This meeting is being recorded. Financial results for the fourth quarter of the fiscal year, 2022-2023, and the full year ending 31st March, 2023. The investor presentation and press release has been sent to all of you and is also available on our website, as well as stock exchange website. Our leadership team is present on this call to discuss the results. We have with us today Mr. Arun Jain, Chairman and Managing Director, Mr. Manish Maakan, CEO of iGTB, Mr. Rajesh Saxena, CEO of iGCB, Mr. Banesh Prabhu, CEO of Intellect AI, and Mr. Venkateswarlu Saranu, CFO. Besides, some other very senior members of the Intellect management team are present in the call. Mr. Arun Jain will brief you on the results, followed by the briefing of Mr. Banesh Prabhu, Mr. Rajesh Saxena, and Mr. Manish Maakan. Thereafter, there will be a Q&A session where your questions will be replied by the senior management team. Once the Q&A starts, you can ask a question by clicking on the Raise Your Hand, and we will unmute you so that everyone is able to listen you. One safe harbor, I would like to remind you that anything which we say refers to our outlook for the future is a forward-looking statement. This must be read in conjunction with the risk company faces. With this, I request Arun to give his briefing. Arun? Good evening to everybody who has joined this conference call. Today, we are celebrating the annual results of Intellect for 2022, 2023. This is a culmination of last 9 years of our effort when we de-merged Intellect Design Arena from Polaris software. During this 9 years, we built up this institution of high-quality product development, deep reach in market development, and cutting-edge technology development, which got translated to put the company on the global map for BankTech Wave 5. We have mentioned in a release two words which may be new to the investor. One is called eMACH.ai, and second is BankTech Wave 5. I would like to explain the two era. I think we have probably lost Arun. Sir, we are bringing him back. There's a small hitch. We'll be starting again. Small technical hitch. Please bear with us. Yes, sir. You can go ahead. Yes, sir. You can go ahead. Can you hear me? Remove the- Yeah. We can hear you. Escape. Escape. The screen is still frozen. The screen is still frozen? Okay. Is it visible now? The screen is still frozen. Visible, but frozen. Can you hear me now or not yet? Yeah, yeah, Arun. We can, but not. Screen is frozen. Yeah. Yeah, it's now very fine. Go on. Okay. Start from the beginning, Praveen? No, it's fine. When did you lose us? Arun, you were talking about eMACH.ai. 2 new things. BankTech Wave 5. Okay. Okay. Yeah. Let me start from a positioning of the company at the right place. About nine years of our efforts have brought in what we are today. The BankTech Wave 5 started sometime in 1965, which was a mainframe-based technologies bank start using for registers. Sometime in 1985, the minicomputer came in and the second wave started on using the computerization in the banking, but in the back end for calculations and somewhat front end applications, trans applications started happening. BankTech Wave 3 happened sometime when the distributed computing started happening sometime in 90s, where many product companies emerged, whether Temenos or FlexCube or the players in a similar domain. Temenos emerged in the 90s to 95 era. This was the distributed computing company started happening. Sometime in 90... 2000, 2001, when Internet technology disrupted the industry, there the next generation of customer experience started to take some shape in BankTech Wave 5. That was BankTech Wave 4, and BankTech Wave 5 is about when cloud disruption and AI disruption happens. It means whenever the technology disruption happens, there's a significant way that companies have to realign themselves to the new horizon. That investment has to be done at least three to four years in advance. We were able to pick up the right signal early enough that cloud and AI is going to disrupt the technology industry, which all of you are seeing in last six months more dominantly, versus when we picked up in 2017 and invested a team of cloud technology in New York and then AI technology in India and New York. We invested the money over there. With these two investments we made on Fabric platform, and second is a MACH composable platform, iTurmeric, which was a technology platform which we invested into it. We lose him again? Yeah, we seem to have lost him again. Yeah, yeah. Okay. Another couple of seconds. Just bear with us. Nothing, this is disconnect. How to put it? Yeah, right there. The laptop might be there. Hello? Yeah. Yeah. Good. Yes. About the eMACH.ai, that why eMACH.ai is creating a waves in the marketplace where we are bringing all the products which we have built over the period of time in retail banking, in corporate banking, in wealth arena as a microservices. There are 285 microservices which can be assembled to design the product related to particular market. Let's say if a HSBC bank has to design a offering in a specific country for a specific SME segment, they will like to offer certain feature and functionality which they used to use services company to build those products. Today, we are able to disrupt that pattern, saying, you can do it using composable platform from iTurmeric, where there'll be almost zero code and it will be composable platform. We define A to F of eMACH.ai, which revolves around architecture, which revolves around microservices, which revolves around composability, which revolves around data, which revolves around embedded AI, and it is flexible and extensible for the bank. That's what giving us good momentum with the customers globally. This is what our story which has changed and this is the fourth foundational principle for our distribution. This technology can enable our partners to build the technology, or this technology can help the financial institutions to use by their own IT teams by using our eMACH.ai platform. The problem which you are discussing as an investor that when are we signing partners, I think this is the right technology we were preparing for, where it is much easier for partner to get signed up for in eMACH.ai. That's what during the call Manish may update you about what progress we have made in the partnership side. Today's purpose of the call is to take you through this results. With last year same time in the month of May, we said that we'll be reinvesting 5% of our cash margins to build up a next-generation technology. We'll ensure the cash is maintained at the same place as what we had. We could able to deliver the same cash at last year in spite of investing for eMACH.ai, the next-generation platform. Second thing we looked at it was 24.5% last year. We were looking 5%, our annual margin this time is 20%, which is also what are in line with what we discussed with you. Third thing is we always looked at it that Intellect can only be measured by last 12 months revenue, not quarterly revenue. Our business model doesn't permit for us to get evaluated on quarter-on-quarter margin. I want to insist again that please stop looking at comparing Intellect with the service companies. They are the completely different models. There's no comparison from service industry versus product company or technology company. Intellect is a technology company, so please look at it last 12 months. Last 12 months we consistently, in last four quarters, we maintained our growth rate more than 20%. Even in quarter one, quarter two, quarter three, quarter four, the last 12 months growth rate was 20%. That is what we designed our business for, and this business is accelerating. Our CAGR of last five years is 16%. Our CAGR of last 3 year is 18%, and CAGR of last 2 years is over 20%. It's accelerating CAGR in last 5 years of our journey. At this point of time, the investor has 4 questions. Nitesh share with us. Present again, I think. Hello, can you hear me now? Parveen? Yes, Arun. Can you hear me? Yeah, yeah. Yes, Arun. Arun? It's fine now. Hello? Yes, Arun, it's fine. We can hear you, Arun. The first is headroom to grow. Portfolio model is the one critical model where we've chosen 4 LOBs to grow simultaneously. Each LOB is having their own portfolio for the growth of the business. Second is we have presence in 57 different countries, our business is not dependent on particular geography, we are the most diversified company which are operating in the largest client in Asia, largest client in the Middle East, largest client in Europe, largest client in Europe and Americas. Looking at it, what new challenges are. Our challenges are distribution now. Intellect 3.0 is about distribution, which will give us a headroom to grow. The second question is headroom for margin growth. Our licensing margin revenue comes from 3 sources: direct licensing, platform revenue, and AMC. All three are growing healthily in the business. Assurance of growth. Assurance of growth comes from our client quality, our technology differentiation, and are we solving the right problem? I, when Banesh, Rajesh and Manish will take you through, they will try to assure you that there's a huge growth potential they are seeing. Related to risk, a fourth question. Yes, geopolitical risk we have seen over the last seven years, starting from Brexit to Trump, then to Ukraine war, to now U.S. and America crash of the banks. Those are part and parcel of our business portfolio. It does impact 2 to 3 quarters when the industry starts assimilating the impact of such kind of a risk. Second risk is deal cycle closure cycle time. That is not predictable in a large deals like what business we are in, which cannot be quarter on quarter. Third risk, which is coming in now, where the banks are becoming more committed for the payments to be milestone driven. These are the three risks which is there, which we identify. We will discuss it if you have some more questions regarding it. At this point of time, I want to hand over to Banesh to share with us what is exciting story of AI with the combination of wealth and insurance playing out in a market. Over to Manish. After that, Rajesh will tell you the story of how the core banking systems. Why the banks are looking for transformation of core banking systems now, why the BankTech Wave 5 is so critical for core banking systems, which was to some extent slowing down, and how Thought Machine and Temenos is competing. Manish story, you know more of you will know the GTB story, but GTB story has migrated to significantly in a consumerization of corporate banking. It's an amazing story, the way differentiation is coming in the global market space. Manish will share you that story, and then I summarize data. Over to you, Manish. Praveen, can I request you to share the slide? Manish, you could do it yourself, maybe. Somehow it's not letting me, that's why I'm. If you wanna start, Manish, then I can cover the one later on. Let Rajesh go. Okay. Okay. let me, I hope you can hear me. Yeah, Rajesh. Go ahead. Go ahead. Yeah. Let me take it from here, let me just start by sharing my screen. I hope you can see my screen. Let me start. First of all, good morning, good afternoon, and good evening, thank you for joining this conference call, it's good to be talking to you again. Let me start and talk about today's presentation in really in 4 sections. In section 1, I'll talk about the market opportunity, some key trends, and talk about our competitors. While Arun has already talked about the financials of year 2023, FY 2023, I'll try to put a little bit of color by giving you a qualitative feel of year 2023. The third section will talk a little bit about growth strategy, which is very similar to what I have said in the past, but I'll just recap that again, and we'll talk about a little bit more about marketing. I think this year we are focusing more on marketing from distribution and marketing, so I'll talk a little bit about that. I think when we look at the market size from a TAM perspective, FY 23, the retail banking space is about $23 billion, which is growing at a CAGR of about 8%. That takes from $23 billion-$29 billion. What's interesting about this market is while it's growing at an 8% CAGR, the shift in the SaaS piece of this market is really growing by 34%, while the in-premise business is only growing by 8%. The SaaS business, which is about 14% of the total market spend right now, in FY 2029 is estimated to go to 30%, and that's where our business model at eMACH.ai is the space that we are playing in. Also from a non-traditional players, these are players like specialist banks, digital banks, and other fintech players, we are seeing that that component of the business is also growing. That's a little bit about the market. From an Intellect perspective, if you look at the Intellect addressable market, it's about $11 billion growing at about 8%-10% CAGR. Therefore, from a retail banking space, we believe there is a huge headroom for us to grow our business in the coming years. Talk a little bit about some of the trends that we are seeing in the market. I think the first trend that we are seeing really is about digital transformation, especially relating to the bank's customers and specifically on customer onboarding. We are also seeing that customers are expecting banks to participate