Ladies and gentlemen, good day, and welcome to NIIT Limited Q4 FY 2026 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vijay Thadani, Vice Chairman and Managing Director. Thank you, and over to you, sir. Thank you and welcome everyone for joining us this afternoon in a busy earning season. Truly appreciate your joining us this afternoon. First of all, I thank you for your interest in NIIT Limited. Today's agenda is quarter four and financial year 2025/2026 performance highlights. I think it's important for us to talk a little bit about what shaped this year and what are we doing as we enter FY 2027. These are exciting times to say the least, e xciting in some sense and with a lot of uncertainty. Also want to discuss in that context our priorities and outlook. Just to set the context, we entered this year with a very deliberate choice to invest ahead of curve in the artificial intelligence, AI space, and building in number one. Number two, building go-to-market capacity. Number three, focusing on work segment. We could see that the fresh hire pressure was there over the years, and we could see that it will become worse this year, so w e tried to become fresh hire agnostic, if I may use the word, and therefore found other revenues and work pro segment. It also therefore meant it was a year of compressed margins as it is. As we have said, we are in an investment cycle. Looking back, it seems that was the right call because in the first quarter, it didn't appear so. In the first quarter, we had a rough time, but I think we've plowed our way back. Quarter two was good, quarter three, a bit muted, but quarter four, we again had a strong quarter in terms of growth. Revenue approached or exceeded INR 1 billion or INR 100 crore in three out of four quarters. INR 104 crore in quarter two, INR 101 crore in quarter three, and nearly INR 100 crore in quarter four, INR 99.7 crore. A full-year revenue of INR 390.2 crore, grew 9%. Let me stay with million, if that's okay with you all. It's INR 3,902 million, which grew 9%, which looked very difficult in quarter three, but I think we had worked very hard on building a strong pipeline. I think better than the revenue growth is visible, we can see a strong order intake which has happened during the year, which is ahead of the revenue, which tells us that we are in good state as we start the next year. On guidance delivery for the full-year, in January this year, we had guided to a 7%- 8% revenue growth with break-even to low single-digit negative EBITDA. I think we have delivered 9% revenue growth ahead of guidance and EBITDA of - INR 40- odd million or approximate -1%, which is, I could argue, is within the guided range. Our order intake grew 17% to INR 4.2 billion or INR 4,200 million, which is above our full-year revenue, as we mentioned before. The go-to-market engine and AI momentum we built this year is what will drive us as we target FY 2027. I could talk to you more about many of these parameters, but I would now hand you over to Pankaj, our CEO, to take you through quarter four and FY 2026 performance in detail. Thank you, Vijay. Thank you, Vijay, and good afternoon, everyone. I'll cover the Q4 performance first, which will be revenue, order intake, and some business trends, and then step back to the full-year picture and our priorities going into FY 2027. For Q4 FY 2026, let's look at the revenue and order intake. Revenue for Q4 was INR 997 million, which is up 16% year-on-year. Excluding our acquisition, iamneo, the organic revenue for Q4 was INR 875 million, which is a marginal increase year-on-year, reflecting gradual recovery in the core business. Order intake was INR 869 million, up 18% year-on-year and 6% quarter-on-quarter. This is encouraging momentum heading into FY 2027. In terms of our go-to-market mix, enterprise revenue was at INR 630 million, up 13% year-on-year. The consumer revenue was INR 367 million, up 21% year-on-year. The enterprise-to-consumer revenue mix came in at 63:37 versus 65:35 last year. Consumer went up a little bit in the mix. In terms of product mix, revenue from technology programs was at INR 699 million, which is up 22% year-on-year. Revenue from BFSI and other programs was at INR 298 million, which is up 4% year-on-year. The technology to BFSI ratio comes in at 70:30 versus 67:33 last year. Let's look at what drove this quarter. Our enterprise go-to-market continued to hold up, supported by working professional programs and lateral upskilling in tech, despite a continuing slowdown in consumption by large private sector banks. The enterprise go-to-market grew 13% year-on-year in Q4. Let's add some color to that. Enterprise tech grew 20% year-on-year to INR 489 million. Excluding iamneo, organic enterprise tech grew 9% year-on-year, reflecting an underlying improvement in the core business. Our strategy is to increase penetration across lateral job roles through upskilling and reskilling. This has created a healthier balance between early careers and working professionals in enterprise tech. This has also made enterprise tech structurally more resilient even as fresher hiring and onboarding remained volatile through the year. Our consumer go-to-market also saw strong growth. Consumer GTM grew 21% year-on-year in Q4 to INR 367 million. This was driven by consumer tech, which grew 28% year-on-year, to INR 210 million, reflecting continued demand for tech skilling from job seekers and working professionals. Our direct-to-college strategy is creating a pipeline of job-ready talent which university clients are increasingly valuing. Do note that Q4 is a seasonally strong quarter for iamneo, while