Ladies and gentlemen, good day and welcome to eMudhra Limited Q4 FY25 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Venkatraman Srinivasan. Thank you, and over to you, sir. Thank you. Good afternoon, everyone, and thank each and every one of you for joining us on eMudhra Investor Call for the full year FY2025. FY2025 was a healthy growth year for eMudhra, with total income increasing by 38.9% year-on-year to INR 527.8 crore. Adjusted EBITDA grew 15.7% to INR 141.3 crore at a margin of 26.8%, and the adjusted PAT grew 17.3% to INR 94.6 crore with 17.9% margins. The adjustments include certain one-off and non-recurring expenses in the profit and loss account, including INR 8.9 crore for ESOP and finders fee costs. We further incurred INR 8.75 crore towards buyback of digital signature certificates as a result of the regulatory change in the Indian Trust Services business, which affected on July 15, 2024. Over the last few years, we have diversified internationally across geographies, and our international business now contributes 62% of the total revenue. Our partner-led model has strengthened significantly, accounting for 68% of trust service business and 46% of enterprise solutions business revenue. Our acquisition of Ikon, Two95 and Sendrcrypt contributed nearly 28% to the revenues, helping us to expand our market presence and power scope in the U.S. market. The acquisitive growth for the year was about 18.8%. The balance, 20% organic growth, was driven mainly by our solutions business, where the growth was about 27%, given that our trust service business was relatively flat. We have continued to scale across markets and sectors with high-quality customer wins. These include a PKI rollout for a citizen service platform in India, large-scale e-signature deployments in the Philippines and Middle East, and the adoption of our certificate management platform by a global gaming company in the U.S. In Kenya, our CLM platform was chosen by a key IT infrastructure operator, and our managed services were deployed by the cloud security division of a leading ERP vendor in North America. These wins reflect the scalability and global readiness of our solutions, supported by leadership hires and new offices across North America and Southeast Asia. From a product perspective, our focus has been to make our technology more intelligent, more secure, and more easy to use. For instance, emSigner lets banks or HR teams send and sign official documents digitally, like a job offer or a loan agreement, without printing anything. Now, with our planned new GenAI feature, emSigner can even read a document, extract intelligence, point out possible risks, detect deepfakes, and carry out instructions like send this for approval just by voice or text. Today's enterprises operate across hybrid clouds, remote users, and countless apps, making it impossible to manually track who should access what. This is a massive cybersecurity issue for any organization managing security at the application and the data layer. SecurePass centralizes identity and access policies, learns normal behavior, and instantly flags anomalies. With a roadmap for built-in behavioral analytics and visual access graphs, it will show user-device application connections, and it will alert you the moment anything deviates from the norm. There are other products that connect with managed digital certificates. These are like online digital identities for servers, websites, and devices. It now fixes potential issues such as certificate outages by automatically renewing and provisioning the certificates before they affect users. Importantly, we are enhancing the platform with new algorithms in post-quantum cryptography and new protocols in device and IoT identity management to prepare for tomorrow's cyber challenges. All of this comes together to support what is called the Zero Trust Security Model, which basically means do not trust anyone or anything unless verified, a concept that's becoming essential in today's digital world. These developments, along with updated product videos, are uploaded as part of the investor presentation. For FY2026, we anticipate continued momentum supported by certain regulatory and compliance mandates. Our priorities include expanding into Europe, strengthening the SMB reseller network in India for emSigner, and deepening automation and AI capabilities in both our e-signature and cybersecurity offerings. From a guidance perspective, we have an enterprise solution order book of INR 190 crore. Going by historical trend, assuming relatively modest growth in other lines of business and looking at the macroeconomic environment with slightly elevated levels of uncertainty, we are targeting a revenue growth of 25%-30%, assuming both organic and inorganic growth. On the bottom line side, we are targeting to maintain the current levels of EBITDA and PAT margins, even after accounting for the one-off expenses such as ESOP provisioning, notional interest, and stock repurchase that are