Ladies and gentlemen, good day and welcome to Network People Services Technologies Limited Q1 FY 2027 earnings conference call hosted by Valorem Advisors. 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 this 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 Ms. Purvangi Jain from Valorem Advisors. Thank you, and over to you, Ms. Jain. Thank you. Good morning, everyone. My name is Purvangi Jain from Valorem Advisors. We represent the investor relations for NPST Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings call for the first quarter of the financial year 2027. Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's belief as well as assumptions made by and information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. The purpose of today's earnings call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. Now let me introduce you to the management participating with us in today's earnings call and hand it over to them for their opening remarks. We have with us Mr. Deepak Chand Thakur, Chairman and Managing Director, and Mr. Ashish Aggarwal, Joint Managing Director. Without any delay, I request Mr. Deepak Thakur to start with his opening remarks. Thank you, and over to you, sir. Thanks, Purvangi. Hi, everyone. A very good morning and happy to connect with all of you. This being a first quarter result, we would like to share not just the numbers, but the fundamentals set around it and how this will pan out this year as well as the next few years. We believe that companies are built by creating sustainable platforms, solving meaningful customer problems, and consistently executing long-term vision rather than chasing short-term goals. We did chase business transformation last year, and we continue to make efforts in building a stronger platform for a global company you want to see in NPST. We have delivered strong year-on-year growth, increased our revenue sources, expanded our product portfolio. We have accelerated our international journey, in fact, we have made it a little earlier, and continued investing in future-ready AI-based technologies. As a result, revenue grew significantly year-on-year, while profitability also remained strong despite our ongoing investment for future growth. In last call, like we committed, we have explained in our financial results that our focus has been multi-pronged to take the organization to next stage. We want to de-risk the organization from industry impact due to regulatory landscape changes that brings more stability. Pivot into multiple new products and segment, including RegTech and AI-based risk intelligence. Create global footprint and acquire accounts from newer territories, and build SaaS-based profile to add recurring revenue. We worked our way on all the above directions, and now we are seeing funnel as well as results moving in this direction. Although we have brought down the contribution from payment platform, like in my last presentation, any positive move on MDR on UPI will revive this segment. We are closely monitoring the progress for now. We may not see immediate impact, but it will have a visible difference based on how early the industry absorbs. In RegTech, we have picked up deals in cooperative segment and now we have an order from large PSU as well. We intend to launch SaaS-based subscription for mid to small-size banks. That will again give us a larger universe to address. We have informed in our vision for global foray, and here we have been able to capture global account in quarter one itself. Our team is now increasing new account quite frequently due to presence of SaaS-based bank-in-a-box model that we invested last year. While historically we have been associated with payments, the efforts invested last year to diversify has evolved NPST into a broader fintech company. A platform which has capability not just across payments, but also RegTech, banking technology, AI-led compliance solution, and international digital financial infrastructure offering. Another significant milestone during the quarter has been the continued progress on our international business, where we are not just aspiring to get the business, but we now have a revenue contribution coming in. This validates our relevance of the technology which we have built. It is not just in India, but it can go beyond that and demonstrate the scalability of our product across different geographies. International market, we not just look at it as an additional revenue stream, but we believe it is going to be a strategic pillar for the company going forward. We are consciously investing in product, global business development, artificial intelligence, SaaS infrastructure, and skill set revival. These investment although cost today, but they are a growth enabler intended to strengthen our competitive position in coming years. We see continued momentum across banking clients, growing demand for regulatory technology, increase in adoption for digital payment, emerging international opportunities, and stronger technology ecosystem. Our pipeline remains healthy, our customer engagement continues to deepen, and the strategic direction, whatever we have given in the beginning of the year, that remains unchanged. Coming to numbers, I think if you have gone through it, the year-on-year uptake has been about 75% in revenue. We closed at about INR 61.42 crore. Our EBITDA has grown by 66%, and our net profit has gone up by INR 53 crore, which is about INR 11.4 crore. I think that should be good enough for now. I will take questions here on. Over to you. Thank you very much. We 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 remove 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 