..2023-2024, ending December 31 2023. The investment presentation press release has been sent to you and is also available on our 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 IntellectAI, Ms. Vasudha Subramaniam, CFO. Besides, there are some other senior members of the Intellect management team are present in the call. Now, I hand over to Vasudha to take you through the financials, and later Mr. Arun Jain will give you his comments on the same. This would be followed by Q&A session, where your questions would be replied by the senior members of our management team. Once the Q&A start, you can ask a question by clicking on Raise Your Hand, and we would unmute you so that everyone is able to listen you. Now, once again, I would like to remind you that anything which we say which refers to our outlook for the future is a forward-looking statement, which must be read in conjunction with the risks the company faces. With this, I request Vasudha to give her brief. Over to you, Vasudha. Thank you, Praveen. Good evening, everyone. It's my pleasure to take you through the financial highlights for Quarter Three and the year ended till December 2023. When we looked at the CAGR for three years, which indicates our predictable and sustainable growth, the key metrics like the LTM revenue, LTM license- linked revenue, EBITDA and PAT grew 20%. Our year-on-year growth in LTM revenue is 90%. While the license- linked revenue is 23% and EBITDA is 33%. Our DSO as of Quarter Three is 107 days, as against 108 days as of quarter two, as of quarter three of last year. We have collected more than INR 1,760 crore till December, and our cash position improved to INR 712 crore. On the absolute numbers, our LTM revenue is INR 2,522 crore, and our license- linked revenue was 55% of the LTM revenue. We have made an EBITDA of INR 555 crore in the last twelve months, which is 22% of the said revenue. We have achieved 48 deal wins in the last one year and have gone live in 46 digital transformation projects. Now, taking you through the YTD numbers. Our revenue for the nine months till December was INR 1,901 crore, and our EBITDA stands at INR 412 crore. EBITDA remained at 22.22%, as it was for the last twelve months. Coming to quarter three of this year, our revenue was INR 635 crore, and our EBITDA was INR 132 crore, being 21% of the Quarter Three revenue. Our collections for the quarter was INR 591 crore, which took our cash position to INR 712 crore. If you look at our LTM numbers, which we have plotted in the deck for the last 14 quarters, it clearly depicts our consistent growth journey, both the LTM revenue as well as the LTM license-linked revenue. Finally, our currency-wise revenue mix represents 37% in USD, 14% in GBP, 11% in EUR, 26% in INR, besides others. And this is tabulated in the usual format. On the deal wins, winning OTP was a proud moment for us and a major milestone besides Indian Bank and other deals in Kuwait and Pacific region. With this, I will hand it over to Arun, who will share the business updates, including these major wins and the outlook for future. Thank you. Thank you, Vasudha. Just to have a commentary which is continuing from the last quarter or last few quarters, as you've seen, that there's a consistency of 20% CAGR on last three years. So that is a very significant milestone. The way we designed the organization, it's panning out in the same manner. It's quite a delightful experience personally to me, that, but not on a one quarter, two quarter basis, but on a three-year basis, the number is sustained. And for, for a company, 20% on sustained basis is a difficult journey normally. So I must congratulate Manish, Rajesh, Banesh on the call, who are able to make this delivery possible. And other point is, let's say, why this is happening 20%? Because of our own thesis that we want to run multi-portfolio for our company. Today, all the six spaces in a financial space: core banking modernization, digital transaction banking, lending, wealth, trade and supply chain finance, and insurance underwriting. All the chosen six, chosen space, are now start firing for us. We looked at it in Intellect 2.0. We went from iGTB first, then iGCB, and then AI. Now, in this year, when we look at it, all the three business units are having a product like wealth, is having a good traction. Trade supply chain is having a good traction, which was not there. Insurance underwriting is having a good traction. And this quarter, if you look at it, it's an era of the core banking. I think we won three large deals of core banking this quarter itself, and there are multiple deals in lending. The change we brought in, in February 2023 about eMACH.ai, that is driving our accelerated implementation, accelerated transformation. If you look at from a business perspective, one driver for us is a product. Second driver is a country in which we put a lighthouse implementation. If I look at it country by country, Thailand as a country, the largest Thailand bank has gone live with the, with our entire GTB suite over there. Philippines, we have a largest suite available, where largest bank of Philippines has gone live with