six months or nine months or even more than a year. So many of the customers came back, and they agreed to that. So that's the main dynamic around CPU pricing, where the customers who wanted to hold the current price, we were able to give them an option that, yes, why not contract out that capacity that you are already using for a slightly longer term. Then we can proceed with the revision of your current contracted capacity, which allows us to service you at a higher quality and which allows us to continue to expand the capacity, especially since the price of hardware from a CPU perspective has increased by a much larger percentage compared to the price of hardware on the GPU side. So because the cost of memory that is used has hit the CPU side much higher in percentage terms than the GPUs. So to accommodate that, we had to, in fact, increase the price of both the GPUs and CPUs. And it's not just about the higher demand scenario that necessitated the price increase. So it was also that some of the input costs actually increased for us. Got it. Thank you. Thank you for clarifying. Thank you. Next question comes from the line of Ashish Aditya with B Ventures LLP Fund. Please go ahead. Yes. Hi, Sarvesh. Hi. Congratulations. Are you able to hear me? Thank you. Thank you, Ashish. Sarvesh, the question was that in the PPT you mentioned that you have started preliminary planning for next-generation architectures like NVIDIA A30 and Vera Rubin. You know that, Right considering the current compressed life cycle of AI hardware, which you always mentioned in earlier calls, how do you protect the ROI for the older Hopper and Blackwell customers? What happens, you only in your last two, three con calls you have mentioned that prime frequencies shift aggressively downstream. This is my first question, and second question I will ask when you finish this question. Thank you. Okay, sure. Let me try and answer the question as best as I can. We have always maintained that we see at least a At least at the minimum, a six-year life cycle for all the GPU generations. We have seen even our older generations continue to run very strong with our customers. Every generation will run through its life cycle, where eventually it finds a sweet spot of price and performance ratios, aided increasingly by increase in performance and efficiency of the open source models, and fine-tuning that a lot of people share in open source that, okay, how do we get an A100 to perform this much on this open source model, in terms of opens per second or latency or A100 or an H200 or a B200 or the newer generations of T3 or wherever it is. All of that put together gives the GPU quite a long life cycle. We believe that long life cycle is conducive to kind of monetize those GPUs through almost five to six years. We don't foresee that there is a massive price compression because of a newer generation GPU coming in, because newer generations will have its own sweet spot for price performance ratio for some of the newer models. But whoever is using the smaller models or older models, or people who have built their own proprietary SLMs, they don't necessarily tend to go for the latest generation GPU at a much higher price point, because a newer model will obviously have an increasingly higher cost by whatever percentage that number is. Okay. Thank you so much, sir. My other question is, the accelerated computing now is deeply anchored to NVIDIA ecosystem. Consequently, I wanted to talk regarding the ASIC threat, that how does E2E measure success rates to integrate non-NVIDIA architecture hardware into the TIR platform? Because if the enterprise demand diversifies, how do you address this issue? I hope I'm clear on this. Not super clear, but from what I heard, I'll try to answer that. We have worked the longest time on GPUs with NVIDIA, all the way from 2019 onwards. Obviously, they have certain best practices, and they have released a lot of open source around how to integrate and wrap around your GPUs in your platform. There is a lot of opinion over there from NVIDIA. We continue to incorporate a lot of opinion and advice and their open source software into our platform. That we continue to do. That being said, we are also open to integrating any accelerated computing platform into our platform, wherever our software can be compatible with anything. We are super happy to extend our software to encompass any technology from any provider. We are quite vendor neutral in that respect. Thank you. I hope I was able to answer your question. Thank you. Kalisha, please rejoin the queue for more questions. Next question comes from the line of Abhishek Shindarkar with Incred Capital. Please go ahead. Hi, Abhishek. Hi, sir. Thank you for the opportunity and congrats on an amazing quarter. Just two questions. Thanks. One is on the sustainability and the visibility of the current performance. So basis all the operating metrics that you may be tracking internally, if you can just give a color in terms of the sustainability and the visibility of this performance going into this 2Q and 3Q. Second, you kind of highlighted it, but just wanted to understand, are customers now trying to lock in capacity for longer, given both the increase in the prices and what we are seeing in the entire hardware ecosystem, especially from a supply chain perspective? Does that kind of improve the annual visibility for us, given historically