will wait for a moment while the question queue assembles. Participants, you may press star and one to ask the question. First question is from the line of Akshay from AK Investment. Please go ahead. Hi, sir. Thanks for the opportunity, and congratulations on the good numbers. Sir, my first question is about revenue guidance. We had earlier guided that we should be able to grow by around 15%-20% quarter-on-quarter throughout the year. But in the first quarter itself, we have de-grown quarter-on-quarter. So what should be the fair assumption on the revenue front? Also, we had guided that we should be reached somewhere around highest revenue per quarter of around INR 67 crore in the next quarter, but we are still INR 10 crore behind this target. Please put some more color on the growth trajectory going forward. Thanks, Akshay. We gave a guidance of about 60%-70% growth, and that remains unchanged. There is no challenge at all. In fact, I addressed this question in detail in the last quarter itself, and I gave the nature of the business. I clarified that. I would like to reiterate the fact that we brought down our projection in the PPaaS segment to just about 5% to reduce the risk associated with that segment. Now we are more of a technology-led subscription, and the overall solution that we are selling in the ecosystem, which may not have exactly the same nature of revenue every quarter. That is the reason why I even gave a clarity that you should definitely be looking at yearly numbers that are coming out. Whatever funnels we had, we had that clarity. We knew how this was going to work out. That's why comparing Q4 of last year with Q1 may not be the right approach. You should be looking at how the company is growing year-on-year, and you should be looking at what numbers we are sharing. Is it meeting the guidelines? The answer is yes. We are actually following the same trend. There is no change in guideline. When it comes to the overall numbers, I think last quarter, we have been able to do about INR 68 crore, which we already did, when it comes to the highest performing quarter. It will be due in this year as well. The trigger's coming in, the numbers coming in, the execution and implementation as and when it goes ahead. In some quarter, we will definitely shoot up much higher than that. Okay, sir. Fair enough. And we are also sticking to the full year FY 2027 EBITDA margins guidance of around 30%, right? That remains unchanged. Okay, sir. My second question is about the MDR. Recently there was a bill in Parliament that approved the MDR on UPI. Do we get any benefit out of it? What is the economics of the bank's revenue and our sharing on that front? It is an advantage to the company, but we are actually waiting for the guidance to come from the regulator banks and from NPCI, which is. We are extremely positive about how this should shape up. Just to give you an idea, we build the acquiring infrastructure for banks on which the entire UPI payment ecosystem would work. Basis that platform, there are certain contracts which we usually do on SaaS-based model. The entire industry had a limited fund in absence of MDR. The moment MDR starts flowing in, when UPI is doing about 23 billion transactions, even 5%-10% of such transactions brings in huge amount of revenue to the entire industry. That goes across the payment aggregators, banks, and TSPs like us. We start generating that revenue. The PPaaS segment, which was just about 5%, that will start flourishing. Where we brought down the risk associated with the platform revenue, the MDR revenue will start kicking in. That will add in a good amount of revenue to the organization. Okay, sir. Sir, lastly, on the international market presence. We are continuously developing our international presence. What type of products and solutions do we provide in the international market? Also in the presentation, you have mentioned that we have got the order for one of the biggest telecom companies in India for the Super App. Can you put some light on these two developments? Unfortunately, I will not be able to zero down exactly on what product is the hero product because of the competition. What I can definitely tell you is that when it comes to digital transformation around payments, digital banking, we have multiple products with us. We have interoperable payment platform, we have merchant acquiring platform, we have banking Super App. All of these we take as a bouquet and go to international market. What we have got now as an order, we are actually transforming the entire digital landscape and payment for the telecom provider. Just like you have, exactly if I replicate it, like you have Airtel as a telecom provider, but Airtel also has Airtel Money, Airtel Payments Bank. That's where it opens up opportunity for us when the telecom provider has FinTech options. Okay, sir. Fair enough. Thank you so much, and all the best. Thank you. Thank you. Next question is from line of Nishant Joshi from Equisense Advisors. Please go ahead. Good morning, sir. In last con call you had mentioned that if we do business with Indian companies, we get margins in range of around 15%-20%, whereas for global clients, it would be range of 30%-35%, which can reach up to 40% also. You also have mentioned that the international business would be on a faster growth trajectory. Do you still stick with it? Can you give a number that how much of our deals are coming from international markets, and how do you see growing it in a couple of 12-15 months? The orders that we pick up will go through an implementation cycle, and the implementation cycle can range from four months to about nine