likely to continue in FY2026. With this, now I hand over to Mr. Ritesh Pariyani, our CFO, to make his remarks regarding the financials. Thank you, Chairman. Good afternoon, everyone. I'm pleased to share the highlights of our Q4 and full year financial year 2025 performance. Our total income for Q4 financial year 2025 was INR 1,492.6 million, marking a 44.8% year-over-year growth. Gross profit for the quarter grew 8.7% year-over-year to INR 781.8 million, with a margin of 52.4%. EBITDA for the quarter was INR 371.6 million, registering a 2.4% year-over-year growth with a margin of 24.9%. Profit after tax for the quarter was INR 243.4 million, reflecting a 14.8% year-over-year growth with a margin of 16.3%. Now turning to the full year financial year 2025 performance, total income for financial year 2025 reached INR 5,278.4 million, representing a 38.9% year-over-year growth. The enterprise solution segment generated revenue of INR 4,135.3 million, while the trust service revenues stood at INR 1,058.5 million. EBITDA for financial year 2025 was INR 1,323.8 million, registering a 13.7% year-over-year growth with a margin of 25.1%. PAT for the year stood at INR 872.3 million, growing 14.3% year-over-year with a margin of 16.5%. That concludes my remarks. Thank you, and we may now open the floor for the question and answers. 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 Surbhi from Bellwether Capital. Please go ahead. Yeah, hi. Congratulations on the hits out of numbers. Sir, I just wanted to understand our India business enterprise growth has been very strong this quarter. Could you give some flavor on this kind of growth and what has led to this kind of numbers in terms of, say, worried government projects, worried more enterprise-led projects? Something on the flavor of how India business has grown in this quarter? Both government business and the BFSI. Because in government business, generally in the last quarter, a lot of tender and all those things get finalized because they have to exhaust the budgets. Generally, the last quarter always is good in the government business. In the BFSI also, as you see, we have got a number of customers where the combination of the e-signature, e-stamping, and the emSigner use cases have continuously improved, and remote signing has also continuously improved. Both BFSI and government put together, this has led to a good growth in the last quarter in the India business. Yeah. Okay, sir. Sir, our receivables have gone up significantly as of March 2025. Would it be fair to say that this is because of some government business going up? Just wanted to understand, is that? In terms of amount, it has gone up, but as you see, in terms of the number of days, it is almost remaining at 94 days-95 days globally. That way, in terms of the number of days, it has not gone up significantly. A little bit amount going up may be because of the government, some large contract-wise receivables are there. That way, as you see, even the cash flow from operation, cash flow from operation is almost more than the PBT. Right. Yeah. So whatever PBT generated, everything is received, so that rate has not increased or anything like that in terms of number of days. Got it. Got it. Sir, on the new initiative, which is homomorphic encryption, wanted to understand, have we integrated these capabilities into our product stack? Even on the post-quantum cryptography side, are we at the POC stage, or have these capabilities been integrated? Just wanted to get some sense on that. Yeah. Post-quantum cryptography is already integrated. So wherever the customer wants, we are also pitching for that. In that, there is a continuous upgradation of new algorithms and all that, which we will be continuously doing. The basic what is necessary has already been integrated, and the product has been completed. Coming to the mobile PKI, the mobile PKI also is completed, and we have even shown the demonstration to our Controller of the Certifying Authority and all that. In India, they need to pass a regulation for that, which may take some time. In the meanwhile, we have taken the mobile PKI to Indonesia and other countries also. Coming to fully homomorphic encryption, there also reasonable level it is completed, but still some work needs to be done, which I think maybe next three, four months or six months, it will be fully evolved. Maybe on that, I will ask Kaushik to answer on the fully homomorphic encryption. Yeah, no, sir. A lot of work has been done. I think we had also outlined in the last call that some performance-related improvements need to be made, which essentially we are working on because we are seeing more traction for the other two products, both in India and the other geographies, which is why we are spending more time there. In another three, four months, the fully homomorphic encryption product also will be integrated. Okay. What are the plans on the investment side? You're sitting on INR 188 crores of cash globally. Would it be more towards