in embedded finance user journeys as the customer goes through that journey. For example, just to make this a little bit clear, let's say a bank's customer is on amazon.in buying a product, buying a, let's say, a white good product. Suddenly, he doesn't want to pay in full, he wants to take a loan. He or she expects the bank to be a part of that journey and be able to offer that loan during that journey. That's the embedded finance, and we are seeing that trend growing. That's the first trend. The second trend, I think I already talked about it. It's an accelerated shift to SaaS and cloud. We are seeing that trend growing in all markets across the world. The third trend is really about how banks can use data, insights, and embedded AIs in the customer journeys to create hyper-personalized customer experience, which is lifestyle-oriented and contextual. The fourth trend is really about how banks can work with partners and fintechs to create an ecosystem, and through this ecosystem, everyone plays. I think a couple of years back, there was always this debate about banks and fintechs. I think banks have now understood how to play in this game, and also we are seeing the trend of how banks can become marketplaces. In certain advanced markets, we are seeing ESG as a very key driver, especially on the environmental space. In the central banking space that we play, we are seeing digital currencies. We are seeing many central banks either doing POCs or launching digital currencies. These are the six key trends that when we talk to the bank CEOs, retail bank heads, CIOs, chief digital officers. These are the six key trends that the banks talk about. It is important because our business model is built around these six key trends. I think from a technology perspective, I think the kind of investments that we have done in the last couple of years, whether it's relating to cloud SaaS, API, microservices, DevSecOps, insights, data, AI, and distributed DB. I think 2025 to 2030, we expect these technologies to further evolve. From an Intellect perspective, the good part is that we've already started. We already started our journey a couple of years back, and we've made significant progress in some of these trends. Talk a little bit about year 2023. I think we were well covered from an analyst perspective. For the sixth consecutive year, IBS rated us as the number one in retail banking. They also rated us as a global leader in product breadth as well as retail lending. From a Forrester perspective, we were rated as a leader in the Forrester Wave digital banking processing platform for retail banking. We are in Gartner 7-time leader in the Gartner's Magic Quadrant, and Chartis also rated our digital lending solution as best of breed. I think we got a lot of quality analyst coverage during the year. I think. We believe that- Sorry. We also did, you know, in the month of February, I think Arun talked about it, we had our first BankTech Wave 5 event in Mumbai. During that time, we were very happy to launch iKredit360, a specialist credit platform built for India in India. I'll show a couple of pictures around that and talk a little bit about the value proposition that we have built for iKredit 360 in India. We believe that this platform, which is a specialist credit platform, can really help democratize credit in this country. Let me talk. I think the key proposition of iKredit 360 that we have in a nutshell is it's a complete 360 asset platform. What that means is that any credit product, whether you want to launch an SME financing, you want to launch credit cards, you want to launch agricultural loan, gold loan, every credit product can be configured on this platform. It is built on an eMACH.ai architecture, which means that it's microservices, API, cloud, headless and event-driven architecture. The model that we have is really on pay as you grow. You pay a small upfront fee, and you pay as you grow based on the number of transactions. What's very critical is that it is inbuild India ready. What it gives is that all the key partners, fintech, government agencies, are already integrated with this platform, which significantly reduces time to market for banks as well as makes this platform regulatory ready. During that event, we launched two products, SME lending, SME finance and lending platform in India, and the second platform that we launched was about digital cards. On SME financing, the platform actually takes care of 16 types of SME financing that you can do, and it's a model which is completely India ready. On the cards piece, it's a complete front to back model, which also has the potential to launch a green card. Following India's event, the second event that we did was in UK, where we really launched our UK Open Finance platform. Let me show you a little bit about what we did in London. Sorry. Okay. Maybe, this was followed by our second event in London. In that event, we actually, which was done in collaboration with Celent and AWS, bankings for London. We actually launched the Open Finance platform, which is UK and Europe ready, based on our eMACH.ai architecture. It was very well received. We had about more than 60 banks, customers and prospects, looking at our platform, and we are continuing to progress on this from a Europe perspective. I wanted to now talk a little bit about 2 use cases. I think, this is the first use case is really about our central bank use case, where we, we launched the commercial portal for these banks. Just talk a little bit about what this portal does for this commercial bank. This is serving about 240 commercial banks, which has about more than 15,000 users. This is the first time we built a platform which is multilingual. We have actually started with English and Hindi, but it has the capability of going into regional services. The platform offers 120-plus banking services and 175 PDO services. For the first time, any central bank has actually gone on an enterprise cloud. This platform is on VMware Tanzu Cloud. It is the first time where we have gone through a very severe security clearances, and we had to go through a professor at IIT Kanpur because security is a very big concern from being a commercial portal. The first time we have through our iTurmeric platform, we have ensured 100% coexistence. What it means is that we have the old platform, e-Kuber 1, and the new platform e-Kuber 2. We have the ability for a user for a certain bank to be on e-Kuber One and certain banks on e-Kuber 2. Within a bank also, some users can be on e-Kuber 1 and some users can be on e-Kuber 2. This is a great tool for migration and reduces any risk from a migration perspective. The second use case that I wanted to talk about is the SME marketplace that we have launched. This is for one of the largest private banks in India. This is a bank which over the last one year has gained, has improved its market share from 19% to 24%. The platform is really about a cloud-native solution which is implemented on a private Google Cloud, where the customer, the SME can self-onboard. Prior to pandemic, the process in this bank used to be that an SME would go to an RM, sit across the RM and give all the data. That process of approving that could take anywhere between 7-10 days. Now what the bank has done is that SME can onboard himself or herself by using a microsite with very little data entry, with very few fields of data entry. Through multiple API calls that we make with many important fintechs and partners, we are able to get that information and make almost real-time decisions. This we do through 129 APIs, 11 BPC. We build 67 interfaces just for approving these RMs. Today, the bank is processing about 70,000 application that disburses more than INR 7,000 crore a month on this platform. This, we believe, is a hot space in India, and this platform can really democratize the SME financing from a technology perspective in India. Moving on, I think I'll talk a little bit about our strategy. Our strategy continues to be build around our product and platform. Our focus, continued focus on Europe. A principal solution provider strategy and Destiny Deals that focus on talent. I think this is an important slide, and I'll spend a couple of minutes on this slide. I think when we look at our business, we are looking at our business as 4 products, 3 platforms, and 1 technology. The four products that we talk about is IDC. When we talk about IDC, this is core banking, lending, credit cards, AML, treasury, et cetera. It's the most From a breadth perspective, it is the widest product suite that is available in the market and the deepest from the types of user stories that we have. The second product which we sell is digital lending. The third product is really about our central banking proposition, a market-leading central banking product proposition which we call as Quantum. The fourth is on Capital Cube, which is our treasury and ALM product. We had originally had products, we are now moving in the journey from to a platform, and the three platforms that we have is eMACH.ai. This is our open finance platform. iKredit 360, it's a credit-curated credit platform. The digital experience platform, this is the front-end layer. iTurmeric which is our technology. I wanna spend a couple of minutes talking about the key value propositions of some of these, some of the products and the platform. From a product perspective, I think if you look at IDC, the key USP on IDC, it's a composable and extensible business component. It is built on a eMACH.ai architecture. As I said, from a breadth and depth of the solution, it is the widest, and includes end-to-end loan lifecycle, credit cards and treasury. From a product perspective, in our strategic markets, we have country-ready model banks platforms for targeted countries. What it helps us is that it enables us a shorter implementation time. From a lending perspective, what we are seeing in the market space is a great need for a one origination platform. One origination platform is really a single platform which can take origination for retail, commercial, as well as corporate. The digital lending suite that we have has a comprehensive credit lifecycle management and has multiple channel aids such as microsite, customer office, RM office, et cetera. From a quantum perspective, which is our central banking solution, we look at our key USPs on digital transformation, how we can enable central banks to implement policies faster, to keep pace with ever-changing interconnected global landscape. It seamlessly connects four pillars of the nation, the government, the central bank, FIs, and public. It helps the central banks to provide real-time visibility of operations. It really, while this is a full product, it actually has 12 different pillars in this platform. From a Capital Cube perspective, this is a product which seamlessly integrates the front office, middle office, and back office with in-built ALM and RFR. It can give the banks a real-time visibility of cash flow and risk and portfolio risk analytics. From a platform perspective, I think eMACH.ai, as I said, this is our open finance-enabled platform. It is a ready integrated ecosystem. It is regulatory compliant in the markets that we are working. It is available on PaaS, and it's on eMACH.ai architecture. From a iKredit 360 perspective, this is a complete 360 assets platform where banks can curate innovative credit experiences over the cloud. It has the eMACH.ai building blocks, and it has multi-tenant credit as a service platform. This comes pre-integrated with best-in-class fintech partners to offer differentiated solutions. From a digital experience platform, it's about composable, contextual and collaborate. From a composable perspective, the banks can design their own UIs. It has domain services across acquisition, banking services, engagement services, beyond banking services and foundation services. Contextualized, we are using embedded AI and ML for building propensity models and collaborate. It works in an ecosystem with integration with many fintechs and partners. That's really about our product platform and technology story. Let me just... I think I just wanted to talk a little bit about Europe. I think we have reinvigorated our team in Europe with a senior persons induction. Continuing to build our pre-sales and delivery capability. We have 3 referenceable clients which have gone live. Catrall and Auto and Resources in the process of going live. We now have fully hosted solutions in AWS, Germany and U.K. We have built a good pipeline in U.K., Europe and Canada. We are, as I said earlier, we are now hosting multiple events in U.K. and Europe. I think that was really about our this thing. I think a little bit about principal solution provider. What we are looking at is really looking at 5 accounts in this year to see how we can build a principal solution strategy around lending with these banks. We continue to remain focused on the Destiny Deals. Destiny Deals are very important for us, and we'll continue to remain focused on that. I think on the last piece, which is really award about talent, I think we are in the talent business and therefore we are focusing on, we continue to remain focused on talent and from a talent perspective, we are really looking at talent development, cost and efficiency, and