months. That is a journey. There are milestones that come with it. There will be early revenue realization in certain cases, and there will be cases where post-implementation, it immediately hits the quarter. That is the reason why I was saying. We got one and we are, to be honest, there are two more deals in pipeline. We will be sitting at a good bucket by the end of this quarter. When it comes to the margin, yes, that margin is what we are looking at. Yes, that is the margin which we will be working on. For now, if you see the consolidated numbers, we have about 10%-12% coming in from international. As and when the project goes on, project can range from four years, five years, or even longer than that. Those stages, we start generating more and more margin as and when the implementation gets completed and the revenue starts kicking in. Okay. My second query was again related to the same UPI payment system industry. Can you give an outlook to the industry overall if MDR is introduced? Do you see value of transaction and volume of transactions where MDR will be implemented, giving a lower growth trajectory? I think. Yes, sir. What I am going to tell you right now is strictly my personal experience. Why? Because we are yet to receive guidance from our customers, like from banks and National Payments Corporation of India and the regulator. That is yet not released. It is way too early, and that's the reason why we are not giving a very aggressive numbers around it, because we are yet to see how this is going to pan out. But once it goes, because it has already gone in a very positive direction. Once it goes, it straightaway brings an upgrade to the projection which we have made around Payment Platform as a Service, which we have completely tapered down for now until we see that impact coming in. That segment will get a boost. Second, we must also understand that the conversation which is happening right now is around the higher ticket size transactions. Honestly, it's not going to be customer, merchants are going to get charged. High ticket is definitely around those merchants who can afford to sell those kind of products. If you are going to a small grocery store, your ticket size is much lesser compared to when you do a bigger shopping. There, if the ticket size is larger, then the kind of MDR they are talking about is not even equal to what we have in cards, much, much lower than that. I do not think that the transactions around those revenue buckets will get impacted because that particular business is already making good value transactions. An MDR at much lesser rate on UPI is better than paying for the higher cost card-based transactions. Rather than card, they will still prefer UPI because the MDR is much, much lower on UPI compared to card. Small businesses should not get affected, and large businesses will definitely have an option to use UPI at a lower cost. Thank you, sir. Thank you for your view. Yeah. Thank you. Next question is from line of Ankit Kanodia from Zen Nivesh. Please go ahead. Thank you for taking my question. My first question is related to the last point which you just mentioned regarding large transaction. I think 4%-6% of the total UPI transaction falls under that bucket, where there will be an MDR available. Looking at our current scheme of things in terms of how we are present, do we see a sufficient enough pool for us, given that it is only restricted to 6%? That business is. Those 6%, 7% are those large merchants, right? Those are not small merchants. If you see the ratio amongst the large merchants, I think, if we categorize those merchants where the balance sheet is much bigger, then we are probably talking about almost 80%, 90% of those merchants, top merchants, who will come under MDR bucket. Where do we have these merchants? These merchants are basically across all acquiring platforms. So there are not more than 80, 90 banks who have the acquiring ability, of which about top 15, 20 banks are the ones who are actually catering to such kind of merchants. In our bucket, we have PSU bank, we have private bank, and we have cooperative bank, all of them on our acquiring platform. So we definitely see some catering. Right. Sir, one thing I was not very clear, and I am sure, as in you alluded to your previous remarks also that, still everything is not clear. You are waiting for. The point which I want to understand is, will we directly get a benefit of MDR as in a share in that, or we will just get the benefit of this market getting expanded? This 4% to 6% market may be doing really well, and that will increase business for us in the long run. Or we will get a direct share in the MDR also when it comes in. I will split it into three. When I say that we have not got communication, that means we work for regulated entities where UPI will have an impact. These regulated entities are banks and payment aggregators, where we have deployed our payment platform as well as our infrastructure. Unless and until we do not receive communication from those directions, that is where we are saying that the communication is yet not there. However, the industry is already moving in that direction. Once that entire journey is completed, then it will reach our customers, and then from there, it will come to us. That is what I meant. Right. I am not denying that it is in positive direction, but I do not want to make any number projections unless we receive the paper from them. As you know, these are the changes, you do it, and now MDR can be charged. That is what I am referring to. Yeah, that was very helpful. Yeah. My next question is related. Yeah. My second question. Second. Yeah, I will answer the