the system. Largest Singapore bank, UOB, has gone live with our trade and supply chain finance solution. Vietcombank in Vietnam. In UAE, we have ENBD and FAB. In Saudi Arabia, we have gone live with Saudi National Bank. In Europe, we have banks like Lloyds or Barclays. The top three French bank, we have won the deal in all the three banks. And one of them, we announced, two two days back, Crédit Agricole. Before that, the Soc Gen and BNPP is working with us. We are working with two largest Canadian banks, RBC and CIBC. We are working with the BNY Mellon, Northern Trust, JPMC in, U.S. So chosen market, and then OTP deal is giving us a paving the way for Eastern Europe and Bulgaria and Hungary, the two places we won that deal, for core banking as well as lending. So they are almost equivalent to four deals packed into one for going into Eastern European market. Otto is in Germany, which is the lighthouse site. So why this is important, the lighthouse site is for all of the product company. The biggest challenge for us is first reference account, and once that first reference account gets established, then next three accounts come much easily for us. So now Saudi Arabia, we have four banks out of eight banks are working for us. Although in Middle East, nine out of top 10 banks are using Intellect technology. So that's what makes us exciting right now, because now this is a time when other products are getting mature, and we have reference sites available in those accounts and country references are there. We are able to approach core banking modernization or lending modernization or origination modernization or digital experience platform. We have a reference available there. So that completes our journey of 2.0, where we want to establish AI product in a market, AI architecture in a market, and a reference site in a market. The next area which is left to be conquered is we need to get into the having right investment in GTM for Americas. U.S.A. is a large market where we're not fully invested right now. We invested in insurance underwriting in U.S., which is doing well. But besides underwriting in U.S., GCB and GTB, our investments are more focused on Canada rather than focused on U.S., so that's where we will be requiring some of the investments over there. In this period, we could close out on GeM contracts. GeM contracts got over on fourteenth of December. So we have, in this quarter, wouldn't able to build compared to last quarter. We had a shortfall of almost $2.5 million from the GeM on the top line, on the revenue side. But the best part is, I think we were able to hand over completely and come out of this. It was not a profit-making deal. We somehow able to release and hand it over successfully to TCS. Looking at the outlook from the perspective, what is exciting for us, I think this AI business is exciting for us. The way the AI business, we could able to build entire document intelligent management system, IDX, which is leveraged for not only great underwriting for the insurance - sorry, insurance underwriting, it is useful for credit underwriting. So to build that product for other line of business, like trade finance, origination, same thing to be used for lending origination, it's taking less than six months' time and very small amount of efforts to drive new products on AI very quickly. So AI business is one of the most exciting thing. Second exciting thing is our whole microservices and API architecture is getting a significant accolades from all the analysts. So many analysts are putting us, our payment system into the leadership quadrant, our core banking system in leadership quadrant. So most of the places, when you look at the quadrant, whether it's a Gartner or Forrester or Aite, we are getting into the top three players. In most of it, we are number one player in these spaces. So that's what is we are seeing as the outlook. On company growth, which is there, I think, Q4 revenue, our focus would be how the Q4 revenue will look like when GeM will be out for Q4. What our current estimate is, it will be similar number will be there in Q4, in spite of drop in GeM revenue. So our growth in the rest of the business means is growing at a significant faster pace to compensate for the GeM revenue. EBITDA margin will improve, obviously, with the exclusion of the GeM revenue. Our tax payout ratio, which is close to 26.5% at this point of time, in this actual payout is less because a lot of thing is because of MAT. We are, actual cash flow is not there, 26%. Our actual cash flow is equivalent to MAT, almost close to MAT. Next year, we will be choosing to get into the lower tax bracket of 25% tax bracket, and effective tax rate could be lower by 3%. 