Good afternoon, ladies and gentlemen. I am Akash, moderator for the conference call. Welcome to eMudhra Limited Q1 and FY 2026-2027 earnings conference call. We have with us today Mr. Venkatraman Srinivasan, Executive Chairman, Mr. Kaushik Srinivasan, Whole-time Director, Mr. Arvind Srinivasan, Director, and Mr. Ritesh Raj Pariyani, Chief Financial Officer. As a reminder, all participants will be in 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 telephone. Please note, this conference is recorded. I would now like to hand over the floor to Mr. Venkatraman Srinivasan. Thank you, and over to you, sir. Thank you. Good afternoon, everyone, and thank you for joining Q1 investor and analyst call today. We are pleased to report a strong start to FY 2027. During the quarter, our total income grew by 28% year-on-year to INR 1,925 million, while EBITDA increased by over 40% to INR 504 million, taking our EBITDA margin to 26.2%. Profit after tax grew 28% year-on-year to INR 320 million, with PAT margin remaining healthy at 16.6%. Of the 28% growth in total income, approximately 13% was contributed by the CRYPTAS acquisition, while the balance reflects healthy organic growth across our core businesses, led by continued strength in our enterprise solution portfolio. Enterprise solutions remained our primary growth engine, growing approximately 50% year-on-year and contributing 65% of total income. While our services business also delivered growth of around 5% year-on-year, supported by new customer additions in the United States. International markets now contribute 66% of our revenue, and we continue to see encouraging momentum across Europe, North America, the Middle East, and Africa. Europe was particularly encouraging this quarter. Through CRYPTAS, we achieved our first sale of eMudhra's CertiNext certificate lifecycle management platform to a large German data center customer, while also securing the first emSigner deployment integrated with primesign trust services for an Austrian city municipality. This is an important milestone as it validates product-market fit and demonstrated our ability to successfully cross-sell the broader eMudhra platform into the CRYPTAS customer base. CRYPTAS contributed approximately INR 200 million of revenue during what is typically a seasonally a weak quarter in Europe. Our trust service business saw a temporary decline during the quarter following the transition to a new global security standard for digital signature tokens, which comes into effect in September. As customers and channel partners prepared for this transition, demand for legacy tokens reduced, resulting in a temporary impact on trust service revenue during the quarter. We expect this to normalize as the industry completes the transition. On the innovation front, our R&D investment remained tightly aligned with the evolving cybersecurity landscape. During the quarter, we introduced cryptographic bill of materials or CBOM analysis within CertiNext, enabling enterprises to discover where cryptography is deployed across their IT environment and helping them prepare for the transition to post-quantum cryptography. We believe increasing regulatory and industry focus on post-quantum readiness, together with the need for organization to inventory and modernize their cryptographic assets, create a significant long-term opportunity for our certificate lifecycle management and PKI platform. We also continue to strengthen our broader product portfolio with AI power capabilities in emSigner and the commercial launch of PrivaTrust consent management modules. Looking ahead, we continue to believe that cybersecurity and AI are becoming increasingly interconnected. As enterprises deploy AI at scale, trust, identity, and cryptography become foundational infrastructure. Our five-platform strategy positions us well to capitalize on these structural trends while continuing to expand internationally. Finally, from an outlook perspective, our guidance remain unchanged from what we shared in the previous quarter. That is to achieve an organic growth of 18% and work towards achieving a PAT growth of 25%. We remain focused on driving profitable product-led growth, expanding our international footprint, executing our UAE trust service launch, and maintaining disciplined EBITDA and PAT margin while continuing to invest in innovation. With that, let me hand over to our CFO, Mr. Ritesh Pariyani, to walk you through the quarter's numbers. Thank you, Chairman. Good afternoon, everyone. I'm pleased to share the highlight of our Q1 FY 2027 financial performance. Our total income for Q1 financial year 2027 was INR 1,925 million, marking a 27.8% year-over-year growth. Gross profit for the quarter grew 36.4% year-over-year to INR 1,103 million with a margin of 57.3%. EBITDA for the quarter was INR 504 million, registering a 40.4% year-over-year growth with a margin of 26.2%. Profit after tax for the quarter was INR 320 million, reflecting a 27.9% year-over-year growth with a margin of 16.6%. Now coming to segment performance. The