people engagement and learning. These are the three pillars that we are working on from a talent perspective. That's really what I had. I think from a marketing perspective, I can just quickly talk about saying we are very happy. For the first time we have decided to participate in Money20/20. We are participating in the Money20/20, which will be held in June in Amsterdam, where we will be showcasing our signatures, how banks can build their own solution, a signature solution on our Open Finance platform. We're looking at that. We are looking at a digital marketing course, the way iGTB does iGTB Oxford. We are looking at increasing our marketing participation in our marketing events in our key markets and along our key products. That's really what I had. I think with that, let me hand it over to Banesh. Rajesh, before handing over, what is the competitive landscape, Rajesh? I think very interesting question. I think, from a competitive landscape, what we are seeing is that if you really look at markets in Europe and you look at tier one banks or even if you look at large banks in the regional space, we are really facing two competitors and us. The competitors that we face is really Temenos, Thought Machine and Intellect. In many deals we are in last three with these banks, and these are very large deals. These could be tier one bank deals, this could be regional tier bank deals, et cetera. I think we are uniquely positioned when we compare ourselves between Temenos, which we think is a little bit of an old legacy platform. It has a very monolithic architecture. Thought Machine, which is really built on the latest technology but doesn't have the depth and the breadth which is required from a financial services perspective. I think with the eMACH.ai architecture as well as the depth and breadth that we already had in our solution, we are uniquely positioned to be able to look at this market space. I think Arun talked about this a couple of years back. The market was looking at following the core or building around the core and not touching the core. What we are now seeing from a market trend perspective is that most of the banks are looking at core transformation because they are not able to get the benefits by using only surround system. I think with the new architecture that we have, the cloud technologies, the eMACH.ai architecture, the risk has become lower, and therefore we are seeing a good market opportunity in large core banking transformation. That's the trend we are seeing. We are, as I said, see Temenos and Thought Machine, but we believe that we are well-positioned because of our latest architecture as well as the depth of breadth and the depth and the breadth that we have from a financial perspective. Thank you. Over to Banesh. Yeah. I think, some issue with my screen being able to share on Zoom. They're gonna present it for me, yeah? Yeah. I will tell you when you need to switch the slides, yeah? Let's start with the first. Full screen. Screen, yeah. Okay. Hi, good evening, this is Banesh. I'm gonna sort of talk to you about IntellectAI business and some of our learnings the IntellectAI business has had in 2023, 2024, and how IntellectAI has positioned itself very well for the evolution that we are seeing in technology. I mean, we are moving very rapidly at a fast maturing pace from a digital age to a, you know, information age evolution, and how IntellectAI actually is positioned. I think the approach that we've had from the beginning, using data and AI as a first approach, along with our eMACH architecture for creating AI and data models. I'm gonna actually have a few slides, but I'm gonna actually talk to you for each of the themes. To start with, I think our business trajectory during the year 2022, 2023 was very positive. We experienced growth and expansion across our customers, and also in many of our geographies for our wealth business. Our continuous innovation in products and platforms using embedded AI has now started providing us with some unique edge to quickly fulfill our varied customer demands. There is a lot of demand coming out on the embedded AI solutions for specific areas in their business. I'm gonna touch on three businesses. One is the insurance business, which is primarily focused on the U.S., but is slowly expanding into the U.K. and Europe. Our wealth business, which is in several geographies right now and is expanding quite quickly. I'm also gonna talk to you about the very exciting area that we are seeing for our ESG business that we have started with a few clients. Also the potential of what we had launched as Magic Invoice in India, you know, eventually occupying the accounts payable opportunity, which is also very large. All of them use our same embedded AI platforms that I will touch on eventually as the technology and how we've invested in this technology through various waves, using data and AI first as an approach. Next slide. I'm gonna have a couple slides on the U.S. insurance business, which I'm gonna start with first. Firstly, North America, as we all know, has been pretty challenged economically for financial institutions. However, our insurance business actually is progressing most of the insurance businesses are progressing very well in the economy. With the present risk scenario, we actually see great opportunity for the insurance business, specifically the insurance business related to next generation underwriting efficiency. They do want to underwrite risk more efficiently in this, in this very high risk environment. If you see the slide, you know, we are one of the few providers who focus on a combination of data using Risk Analyst as a product. For ingestion, we use our Magic Submission. I'm gonna touch on that a little bit later. A very successful, completely MACH architected, intelligent underwriting platform, Xponent. We also have partners. We don't build policy admin systems, but we have partners in policy admin. Wherever a client wants to specifically focus on a particular type of business, we would give them our partner, our partner systems for policy admin. You know, if we can move to the next slide. Magic Submission and Xponent end-to-end underwriting with enriched data coming from our Risk Analyst product is actually creating a comprehensive underwriting ecosystem that our clients are actually now very interested in implementing slowly for different businesses. We've built data models through AI to enable various business lines such as property, general liability, workers' comp, business auto. Right now we are working with many clients on putting together specialty lines and excess and surplus lines, leveraging IntellectAI iTurmeric no-code, low-code platform. Our deep customer-centric focus actually provides us both cross-product and cross-business ecosystem. What this really means is that we are in a position to get into a client, maybe with Magic Submission. In the earlier slide, you saw the ingestion capability, and then extend it to specific lines of business. There are many lines of business. Some insurance companies do few lines of business, some others do many lines of business. We actually enter into a specific area, either a business, either a specific function of just Magic Submission ingestion. We use data as a separate product, and sometimes we add to it the ability to even take it end-to-end to underwriting. I think that combination has worked extremely well, and has given us a strong focus on landing and expanding with our clients. Our plan this year would be to exceed 1 million submissions through Magic Submission, and the pricing is based per submission, and this is done every year. We are about 80% faster in processing time and 20% higher data quality. If you could just move to the next slide. We are 80% faster in processing time and 20% higher data quality, but our enhanced capabilities of multi-channel ingestion. We can take data from multi-channels, we can take different kinds of data, we can enrich the data, and then what we do is we embed AI to provide things like submission prioritization. I will touch on this first point on decision-making time. Many of our systems are actually helping the client prioritize submissions much faster and choose through our AI embedded platform, faster submissions for underwriting compared to the old BPO, you know, model, which had a lot of processing delays and human limitations. Our target is actually to go after the BPO industry for Magic Submission. Actually we therefore, if you saw the competition slide, we had Conver and Groundspeed, which are the two competitors. This combination of putting together intelligence of AI embedded is something that many of them do not have, which is why we are getting a lot of traction. The market TAM is expected to be about 100 million submissions every year. Our position in this vital area in underwriting shows enormous growth to be able to process with all of these operational capabilities for our customers going ahead. We continue to obtain an edge over competition such as Guidewire and Duck Creek. Guidewire and Duck Creek are the big policy admin providers who also do underwriting, but I think the capability of our underwriting ecosystem makes us a lot stronger than Duck Creek and Guidewire. actually doesn't... You know, most people are slowly moving away from those platforms, or many of them have been doing underwriting outside of those platforms, and we actually are the best solution to be able to use our MACH architecture along with the embedded intelligence to be able to help them manage the end-to-end process. We have partners, for example, to do rating of risk. We have partners to do policy admin capabilities. I think that ecosystem provider is attracting a lot of attention from some of our clients. To this effect, our GTM focus now includes three aspects. One it's expanding the TAM to all those businesses I mentioned, property, casualty, and so on. That is number 1. 2, a custom offering leveraging Intellect's proprietary low-code platform, iTurmeric, in specialty insurance. This is where we write special insurance for a particular need, and we have not normally done that in the past. This is something now we built the capability along with our underwriting platform and iTurmeric fulfilling that requirement. That's expanding our TAM in a new area. Thirdly, we moved away from carriers to support MGAs, wholesalers, and reinsurers. We believe that the TAM approximately of $5 billion per year on just the technology side for U.S. and U.K.'s is where we believe is the opportunity. I think our specific target within that is somewhere in the $3 billion range. Now, we have 13 customers onboarded, a very healthy pipeline, and quite a few in contracting at this stage. With our newly created ops team, we deal with that exception processing that we have, you know, for some amount of our AI capability brings exceptions. We've created an end-to-end capability to deal with that operations capability. What that operations capability learning does is that it helps us further in our deep learning and machine learning algorithms further improve performance. Those are few of the things I wanted to touch on the wealth business. I'm gonna now talk to the I mean, to the insurance business. Now I'm gonna talk to you about the wealth business. If you could go to the next slide, please. Wealth, interesting space. I think I'll start with saying that global market trends are showing that we've almost tripled the assets under management, and many of you are investors and you know the growth in assets under management in the past decade has been enormous. There's a continuous increase in liquid assets and number of high net worths all over the world in many, many places. Wealth management firms and banks are struggling to provide new age, AI-driven technology experiences and renewed products to adapt to these new business models. You'll see over here, we are focusing on a variety of segments, right down from the ultra-high net worth and private bank on one hand, and to the mass wealth on the other hand. There is a need to actually enhance the capability to provide scale for the relationship managers and the investment managers to be able to service more customers and to know more about the customers and more about their risk appetite to be able to provide them the right products. There's an enormous amount of wealth transfer taking place to new people, so the ability to bring in new customers and at the same time retain existing customers is a, is very critical. If you can go to the next slide. I think one thing I wanted to touch on here is that we've started sort of pioneering a differentiated experience for wealth managers and banks, and a superior service for both clients using a platform which we call WealthForce.ai. We believe technology role is to complement the RM and not compete with it. It is a very emotive business. We digitize with embedded intelligence all those business tasks in the daily life of the financial advisor, so that they can provide the personal touch in the digital age and help them have embedded AI-powered analysis to supplement their skills. I'm gonna touch a little bit on WealthForce.ai, if you can go to the next slide. WealthForce.ai that we are now in the process of implementing in quite a few markets. We