Q1 is the weakest. Q4 saw early signs of onboarding demand returning in banking with hiring activity picking up at partner banks. The pickup in hiring activity seems to have continued into Q1, supporting our onboarding pipeline. In terms of product mix, technology now represents 70% of revenue, with BFSI and others at 30% versus 67: 33 last year. Technology programs continue to perform well despite compressed hiring driven by GTM expansion. The pivot to working professionals and iamneo's contribution both have helped in the same. The pressure remains concentrated on the enterprise BFSI and others space, where learning spend for upskilling at large private banks remained under pressure. I now invite Sanjeev, the Chief Financial Officer for the NIIT Limited, to provide an update on the financials. Over to you, Sanjeev. Thanks, Pankaj. Good afternoon, everyone. I'll take you through some financial numbers. EBITDA for Q4 was near break-even this quarter, which is coming to at INR -0.2 million. This reflects continued investment in the business, including GTM capacity and new AI offering. Below EBITDA, there was a depreciation of INR 74 million in Q4. Net other income was INR 58 million, comprising primarily treasury income of INR 37 million and other miscellaneous recovery. Treasury income this quarter was lower versus last year Q4 due to mark-to-market impact of volatility in interest rates during the quarter on fixed income investments. Exceptional expense was INR 10 million in Q4, primarily legal and professional expenses. This resulted in a PAT loss of INR 44 million for the quarter. Coming to balance sheet and cash flows. Cash and cash equivalents remain strong at INR 7,102 million, underpinning our ability to invest through the cycle. Capital spend was INR 84 million for the quarter. We are past the peak on capital investment in platform in the current investment cycle, and we expect capital expenditure to moderate from here. DSO was at 53 days in Q4 FY 2026 versus 51 days in Q4 of last year, m arginally higher due to change in mix. Headcount stands at 931, including iamneo, which is up 209 from 722 last year, a year ago and down eight quarter-on-quarter basis. At organic level, headcount has decreased by 30. Back to Pankaj. Thank you, Sanjeev. Let's look at the full- year performance. For the full-year FY 2026, order intake was at INR 4,209 million. That's up 17% year-on-year. This is our strongest order intake growth in recent years, and it exceeded full-year revenue, giving us a positive book-to-bill as we enter FY 2027. Revenue was at INR 3,902 million. This is up 9% year-on-year. This is ahead of our 7%-8% guidance that we gave in January. iamneo contributed INR 413 million in revenue in its first full-year as part of NIIT, ahead of our expectations and validating the strategic rationale for the acquisition. Let's look at EBITDA for the full-year. EBITDA for FY 2026 was INR -40 million, a negative margin of approximately 1%, which is within our guided range. This reflects deliberate investments we made in GTM, marketing, and people capacity to build the growth engine for FY 2027 and further. Iamneo contributed INR 110 million of EBITDA, partially cushioning these investments. Net other income was INR 452 million versus INR 707 million last year. Treasury income for the full-year at INR 399 million, down year-over-year due to mark-to-market impact of interest rate movements, even as the cash balance remained robust. Other miscellaneous income of INR 177 million versus INR 158 million last year. This included finance costs of INR 13 million, FOREX loss of INR 3 million. For the full-year, exceptional and non-operational items were INR 110 million. The full-year PAT was positive at INR 53 million, resulting in EPS of 0.39 per share. The business remained profitable at the PAT level through the investment cycle. What we built in FY 2026 and why it matters for FY 2027. We built GTM capacity. We added sales leaders across NIIT along with enterprise sales managers, expanding coverage across GCCs, banks, NBFCs, Indian enterprises, and through iamneo into universities and colleges. We are seeing early results. We added seven new enterprise logos in Q4, bringing the full-year total to 64 new enterprise logos, along with 20 new universities and colleges. Brand visibility investments and influencer-led campaigns have contributed to this expansion across technology companies, financial service firms, Indian enterprises, and higher education institutes. Our YouTube channel crossed 1 million subscribers earlier this quarter. Currently, we stand at 1.3 million, with strong growth in views and traffic, building our brand reach with learners and enterprises. In terms of platform and product, we revamped the learning platform, which is now fully AI-enabled. We launched deep skilling programs in our new age technology and integrated AI to enhance learner outcomes and internal productivity. Critically, we pivoted focus towards advanced programs for working professionals as the demand has shifted towards working professionals giving significant role transitions driven by AI. In terms of solutions and differentiation, we added generative AI and agentic AI programs, AI and digital coaching solutions for banks and enterprises, and sector-specific solutions. Through the year, we were also certified as a Great Place to Work through GPTW, and we launched the first India Skills Gap Report 2026, the first of its kind in the country. Let me take a minute to talk about iamneo. Iamneo launched Agent Smith, a unified AI assistant that consolidates intelligence across coding practice, maintenance