second one. How we are getting benefit. One is, there will be good revenue available. The total transacted value on UPI today is INR 2.7 trillion, approximately every month. Now, if you take this number and whatever number you calculated right now, 4%, 5%, and then you take MDR, imagine the money flowing in the ecosystem. When that happens, there is more money available to pay to technology service providers to start upgrading platform or to faster the roadmap to generate more revenue. There will definitely be competition amongst banks to generate more revenue because of this MDR. There will be more investments coming in. NPST gets an added advantage. This is an indirect benefit we get. Second, on a payment platform, we have orders where we have implemented acquiring platform, and we get paid per transaction. That is a direct benefit we get. Yeah. Thank you so much for that detailed answer. In the same MDR issue, when the honorable finance minister was talking in the parliament, he also highlighted about the need for cybersecurity and fraud detection software. How do we see their opportunity for us? Maybe I am not asking for any finished guidance, but maybe from a qualitative view, do you see that, how are we placed, and how do we see that business moving forward for us? Yeah. Just a second. So we anticipated this problem being in this segment for over a decade now. And we are the only company who not only has infrastructure around bank payment platform, but we also have a RegTech. We invested into AI-based risk intelligence about two and a half years, three years back. And last on call, we clearly said that it was just a product. Now we have treated as a separate vertical to focus onto it. What we see is an opportunity or much bigger opportunity for NPST, wherein RegTech will start It's unsaid regulation now to have such kind of software to control the cyber frauds. And for that, what we built was completely AI intelligence around the merchant acquiring platform, how the transaction loopholes can be identified, and how merchant risk can be underrated. For that is what I was referring to when I said we got an order from large PSU, the product is proven, and now we are going to create a subscription-based model for the small to mid-size industry. That is definitely on cards. And with the growth, if at all there is any further positive change in regulation that demands this kind of software to be mandated, it is straightaway going to Help us in our RegTech growth. One last question, if I may. How do you see this MDR thing impacting the micro ATM and the smartphone POS deployment in the rural areas, far-off areas where there is still no scope of ATM, and micro ATMs are the only way? At one point of time, we had RBI having a PIDF, which is Payments Infrastructure Development Fund, which later got stopped. Do you see, with MDR, this also getting revived in certain ways and we get benefit from that? To be honest, that is more related to AEPS, wherein the withdrawal happens through biometric. There is also a product called UPI Cash Point, where the MDR always existed. It never changed. It has a very different segment altogether. We cannot directly compare it with this impact because MDR on UPI cash, if you want to withdraw cash through a QR code, there was an MDR cost to it. There is no change in that. Second, when it comes to the competition between micro ATM, AEPS, that's a completely different product. I wouldn't like to call out anything in that direction. Let's keep the MDR aside. How do you see the micro ATM market going forward? Unfortunately, I'm not exactly in that segment, so it will be difficult for me. However, what I see is that in two to three years, UPI cash will definitely make inroads, as against the larger cost involved in micro ATMs. If at all there is more confidence, the cyber risk is less, and it's a good compliant system, then we see that UPI Cash Point will grow, and that's where the infra cost goes down and the revenue is available for everyone. Great. Thank you so much, sir. That was very helpful, and all the best for the future. That's it. Thank you. Thank you. Next question is from the line of Hardik Gandhi from HPMG. Please go ahead. Hello, am I audible? Yeah, tell me. Yeah, hi. I had two questions. First, I think we put out a very aggressive guidance on the margins. After such, in the last quarter, right? This quarter, when I am looking at the margins, on the EBITDA level, we have dropped. What is the reason for that, and do we have to look it on a year-on-year basis? How do we go about that? That is my first question. Like I said, the margin, what we have referred to is a combination of. If you see the table which we gave last year, sorry, last call, it is a combination of domestic, global, and RegTech all taken together. That is why we gave the cautious understanding also that the nature of business has also changed. It was 90% on PPaaS, which has gone down to 5% as projection now. You should be looking at a technology-led growth. The order that we have picked up in Q1, the order which we have picked up in Q2, these margin will start adding up, and then the averaging out will definitely be much higher than what we currently have right now. That is the reason why we are confident that by the end of the year, we are definitely meeting our guidance. Okay. Global play will add margin as well as RegTech, which is AI-based product. That also has a higher margin. That is where it will impact. A follow-up on the global business. Just wanted to know that if we are able to expand our offerings to new banks, or are we just trying to cross-sell to our existing clients? Our first target is