acquisition? Would it be more towards building inherent capabilities on the product side itself? Any sense on how do we plan to use the cash? It will be both. We are continuously evaluating. If suitable acquisition comes, then we have to do it. We have also in our presentation, we have said 7%-9% R and D will be invested on product development. There are also three, four areas where we are developing and strengthening the product, which I outlined briefly in my opening remarks. Both, it will be a combination of both. Okay. And just one last question. What was the services revenue this quarter, and if you could break it between Ikon Two95? No, service revenue total is around INR 35 crore- INR 37 crore, sir. Between INR 35 crore- INR 40 crore roughly, around INR 36 crore. In that, because we are doing the integrated services, it is very difficult to break up. Gradually, what has happened is one side Ikon, one side Two95, then our own services are also there to the same customer. We are also selling our own products. Completely, it cannot be bifurcated like that. If you even if you bifurcate it, it may not give the correct sense of what it is. Okay. Out of INR 147 crores, roughly INR 35 crores -INR 40 crores is total services. Yeah, yeah. Yeah. Okay. Thank you so much. Great. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Parikshit Kabra from Pkeday Advisors LLP. Please go ahead. Hi. Hi, everyone. Thank you for the opportunity and congratulations on a great revenue number. I wanted to ask first about the margins. I'm noticing that both in the international enterprise business, for the last three quarters, our margins have dropped in the low 20%s as opposed to the late 30%s or early 40%s that they used to be. What's happened in the international segment for the margins to come down? Is this a temporary shift, or is this now the new normal? No, as you see, the composition of the international revenue, particularly U.S.A., originally only Ikon was in the service business. Now the Two95 is also in the service business. So the proportion of service business in the U.S. business has gone up. That is one reason which is reducing. The second major reason is the number of senior people appointed. Ea`rlier, only one of our person was there. Now we have appointed two senior people from DigiCert and also two junior people from DigiCert. These are all adding to the salary cost. It will not add in the gross margin level. Gross margin level, it is more to do with the proportion of service business in the overall business in the U.S. If you see the middle business, the margin has remained the same. It is not declined. Earlier question where you said that the services revenue is approximately INR 35 crore-INR 40 crore. But the base of this INR 35- INR 40 crore, this will be mostly from the international enterprise number, or is the services revenue also coming from India enterprise? It is mostly international enterprise. Because in India, actively, we are not marketing the software services. It is mostly the international only. Perfect. India predominantly, we are focusing on the product and the trip services, which is the digital signature. Got it. So you mentioned INR 35 crore-INR 40 crore for this quarter. Would it be possible to get this number for the last quarter and the quarter before that? That immediately I do not have. It may be roughly in the ballpark to INR 1 crore -INR 2 crore less or something like that. Okay. So services revenue has been more or less stable around this number? Yeah. Service revenue overall year, if you take yearly, it will be around INR 140 crore-INR 150 crore. Got it. Got it. Perfect. The trust business also, again, there has been somewhat of a margin decline. I remember a few quarters back, the conversation around how the go-to-market strategy is changing. Is that the reason for the decrease in margin, or is there something else? Yeah. Because earlier, we were invoicing for the net amount. For example, if we sell to a partner, we were selling at INR 300-INR 400. The entire thing is a margin drop. Today, because this control of the certifying authority has made a rule that we have to only bill the end customer, and we can only pay the commission to the partner. We are billing the end customer and paying 40%-50% commission to the partners. That is where the gross margin has reduced there, but the top line has increased. The overall way top line has not much increased compared to last year. As we said in the earlier quarter conference calls, the volumes have declined by 40%-50% because of that change in the income tax rule and more number of certifying authorities coming and all that. Got it. Perfect. Understood. Lastly, you mentioned, I think, that India business has done particularly well because of government orders in BFSI. Again, is this a quarter for trend, or is that now going to be a trend that we should start seeing in the next year also? I remember a few quarters back again that there was some stress in the India enterprise