Ladies and gentlemen, good day and welcome to the eMudhra Q2 and H1 FY twenty-five 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Venkatraman Srinivasan, Executive Chairman. Thank you, and over to you, sir. Thank you very much. Good afternoon to all of you, and thank you for joining us today. Yet, at the outset, I wish you all a very happy Diwali. Coming to the results, we are pleased to share our Q2 FY 2025 results with you. This quarter marks another period of significant growth and development for eMudhra, as we continue to execute our strategy of delivering secure digital solutions on a global scale. For Q2 FY 2025, our total income grew by 47.5% year-over-year to INR 142.67 crore. Our EBITDA margin remained strong at 23.7%, while our PAT margin was at 15.6%. The growth in this quarter was driven by rising demand for our enterprise solutions in both domestic as well as international markets, positioning us as a reliable partner for Zero Trust with user and device identity management solutions. In India, we have maintained strong momentum in the BFSI sector, particularly with the adoption of our emSigner platform for e-Sign and e-Stamping in customer onboarding and lending workflows. Our emSigner platform continues to play a pivotal role in supporting digital transformation for our BFSI clients. Additionally, we have secured key projects in cybersecurity, addressing critical digital transformation needs in the e-Government space. Now, I would like to walk you through some key business highlights and strategic wins for the quarter. To better capitalize on the demand for zero-trust frameworks, we are repositioning our security solutions as Managed Services. This offering will combine our abilities in cloud and GenAI to provide our customers with a seamless, integrated security experience. On the trust services front, regulatory updates have introduced a new business model effective from July fifteen, two thousand twenty-four. Under this model, certifying authorities now invoice end customers directly, following a transparent pricing policy, while partners are compensated through referral commissions. This shift, moving away from our previous partner invoicing structure, has made sales reflect actual consumption rather than stock purchases. Additionally, the option for non-corporate entities to opt out of digital signature certificates for tax audit led to a decrease in certificate volumes. However, this was balanced by improved gross and net realizations. I would also like to share some key project wins during the quarter, which include the rollout of an identity and access management platform for a major life insurer in India, implementation of emSigner for paperless transformation for very large banks in multiple countries in Middle East and Africa, a managed PKI project for a large trust service provider in Latin America, an implementation of CA solution to enable trust service provider operations in Asia Pacific, PKI advisory services for developing the trust ecosystem and standards for the healthcare industry in USA, acquisition of new clients for integrated e-sign and e-stamping in India for lending onboarding workflows across BFSI and capital markets. With our presence expanding across India, Middle East, Africa, Latin America, and Asia Pacific region, we believe we are well positioned to address the global demand for secure digital solutions. We see ongoing opportunities to support secure digital transformation across sectors, and are committed to expanding our sales capabilities, refining our market approach, and strengthening our partnerships to drive accelerated adoption. Thank you, and I now request Mr. Rakesh Satpudar to take us through the financial performance of the company. Thank you. Thank you, Chairman. Good afternoon, everyone. I'm excited to share the highlight of our quarter 2 and half-yearly financial year 2025 financial performance. Starting with the quarter performance, our total income for Q2 financial year 2025 was INR 1,426.7 million, making an impressive 47.5% year-over-year growth. Gross profit for the quarter grew 16.1% year-over-year to INR 718.4 million, with a margin of 50.4%. EBITDA for the quarter was at INR 338.3 million, registering an 18% year-over-year growth with a margin of 23.7%. PAT grew 18.9% year-over-year to INR 223 million with a margin of 15.6%. EBITDA and PAT margin for the quarter. Now turning to our half-yearly financial year 2025 performance. Total income for the half year reached INR 2,376.9 million, representing year-over-year growth of 34%. The enterprise solution segment generated a revenue of INR 1,788 million, while the trust services revenue was INR 589 million. ... EBITDA was at INR 632.8 million, representing a year-over-year growth of 18.5%, with a margin of 26.6%. PAT grew at 15.2% year-over-year to INR 404.9 million, with a margin of 17%. Thank you, and we may now open the floor for questions and answer session. 