always banks, central banks, and BFSI segment, because that's where it evolves. But when we are going to global market, the interesting case that we are coming across is the other segment are also struggling with the same problem. The nature of payment ecosystem in a geography differs from the other geography. However, the product that we have designed, developed, has a universal acceptance. It may be banking, it may be telecom or any other segment. We are still evolving. To be very clear, the other two orders are going to be of the three first orders that we are going to pick up, there is going to be just one order from the payment service provider. Rest are going to be from the other segment. Okay. I just wanted to know on that traction, because we earlier mentioned that we are far ahead compared to the global peers. Our technology is far advanced given that our quick adoption of UPI and other technology in India. And we mentioned that these will be the low-hanging fruits for us to capture the global banks in different countries. And I think that we have not been able to tap as successfully, or is it just taking time? I am not sure. I think we are connecting in less than three months, and I have already shared the order book. So, what we already have and what is the new that is coming in. That talks about the traction which is available. Yeah, there may be possibility that certain orders we are anticipating in three months, it may come in five months. That may happen. But the overall business, whatever we saw with last year's efforts, it is still intact. Our funnel is growing, and at the same time, our traction has only improved. I do not see there is any change at all. Correct. And just last question. For the IPO funds, I think we received it in December. I think it has been eight months. We have used only 10%, roughly 10%-15% of it. So what is the deployment schedule or plan for that? We currently have zeroed down on three odd opportunities where we intend to invest. Our conditions are very strict, and that's the reason why it has taken time. I mentioned this last year also. Right. We don't want to completely invest into only one segment, so we wanted to diversify that. RegTech was one area where we had to zero down on few companies. Then there was solutions around AI, and then there was solutions around payment infrastructure. All of these we have identified. We will definitely see some traction soon. No. Just the meaning for that was that what will be the rough time of deployment that within next year we'll be able to deploy the funds? Or will it be like a very gradual process where it will take us two to three years? It can wait till next year. Not the entire fund, but we'll start seeing deployment in next two quarters. Correct. And those will be on product development? We are looking at market expansion. Do we get an access to the international market, ready customers with new product altogether? Right. All those parameters exist. Okay, perfect. All the best. Thanks. Thanks. Thank you. Next question is from the line of [Preet Shah] from Blue Star Capital. Please go ahead. Hello. Good morning, sir. Morning. Go ahead. Yeah. Sir, I just want to understand. From last two quarters, we have been saying that next quarter will be fine. I understand the business is changing, but again, you can help me to understand when we will see a good growth year-on-year and quarter-on-quarter. From which quarter we can see, and how confident you are to achieve TCL guidance? I believe you should start looking from the quarter which we have already declared. 68 was in Q4 last year, so we already reached that maximum number after. Even between the transformation period and the change in the business model, we tried to maintain that. Secondly, what we have done is we have grown about 75% year-on-year this time. The execution cycle and implementation milestones, those are the ones which starts giving the revenue. This year, again, no change in guidance. That remains intact. We continue to scale the number and all the other parameters. If you evaluate, did we get international revenue? The answer is yes. Have we been able to grow the numbers? Have we been able to maintain EBITDA? Have we been able to grow those subscription-based business? Are we getting revenue from the other verticals like RegTech? All those are green flags. If you see that, it straightaway takes us to a direction where whatever we have committed is getting achieved. Got it. So, sir, as you are guiding for 60%-70% growth on revenue, is my understanding correct? You are saying roughly INR 320-INR 340 crore revenue for this year? And we have done INR 56 for Q1. The range is around that, yeah. Yeah. Okay. We are saying 30% EBITDA margins, right? For this year. Yes. That's the guidance. I mean, yeah. Yeah. Okay, got it. Yeah. Carry on. All the best, and thank you, sir. Thank you. Next question is from the line of Sampat Nayak from ZTO Capital Advisers. Please go ahead. Sir. Hi, sir. This is again question regarding MDR. Just wanted to understand if we are the direct beneficiary of this MDR implementation or the indirect. When I say direct, let's say some large merchant collects the MDR fees, will we be getting that or will we be part of indirect spending by these banks or payment gate? The revenue, the interchange revenue generated by the acquiring bank where we have our infrastructure, that is where we will get paid. We will get paid from bank for the acquiring side. We will not be charging merchant. Okay. It is the bank which will charge the merchant, and they will do a share with us. No. Again, let's say there's a transaction. For every transaction, will we