believe, you know, that it has got three key models. Firstly, it's got an eMACH.ai, which we've already touched on architecture. We use our Fabric Data platform. This new offering is the most comprehensive no-touch, low-touch financial advisor or RM solution. It's built on these three pillars: hyperautomation to absolutely reduce the operations friction that a customer, that a relationship manager and a customer face in their transactions. Second is hyperpersonalization. We believe that there is an enormous need to be able to match the right risk products to the right customers at the right time. Normally, the relationship manager doesn't just have all that capability. How do we supplement his skills with the capability to do that, and therefore result in a modern customer experience. Wherever we've implemented this, it's actually helped the wealth business grow their relationship manager performance significantly, and we hope that we could scale this up in several other geographies going forth. What are some examples of that? If you go to the next slide, please. Contextual recommendations. The differentiator with this product is its hyper-personalized embedded AI for contextual portfolio recommendations. It actually helps clients increase their wallet shares. It helps the business not just with the wallet share increase, but it also helps individual investment value systems to be tailored to suit the customer requirements. Very often the customer needs a tailored solution to suit what he wants, and the ability to understand the customer and to tailor the right solution to him is really the focus of providing... These are some examples of how the AI is embedded in this particular, you know, in this particular area. Next slide talks about nudges. How do we create smart nudges? These are personal triggers, customized, whether a person wants to be socially responsible investment or he wants the next-gen analytics for his portfolio and for their business performance. This is a deeper analysis of the portfolio that we do, and therefore we provide the right nudges to the customer at the right time. The next slide. Then we provide this end-to-end portfolio performance evaluation that we can help the RM have available on his desktop at any point when he's dealing with a customer. We have collaboration tools between the financial advisor and the customer so that we can actually retain and deepen our customer relationships to provide them the engagement and collaboration at the right time. I think the whole focus is about making the RM successful. We have about 20 customers between wealth and capital markets, and active pipeline discussions in various geographies right now in progress. We already work with 3 of the top 5 banks for mutual fund wealth distribution in India. Almost all of the local custodians in India use our custody platforms. In addition, we sort of manage 20% of India's mutual fund volumes on our existing platform that we have implemented with the mutual fund associations. I think our combination of MACH and our embedded AI for wealth is coming together very strongly focused on the financial advisor and the relationship manager. If you go to the next slide, I wanted to touch very briefly on the fact that WealthForce.ai can be implemented independently or together with our core wealth platform called WealthCube. This WealthCube really covers the full suite of 6 offices and 23 desks covering 150 tools to help complete wealth management for a company. Now, some organizations only want to implement their financial advisor, while others would like to actually do the end-to-end wealth implementation. Some of them want to start with wealth and then move into a progressive transformation of their old platforms because they don't want to do everything together. I think our capability to be able to focus on that for wealth is vitally important. And I think, we hope that we will be able to launch very soon the WealthForce.AI in most of the key wealth hubs around the world that we are actually analyzing at this point and finding out who we will compete with in these markets. We believe WealthForce in the present three pillars I talked about, hyperautomation, hyperpersonalization, and a superior customer experience, is not actually in its exact shape, having a lot of very clear competition. There are different fintechs doing different pieces of this, but the complete architecture along with MACH can be very well positioned for ourselves going forth. That's what I had on wealth. I'm gonna touch on ESG, if you just go to the next page. As you know, a lot of folks when we talk about ESG, think immediately about environment and climate. This slide will sort of show you environment, social, and governance and the various subcomponents. The platform is already live with one of the world's largest sovereign wealth funds, and we are actually in the process of implementing and upgrading it to cover all these various blocks and a lot of other data around it. Presently, it runs on AWS Cloud, and it already has a coverage of 6,500 companies globally. A few hundred India-listed companies are already present, and we want to expand that to cover the whole index in India very soon. We know that there are regulatory mandates both from SEBI and of course with all the other global countries, whether it's UK or regions such as Europe and the US. iESG uses the power of machine learning to deliver contextually relevant information around each of these blocks of environment, social, and governance. It is unlocking intelligence that is required for enabling much better risk analysis than just looking at financial risk. I think people, organizations want to look at environment, social, and governance. In some markets, governance becomes very critical, as we've seen. The combination of looking at risk in a holistic way to look at all elements beyond financial risk is what this suite really offers for us, and this is what we are in the position today to provide. Just go to the next slide. iESG is built on the foundations of explainable AI for ultimate transparency and auditability. If you see this slide, and you see there are four rating agencies which are the different blocks. For each of this. If you look at whether Apple, and you'll see four rating agencies rating ESG overall or even elements of E S& G at different levels, the same rating agencies. All these are very large global rating agencies we are talking about. Okay. This has been a concern that you can't just accept the best score, but you should be able to have a explainability of where the data came from. Our explainable AI takes you down to drill from where the data sources come from. This whole contextually relevant environment, social and governance related data of clients to unlock intelligence is done in such a way as that we give you a much better view to risk analysis than you would have before. This is an explainable AI. Lots of ESG ratings are today providing scores, but all of them lack the granularity required to make this into an effective business grade decision. Now, whether you use ESG for risk or you use ESG for impact, it actually helps asset managers and funds to make competitive, competitively different investment decisions. Allows banks to incorporate sustainability risk and impact into its pricing and lending offers. It greatly simplifies the financial service related reporting activities that are required by most regulators around the world, and those regulations are evolving as we know. If you just go to the next page. iESG vision that we have, this is Intellect's ESG Edge product, is to create a world driven by transparent and sustainable ethical financing within the context of an ever-shifting regulatory and customer preference landscape. We aim at cracking the problem of non-exposed data lineage, limited and contradictory industry scores, and manually intensive investigative processes. The differentiation in our product comes with customizable ESG data. We actually help you take that data and score it. Now, when I say you, I would mean asset managers, banks that want to deal with different companies. We would actually give them the ability to create a scoring framework that is tailored according to them on all the data risks that we provide them, along with where the data comes. This actually creates an explainable AI situation to help clients derive accurate insights, and this is done in near real time. iESG is very powerful enough to run company sustainability reports on custom metrics against thousands of companies at one time, both for the portfolio as well as at the industry level. It is clearly eMACH.ai and it's an eMACH.ai architecture. It's hosted on an AWS cloud. It uses Fabric Data platform that Arun mentioned. It's got 40+ ESG topic categories with real-time comprehensive sustainability insights for you, and we can show you some of these reports on a separate discussion. We plan to have about 150 data points represented in the next few months. Needless to mention today, iESG will cover investment portfolio that is over $1.3 trillion as assets under management. Very, very comprehensive, addressing present issues in data and data explainability, and is already being used for many companies around the world. We think we'll be in a position to provide people the ability to access this ESG data and then to help them score it and manage the trail of scoring it through a record of how they scored it and why they scored it at that point of time, and to get insights into when they need to change the score. That's a bit of picture on ESG. It is something that's very important right now and evolving quite rapidly, and we've actually been able to leverage our data and our AI platforms to help service it. Which is why the world's largest sovereign wealth fund chose us You know, compared to competition, which was pretty much all the major players that do ESG scoring today. I'm gonna touch on one more new business area. If you go to the next slide very quickly. I wanna touch on another cutting-edge AI solution which leverages both eMACH architecture and our Doc2API intelligent document processing automation platform. It was implemented for Magic Invoice, which is now in the accounts payable automation space. I think Magic Invoice intelligently automates the end-to-end accounts payable process. Some key differentiators of Magic Invoice include smarter handling of format variations, multi modes of invoices, because as you know, invoices come in multi modes. We ingest that data from those invoices. We integrate across internal and external ecosystems and accounting providers. We provide quality improvement to documents. In case documents need to be further improved on, we improve the quality of some of those documents, resulting in higher accuracy and validation. Thereafter, verification of all purchasing data. This multi-hierarchy approval process also means that the right people can approve the right things. End-to-end this approval process, the processing process, again, we are targeting a lot of the BPO industry that does this. I think is significantly upgraded with this capability. We have seven clients. We hope to sign many more which are in the pipeline. We go to the next page. Some of these competitive advantages is a combination of bringing together our, again, our Fabric Data platform, again, rolled out on a cloud on AWS, is rapidly eliminating operational processes in the invoice management flow. If you go to the next slide. The value proposition, if you really look at it, the Magic Invoice enterprise can expect to eliminate data entry of invoices, reduce cost of processing, significant reduction in fraud. Overall operational efficiency, ultimately freeing up a lot of time for the CFO and the finance function to leverage the data as a source of financial insights so that they can improve the cash flow for the company, attract vendor discounts where appropriate, and faster payment cycles and better visibility across the overall function. We expect in the next few months to also add sophisticated capabilities of matching the invoices with POs and a real-time comprehensive insights to further strengthen the product capability and its value proposition. These are four businesses we spoke about, you know, at a high level. There was insurance. There was the wealth business. There was the ESG side of the business connected in a way to wealth, as well as to banks that want to use it. The final one that I touched on is the accounts payable invoice processing business. If you go to the next slide, I'm gonna touch a few minutes on the technology of how we implemented this AI. Next slide. Our shift from products to a data and AI as a platform with intelligent document and data processing capability houses a variety of data models for specific AI outcomes across right now wealth and insurance, but many other businesses in Intellect are beginning to tap on these capabilities. These capabilities allow users to gain that extra intelligence and capability. You know, we all know how people do it in ChatGPT across areas today, and I'm sure many of you are using it. This is very specifically related to a specific business outcome, and therefore, our products and intelligence come together along with the right workflow to fulfill, whether