26% may come down to 23% for the next year. These are the few data points which I wanted to share, and then we leave it to you for asking all the questions. Thank you, Arun. Participant, now you can ask your questions. You can ask your questions. Please, click on the Raise Your Hand so that we can unmute you, and you can ask your question so that everybody is able to hear you. First, we have Mr. Mohit Jain from Anand Rathi Securities. Please unmute him. Mohit? Yes. Sir, one is on GeM. So you spoke about INR 2.5 million revenue shortfall in this quarter, because we lost 15 days- Yeah. ...towards the quarter. Yeah. Right. Should we like, for finding out or normalizing Q4 revenue and impact- Yeah. ...2.5 is the recurring rate that we should assume and for the full three month impact? That's a 2.5% reduction from that perspective, so the remaining banking business, other businesses, grow on to that level to compensate for making INR 635 crore revenue. INR 635 crore for the- Total quarterly revenue is INR 635 crore. $2.5 million, INR 20 crore shortfall in the GeM revenue. Right, but this quarter you will have full three-month revenue impact, right? Yeah. In Q4. Q4 will have full. That will be close- Full three-month impact will recover through growth in other segments. That's right. That's right. That's right. Okay. And, sir, second was related to the margins. Now that our margins naturally will improve, as you have mentioned in the press release earlier as well, GeM was not a highly profitable business. So does that change your outlook or guidance at the EBITDA margin level? Sure, that will change, but it will go back to 3% or more, but like to come closer to 25% levels, EBITDA margin may come up. Okay, so now we should be closer to 25%. So I was just comparing, sir, 22 versus 25, so that time also, we were at 25 odd% levels at the EBITDA level. Yeah. So naturally, if you're talking about high growth and without GeM, should I build in 1%-2% from there on, or do you think 25% is now the recurring margin for the company? Let's see. I know you want to push the agenda, but yeah, it will be 25%+. Yeah. 25% plus for now. Okay. And sir, lastly, for the full year, is there any outlook without GeM? Like, where are you headed? Because there's some momentum on the product side. What I've just mentioned, only one quarter is left. If it's currently $76 million, if- No, no, what I mean to ask was like from a 12-month standpoint, like, from a growth standpoint, are you seeing some acceleration, steady state, any outlook there? The overall is looking good. [Malla], the funnel has improved. Now, INR 8,000 crore is our funnel size from INR 7,500 crore. There are more Destiny deals, 79 Destiny deals are there, which we are pursuing right now. So- Right. There's a more structured approach, which is happening over here. But now LTM revenues, we are sustaining consistent. Quarterly is always ups and downs may happen. Right. So LTM, we can take as a trend and move forward- Yeah. Right? Yeah. Yeah. Thank you, sir. Thank you, Mohit. Please click on Raise Your Hand. Please click Raise Your Hand in case you want to ask a question. In case you want to ask a question, please raise your hand. Next, we have Mr. Ravi Mehta from Deep Financial Consultants. Please unmute him. Ravi, you can unmute yourself also. Yeah. Thanks for this opportunity. I just wanted to understand this bit on the GeM that, since we had a shortfall on GeM, but when I see sequential dip in the cloud revenues, it's even more. So is there something apart from GeM that has also hit us, particularly in this quarter specific, and we can get back to the, you know, earlier run rates? The platform revenue for this quarter, I'm not seeing. So we were tracking INR 140-INR 145 crore, kind of a run rate for at least two quarters, and I believe cloud is sticky. Now, if I remove the GeM part of it, I think still the number is a little lower in this quarter. So is there some one-off? There was a couple of one-off items included in quarter two, and that is where you are seeing some dip from 147- 111. That's what you are mentioning. Yeah. Yeah, yeah, yeah. Beyond gen, yeah. Oh, okay. So what could those be, like another INR 10 crore-INR 15 crore? That is from some other customer. Okay. In related to SaaS and subscription. That was one time, and so, we included that in quarter two. Quarter three, it does not include any one time, so it just has the GeM. So when you look at the difference from quarter two to quarter three, and that's where you are seeing something more beyond GeM. Okay. Okay. Just one broader question. The kind of cloud deals that you've been clicking, just wanted to get some color that usually the understanding is as the customer keeps using more or adds more locations or branches, the revenue from the same deal will keep increasing. So just wanted to understand, to get some flavor as to whatever deals that you've been clicking for last two, three years, how those can grow without you adding any more deal to it, just those particular contracts, how can they grow in terms of revenues? Yeah. So those volumes grows in two, three ways. But, so there's a fluctuation in cloud also. So your first question is, why there's a reduction in the cloud revenue? Volumes do change quarter on quarter. Certain policy, some business, conditions are there which are, which are linked to the transaction or the, particular quarter, they have a more transactions on it. So let's say we charge for underwriting policy $X per policy. In one quarter, there could be larger number of renewals, second quarter, there