get paid or will we get paid for the. Yes. There are two businesses. One is TSP, another one is payment platform. Wherever we have TSP, there any incremental development on software to generate more revenue, whatever investments they are doing, that is where there will be an incremental business coming in our TSP model. The other model is payment platform, where whatever acquiring platform we have deployed, on that, whatever per transition revenue is generated by bank due to MDR, which is not present right now, there, the bank will share the revenue with us. That becomes a direct revenue over the revenue generated from the merchant. Okay. There are both direct and indirect revenue opportunities are open now, correct? Absolutely. Okay. Thank you so much, and all the best. Thanks. Thank you. Next question is from the line of Suman, Individual Investor. Please go ahead. Yeah. Thanks. I think there are enough questions on MDR. I will request when the things are clarified, please have a special session on that. Now, coming to other questions aggregate questions. How is your competition in RegTech? That is number one. Secondly, how is your TimePay moving on? Okay. First one on the competition, I think RegTech is a very broader subject. To be precise, when we talk about the established products like EFRM or EWS, all those products, there the competition exists. It is there for a decade on. What we have built is the AI-based risk intelligence, which is completely new, and that can be only evolved, if at all, you are able to deploy that solution in the banking environment, which we did, and we processed almost about 650 million transitions on it. We not only have product, we also have machine learning, and we also have the data intelligence, which is at 98% accuracy. Okay. If I take that particular point, we don't have any competition at all right now. That was the first mover we did in the market. We invested as a company, a good amount of investment that went into this particular product with the belief that we'll be able to take it to market. Now when we go ahead and we talk about this product, we don't have to compete. We have to actually give them an idea how this is going to solve the problem. So that's the status right now. Mm-hmm. Okay. This prima facie looks very encouraging. I think number of banks. In fact, we have got a good attraction even from the global market wherever we are talking. Okay. That should translate into a good top line, I believe, in the next couple of quarters. Anyway, all the best. How about TimePay? Yeah, TimePay, again, since this is B2C, we are still looking for the overall decision on MDR. If at all MDR has a direct impact on the payer revenue, which is the payer PSP also gets a share of that revenue. Then for sure, it will create an influx of opportunity on TimePay. Then we can probably revise that product to a different, with a very focused thought process on what would be the investment, and if this stream of revenue adds in, then how this product will shape up. That's something we are looking forward to. Okay. That's, again, encouraging. We can safely assume that you will cross all-time high top line sooner than later in the next few quarters, right? Absolutely. Fine. Okay, all the best. Thank you. Thank you. Next question is from the line of Deepak Poddar from Sapphire Capital Partners. Please go ahead. Am I audible, sir? Yeah, we can. Tell me. Yep. Thank you very much for this opportunity, sir. Just wanted to understand from the international business perspective, what is our current mix right now in international revenue, and the next two, three years, how do you see the revenue from international mix going towards, yeah. Right now, it is about 11%, 12%. I do not have the exact, but yeah, that is the range. Between 10% to 12% coming from international, and that majorly from TSP. Now I do not have the exact scope for 2029. Some range would do, I mean, overall at a company level. Because it should be between around 30% in next two years. That we are assuming. 30% in next two years, you are saying by FY 2028? 2028 something, and you can say we are sitting in 2026, 2027 now. Yeah. Around two years from here, we are targeting around 30% from the international business or maybe more. By FY 2028, FY 2029, something like that? Yeah. You can say. Okay. What is the margin differential between domestic versus international? How much better margins do we see in international? If it is about 15%-20% in India, international will be anywhere above 35%. 30%, 35%, 40%, depending 30%, 35% rate. Okay. Yeah. Got it. This year, we are looking at what 30% EBITDA margin, right? It should be around that, Deepak. When we say next two, three years, this international business will go towards 30%, and that differential is also bigger. Where do you see the aspiration in terms of margins for you in next two, three years? Maybe you can say currently we are between 25%-30%. In next two years, we should target at least 35% around EBITDA margin or maybe more than that. Mm-hmm. Okay, understood. In terms of growth, we said 60%-70% this year. That's the CAGR for next two, three years we are looking at? Yes. Year-on-year, you can say CAGR 60%-70% we are targeting for next two, three years. So that effectively means what, INR 850, INR 900 crores top line by FY 2029, right? Maybe. I have not done the calculation, but yes. Tentatively yes, you are right. Next year should be around INR 850, INR 900 around there. Okay. And specifically on TSP domestic business, the share will reduce but this business itself will also see a growth or. Absolutely. But other business should see higher growth, so accordingly, the TSP