Good day and welcome to the Latent View Analytics Limited Q4 and FY25 earnings conference call. As a Good day and welcome to the Latent View Analytics Limited Q4 and FY25 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Asha Gupta from EY LLP. Thank you, and over to you, ma'am. Thank you, Manav. Good evening to everyone, and welcome to Q4 FY2025 earnings call of Latent View Analytics Limited. The results and presentations have already been mailed to you, and you can view them on the website www.latentview.com. In case anyone does not have the copy of press release or presentation, or you are not marked in the mail, please do write to us, and we will be happy to send you the same. To take us through the results today and to answer your questions, we have the CEO of the company, Rajan Sethuraman, whom we will be referring to as Rajan, and we have the CFO of the company, Rajan Venkatesan, whom we will be referring to as Raj. This is just to avoid the confusion while doing transcripts. We will start the call with a brief update on the business, which will be given by Rajan, and then followed by financials given by Raj. As usual, I would like to remind you that anything that is mentioned in this call that reflects any outlook for the future or which can be construed as forward-looking statements must be viewed in conjunction with the risks and uncertainties that we face. These risks and uncertainties are included, but not limited to, what we have mentioned in the prospectus filed with SEBI and subsequent annual report that you can find on our website. Having said that, I will now hand over the floor to Rajan. Over to you, Rajan. Thanks, Asha, and thank you all for joining the Q4 and Year-End Investor Call. I wanted to use this opportunity to give a bit of updates and highlights about the quarter that's gone by, as well as the full year, and then also talk through what we have planned for the next year and for the next three years as well. Firstly, Q4, I would say, was a reasonably good quarter, given the context typically that surrounds Q4 for us, it being a slightly slower quarter in comparison to the other quarters, given the decision-making cycles of the client organizations that we work with. Most of them tend to finalize projects around this time frame, and then we tend to pick up the pace from Q1 onwards. That, plus the general economic uncertainty that got introduced in Q4 on top of what was prevailing right through the year, meant that Q4 was challenging in many ways, but we are very happy to report the quarter-on-quarter growth at 1.6% that we were able to show in spite of this background and context. Overall, for the full year as well, if you recall, we had originally provided guidance in the range of about 18%-19% growth, and we were happy to see a bit of an uptick on that when we ended the year coming in at about 22% overall in comparison to the previous. This is just the organic growth that I'm talking about. Of course, we did get a kicker on top of this because of the acquisition of Decision Point. I will cover what is happening on the Decision Point acquisition and the impact of that on the financials and the market outlook, a little later during my talk. You would have seen the press release and the highlights that we have already shared as part of that. I will talk about a few other things here that will give you a little bit more perspective on what's happening in our context. First off, we are very happy to see the kind of traction in terms of the new logo additions that we were able to do in the last quarter. We were able to add seven new logos, and a couple of them were sizable engagements upwards of $500,000, even at the get-go. We were also able to revive three accounts that we used to work with, all of them good, strong, potent number type of companies in multiple spaces, one of them in the retail space, one of them in the CPG space, and one of them in the financial services space. We were able to get traction back in these accounts, and that kind of gave us an indication of the confidence that some of these stakeholders and clients have that they bring us back in for specific engagements and opportunities that they come by even if the macroeconomic environment itself is sluggish. Secondly, we saw a good uptick in the work that we are doing in the space of GenAI and Agentic AI. I mean, I've talked about this in the past calls. We did the number crunching on this, and we saw that in the last year, the GenAI work that we have done out of the total quantum of work amounts to about 8%-10%. We're still getting some of the specifics sorted out, but it's a fairly good amount of work that has happened where we have leveraged GenAI or Agentic AI components in the delivery of the work. Many of them are solutions that we have built, and these solutions now incorporate a GenAI layer or they are pure GenAI solutions in themselves, and we have seen good traction for these in the market. When I look at the next year, we see about 16% of all opportunities confirmed plus open conversations in the GenAI and Agentic AI space. This is important because there are certain initiatives that we are keeping up in relation to them, and I'll come to that in a few minutes. Overall, really good traction on the GenAI and Agentic AI front. The other area where we were able to really move the needle in the last quarter and in the last year in general is the partnership with Databricks. We have seen significant traction in terms of the leadership interaction and connect. There have been two events that I have been a part of in the last one month itself, one in the U.S. and one happening recently in Bangalore, where I was able to also meet with fairly senior leaders from Databricks on the partner side, on the go-to-market side, and from the sales side, and move the agenda. We are also going to be a part of the Databricks Summit that is happening in June, and I'll be traveling for that to the Bay Area. At this point in time, we have 25-plus joint customers where either we have been working with them and we brought Databricks into the mix, or else they have brought us into the mix. There are multiple instances where we have done a full implementation, or we have delivered business use cases on top of the Databricks implementation with the clients that have already done. We now have almost 250 people who are certified. We have four partner champions who have been recognized by Databricks, and we recently got included in the delivery partner program as well, and we got included for their professional services partnership program as well. Wherein the elite trader that they have within Databricks, which does the initial upfront consulting on how to set up and configure, and what components are required, they will bring us in where the bandwidth that they have is insufficient, and they need similar consulting help for the clients. One of our solutions, AI Penpal, is also now available as part of the Brickb uilder Accelerator, and we expect more of our solutions to become a part of the suite in the coming months. Overall, really good traction on the Databricks partnership, and again, I'll touch upon this in terms of what we intend to do going forward. One other area where we saw some good momentum was on the nearshoring opportunity that we have been pursuing. In the last year, I think, I mean, much of this started in the second half of the year. We now have a dozen-plus people that we have been able to staff in nearshoring roles and opportunities in Canada and Mexico. We recently hired somebody who's going to be heading up this nearshoring opportunity from a talent acquisition and staffing standpoint, and we will be building on this in terms of offering this as an important value proposition for our clients. I'll now turn my attention to what we are looking to do in the coming year and in the next three years. Those of you who attended our investor conference earlier in the last year, and maybe I might have mentioned this in the last investor call as well, you would remember that we are looking at a doubling of our revenues from $100 million to a $220 million kind of revenue target in the next three-year time frame. We are on track for that in terms of the internal preparation that we have been doing. There are three important initiatives that I will be personally driving in terms of making sure that we are well-positioned for getting to that mark, of course, with the support of the entire leadership team. The first of them is the identification of a set of focus accounts, which we believe will give us the biggest jump from where we are to the revenue target that we have for a three-year time frame. We have identified about 25-plus accounts. Many