Good afternoon, everyone. It is a pleasure to welcome you all to Tata Communications Annual Institutional Investor and Analyst Day. On behalf of the entire leadership team, I want to thank each one of you for joining us today. We are grateful for your time, your continued interest and trust, and keen engagement in our company's journey. Before we begin, a couple of housekeeping announcements, please. Kindly ensure that your mobile phones are switched to silent mode. We request you to refrain from taking any pictures or recording the session. The entire recording of the event, along with any presentation material that is put on display today, will be uploaded to our website post the event completion. Today's presentation may contain forward-looking statements. These are subject to various risks and uncertainties, and we encourage you to review the Safe Harbor statement on display on the screen right now. It will also be part of our presentation material when we upload it to our website. This meet is an important one for our commitment to transparency and stakeholder engagement. We are looking forward to a meaningful and engaging conversation today. With that, I would like to request Mr. Rajiv Sharma, our Head of Investor Relations, to give a brief address and set the stage for today's session. Thank you. Welcome all. Last time I thanked you for coming down to Santac ruz. This time you can thank us for hosting you in BKC, which becomes more convenient. I want to thank, you know, to the point Sudeshna mentioned that it's not only about making it today, but the continuous engagement we have, you know, around meetings, conferences, the questions, the inputs we get, all that really helps, and thank you so much for that, and keep that coming. Couple of you who are attending it for the first time were asking me about Digital Fabric. While we have a lot to cover in the session today, but your question was very interesting that how do we see the Digital Fabric? I thought I'll share a small story to begin with. When an eagle is 40 years of age, the eagle faces a life and death choice. Its beak is bent, feathers are heavy, it cannot hunt. What it does is, it retreats to a mountaintop, breaks off its own beak, sheds its feathers, and a new eagle emerges after a very painful renewal process, which is able to live for another 30 years. This story is so contextual in the context of enterprises today. When you look at the S&P lifespan of corporates coming down from 60 years to 20 years, maybe even furthermore. Survival, let alone leadership, demands innovation. This is not just about digital, it's about transformation at the core. A shedding of legacy models, rebuilding of speed, intelligence, and resilience. Now that's, you know, that's what is the best way to imagine the Digital Fabric, which is a new skin of modern enterprise, protecting from shocks, allowing you to adapt to new weathers, and sensing in real time. Not visible like muscle, bone, but essential like skin. Even for the digital natives, the eagle's lesson is what got you here will not get you there. The next phase of growth is not only about scale, but also about re-architecting resilience. You can imagine the Digital Fabric as this new skin for modern enterprise, which is just not an IT layer, but possibly a strategic differentiator. With this, may I welcome our MD and CEO, Lakshmi, for our keynote address. Thank you. Can you hear me? Yes. Good afternoon, let me add my welcome to all of you. Thank you for being here today. What I'm going to cover today is, as Rajiv outlined, of course, we're going to talk about numbers when we look at the performance over the last few years. I want to go a little bit beyond the numbers, the story behind the numbers, the transformation that we've been going through to shift our capabilities on the sales side, to shift our capabilities on the product side, the cultural transformation that the company has been going through to really become a CommT ech company. Truly become ourselves a digital company so that we can become a Digital Fabric for the enterprises. I'll cover a little bit about our point of view on a hyper-connected ecosystem. This is something that we coined two, three years ago. I think it's hugely relevant and even more relevant in the world of AI. In that context of hyper-connected ecosystem, which is where our customers are situated today, what are the challenges they face and how the Digital Fabric responds to their challenges and helps them, aids them in their transformation journey. In doing so, how are we increasing the aperture for Tata Communications and for our customers to do more for them and for them to benefit more from what we have to offer. Also, we'll cover some of the investments that we've been making, some of the recent launches, and what it means to us and our customers, what are the white spaces that we're able to address through that. Sumeet will then follow talking more detail and color about our relevance to these customers through case studies and examples, and how our reputation is growing in the market. Kabir will then address all the numbers and also going beyond that to see what capacities we are creating in order to create more value for ourselves, our customers and for our shareholders. That's what we're gonna cover today. In terms of the numbers, we have grown our data revenues CAGR of over 11%, overall revenue by about 7.8%. The color of this revenue, the mix has really shifted from 29% being a digital revenue to today, 47%. What it also means is our digital revenues, which was around INR 3,000 crores in FY 2021, stands today a little over INR 9,000 crores in FY 2025. That's a significant jump in the digital revenues that we have seen. All of this has happened through both organic investments and some inorganic investments, and resulting in which, you know, Kabir will talk more in detail, our trajectories on EBITDA and ROCE as it stands today. We're very confident of recovering all these trajectories and recovering the growth path as well, and we'll talk about what we are doing in order to shift these trajectories. A little bit more color as we talk about this. There are significant headwinds that we have been addressing, much of it, you know, we've been talking about it, but I thought we'll put it all in one slide. If you look at, especially on the connectivity side, there has been a price erosion and churn anywhere between 10% and 15%, which is bulk of the revenue, and that is one of the, you know, one of the holes we need to cover in order to add more incremental revenues. The second major was more an industry-wide disruption with the advent of cloud communications or what UCaaS, those applications that came about. Our GSIP revenue, that was almost 30% of our overall digital revenues, is nearly halved. Again, this year we have seen the bottom of it, but that is a significant headwind that we've been facing. The third is the more of the value migration. The MPLS, the VPN, the private circuits that we've been having with our customers. Overall industry has seen a decline of about 4%, and in that market we have managed to migrate all of those customers to our Hybrid WAN story, which is more of an internet, and we have been doing that migration. As we do that, we still have to encounter the if MPLS was priced there, internet is priced there. It's a sort of cannibalization that we ourselves had to do for our customers, and that was another headwind, if you will, that we had to address. In doing so, we strengthened some of it, and we are happy that we've been adding more customers for our Hybrid WAN, and that's how we've been able to, you know, stem the decline purely in the MPLS world. These are some of the headwinds that we have been encountering. I mean, all of it is something, you know, we have spoken about, but to put them all in context of how much of these headwinds creates a hole and a decline in your top line, and on top of it, you have to create incremental revenue to show growth on top of it, is a lot of paddling that goes on underneath, which is not often very visible to all of you. If I had to put that in the context of how the B2B players globally have been doing, we all know most of the global B2B players have been either stagnant or have shown decline in their revenues. We have posted a decent double-digit growth in that context and in the context of the headwinds and other things that I talked about in the previous slides. This is just not in the core connectivity, as you would see in some of the digital portfolio, the next-gen connectivity through to other fabrics. The growth has been anywhere from 19%-45% in the digital portfolio. The data revenues incrementally we've added is INR 7,000 crores, and purely in the digital platform we've added significant incremental revenues. Our