automation, and hiring workflows within its edtech and hiring platform. In terms of simplification and agility, we announced a merger of two wholly owned subsidiaries, RPS Consulting and IFBI, with NIIT Limited, to simplify the structure, reduce costs, and improve agility. The teams have unified, and the reorganization is expected to increase our agility and improve offerings for customers while yielding meaningful cost savings. Our Q4 had additional expenses related to this reorganization. Let me talk a little bit about AI. AI represents one of the most significant demand opportunities in front of us, and it is happening now, not in the future. AI is embedded in a larger part of our portfolio. Revenue from AI programs have now grown to 8% of our total revenue in Q4. Our AI story is becoming sharply defined, and nowhere is this clearer than in GSIs and GCCs. AI-augmented engineering teams are already running 40%-70% smaller than their conventional equivalents. One engagement that we are aware of compressed a planned 150-person team to 42. Across every GSI, models suggest more than half of current task content roles face displacement over the next 36 months in ways that have already started. GSIs and GCCs are positioning themselves as the change agents for their clients' AI transformation. The transformation they are driving for their clients will need to be mirrored in their own organizations. A number of current roles are becoming redundant and need to transition into new AI era roles. This creates a three part talent opportunity: reskilling existing employees whose roles are evolving, retooling staff displaced by productivity gains into the new AI era roles, and finally, onboarding new early career talent, such as forward deployed engineers, architects, and others into roles that require accelerated outcome-based programs rather than just traditional induction. We observe that in-house L&D teams are likely to need a lot of support to scale and stay on pace with this kind of transformation. The existing response internal AI academy built around course completion and certifications are structurally inadequate. Training is moving from skilling to capability orchestration. Completion rates do not prove judgment under uncertainty, AI output verification, or agentic workflow design. That is precisely the opportunity for NIIT. StackRoute, now integrated with RPS, addresses the reskilling and retooling agenda, deep transformative programs for existing clients. iamneo, with its university partnerships and the college to corporate bridge, addresses the onboarding opportunity, enabling early career talent to take on roles that previously required years of experience. Our synthetic work platform and the architect on graduation product are purpose-built for this transition. The same dynamic is playing out across BFSI and Indian enterprises as well. We are well-positioned to serve it through our AI fluency programs. I'll come briefly to the guidance. For Q1 FY 2027, we expect double-digit revenue growth year-on-year in Q1 FY 2027. On margins, we expect breakeven to low- single-digit negative EBITDA margin in Q1, driven by continued investments in GTM capacity and creating new offerings. For overall FY 2027, we expect stronger revenue growth, improving margin, and continued order intake momentum for FY 2027 as compared to 2026. Medium to long term, the structural opportunity in skilling remains substantial, and we are fully committed to our strategic objectives. With that, Vijay, I am back to you. I think we'll open this for questions if there are. Thank you very-. While we are waiting for questions, I think, while Pankaj already spoke about it, just wanted to give an update on the inorganic actions. We had mentioned in Q1 FY 2026 and this other year, we completed the acquisition of iamneo, a young, fast-growing, profitable AI-led deep skilling SaaS platform. Integration is on track. The business has scaled well, and in fact, they are ahead of the numbers that they had originally thought of. We continue to evaluate other such opportunities and we'll update as and when there are some positive movements. We approved the simplification of the entity structure through the merger of RPS Consulting and IFBI with NIIT. That merger is in its final stages, and we will soon have the right set of actions in place once the court pronounces the order. Overall, I think Pankaj has already talked about that in a difficult year, I think we managed to stay not just above water, but also have a strong growth and rebound with a strong order intake and also conversion of lots of it in revenue. Our AI first offerings, I think will keep us in good stead as we go forward. We're looking forward to the opportunity of taking advantage of this momentum in times to come. Having said that, we do have economic uncertainty and other headwinds, and I guess these will have to be taken in their stride as we go forward. I'll stop now, and hopefully by now some people have questions. Thank you very much, sir. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, to join the question queue, you may press star and one. First question is from the line of Rahul Jain from Dolat Capital. Please go ahead. Thank you for the opportunity. Hello. Yeah. Hope I'm audible now. Yes, you are. Yes. You know, if I see the business X of iamneo, it looks like the organic business was slightly down despite a decent order intake to start with. Of course, that number has further improved. What brings us, you know, what confidence we add up, which we could not execute last year, but may be able to do it this time for us to have a positive thought process on the growth path? Okay. I'll say my bit and then I'll ask Pankaj to explain. I think the important issue is, first of all, last year there were headwinds. We were in a negative growth period. We've clawed our way back from there. I think the BFSI sector was challenged right through the year. In fact, at a sector level, I mean, at these two businesses levels, BFSI and others have had a -12% over the previous year. On the other hand, technology has had a +20%. The technology momentum is coming from AI adoption and higher-level skills. As you know, fresh hire hiring will remain choppy. We decided that we'll build our solutions which are agnostic to that and start addressing the industry. I think that strategy worked out. Our AI offerings are getting accepted well. Obviously, iamneo is part of us, and to that extent, I think that growth is contributing to the momentum. I think the opening order book will contribute to our going forward. If BFSI green shoots that we saw in this quarter continue, and looks like they are, at least in the coming, in the coming quarter, we should be in a position to be back on high growth path very, very soon. I think that's all I would like to say at this point of time. Let's see. Yeah. Pankaj. Hold on. I think Pankaj would like to add to that. No, go ahead. Go ahead. I'll ask your follow-up, and then we'll listen. Sure. Yeah. Just, it's just like a double-click on the same thing. What I could hear you saying is that, for 2027 we are expecting a stronger revenue with a better margin. When you say stronger, you're comparing the full-year growth that we have reported overall basis, a better growth number than that number. Is that what we are trying to tell? If the environment was to remain stable, yes. The question is the economic uncertainty is and the overall environment uncertainty actually does not allow us to say that we can stand on top of the roof and say, we will do better than last year. All our efforts are in that direction. This quarter does appear we will have a double-digit growth. We'll have to cross this bridge quarter at a time in this year. Normally, we guide for the whole year, which we are doing now also, but we'll have to keep revisiting this every quarter. It depends on how the rest of the world plays out. The AI opportunity is strong. I guess you are as aware of it and even more perhaps than I am. The adoption of AI has moved from a pilot to production state. NIIT by itself has now use cases which have actually created value for our customers. That should give us a positive momentum. Our own teams and our go-to-market strategy is well in place. We are past the investment cycle, in the peak of the investment cycle as it came to platform and products. I think to that extent, our expense on that part will be less. Even in go-to-market, we will become much more concentrated and focused on what's working. I think to that extent, we should. Obviously, right now there is a clarion call to cut expenses all over the place. We will also be doing the same, or we are doing the same in any case. Sure. That is all. Just on the last bit, since you mentioned about this cost measures, what I could see during the year, we have seen headcount addition even after iamneo integration in Q1. Can we, can you indicate where this which area this hiring is happening and why, despite not so good organic growth, why the hiring continues? Is it more like replacement of the third party versus in-house, or is there any other area where we're investing more? Yeah. I think iamneo is specific because they saw a great opportunity in building a higher curriculum, given the fact that you would have heard this before, that now programmers will not be required the way they were required. More architects will be required. They've come up with a very strong curriculum and some very good offerings to help learners build those skills. I think that investment, as well as balancing certain expenses which used to be in a variable form, they took a call to build a small fixed capacity for that, which in my opinion is a very good idea. Why? Because that capacity gets blocked in a university system for the whole year. That has resulted in some positive momentum for them. I think those will be some contributors, but looking at it in isolation perhaps will not be a good idea. NIIT, on the other hand, the organic business actually reduced its headcount by 30 over the year, if you look at the numbers. Iamneo added despite actually more than their growth, as we were discussing this morning. That's an opportunistic, very, very targeted investment to contribute to their improved growth. Iamneo was ahead of their goals. Got it. Thank you. That's from my side. One moment. Pankaj, you want to add anything? No, I think you've covered everything, Vijay. Rahul, I'm sure we'll meet at some point during more of the investor meetings, and we can discuss more at that time. Sure. Thanks, Pankaj. Thank you. Participants, to ask a question, you may press star and one. Next question is from the line of Ganesh Shetty, an individual investor. Please go ahead. Thank you for the opportunity. Looking at the worsening job market and challenging macro, do you think that this quarter, you know, we may have key growth in consumer-facing business, especially technology business? Are we in a position to fine-tune our investments directly toward enterprise business more than a consumer-facing industry? Can you throw some light on this? Let me rephrase that. Yeah. Then we can respond. I mean, I just want to phrase it so I am sure I understand your question, Ganesh. Thanks for