we had short cycle capacity as well? Sure. So definitely, there are customers who do prefer longer-term contracts because they would not like their prices to increase willy-nilly because they were on on-demand or monthly or very short-term contracts. There again, we have seen increased demand from the customer side, where they would like to see longer-term contracts of 2 to 3 years coming their way. So as we judiciously move some percentage of our capacity, we haven't decided what percentage that should be. So that definitely builds in predictability for the demand that we have for our capacity and builds some predictability into the revenue. So we'll obviously continue to explore those options as well as execute those options. We have done some of that, and we have announced some of that in the past as well, and we would continue to increasingly do so as well. We also like some of our capacity to have the flexibility of where we are able to charge higher when the demand goes up. So that also we'll continue to do. Now, you had one more question. Can you repeat the second part of your question? Yes. The first question was about the visibility and the sustainability of the current quarterly performance. Right. This is, in our belief, quite sustainable because I think each of the generations which are already there are finding their sweet spot in terms of price performance. We believe that over the medium term, they are quite sustainable. At those price points, quite a few customers are very willing to sign up long-term contracts. We find there is a lot of predictability over there, both predictability as well as sustainability of the revenue. Thank you. Mr. Shindarkar, please rejoin the queue for more questions. Next question comes from the line of Bharat Gulati with Dalal Street Broking. Please go ahead. Yeah. Hi, thank you. Hi. Welcome back. Thank you for the follow-up, sir. Just two parts to my question for Tarun Dua, sir. Firstly, the breakup last quarter for domestic and foreign business was 60-40, and IndiaAI Mission was about 40% last quarter. What has that trended to this quarter? In terms of your ambition for, let's say, two years out, how many GPUs should we be sitting at? I have a follow-up for Nitin Jain, sir, after this. Yeah. Sure. With regards to capacity building, we have already said that we intend to be both judicious as well as aggressive. From a revenue composition in the previous quarter, I think India revenue was about 20%-21%, and international was closer to 37% or so, and the rest is all domestic revenue. Yeah. Those are the numbers. Got that. Just for Nitin Jain, sir, just a couple of bookkeeping questions with regard to the interest cost spike we have seen during this quarter. Is that due to some debt we have taken on for the CapEx? Regarding the DC cost that hits our P&L, has it completely got baked into this quarter's numbers? Should we see that flatlining going forward? Yeah. In terms of the interest portion, you are right. The interest is because of the loan that we have taken across to fund the first lot of B200. Second, in terms of the cost for DC cost, it would be fluctuating to the extent as the usage would be increasing. The electricity portion would keep on increasing. And what percentage would that be of our entire DC cost? I am understanding our DC cost for the quarter was close to 20. These are not super granular numbers. Broadly, a lot of the costs for existing capacity is already baked in for this quarter, and in the coming quarters, some of that cost could increase, but I do not think that would be a very massive percentage. Thank you. Mr. Gulati, please rejoin the queue for more questions. Next question comes from the line of Bhavya Gandhi with Bajaj Alternative Investment Management Limited. Please go ahead. Yeah, thank you. Thank you for the follow-up. Sir, two questions. One is regarding the absolute loan and CapEx for the loan amount outstanding as of for the quarter and the total CapEx plan for the year. The second question is regarding, sir, you mentioned in the PPT, we are looking for funding requirements for SovCloud. So if you can throw some light on that as well. Sorry, I did not understand the question. You are talking about SovCloud, what is the exact question for that? Yeah. So what are the funding requirements that we are looking for SovCloud? Any plans, if you can share on the SovCloud. Even in the PPT you mentioned about the- We always say that, let us build and execute the plans and then put them out there. As we build and execute the plans, we would obviously make everyone aware of those plans. And what was the other question? Absolute loan amount, if you can mention short-term, long-term debt for the year and the CapEx plans also for the year. Sure. I will let Nitin answer the question related to the loan. The loan which stands as of now is broadly INR 450 crore, which with the other lot coming in picture, it would be increasing across in the near term. Possible to quantify that, sir? Total loan amount, peak debt for the year. I will not be quantifying that amount. Thank you. Mr. Gandhi, please rejoin the queue for more questions. Next question comes from the line of Ashish Ajit Kulecha with T. Ventures LLP funds. Please go ahead. Yeah. Hi, sir. I am Ashish. Yes. Please go ahead. My question was the preferential issue total around two years was INR 1.9 crores. Wanted to understand, are you