enterprise solution segment generated revenue of INR 1,623 million, while the trust service revenue was INR 284 million. That concludes my remarks. Thank you, and we may now open the floor for the question- and- answer session. Thank you, sir. Ladies and gentlemen, we will now begin the question- and- answer session. If you have a question, please press star and one on the telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I think there are some questions. The first question comes from the line of Surbhi Soni from Bellwether Capital. Please go ahead. Yeah. Hi. Kaushik, wanted to understand about the PrivaTrust platform. Is this product live? If you can help us understand what kind of deployment opportunities you're seeing for this platform as of now. Yeah. Product, as you know, comprises of many modules. This is mainly to cater to the data privacy and consent management. We already live with consent management capabilities, which we are demonstrating and doing a lot of pilots, proof of concepts, and very soon a few wins as well. India, as you know, there's a DPDP Act and people have to implement. Large organizations basically get, I think, time till the end of the year or sometime next year, and many other organizations have to implement. The product capabilities also involve additional capabilities of how do you discover and classify the personally identifiable information in your landscape. That includes storage and files, folders, databases, et cetera. These are the incremental modules that will very soon be kind of launched. It'll encompass consent management, data discovery, data classification, and also how do you handle personal data in the context of when you send it to third-party vendors, like your CRM vendor or whatnot. Got it. See, this is like a new addition to our product stack, right? How should we think about, over a period of, say, three to four years, what's the kind of opportunity for this kind of platform? Not just from an India perspective, because you cover a lot of other regulations in Europe, China, et cetera. How should we think about opportunity in India, do you even plan to take this product abroad? Yeah. Immediately the focus is India because there's a DPDP Act, people have to comply, anyone dealing with personal data, particularly those that are B2C-focused have to do it more quickly. Those that are large obviously have a timeline. We are working towards opportunities. We may get a better sense of the direction in a quarter or two, at which point we may be able to sort of quantify where this can head. Obviously the time is large because everybody in India has to implement. Slowly, once we get some foothold here, we will take it to other markets where these privacy regulations are forming or more nascent in their adoption. Got it. Very clear. Also, you mentioned in your press release about the trust services in UAE. By when do you expect to get the QTSP license in UAE? If you can just help us understand what exactly are we building here. Is it like an Aadhaar- equivalent eSign along with VeIL Pass, or is it something beyond that? Yeah. Hi. This is Arvind here. Yeah. Hi, Arvind. Yes. Hi, Surbhi. To answer the first part of your question, we're essentially the final step of the process to getting the license in terms of license application and such. We expect that to be completed sometime towards the end of this quarter to beginning of next quarter, where upon completion, we should be able to launch the respective service. From what it is, it is basically similar to the Aadhaar eSign type in India, but with a local identity ecosystem. Predominantly meant to be sold to the local market for the banking and several other segments that we operate in. Okay. Just for my understanding, since we have a large banking customer base already there, does this product actually complement our emSigner offering in U.S.? Yeah. It's meant to complement our emSigner offering in UAE. Obviously the process of Okay embedding these banks and regulated entities is a timed process. It'll happen over a duration. We are in the early works of getting that set up and up and running, in terms of the process of go- to- market as well. Okay. It's more like a retail product, but will also get integrated with emSigner. Is that understanding correct? I'm sorry. It's more like a retail Aadhaar- equivalent signature, and then will get integrated with emSigner also. It's not a retail product. It is enterprise-oriented in the UAE market. The technical characteristics of the product are similar to an eSign product here, but the actual market for this product, it's not a retail-oriented offering. It is enterprise-oriented offering. Even here, Surbhi, if you see Aadhaar eSign, though finally the retail customer sign, the sale is predominantly to banks and the NBFCs and all that. Similar thing will happen there also. Yeah. Got it. Sir, on the trust side, I had one question. With this CCA's mandate to move to FIPS 140-3, right? What I understand is that these tokens manufacturers need to recertify