of these are accounts for our clients that we are already working with. Some of them are more nascent and recent accounts, but we believe that they all offer huge potential for growth, and there is enough opportunity space that we can go after in these accounts. On the back of identification of these focus accounts, the intention is to double down more on expansion and growth and cross-selling opportunities within these accounts. While we will continue to look at new logo and new account acquisition, the bulk of our effort will go towards growing accounts where we believe there is a lot of potential. We will have a growth team, and that growth team will focus on new logos, but we will also be investing a lot more on the account mining and the growth of the existing focus accounts that we have. More additions to client partners and account managers and account leaders is in the offering, and we are already doubling down on that. The other area is the takeaway from the point I mentioned earlier related to GenAI and Agentic AI. We have been building and we have been deploying these kinds of solutions for our clients for the last 18 months, but right now, given the traction that we see in the market and the opportunity, we have also decided to set up a center of excellence around GenAI and Agentic AI, which will be specifically focused on a few aspects. One of them would be to act as a core team of experts, subject matter experts around the technical and the algorithmic aspects of GenAI and Agentic AI, and provide the necessary expertise and solutioning input to all the kinds of problems that we take on. Our second objective would be to put our arms around the GenAI and Agentic AI solutions that we have already built from an engineering perspective and ensure that the engineering layer within these solutions continue to evolve with the changes that we are seeing in the market. A third and a more important aspect would be to make sure that we are at the forefront when it comes to the R&D and the experimentation that is required in the space so that we are able to cut through the clutter and offer clarity for our clients in choosing from the optionality that will be available for them, whether it is a data layer, whether it's the LLMs or reasoning models, or whether it is the Agentic AI components that will be necessary for them to craft the enterprise-scale solutions that they need to deliver on the business cases. In addition to that, this team will also help in terms of advancing the line on using GenAI for our own internal productivity purposes. One very important area that we have identified is how do we support our sales and presales team through the use of solutions that we have built for our clients, but which we can now use internally, not only in terms of analyzing data and content so that we are able to come up with the right kind of messaging, but also in terms of generating the content, which can be directly utilized as part of proposals and pitch documents. A third area of focus for me is the Databricks partnership, and I talked about this earlier in terms of the traction that we are getting. The intention is to go, I mean, triple the number of people that I mentioned earlier, 250 certified people. We want to really go aggressive in terms of building out the Databricks capability. The expectation is that in three years from now, when we are at the $200 million mark, more than $50 million of the revenue will be coming from Databricks. Our interactions with leadership from Databricks indicate that they have seen similar kinds of opportunity in the market. They are looking at growing upwards of 50%-60% year -on- year, and therefore, there is plenty of potential, right, in terms of what needs to be done in the space. We believe that we can be a significant partner, right, in that journey. Overall, I would say that we are on track in terms of the thought process and the initiatives that we have kicked off in line with the $220 million target that we had for three years. The board has been updated on these initiatives, and they are backing us in terms of taking a more aggressive approach in terms of front-ending investments when called for so that we are well-positioned and prepared in terms of what needs to be done. One other area where we also need to make sure that we are up to scratch is on the talent front, because all this will mean that we need to not only bring in new talent that addresses all the skill requirements and opportunities, but we are in a position to upskill the people that we already have as well. A lot of the upskilling will be centered around the data engineering Databricks partnership and the GenAI type of work that I talked about. From a hiring perspective as well, we are looking to double down on fewer campuses, build stronger relationships, open up undergraduate hiring in the U.S., for example, and also improve the internal process of rotations so that we are able to free up experienced people for the challenging new engagements that are coming our way. Overall, I would say that on the back of all of that, there is reasonably good confidence in terms of the three-year trajectory. Coming to FY2026 itself, at this point in time, I would say that we have good visibility and confidence for an 18%-19% revenue growth. The current book of confirmed work, plus the high probability extensions already, is more than the $100 million mark, more than what we have done last year. On top of that, the current pipeline, the rated pipeline, and the confidence on that opportunity will take us to the 18%+ growth that I just mentioned. There is a pipeline that we are building out on top of that. The intention is to get to a 25%+ growth mark from a revenue standpoint while maintaining margins at the 23% EBITDA level for the upcoming year. There will be a bit of a dip in the first quarter and maybe a bit in the Q2 because of compensation and other corrections that we typically make in Q1, but we believe that we'll be able to pull back from that so that for the full year, we will be at the 23% EBITDA mark that we have achieved in the last year. The deal pipeline at this point in time, I mean, as I said, I mean, we are seeing strength in certain pockets. I would say that consumer goods and maybe retail down the line could face some challenges because of the tariffs and the other uncertainties surrounding that. We are not hearing much news, otherwise, from the other clients in the other sectors, namely technology or e-commerce, or even BFSI. We are hearing initial murmurs, namely from the CPG and from the retail space, and we believe that this is something that we'll have more clarity on as the tariff-related uncertainty is resolved in the coming months. I just want to spend a few minutes also on the Decision Point acquisition and how it has been going. We have seen that the revenue has dropped in Q4 for Decision Point in comparison to what we were originally planning to achieve on the trajectory that we were shooting for. A couple of reasons for this. One is due to a few accounts where we saw a change in the decision-making regime on the client and the direction that they have taken, right, in terms of how they are setting up their initiatives. We are in conversations with the new set of stakeholders there, and we have been seeing some signs of revival in those accounts, but we do need to do more work on that front. This is one of the key reasons. The other reason is the general downturn that is being seen in the consumer goods space. We have seen this not only in the Decision Point accounts. We've also seen it in the accounts that we have been working with in terms of our consumer goods practice. In general, there is a little bit more tentativeness when it comes to new initiatives, and things have been taking a while in terms of getting new initiatives underway. As I said earlier, the current tariff-related uncertainty will continue to pose challenges as far as the consumer goods space is concerned, and we need a few more months and quarters to understand how this is going to play out and how we will position ourselves. What is heartening, though, for me is the extent of interaction, integration, and collaboration that's been going on between the Decision Point team and the Latent View team when it comes to the consumer goods practice. I've made a reference to the near-shoring opportunities in Canada and Mexico. Mexico was a new market, and this has been made possible by the interactions with the Decision Point team. The account plans that we have drawn up for the next year and for the next three years and the focus accounts that I mentioned, these are all joint exercises that have been done between Latent