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 touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use a handset 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 Sreenath V. from Bellwether Capital. Please go ahead. Good afternoon, sir. Kaushik, just wanted to understand this managed services architecture we are migrating to. Can you please explain this bit in detail on what are the product changes we have to make to migrate to this managed services architecture? Yeah. So just to give you some sense, Sreenath. So historically, if you looked at software and the way it was deployed, software was an independent component, and the infrastructure was typically provided by the customer through various data centers. And to support the infrastructure, obviously, and the software deployment and then the subsequent management, we needed people. So inherently, these were looked at as three independent components, where there is a software, there's infrastructure, and there is people. Now, with the advent of cloud, infrastructure is available through a simple-click interface on platforms like AWS and Azure, right? So software can run on infrastructure pretty seamlessly, rather than going through fairly heavy lifting in terms of the deployment model. So what we are trying to do is how do we make our software basically compatible on cloud platforms like AWS? So, literally through few clicks, you can deploy the software and get it to run on a cloud platform where infrastructure is bundled in, right? And then, of course, associated with this, it's complexity of managing both the infrastructure and the software, which is where our resources component comes in. So, how do we effectively bundle people solution plus cloud platform to end customers, so that it becomes an easy adoption for the end customer, rather than having to go through all of these with different vendors or parties, right? So, so that's really the transformation. So, the platforms or the solutions are being made easily deployable on cloud platforms. Particularly, there's been a focus with AWS, where there's an active engagement that's going on. So, literally with a few clicks, you can get them to run. We will of course also manage the whole deployment and subsequent management of the software with our resources. Then it comes from the two service entities in U.S., right? Roughly to understand. Yeah, two entities in U.S. Of course, we've got a professional services team in India as well. So globally, we will be able to cover different regions. Got it. Taking forward on the same concept, wanted to understand, we had multiple proof of concepts running for our cybersecurity business, especially in the United States of America over the last six months. So could you highlight, you know, the progress on these proof of concepts, and what is the kind of acceleration you're seeing in these kinds of getting into business, as well as, do we need to do any product upgrades after the proof of concept? Have you figured out that we need to fill some gaps? So can you just share a progress report? Some of the proof of concepts have materialized into orders, right? So customers are in early stage of adoption, but these are likely to take some time because each one of these sort of orders will have to expand into multiple use cases within the end customer organization. But we made substantial progress with some of these POCs. Some are materialized into orders, some are still in POC stage, hopefully will materialize into orders in the next few quarters. As a consequence, we've also gotten feedback about some of the customer requests, what they want to see in the product roadmap, which we are constantly working on. Is this progress in the Fortune 500 set or the mid-size companies, especially again in the cybersecurity market? So it's been a mix. We've got a few Fortune 500 names, right? And we've got more names in obviously the mid-market segment as well, right. Got it. And so broadly, so the last one on this is wanted to understand how the strategic arrangement with the system integrators are playing out, you know, in this particular product range. Have you been able to open doors? And wanted to understand if you've been able to integrate our offerings with their tech stacks and so on and so forth. Yeah. So as you may have noticed, we sort of announced a global partnership agreement with Tech Mahindra, with whom we are actively working on, right? So they are trying to introduce to many clients, but of course, any large organization like this, it takes some time to first socialize and evangelize the product offering, even within their own sort of development, architect, and the sales community, which is what we are doing. But with them also, we are actively working on a few deals. Cool. Thanks. Thanks, Kaushik. Thank you, sir. I'll get back into the question queue. Yeah, thank you. Thank you. The next question is from the line of Surbhi from B&K Securities. Please go ahead. Yeah, hi. Congratulations on the set of numbers. So firstly, on the enterprise side, we've seen very good customer addition in this quarter. So wanted to understand what has led to this kind of growth, and specifically referring to the acquisition of Two95 and the kind of cross-sell opportunities that we were emphasizing. Are we seeing all of those play out? ... Yeah, so I mean, in the last quarter, if you remember, we had sort of guided that, in India, some of the decisions were, kind of getting postponed because of the, elections, right? So many of those decisions played out in the current quarter in terms of deal wins across, you know, e-government and a few other sectors, particularly in the public sector space, right? So many of these orders came through, we executed, right, and there is a good sort of momentum building up. In the international