themselves. Just wanted to understand the supply issue that we faced here? Were we able to solve that? Is it largely behind us? From Q2 onwards, can we see the trust business in the normal course of work? No. In the token, mainly the ePass token was the major token, then ProxKey token. ProxKey, I don't think they are getting recertified. The ePass token, they have submitted the application for recertification, everything is done. It is a little bit pending from the CCA side. The other one new token has come, called the Innate token, which is already certified, but they are not able to produce in volumes. That's where the capacity is very low. Mostly by September, the ePass will be able to get certified, and then again, the token volume will increase. Got it. Just one last question. Wanted to understand how much was the revenue for CRYPTAS in this quarter? INR 20 crore. INR 20 crore. All right. Thank you so much. Thank you. The next question comes from the line of [Pankaj Sachdeva from AWIS Capital]. Please go ahead, sir. Yeah. Hi, good afternoon. I have two very quick questions. One is relating to the trust services which we have already spoken about. I just understood that the things are going to get streamlined by September. This means that even the Q2 will get impacted both from top-line and bottom-line perspective. At least that's what my understanding is. Is that right? My related question to this is it only the matter which you explained is the reason for downfall, or is there some competition pressure also which is kind of driving our volumes down? If you see, our general volume of token sale in a quarter was almost INR 8 crore-INR 9 crore. That was the volume. This time, the partners are all not talking it because it is expiring by September. That's why almost INR 5 crore-INR 7 crore volume got less. In the token, the profit is not much. On an average, gross margin may be 10% or something like that. That's where, while the top-line may continue to be less during the next quarter also, but it doesn't have much effect on the bottom-line. Okay. Got it. My second question, sir, is, I know we have grown fairly well when it comes to international enterprise solutions. When we get into segment profitability, the margins over there are far lower than what we see in the domestic side. How do you see that over a period of time, sir? If you see international, it consists of two, three element. One element is the services business, where obviously because in the product business, gross margins are 70%-72%. In services business, it may be sometime 18%-20%, like that. That is one area. Which is again, if you see last year itself, we have told it is around INR 150 crore kind of thing. The CRYPTAS business, again, it is roughly around INR 100 crore business, which was not profitable at all. Gradually it is improving. This year we expect profit. Third is our own product segment. In our own product segment, the profitability is even better than the Indian business. But combining all these things put together, the overall profitability at the segment-wise profitability limit becomes lower compared to the Indian segment profitability. Over time, with CRYPTAS again becoming profitable and our own product segment increasing our services segment, the profitability will improve. This is one side. The second side is, because it is a new attempt in several markets, several senior executives had to be put. The senior executives are very costly, $200,000- $300,000 per person, like that. That is another thing. That will again get offset when the volume improves. Over time it is likely to improve. Sir, the Q1 margin showed at almost like 20 odd%, little over 20 odd%. What is the outlook you have for the whole 2027, sir? Whole 2026-2027. Profit, actual business. Separately, we have not put what is the profitability for that, overall, we are expecting the 25% growth on PAT and 18% growth on the top- line. Okay. Little bit here and there it will adjust. Got it, sir. Sir, my last question is that when I was going through the financials, at one of the places it's saying that some of the subsidiaries contributed a consolidated net loss of almost INR 4 odd crore. What is this loss about and are we expecting that to continue or it will settle down over a period of time? Loss of how many crore? INR 4 crore, sir. INR 4 crore, predominantly it will be the European subsidiary, B.V. In B.V. some legal expenses were incurred and all that. Now the CRYPTAS is under B.V. When CRYPTAS become profitable, it will also become profitable. Apart from CRYPTAS, independently in B.V., we have appointed a senior salesperson in Rome and he is chasing several leads. If even one or two materializes, it will turn profitable. We are not expecting the loss to continue in the current year. As far as CRYPTAS goes, we are very confident of making it profitable in FY 2027. Is that right? Yes. Because already one sale to data center has happened of our CertiNext product and another sale along with PrimeSign is one of the subsidiary of CRYPTAS. That