View and Decision Point, and I believe that we are now able to bring the full spectrum of all of the capabilities and solutions that we have to offer when it comes to consumer goods companies. We will be expecting that the upcoming year will be a better one for us, but going into the Q1, there is still the sluggishness that we sense as far as the consumer goods industry is concerned. Otherwise, I think we have the confidence that we are getting off to a good start in this year, and the trajectory will get better as we go along, hopefully, as some of the external uncertainties are resolved. Yeah. With that, I will pass it on to Raj to touch upon the financials a bit more. Thanks, Rajan, for the—I think you presented a fairly detailed note of the performance and also the outlook, and I'll keep it a little shorter than usual and give you maybe a sort of quick overview of the historical performance, and then we can open up Q&A. In terms of, I think, the last year, which is FY2025, I would say the key highlights for us as an organization were we ended the year with two of our big accounts going past the $25 million mark in terms of revenue for the year, which is, again, a big milestone. As an organization, we went past the $100 million mark. This is, of course, with the Decision Point result for nine months consolidated with 12-month results of Laten View, but it was an important and significant milestone for us to achieve, and this happened within three years of us going public. Again, it is a landmark event for the organization. The one other aspect that Rajan touched upon briefly, which was, again, heartening to note, was a few of the accounts, specifically some marquee Fortune 500 logos that we added in the Q4 of FY2025, were logos that we've done work with in the past, so they've actually come back to work with us, and each of these accounts have the potential to go on to be multi-million dollar accounts. That was a big positive. On the margin front, I would say strong fiscal discipline, along with, I would say, some level of rationalization that we did on the go-to-market side as far as Europe was concerned, ensured that the EBITDA number that we delivered on a full-year basis was well within the guided range. Earlier in the year, we had guided the market that on a full-year basis, our EBITDA will be in the range of 23%-24%, and for the full year, on a reported basis, our EBITDA was 23.1%, and on an adjusted basis, it was 23.8%, right? That's again pretty—or 23.7%, I'm trying to correct it. That was heartening. In terms of the sectors, again, while tech continued to be the dominant and strong vertical for us, the other heartening, I would say, plus that has emerged in this year is the strength that the financial services practice has demonstrated, where we've grown in excess of 60% on a year-on-year basis, and we exited the year with revenues of close to about $10 million for the vertical. As we continue to build the revenue base for FY2026, we are fairly positive that financial services will be one of the key contributors for the revenue growth that we plan to achieve. In terms of just the outlook itself for the next year, Rajan spoke about the fact that we are, at this point in time, looking at—we have visibility for a growth of close to about 18%. I'm again happy to report that we closed the year with an order book plus extensions because, again, the nature of the contracting that we typically enter into is our contracts are between 6-12 months, but of course, there's a fair degree of renewals, or I would say high degree of renewals that happens in our order book. The total order book that is put together, plus the value of the high-probability extensions, is close to the revenue that we have clocked in the last year. That gives us the confidence that we are starting the year on a strong base, where we've already stitched together revenue that was equal to the revenue that we delivered last year. These are all the positives, I would say. On things that I think probably are, I would say, did not go as per plan, or at this point in time, we see some bit of weakness, is Rajan spoke about the CPG vertical. This is, of course, CPG after the acquisition of Decision Point has emerged as the second-largest vertical for us, and you would all recollect that end of last quarter, the CPG plus retail business was close to about 19% of our overall revenues, whereas for this quarter, CPG and retail contributed close to about 15% of our overall revenues. The decline, I would say, was largely led by, I would, one, two, three. Traditionally, it's a fairly strong quarter for the Decision Point business because a lot of the contracts that they sign up have to be executed and delivered before 31st of December. In some sense, Q3 is always a strong quarter, and Q4, which is Q1 of the calendar year in the U.S., is typically a weaker quarter because clients are still sitting on the fence in terms of what initiatives they need to run for the year, and budgets typically are not released before the end of Q1, right, which means that the executable order book that the CPG business has typically for Q4 is much lower, and that is what resulted in lower revenue for us in Q4 for the Decision Point business and also for CPG on an overall basis. That also meant that while our organic business grew by about 4.4% on a sequential quarter basis, the softer result at Decision Point meant that at an overall level, at a company level, we grew by about 1.9% for Q4. The EBITDA for the quarter on an adjusted basis came in at about 24.4%. This was against a 26%-plus EBITDA that we had delivered on an adjusted basis for Q3. There were two big reasons as to why we had a little bit of a contraction in the EBITDA margins. One was there were a few high-margin projects that we had executed in Q3 of FY2025, which we've also put this down in the EBITDA margin bridge that we've shared in the investor deck, so please take a look at that. That was one reason that the margins in Q3 were relatively higher. The other factor is that there were higher cyclical visa costs that typically get booked in Q4, and as a result of the lottery announcements for H1B cap, and those costs were booked in Q4 of 2025, and that meant that on an adjusted basis, the EBITDA margins for the business fell by about 1.7% on a quarter-on-quarter basis. However, we are happy to report that on a reported basis, and reported basis basically does not include the impact of—sorry, it actually includes the impact of the acquisition-related retention bonuses that are payable to the Decision Point employees. After adjusting for or after considering those expenses, our reported EBITDA for the quarter expanded by about 1.6% compared to the immediately preceding quarter. The EPS on a full-year basis, we are happy to again report that even in a year where we acquired Decision Point, and despite the incremental charge that came in from amortization of intangibles related to the acquisition, we were still able to deliver a 9.3% growth in the EPS on a full-year basis. That was a positive outcome again for the business. Lastly, we end the year with a healthy cash balance of close to about INR 11,050 crore on a consolidated basis. Our employee base as of 31st March stood at about 1,550 employees, which meant that we had a net addition of about 27 employees in the most recent quarter. With that, I'm going to be closing my session, and then we can open up for Q&A. Over to you, Asha. Manav? Yes, Asha. Yeah. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. We have our first question from the line of Vimal Jamnadas from Alchemy Capital Management. Please go ahead. Yeah. Thank you very much for the opportunity, and congrats on good execution. It's a very tough environment out there. Also, thank you so much for the detailed presentation. Very well covered, indeed. Sir, just wanted to get a sense on 18%-19% growth on an overall basis in such an environment seems to be extremely good, if I were to put it mildly. Just wanted to get a sense because what we believe and what we've heard is that mostly the high-tech companies would be forbidding a lot of their investments in newer products and services before they have a certain amount of clarity as to how the economy shapes up, etc. In this kind of an environment, what are we building in from our largest vertical? That is point number one. Secondly, what are you seeing in the overall environment X of the high-tech vertical, that is financial services, etc.? What are we seeing there in terms of discretionary spending? Our peers are clearly looking at a lot of weakness, especially in the next couple of quarters. Are we looking at a soft couple of quarters and then probably acceleration afterwards, or how should we think about growth anyhow? Yeah. Hey, Vimal, thanks for your acknowledgment and your wishes. From a commentary perspective, that we are hearing from the clients and prospects, as I mentioned earlier, we have heard concern in the consumer goods vertical and to some extent in retail, industrials, which includes automotive products, right? We have again heard concerns related to tariff and barriers, but we have also been seeing how that environment has been evolving or changing so rapidly. I think only earlier this week, some relaxation on tariffs related to auto industry and components was announced. We will have to wait a bit more for clarity, right, as far as those verticals are concerned. You are right that our largest vertical, right, when it comes to technology, we have not heard any concerns related to the tariff uncertainty, right, or in general, the uncertainty that is being talked about on account of the change in regime, right, and the new way the U.S. government is approaching it. If at all, anything, I have heard a lot more positive news in the last visit that I did. I was able to attend the Google next event in Las Vegas last month, and there was a great degree of excitement and optimism about the new possibilities, right, in terms of what one can do with AI, GenAI, Agentic AI. Agentic AI was featured so much in all the days of the conference, not just by Google, but even by multiple partners, organizations that they work with, with clients who are utilizing the Google environment. There seems to be a lot more excitement about the new possibilities that are being introduced by the rapidly evolving technology rather than the uncertainty that might be resulting, right, from the tariff and other concerns. It is still early, I would say, to conclude one way or the other because some of these things it takes time to percolate down. For example, if the auto industry and the consumer goods and retail industry were to suffer similar substantial setbacks, then I am sure that there will be a ripple effect onto technology spending by those industries, and in turn, it could have an effect on tech companies as well. At this point in time, we are not hearing anything from them. The same goes for banking financial services as well. In fact, in the last, I mean, last quarter, one of the accounts that we won, as I mentioned, was in the BFSI space, right, upwards of $500,000, and with potential to grow to $2 million. We reacquired another account in the BFSI space in the last quarter, and only this morning, I received further news that that engagement is expanding and more work is coming our way, right from the client. In general, it's been fairly positive as far as the interactions are concerned. I think there is a good amount of excitement when it comes to GenAI and Agentic AI on the BFSI front as well. If I take last year, there were quite a few projects that we have executed utilizing GenAI capabilities for clients in the banking, financial services, and insurance space, and there are more conversations underway at this time. One other thing that I would like to bring up here is that typically, I mean, Raj and I mentioned earlier, right, that the confirmed book of work that we have and the extensions that we have, they are already stitched up for the next year, and that is already more than the revenue that we have done for last year. This is largely on account of the fact that the ongoing initiatives are fairly critical and important, right, for the clients that we are working with. We do not see any kind of erosion happening on the front at all. Therefore, all the effort that we are putting in terms of expanding the funnel, the opportunity pipeline, and then going at it, that is what is giving us the confidence, right, on the 18% minimum revenue growth, right, that I talked about earlier. Of course, this is all subject to no major disruption, right? I mean, we have, I don't know, military situation, conflict situation, even in India at this time, right, potential, and then this tariff thing is still looming large. Hopefully, some of these tensions will get diffused, right, and there aren't any major disruptions. Barring that, I feel that the trajectory should improve as we move forward into the year. Hope that addresses the points that you have. Yeah. Absolutely. Absolutely, Rajan. Rajan, just one update. Last quarter, we had mentioned that we had done a very large deal for which the execution had already begun in Q3. I think it should have further ramped up in Q4. How much of our 4.4% quarter-on-quarter growth has come from, let's say, that particular deal getting ramped, if I could get some sense? When do we see that deal sort of coming to a closure or coming to an end? That is one point. Secondly, we have seen a sharp drop in Decision Point's revenues. I just wanted to know what impact that has had on its margins because when we acquired Decision Point, they had a fairly higher margin profile as compared to us because of the higher offshoring. Has that changed, or does it remain status quo? Yeah. I mean, I will just make a quick point, and then I will pass it on to Raj to address both the questions. The ramp-up for that large engagement pretty much got completed, right, even as we stepped into Q4. Now we are operating at full strength on that engagement. The exact impact of that engagement on our growth, and then the other question that you had on Decision Point's impact on margins, Raj, if you can take those questions. I'm just, as we speak, getting the data on the large project ramp-up, and what's the impact on the overall 4.4% that we delivered? I'll just come back to you in a minute. The second point that you had, specifically, Vimal, on the Decision Point acquisition and the fact that this quarter has been a soft quarter for Decision Point. Definitely, your point is well taken. The fact that their business, one, from a scale standpoint, is a subscale business today, and some of the investments that they have made, right, on the go-to-market side as well as the channels that they have invested in is for a substantially higher scale, right, which means that whenever there is a drop in revenue, that does have an impact on the overall EBITDA margins for not just for Decision Point. It also has an impact on the EBITDA margins that have been reported for the group as a whole. I am happy to report that the business, despite the fall in revenue on a full-year basis, they have—the Decision Point business continues to operate at a deliver a business EBITDA of close to about 18%. This is despite the drop in revenues that they had for the most recent year. Most of it has been driven by the muted sentiment in the consumer space. We believe that some of this is short-term in nature. The level of activity and engagement with clients definitely is quite high. We are also very, very positive that Q1 of next year will be much more stronger for Decision Point compared to what they did in Q4. Having said that, we still, I think, CPG, for us to get back to the company growth rate levels, I think that will take us a couple of quarters, and that's what Rajan and I have been alluding to, that it will take us at least a good two quarters before we start seeing the company-level growth coming back to CPG. In terms of your first question on the large project itself, right, we had, I would say, in percentage terms, if I were to put this, we had the impact of the ramp-up on the full-year, on the quarterly revenue growth will be close to about 2%, Vimal, of the 4.4%. Thank you. We have our next question from the line of Rushabh Shah from Bugle Rock PMS. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. I have three questions. In the previous call, you mentioned that the new logo addition, there was one account with whom you were able to re-engage and bring them back into your fold. Two questions on this. What was the reason that the account left Latent View? Secondly, what steps did you take to bring him back to your portfolio? Yeah. This is Rushabh. Thanks for the question. This is something that is typical as well. Typical in the sense that about 20% of the work that we do in any year tends to be fixed scope, clearly defined, specific initiative projects, okay? Quite a few instances where we are getting started with a new logo, we might engage in that fashion, okay, to begin with. Typically, in most instances, we translate to follow-up managed services engagement, but we also see instances where we work with them once, and then there is no immediate opportunity to re-engage. In our internal systems, when we do not have work, if we're not working with a stakeholder account for a period of one year, then we classify them as they are no longer part of our accounts. When we then re-engage with them, then it becomes a revival, okay? That's what we are referring to, right, when we say revival. More often than not, the reason for revival is because the first engagement would have been an impactful engagement, but because it was a specific initiative, and that's what they wanted help with at that point in time, and there wasn't anything in the nature of managed services that could happen immediately, we would have stopped working. When they come back to us, it's because they now have more work that they want to do. I would say that it's mainly on account of the fact that we would have delivered impact in that first engagement, right, that brings us back to them. Of course, this is not the case in all instances. There are several accounts or logos where we would have done one engagement only, and then we never engaged with them again, right, in any of the subsequent years. It is good to see that there are multiple—I mentioned that there were three accounts of that nature, right, in this last quarter where we were able to revive. One other reason the revival is happening is because we are also making a concerted effort in that direction. What happens is, especially in the technology and the e-commerce platform ecosystem, there is a lot of movement. People change jobs, and they move on to other roles. We are also running a concerted program where we are able to reestablish contact with them and then let them know about the latest value propositions and solutions that we are bringing to the table. If there is resonance, then we are able to re-engage on specific initiatives or even in a managed services model. Okay. That's my second—thank you, sir. My second question is, in terms of number of clients, the lower segment of clients, let's say less than $50 million to $100 million, are we focusing less on these kind of clients to gain more accounts in the upper segment, like more than $500 million? Because the clients we serviced in 2023 for $50 million to $100 million were around 12. Now we have only 7. Just wanted to have your views on that. Are we focusing to gain more accounts in the top-tier clients? Yeah. In general, the philosophy is to work with larger Fortune 500 companies where there is a fairly broad spectrum of opportunities within the data analytics space itself. Earlier, in my opening remarks, I mentioned how we have identified 25-plus focus accounts, and we believe that the bulk of the revenue growth we expect in the next three years will come from these accounts. We are expecting almost 90% of the growth in the next three years to come from these accounts. This is the philosophy that we are adopting, not that we will not bring in new logos, but even the new logos, the intention would be to try and bring in the large Fortune 500 companies, right, which will have significant potential in the coming year. Smaller accounts, we would look to work with them more on an opportunistic basis with very low sales and business development effort, meaning they come to us with the opportunity or the sales cycle and the conversion timeframe is much smaller, right? We can engage with those accounts. It is generally just a question of how much time and effort we put into converting an opportunity and what is the return we are expecting in the short term as well as in the medium term. That is really the reason for focusing on the bigger accounts. Thank you. I'll myself, last question is, in terms of geographical split of revenue, U.S. still remains the dominant around 90% of our revenue, and Europe and Latin remain the rest. In the long term, do you intend to reduce the weightage in terms of geography towards U.S., or will this remain the same as it is? It should come down in the long term. In fact, we did make a substantial attempt in terms of the Europe practice over the last two and a half, three years. Honestly, we haven't cracked the code on that yet, okay? I mean, our Europe practice is still very small. One of the accounts that we reported as having won in the last quarter is out of the U.K., and it could potentially grow. I mean, that is in the financial services space. There are two other accounts that we have in the financial services space. The one area where we are doubling down on when it comes to Europe is CPG, consumer goods, because this is the space where we have made the most amount of investments. While the environment is sluggish in the U.S., Europe could offer a bit of respite given the general sentiment that seems to be prevailing in Europe, whether it comes to industrial and defense and manufacturing or even confidence in consumer goods and retail. We will look at growing the consumer goods practice in Europe. If we crack the code and we get it right, then we will look to replicate that in other sectors. This is as far as Europe is concerned. Latin America, yes, there is opportunity and potential, and we already have a presence there. Decision Point's over 65% of the revenues come from the LATAM market. There are opportunities that we are pursuing there even at this time. The expectation is that we will continue to grow the Latin American practice as well. Now, whether the pace at which we can grow Latin America and Europe will outstrip the growth in the U.S., we still are not able to offer that specificity. The intent is there, and we are putting in the bandwidth and the effort, and there are some investments that are being made. I talked about the nearshoring opportunity, for example, right, in Mexico. We are pursuing, and we are going, having a go at it. I think we will need a few more quarters for us to give you a better sense of what that might look like. The 25-plus focus accounts that I mentioned earlier, there are at least, I think, close to half a dozen accounts that are part of Europe or Latin America out of that mix. We are expecting that we will have good growth in those accounts. Thank you, sir. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please restrict yourself to two questions for participants only. If you have a follow-up question, we request you to rejoin the queue. We have our next question from the line of Srinath from Bellwether Capital. Please go ahead. Hi guys. Am I audible? We can hear you through now. Go ahead. Yeah. Congratulations on the fantastic shadow numbers. I wanted to find out what we wanted to understand the scope of work and growth profile in Agentic AI. How many proof of concepts are we having right now? I want to understand, is this largely a cost-saving mechanism, or are we executing POCs, which are end-customer-facing solutions? Would it be fair to assume the large part of that 10% GenAI business we have is coming from a high-tech vertical? Just wanted a deeper understanding of what we are doing in Agentic AI. Yeah. The main thrust of our GenAI Agentic AI has been really the solutions that we have built up, which incorporate either a layer of GenAI in terms of the user interface and the interaction layer, or having GenAI at the core in terms of how the work is done. I have given some examples on earlier calls, like Laser and the AI Penpal, or we have talked about our Connected View supply chain solution, the Beagle GPT chatbot solution that we have for the consumer goods space, for example, or even the Revenue Growth Management Solution that we have for the consumer goods. They all now incorporate generative AI, either in terms of the modeling and the reasoning layer, or in terms of actually used for contextual understanding, summarization, content generation, right all of that process. It is a mix of many things. In some instances, the GenAI solutions help cut down the effort required to do something. For example, one of the projects that we did is for a large European bank, their asset management practice, where we are helping them use GenAI to create the first draft of the analyst report that they put together on any company, right, that they are tracking. This is like what you all do, right? I mean, the institutional investors and analysts on the call you follow companies, and you use the published statements in order to come up with a prediction for the company. I mean, we have used GenAI to create the first draft of the report, right? That is an example. In Connected View, where we are building offering solutions around demand forecasting, on-shelf availability, multi-tier supplier visibility, all of them, there is a reasoning layer which is being done by the GenAI, and then there is an interface user interaction layer that we have, right, as part of that. The two products that I mentioned earlier, LASER and AI Penpal, they are actually used to either summarize