relevance with our customers is increasing. This is something that we've been very passionate about, because purely selling one portfolio and at the connectivity, we were more at a utility play. With the combined story that we take to our customers of a Digital Fabric, we are very confident that our relevance is increasing. Not just by the fact that anecdotally that we hear from our customers that, you know, we are able to meet the CEO, we are able to meet a CMO, we are able to meet multiple CXOs in the organizations where we have something of relevance to them. Also, there is data now to show that our relevance is increasing, and some of it is borne through some of these evidences where if you look at FY 2021, the number of million-dollar customers was 212, increased to 290 this year. More importantly, if you see that 10 million-plus customers, that has doubled in the last four years. The customers that we had were 14, and today we are at 30. Last year, we added 16 customers to the million-dollar club. That is a very powerful testimony to the fact that we've been talking about deeper with fewer. We talked about our sales capability shift in terms of how we are organizing ourselves as a Customer Success Group with one owner of the account and all the towers coming together to provide a fabric solutions and all the organization that we did. Much more focus on large customer base and large customers rather than going after the smaller ones and creating a bigger tail, and that is a shift that we made. That shift is quite hard to make in terms of, you know, there's a significant capability shift. I think in some of the conversations I did mention, most of our regional heads in the international have all been changed in the last four or five years with a lot more focus on people with the ability and the background to sell a more complex solutions, and those are the changes we made, and even the solutioning team. Significant capability shift in the sales and solutioning teams, and you see the result of that. The second big thing, which is again gratifying to note in the shift, is the NPS scores. As we diversified our portfolio, one of the concerns would have been that, look, these are new portfolios and therefore the score might fall because they're new things, there might be hiccups in the new services introductions to the customers. On the contrary, our NPS scores with all these customers have only grown, and that's again another testimony to the execution of the strategy on the deeper with fewer. The very recent NPS survey that we conducted cites three reasons, the top three reasons of choosing Tata Comm, the service excellence, the technical competence and the expertise that we bring to solve customers' problems, and the global coverage that we deliver for customers. These are the top three reasons our customers say that as to why they select us. Our NPS scores remains in the top quartile. We're very proud of that fact. Number of analysts like Gartner and others who are covering us have increased multifold. You know, again, if you look at in FY 2021, how many analysts covered us, today, how many analysts cover us, it's a dramatic growth in number of analysts who cover us. The number of analysts who position us in the leadership position is also increasing every year. I think in increasing the relevance, you know, we opened our engagement, the Customer Experience Center, where we showcase the art of possible for our customers. The number of visits there has increased not just customers from India, but international customers coming to see what we have to offer. All of that, I mean, those things don't result in a, in a sale or a deal immediately, but those help in positioning us as a relevant player for them. All of these are definitely helping us to increasing the relevance. I said that one of the first markers in our transformation journey is, are we increasing our relevance? You know, internally, we said, "What is our relevance quotient to our customers?" I don't know, some time ago, internally, at least I used to put that if you look at a score of 1- 10, you would see the relevance quotient of consulting firms like McKinsey and BCG at eight or a nine, but those are normally short-lived. They come in for a strategy project, they execute, and they exit. If you look at large SIs, their scores would be anywhere between six and eight, if you will, depending on because they do long-term projects, they manage more and more. Typically the telco we found was the relevance quotient was, you know, at a three or a four because it's very transactional in the way they dealt with players like us. I said that quotient is something that we need to increase. While we didn't have a measure of how this quotient, internally, we used this language of increasing the relevance quotient. I'm very happy to see that some of that is anecdotally changing, but also now in number terms, we can prove and show that our relevance is increasing in the market. Let me go and talk about the context where our enterprises are operating today. We had coined this hyper-connected ecosystems as a phrase a while ago. We also said, we defined what a hyper-connected ecosystem is, right? Because the connected ecosystem has always been existing in the marketplace. We all know, and I've given examples of how insurers, you know, have contracts with repair shops. You know, we know how airlines have contracts with hotels and other things and the connected ecosystem existed. What is different in a hyper-connected ecosystem is that it's always real-time. Everything is happening on a real-time basis. It's always on, anywhere on. It's all the time connected. You know, you see that in many examples that we can see. It's seamlessly collaborative, not just between people- to- people and things- to- things and people to things, but today we know that there are AI agents within an enterprise which needs to seamlessly collaborate. The architecture for Agentic AI needs to be very different from our traditional architecture of how applications were architected. Not just within an enterprise that these Agentic AIs, you'll also have agents sitting outside the enterprises now collaborating with the agents within the organization. That, in my mind, is truly a hyperconnected world where the enterprises are moving towards. In that scenario, the complexity of the digital infrastructure, the need for them to be able to make it secure, make it a lot more easier to consume, make it a lot more performant, and trustworthy that they can trust, you know, not just from a security point of view, but it's also that, you know, I have a data privacy protection, I have data protection, all of that to happen, will become increasingly complex, is becoming a lot more expensive and costly. That infrastructure, unless it is transformed, they will not be able to move into this hyperconnected ecosystem and deliver everything that their customers are going to expect them to deliver. In that world, we are saying that what are the expectations that these enterprises have in this hyperconnected ecosystem world, is that they still need to be able to grow seamlessly and in a borderless fashion. They need to be able to innovate and deliver much better experiences to their consumers. Of course, productivity and efficiency will be a big, big play on how they do that with all this complexity growing, and that is not a trivial problem to solve in terms of the vendor sprawl that they have, in terms of number of regulatory compliances that they have to deal with. Business agility is gonna be a problem that we know that, you know, and some of our banking customers have told us that they can build in applications, they have launched those applications in the market, but very soon they had to pull it back because those applications were not performing. Why they don't perform is not because the application didn't perform well, but it's because the complexity of the underlying infrastructure, that the API gateways, this protection, there are a number of layers of digital infrastructure that they have to pass through, and every layer has to be performant. Very often, they don't even know which layer is not performing, right? This has happened very many times, and that brings a problem on business agility, right? It's not about agile development of application, it's about business agility. Again, digital infrastructure will have a huge role to play in ensuring that there is business agility. Finally, managing risk. These are the five outcomes our customers are expecting to be delivered through a digital infrastructure, and that is where our answer is to say, "Hey, here is a Digital Fabric that seeks to solve some of these problems for you in this hyperconnected ecosystem world." Today, again, we are happy to see that