has also happened. With that we are very confident. The CRYPTAS product sale also happened in our other geography. Oh, got it, sir. I think that's all I have. Thank you for this, sir. Okay. Thank you, sir. The next question comes from the line of Mr. Srinath V from Bellwether Capital. Please go ahead. Hi, sir. Arvind, just wanted to understand, how's the outlook for the U.S. products business? Can you give us some qualitative understanding as to how the lead pipeline is? What are the new initiatives? Now we have rebranded both our products, as well as got our data center. We have now three locations that we are in. Now moving forward, how is the lead pipeline? What has been the broad feedback from the customers? That would be great. Yeah. No, thank you for that. I think, the U.S. business on the product side, we see reasonably good growth in the lead pipeline and the initiatives that we're doing. To quickly put some sort of view to this, I think we've already reiterated the university federation InCommon, which was something that we won last year. More and more universities are getting onboarded into this, which brings greater brand visibility to us and the CertiNext brand within the context of the North American markets. On the one side, we're trying to go deeper into that segment, see how further we can mine that particular segment for more of our offerings, more of our solution, add-on things that we can position within that federation of the community and maybe other universities also outside of the federation. On the other side, we'll also have active lead initiatives going in and conversations in advanced stages on some IoT-related use cases on PKI. These are sometimes industry agnostic, but in this particular case, some of them are in healthcare and some of them are different, but we see that we are able to add some value here with our stack in terms of bringing trust at a device level. Third major element that we're working on is general pipeline building and lead generation and activity in the upper mid-market segment and some of the lower enterprise segment within U.S., we see some positive conversations there around SSL trust and all of these things. With the main agenda in U.S. being that with this coming of the 47-day expiry of SSL and then the post-quantum shift and these sort of trends playing in, there is a general increased awareness around what we're doing and perception around our services and things that we have to offer. I think the thing with the local brand and the data center and everything as you did was some of the baseline requirements for us to be able to have all these conversations and sort of build a healthy pipeline and lead generation and get into these engagements as we are today. Do you feel somewhere later this year or somewhere next year, we will start seeing better traction and slightly better clip of growth, especially in the U.S. products business as we settle, as the InCommon kind of gets implemented? Just wanted to clarify, has that university business already started or is it something in the pipeline this year? No, the university business has already started, and that has been ongoing. I think generally we have the growth rate in the enterprise segment of about 25%, which we are maintaining. The outlook is positive, but there are deal pipelines that take some amount of time in North America, especially when you talk into this segment. Obviously there are several factors, what we know, we or not we may not know. We factor in all this when we say that we're growing at a certain rate. I can say that the outlook definitely looks positive. The pipeline is growing well and we have a captive client base that we can expand upon, so it's more meaningful in terms of what further we can achieve. I think that we are in the right direction. One more thing is that university network already we are issuing 1,000- 1,500 SSL certificate every day. Yeah. It has already started. Only the momentum has to further improve. Exactly. Got it. Just wanted to get a sense on seeing the deal wins on SecurePass, it looks like that business is actually growing faster than our top- line. What is working for this business, especially in India? If you can highlight some key saliencies or use cases. Want to understand the privilege identity, privileged access management. Where is the growth actually coming in? Again, here, could you give some sort of outlook as to how the next 12- 18 months look for these set of products, which seem to be growing on the pace of it, seeing all the wins we have, sir? Yeah. SecurePass in India, two, three things. One is there is compliance mandate by central bank and capital markets regulator on stronger authentication. All banks and capital markets entities are forced to basically improve their cybersecurity posture. The second is the deal values are much larger than even CertiNext. Typical SecurePass for a large bank or a large government entity is in the range of INR 4 crore, INR 5 crore, INR 6 crore to start with, and probably higher. The third