it was underwriting or the relationship manager that I spoke about. Specific tasks, and over time is gonna be utilized by many products because this platform is evolving quite rapidly. It has Fabric data services as well as the intelligent document processing platforms. The four systems that you see on the top, I talked to you about 3 of them. If you go to the next slide and do this in 10 stages, okay? One at a time. I'll tell you when to click. The first stage, if you see this is a progressive sophistication of our product and platform ecosystem, will create a differentiated customer service ability to entities to build and configure their own capabilities. I think between 2015 and 2018, we saw the first wave of what Intellect invested in an AI and data platform, both for sentiment analysis and data aggregation. If you click forward. In Wave 2, between 2018 and 2020, we started using this platform for one of the largest wealth providers in the U.K. and for all our insurance businesses in the U.S. from the data side with our product Risk Analyst, which has now been upgraded many times, that takes input from multiple data sources and then actually helps you underwrite more efficiently, which I touched on. The Wave 3, which has come now between 21 and 23, I already touched on Magic Submission, Magic Invoice, ESG and Risk Analyst. I didn't touch so much on AI Sherlock. This will be a variant that will help under ESG focus only on governance and improve the quality of people's governance. I think in the last call, we had a brief demo on what is the potential of AI Sherlock and how it can give you governance information. If you click forward. The vision is to have an ecosystem of data and AI that is open and innovative to help customers and fintechs develop and deploy their own AI models on our Fabric platform eventually. That will take a combination of data and intelligence and actually help you implement this at scale for your business for different areas that we will already enable you across the various areas of financial services. This is a very interesting evolution that's beginning to take place on the AI side. Our platform's ability to deal with data and intelligence is coming together very strongly on this Fabric platform. IntellectAI is using it very strongly for insurance and wealth, but there are several other businesses that will be using it in different ways. You saw Rajesh talk about data and ESG in his slides, I'm sure Manish has a lot of similar areas that he's already working with us on in the trade supply chain payments areas. I think IntellectAI, I think will be positioned very well and has a very strong pipeline going forward. Yeah. Yeah, Banesh. Thanks. Thanks. I can hand over to Banesh or Arun if there's any other- Yeah. Thank you, Manish. I think, this is the entire Fabric platform, where Rajesh has covered composable platform of eMACH.ai, where the retail banking banks can compose their own solution. Manish unit IntellectAI covers the entire Fabric as a core platform. On the top of it, we are bringing a AI with embedded points. A lot of questions are there on ChatGPT and other things, this is the final nature of embedding the API into processes. It's not generative AI, this is embedded AI, which is different from it. This is what are we disrupting. We are disrupting the BPO industry today, BPO or KPO industry, to make it a next level of robotic automation, which was being promised 5 year back to be bring to reality with no touch, low touch decision-making. With this, the third business unit, which is Manish will take you through the new avatar of iGTB, which has evolved in last seven years of its journey to a very distinctive proposition for the market across the world. Over to Manish. Thanks, Arun. My screen's visible? Yeah. All perfect. Okay. Voice perfect, screen perfect. Thank you very much. Thanks for, I think, a very powerful presentation, Banesh. It's very strongly aligned to the AI future. It's definitely inspiring all of us. I'm gonna try and in next 20 minutes odd, give a shape of where we are and how we are driving profitable growth with market leadership as a core agenda, and how we help our customers, our associates, our partners win with iGTB. That's the core mantra for today's session. I'll give a quick highlights on what are the banking trends and what technology spends are there, because this becomes an input for where we invest and where we grow. Then we look at are our products aligned to it, are customers winning with it, and how do you support with a partner ecosystem, and what are the analysts continuing to say about us, which we have shared multiple times before. To begin with, if you look at this data from McKinsey, the commercial payments is continuing to grow, and they grew 11% globally. If you look at they crossed the $1 trillion mark, and 53% of them were commercial payments. That's the space we are supporting. This space is and from a transaction volume has grown 19%. There's high growth, and the value and velocity and volume, all three variables are continuing to grow as we become more and more digital. From the what are the industry analysts looking at from trends to support this growth, this kind of volume? What they're forecasting is what you need is a customer engagement which is hyper-personalized and has got leveraging AI to offer treasury capabilities. The payments have to be real-time and with ISO 20022 formats being SWIFT rolling them out, how are you gonna adapt to that so there is a common patterns, and what sense will you make of that data to monetize it? The third way which we have consistently looked at is the digital transformation, where is the API-first and cloud-native technologies which we all have been talking about and delivering to. It is getting to a next level where ecosystems have to be open so that you can embed and be part of a larger network, where you get consumed and you consume something so that everyone gets the network effect. You need embedded banking capabilities. The product innovations are for real-time treasuries, commercial loan originations, and how do you make trade really 3.0 digital and support the supply chain growth. This is what Celent says are the core needs which they are seeing corporates demand of the corporate banks. We looked at what is the technology spend happening around the growing volumes and the new capabilities which are required. It is growing at a 6.5% CAGR. It is growing from $7.1 billion-$10.3 billion. $10.3 billion is a corporate banking application only spend. This is the area where we play. This is not the full corporate banking spend. That number is much larger. Out of that, two-third of that is in the transaction banking space. We as Intellect iGTB are focused on an addressable market, which is about $7 billion. This just gives you a perspective. I'll connect back to this towards the end of the slide. The transaction volumes are growing, capabilities are becoming real-time and closure, and the spends for that is growing. How are we leveraging that in our product leadership journey? We defined our mission is consumerization of commercial banking. What does it mean in a very simple layman's language? We as individual retail customers, we get instant gratification of what we want and we are getting hyper-personalized. Why would a commercial bank be any different where we as, individual corporate managers need to consume a technology any differently? Why would we expect anything to be a T plus 1 kind of a thing? All of that is what we are trying to be leveraging our technology. Bring down the, tool commercial banking, which is hyper-personalization, real-time connected journeys, action-triggered insights, immediate gratification, friction-free experience at scale, and a desire and trust-based decision-making. We've looked at all these six tenets, and we are continuing to leverage our technology to deliver use cases to the customer journeys where this can be delivered. Today, we very proudly feel that this... We are only single global ecosystem for consumerization which can offer the entire Corporate Banking eXchange, a full digital transaction bank for midsize banks, liquidity, investment, deposit, virtual accounts, cash management, payments, trade, supply chain, all organically built on a single data architecture. I've got a lot of my peers, some very respectful, some very big, larger than me, but they have all gone through acquisitions, and we have seen lack of consistency in architecture, what it does, and that's what we are seeing some of them fall out. Remaining organic, self-funded, like Arun called out, this is what we have been driving. The scale of... I will give you examples of while on the screen it shows what we have managed to do. I will show that in individual products, how we have scaled that up. All of this has been built on an eMACH.ai architecture, which is the best comment I got of is Manish from one of my largest customers based out of U.K., their group CIO saying: 'When this architecture is wonderful, every architect promises me, every sales company promises me. What I am proud to is you have landed it in my environment, and we are live on this.' That's the difference between an aspiration, a sales pitch, and having in production grade ready architecture serving close to a $1 trillion-dollar of deposit base. That's the scale it serves with 50+ countries. This is our large best-selling platform on corporate treasury with now 56 countries and 54 customers. Out of this, 24 are amongst the top 100 banks of the size and scale of more than $100 billion dollar asset size. A digital transaction banking for all growth markets, and emerging markets. We are in even markets, we are practically the de facto standard with more than 70% market share in those markets and continuing to grow deeper with each one of them. Our virtual accounts is what is we're helping banks to manage their deposits right now better. We've seen how flight of deposits has happened in U.S. and how solutions can be offered where you can offer reconciliation real-time. Virtual accounts is a very important tool as we go forward in our journey. Payments has been there consistently, and there are many players over there, and we are also amongst them. One of the common things all of us will say we have these many rails and we are across these many countries. Not anyone else right now says is that we've got cloud-based context-sensitive corporate payments, which means I understand the context of your transaction, and I help you take a recommended decision for you, what is the best route and what's the cheapest transaction for you to be able to execute. That's a differentiation because of AI we've been able to bring in. CBX has our largest footprint now with 78 customers. We started this journey taking the assets off Citi, which all of us know, and having built that for more than 100 countries. That journey continues, and we've been able to replicate across now 78 customers with 55 country footprint. This comes with 100+ user journeys pre-built with 450+ open banking APIs, creating the integration. Our youngest platform, which is fortunately born in an age which was microservices and AI, which leverages iColumbus.ai for trade and supply chain. We've now got about 24 customers supporting 11 countries. We built it around how to leverage AI to simplify trade. Trade is a lot of paper-based process which happens and how, like what Manish Maakan prior to me showed on Magic Invoice, how we leverage that on Magic LCs and Magic Invoices, and we make all of this work, which is so much paper-based, defect-prone, and needs a lot of manpower, how we automate and make it trustworthy. That's a significant differentiator, leveraging AI. We've brought in trade and supply chain, I hope to continue to share more wins around this platform like we've been sharing across all other previous platforms. With these 5 products, what's been our customer leadership journey? I think this is the biggest proud moment for me personally and for all of us at Intellect, our current corporate banking leadership journey. More than 60% of the world's top banks across every market, if you will see, 4 banks out of 10 in North America, 7 out of 10 in Europe, 9 out of 10 in Middle East, 7 out of 10 in India, 5 out of 10 in Asia and APAC. These are the scale of customers who are leveraging our technology, who are trusting Intellect, and who are growing along with us, and we're growing along with them. I don't think there's another vendor on corporate banking who can demonstrate this depth and this width of customer base across the board. I think it's our moment now. It's about going deep in them and going into deep in each of these markets and continuing to scale what we managed to do. We've now crossed, last quarter, we crossed a 100 mark of number of customers for us, which is we're continue to focus on cross-selling more products to them to grow our journey. I think all of us cherish looking at this picture, and hopefully, all of you will become bigger promoters for Intellect. This is the kind of customer base which we have across the world today. When you have that customer base, what becomes very important is do the customers trust you? Are they promoters? This is a core matrix which I take very personally and consistently