the Digital Fabric is increasing in relevance with our customers, you will see the data points later on in some of the case studies and data points that Sumeet will give more of as to how the million-dollar customers are adopting more than one fabric from Tata Comm. Let me also talk a little bit about the capability shift. I said one is in the terms of how the sales engagements, how deep we are going into that, how we are doing workshops with the customers, how we are bringing them to our customer experience center, how we are painting the picture of the Digital Fabric to them, and how we are making ourselves more relevant. The second is the shift in the product itself. From purely being an infrastructure play of offering a network, which is a core network enabled by IP and voice and data on the layers on top, we've actually built the infrastructure software on top of it, and there are many examples of how in every fabric we have built those infrastructure software. Combined with that, a bundled managed services that sits on top of this infrastructure, and that is what all the three layers become a fabric, or, that is what we talk about. When some of two or more of these individual fabrics, when we are able to orchestrate them across these fabrics, it becomes even more powerful. That is the capability shift that we've been doing. Lot of investments have gone, and some of which you will see again through examples and, some of our product managers are here. As part of Sumeet's presentations, you will hear some of more examples of these. This is a fairly a significant shift that we've been doing in the company. This is again a slide that I've presented before in terms of how we see how our fabric will be consumed by the enterprise's applications through a simple set of APIs. The image of Tata Communications where it's a tower or a router or a wire is no longer. Our imagery of Tata Comm is more about API software-led, and that is how we are presenting ourselves. Some of these new launches are shown in the slide for each of the fabrics. The unified cloud network, we'll talk about it. The Vayu AI Cloud that we've launched with AI Cloud and AI Studio, the Kaleyra AI, which is a layer on top of the channels that we are building. In IoT Fabric, similarly. Some of these are recently launched, or some of it is going to be launched in the coming quarters. For example, the IZO Multi-Cloud Network, MCN, will be launched soon. More interestingly, the Digital Fabric tool is the end-to-end orchestration tool, which is aiming to orchestrate across all of these domains. This is the tool which we believe will be a significant disruptor in the market, where it seeks to simplify the operations of all this digital infrastructure for our customers. It'll deliver the discoverability. Many a times our customers don't know what they have in their own landscape. Discoverability becomes a very important thing on what are the, you know, what do they have in their infrastructure portfolio, the manageability of that, and finally, the security. The reason why we are saying security is very often there are security lapses that happen because of inconsistent application of a policy. It's not as though they don't have a firewall, they don't have something. The policy that is configured in these firewalls are inconsistent, and therefore, they are open to security lapses. What this tool will aim to do is make sure that the security is uniform, and that is why we are saying that. This tool, our vision is to become the ERP in the Digital Fabric. Again, this is a tool that we are piloting now with a few customers, and there is a significant interest in the market in this. These are some of the new things that we are launching or about to launch. I'll show you a brief video as well eventually what as to what it does. Very quickly in some of these areas, the Unified Cloud Network, Rajat, is the product manager. He will talk about it later on. The problem we are solving in the cloud is as people go to cloud, the cloud connection and connecting between the cloud is becoming extremely complex. I was told that an engineer has to go through 30 steps to connect one application from one cloud to another application in another cloud. If you multiply that by number of regions, number of applications, the complexity increases multifold. That's the kind of complexity that they have to deal with. We have an offering that will simplify this dramatically, and it solves many other problems. We'll talk about that more in later on. The kind of white space it opens up for us is that currently the whole multi-cloud connect is an INR 3 billion-3.5 billion market, and that is set to grow at 30% in the next few years. It's a small market today. It's a new market. Since we launched our IZO MCC, we have clocked INR 10 million of revenues in this. This is something that we are betting on as a white space that this product will address. Similarly, SASE, you know, we have had SD-WAN, we have SSE and other things. We do go to the market with a hybrid SASE story, and we also have an offering in the market for a Unified hosted SASE that we have partnered with an OEM to take that to the market. This again solves the problem of application performance, security, and a resilient and a compliant network. It's about connect, protect, and simplify. That is what it aims to do with the SASE offering. That is something that has been growing very well for us, and that is again, a big market to go after within the network and security fabric. The third is the interaction fabric. One white space that we will address is growing beyond the SMS to non-SMS channels, and that is itself a market opportunity to go after more voice, programmable voice, RCS and other channels. On top of that, we launched the Kaleyra AI. Again, Rajesh from the product is here. He will cover a little bit more about that. Really the problem that we are solving for the customer here is fragmented journeys, fragmented data, and no one place to bring it all together where we can make use of the data to deliver a more intelligent and converged contextual conversations to be able to provide value either in the front of the cycle, where a customer is trying to acquire new customers or in the back end of the cycle in terms of providing better care for the customers and an after-sale service. In both ends, the customers have problem today, and that is what it seeks to solve. That again is a incremental market. This is not the, not the traditional CPaaS, CCaaS layer alone. The incremental market that it can address is another INR 10 billion, and that is where we are investing in that area. Finally, the AI Cloud, which we recently launched with the Vayu AI Cloud. Again, the problem that we seek to solve is, you know, a unified proposition that we are able to deliver through our cloud offering that addresses the cost and the complexity of a hyperscaler to be able to have the knowledge that the enterprises possesses as a sovereign knowledge and an enterprise knowledge to keep for themselves. One of the things that we talk about is if you look at most of the LLMs and the open models that are out in the market, they have all the knowledge that the internet has to offer today, right? They have 99% of the world's knowledge available on the internet has already been modeled in some of these. Less than 2% of an enterprise knowledge is captured anywhere, and that is the opportunity of having your own intelligent LLMs yourselves rather than putting that out to the world. That is what we'll have to go after to see how we can recreate some of these for enterprise customers. Finally, as I said, the Digital Fabric tool that addresses the discoverability and the manageability and security problem is something that recently we've launched. It's in stage one. We are beta testing that with a few customers, and that is a big market, and that opens up purely as a platform play for us where we can sit on top of somebody else's digital infrastructure. We don't have to be providing the network and everything for them. We can still sit on top of it. That also opens up a services play that we have not been addressing so far in the market. These are incremental white space that we can address through some of these investments that we've been making. Talk briefly. We'll see the video and I'll come back. For years, enterprise infrastructure mirrored its org charts: fragmented, domain-bound, and disconnected. IT speaks in workloads and SLAs, OT in uptimes and systems, IoT in sensors, security in surface area. Each team chasing their own metrics while drift, delay, and risk compound. The enterprise has already shifted. Customers, employees, machines are all part of one continuous flow. What's needed now is not another system or dashboard, but a unifying foundation that