thing is privileged identity, privileged access management are again becoming compliance mandates, not only from regulation, but more from voluntary cybersecurity posture. Because many entities have recently experienced data breach, and typically a data breach happens only when a critical administrator privilege or a credential gets compromised. These are the three trends that are driving more and more SecurePass adoption locally, which is why, given the scale of implementation we have done here, we're also looking at taking it to adjoining markets like Philippines, Indonesia, as well as Africa, and to some extent now recently, some conversations have started in Middle East as well. The idea is to expand the reach of this product to other markets apart from India. The outlook. The pipeline. Because many more deals in pipeline are there. In the Indian context itself, where many are under RFP evaluation in various stages. Once international picks up, maybe the growth can be maintained at a fairly aggressive clip for the product. Sure. If we were to implement the full suite, including PIM and PAM and the works, these deals over a period of time could be north of INR 10 crore engagement per bank? Or just to get a feel of how large each of these Yeah implementations can be. Yeah. That deal value is possible per large bank. Right? Mid-size bank may not have that kind of spending capacity, but definitely large bank, central government agency, critical data center installations for state governments, et cetera, have that kind of deal value capacity for the product. Got it. Last one on this. Is defense also a market for this product? Have you been engaging with the government on this, or is it largely banks and related? Defence also, because already we have a defence agency that is our customer, where they have implemented identity access management across 200 applications that are internal. The conversations are going on with various other main defence as well as other sort of ancillary agencies of defence. Got it. Thanks, Kaushik. Just the last question on CRYPTAS'. We needed to in-source the CA code or I'm not technical, so some way we could backward integrate on the product, so that we could save cost and also move some of the service cost to India so that we can support them from here. Have all those moving parts been put in place, and is that deduction in loss because of those initiatives? Where do you see all of this playing out from CRYPTAS' loss management? Yeah. CRYPTAS' was not really a cost saving from just moving everything, because already we are developing IP here. The main thing was earlier, if you remember the whole narrative, they were using third-party products that were competitor products to ours. The idea was how do we substitute that with some of CRYPTAS' own IP. That integration effort was what continued our IP. That integration effort was what was done over the last six, seven months. The proof of the pudding is now the fact that a large German data center operator has now taken CRYPTAS' stack, backed by full eMudhra stack of our CLM, our CA, and everything. Similarly, Prime Sign, which is CRYPTAS' subsidiary, took emSigner along with their signing service, which is a qualified signing service across the European Union for a city municipality. These are first two very important and critical wins that hopefully lay the foundation for sale of our software completely, along with CRYPTAS' IP to their customers, backed by local support. All of the IP development anyway continues to happen out of India. That will save them from purchasing the Keyfactor software as a back end. To that extent, the cost saving will be there. Wherever they substitute our CertiNext CA instead of Keyfactor product, there the cost saving will be there, because to that extent, transfer pricing will come to India. Thank you, sir. Thanks, guys. Congratulations on the good set of numbers. Thank you. Thank you, sir. The next question comes from the line of Mr. Amit Chandra from HDFC Securities. Please go ahead, sir. Thank you, sir. Thanks for the opportunity. My first question is on the enterprise business. Obviously, this is the largest chunk, and it has been growing 50% Y-o-Y. If you can provide what is the Y-o-Y organic number for the enterprise? Within the enterprise, the shift is mostly happening largely towards cybersecurity and towards selling direct. Within that, how we see this growth happening for the enterprise piece? Also, if you can elaborate more on the sale that you have done to the European data center. Is it the first data center client that we're having? What is the opportunity in terms of selling to data centers? What is the size of the contract, if you can provide that? On the product, if you take just the product growth and how much was organic, how much was inorganic, as we outlined, CRYPTAS' number is INR 20 crore. Right? The base was about going from, I think INR 80 crore. INR 140 crore. INR 140 crore. 