business, and you were thinking of changing focus more towards moving away from the India enterprise business a little bit, not focusing on it as much, essentially. India enterprise, we never wanted to move away. Only hardware. What we were doing earlier, we were bundling the hardware. Because of the bundling the hardware, the receivables and other things were high, and also on the hardware, the profit margins were lower. Today, what we are doing, we are only trying to sell our software. Unless the customer makes compulses to bundle the hardware, we do not generally bundle hardware. We allow them to directly purchase from the market. That way, our gross margin on the Indian enterprise business has improved. Got it. Earlier, it was 66% from one and a half years back. Now it became 80%-85%. All right. Perfect. All right. Thank you, sir. Thank you so much. Yeah. Thank you. Thank you. We would like to remind participants that you may press star and one to ask a question. The next question is from the line of Chirayu Baheti, an individual investor. Please go ahead. Hello. I'm audible? Yes. Yes, yes. Sir, I could see that from past few years, the return on equity of the company is reducing. Maybe can you talk a little louder? Not very clear. Sir, I could see that from past years, the return on equity of the company is reducing gradually. I can imagine it's because of a lot of acquisitions we are doing. Any plans that we could see this bottoming out and increasing in the upcoming years? Return on equity, mainly because the QIP was done. That was one thing. Again, under the IndAS, what happens is the stock options, though actually it is all fully diluted and issued to a trust in 2016 itself, but based on the IndAS methodology, it is getting added to the equity only at the time of exercise by the people. That is where last two years, as you see, one because of the QIP and another because of the exercising of the stock option, the base equity has increased, and that has led to the return on equity reduction or stagnation. From the next year onwards, that kind of reduction no more. At this interview, I'm not thinking of any further issue at this time because already INR 184 crore-INR 185 crore cash balance is there. Also, the stock option exercising also will not be so much as what it was in the past. With the result, the return on equity may improve from the coming years. Okay. Okay, sir. Thank you. The receivability is any plans to reduce it because earlier it was much lower. No, it was not lower. As you see, we have also moved that from 94 days, it has become 96 days. Only two days higher because it is marginally. Out of that also, if you take, a lot of things are less than 30 days. These are all orders which have come in the last month. That is why it is there. That will get seen in over time. There is nothing to be concerned about. Okay. Thank you. Thank you. The next question is from the line of Srinath V from Bellwether Capital. Please go ahead. Hi, sir. Just wanted to go to slide 12 in our deck where we have placed a roadmap for our identity and data security business. If you could explain the roadmap, the new products on all three divisions, three product categories, where are we in these products? What is the use case? When will the build-out happen? That would be really interesting, sir. I will ask Kaushik to do that because it's more technical. Yeah, yeah.[crosstalk] Thank you, sir. I think Kaushik is, yeah[crosstalk]. Yeah. Yeah. Each product at a time and then go through it. First, as you see, SecurePass, it was earlier called emAS. We had basically started as a multi-factor authentication, which essentially meant digital signatures, biometric, and various other forms. Then we introduced single sign-on. To give you an example, if you're logging into one application, you shouldn't have to type your password again and again. We rolled out a filter like identity access management where through a centralized sort of view, you are able to control which users get access to which application and what kind of permissions they have. Can they approve? Can they only view? Can they edit? And all those things. Now this whole paradigm is shifting to a new concept called converged identity where it's not only identity access management, but also managed privilege access. Because environments have also become slightly more complex where large enterprises are on-prem plus cloud like AWS, Azure, plus they use third-party SaaS platforms like Salesforce, the same user, what kind of controls he exercises in various different applications across all of these environments, and how do you get a centralized view? This is almost not only becoming a cybersecurity issue, but also a compliance nightmare. That is where our roadmap is also heading. While we have existing capabilities, how do we integrate capabilities of converged identity is where SecurePass is heading. For any large enterprise, it is a single pane of glass through which you get a view of your users who have