could be lower number of renewals. So it's not, only growing larger, but looking from your perspective of asking the question between, cloud revenue. The forecastability of cloud revenue is, as of now, we are not too much, very, very, well, it's we are at early stage of the cloud revenue still. We are not that mature in the cloud revenue, where all the forecasting is there. So we are finding suddenly ups and downs are happening in the cloud revenue. But on a long-term basis, if you are looking at three-year picture or four-year picture, the two models we have on cloud revenue, we have a subscription-based revenue, which is a monthly subscription on the cloud, which is remain constant. So then that is much more predictable. The second revenue is on transaction-based revenue, and within transaction there is a percentage of the policy booked, and there's a per-transaction revenue. So the three models are there on the pricing, and those pricing also vary quarter on quarter. Okay. So the monthly subscription usually is the same amount? Yeah, monthly subscription is there. That's, that's the most stable. Okay. Okay. Currently, what numbers we see that has more of these monthly deals, or you're already getting those transaction-led negotiations? Mainly monthly. A lot of it is monthly, but transaction based is also there. Okay. There, there could be monthly plus transaction also. So all, all possible combinations are there. There is something called as a minimum commitment that will be recurring on a monthly basis. Okay. Beyond that, as and when the volume grows, we get that. Sure. One question I had on this eMACH.ai, the repertoire of 312 microservices I can see in this presentation. Earlier it was 280. Yeah. So, I'm seeing that number growing, so your APIs are almost same, 12-14. So wanted to understand that as you have to keep adding these microservices, probably using the same APIs, in eMACH.ai offering. So what kind of... Maybe any targets you have? Like, what kind of microservice you think, at some point you would be ready in the market? The 300 is a very large number of services, Navin. We keep on adding some 7, 8, 7, 8. So whenever we are going maturing, let's say if you have a lending microservice and we want to get to the mortgage, there'll be two or three microservice we'll add on the mortgage side. If you have wealth as a microservice, there will be another three, four can be added. So each product line can have, keep on adding few microservices. So this number of 312 is after one year. So when we looked at it last February, it was 285. This year it is 312. But API should have been more, I think the, there's some, error in reporting over here. There could be more than- Okay. -120, 1,020, 214. It should be close to 1,500 or so. Okay. The APIs. It should be, should have published that. And event also is close to 400 now, not 200+. Oh, okay. Okay. Okay. Thank you for highlighting. All this is probably happening at the same R&D budgets that we've been working with. That's it. And- That's it. Do we plan to increase that in... If you think to make this eMACH.ai offering more comprehensive, or as of now, whatever the annual budgets you've been highlighting, is good? As of now, seems to be okay, and budget-wise, because our codeless platform is reducing the effort for generating new products. So, so the on one side, we are increasing the output at the lower cost because of the Turmeric we are able to use and the AI IDX we are able to use and build the new products. So that's why the incremental quantitative investment which is there is coming the same cost as what we have budgeted for. But our investment in next year will be in area of market entry. So market entry investments will be what we need to plan for in 2024, 2025. Okay, okay. Just a bookkeeping, what could be the capitalized R&D number for this quarter? It's INR 35 crore. INR 35 crore. Okay. Thank you, thank you. I'll come back. Thank you. Thanks, Ravi. Next, we have Mr. Mukul Varma from Varma Associates. Mukul, please ask your question. Mukul, you're there? Yeah. Good evening, sir. Am I audible? Yeah. Yeah, yeah, Mukul, please go on. Congratulations on a good set of numbers. I have three questions. One is, on, what is the minimum amount of cash you think the company should, have? Like, as of now, we have INR 712 crores, post which you can look at the buyback option. That is number one. Number two is on the other income of INR 19 crores. So apart from the interest income, what else does that comprise of? And number three is, there is a note in our accounts that, we will soon be moving to a new tax regime. So will that kind of lower our taxes? This is what I wanted to know. And if yes, by what percentage points? Thank you. The other income comprises of two, three things. One, we have this treasury income, you know, out of our fixed deposits and others. And secondly is from the rental income that we have. And the third is some Ind AS related entries. Okay, so an Ind AS, as in Indian Accounting Standard related entries or the deferred interest. So these three are- Okay. The major components in other income. We had a one-time other income