18%-20% About 25% contribution came from Cryptas' numbers, 25% was the organic growth in the product segment. That is, I think, answer your first question. The second one, saying CRYPTAS, what is the opportunity from a data center standpoint, and what is the opportunity for CRYPTAS generally as a whole? CRYPTAS has a number of marquee customers, particularly in the German-speaking European market. This is the first one. They are also already having existing customers within the banking, within insurance, within oil and gas. All of these now become prospects, and they are chasing a fairly good pipeline of customers selling our product into their customer base. Hopefully, we see some of those results come to fruit in the next few quarters. Three, from a data center-specific standpoint, because again, data centers require access by people into various systems to manage them. Because these are critical assets and critical infrastructure, over time, the security posture and security requirement of data centers and people accessing into them will need stronger authentication, which is where our solutions come in. Right? It's a fairly large addressable market. I don't know exactly how to quantify it, but we are chasing similar opportunities in many other regions, particularly on securing access of people into data centers. Okay. Also, the connected question to the AI and data center. Obviously, with more and more enterprises adopting the agentic solutions, the number of agents will increase significantly in the system over the next one to two years. How do you want to capture that? Obviously, we are having a solution for agentic authentication, tracing the agents and all. What is the opportunity there? Are we getting any revenue from there as of now? I'll first address what is the problem statement that agentic AI basically drives, and then probably talk a little bit about the opportunity and where we are in terms of the product and maybe adoption. AI, if you look at it broadly, the GenAI is operating at five levels, the infra, the application, et cetera. One critical layer of that is what is known as AI trust and governance, because if agents are communicating with one another or communicating with systems, then you need to identify the agents. Agents typically cannot enter a username, password, or an OTP. Therefore, they need some kind of an identity, which is like a digital signature certificate attached to the agent, so that they can securely communicate, number one. Number two, if agents start taking decisions on behalf of humans, let's say if an agent decides to give a loan and quantify that loan, then again, there is some level of traceability, verifiability, and tomorrow, what is the legal validity or recognition, et cetera. Those are all topics where people are framing policies. Again, that requires usage of digital signature certificate. The trust and governance, as agentic AI deployments increase, these two become critical, where digital signature certificates and identity to agents become a critical component. Number two, what is the opportunity? Over time, I think this is the future where agentic AI and GenAI adoption will likely ramp- up in enterprises, although it is still fairly early stage. As these ramp- up, we will obviously be a beneficiary, and AI, we hope, is a structural tailwind, and believe that it's a structural tailwind to our business. Number three, where are we in terms of adoption? Probably pretty early, because very early conversations on at least understanding what is the risk of agentic AI starting to take place. This will be followed by at least some kind of pilots in terms of how do we now secure the agentic AI landscape, and then followed by, over time, better adoption. We are still in pretty early stage, it's hard to quantify what could be the opportunity right now. Maybe a year down, I think we may be in a better position once we start at least doing some pilots to be able to quantify. Are we having any specific products to cater to this kind of a problem, or it will be sold as a part of the existing product suite that we are selling to the data centers and to enterprises? Yeah. Our existing product suite, namely CertiNext and SecurePass, are being significantly strengthened to capture this. The other thing is there is also a lot of interesting work done by various startups in the U.S. in the agentic AI security space. Some of them have come to our attention as well. If at all, some bolt-on capability that we may be missing needs to be added, that may be an area that we may pursue sometime down the future, although nothing immediately, right? We are doing active R&D. Plus, looking at various ideas that are there in the market on how identity, security, access in the context of agents will need to be enforced. Okay. Sir, last question from my side. In terms of the EBITDA margins that we have seen for the quarter, it has shown significant improvement Y-o-Y. If you can provide the bridge in terms of what contributed to this expansion, maybe in terms of the different products, geographies. If you can provide some bridge. Also, what is the