focus on. If you deliver first time right to the customer, if you put customer at the center, if you are solving his problems, business will come to you. Business will come in terms of same customer. Business will come in him recommending to others. As they move, they'll just call us. liquidity as our platform, 70% of our sales are buyers who are not buying it first time. They have bought at least twice before. That's the kind of effect, network effect it creates because of the NPS focus on and how we drive this input. This has been led by a customer experience, very passionately driving it. interesting to see McKinsey put that down in a statistical form, what it does, and we've experienced it. We focus on the customer experience. The growth is two times. It's all about knowing the customer per-personally and having that one-on-one relationship at all levels. Focus on medium to long-term versus trying to make a short-term buck from them and consistently measure and improve the customer experience. This is where the magic happens. This is an example of my top 10 customers, how over the last 10 years they have continued to grow and consistently are delivering revenues to us. It's about $450 million in the last 10 years from these 10 accounts only we managed to grow. It's continuing focus on go deeper. Each of these customers are marketplace and not an individual customer. We've been just focused on GTB, and we managed to take some bits of consumer into it. We're now taking AI into it. Taking all Intellect assets deeper into these customers, those are our golden nuggets. This is a slide I've shown multiple times. Last time I showed we were at 2.7 products per customer, and we've reached 2.9 products per customer. The continuous focus on cross-selling to the customer and going deeper is showing up. Our Our target for FY 2026 is to get 150 customers which can help and get to four products, which can simply by that mathematics, grow to twice our revenue and grow our market share from 2.9% to 6%. 6% of market share, if I can extrapolate that to a $7 billion, all I need to do is keep showing my value better customer experience. You can all multiply the numbers, what it can possibly do. To support all of this, we built a very strong FlowSage brand along with iGTB Oxford. Next week we have our eighth session happening in Oxford, London, and this is where the world's best come in and network and contribute to each other on what's happening in transaction banking and how we are driving. Again, if you will see every such measure has an NPS score or what it means and why we drive. This is again an example of the banks who come here, who come and design solutions with us. We build joint desire of where the transaction banking is coming, and we trust each other of where we're going. I'll keep this for 10 more seconds so that we can all absorb and see the company we keep. This is our pride and this is our something we really live for, to serve and grow along with each of these customers. All of this is supported by our 8012 FinTech Design Center. We bring them here. After we drive desire, we bring them here. We do POCs, and we help them innovate and deliver what they want to do it. Going forward, a very significant focus on last 18 months has been to build two very strong strategic partnership. I've shared Microsoft before. The second one we're now working along with is Accenture. One strong cloud partner and an AI partner and one strong digital partner. Along with them, the three of us, we are looking at creating magic in the marketplace. This is where something different will happen in the next three years. Keep an eye on this and we'll keep sharing more with this. This is the vision we built along with Microsoft to build a network for commercial banking, and this is what we intend to build and scale up to be able to support across the world in these many markets. Finally, on the analysts, everyone, I've reduced the number of presentations, but you can look at each one of them. Every customer rates us number one by far in everything. One platform, iColumbus, which is trade finance, is the only one which is not number one. It is number two. We live by that value, be number one or number two or get out of the business. We're continuing to live up and do to that, with all the teams committed to take trade and supply chain also to a number 1 platform over the next 3 years, we'll keep sharing that journey. This is the leadership management team, which you have all seen consistent since inception. All of these individuals you see, they have all been prior customers of Intellect. That's why I say it's been built by customers for customers. Thank you very much. Thank you, Manish. I think you have finished in 20 minutes time. It's nice to have it. Now this, let's leave for the question and answer session, Parvin. Okay. Thank you, everyone. Now, we are starting a question and answer Q&A. Please click on the Raise Your Hand to ask a question. Please click Raise Your Hand to ask a question. We first have Ruchita Kadge from IWealth. Please ask your question. Please unmute her. Ruchita, you can unmute yourself and ask the question, please. Ruchita? Our second member. Put two people on the road. We have Mr. Mohit Jain from Anand Rathi Securities. Mohit, please ask your question. Please unmute him. Yes. Three questions, sir. One is on the license revenue. Now, this obviously has been very volatile and extremely strong quarter versus what we thought. How do we look at license revenues going forward? Do you still see that shift to SaaS happening impacting growth, or do you think most of it is done and now they will be maintained in proportion? That is one. Second related question is on SaaS/platform growth. This number YoY appeared little slower compared to the excitement that is there in the market. What is happening there? Related thing is what is the update on GeM? Is it still driving bulk of it, and is it up for renewal next year, and what do we plan to do there? Mm-hmm. Okay. As we mentioned in the past that license and SaaS are the two options we have to be given to the customer based on their preference. Some people prefer licensed model and some people prefer SaaS model. There is a balance of the two options which is there. Some companies have decided to only offer SaaS, as Intellect, we are aligned to the customer centricity, and that's why we are offering both the solutions. Predicting particular year, how much SaaS, how much license is not our agenda. Our agenda is that how much license link revenue can we grow year-on-year. On last five years basis, our license link revenue growth is close to 34% year-on-year. That's what we want to drive it. Sir, do you see license revenue also growing year after year? Like, initially we thought over last few quarters that now shift is happening towards SaaS. License growth should slow down and SaaS should accelerate. You also spoke about some slower growth for a few years because of the shift. Is that phase broadly behind in terms of customer preferences, or do you still think that will play out? We cannot predict anything on this, Mohit. You just look at it, all of them together, 3 elements together. Okay. Only if you look at the, for investment perspective, all the three elements gives you the license link revenues, which is a high margin profit. Right. Sir, second was on the SaaS platform growth YOY, and then contribution of GeM. Yeah. SaaS growth on YOY, I think, GeM is there, but it's not main contributor. Lot of contribution coming from AI platform, which Banesh has highlighted, Rajesh has highlighted on the customers in Europe. Those are all SaaS platform customers. The revenue build-up in SaaS is backloaded. When we sign the deal, by the time we come to the SaaS revenue stream, it is a 12 month to 18 months, sometime 24 months delay cycle between when we sign the deal and actual SaaS revenue start getting booked. That's about SaaS. GeM is coming for renewal. We are fighting the RFP battle in a for the renewal of the GeM. Okay. Sir, last actually on the finance side. Our cash generation for this year was very low. What happened there and how do we see it going forward in FY 2024? We mentioned that all our internal transformation happened because of our internal cash generation. I think we reinvested back. In the month of April last year, we mentioned that we'll be using our internal cash to drive the change rather than taking a funding from outside. All this eMACH.ai has happened with the cash. It's a great success for us to have them maintain this. Without diluting a single penny, we could able to transform the organization. Obviously, next year the cash will be higher in our kitty because major investment of eMACH.ai is behind us, so cash generation will be better. Sir, on the receivable side, like, it was also stuck in working capital, some of it apart from the capitalization. Is there any improvement seen there? It's not quarter-on-quarter or year-to-year. Sometimes, the project completion happens. That rise contracted, not due, has grown to INR 300 crore. That's a big number in receivable cycle. Where these back-ended projects I mentioned in the beginning, that it's milestone-based payments. Because of milestone-based payments, it becomes due only when a particular milestone is completed. That is, we have it locked in. It's a kind of a business model we are in. Okay. Sir, capitalization for the quarter was how much? Similar, 34, 35. Okay. Perfect, sir. Thank you very much. Thank you. Congratulations on getting back to 20%. You say 20%? Yes. Please nothing. We are not get back to anything. Trajectory is same. The expectations are different from you. No, no, correct, sir. It was a very strong quarter indeed. Thank you. Okay. Thank you, Mohit. Next we have Mr. Anil Sarin from Centrum. Anil Sarin. Hello? Mr. Anil Sarin? Sorry. I was on mute. I didn't realize it. Arun and team, fantastic. You have just sort of, you know, lived up to our expectations and you've gone beyond. Congratulations on doing what you are doing. Everybody is talking about AI and you are now, you know, I think a lot of interest will come. Tell us about what you are doing in AI. Congratulations on your foresight and your positioning. I mean, people are just doing chat and you are finding solutions through AI, a lot of foresight involved in that. Sorry. I'll just come to the question without wasting everybody's time. That, your, you know, this, One was growth has already been addressed, but, this, if you can just elaborate on the, on the SaaS side? We get the combined thing, SaaS as well as GeM. The, the earlier participant has already asked that, but I wanted your view on where you see the SaaS given all the banking turmoil that is happening in U.S., Europe, et cetera? I mean, two things. One is, how do you see SaaS growing as a percentage of your revenue? That is part one. Second, with all this negativity that is surrounding, I mean, recession is fine, but banks in particular are getting hit. How do you get, you know, impacted by that? Okay, you're asking two question, basically banking and so what when banks are getting impacted, they want to reduce their operation cost. There are two agenda banks have. Some people have a very old technology architecture. It's like managing a air conditioning in a old building which is a 100 year old. It costs you more. You need to change the architecture of the building to commit to the newer building, where all the cost efficiencies can be built in. That's what Rajesh is doing or IntellectAI Manish is doing. Exactly, yeah. To build that into architecture. Second part is where the SaaS plays a role in our journey. We play a role in specific services to be given, but Manish has highlighted Magic Submission. Magic Submission is a underwriting policy. Now we are able to provide a unit pricing per policy for end-to-end processing of the policy from the email when the policy comes, to the policy get to the table of underwriter, we add all the validation, data entry, everything, and there's a unit price of it. The great opportunity for us to grow SaaS revenue is the way Jam revenue grew. First two years it was slow. Third year, fourth year it start growing. Similarly, Magic Submission is the one area where we are expecting this revenue. Today, the U.S. has a close to 200 million policy submission every year. We are able to price our submissions between $10 million-$20 million a submission and having a 5 million policy. It's close to a $50 million-$100 million SaaS business around it. Similarly, there's a Magic Invoice business which is accounts payable business, where the similar kind of equation is there that per process, per invoice processing. Where multiple companies have come with Awesome and many companies have come in that space. This is the second space in SaaS which we are looking at. Third space in SaaS, we are looking at ESG. ESG to be offered as a service with a complete ESG wheel available to it, which is a third SaaS service. Fourth SaaS service is hosting a core banking. Hosting iKredit 360 is a fourth service. The fourth and fifth service in SaaS business. These are the five services which are there. We are looking VAM to be hosted. Virtual Accounts Management, Embedded Finance to be hosted. These are the multiple platforms which is