content and generate insights from that or to generate new content, which can be used by marketing teams in their outreach to customers, both B2B and B2C, in a very targeted, personalized fashion. It is a mix of multiple things seen in terms of what we are doing. I mentioned that we did about 8%-10% of revenues, right, coming in from GenAI. I would say that about two-thirds of that would be of a POC pilot feature, but one-third of that are solutions that have gotten into production environment, right, for our clients. We are expecting that that percentage will go up in addition to the overall percentage of GenAI work going up from where it was last year, to maybe about 16%-18% in the coming year. Perfect. Perfect. Great. One housekeeping question, Raj. We wanted to understand the interest cost that we are reporting in the P&L. There was a jump in that line item. What kind of is driving that number? That would be great. This is more specifically in relation to the lease that we've had. We've had a new lease contract that we signed for our San Jose office. It's essentially that cost from an accounting standpoint gets classified as a right-to-use asset, and then there's a depreciation cost and a finance cost that comes from amortizing the right-to-use asset. The second point is just one second. Yeah. The second point is, of course, there is a redemption liability that is there in relation to the acquisition for the remaining 30% of shares at Decision Point. That liability, when it unwinds, because you do a present value of that liability as of today, and as time goes by, there is an unwinding that happens. Today, because based on the remeasurement as of 31st March, the unwinding of that liability has resulted in an interest cost that we have booked up. Steady state, say in the next three, four quarters, how will this line item kind of play out? The lease numbers would basically be every quarter going forward, right? Or did we have a one-time revaluation? Yeah. The lease cost will be there every quarter. The unwinding of the redemption liabilities, right, which is the interest cost extent, I will come back to you on what will be the quarterly trends. Maybe this is something that I can answer you offline, but I do not expect it to be at the same level as the current quarter. Just to give you a perspective, close to about 30, so the interest cost that you see, close to about $35 million of that cost was in relation to the interest expense on redemption liabilities. Okay. Perfect. Perfect. No, no. Not looking for specific quarterly number. Wanted to find out what% is one-off and what would be a persistent business number. Perfect. Thanks, Raj. Thanks a lot. I'll get back into the questions here. Thanks, guys. This, by the way, I mean, the redemption liability anyways is only for another year. As we go along in the year itself, we will know what will be the most likely settlement for that liability. Either way, it will get settled by 31st March 2026. Perfect. Perfect. Thanks, Raj. Thanks a lot. Thank you. Thank you. A reminder to all participants, please restrict yourself to only two questions per participant. Should you have a follow-up question, we request you to rejoin the queue. The next question is from the line of Shubham Sehgal from SiMPL. Please go ahead. Hello. Am I audible? Yes. Please go ahead with the question, Shubham. Yeah. My question was that, we mentioned that we are in a transition to shift more towards product-based solutions. Where are we along that? I mean, what kind of implications will we see? Will there be any material impact while we transition towards more product-based solutions, or how will it go? Could you just provide some color on that? Yeah. I mean, I think product would be a little bit of a push in terms of terminology. I mean, in the past, also we have maintained that we are a spoke services organization, but we are able to bring in acceleration and non-linearity on the back of the solutions and accelerators that we are building. Honestly, at this point in time, if I were to look at all those solutions accelerators, I think the one thing that we can claim is a full product is probably the Beagle GPT, right, product that came in from the acquisition of Decision Point. All of the others, I would say, will require a certain component of a services layer from us to be effective, right, in terms of how it delivers the impact and the business use case, right, that the client is trying to address. Having said that, I believe that the opportunity to move more towards the solution product kind of a configuration will increase in the coming quarters, coming years, largely on account of the revolution that is happening in the GenAI and Agentic AI. What I mean by that is that smaller aspects of even complex problems will get picked up, and they will get addressed by point solutions, right, that emerge to address them through the startup ecosystem, through work being done by other service providers and organizations, and even extensions being done by platform providers like a Databricks or a Salesforce, for example, right? It is in that context where the optionality available to clients will dramatically increase. That is where there is an opportunity to come and be the AI integrator of sorts, right, in terms of bringing these all together to create the solution ecosystem that can deliver on the enterprise use cases, right, that our clients will be grappling with. It is also our intention to put together such components in a very specified fashion, which can act as the solution or the product offering, right, that will address the client requirements. One thing that we are fairly focused on is in each of the verticals that we serve, at least if you look at the work we do in the diagnostic descriptor, which is the report, dashboarding, business insights generation, some of the data pipeline building. These are all areas that lend themselves to a certain amount of automation, solution building, and even products. That is something that we want to do ahead of the curve. I mentioned the AI GenAI horizontal that we are creating, the COE. That COE will actually focus on identifying such opportunities and coming up with these solutions and products, right, which we can take to clients on a proactive basis to retain the market share of work that we are doing and even expand it by being the first to offer more productive solutions, right, that can get the work done at lower cost for our clients. That is the intent going forward. Thank you. We have our next question from the line of Jalaj from Svan Investments. Please go ahead. Yes. Am I audible? Yes. Yeah. We can hear you. Yeah. Thanks for the opportunity. This has got more to do with the bookkeeping question. If I were to see the arriving term, it rolled up for this year comes at around INR 758 million, and for last year also, it was around INR 737 million. I just wanted to understand the cash balances would have reduced. How come is it that still the other income has increased, and what sort of yields should we expect or build in for our case going forward? Hi. I'm sorry. I didn't get your name. Yeah. This is Jalaj Desai from Svan Investments. Yeah. Thanks for your question. To your point on what is the impact of the reduction in the cash balance, right? Of course, you're right. There was a reduction in the overall cash balance because Q1 of this year, we spent close to about INR 300-plus crores, INR 320 crores to be precise, to acquire the 70% in Decision Point. Of course, to that extent, there was a reduction in the cash balance. Through the course of the year, we have continued to add to the cash balance, of course, and for the year we have delivered a full year EBITDA of close to about 23%. That resulted in an addition to the cash balance, even though we expended close to about INR 320 crore. In terms of the comparative number, right, between what we had for this year versus last year, if you see the overall, I would say, interest-related—just give me one second. Yeah. The net gain on foreign currency transactions is more or less in line with what we had for last year. The reason why we had a slightly comparable other income for this year compared to last year was higher gains that we had from sale of mutual fund investments during the year. Of course, these are again AAA-rated. These are mutual funds that invest in AAA-rated funds. Through the course of the year, due to a falling interest rate scenario, we did have some level of better returns on the mutual fund portfolio, and that resulted in a higher gain from sale of these mutual funds. That, in some sense, offset the lower interest income that we had on the treasury portfolio. I hope that answers the