markets also, many markets are now open. We've gone deeper into a few markets, particularly in Middle East. There's been a huge focus on North America. Africa looks, quite interesting, right? In Latin America also, newer markets have opened, right? So all in all, I think, you know, we've got a diversified set of clients across a number of regions, right, that have led to sort of this growth in the second quarter. In the Indian BFSI sector also, this combination of emSigner plus e-Sign plus e-Stamping is really catching up well and many orders are coming in that direction. Then the other thing is it's certificate lifecycle management and discovery. There also we are having large wins. So with all those things, the overall progress is quite good. Fair enough. Fair enough. Secondly, is it possible to share out of the total enterprise revenue, what was the services component in this quarter? And if you can split it between Ikon and Two95. Services revenue totally will be roughly. Just one minute. Around INR 35-40 crores. Okay. Okay. And any kind of split between Ikon and Two95? Both are almost similar size company, and some services on our own also we are doing. So if you see Two95 alone, it may be around INR 15-16 crore. Ikon may be around the same number or little one or two crore less, and then balance is our own services. Okay. Okay. Lastly, on the email security piece, our plan was to integrate the product with our core stack. How is that progressing, and do we see any kind of initial traction on this side? Yeah, yeah. So we've already completed the integration with our emDiscovery or CertiNext platform, which is certificate lifecycle management. So now we have advanced capabilities for issuing email certificates. We've also won a few deals across banking, across even private sector, where customers have sort of adopted the platform to issue these email certificates, which are called S/MIME certificates, at scale, right. Mm-hmm. So, integration complete, and it's part of the larger product stack with far more advanced capability on the email security space. Okay, got it. Thank you, and wish you all a very happy Diwali! Yeah. Thank you. Thank you. Participants who wishes to ask a question may press Star and one now. The next question is from the line of Amit Agicha from H.G. Hawa. Please go ahead. Good afternoon. Am I audible? Yeah, yeah. Yeah. Thank you for the opportunity and, happy Diwali to the team. Thank you. Thank you. Happy Diwali to you. Yeah. So my question was like, can you elaborate the adoption and growth potential of eMudhra's Generative AI-driven security services? Like, how competitive are these offerings in the current market? Yeah, so Generative AI, as you know, is a completely new field, right? Use cases are being worked on. Where we see massive opportunities, particularly in the security data analytics, data classification, data governance. I'll give you one example, right? So when you run Security Operations Centers, you typically have to analyze massive amounts of data for anomalies in the way, you know, any user is sort of behaving on a platform, or if you're hitting, getting hits from countries that you're not supposed to get hits. So this is where Generative AI can play a major role. Second is, any large enterprise deals with a lot of personally identifiable information. To find out whether these are in emails, these are in databases, these are in files, is a complex affair today. That's another area where we are actively evaluating the usage of generative AI, and plus a whole host of internal use cases where we can optimize, right? So it's early days, but we are working on implementing on top of existing large language models that are available, right, and sort of writing our own proprietary, logic to solve for some of these use cases that I just talked about. Okay, and connected to this, like, any color on, like, the significant investments being made on this and the expected ROIs? No, currently these are more proof of concepts that we are kind of doing, but we anticipate this will take shape over the next six months, where we'll have a better sense of, you know, incremental investment that may be required from a generative AI standpoint. Okay. Thank you. That was helpful. Thank you. All the best for the future. Thank you. Ladies and gentlemen, to ask a question, you may press Star and one. Anyone who wishes to ask a question may press Star and one now. The next question is from the line of Parikshit Kabra from Pkeday Advisors LLP. Please go ahead. Hi. Hi, Kaushik, how are you doing? Hi, Parikshit. Doing well. How are you? Happy Diwali. Happy Diwali. So, I'm sorry I'm less prepared this time around. I didn't get a chance to look at the results properly. But, can you tell me the split between the, in the enterprise, in the enterprise verticals, between services and product revenue? No, so services revenue, he just outlined. The remaining is obviously product revenue. Our chairman just outlined in the last answer. Okay, I'll read up the call also. 30 crore, yeah. Yeah. ... Yeah. Okay. And, can you also tell, because we have made a couple of acquisitions, in the last quarter, so how much of, how much of this time's revenue is from the acquisitions? No, like what I said, the, this time's revenue, the 16 crore is, 15-16 crore is out of the Two95 International acquisition. The other acquisition is a product acquisition, so that product, as Kaushik explained, it has been integrated well into our system. So a small scale has happened out of the product acquisition. Now we have to position it with, along with our sales team and all that, so it will take some more time to penetrate. So it will complement our existing product, this email security product. So totally, you can say the new acquisitions have added around 16.5-17 crore. 