domestic share you expect to decline. Yes. Okay. Yeah, that would be it from my side. Wish you all the best. Thank you. Thank you. Next question is from line of Abhishek Kajal, individual investor. Please go ahead. Hi. Thank you for taking my question. My question is on the P&L statement. In the consolidated statement, under the header Changes in Inventories of Finish Goods Work in Progress and Stock in Trade, there is a significant hike to INR 17 odd crores from INR 2 crores in the last quarter. If you could shed some color on that would be really helpful. Ashish, you want to take that up? Yeah. Abhishek, actually, we are doing a multiple kind of projects, which include turnkey project also. So there can be a hardware kind of material, which is a part of our delivery. So that covers under this part. So it is basically nature of business where we can put some hardware, then it will cover under this side. That is the reason. Okay. So that is basically the hardware that we are supplying to the bank for the offline payment. Yes. As a part of the project where. Yeah. Let's say if you pick up a project worth about INR 5 crore or odd, it will require a complete end-to-end hardware and software and services. So basis milestone, it changes. So in a certain milestone, there will be early realization of those pieces. When it comes to the software and service milestones, it gets spread out. That's how it goes. All right. Thank you. That was all. Thank you. Next follow-up question is from line of Nishant Joshi from Equisense Advisors. Please go ahead. Sir, you have already partially answered my question. It was regarding the inorganic growth which company is foreseeing. I just want to understand it is just due to a market expansion which we are seeing, that is why we will be acquiring any company, or do you also see certain segments of product where we want to those products into our segments? There are too many interlinked decisions here. When the company was going through transformation and about almost two years back when there was a dip in revenue, we did lot of corrective actions, and then we realized that the best way to do it is de-risk and diversify. There was a particular quarter where I took the investors exactly through these two points. It is critical for the company to do a forward-backward integration, when the time is right. Also see the complementary products, which is exactly close to the domain, where the customers are same, your accounts are same, but the demand for products have increased. That has been our experience all these long. That is the reason why we are trying to invest into these areas. Like for example, when it comes to payments will always have some risk associated with it. We are selling payment platform, but we are not selling RegTech, we are not selling anything that is needed to secure the payment. That gives us a complementary product access to the same customer that we are selling. That is how we have made a decision around diversification, de-risking. Then of course, when you get into it has its own channel, and it has its own growth segment and the projections. Obviously, your projection also multiplies. Thank you. Thank you. Next follow-up question is from the line of Sampat Nayak from ZTO Capital Advisers. Please go ahead. Yeah. Hi, sir. I just did some number crunching on the MDR. If the 5% customers have to pay MDR, that comes roughly around to INR 17,092.80 crores. If we charge 0.25% MDR fee on that transaction volume, roughly the amount comes around INR 89,614.90 crores. Since you told me we could be the direct beneficiary of this, what kind of quantum we can consider to add it to the. First of all, I clearly said that unless we do not have a mandate coming in, sir, I can only give my personal experience. I do not want to quote which is not there on paper yet, right? Secondly, that is not how the MDR adds number. Whatever is the MDR, it has acquiring component, it has interchange component, it has switching fees, it further gets split. Then the beneficiaries here can be the one who has acquired a user which is like PSP applications. Those who have acquired merchants, and that is where our bank plays a critical role. If at all I have given acquiring platform and the QR code generated over the POS on a POS is where the bank has given POS directly to the merchant. It is a direct interchange income coming to bank. But if they have given it via payment aggregator, then the payment aggregator also shares certain revenue. There are a lot of stack in between where it has to be calculated. I do not think that is instantly available right now to anyone. Let me not quote anything right now, any number, but what I can definitely tell you is that we, being a part to this ecosystem, will definitely get certain direct revenue out of it. Okay. Thank you so much. Have a good day. Thanks. Thank you. Next question is from the line of Ashish Soni from Family Office. Please go ahead. Sir, in your results, there are other expenses to the tune of almost 19 point some crores compared to almost INR 2 crores last year, same quarter. So what is this additional expense of almost INR 17 crores this quarter? Yeah, Ashish, I think this is a grouping issue. So team has marked the purchase cost in this expenses. That's the INR 17 crore amount. So other expenses is INR 2 crore only. Your growth in this quarter was almost 70% odd. Your employee expenses has not increased. Is it because of your Software as a Service platform or the fee which was more? Proportionality, it did not increase at all. It is hardly 10%, 20% is what I understand. What caused that? There are multiple reasons. First is that we are