question. Yes. Yes. That does. Fine. Thank you. Thank you. We have our next question from the line of Pratap Maliwal from Mount Intra Finance. Please go ahead. Hi. Am I audible? Yes. Yes, sir. Hi. Thanks for taking my question. I just wanted a clarification. In your opening remarks, you said that two of our accounts went past the $25 million mark. Is that correct? Yeah. Yes. Two of our accounts, one of the accounts was very, very close to $25 million, and then the other account went past $25 million. That's correct. Yes. Out of our revenue base of about $100 million, two accounts contribute about $50 million of that share. Is that right? That's correct. Yes. I see in our presentation that about 60% of the work that we do is in the diagnostic descriptive space, which, as you said, lends itself to automation and probably commoditization. How much of the work that we do for these two accounts can kind of come under pressure because this is a very critical part of our operation, clearly? Any comments on that? I can take that, Raj. The two accounts in question they are both in the tech space. It's in the tech space where we also get to do a lot more of the predictive prescriptive analytics as well as the GenAI work. The percentage that would be at risk from a commoditization or from an automation perspective would be a little less in general in the tech accounts. Having said that, it is also the case that even simple aspects like using established diagnostic mechanisms and sorry, there is some background noise. Okay. Even if I was gathering in a car, sorry. Yes. Okay. Yeah. I mean, sometimes we are also surprised by how even the large tech companies, when it comes to using their own technology for running their business, they are a bit lagging behind, right? Therefore, there are opportunities for helping them even on the diagnostic descriptive front as well. I think it'll be a mix. I would expect that, I mean, at this point in time, the percentage of work that is of a diagnostic descriptive variety as well as data engineering would be a high percentage, but probably not at the same level, right, as what we have at the overall organization level. Thank you, sir. We have our next question from the line of Surbhi from Bellwether. Please go ahead. Yeah. Hi. Thank you. My question is regarding the data engineering piece. We started sharing the revenue by nature of the offerings this year. Wanted to understand what kind of growth have we seen on the data engineering part, and how do we see growth for this part of the business going ahead, especially how we are deepening our engagement and partnerships with Databricks? The data engineering component of work is today at around 19% or so, right, out of the overall revenue that we had. We are expecting that this will continue to grow in the coming quarters and coming years. I mentioned earlier that when we get to the $200 million mark, we are expecting 25% of that to come just from Databricks itself. There will be work that we'll be doing with other hyperscalers, with other partners like Snowflake, for example. I wouldn't be surprised at all if that 18%-19% today becomes closer to 30% or even higher, right, when we get to year three from now. The reason for that expectation is that all of the GenAI and Agentic AI and AI/ML, right, all the new stuff, predictive, prescriptive, advanced analytics work that organizations are looking to do, and even the automation and the use of GenAI to do the diagnostic descriptive type of work will require a substantive amount of data engineering work to be done beforehand because all of these technologies are a lot more effective, and they can deliver a bigger impact and even better decision-making if the data platforms are set up in the right shape and fashion, right, taking into account security and confidentiality, the governance aspects of it, right, provenance, right, traceability, all of that stuff. I believe that there is a lot of work that needs to be done. Of course, there are multiple players having a go at this just in terms of the data platform providers itself. I mentioned the hyperscalers like GCP and AWS and Azure. Then we have Snowflake and Databricks and others in the mix. All of them are coming at it from slightly different directions, but every one of them is talking about how there is a lot of work that needs to be done just in terms of bringing data into one layer, right, where you can do all of this work. That will drive the demand for data engineering and the related work in the coming years as well. My interactions with people at Databricks, as well as the ecosystem is indicating that there is growth expected over the next three, four years, right, even closer to the 40%-50% mark or even higher in some instances, when it comes to the amount of work that needs to be done in the space. That is the wave that we would like to ride as well in terms of what we are doing in data engineering under Databricks partnership. Fair. I also wanted to understand how is the traction on the Beagle part, and if it's possible, if there is a way how you can attribute the growth in the CPG division export Decision Point largely driven by Beagle. Basically, what I'm trying to understand is, have we been able to materialize our cross-sell opportunities here, and what is the way forward on this front? Right. Beagle, as I mentioned earlier, is an instance where it can be sold as a standalone product in a licensed model, right, where we are able to give it away. Given the recent state of activity in the GenAI space and the number of solutions that are emerging, we are also looking at alternate models of engaging, meaning that not everybody might look at Beagle as the solution that they want to deploy, but they might like and be interested in several aspects of the Beagle solution, right, and the components. We are now offering this in three forms. One is the entire solution, the solution of the product in its entirety. The second is to offer specific components of it, right, and integrate it with client environment. The third is just a fundamental GenAI capability, right, that underlies the Beagle GPT solution, right, our capability, our ability to build solutions of a similar nature, which is completely client IP, right, and protected and owned by them. We are seeing traction in all the three models. The central AI GenAI team that we are setting up also will explore all of these three models. I mean, as I mentioned earlier, we have our own solutions that we have built, like LASER and AI Penpal, and so on. With all of these, the intent would be to look at how can we componentize them and how can we offer all the three models, right, when it comes to engaging with our clients. Thank you, sir. We have our next question from the line of Rajam Shah, an individual investor. Please go ahead. Hi, sir. Thanks for the opportunity. Quick, one data keeping question. I believe I see there is a horizon and interest cost of INR 4 crore. What is that if you can clarify? The second question would be, what is the inorganic pipeline looking like? The third question, you gave a nice presentation in the opening remarks for the three-year vision. Down the line, once we reach towards the end of the third year, can our margins increase from the 24%-25% bandwidth? Thanks. Rajan, you want me to take that? No, you can take the first two questions, and I can chime in on the third one, right, as required. Go ahead. Yeah. On the first question, I did address this as a part of one of the earlier questions. The increase in finance cost that you see is essentially around the unwinding of the redemption liability that we had booked for the acquisition of the remaining 30% in Decision Point. Close to about INR 3.5 crore of the INR 4 crore increase that you spoke about is coming from the unwinding of the redemption liability. In some sense, it's not linked to the core operations of the business. This unwinding will discontinue post-March 2026, right? The second question that you had was, sorry, if you can just help me recollect this. What was the second question? Oh, no. M&A pipeline. No, let me go. No, let me go. Yeah. At this point in time, I think the inorganic pipeline, from a strategic standpoint, what we have decided is that we will focus on data engineering companies that have a bias and a focus on Databricks and have very strong Databricks capabilities. Those would be organizations that we are looking at. In all fairness, I would say the last couple of quarters, the focus was really on integrating the Decision Point acquisition into the Latent View business. Therefore, we did not want to initiate or, I would say, look at new opportunities. Having said that, as we start FY2026, I think