16 and a half- Out of the 142 crore. Perfect, perfect, perfect. All right, great. And any update on the U.S. market as a whole? No, that also we had just, sort of highlighted that there is- Sorry, I joined late. I'm really sorry. Yeah, but I can just quickly summarize. There is active traction developing in the U.S. market across mid-market and several Fortune 100 names, doing corrective POCs, right? So those have to materialize and translate into larger opportunities. Got it. Okay, perfect. Thanks. Thank you, guys. Thank you so much. Mm-hmm. Congratulations on the great revenue. Bye. Thank you. Ladies and gentlemen, to ask a question, you may press star and one now. The next question is from the line of Siddharth Mishra from Creaegis. Please go ahead. Hello, sir. Hi, Kaushik. Great result. Congratulations. Thank you. - and Happy Diwali, in advance. Just few questions from my side on the margin side specifically. If you can outline what are... Or, first of all, maybe, are the deals where we are selling a product and the services, is it the pricing and et cetera, is it bundled, or are we getting priced on the services side, like other IT services? The question is basically, is our lower margins on because of higher servicing mix was the reason for our lower EBITDA margin this quarter, other than trust services, which is, you know, well explained. Yeah, two things are there. One is the services business. Obviously, the product business margin is high, and because the services has increased to 16 crore, because of that the margin is high, is lower. And the other thing is the trust services. In trust services, we were always booking the revenue at the net level, what we are getting. Now, because of the direct end customer coming and paying almost 40%-50% commission, it is at the gross level. So that if you reduce from the turnover, now if you see 142 crore turnover, that gross to net reduction itself would have been 130 crore, kind of thing. So at that level, all the margin would have been what we had told earlier. So almost we had told that we will get a net margin of around little over 18%. If you calculate this way, it will be more. And one more factor also is the sum of the one-time expenses relating to acquisition. So those are all somehow, for example, the finder fee for the acquisition. So the finder fee now under the recent India guidelines, that has to be charged off to revenue, though generally it used to be capitalized along with the acquisition. Similarly, the deferred payables on acquisition. The deferred payable again, has to be split into what is the current value of the deferred payable, and what is the incremental next two-year value of the deferred payable, and that has to be charged off to interest. So if you do these adjustments, the real profit, what we have given, the adjusted EBITDA and the adjusted net profit. On the adjusted net profit, if you put on the old method, what would have been the top line? It comes to more than 18.5% PAT, and almost 26% EBITDA. So that way it is in line with the earlier projections only, but because of these nuances, technical nuances, it appears to be lower. Understood, sir. Understood. Very helpful. Got it. And in the trust services side, I mean, this was maybe, I mean, this may be trying to understand bit better, the mix, between the retail side and the, the partner-led, mix, is that... How, how is that shifted? And, ultimate question basically is, are our trust margins, margin going to be lower in the or in similar range, you know, for next quarters? And as the mix towards retail increases, the margins would slowly increase. Now, that has become literally not relevant. Earlier, what happened? The partner model, we were selling at INR 300, and the retail model was at INR 2,000. Now, under the new CCA guideline, you have to publish one web price in your website, and at the same price, you have to sell either through partner or through retail. So we have published a price of INR 1,500 for the class two, two years, class three, two years certificate. So at the same price only, you have to sell to partner, you have to sell to retail. Only thing is, on the partner, you are giving a commission. In the retail, you are spending Google marketing expenditure, and also- Yeah. You are putting your own, your own team to sell it. The partner commission ranges anywhere between 40%-50%. So even with that, if you see, earlier our, on the partner model, our net realization was INR 300. Now, the partner model net realization itself on INR 1,500, even if you pay 40%-50% commission, it will be around INR 800-900. So that way, the net realization on each sale has considerably increased. But on the other side, because of the income tax circular saying that the earlier what was happening, any tax audit case, whether it is an individual or partnership firm, HUF, any tax audit case had to be signed with the DSC. Today, only tax audit cases of corporates have to be signed with