connects, secures, and orchestrates the enterprise as one. Tata Communications Digital Fabric is that foundation, a transformational layer that adapts to how modern enterprises operate and evolve. It integrates connectivity, cloud, edge, security, and customer interaction layers into one intelligent mesh. The Digital Fabric is driven by a platform that enables real-time coordination, continuous trust, and shared visibility across every digital touch point. A defect is detected at the edge, the infrastructure responds, rerouting traffic, triggering alerts, updating systems, and securing new connections instantly. It supports zero-touch retail, autonomous logistics, smart healthcare, and intelligent energy because infrastructure shouldn't limit what's possible. As you scale, automate, and evolve, the Digital Fabric moves with you, guided by AI and ML that learn, adapt, and anticipate what's next. When everything must move together, this is the intelligent infrastructure that keeps it flowing. Yeah. You know, the whole thing is, idea is to bring all the domains and see how we integrate, uncomplicate, and innovate for our customers. That's the mission that we are on. The other point, as I said, the Digital Fabric is just not in one industry. We are now seeing ourselves that our services are very well diversified across multiple industry segments, be it IT and enabled services, BFSI, automobiles and manufacturing, the new content players, as well as the hyperscalers, which we classify as the OTT segments and the media segments. These are segments where we are very well diversified. If you look at the BFSI as a case in point, our revenues in BFSI in the last four years has grown 1.9x. If I look at the million-dollar customers within BFSI, that's grown more than 2x. 23% of our BFSI customers are MDC customers, so million-dollar customers. We still have a 75% plus customers who are not giving us a million-dollar customers, but that's the opportunity that we have to make them all a million-dollar customers. Some of the work that we've been doing with many of these customers are going deep into each of the fabrics, and it spans across multiple areas. You know, we are doing work on the, obviously, on the network side. Some of the global banks, we are now connecting them globally, delivering SD-WAN and SASE type of solutions. Some of these customers, we are delivering an interaction fabric for them. I think fairly diversified portfolio also we are able to sell to these BFSI customers. As you see, the growth over the last four years in India, APAC, Americas and Europe has been quite healthy. Similarly, if I look at the media, we announced this deal some time ago in terms of a DTH operator in Latin America. We are completely modernizing their broadcast network. They have operations across multiple countries in LatAm, in California, Brazil, Argentina, Colombia, and we are shifting away from their traditional broadcast workflow to the cloud. That is a transformation that we are doing for them. Similarly, if you look at, you know, that's a case in point where we don't have any footprint in LatAm, but we were still called into that deal working through an SI. That's how we got an introduction to this. Now, you know, we've been able to establish the relationship and sell a fairly large contract for them. The white space here is not about us entering a new country. The white space here is about most of our media revenues, even today, comes from the sporting federations of Formula One and Formula E and ATP, our engagement is mostly through for sporting federation. We have been working with the broadcasters and DTH players before, this is the first big deal that we have done. That opens up a big wide space for us to go after other such DTH players and broadcasters where their broadcast infrastructure needs to be transformed. That's the main point that I wanted to make. The second point is about, you know, the Switch capability that we have. One of the main capability in Switch, besides bringing the North American ecosystem and the customer base to us, is also production capability. We completely renovated in a place called Victory Studios. We built a new studio there. One of the marquee customers is Netflix. Netflix, as you all know, mainly streams, but they hardly do their own live production. They are now venturing into producing something on their own, and we are partnering with them, or they've chosen us as a partner to use our studios and the technologies to produce some of these events, and the first one is Pop the Balloon, which is a live show in the U.S. Now, talking a little bit about these investments, how are we executing, where is our focus, and what is our ambition? From an execution perspective, there is a relentless focus on execution in terms of product excellence, sales, and marketing excellence. These are things that we've talked about before. Embedding AI, you know, the point I didn't mention before is in every new product that we talked about, not just Kaleyra AI, but even in the MCN product, there will be elements of AI in terms of how we are able to create the topology and automatically show to the customers to say, "Here is a topology that you can choose at a click of a button." There is gonna be AI embedded in every portfolio that we are working on. Deeper with fewer, there is a much, much bigger upside that I talked about how, you know, from 14, 10 million-dollar customers, we moved to 30. There is a much bigger white space that we can go after by still doing better in the deeper with fewer. Similarly, with new logos, we can accelerate the new logo journey and also accelerate the journey of moving the new logos to a million-dollar customers and continue to focus relentlessly on delivering the best NPS that we can for our customers so that we continue to score high on technical competence, service excellence, and all those parameters for our customers. Strategic projects, which are somewhat some of that, you know, to develop on the fabric tooling that I talked about and bundle the services, this we feel can truly be a big disruptor. Internally, we are still in the process of simplifying, you know, the telco processes which were siloed and some of the legacy processes. We are revamping a lot of them and simplifying them to improve efficiency, improve the turnaround time, automate. That's the Lean to Leap project. AI similarly, not just embedding in product, how do we use AI for internal efficiency? These are some of the projects that we are focused on internally. Finally, about the culture. I can't emphasize that enough. We talked about shifting behaviors with our Drive Ahead. We focused on six behaviors in the company that we needed to change if we have to truly become a digital company. These are some things. Now developing the leadership through a program of Leadership Wave, where there is more participatory involvement from various levels of leadership in changing the company. These are some of the focus of our execution. About the environment, we see that our environment today has certain tailwinds and certain headwinds that we face. The tailwinds are all, you know, from a technology perspective, AI is becoming the central point of many of the customer conversations on what they have to do and how they have to invest, how they look at the data, how they need to secure it, how they build that intelligence. There is a surge in the data center connectivity, not just in India, but across the world. Private cloud, we believe, will have a place as people look at, how do I look at the right workloads that can be put on the private cloud as opposed to being on the hyperscalers? Security is complex, and its complexity is only increasing, and that has to be addressed. From an experience standpoint, it's just the channel noise. Too many channels. How do you orchestrate across channels? How do I get a unified journey orchestration for our customers where I can understand what the intent of the customer was, and how do we really become, you know, people used to say the segment of one. With Agentic AI, it is possible to do a segment of one. I can assign one agent for every customer. That is now possible with Agentic AI to do, and that space is gonna be fundamentally transforming, and how do we invest that? These are some of the tailwinds that we see, and the customers, I believe firmly that they will be investing in these areas. Some of the headwinds that we face at the same time are some of the macro headwinds that we see today because of the conflicts, because of the trade and other issues. Some of the regulatory complexity, and also fundamentally, when we lead through a network transformation, still the network is the last bastion of change, as one of the customers said that, and I like that phrase because that is