elevated permissions, what they can do with it, and how they kind of authenticate, whether it is through passwords or OTP or biometric or facial or in sensitive cases, even digital signature certificates. It's becoming a much more comprehensive platform for mid-market upward kind of enterprises to manage their access in a centralized manner. That is product number one. Product number two, I will cover CertiNext and emCA. emCA has been around for a while, basically around issuance of digital signature certificates in line with global compliances and global standards. Continuously, the world is changing. For instance, post-quantum cryptography, and even within that, there are newer sets of algorithms coming. Even in the IoT and, for instance, the electric vehicle world, there are newer standards, protocols emerging. Constantly, we are enhancing. We've not only integrated the existing work on post-quantum cryptography, but enhancing the platform to meet various new emergence of algorithms, protocols, standards as far as some of the newest industries go, right? IoT, electric vehicle, and even, for instance, next year, I think there is a huge trend around even humanoids. How do you really control their security are also discussions that are happening, and we'll probably be prepared to meet that. On the certificate lifecycle management, which is CertiNext, there are some important trends going on globally. One is the fact that about a month or so back, the browsers, which is Apple, Google, Mozilla, basically passed a ballot saying in two, three years, the certificates that are currently issued for 365 days will expire in 47 days, which means it's going to be manually quite impossible to manage the rollout of certificates for websites. If you go to a bank website, there's a certificate. Every 47 days, you have to keep renewing it. There is a huge push towards automation, which is where CertiNext will play kind of a role in terms of automatically discovering, renewing, and provisioning the certificates. That is kind of the world of CertiNext and emCA. Third is more around data privacy, which is becoming big because India, obviously, on the verge of rolling out this DPDP Act. As a consequence, we have so far addressed the data protection aspect, which is around data encryption. Any kind of personally identifiable information like name, email, mobile, how do you encrypt? Because DPDP is likely to be enforced with penal provision, you have to now also have the capability to discover, classify sensitive assets before you are able to protect them. That is where we are heading towards building out those capabilities. It'll become a comprehensive data privacy stack, not only doing data protection, but also discovery and classification. With this, what will happen is there's a unified view of not only user identity through SecurePass, but also device identity through CertiNext and emCA, and also the ability to protect any kind of personally identifiable information that you kind of capture as a consequence of your interactions with your digital footprint that any large government market enterprise would have. On top of this, we are layering in generative AI capability, which has also been outlined on a slide, like how do we sort of build domain-specific intelligence around cybersecurity, for instance, for banking, and allow the users to have GenAI-based capabilities saying that, "Can you discover the certificate? Can you rotate it? How do we identify anomalous behaviors in the way you authenticate?" and so on, right? There are a number of use cases that we are working on. This is really the kind of view that we are taking, that user and device identity will converge, and in that convergence, data privacy will play a very important role. We have to obviously, as a unique selling proposition, layer in generative AI capabilities. Got it. In the data privacy stack, what are the products we have today, and how are we like the other two stacks have a reasonable understanding, but in this stack, how will the product evolution take place? Today, we have only key management and, as a consequence, ability to encrypt data. So far, it has been built as an extension of CertiNext, but now we see this taking shape as a separate product stack in itself. The orange on the slide 12, which is discovery, classification, consent management, which are all basically from the data privacy standpoint. As a consequence, once you, let's say, classify something as sensitive, how do you encrypt, which will be whatever capabilities you already built? Got it. One more question on the U.S, market. Wanted to understand how the scale-up in private PKI opportunities is playing out in the U.S. Have we been able to cross the proof of concept stage? How close are we to scale up? What has been the broader feedback from prospective customers? Any broad light you could share, that would be great. Yeah. I mean, we've crossed POCs in quite a few customers, right? Some of them have actually started using the