asking. Thanks for joining the call, Ganesh. It's good to always have you on this call. I think what you are asking is if, given the uncertainty, et cetera, in this quarter, this environment, whether we can move our focus from consumer to more of enterprise business. That's right. Is that- Yeah, that's right. Okay. Take your time and then. I think the question is addressed to you, Pankaj. I would agree with you, Ganesh. At this time, I think, we have 6 million technology folks to be reskilled. We should put all and more energy behind doing that. We have 1 million university graduates graduating every year. We should put more and enough energy on that to reskill them and upskill them to get ready for the workplace. I would agree with that. In fact, that is part of what we've done as well in Q4. When I should see, Sapnesh spoke about some of the programs we've launched even in our direct-to-consumer space are programs targeted to working professionals, right? A lot of working professionals don't want to wait for their organizations to upskill them. They are happy to come to someone like an NIIT, join one of our courses where they can upskill themselves, especially where things like agentic AI or using AI tools is concerned. Those are the programs that we launched in Q4, in Q3 actually, and we've seen good traction for those programs. You're right, the opportunity is there, and we are pivoting, our resources to focus more on working professional opportunity, right? It need not necessarily be only enterprise, but it is working professionals over, undergraduates or early careers professionals. That is the opportunity, and we are pivoting towards that. Thank you, sir. My second question is regarding the acquisition or inorganic initiatives. As you already mentioned, and as we know that the job market is in a very constrained condition. Along with that, there is a fast change in demand in technology. The value for acquiring any assets may be also difficult at this point of time. Considering all these factors, are you fine-tuning your inorganic initiative strategy? Because of it, we are not seeing any inorganic acquisitions for the last one year or so. Can you please throw some light on this, sir, for our team's understanding? Sure. You're right. The environment is such that it is harder to find good inorganic opportunities. Having said which, we are continuously on the lookout and in conversations with potential acquisitions. Having said which, we haven't yet found one that worked for us, right? We have certain guidelines that we use in terms of what makes a good opportunity for us. While there were two or three that we looked at very closely, we haven't found anything that we liked enough to bring in. We are still on the lookout. We continue to look at opportunities that exist. As you have seen in the whole, education, and technology space, there has been consolidation, there has been, some movement, but, we haven't, seen enough of, good opportunities that we would like to bring forward. So this is why you've not heard any acquisitions in the last one year. But it is an ongoing, process, and hopefully we'll find, something good soon. Vijay, do you wanna add some color to that? Yes. I think we continue to have an active pipeline, and I think the NEO acquisition was a very good addition to the family in the right point of the strategy set, and the timing is also very good. I think we are giving full attention to make sure that grows. At the same time, there is pipeline. There are always active discussions on, but obviously we can only talk when something fructifies. Otherwise, it tends to become speculative. My third question is regarding the EBITDA margins. You have been in a very long cycle of investment, and you are already guiding first quarter to be slightly EBITDA negative. Can we expect a good improvement in EBITDA margin Q2 and Q3 considering the slowing of investment cycle and the growth initiatives, sir? Can you please throw some light on this, sir? That's all from me. Thank you very much. Thank you. Thank you. I think, Pankaj, please respond. There's a couple of things on the investment cycle or the long investment cycle, right. One, we built out our LMS platform, through last year, we also enabled it with AI. That part of investment is behind us. We have a platform that our customers can use for their learning and delivery. Having said which, there is still, with all the fast-paced innovation that's happening in AI, we have to keep pace with creating content, creating curriculum which reflects these changes. That side of investment will continue. We are also recalibrating all our existing courses with AI. Everything that we are doing is getting updated with AI as well, which is why you are seeing the investment that will continue a little more. Yes, you should be able to see some improvements towards the tail end of the year as some of these investments come to fruition. Right now we will continue to remain in an investment cycle because there is a lot of opportunity to be created by investing in creating tools and products that we can take to customers. Vijay, anything you wanna add to that or? No, I think this is perfect. Thank you, sir. All the best. Thank you. Participants, if you wish to join the question queue, you may press star and one. While you are waiting for a question queue, I just thought I'll use this opportunity to invite our director on the board, Mr. Sapnesh Lalla, to talk about how elsewhere in the world AI is getting used in improving the effectiveness and productivity in organizations and some of the strategies that are coming out of the