something that that's been a bug that's been sort of bugging me for a long time. Why is it that despite all of this, the customers wouldn't change and do? That's as a customer, one customer said it's a live wire. Another customer said the network is the last bastion of change. We do that, but they have to change, and even these customers are talking to us. Those are some of the headwinds that we face. We still are very, very confident about our trajectory, the transformation path that we have set ourselves on, the relevance that we have, the investments that we are making is going to put us and is putting us in the right path, in the right space for the customers, and that we think will deliver our ambitions, might be delayed by a few quarters, and that is something that we are still marching towards. Finally, you know, in our reimagined strategy, we talked about many things, but sustainability at the core of what we do as much as AI. Our focus on people, planet, and community continues. We are on our way on our commitment to be, you know, carbon net neutral by FY 2030 and net zero by 2035, and we are tracking all these parameters. I don't have the time to take you through the story, but the story is a fascinating story of how we worked with an NGO to actually renovate and rejuvenate a lake that was nearly dead and polluted in Chennai. It's a fascinating story and one of the innovation that we did is creating a what we call as a Blue-Green Center. That Blue-Green Center today brings a lot of students and communities towards that to educate them on, you know, how they have to take care of it, and that is now progressing. The government of Tamil Nadu now has taken this Blue-Green Center concept, and they want to take it to multiple regions. IIT Madras is interested in that, the Theosophical Society in Chennai wants to take the Blue-Green concept and implement it there as well. Glad to show and talk to you about the impact that not only we make for our customers, but the impact that we are making for the society. Thank you. With that, I will invite Sumeet. Thanks, Lakshmi. Good afternoon. I hoping that, you know, as Lakshmi set the tone, what I will try and cover is to take you through our progress that we have been making on our market and customer journeys. We'll share with you some of our successes, some of our learnings, some of our challenges, things we are doing in the markets in which we operate and the learnings that we are getting from those markets as well. I'll also be joined through this presentation through my other colleagues, Gurvinder, Rajesh, and Rajat, we'll call them in as we progress this presentation. I wanted to start with, you know, as Lakshmi called out certain areas on where we think our successes have started to amplify itself a little bit more and where our relevance, our reputation, and revenue is starting to become more visible to us, and it's reaffirming, if you will, you know, the commitment we've made to ourselves and the journey that we are on, as our, at our success markers. If you look at our revenue, we called out earlier that from our digital platforms and services, we've had a 25% growth in our DPS revenue in the last four years. If you take one portfolio, which is our GSIP portfolio, where we've been facing headwinds, as Lakshmi called out earlier, and you normalize for that, our DPS revenue growth over the last four years has actually been close to 33%, 35%. There's been a, you know, a focused and a successful growth that we've been able to achieve in our digital platforms and services. I think our overall incremental revenue of the INR 7,000 crores that we've been able to achieve, nearly 3/4 of that incremental growth of INR 7,000 crores is coming from our digital services. Our focus on driving relevance to our customers and staying close to the journeys that the customers are looking at is getting rewarded in terms of the incremental revenues. Keep in mind that this is not at the cost of our core services or our core connectivity. Our core connectivity continues to grow and outgrow the market growth in terms of the overall percentage growth. You would have seen Lakshmi call out many of the large B2B companies and the headwinds that they are facing or the growth that they are displaying. We are growing much ahead of them, even on our core connectivity. While that, you know, that, you know, that envelope expands, our focus on our digital platforms is continuing to become a real champion of our future. Our large customers, and if I take just one sliver of our large customers, which is the 10 million-plus customers, that is growing at a very healthy 14% CAGR. These are customers where we have already started to enjoy larger share of their wallet. We are starting to become more relevant, and our ability to participate and influence those customer journeys is allowing us to grow at a very healthy percentage with these, with these customers. The second attribute really is around the, you know, the relevance, right. If you were to look at the relevance as measured, and we continue to focus on our million-dollar customers with our deeper, with fewer strategy, and their intent, as we had called out earlier, is clear. We want to become meaningful and influential players with the choice of customers that we want to participate with. We do not want to create long tail of customers, so our focus on driving our million-dollar customers is where a large part of our sales effort, the sales momentum is actually driven to. If you were to look at that, we had internally, you know, called out that we want to get at least 50/50. That is 50% of our revenues with our million-dollar customers should come from our digital services. I'm glad to report that today over 53% of our customers actually have more than 50% of their revenues coming from our digital services. That journey is, you know, giving us good momentum. To drive greater amount of stickiness with our customers, we have been, and we've been commenting on this in the past as well, been focusing on multi-year deals and larger tickets. Today, 60% of the order book is coming from multi-year deals. By its definition, multi-year deals kind of correlates to longer term visible revenue streams for us. The fact that we have been able to get a 2x growth on our large deals is that our ticket sizes are increasing and our ability to win a larger share of the wallet is also getting demonstrated. Also noteworthy is 70% or two-thirds of our $5 million-plus customers in our million-dollar club have more than three fabrics. We are participating across the portfolio width that we are able to bring to the customers. We are not just participating in one tower or in one fabric, but we are able to participate and bring to those customer conversations the power of the entire Digital Fabric. Really, our relevance and our quality of our revenue with these customers is meaningfully changing. Lastly, this makes the biggest impact to us, and that's the reason why we get a seat on the table when we engage our customers, is around reputation. As reputation as measured by two things. One, NPS, we have spoken about our NPS growth. If you were to see our NPS journey over the last four, five years, our NPS journey, at least to me, I feel extremely proud of this, is, you know, we had a score which was in the low 50s five years back. Today, our score is in the 80s. The journey of, you know, how customers perceive us, how we are able to engage our customers, and NPS ultimately is a measure of referenceability. Are you able to reference and are you willing to reference Tata Communications as the, as the ultimate, you know, measure of referenceability and NPS? That score, I think, is giving us tremendous amount of, you know, tailwind that is allowing us to participate in our customers much more meaningfully and give the confidence to our customers. That is also getting very actively supported by how we are getting perceived in the analyst community. The analyst community, not the financial analysts that I have in front of me, but the, you know, the industry watchers, if you will. These industry watchers really, you know, track not just Tata Communications, but they track all the cohort of companies in the space that we operate. Today, we have over 20 analysts who record and place us in the leadership quadrant in which we participate, and that's up 2x from where we were three years back. Much of this is a reason why we get a seat on the table, especially with our international customers, where I may not be, especially in new logos, where I've yet to earn my credibility and earn the trust of the customer. They are dependent on the analyst reports to understand what is the strength of Tata Communications and what do they bring to the table. I think these two attributes are a very strong