on the rental part this quarter. There was some settlement that happened, and it got cleared this quarter, and that's where you see some spike in this quarter on the other end. Correct. So what would that amount be? That would be about close to INR 7 crore-INR 8 crore. All right. Okay. The second one is tax. That is, Ind AS entry. In the tax rates. Tax rates, okay. Right. We are moving to a new tax regime in the next financial year. So we've been having MAT unutilized credit. So we would like to exhaust that by the end of this year, March 2024. And we'll be moving to the new tax regime because we worked out the cost benefit of, you know, either retaining with 35% or moving to 25, and we are much more beneficial in moving to the new tax regime. That is the note which you are seeing there, and it's getting carried on- Correct. Quarter-over-quarter. Yeah. So kind of, as of now, I see we are in a 26% net bracket. Yeah. So what would that then go down to? It will go down to 23%. Okay. 26% is across the globe, with standalone being 35%. Correct. When the standalone improves to some 25%, that will also come down. Yeah. Great. And sir, any thoughts on the buyback after what minimum cash balance you would consider rather than giving dividends? Yeah. I mean, I think this is a conversation happening in the board, so, we'll let you know as, as the board decides about what level of buyback, and obviously, that will be required at some point in time. So- Sure, sir. Thank you very much. Yeah. Wish you all the very best. Thank you. Thank you. Thank you, Mukul. Next, we have Mr. Nemish Shah from Emkay Investment Managers. Nemish, please ask your question. Please unmute him. Yeah. Am I audible? Yeah, yeah. Please, please go on. Yeah. Congratulations on a very good set of numbers. So just, firstly, one clarification on what you mentioned, for the GeM contract, and the revenues, in the Q4. So you mentioned, our Q4 revenues will be, similar to the Q3 number, after the GeM impact. Is that understanding correct? That's right. That's right. Okay. So then, if I have to just calculate, ex of GeM, revenues, for us, so then that implies a growth, sequential growth of about 18%-20%. So is that calculation correct? Yeah. If you look at it from that perspective, definitely that number would be of that nature. So because there was a one-off deal of what we mentioned, INR 30 crore deal last quarter, is continuing for this quarter itself. So that will be the carry-forward deal, which we'll get a benefit for this year, this quarter. Right. And three large deals that we signed this quarter, will that revenues also start flowing in from Q4 or that has already started? The revenue, whatever the deal I signed last quarter, has already been accounted for it. So some lag revenue can be further being accounted in this quarter. Okay. So, so then, are we anticipating some more deals to come in or, It's good enough. I think, what you're saying is around the same number is a good number for all of us. Right. Right. And, just, one more point was that if I have to just see our recent deal data that you provide, so, the average deal size has constantly been going up for us. So, if I have to see three years back, it was around INR 40-odd crore, and now it has gone up to like INR 53-odd crore-INR 55-odd crore. So incrementally, the deal size has been quite, it has been even more. So, is there anything to read into it or it's just natural price rise that we are seeing? No, I think this is a more transformational deal. When the deal, number of deals in the transformation space are there, the value of the average deal value goes up. So, and because when the transformation happens... So we are now participating with the eMACH.ai in more digital transformational deals than we are participating in a smaller product deals. So you- very good observation, Nimish, on this average deal value. Very few investors are looking into this. Right. Okay, I understand. Thank you, and all the best. Thank you, Nimish. Hey, hello? Thank you, Nimish. Next, we have Mr. Rohit Balakrishnan. Mr. Rohit Balakrishnan from iThought PMS. Rohit, you are there? Yes, sir, can I... Am I audible? Yeah. Yeah, please, please go ahead. Good evening, everybody, and a happy new year to all of you. Sir, I have a couple of questions. So you mentioned in your opening remarks that the journey towards Intellect 2.0 is sort of over now with the traction that you've been getting. So if you can just share probably how what kind of improvement in your strike rate of winning deals has happened in those geographies that you mentioned in Europe or in Eastern Europe or in Middle East? And if you can also talk a bit about our investment in the US and the Americas in general, Canada and with iGCB and iGTB. So next, maybe 8-10 quarters, how do you see that, those kind of the benefit of Intellect 2.0, the fruition of that in terms of your strike rate improving and also your investment in U.S. and Canada, how do you see that improving? I remember in the last probably 5-6 quarters back, you talked about us getting to that $100 million quarterly run rate. We are still a bit away from that, so if you