the DSC. All others can be just like with the Aadhaar OTP, it can be verified. So because of that, there is almost a drop of 25%-30% in the overall DSC market. So on the one side, drop, that is one kind of drop. Another kind of drop is the earlier we used to sell stock. So in when you are selling stock, always some little amount of excessive stock will be sold, which was there in the market. Today, the sale has to be only for the end customer at the time of issuing the DSC, so there is no more stock sale. So that's where the price realization increased considerably. From a volume perspective, 30%-40% drop is there, but still, overall it is compensating and becoming a little more. Understood. Understood, sir, so I, on the same thing, I was actually asking after, you know, gross margin cost, if our business overall, you know, through the trust services shifts towards the retail side, because of lower marketing cost, direct retail, meaning direct, in the sense, our contribution margin from that perspective should shift or increase, you know, slowly, maybe from next year onwards. Is that a fair understanding of the business? little bit could be, but in the retail, one thing was we are forced to price at the same price at which through partner we are selling. So if you see earlier, we were selling retail at INR 2,000, INR 2,400 also. Now, that's also sold at INR 1,500. So that's where though the shift will happen, now, that much of appreciable difference may not be there compared to the earlier years. Understood, sir. Understood. And one on the overall margins for the business, you know, if you can, sir, outline the margin driver, you know, for the overall business over the next few years, you know, two to three years. Two to three years? Nowadays, the technology change, it is going on changing very difficult. But that means this year we gave a guidance of around the revenue of around INR 500 crore, with almost 18% VAT, which I think is reasonably achievable. So next year and all, we have to go in forward around March based on the order book position and all that we need to evaluate. Understood, sir. Understood. That's all from me. Thank you. Okay. Thank you. Participants, to ask a question, you may press star and one now. The next question is from the line of Sreenath V. from Bellwether Capital. Please go ahead. Sir, just wanted to understand, our certificates have an insurance requirement, and so in the U.S., have you been able to tie up with a large insurer there? You know, assuming we have disproportionate scale over the next few years, we would need, you know, significant insurance requirements, so wanted to find out if there's any progress on this, sir. Very, very insurance is warranty. We already tried. We already tried that. We are taking through, I think Tata AIG, who has a tie-up with the AIG. So with that, we are almost, we are taking insurance of $10 million or something. So that can significantly scale from here, sir, that particular contract? Like, they have the capacity or let's assume our business actually grows very well over the next few years. We are covering our insurance, or we are... If you are saying our penetration into insurance sector, I'm not clear. No, no, no. The warranty will be. Do we have an understanding with Tata AIG for a significant scale-up from here, sir? No, that depends on every year requirement. Every year we re-review what kind of insurance we need, and then based on that, we increase. Earlier, from two, three years back, we are taking $5 million insurance. Now, we have taken $10 million insurance. Yeah. Got it. And also just to add, Sreenath, I think you're referring to the certificate warranty. This is only in case where identity vetting for a certificate goes wrong from our side, right, which is hardly likely to happen. So it's more just a reassurance to the customer. I think that is already getting covered in the contract with Tata AIG. That is one, and also we have put several limitations in the subscriber agreement and our certification policy statement and all that, which is a public document, so anybody buying the certificate is governed by those. Got it, got it. Thank you, sir. you, sir. Thank you, sir. I don't think the insurance cost will significantly, yeah, increase. Not from a cost, more from a scalability perspective, but I think I got it. Fair enough. Wanted to understand, Kaushik, that as we migrate to this managed services architecture, especially in the cybersecurity business, given that there may be some requirement of being on-prem or in U.S., from a security perspective, how does this work? Would this mean that we wouldn't need to make infrastructure investments in compute in U.S., or if we migrate to a managed services platform, or both will parallelly have to be done? Where we will have a managed services architecture, we will also have some on-prem architectures there for people who want us to be, you know, based out of there. How does this whole structure work? You're right in the sense that the managed services architecture driven by cloud will largely drive the customer adoption of the platform. But some of the core trust services, if we have to scale up in the US, we may need to set up the core trust, similar to what we have done in India. Right. So identical structure in the sense that while our core trust services run in our data center- ... A lot of the end