sense of the reputation that we are building with our customers and in the community that we operate in. If I were to just shift a little bit of, you know, what we are experiencing in the market and what we are experiencing as trends as we talk to our customers. You know, you cannot not have a conversation with a customer without AI coming into the, into the conversation. Any technology conversation will always have an AI element coming in over there. What we are really seeing is customers are moving from being AI, you know, from a, from a readiness perspective of AI or looking at AI readiness to actually being AI ready. The shift is real. We are seeing that in our conversations with our customers. They are starting to make more clear blueprints of how they want to get their organization AI ready. We are also participating and seeing early use cases that, you know, some of the enterprises have started to deploy on various AI use cases, especially around agentic workflows, where they are starting to see early efficiency gains, and gains are starting to get more visible to them. This, I think, is a more tectonic shift that will play itself out. It's a multi-decadal shift. What that does for us, clearly, you know, gives us a very strong tailwind because to drive a very strong AI company, you need to have a very strong digital foundation. Our ability to participate and help companies become digitally ready and AI ready as well are both areas that we actively participate with our with our enterprise customers in some sense. The second is really around supply chain reconfiguration. This is something that has been spoken about actively in the past. It's not just the geopolitical, you know, forces, if you will, which are driving some of these conversations. It's also, you know, shall I say, some of the shifting sands that we see across on in terms of tariffs, no tariffs, whatever else is happening. I think the China Plus One strategy is real. We are seeing that, you know, play out with many of our customers in the U.S. They are looking for creating more factories in Asia, including India, and that I think is becoming a shift that we want to benefit from and participate in wholeheartedly. I think the shift on supply chain and the shift on the overall opportunity for reconfiguration of supply chain is not just limited to manufacturing. We are seeing this even go beyond that. To take another vantage point view, the one that we are experiencing is these global capability centers that are being setting up in India. They always existed, but the pace at which newer centers are being setting up is increasing as we speak. We expect over 300 centers to be set up every year for the next three years, four years. What is roughly about 2,000 odd global capability centers will now become close to 4,000, 4,500 in the next three, four years. That gives us a very strong opportunity for participation as well. The nature of this participation is a broad spectrum, and that's an opportunity and a shift that we are seeing, in how, you know, enterprises are looking at not just their traditional supply chains, but how they are looking at their beyond manufacturing, how they're looking at their IT supply chain, how are they looking at their overall service supply chains as well, and that's a big opportunity. The third shift that we are seeing is really around cyber. Again, not a new conversation and not a new debate that, you know, customers are having. This has been an ongoing boardroom conversation for the longest. We have been participating, delivering and benefiting from some of the cyber-related conversations that we are seeing, in play out in the market. I think you know, the active participation of AI is only increasing the threats. There has been four or five major shifts that we are seeing. That has been, you know, fueled both by, you know, different kind of cybercrimes, and that's also been fueled by you know, geopolitics, as you would be fully aware. We are also seeing the compliance issue becoming another driving factor. Even in India, the DPDP rule, which has just come into play, the GDPR, DORA, are all putting a lot of extra effort and a pressure on organizations to, you know, create and fortify their security and cyber posture. AI is creating a lot more attacks, and we experiences that for ourselves. The phishing, the deepfakes, the personality or the, you know, identity threats that are happening are all real. You've experienced this yourself. All of that is creating a big challenge for enterprises as they look at their overall security posture in an AI-ready world or in an AI-enabled world. AI also is to the defense. While AI is creating a problem, AI is also offering a solution. I think, you know, AI deployment, we are doing that. We are deploying in our own security posture, we are deploying a lot of AI ML to improve our own threat detection and response, which is actually improving our overall detection as well as response by to the tune of nearly 50%. There, you know, AI is also driving a lot of change in that environment. The risk and security are three major areas that we are seeing active participation, conversations in the market, in the customers that we operate, but it's a broader trend that we see. Also in our customer conversations that we've been having, given the backdrop of these mega trends that I spoke about or these trends that we are seeing with our customers, the customers' imperatives continue to be focused on five major areas. These imperatives at the backdrop of these trends remain around driving growth. Most organizations, no matter what headwinds that they're facing, while they are watchful of, you know, what is playing out in the macro, I don't think they are nervous about their long-term future. I think they will continue to benefit from, you know, or invest in areas that they believe will give them their long-term growth. Driving growth, delivering a superior customer experience, creating an agile organization, managing these cyber risks, and eventually driving productivity and efficiency are major areas that these organizations are focused on. Their imperatives continue to be built around these five major areas. We have at Tata Communications been in conversation with all of our customers, staying close to not only understanding what the future holds for them, but also participating in how we can help deliver these imperatives and realize the outcomes that these customers are focused on. Much of our fabric actually allows us to participate in a very wholesome manner in delivering these imperatives for our customers. Our fabric broken down into all its components as well, whether it's the network fabric, it's the security fabric, the IoT fabric, the cloud fabric or the collaboration fabric, solve for one or more of all of these imperatives, or at least address one or more of all these imperatives. That gives us a very strong ability to participate and a seat on the table in all our customer conversations. These fabrics and these imperatives don't have a one-to-one correlation. Many of these fabrics actually solve multiple and address multiple parts or multiple imperatives of the five major imperatives the organizations are focused with. A combination of all is allowing us to participate with our customers. Interestingly, you know, we may enter with one fabric, but we may participate across all the fabrics. It's a, it's a bit of a land and expand strategy that we are working with, and the power of the Digital Fabric allows us to participate across all the imperatives that the customers are focused on. If I were to look at, you know, our own case studies, which will demonstrate what I've just spoken about, and I'll invite Guru in a second to come and talk about all of these case studies. These case studies are really, to my mind, a reflection of our deeper with fewer strategy. What you will hear from Guru is really a strategy in motion of how our deeper with fewer is actually playing out. It's a lived experience in some sense. We'll talk about three customers. The first customer is, you know, India's largest and fastest growing private sector bank, and how we have grown with this relationship over the last many years, and how today we have earned the right to be the manager of the managers' network for this, for this customer. The second one is really around, you know, the largest global supply chain company and how we have started with our Digital Fabric, solving a unique problem that they were facing. Today, at the cusp of engaging and participating with them across a very large wallet that, you know, they have started to expose to us. Finally, across a customer in Asia, where we've been able to, right from get-go, bring the power of the entire fabric to the customer. We have participated more as a strategic