being highlighted in this presentation. There are close to eight platforms where we are clear go-to-market strategy, but the traction will not be quarter-on-quarter. Traction will be over the 3-year period. We have a plan which is a 3-year plan and 2 quarter visualization or planning. We are working on now 3-year horizon with 2 quarter focus on ensuring that we are able to meet the numbers as well as have the visualization of 3 years. That's a long answer to your short question on what is the SaaS strategy, what we have. U.S. banking industry is in turmoil, but these turmoils do happen. This is, as I mentioned, Brexit happened, 3 quarter they happen, Ukraine happened. We have two deals lost similarly in the U.S. This crisis happened, we lost 2 deals again over here. These are the things which will happen as a part of our journey, but after 2, 3 quarter, it come back to the same thing because technology needs cannot go away, either from bank nor from insurance company. Okay, thank you. Thank you. I just had one follow-up question. That, you know, in the earlier calls, I think Rajesh had mentioned that in core banking, you were in the last three in a couple of tenders, which tend to be over, you know, more than a year-long process. If you can provide an update as to where we are those tenders, are those processes still on? If yes, where are we in that? Rajesh? Yeah. I think we continue to be in the same process. I think as I had mentioned earlier, there are a large couple of deals that we are in the final stages. Please, in the next couple of quarters, we should be able to announce the results of these tenders. I think to answer your specific question, we continue to be in the process, and actually we've added a couple more in these from that perspective. We should have the results in the next couple of quarters. We are still in the top three, or has it been further pruned down to maybe top two or something like that? In couple of deals, I think we are still in top three. In one deal, we are now in top two. I think deal by deal, this is varies, but we continue to be there. As I said, we continue to face these three the Europe and the large field is now continues to become a Temenos, Thought Machine and Intellect fight. Thank you, and wish you all the best in this, in these bids. Thank you. Thank you, Anilji. We have Sugandhi Sud from InCred. Please unmute her. Sugandhi? Sugandhi, you're there? Yes. Hi. Yes. Hi. Hi. Yes. Hi. Hi. Yes. Hi. Uh, congratulations on the good results, and thanks for taking my question. Uh, so I just wanted to f- you know, just, uh, continue from the point where the last, uh, speaker left. Uh, I noticed that in your, uh, you know, conversion for last quarter, you have, uh, in the, in among your destiny deals, you have-Uh, one three deals, uh, uh, in the greater than fifty crore bracket. And, you know, I'm just doing simple maths and I understand, uh... Is, is it down to the tenure of these deals? Uh, could you give some flavor of the tenure or the nature of whether it's SaaS or, uh, you know, uh, legacy or, or, or license, you know, traditional license? Uh, and, you know, whe-whether this will flow through in coming quarters, and, you know, what kind of timeframe we are looking at. Sugandhi I think you are doing too much of a mathematical mind on looking at it, when it will happen. I think I mentioned that all of it is license linked. It's more important that they're INR 50 crore deals. In this quarter, these testing deals which have signed up, I think two are licensed, two are main, one is more on SaaS revenue. You are not able to forecast that particular model so much, Sugandi. I think more important is to just listen to the presentation which three leaders have presented and look at what is the potential of these presentations for next three-year perspective, whether they can grow 20% year-on-year on that, those presentations. That will give you the much better way to forecast. Sure. No, that was very insightful. Yeah. Also just on the, if I, you know, if I noted it correctly, you said that your intensity of spending on platforms will lower here on, you know, most of the platform spend has peaked in the last year. I'm just referring to the cash conversion, you know. Mm-hmm. -from, that, and that, and, you know, was highlighted earlier in the call. Is that correct? 'Cause there is, you know, a CapEx intensity had gone up last year. Yeah. Is it expected to go down from here? That's right. This quarter our profit is come back to 23%. EBITDA margin come to 18% last quarter. That's improvement is happening there. On cash side, improvement will happen. This quarter we have a more cash to be spent for payout of the bonus for the year quarter. For the whole year we should have a healthy cash generation. Sure, are any, you know, margin, you know, range that you would point us towards, you know, considering that, you know, you are kind of stabilizing and your growth outlook is also healthy? We mentioned our business is designed on the principles of 20% growth, 25%-30% margin levels. Few quarters, few months we will be reinvesting back. That will be based on the, how the market behaves, what the technology change is happening. Our design is always around 25% plus for the margin. Few quarters will have a lesser margin when the investments will be higher or some license is not signed or some investment we are doing with the clients. That shift will be there. Sure. not a gap. That's how we have designed the business. Sure. That's very encouraging. One final question. Sir, is my understanding correct that with SaaS becoming a bigger mix, and we've seen that happening over the last two years, you know, the revenue to cash conversion, I'm talking about, you know, the working capital here and not the in, you know, in-investment that we do in our R&D. Is that something that should improve? Because the recognition, the, you know, gap between the timing of recognition of revenues and payments would be, you know, more aligned in a SaaS environment compared to a license environment. Is that something that we can expect going forward, a higher cash conversion as SaaS becomes a bigger part of the pie? As of now, a SaaS model is not fully mature, I would not say anything as of now. Some deals we have a upfront payment, some deals we have a back-ended payment on milestone basis. The cash flow and working capital, I think that's not a serious concern. Company has a healthy cash, that's not such a critical issue for us, right now. Our purpose is how much we can win and how much could be repeatable SaaS. Thank you. SaaS in a healthy situation, in a mature model, gives you 70% plus margin. That's a kind of a health of the SaaS business. That takes almost four to five years of the work which happens after we are getting a first few client. Like Bhanu is using the 13 client in Magic Submission. There are seven clients in Magic Invoice. These clients take some four to five years to get stabilized. Sure. Thank you, sir. That's very helpful. I will take that into account. Thanks, Sugandhi. Next we have Mr. Majid Khan from JM Financial. Mr. Majid Khan from JM Financial, please unmute him. Mr. Majid Khan? Yes, sir. Good evening, everybody. Thank you for giving the opportunity. This is the first time I am joining the conference call. First of all, I would like to congratulate Arun Jain, for giving this opportunity and very good, very good set of numbers. I would like to ask my simple questions with regards to the results quarter four. Sir, my question will be where you can see in the 3 years Intellect set? My second question will be, I would like to congratulate all the team that- I have seen all the IT companies in the sector. Intellect is the only product company which I am a proud investor of it. Since 3 years, I have been continuously invested in the company. I have seen the drawdown of 50%. Still, I have a trust on our company because we are the unique company in the whole India which has a product. We are the leader in all the sectors, in the all our business platforms. That is a great thing which definitely soon the market will realize. I hope and I believe. Thank you very much, sir. Yeah. Thank you for your trusting the company, I think. There's a huge scope is there. We wanted to show that how is our revenue growth will happen. Each of the spaces what we are working on, we are competing on the companies which have to invest $100 million to create a platform called, let's say, Magic Invoice equivalent platform. Our cost of leveraging Fabric to meet the same expectation is one tenth of it. It is between $5 million-$10 million we are able to generate a quality of the technology which my corresponding company like Thought Machine invested $550 million for core banking, which is still not complete. For us to do that job, it takes much, much, much lower money from our perspective. That's a very unique company. That's a unique strategy. That's the kind of a people we have. The kind of a committed people, team we have is amazingly satisfying for all of us as a shareholder and all of us as a associate of the company. Thank you very much, sir. Thank you. Thank you. Thank you, Majid. Thank you, sir. Next we have Mr. Rahul Jain from Dolat Capital. Rahul? Rahul, are you there? Yeah. Can you hear me? Yeah, Rahul. Yeah, yeah. Please go ahead. Yeah. So first of all, strong numbers. Just want to need some more input on some of the comments that were made during the call. I mean, of course, you said that, what is your view on the U.S. banking issue that we are facing right now. You also need to consider the fact that we analysts do attend so many I.T. services call and they keep talking about delay in ramp-up, delay in decision making. Since you have also done that kind of a business, any thought you want to share that in such situation, do you see that people prefer more transformation because they see that as a solution? You think it's just matter of time that we may see better decision making on the other side of the business also? First clarity on that would be helpful. Then I have one more question. First of all, our business is very well diversified. U.S. exposure to us is much lower than Canada. I have more businesses in Canada than U.S. U.S. banking business is very small, in single digits, while insurance business is growing in U.S. That is also single digit, but single digit is the only exposure which we have in U.S. U.S. is not impacting us significantly for the slowdown. To answer a general question, since you attend other services, conferences, obviously such a big... the failure of 3 banks in a row will have an impact on the psychology of the technology investments which will go in the boardrooms. Every boardroom will be worried about it. Do they have an option to adopt a bank tech right away? They don't have an option. It's a question of some delay, one or two quarter delay, where they have to choose some platform or some technology for transformation. There we are providing kind of a technology which is do it yourself technology, eMACH.ai, where we are sitting in our value proposition more sharply. For those banks who are well-capitalized banks are there. Those banks are still looking because these banks who have been the problem which has happened, they are getting merged in the larger bank. The portfolios are getting submerged. To me it's a two quarter, three-quarter agenda where slowdown will happen. Services will get impacted because banks are looking for a option where buy and build can be together. Right. Thank you. One more question regarding the comment about what Rajesh said, that incrementally, banks are looking for core transformation project. Are you seeing a sizable increase in the deal that you are pursuing? That is point one. Secondly, you said that there was a competition which is now limited to two relevant player, and we know that Temenos is struggling with lot of leadership changes. Thought Machine is there, but their return on investment may not be as attractive. The competitiveness on price could be far better. How you see a change in the landscape from competitive perspective as well as from a deal size perspective? Rajesh? I think, to answer your question, I think, and these are some early trends, is that we are definitely seeing large banks coming in for core banking transformation. That's definitely something that we have seen in the last 18 to 24 months is the market opportunity around large banks, large regional banks coming for a composable eMACH.ai type of an architecture. That trend is definitely accelerating. I think to your second question, yes, we see Temenos. We see Thought Machine in most of these opportunities are, let's say that we start with a long list and then we come to these three players. We are seeing that space and we believe and I believe that we are uniquely positioned because of the kind of investments that we have done in the last couple of quarters on our architecture front and with the pedigree of the depth and the breadth that we have, we are uniquely positioned to capture this space. That is my belief and that's what our team is striving for. Right. Just one final question to Arun Jain. I think we have lot of variety of offering in the Banesh's portfolio, which are very exciting opportunity. Any number you want to give then when