sustainable range? Are we seeing some further expansion that could happen as we sell more product-based solutions? As I said, this quarter margin slightly improved because the token sales are less, which has a less margin, is lower in the overall composition. That is one thing. The other thing is, if you see the enterprise sale is higher compared to-- because the trust service as a percentage is lower, and the enterprise sale has a higher margin. These two led to more higher margin. Coming to the normalization, maybe margins may be around, it may not suddenly further increase because we are putting more salespeople across geographies. Some senior people have joined very recently. Those extra salaries will happen and all that. With the result, overall, if you see, we may be able to maintain this EBITDA at 25% and PAT at around 16.5%. Okay, sir. Thank you. All the best. Thank you, sir. The next question comes from the line of [Mr. Kanishk Gupta from SS Family House]. Please go ahead, sir. Hello, sir. A very good afternoon to you. My question would be, if we establish FY 2026 as a strong reference point for the business, could you help us understand your FY 2030 vision for the company, and how do you expect the revenue mix across trust service, enterprise, and transformation services to evolve? Where do you see the major growth drivers emerging? FY 2030, we do not know, we made a three-year vision. Our three-year vision is to achieve 2x profitability in three years. 2x revenue growth may not happen. We are expecting organic growth of 18%-20% per year. Plus, if at all any acquisitive growth will be there, it will be there. As of now, our vision is to have 2x PAT in three years. Three years means that is 2027, 2028, 2029. If we have to achieve that, it has to gradually grow. More of enterprise solution has to grow because the growth in service business is almost very negligible. Not token business, trust service may grow 15%-20%. It has to be on the other. The enterprise solution business will grow more, maybe 20%-25% per year. To double the bottom- line over the next three years, how should the investors think about relative contribution from revenue growth versus profitability improvement while achieving this goal? Additionally, what kind of margins are achievable and what would be the most critical execution risk? From our current revenue, you put 1.18 for three year. What will be the total revenue will be known. Similarly, current profitability is 110. From there, 1.25 you can put three year. Based on that, if you divide the thing, you will get what should be the PAT percentage, which will be instead of 16%, could be 17%, 18% or whatever. That's how one has to look at it. That's helpful. As you execute this journey, what would be the most important operating metric or KPI that investors should track each year to assess whether the company remains on course to achieve its objective of doubling the bottom line? Every year we publish something called an order book metric, which is primarily meant for enterprise solution. There historically has been a multiple on the order book that the business has achieved in the following year. This has been true since the time we've started disclosing the metric, I think, just following the IPO, which is in 2022. That is the metric that you can look out for in the annual investor presentation. If there are any further clarifications, we can do a separate one-on-one call to help you get a better hold of that metric. Lastly, as the management pursues its long-term growth ambitions, how do you balance growth profitability and capital efficiency when evaluating strategic decisions? Are there any opportunities, whether in new geographies or products or acquisitions, that you would consciously choose not to pursue as they do not meet your long-term return threshold or create sufficient shareholder value? No, we don't venture into high-risk things. If it is reasonable valuation and reasonably it can fit into our philosophy, then only we will go with the acquisition. If you see all our past acquisition, it has been very highly value-driven, and then how we are able to take it further and grow the business. Any acquisition, several acquisition come, but several are highly priced, or it may not fit, it may not be management cultural fit, so many things are there. Those things we do not pursue. That's why we are extremely cautious on the profitability. That's why if you see from the time of listing, almost we have been able to maintain the profitability, maintain the growth and everything. Thank you so much, sir, for answering me, and all the best for the future. Thank you. Thank you so much, sir. The next question comes from the line of [Mr. Sanjiv Odkhare] from Aavishkaar Finance. Please go ahead, sir. Hello, good evening. Am I audible? Yes. Yeah. Congratulations on good set of numbers. Most of my questions are answered. I have this question. I know that I joined the call late, but I have not heard any update on the case going on with 3i Infotech. Was there any update