transformation partner in bringing the entire transformation that the customer didn't really intend for, but our participation and the journey that we took the customer through led them to the outcomes that we wanted them to, you know, benefit from. Guru will talk through each of these journeys. I'm hoping that you will understand at the end of the three case studies that it's not just our growing relevance that, you know, Lakshmi spoke about, but also our increasing influence that we have with our customers, especially the last, which will give you a sense of how we are able to influence the customer in terms of getting them to an outcome and a future that they may have not fully seen, but then we guide them to that outcome with the power of the portfolio that we have. Guru. Thank you. Thank you, Sumeet. I think before I move forward, I want to digress a little bit. Just take a minute to break this flow and ask a question: how many of you know what is Ficus benghalensis? Without looking up online or, you know, on your phones, can anyone tell me what this is? Let me give you a hint. With show of hands, how many of you have been to the botanical gardens in Kolkata? Ficus benghalensis. Very close. Banyan. Yes, that's right. This is the scientific name of banyan tree, and I'm just going to tell a small story about it, and I'm deliberately using this example because I think it truly exemplifies the stories that I'm going to talk about are very similar to this. Banyan tree is truly a unique creation of nature. Unlike all other trees that tend to grow very tall, this is the only tree that goes deep, that goes wide. Like the example that I gave, for example, when compared to other large trees such as giant sequoias or redwood trees or eucalyptus trees, all of them tend to grow very tall with a single trunk. Whereas this tree grows wide, deep, and as the branches come out, the aerial roots come down from the branches, and they form an interconnected ecosystem of a tree. Actually, in Kolkata, the tree that we're talking about, that has 3,700 aerial roots, actually. The main trunk has already been removed, the original trunk of the tree. Can you imagine? Unlike other trees that typically spreads between 30 to 50 to 60 meters, this spreads at around 500 meters. Imagine a tree spanning across half a kilometer. I just sort of digressed a little bit to tell this story because similar to this, I want to tell three things on three case studies. One, how in one fabric we go deep. So I'll talk about network fabric and just pick that in that case study and say how deep we have gone in a customer. Second is the width, much like the canopy spread of the tree, and I'll show how we have entered in the customer from one fabric, expanded into other fabrics. Lastly, much like the aerial roots, which I just mentioned, how we have now started winning on the back of multi-fabrics with the new clients. Those are the three cases that I'm going to talk about, and I'll keep it as simple as I can without sort of putting too much technical or technical jargons or technicalities into it. The first one, as Sumeet mentioned, is the largest Indian sort of fastest growing Indian private bank, and no prize for guessing which the bank can be. It has about $35 billion plus revenues, 30,000 employees. They have close to 7,000 branches. They have about 16,000 ATM and cash recycling machines. As you also notice towards the end, they have close to 4,600 APIs that are constantly making calls on the system, out of which some in retail banking, some in corporate banking. From our vantage point over a period of time, some of the challenges we observed in this client, in this customer was, of course, they were growing their branches, e-expanding into Tier 2, 3 cities. The digital ecosystem was really sort of ballooning, digital transactions, UPIs. Their customer experience was, I mean, they had a high focus on customer experience. They wanted to improve it further. Obviously, being a bank, of this stature and scale, being secure, compliant, and having a scalable infrastructure, of course, significant important. This is the context of the customer, how big they were, what are the challenges they're facing. Basically, our relationship when it started, it can be categorized over a period of five years in three phases. First phase, I'm calling it connecting phase, again, for simplification purposes. In this phase, we basically integrated about 800 of their branches, and they were basic products that we offered. Private lines, ILL, basically connecting them, essentially. At this point in time, we also observed their KPIs. CSATs were somewhat moderate, somewhere in the middle, and their digital transactions were about 50 million a day. Based on the success and outcome and what we could demonstrate with them, we were invited to do more. In the next phase, it became all about optimizing. From very basic products, we moved to more complex products, such as SD-WAN and SASE phase, in which we helped them reduce cost by 30%. We did Wi-Fi deployment across branches. We provided major upgrade to connect their new DC architecture. During this phase, as you see, our revenues, and this is in mid-single digit dollar millions in X, went up to 1.7x by the middle of this. The scaling phase, as I would call it. We are responsible for managing all of their 7,000 branches. We provide the strategic core connectivity to their five and the new upcoming data center. We offer them NOC. We are manager of managers in their estate, which means anyone who is providing connectivity anywhere, we still manage them, essentially. We enable 40% faster rollout of new branches, and we also saw their KPIs improve in this journey. CSATs were closer to 70, and their digital transactions are closer to 180 million a day. Of course, our revenues went deep. This I'm talking just network fabric going deep within the client. I'm not even talking other fabrics and introduction of other fabrics in the customer. From sort of INR mid-single digit millions, we went to in tens of millions within this client. This is not the end of it. Network fabric is now being used in eight of the top 10 banks in the country. One would think that maybe we have maxed out in the clients, we have hit tens of millions of revenues, in tens of millions of dollars, but that's not the case. If you think in core connectivity and network, if whatever we are generating as revenues as X in that client, there are still many areas within network fabric that we have not yet touched. For example, branch LAN and management of that LAN, which is in the local branches, plus Wi-Fi 6, which are newer technologies that are coming out that enable them to roll out speeds for closer to 10 Gbps on Wi-Fi. The estimate of that would be another 0.3x. Multi-Cloud Connect and dynamic DC, which is another 0.2x. Quantum security, which is a big concern on the back of quantum computers and algorithms and how they can breach security. SASE 2.0, which is further optimization on SASE. More importantly, if you see managed infrastructure services, which is still one-fourth of these services in the application space that we can talk about, which we can touch. Compared to this, literally if you're generating X, there is headroom for growth of another 4x that we have still not touched just within network fabric. At the bottom, sometimes banks or clients will have restrictions to not to be able to give more than 40%, 50% share just to one player. While here, and that's why I mentioned it can be restricted wallet share, in all other areas, it's unrestricted wallet share. The point I'm making is within network fabric, while within this customer we have hit tens of millions, there is still room for growth within network fabric of another 3x-4x over a period of time. This truly, to my mind, demonstrates, much like the banyan tree, the power of the depth of how the roots can go and how deep they can go. I'll move to the next case study, which is in one of the world's largest logistics player. This case study demonstrates how we entered using one fabric, solved something, built trust, showed performance, moved on and introduced another fabric and another fabric. That's how is the width in a way. This customer is one of the largest logistics player. They have seven million warehousing capacity, 700 global containers and vessels that they have deployed. They are present in 130 countries. Fairly large and complex player. Their revenues are about they have about 100,000 large and small B2B and small SMB customers. Their revenues are about $55 billion. The challenges, naturally being such a large and wide and complex customer, was they had complex and siloed infra, which was integrated over a period of time. They had low CSAT, they had multiple vendors, inconsistent SLAs, and high