product, started to scale up with us, both for emSigner as well as, and I think the question was specifically on private PKI, on the private PKI side as well. There is an increasing demand for private PKI across a number of sectors, and our team is kind of actively working towards it, right? To answer your question, we've crossed POCs in quite a few cases. Also, our product, if you see, our product revenue itself from the U.S. last year was maybe around $8 million-$9 million, or at least $8 million. Wow. Probably some emSigner, but predominantly the emSigner, which was cross-sold and also based on the POC what was sold and not sold. Got it. Got it. One last question, sir. We report this partner and direct contribution. Our partner contribution has significantly inched up over Q4. Is this largely indicating our deeper engagements with system integrators, or is this coming out of a different channel? I just wanted to was curious to know why this number has seen such a change. No, we have made last year, we made a strategy to get into many types of partnerships. One is the system integration partner and also the reseller partners. Actively, we have put an inside sales team here who is chasing several partners, enrolling a lot of partners, and then continuously motivating the partners. We made a partner-first approach by which some commission accreditation and so many things we have done. Because of that, the larger number of leads have started coming from the partners. That is where now, in one of the slides, it is there. Three-pronged strategy. One is the partner accreditation and globally how do we enroll more and more partners. The other is in the India market, how do we go to the SMB and the retail with the emSigner. The third is how to create more and more global pull and all that through brand building and all this. Because of these initiatives, these are all a little accelerating. Perfect. Perfect. Thank you, sir. Just wanted to make a comment. Given the kind of product stacks and everything you have built, I think at some point of time, we should definitely aim to grow more than 25% whenever we do get an opportunity, sir. Thanks. Thanks a lot. I'll get back into the question. We will always try our best to then leave the rest to God. Perfect, sir. That's the spirit. Okay, sir. Thank you. Thank you. Thank you. We would like to remind the participants that you may press star and one to ask a question. The next question is from the line of Rishi Maheshwari from Aksa Capital. Please go ahead. Hi. Thanks and congratulations for very good sales numbers. I just had one clarification. On slide 30, when you mentioned 1,133 customers, they are all out of solutions and services. Am I right? Yes. They are not the DSC customers because the DSC and ESM customers are in crores. That's right.[crosstalk] Mainly solutions. Yeah. Yeah. I was just alluding to that and thinking about it that when I'm looking at the growth, what I've plotted from a random report and looking at revenue per customer, it seems to be more or less in the same range of roughly about between INR 30 lakhs-INR 40 lakhs. I was trying to understand whether is it possible to upsell, cross-sell because you've been doing that across your product stacks to several other customers. However, that is not necessarily reflecting in revenue per customer as a number. It does not work that way because even in our last year presentation, kind of we highlighted that there's a land and expand strategy. When a customer starts new with us, it's obviously a smaller value that they start with and over time kind of scale. I think I would request you to look at the existing versus new composition. Existing customers have brought in 78%, right? If you look at the net retention by value, it's significantly north of, I think, maybe 100%-110%, right? Which is kind of a healthy number. Average value probably is not the best representation of the deal values that products get sold, given that there is a land and expand kind of strategy that we follow. May I then understand what is the attrition in terms of the customers? If suppose this year, this is 1,133, how many customers have been continuing from the past, and how many are the new customers? Retention by count also is closer to 91% or 92%. Yeah. I see. Okay. Thank you. That solves my purpose. Additionally, I wish to just understand on a broader level, while we're looking at a lot of issues internationally, I know that you are not necessarily alluded to IT services businesses, which are more affected by such spend. However, in terms of alliance, it is not too far away when the spending or discretionary nature of spending of some of your services comes across. Are you not facing any such issues at this point in time? All right. Of now, the cybersecurity is a need of the hour. Everybody wants to protect more and more. That way, and also digital transformation, the emSigner product, it saves a lot of money to them. That way, we are in an issue area in which, up to