there is a renewed focus on, again, going after inorganic as a growth lever. We will continue to look at opportunities on the Databricks side. In addition to that, we will also continue to look for, I would say, investment opportunities in companies that have very smart or deep AI or GenAI capabilities, right? These could be in the form of not in the form of maybe acquisitions, but more in the form of investments. These would be capabilities that we could then go and cross-sell or upsell to our clients, right? That would be the intent behind making some of these investments. These are, I would say, the two broad areas that we've identified for inorganic in the coming two to four quarters. In terms of the pipeline itself, as we speak, we are in the process of building a pipeline to execute. You will hear more updates when we come into the analyst call after the Q1 results on the inorganic side. On the third point, which is specifically around what will be our exit margin if we were to deliver the $200 million sort of a number, there is, of course, no doubt that for the next two years, the focus will be on ensuring that we invest ahead of the curve because for us to get to the $200 million, we do believe that we may have to sacrifice margins in the short term and the medium term maybe. Which, when I say short to medium term, this will be for the next couple of quarters to about, say, six odd quarters, right? We will have to make sustained investments for us to get to the $200 million. However, from experience and from having sort of run this business for several years now, we do know that in our business, if the top line is achieved, the bottom line or the margin and profitability is something that we have a good handle and we are able to manage those costs in a much better fashion. If we're able to deliver the growth to get to the $200 million, our sense is we should be higher than the 25% margin that we are currently in the 23%-24% range. Our EBITDA margin should go up even higher than 25%. In the short to medium term, we would want to keep the investment levels high and sustained for us to get to the $200 million. Okay. This helps a lot. Thank you. Thank you. We have our next question from the line. Okay. There was a question from, I think there was a question from Alchemy Capital, someone from Alchemy Capital, where they've asked for their top two accounts, what is the level of diagnostic and descriptive work that we do in percentage terms? That number, I didn't give the answer that time. It is close to about 33%. That's the level of work that we execute in the top two accounts. Thank you, sir. We have our next question from the line of Shubham Sehgal from SiMPL. Please go ahead. H ello. Yes, Shubham. Hello to me. Yes. Yeah. I think we've given the revenue growth trajectory, but I just want to ask about the margins. Right now, I think we closed margins near 23% for the whole year. What kind of margin trajectory can we expect going forward? Will it be in the range of 22-24% how it has been, or can it go beyond 24% also? Like I said, right, in the short to medium term, we will try to keep it in the same ballpark as we delivered for this year, which is the 23% mark. The intention, of course, is to focus on growth and invest to deliver the $200 million in the three-year timeframe that we set out for ourselves. That is going to be the primary focus. We have outlined three broad pillars, right? As you will note in the press release that we set out, there is, of course, investment that we will make to deepen our existing client relationships. These will be in the form of client partners or account managers that we will continue to add in promising accounts. We will make investments that are needed to drive growth in the high-potential clients that we've already identified. The second and the third initiative being the setting up the AI Center of Excellence as well as the Databricks Center of Excellence, right? In both these cases, we will continue to invest both on the capability building side as well as the go-to-market side. Therefore, these investments we believe are necessary for us to get to the $200 million. In the short term, I would say, while we will try to stick to the 23% mark, we will, of course, keep the investor community notified if we believe there will be investment which will be even higher for us to get to that number in a faster manner. But the goal would be to keep it around the same ballpark over the short to medium term, which will be 23%. Thank you. We have our last question from the line of Varun Kumar, an individual investor. Please go ahead. Hi. Thanks for taking my question. My question would be about the next quarter outlook. What will be the revenue growth that you are looking for next quarter? At this point in time, we are looking at a quarterly growth of in the 4% or so. I mean, that's what we have confidence of at this time. We will need to look at a few opportunities that are currently pending closure to see whether we could do better than that. Thanks. Thanks. Thanks for taking my question. Thank you. This will be the last question for today. I now hand the conference over to the management for closing comments. Over to you, sir. Yeah. Thank you, Manav. I think we did provide a fairly comprehensive update when we started off. My summarization would be that we believe that there is a lot of opportunity in terms of the evolving environment when it comes to the technology developments that we are seeing in our state, whether it is related to what needs to happen in the data engineering and the capabilities and the platform building, or whether it is the GenAI and agentic AI revolution that is happening. We also believe that a lot of the action is going to be driven by an ask for improved productivity and efficiency and automation. The organizations that can help clients do these things by building solutions and value propositions ahead of the curve will be the ones that will do really well in that environment. We intend to be one of them. All of the three initiatives that I mentioned at the outset, whether it is a doubling down on the focus accounts and helping them think through these crises and then driving the growth with them, whether it is the data engineering, Databricks capability that we are building, or whether it's the GenAI, agentic AI, horizontal, all of them are aimed in some sense at capitalizing on the winds of change and evolution, right, that are blowing within our context and landscape. That is the intent, and that's what we are all committed and building out to. If we do this right, I believe that the opportunities would be plentiful. I did mention earlier that when we all sat down as a leadership team and looked at the next three-year growth path and where we can get to, there was a great deal of optimism just in terms of the opportunity space available even within the 25-plus focus accounts that I mentioned, not to mention the other new logos, right, that we are looking to acquire within the timeframe as well. Overall, at this point in time, we feel fairly confident and optimistic about how this trajectory will evolve for us in the coming quarters and coming years. Of course, short-term macroeconomic context and uncertainty will play a role in terms of how things shape up. I'm sure that you are hearing similar commentary from other service providers as well in IT as well as in data analytics. We will not be completely immune to that. Given that we have been able to renew all of our work for the next year from the work that we did last year, and as Raj and I mentioned, we are already set up for more than the revenue that we did last year. There is a pipeline that we are looking to drive for this year as well. That all gives us a sense of confidence that we are doing the right thing, that we are relevant to the clients. The work that we're doing is relevant. We will continue to work on these areas that I mentioned, bringing more innovation and productivity benefits to our clients in the work that we do as well. That is the intent. I will pass it on to Raj if he has any concluding remarks. Otherwise, thank you all for joining the call. I look forward to connecting with you again in the next quarter. Rajan, thank you. I did not have anything further to add. I think we are ending the FY25 result on a strong positive note. We continue to be hopeful and positive about FY26 as well. There is a strategy that we need to execute. I think we will be focused on delivering on that strategy that we have outlined for us. That is going to be where the focus will be. Thank you. On behalf of Latent View Analytics Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you. Thank you all. Bye-bye.