planning for the equity raise also? Because point is, whenever the Capex, which you have basically shown earlier. Wanted to understand where is that INR 881.1 million Capex gone. If you could share the utilization, it would be really great. This is my first question. Sir, I will- Hello. Let Nitin answer the question about utilization of preferential funds which were allocated- Towards the Capex. That is one. Second, whatever GPUs we have already announced, their funding is fully arranged and backed up by debt or internal accrual or previous equity raises. That is already arranged for. With regard to any future plans for equity raises, obviously, we would let everyone know if and when that happens. Okay. Nitin answers. Another thing was, in the Q2 call, the 3,900 PCoIP was described as CPU and GPU storage, all capacities put together. But the current PPT which you have shared yesterday, which is very good, presents that 3,900 and 5,100 on a chart titled GPU capacity. This 5,100 is what you are accelerating or blended capacity unit. I hope my question is clear. Yeah. Nearly 5,100 is the current capacity which is live on our platform today. That is the number of GPUs which are live today. That does not include another 1,034 B200 we are expecting to. Thank you. Mr. Kolesia, please rejoin the queue for more questions. Next question comes from the line of Chirag Satia with Satia Investments. Please go ahead. Hi. Hi, Mr. Chirag. Sir, I just wanted to understand the financial dynamics of the strategic partnership with L&T. What is the exact question over there? I mean, in terms of revenue, how does it work out for you? How do they pay you or something? Sure. L&T is an arm's length partner where we are working with them to utilize their data center capacity. We are a buyer over there. They tend to utilize our cloud infrastructure where they are the buyer. Then jointly, with regard to our platform, we do go to customers to wrestle there. That is how the arrangement is, basically. Tomorrow, if L&T is building compute capacity, then we are also looking to partner with them and offtake some of that capacity. All relationships at arm's length are present and will continue to operationalize over a period of time. Okay. Second question is, how do you see the growth trajectory in the next two to three years? Okay. We have mentioned that basically, AI is entering into a huge super cycle. We fully intend to be a part of that build-out in terms of both the infrastructure capacity, again, aggressively and judiciously. In terms of build-out of our platform, where our platform is able to increasingly help our customers do more in terms of whether it is training their in-house models or fine-tuning open source models or running inference at a scale, or running agentic harnesses that are able to take care of their enterprise AI-driven processes. We want to be able to help our customers qualitatively in all these aspects. Thank you. Mr. Satia, please rejoin the queue for more questions. Next question comes from the line of Sukhrit T. Patil with ICICI Fine Pace Private Limited. Please go ahead. Good morning. I have two questions. The first question, Mr. Dua, this quarter's growth is very good, but the cloud industry is entering a tougher phase. Hyperscalers are scaling aggressively, customers are pressing harder on pricing, and technological cycles are also getting tough. How do you see the company positioning itself to We have been in this business for 16 plus years, so we have seen everything. Cycles will continue. There would be good times, there would be bad times. But we are very confident that for every cycle, we will kind of continue to grow. That's what we believe in. My second question to Mr. Jain is, I just want to understand how are you approaching the balance between funding expansion, keeping liquidity strong and ensuring shareholder returns? Looking ahead to the next quarter, any roadmap that you can give a layout on? Thank you. No, I think from a funding perspective, we keep a balance between the funding and the building of capacity aggressively and judiciously. There we keep quite balanced that we should not be too aggressive, or we should not miss the bus, which is the AI bus. Thank you. Hello. Yes. Speakers. Thank you. Ladies and gentlemen. Due to time constraints, we have reached the end of question and answer session. I now hand the conference over to Mr. Tarun Dua for closing comments. Thank you everyone for joining us this early in the morning. I hope we have been able to answer most of your questions. We do welcome this interaction. Any further questions, please do reach out to us at investors@e2enetworks.com, and we will reach out back to you and answer all your queries. We hope to keep you updated about our ongoing expansion plans and kind of keep you informed about what we are building on the platform, how we are seeing things. We hope to keep communicating. A very good morning once again to everyone. Please have a good day. We would like to thank all our investors, we would like to thank all our partners, we would like to thank all our team members. It is with all your support and love that we have reached where we have reached. We hope to continue to enjoy your support in our ongoing journey. Thank you everyone once again. Thank you. On behalf of E2E Networks Limited, that concludes this conference. Thank you for joining us. You may now disconnect your-