now, we are not seeing much of reduction or reduction in discretionary spending and all that. Have you seen any form of cancellations of the orders that you had already bagged and it is either sealing a deal or a cancellation of any form? No, no. As of now, we are not seeing anything. Fair enough. Thanks. Thanks, Rin. This is good work. Please continue the good work. My best wishes. Thank you. Ladies and gentlemen, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Siddharth Mishra from Creaegis. Please go ahead. Mister Siddharth? Hello? Mister Siddharth, hello? Mister Siddharth? Hello? Am I audible? Yes, you are. You may go ahead. Yeah. I'm sorry. I was using a headset. Hi, sir. Thank you so much for taking my question. First question is on the international expansion. We mentioned that the FY2026 focus is going to be expanding into the European Union. If you can highlight that a little bit more in detail, the geographies that we plan to target, maybe acquisition there, possibly in the services side or in the product side. I think in the past, we have highlighted that we preferred entering into new geographies with partners, right? Maybe not hiring full-time employees there. Has that approach changed? Anything there, a little bit more details on the European expansion, that would be helpful. Thank you. European expansion, we started trying about two, three years back. Then we transferred one person from here. Without any base in Europe, it has been extremely difficult to get much business in Europe. In America also, we face the same problem. We created the base by acquiring some two small, small service companies. With that base, today, we have grown very well and almost out of our revenue, 38%-40% comes from North America. Similarly, in Europe, some acquisition or some strategic tie-up may be needed so that it will give a head start, and from that head start, we may be able to grow. That is what we are thinking. From that perspective, we have appointed a very senior person from the European geography itself, Mr. Carmine Auletta, as the MD of our European company. He was in similar business in another company called InfoCert, which is also a big company in Europe based out of Italy. He can bring new leads, and also he may be able to bring some quality acquisition candidates and all that. All these possibilities are there. That is our intention as far as Europe is concerned. Other geography expansion, almost other geography, we are present. You see, Middle East, we are very well present. In Africa, reasonable presence is there. Even South America, reasonable presence is there. We are now able to sell in Colombia, Chile, Peru. If you come to Asia Pacific, again, we are able to sell in Malaysia, Indonesia, Philippines. That way, here and all, reasonable presence is there. Europe is where Australia, New Zealand, India, we are not trying as of now. We felt Europe is a good geography to be there. That is where we will try for this year, that kind of some acquisition or strategic tie-up possibility we will try. Wonderful, sir. Thank you so much. I think most other questions have been either answered or are present in the presentation. Just one question on the CapEx number. I think the data center spending, what we highlighted, is probably done, or maybe if you want to highlight what are the components there in the CapEx, and can we expect that to come down in FY2026? Data center was part of the original IPO. Those data centers are already done. There were three data centers, one in Chennai, one in Bangalore, and one in Amsterdam. Amsterdam also was done already. Now that the U.S. business is really growing up and giving a good size of business, if we have a local data center, it would be preferable for the U.S. customers, which also some customers have told us. That way, instead of again re-spending, we are shifting the Amsterdam data center equipment to the U.S., to Salt Lake City and also in New Jersey. With that U.S. data center itself, we can work. In Europe, later on, if necessary, based on the expansion, if necessary, we can set up. As of now, we have no plans for that. With that, there will be no more data center spending. All the CapEx for this year is predominantly on the product development, what Kaushik explained, the three or four major product areas. That is 7%-9% CapEx as outlined in the presentation. Got it, sir. That's it from me. Thank you. Thank you. Thank you. As there are no further questions, I would now like to hand the conference over to Mr. Venkatraman Srinivasan for closing comments. Sir. As there are no further questions, I would like to thank everyone for joining the call today. We remain focused on delivering consistent performance and innovative solutions that enable secure digital transformation for our clients across the globe. For any additional information or queries, kindly get in touch with our investor relation and research certificate partners. Thank you once again. 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.