can just maybe round it up and give us a view on that. Yeah. So, Rohit, maybe Manish, if you can bring it out, that what is the win, win rate? What is the impact happening in various countries since as of Manish and Rajesh both are in Canada today. So, Manish, would you just want to take this question on Rohit? Sure, Arun. No, definitely the win rate is improving significantly. I think there are three things in the, which I want to call out. I think Nimish said in the previous one. Because of our technology, eMACH.ai's recognition of it, the brand value consistently is going up. Each of these markets, if you see, we've got 6-10 banks in each of the regions. Some markets, we've got 8 out of top 10 banks. So that brand recognition is growing. We've all known that, as you move towards the leadership journey, everyone else wants to join that journey, and with a stronger brand recognition, this is growing. Both Rajesh and I are sitting in Canada right now, and we were in U.S. before. There's a lot happening here which we are, we need to add to the distribution to be able to get to the coverage. Hopefully, in the coming quarters, we can share a lot more over there. There are market movements happening. There is vacuum getting created with some players, having financial challenges and troubles and having legacy technology. So this is where, with the technology investments we have done, we're looking forward to expanding on the distribution and replacing some of these players. Working with number of SI partners, both Rajesh and I have been this whole week having multiple discussions with four, five large system integrators, and some of them actually have also started tweeting on LinkedIn, if you would see there, of how they are excited- Yeah -by us coming in this market. So I, I would say, we're seeing good tailwinds. We need to capitalize it by expanding distribution. The product maturity and strength is already recognized. In North America, already six of the top ten banks work with Intellect, and we should share something more soon. Sure. So that journey towards INR 100 million, is it? I mean, what do you sort of see on a quarterly basis? I mean, how far you think you guys are away from that? Because we've been talking about it for a while. There are- Yeah. There are two things to in your question. First of all, offsetting the GeM, which was a significant revenue, we're already saying that in quarter four we'll be able to offset and make it neutral. So that demonstrates the growth. I think the second thing Arun has said it consistently now for last 14 quarters, and the track record also shows, we're continuing to say that we will want to grow around- we'll design the business to grow around 20%, and we would want the financial profit to be between 25%-30%. So take that as a guidance. We have, we have to rebuild a vacuum created by an account. We're sad to lose it, but from a financial perspective, you've seen already from a profitability perspective, it will improve the profitability. Sure. Thank you. Thank you very much, and all the very best. Thank you, Rohit. Mr. Mukul Verma, once again wants to ask a question. Mukul, be brief, there are other people also. Please unmute, Mukul. Yes. Hello, sir. I just wanted to know that on the Destiny deal front, I had a look, deals above INR 50 crores, we have won all the five deals what were put up, and INR 30 crores-INR 50 crores also, we have lost one, one, two. But on the lower deals, we have a loss ratio is higher. So is it that on the higher deal fronts, we have less competition and we are getting more traction there, and on the lower deals, like, there is price competition and that's why we are losing? How does that- How should I look at it? Good observation. I think our focus is there on Destiny deals, so, Rajesh, Manish, we all focus on those bigger deals, and we should do good learning from this data, that, those mid-sized deal need to get that same kind of attention from us, maybe. So, so we've not lost too many deals in a lower quadrant, but we've not pushed that agenda. So I think that's where there's an opportunity for us to, drive a higher push on. Sitting with... Because sometimes deals get closed when you are sitting next face-to-face with the customer, and that bandwidth becomes an issue to sit in front of the customer, so we are using that bandwidth for, between INR 50 crore and INR 30-INR 50 crore bracket more than we are using in less than INR 20 crore bracket. Okay. So we need to spend that time. So sometimes- And sir, since now that we have, we do not have GeM with us, so is the team which was handling the GeM function put to a different use, or we have, like, done away with them, and how does it? There we are looking now to use. We opened an office in GIFT City as well, and- That's right. So this team is working on a same need we are experiencing in direct to corporate and procure to pay area, because corporate procurement portals are also not there, so we have looked at the market. The government procurement portal outside India, the state government are also looking state on a pro-portal. So those are, that is a place where the