initiative. Thanks, Vijay. Something that we are starting to use a lot of now, we have six or seven enterprise-wide use cases at NLSL, where, as you might know, simulations and coaching are known to be the best ways to train. For example, for most important or more most critical jobs, such as flying an airplane, airlines often use a flight simulator along with a coach to help pilots train better. We are starting to use that paradigm and coupling that paradigm with an enterprise-level performance sensing engine to keep a tab on performance of people and then identify the right simulations and coaching to send to them in the flow of work so that rather than focusing on training and creating courses that result into training, we focus on improving performance. Our enterprise customers are starting to see the benefit. For example, 1 client who used to take more than a year to build up capability on a certain task is now able to shrink that time to proficiency by over six months. Another client who used this model to build sales capability was able to see significant improvements in pipeline build. We're starting to see these new models scale up and actually move the needle on capability. I think that's where the market is gonna go. I'm really heartened to see how NIIT Limited in India is starting to bring such models to its enterprise clients in India, whether it's GSIs or GCCs, and even banks. Are there any more questions? No, sir. There are no questions. Participants, to join the question queue, you may press star and one. Next question is from the line of Kunal Tokas from FVC. Please go ahead. Hello, am I audible? Yes, please. Okay. My question is about the market for course providers and service providers promising reskilling for AI, is that market getting cluttered so that NIIT may be having trouble standing out and attracting customers? Is that a concern? Okay. That's a very good question, by the way. If you see, just about anybody and everybody has an AI skills offering. I think our experience and our early mover advantage comes to our benefit. Given the fact that we are past creating just AI literacy, we are into now creating AI fluency and creating outcome-based training. I think there we have a unique spot. Organizations who are discerning enough to take advantage of AI in a more directed and focused way, would pick us up, as is visible from the contracts that we are getting. I think there, these are engagements where we have to demonstrate value. To that extent, we take higher accountability. There, our strong brand name, our past experience, as well as having done it elsewhere in the world, I think all comes to our benefit. We think we will have an advantage. Yes, you are absolutely right. AI literacy courses are coming through the woodwork. Everybody and everywhere you have lots of these courses. Specific courses which are personalized to your situation and yourself, I think they are few and far between. I think that's where we differentiate ourselves. Okay. Thank you very much, sir. That was my only question. All right. Thank you. Next question is from the line of Aman Prakash, who is an individual investor. Please proceed. Hello. Thank you for giving me this opportunity. I know that, you know, these are still early days and the company is in investment phase, but I just wanted to ask if do you have any, like, idea of the total addressable market or the size of the opportunity that lies ahead for us and where we are now versus where we can be in the next couple of years? Okay. I think where we can be, if everything remains the same, which it is not going to be, the opportunity is high. AI is going to make a very significant difference to the way people work and most certainly how people learn. We think we are at a very, very strong point as far as that is concerned. Now, in terms of if you looked at last year, last year AI projects were in pilot stage. This year, serious investments went in, at least later part of the year. In the coming year, I think there is much more appetite. That appetite has to result in its outcomes. Those who will be able to realize outcomes will actually invest more because they can see. We have elsewhere in the world, and Sapnesh Lalla has just shared instances, specific instances where people have seen benefits coming. I think those are the cases which we continue to invest. I have a feeling the market size at this point of time to constrain it will perhaps not be the most productive thing. There are some established domains where I think AI's applicability will be very high. We are focusing on some of those domains to take advantage of the growing market. If you really want to know what is the size of the market and stuff like that, there are reports and there are more reports, you could refer to any one of them All right. Yeah. Thanks. Thank you. Participants, if you wish to join the question queue, you may press star and one. As there are no further questions from the participants, I now hand the conference over to the management for the closing comments. Okay. Thank you very much. As usual, very interesting questions, and thank you for joining the call. I think your questions create the right amount of inquiry in our own minds and help us sharpen our strategy. We thank you for all the interest. If there is any question which is unaddressed, Kapil Saurabh and our teams will be very happy to answer them or organize meetings or calls for you as you would like to. With that, I would now like to close the call and wish you the very best. Thank you, sir. On behalf of NIIT Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your line.