there, latest update there on that? No, there is no update. The police to which they have complained, they called me for a statement on one day, they have extensively taken our side of the story and the statement and all the evidences which we have. After that, there is no update. This will take some time, I mean, to settle down and this case? No, case in the hands of the police, so we do not know when they will close or whether they will take further action and all that. From our side, we have given all the evidences, whatever we have, and they have also taken our statement. Okay. Related to that, I mean, recently, whatever 3i Infotech has announced that a group called Capital NXT has acquired 5% stake in the company. Yeah. Is that something related to the group, related to eMudhra? If it is, what is the plan? Not related to eMudhra. That is related to my personal investment. Okay. It's not related to eMudhra. Okay. Not related to eMudhra. My personal investment. Yeah. Oh, okay. All right. Thank you very much and all the best. Okay, thank you. Thank you, sir. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat, if you have any questions, please press star and one on your telephone keypad. We have a follow-up question from [Mr. Kanishk Gupta from SS Family House]. Please go ahead, sir. Hello once again, sir. Sir, another thing I wanted to ask is over the last few years, we have seen a meaningful shift in revenue mix towards enterprise solutions. However, this has not yet translated into a corresponding improvement in ROE and ROC. Could you help us understand the key factors behind this and as these segments become a larger part of the business, how should investors expect a structurally higher return profile? What would the management consider a sustainable ROE and ROC over the medium- term? ROE, what happens is generally when you get more and more profit every year, the reserve also increases. Once the reserve increases, that adds to the equity base. That way, if you see over the years, the equity base has also increased. That is where currently, last year what was our ROE? Around 14.5%, 15%. Ideally that could be the ROE which we can maintain. Any kind of structural reason why the company should not be able to achieve ROC levels comparable to other leading software and cybersecurity companies? This kind of return profile is largely part of the company's business model. No. Other cybersecurity company also, I don't think anybody's achieving more than 25% EBITDA margin or more than 16% PAT margin and all that. We have compared, a lot of them are less only, nobody is more. Even foreign companies are several times almost zero margin kind of company, American company. That way, our profile is much better, the ROC and ROE. Another thing is, as a strategy, up to now we have not borrowed much. On the one side with high leverage, if you try to do, then the return on equity can be better. Return on capital employed will not be better even if you borrow. Return on equity can be better if you borrow more. As a strategy, we do not want to borrow more and then create borrowing burden. Got it, sir. Thank you very much. Yeah. Thank you. Thank you, sir. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat, if you have any questions, please press star and one on your telephone keypad. Next question comes from the line of Mr. Ravi Mehta from Deep Financial Consultants. Please go ahead, sir. Yeah. Hi. Thanks for the opportunity. I just had a little bit question. I joined a bit late, so I am not sure if you called out service revenues in the call earlier. Service revenue was called out. Service revenue is 19% of the overall quarterly revenue. 20%. Okay. Are you calling out margins specifically about service business? Service margins were not called out, but broadly the same historical margin profile for services. Any color on the CRYPTAS' revenues in terms of- Cryptas' revenue also we stated. It is INR 20 crore for the quarter. I think we have been given to understand that it's also turning around. It was, I think, losing money last year. How is that transition happening? That's why we called out the first set of wins by CRYPTAS using our product instead of third-party product was what was indicated and explained for one large German data center client as well as one city municipality for emSigner. Hopefully this acts as a base for future wins with our product instead of third-party products. CRYPTAS can then turn around to becoming profitable. Okay. Thanks for the update. Thank you, sir. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat, if you have any questions, please press star and one on your telephone keypad. If there are no questions, then we can close. There are no further questions, sir. I hand over the floor to the management for closing comments. 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 us. Thank you once again. Thank you. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using this [inaudible]. You may disconnect your lines now. Thank you and have a pleasant evening.