this current team. Because technical team was not that big. The other team was, operation team was larger, which we, which was outsourced anyway, so we have let go that team. And technical team is working on direct to corporate as a fourth LOB, which will take some two years to shape it up in com- in that, in, in this area. The two products which are there is APX and CPX. APX is the accounts payable exchange, which is a Magic Invoice end-to-end processing. And CPX is corporate procurement and GPX is government procurement. So these three product lines will be building it up in this, by this team right now. Thanks, sir. Adding to what you said, Mukul called out that the GIFT City, we are opening up our AI center, which you called out in your initial. That's where the excitement is going forward. Through GIFT City, we will be distributing our AI products. Great, sir. Great, sir. All the best. Thank you. Thanks, Mukul. I request anybody who wants to ask a question, please raise your hand. Please click on, Raise Your Hand. So as of now, I think Ravi wants to ask one, one more question. Ravi, please quickly ask one more question. Yes, sir. Ravi Mehta? I think he has left. Ravi, you can unmute yourself and ask the question. Well, I think he's not there, looks like. Okay, so if there's no question, I think, Rajesh, if you want to just brief about... Fine? A few more questions. Rajesh is there. Are there more questions? Yeah. Okay. Please go ahead. We have now, Mr. Chinmay Nema from Prescient Capital. Chinmay, you are, in case you are there, please unmute yourself and ask the question. Hi, sir. Yeah. Hi, sir. sir. Yes, sir. Good evening, and thanks for the opportunity. Could you share the total number of deal wins in Core Banking for the nine months? Deal wins from Core Banking. Yes, sir. Can't hear. We can't hear Chinmay? Chinmay? Uh- Can you ask again? Sir, could you share the total number of deal wins in Core Banking software for the nine months? Rajesh, would like to share? Yeah, sure. Core Banking and some color also on Core Banking. How is the market evolving? What is the competition evolving? So just take... Sure. So I think, first, from a market perspective, we are seeing some traction in core banking transformation deals. We are seeing many more opportunities come up, and in the markets that we operate, we are seeing some good opportunities coming up. I think, last quarter, we worked on this deal for more than two years, and this is the OTP deal that we announced last quarter, as was mentioned earlier. Right now, it's a two country core banking, lending, complete digital transformation, but it has a potential of being a 12-country rollout. So that itself is, for us, a very large deal. And let me talk a little bit about competition, how we went through this process. So it was a very rigorous process that we went through. It started with a long list of about 21 vendors who were called for this, and from 21 vendors, they shortlisted to three, the last three vendors were Temenos, Thought Machine, and Intellect. Through a very rigorous POC process, demo process, functionality perspective, we were able to cross the line as against Temenos and Thought Machine. That's something that we are seeing. We are seeing in certain markets, mostly Temenos and Thought Machine and Intellect in the final three. Some we win, some our competitors win. We also saw some very good traction in Pacific Islands. We actually, in the last nine months, have announced three large core banking deal transformations. There, we have won most of these deals against Oracle, Flexcube. Very good traction. What is really happening in the market is architecture is becoming a very important consideration, and the kind of work that we have done in the last six quarters, especially on eMACH.ai, where now our APIs are very fine-tuned, we have very good microservices, documentation, et cetera, is really helping us in this process. Because in most of these markets, Temenos and Thought Machine are spending much more marketing dollars than we are spending, and they have a head start from a brand recognition perspective. But in spite of that, Intellect coming in and being able to win deals against them, I think is creditworthy. It talks about our architecture, it talks about the good investments we have done, and it also talks about, well, about our people. I think all factors are coming together from a tailwind perspective, and that's why I think Arun mentioned that we are seeing good traction from a core banking transformation perspective. In nine months, we would have won seven deals in core banking? Yeah. Is that right? We would have won seven... I think, I don't remember offhand, but I think it's either seven or eight deals we have won, Arun. Yeah. Thank you, sir. That, that was really helpful. If I could quickly ask one more question, if that's all right? Please. Sir, I just wanted to understand. So, from what I understand, there are two types of core banking softwares. One that address to larger banks which have CASA accounts, and there are other softwares which cater to NBFCs, which do not have any retail presence, which do not have