they can become of some reckoning size, let's say INR 100 million or any other benchmark you want to set for it and timeline that you think it can achieve it. Secondly, you said about the business which is all set to deliver 20% growth and verify 30% kind of a margin. With the kind of a pipeline you have, the kind of start you have for this year, you think the kind of investment of course, you envisage for this year, you think we are going in that zone in fiscal 2024? Yeah. We don't want to give guidance, Rahul. We are not studying because market is volatile, so guidance is not there. We keep repeating. We designed the business in last 3 years. We are able to show more than 20% business. Our design model is 20%, so we stayed with that. The opportunity for Banesh business to grow the 3 or 4 areas which is there, Sherlock, ESG, still are early stages of looking at it. The potential can be between $50 million-$200 million in next 5 years. They will be coming at a margin of $30 million, if 60% margin or 70% margin business. It will be highly value accretive from the bottom line perspective. We need to give it some time. Interesting. Thank you for the color and best of luck for the year ahead. Thank you, Rahul. Thanks, Rahul. Next we have Mr. Chirag from Ashika Group. Chirag? Mr. Chirag from Ashika Group. Am I audible? Yeah, you are audible. Chirag. Yeah. Okay. Congratulations on a great execution in challenging times, sir. I track your company since last couple of quarters. I have two broader question, particularly in product and platform business, very few companies has get success at global front also. In India, very few companies are there which have done good job. Your company is one of them. Other than BFSI from diversification point of view, if I want to know what are the areas where our application will find place later on. This last three regional bank crisis, you also think in some way that if we have some diversification then definitely in future let's say this time we save ourself, but let's say some other unforeseen development happen later part of the year or in future. Any thoughts on that where we see for diversification. To sustain such kind of margin, what are the levers are there that, 5 years or 10 years down the line we will have a similar margin profile? That's 2 broad question I have. Chirag, first of all, 5 years down the line, margin should be in the range of 40%. If you're looking at it from the perspective of Flexcube numbers, EMC continuously grow. Margin improves as a product company grows. First of all, that's a 5-10 year type of horizon when you're looking at it and you are looking for an investment for 5-10 years, you have appetite for that. The margin is at 40% levels. Whether it's the Temenos or any company. The beauty, what we have done is we embed the growth curve under those margins as in. Our IT team and technology teams are very differentiated, which is ensuring the growth happens. Margin is not a big deal in a product business because once the customer signs it up, he remains with the customer for next 15, 20 years. The margin maintenance is a much simpler job. Growth is a pretty important part. Your question is whether we want to diversify it out of financial industry. I don't think so. I think market scope today when you look at it, what Manish puts it, $10 billion market size. Rajesh puts it, $20 billion market size. Banesh puts it. We have a $50 billion market size and we are still $300 million kind of a ballpark picture. Till the time we are $1 billion we are not looking for anything to be worried about, going left, right and center. Yes. Sir, one follow-up question. In terms of geographic diversification, is there any plan to increase the or start penetration in India? Because one of our peer in listed space, getting good business from Indian bank and financial group. Your thoughts on same. Yeah. We are deeply entrenched in India. Lot of deals are in India now. Thank you. All the very best. Thank you. Thank you, Chirag. Next we have Mr. Ravi Mehta from Deep Financials. Ravi? Ravi, you are there? Yeah. Can you hear? Ravi? Can you hear? Yeah. Can you be a little louder? One. Hello? Ravi? Ravi, are you able to hear me? Ravi is not able to connect, it looks like. Is it better now? Yeah. Now it's fine. Please go ahead. Sorry for that. Just I heard in the opening remarks, regarding some branding strategy for the iGCB vertical, something similar to what we did with iGTB on the Oxford School, banking kind of a course. Wanted to know what kind of activity are we planning and how it can, you know, catapult the product and the visibility. It's a overall marketing strategy. I think all of it will not be shared in an investor call. It's one part of the strategy, the iGTB Oxford we did it. The indication is given there's a big marketing focus on getting into the stage, I think it's not a right platform to share the strategy. Sure. Sure. The kind of, you know, traction we have seen in iGTB, probably with this branding activity, I think it really picked up well. We can expect something similar kind of a thing happening here also? Yeah. Obviously, all the three brands now, we consolidated to three LOB. All the three brands, Intellect AI, iGCB and iGTB, are now having a very, very structured branding methodology around eMACH.ai as a common brand which is driving the global access. Okay. And since that, you know, we are harping on this eMACH.ai platform, do we have any joint go-to-market strategy with the cloud partners? Yeah, yeah. We have a... That's what Manish has highlighted, if you noticed. Microsoft and AWS both are... We are very close working with it. Some products are working on AWS, some products are working on Microsoft. Both of them we have a very strong relationship. I met the president of AWS when he was in India. It's a deep relationship with both of them. Okay. Okay. Just one more question. Mm-hmm. One, small bookkeeping question, if I can ask. The DSOs mentioned in the presentation, it includes the unbilled revenue? Yeah. Yes, sir. Okay. Somehow I don't know, so, maybe I'll take it offline. Yeah. The days are not tying with. Yeah, yeah. what we worked it out. That's why. Sure, sure. Sure, sure. Okay. Okay. There's a contracted and a bill may not be the part of it. Okay. Okay. Thank you. Thank you. Good luck. We don't include contracted, but not bill. Okay. Sure. Thanks. Thanks, Ravi. Thank you. Thank you. Next, we have Mr. Harshal from AUM Advisors. Harshal? Maybe last. Yeah. Maybe last two questions, Arun. That's right. Yeah. Harshal? Harshal, are you there? Hello. Yeah. Yeah, Harshal. Hi, sir. When we see on a quarter-on-quarter basis, the order funnel size, that you mentioned in the presentation has been around INR 7,000 crores since the last three quarters. Is it something like, the new deal wins have been very slow for the last three quarters? The INR 7,000 crore quarter funnel I think is a good funnel for us to look at the 10-12 deals a quarter if we win. It's right funnel. We prefer more the right funnel than the quantum of the funnel. Our win ratios are higher. Our sales effort and pre-sale effort, as Rajesh mentioned, it take one and a half year to close the deal. We don't want to increase the funnel size. It's not a consumer business where the funnel is directly proportional to the enterprise sale. INR 7,000 crore is a good number on which we are working. Okay. Can you break up the whole funnel in terms of how much would be SaaS in it? We don't do it. Okay. Thank you. Thank you. Okay. Thanks, Harshal. Next we have Mr. Vivek Kumar from Bestpals. Vivek? Are you able to- Hello? Yeah,. Please go ahead. Thanks, Arun Jain. See, you've been highlighting this is regarding the revenue recognition policy. This is you are doing percentage of completion method. You also have been highlighting in every con call about the execution capital, how you have disrupted or in Q4 2022, you have Prabal Ji and you mentioned how you have put down the work into 4 hour or 2 hour work packet and very few defects in our implementation. Why I'm asking this is there are a few companies which followed the same method, but because of the implementation problems, they had to re-write off certain kind of revenue. That is where the doubt is coming. It's not about how much is billed or unbilled, but if you can give more color on why you think whatever is recognized, the write-off would be really less and we don't... Even with kind of customers we are having and the execution capital that you have built will make sure that we will not have a huge write-offs. maybe I'm... I don't know. I think I've made it clear, right? That's a very good question you have asked. I think, we have implemented 43 digital transformation last year. I think this is our core pride, why we are winning the business, why we are. Manish is so confident on NPS score. This is the core focus Manish has driven, Rajesh has driven, Manish has driven, that none of the project of Intellect goes bad. My competition, when it goes bad, it becomes difficult to do it. We chosen a strategy to implement ourselves, not to give partners, till the time eMACH.ai has come in. Because of that strategy that we cannot allow any failure on the field because this is a business which is execution-focused business. We need to have, we need to design the success for our customer, and that's where the core value of Intellect is there. That's what we discussed about work packet today. Now we have an iTurmeric, where we are saying our coding requirement will be less than 5%. With that it will further improve the delivery quality. No, this is coming because percentage of completion has this risk that if implementation is not great you will have write-off, so. Second question is on Intellect AI. You have mentioned in the last con call that you are looking at 15 deals. With this banking crisis, I don't know about what is happening in U.S. so much. Any clue on that? 15 deals we are still there, how they can be able to close them or what is your outlook on that? I'm not asking the number of deals, but outlook on the Intellect AI insurance business in US. You told last year it will grow at 50%. Insurance business is growing at that much, Banesh. I think it's growing. Yeah. I think, pipeline and as a matter of fact, as I mentioned in my discussion, we have, very deep, contracting discussions in progress with several. I can just leave it at that. Yeah. Yeah. Thanks, Sanjeev. Thank you very much. Arun, there are three more questions actually left. Just quickly. Can we take them? Just put on the chat box please. Just combine it otherwise. Just take it up, yeah. Next we have Jagdish Jain. Jagdish, you're there? Jagdish? Yeah. Hello, are you able to hear me? Yeah, Jagdish. Thanks for good set of numbers. I am following this company for the past few years. For this on the part, right, you just explained about GSA, right? We are implementing the solution ourselves, right? Since we recently partnered with Accenture, right? What is our future for this GSA collaboration? I could see Finastra is collaborating with a few service providers in India, so they are increasing. Other companies are also collaborating. In maybe, not now, maybe in future, how we are collaborating strategy with the GSA? This is the first question. Yeah. This is Jagdish is asking about eMACH.ai? I mean in general sense. Yeah. Because of that eMACH.ai we are creating Open Finance platform, and because of which we can now offer more partners to come in, GSA partner to come in, to have a predictable output. Earlier we were not giving it to the partners is because we wanted a predictable outcome. Now, with the technology we built, we can give it to the partners. That's a great answer. Just regarding the partnership with IBM, any updates, sir, on that part? Yeah. It's going on very, very strongly. We have multiple deals with IBM also. The way Accenture is there, IBM is also there. Yeah. That's it from my side. Thanks a lot for good set of answers. Thanks, Jagdish. We have sir Anubhav Makar from Karma Capital. Anubhav, are you there? Looks like Anubhav is not there. Sure. Just last one more. Then we have just one question. This is Darshil Jhaveri from Crown Capital. Darshil, please ask your question. Hello sir. Thank you so much for taking my question. I personally wanted to congratulate you on great set of results, and thank you so much for giving us so much time. I had some connectivity issues, I had missed some of your statement. Sorry for it being repetitive. I just wanted to ask whether how are revenue panning out our sustainability in terms of revenue and margin growth basic question. Sorry for it being a repetitive question. Yeah. The entire last two hours is, wanted to say that we can do a growth margin. Why should we grow? How the margin should grow? What is the growth assurance we are seeing because of portfolio, and what are the risks? I think I don't have to repeat what have we discussed in last two hours. If you record, read, listen to the recording, you'll find your answers. Okay. Sir, thank you so much, sir. Thank you. Thank you, sir. Arun, that is all. Yeah. Thanks. We are closing the call. Thank you very much for participating. In case any follow-up questions are there, please do write to us or call us. Thank you very much. Now you can log out. Thank you.