customer-facing applications like emSigner, like our emDiscovery or CertiNext, are enabled on AWS as a managed services sort of offering. A similar structure may have to be set up in the U.S., where the customer-facing platforms are all sort of running on cloud, while the core tasks may need to be done on a data center, which we are also evaluating. Got it. Got it. Last one, sir. Wanted to understand, given how we have grown in this quarter, would it be fair to, you know, assume that our order book has actually expanded and our growth outlook for the next 12-18 months has seen an improvement? Yeah, order book is in line with the growth, so that's where we are still saying we are confident of achieving what our guidance we have given for this year. And for the next year, we have to evaluate the order book around March, and then accordingly we can guide. But it is continuously expanding, continuously we are getting new customers and all that. Got it. Got it. Thank you. Thank you, sir. I'll get back with you. Thank you. Thank you. Ladies and gentlemen, to ask a question, you may press star and one now. Participants, you may press star and one to ask a question now. The next question is from the line of Siddharth Mishra from Creaegis. Please go ahead. Hello again. Since the line is open, maybe I'll ask you more. Kaushik, on the DigiCert related incident, you know, massive booking of TLS certificate, how has the industry evolved, you know, in U.S.? What are you guys seeing? Are we benefiting from that incident? Yeah, we are benefiting in the sense that I think everybody is now talking about redundancy as an important measure to ensure that service disruption from one provider does not impact their operations. And that's how we've been able to sort of have more and more conversations with a number of end customers. And if you remember, we have also made some hires in the U.S. who all come from the industry and come from, you know, some of these players with a lot of experience. So in many ways, in the sense that it has allowed us to start having conversations with very important customers about getting an entry in, even though it is from the perspective of redundancy, and hopefully we can sort of scale from there. Got it. Very helpful. And another one on some of the new products that we are working on, post-quantum cryptography, you know, and others. If you can highlight on each of those, you know, are we in the product development phase? Have you started working with clients on POC basis, et cetera? Anything would be helpful there. Yeah, we've made substantial progress in all, all of the products, right? PQC, already we have sort of ready product with the integrations with the hardware security module. We are running POCs with a number of customers across certain sensitive industries, and we hope that I think sometime next year we should have some order wins for that. Mobile PKI also, we ran it, we've sort of developed. We did external testing with, you know, C-DAC. They've kind of vetted, so we are actively working with regulators, not only here but in other parts of the world, to see how that can be kind of rolled out. And the last one was Fully Homomorphic Encryption, where, again, you know, there's a lot of advancements being made. Only thing is for high-performance use cases, we need kind of greater compute, right? Which is what we're trying to see if we can work with some of these cloud providers to get us a compute for sort of large-scale encryption use cases, right, on PII data. A lot of progress has been made. I think, maybe in another three, four months, we should more or less be there in terms of readiness and go to market there. Understood. Very helpful. That's it. Thank you. Ladies and gentlemen, to ask a question, you may press star and one. The next question is from the line of Sreenath V. from Bellwether Capital. Please go ahead. Sreenath, please go ahead with your question. Your line is open. Going forward, from an acquisition point of view, sir, have we kind of completed what we wanted to do, or are we continuing to look at certain assets? And want to understand which are the areas that you're looking to strengthen now that we have two service offerings in the US and, you know, some product offerings also that have already got added. Which would be areas of your interest if you're still, you know, looking to make further acquisitions? Mainly in the medium run, we have to see about some certifying authority or the certificate-qualified certificate provider in Europe. Because the Europe market penetration is very low, and we need to penetrate there. We have appointed a very senior person as the managing director of our European operation. With that, we have started evaluating, but nothing has come to any concrete level. Maybe in the next six months to nine months, something Europe that will be, that should be, work well for our strategy. And the other thing is, the U.S. continuously we are looking at it, if anything is complementary. As of now, again, nothing identified, but if anything works really complementary, then we have to think. But from a complementary standpoint, is there any place left for us or whatever we needed to, you know, fill, we have already filled? No, that condition will never come in the world. In the world, nothing can be fully filled. Always there will be some gap. So as long as human mind exists and we exist, there will be always gaps which need to be filled. Got it, sir. Got it. Thank you, sir. Thanks! Thank you. Participants who wishes to ask a question may press star and one. Anyone who wishes to ask a question may press star and one now. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Surbhi from B&K Securities. Yeah, firstly, just one more thing on the CLM piece. Our emSigner platform, what kind of response are we seeing and what kind of growth are we seeing on the CLM side? Specifically, where we are talking about, renewal of certificate and issuance of certificate as a redundant part. Yeah, you know, the platform itself is seeing a lot of demand. We won many deals in many markets that we sort of operate in, and many advanced POCs with several large enterprises across banking, financial services, insurance, et cetera. This platform is now becoming extremely critical for anyone mid-market and above that's managing even, like, hundred certificates. Because there's one more thing, there is an active discussion going on even to further reduce the life cycle of certificates from the current three sixty to ninety, and even maybe to forty-five days, right? Which means the complexity of managing certificates and their renewals is going to significantly increase, and which is where automation is required, and the CLM platform solves for that automation. Through some of our customer implementations, we also now can deploy against a wide range of devices, including firewalls, and large leading brands, load balancers, various WAF vendors, DDoS vendors, et cetera. So there is even more comprehensive coverage in terms of end device provisioning capabilities. So the platform is seeing quite a bit of traction for us in many markets. Would you say of the growth, across the three products, emAS, emCA, and the CLM, this would be the fastest growing product? And, in terms of scalability, this would account for the largest share of certificates in, let's say, three years out? Yeah. So this, along with the emCA, both have grown quite rapidly. And this is also in our commentary, that the cybersecurity obviously continues to see a lot more, you know, sort of demand and traction, and the deal values are larger. Going forward as well, I anticipate that this will still continue to contribute a lot of our incremental growth coming. Although I don't see any decline in paperless, that will continue. It's just that, the attention to this seems to be more significant from many of our end customers. Yeah, and just to be clear on the services part and how we are cross-selling our products through Two95 and Ikon. Like, what capabilities do each of these bring in, and what products you are seeing, you know, can, you know, go through their channels? Yeah. So Ikon brought in a different complementarity. They were in the education sector in the US, having deeply penetrated, right? So which is a sector that was quite interesting because that was an under-penetrated as far as paperless was concerned. So that allowed us to enter that sector and win several deals. Two95 is slightly different in the sense that they did a lot of, you know, cybersecurity work for various utilities companies, and few, sort of financial services entities as well. So their target audience was more the IT and the CISO teams, which allowed us to sort of work or rather continue to work with their end customers on our cybersecurity products, right? So both acquisitions brought in different sets of complementarity in terms of what product we can take. Now, of course, from our own solutions, their professional services continue to support our customer deployments in the North American market. Now, with this whole managed services concept, where we'll bundle people, plus the solution, plus infrastructure through cloud, this will hopefully work quite well. Yeah, and just a last one, not to hold back you on any number, but that $2-3 million kind of a product that we can do through Two95, are we on the track to do that? Sorry, what was your question? Could you repeat again? Yeah. So, in the last conference we had mentioned that we can sort of do somewhere between $2-$3 million kind of product revenue through Two95. So are we on the right path to that? Not to hold you back on that number, but just directionally, to get a sense. Yeah, I mean, we started seeing some early wins, but as you can imagine, it's just been one quarter, right? So their teams are also understanding, they're doing a lot of training. So hopefully in the next six months, traction should pick up. Perfect. Perfect. That's it from my side. Thank you. Thank you. Participants, anyone who wishes to ask a question may press star and one. Anyone who wishes to ask a question may press star and one. As this was the last question for today, I would now like to hand the conference over to Mr. Venkatraman Srinivasan for closing comments. I would like to thank everyone for joining the call. We remain committed to delivering good performance and impactful solutions that drive secure digital transformation for our clients around the world. For any further information, you can get in touch with our investment relation advisors, Churchgate Partners. Thank you once again, and have a great day. Wish you all a very happy Diwali. Thank you. Thank you. On behalf of eMudhra Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.