any CASA accounts and any liability franchise. So I just want to understand, our software pertains to caters to the first category, right? That's right, yeah. All right. Yeah. Thank you so much. Thank you. Thank you, Chinmay. Next, we have Mr. Rahul Jain from Dolat Capital. Rahul, please unmute yourself and ask a question. Yeah. I hope I'm audible. Yeah, yeah. Please, go on. Yeah. Firstly, you know, just to understand, what kind of fixed cost saving we would have from Q3 going into Q4, that we may not incur because of this termination of the contract and also any headcount-related saving that you just alluded to some time back? It's a part of the margin improvement, so not specifically looking at what is the quantum of the amount. It's about overall, there'll be reduction total cost, which is currently INR 503 crore. There'll be reduction from that cost by in the Q4. Okay. Okay, then, moving to my second question, what is the kind of pipeline you see on the implementation side of the business? Because, if you see on a TTM basis, our license growth has been around 20%, but the implementation pace is around 6%-7%. So, what is causing this? And, is that a good tailwind going into next calendar fiscal? That's a good sign, no? So it... We are implementing at a lower cost to the customer, so it is an edge where we would like to see that implementation cost comes down, and so that it's a competitive edge if implementation costs are lower, because it will deliver faster at lower cost. So, are you trying to say that, the current, we don't carry any extra, pipeline, from the wins that we already have? It's a normalcy of the run rate of win and implementation, which is going on. It's just that maybe the third-party component or the total value of the implementation in the deal value has reduced, which is causing this disparity between the growth of two item. The disparity, there's no disparity. I think implementation revenues are not growing at the same pace as license and AMC revenues are growing. So that's a conscious decision on looking at it, implementation revenue. So my licensing revenue is improving. Got it. I think Manish wanted to add something. Yeah, yeah. Two things. One, license and license- linked revenue is growing, you're transparently seeing that. Second, with eMACH technology, you are seeing our efforts to implement are reducing, where we're giving the margin, we will be helping the customers execute faster, which we have also shown in the track record. I think the third equally important aspect, like you're seeing, our wins quarter on quarter are increasing. That means the forward order book is there for implementation. It doesn't mean a forward order book for implementation is gone. Yeah, I mean, that's the last line which I was actually looking for. Thank you for that. No, as we sign more, it is more coming through. I mean, future, of course, yes, but also for the recent past traction, there must be something which is sitting to be executed. Yeah, we just announced these three large deals. If you see today with Indian Bank, with a bank in Kuwait and OTP Bank, they're fairly large size deals, so there's fairly large implementations in there. Got it. Thank you, and best of luck for the timing. Thank you. Thank you, Rahul. Next, we have Mr. Vivek from Bestpals. Vivek, please ask your question. Am I audible, sir? Yeah, yeah, Vivek. Please go on. Yeah. Arunji, can you elaborate on the partnership, especially with Microsoft? So last years we spoke about the consumerization of corporate banking and how we will take it up. So can you throw what is the status there or how, how is it shaping up? Manish? Microsoft, Accenture, these two partnerships are going very strong. There's a number of things, like I shared and announced with Microsoft, is jointly investing for us to build our iGTB Copilot, which is the assisted AI user journeys. We'll be working on a number of POCs. Along with Accenture also, we are now, we won a joint deal in Asia, which is going through implementation, and it's getting templatized along with them. I spent early this week along with them, and we're putting a template out to take that forward. So these two partnerships are definitely showing us good positive signs and a good funnel along with them right now. We're also nurturing along with a couple of other large SIs. So the brand is getting recognized. People are actually inviting us and calling. Rajesh and I are sitting in Canada, where another large system integrator invited us to take certain offerings into the market. Those are very, very positive signs. You'll continue to hear on this in calendar 2024 a lot more. Thank you. Thank you, Manish. Okay. Any other questions? Yeah. Please, in case you want to ask a question. If we can close the call, I mean, if there's no more question. There's no question. Yeah. Thank you very much for attending then. Yeah. Thank you. Thank you. Thank you very much for attending our call. In case anything else is there, please do write to us. Any questions are there, follow-up questions, we'll be replying you. Thank you for attending today's call. Thank you. Thanks, everyone. Bye. Bye.