in a business where the employee cost is maybe not directly proportionate with the revenue. Second, the adoption of AI is very important, where we are doing multiple things, multiple developments we are taking with the help of AI. Deepak has already covered this part that as an organization, we have adopted AI. That is the reason, I think, employee cost will not increase at proportion to the revenue. We are trying our best to create an AI-driven organization. There are policies being written. When the policies get written, they impact over the AI security, they impact over the tools that is being used. We just do not want to make it a random decision. We have made a decision that the organization will shift towards AI-based policies and processes. That is already going on. Whatever benefit we got, I think it is visible now. In fact, on our investor presentation, we have clearly given that we want to improve our efficiency. The target of about 30% is still there. That is the target. Those kind of reflections you will start seeing. Regarding your guidance of 60%, 70% CAGR for next two, three years, does that include your inorganic growth or it will be additional on top of it? It is not inorganic. Okay. One last question on, with event of [Methos] coming in, there was RBI guidelines for banks to assess security threat against it. First question is, what is our stance on securing our platform against such attacks? Are we getting additional opportunities because of this RBI stance which came, I think, in June, if I recollect. We have not launched an AI product to an extent wherein there will be an impact. For now, whatever RBI guidelines has come around the AI attack, that will pave the way for larger, not larger, but I do not know, I cannot value it, but yes, investment towards AI-based security. As and when the technology upgrades, the security layer also changes. Those are areas which even we are looking forward to. There will be certain policy guidelines that will be released from banks that, how they intend to look into it and how the software changes are expected, what expectation they have from the vendors. Those implementations will happen over a period of time. Okay. Inorganic acquisitions, which acquisition can come faster? Because I think you are pursuing two, three based on whatever you have been telling. Any acquisition you do, will EBITDA margin the same as our business or it will be lower? I am just trying to understand because typically, you are targeting overseas acquisition. Because typically, overseas acquisition generally comes with a lower margin unless the product, a well-established product. I don't think that's a focus criteria right now because, when it comes to priority, what we are looking at is the geographical access, instant access that we can get, new product that we can get, which is missing from our stack, which we wanted to build, and the growth trajectory that particular organization is giving right now. It will be way too early right now to share that particular information. But yeah, that's the direction which we are going right now. Can we expect something in Q2 or Q3? Can we expect any acquisition? I think Q2 is early. I don't think, but we'll come back on this one. Okay. Thanks and all the best for the future. Thank you. Next question is from the line of Ketan Pathak, individual investor. Please go ahead. Hi. Good afternoon. Am I audible? Yeah, Ketan. Yes, sir. Yeah. The guidance that you gave last quarter was about 70% year-on-year growth in top line. Whereas on a quarter-on-quarter basis, this quarter, we are down 10% in top line. My question was, do we still stick to that guidance? Because that means we have to do about INR 270 crore to INR 280 crore in next three quarters. Which is like INR 90 crore run rate. Do we have visibility on and are we on track to do that? Yeah. I think I have addressed this in the very first question, that yearly guidance does not change. That still remains the same. It is just that by nature, when are we executing the project, when the implementation is due, and the milestone is triggered. Those are the reasons why, in fact, we knew this kind of When there is a change in the nature of business, then in last quarter call itself, we gave the clarity that do not expect the sequential triggers. This particular growth will definitely come, and you should be looking at the yearly numbers. Last question, follow-up to that is, for this quarter, I think at a PAT level, we were at a 17% or 18% margin. Would that improve to about 20% by end of this year? Yes, there will be improvement because the milestone-based revenue, when they come in, the margins improve. Obviously, when it comes to global revenue share, that also we are adding. That is the reason why we are pretty confident about those numbers. Okay. Thank you. Yeah. Thank you. A reminder to all the participants, you may press star and one to ask the question. As there are no further questions, I will now hand the conference over to the management for closing comments. I think nothing much. I think you guys should definitely start evaluating the company the way I have addressed in today's call. A lot of traction, a lot of growth opportunities, a lot of triggers available. We are also very closely monitoring how it is going to evolve, the payment industry, basically. I believe there is a lot that we have to work on, including the AI-based strategy that we are very aggressive on that part. Purvangi, you can take it up from here. Thank you very much. On behalf of Valorem Advisors and Network People Services Technologies Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thanks, everyone. Thank you