OpEx. Here we went and started the journey with predominantly interaction fabric. That was our point of entry into this customer. We deployed a global cloud contact center. They had small, broken contact centers around the world. We got an opportunity to integrate all of it and deploy it as a global contact center, which serviced 15,000 agents in 122 countries, which was managing close to 760K monthly calls. We helped them reduce the related OpEx by 50%. More importantly, compared to the past in an integrated manner, the vendor tickets brought down by 88%. Also, during this period, the CSAT improved phenomenally from something like 30s to 80s. This allowed us to build on a lot of trust, showed and demonstrate what all KPIs we can drive. Based on this success, we were invited to participate in doing more within the client. In the next phase, we introduced Digital Fabric. We got an opportunity as they did an acquisition about a company which was present in 14 countries. We got an opportunity to migrate 2,000 plus devices in these 14 countries, which we did using a live co-cockpit, which was very intuitive. They could see in real time how the integration, how the migration was going on. It helped us improve operational efficiency by 80% with zero downtimes. As you see, in a short span of five years, the X jumped by 66x within this customer. This- Now we are talking about in IoT fabric. Because they're a logistics player, they have huge supply chain solutions and terminals and containers. We are piloting a smart supply chain solution here, which is also a private 5G and IoT-based, and we are proposing to increase productivity by 20%. Similar to the story, we see close to 160% revenue increase for customers in four years with three plus fabrics. As you can see, it is just exemplifying how we entered one, introduced another fabric and another fabric. That covers the width part. I think very similar story, JLR, you would have heard of very similar in the past that we would have presented. We started with IoT fabric, which was an eSIM solution. We introduced ZTNA, which was security fabric. The revenue jumped from 8x to 8.8x. We introduced network fabric, 15x, then 23x. This is again, from a mid-single-digit millions into 25x over a period of time. This is one of our largest customers. We are extremely proud of it. There is still room to grow more. It is not that we have maxed out within the customer. We were able to demonstrate the cost of inaction, how if they don't act, the opportunity that they were missing to save that was that allowed us to do a faster transformation, modernization. Now we are a complete network security IoT partner in the customer. Again, this demonstrates how we can enter from one fabric, go to the next one and the next one. Finally, I'll talk about how some of these things are also coming together in another case study, in a very different market. This is one of the largest healthcare service provider in Asia, in Philippines, headquartered in Philippines. They are INR 20 billion plus in revenues, 17 markets, 12,000 employees. They have, as you see, a very large estate of 22,000 hospitals, 55,000 clinics, 53,000 pharmacies. Pretty large and complex in the healthcare space. This was completely a new logo. We had no relationship, nothing. We're just going, frankly new into the customer. It had a strong incumbency, but they were not happy with the existing provider who was delivering it. We had limited market access because in Philippines, we don't have a legal entity, neither do we have feet on street. We were just invited to respond to a basic RFI, RFP. That's how the story started. We realized that if we go in just and respond to the RFP, we'll end up being a very transactional vendor, and that is not what we wanted. What we did, quickly, we sort of conducted workshops and we mapped their future areas of investments and tried to understand what all are they trying to do in other areas. Essentially, we could realize that there are four big areas that they are making investments. One is they are very heavy on innovation. They are planning to invest $50 million over the next five years. Second, they have a B2B e-commerce platform. They were planning to invest in that to upgrade and also have they call it ezRx platform. They also wanted to have ez Tracker for blockchain-based traceability, because in healthcare fake drugs is a big concern. Finally, in cloud, they had big plans of migrating from on-prem to Azure and AWS cloud and data analytics. Finally, automation and technology, because again, they had large warehouses, cold chain expansion. What we did was, we showed that how our Digital Fabric, sorry, maps to all of these. It maps very nicely to their innovation plan, their interaction fabric, maps to their B2B e-commerce platform, cloud and security fabric maps on their cloud investment plans, et cetera. This helped us to elevate the pitch entirely, and we were able to position ourselves as a strategic partner as opposed to a traditional vendor. This allowed us to completely also scope up the RFP, which was a basic network RFP. Again, without going. If I map the elements of fabrics and what they were doing from present to be what is to be delivered. If I simplify all of it, their current state was very disaggregated, siloed. There were multiple vendors, they had expansion challenges, and they had cost concerns. We simplified all of it in a single unified vendor which is providing end-to-end visibility, cost transformations, cloud-first network, et cetera. This is not it only. This is one of the largest deals that we did in Asia last year, which is in tens of millions of dollars in TCV. Ability to win in completely a new geography where we are very unknown on the back of the power of the fabric was a great success story for us, and we are very proud of it. Finally, the white spaces within this. Not only that, we are still now beginning to have conversations that how can we help them in warehousing cold chains, further deploy interaction fabric on their B2B platform. Similar to this, we are observing that close to 70% of our upcoming large deals are now multi-fabric deals. We are large deals which are in tens of millions and $1 million-plus deals. I think with that, I will end and call Sumeet back and let him sum up what all does this mean for growth potential within the customers. Thanks. Thanks, sir. You know, as every time I hear these stories and every time, you know, like I said, these are lived experiences for us. I'm hoping that, you know, you've got a sense of the shift that Lakshmi referred to in terms of the sales excellence that we are making. The way we have been able to participate, the way we have been able to engage and then transform, you know, our customers and their journeys that they have been on. You know, I must admit is a proof point of, you know, the sales transformation that Lakshmi was referring to. At the end of the day, this should mean something, right? You know, you heard from Guru all of the three case studies, which give you a good sense of, you know, what we are doing and how we are landing, how we are expanding, how we are deepening all of our journeys. It also is a reflection, and I want to stay with that thought of deeper with fewer. What does this do to our overall market potential, and what does that imply for us from a future perspective? You know, in all the three cases, it's a reflection of who are the customers that we work with, which are basically very large companies, Fortune 2000, kind of companies, ET 500, who are large, distributed, and have got a lot of, you know, very digitally ambitious in their, in their outlook and in their actual, you know, deliverability. They have got investments in, you know, network, infrastructure, cloud, security. These are companies which are, you know, spending roughly to the tune of about INR 1 billion on their ICT. That's roughly the, you know, customer profile, if you will, that we target. The three case studies that you saw is a reflection of the aggregate universe that we operate in, and I'm trying to sum it up from a context perspective, this is the universe that we operate in. Why is it important to understand this is really because of, given our, given our ability to engage our customers, given the power of what the Digital Fabric is now starting to do for us and therefore for our customers, and given the areas that we have been able to participate in, we believe that we can credibility, credibly access and participate in our customers' wallet to the tune of anything between INR 150 billion-INR 200 billion of that overall INR billion opportunity that every customer would typically present. That's the, that's the headroom, if you will, for growth for us, right? As Guru also spoke about all of the future white spaces that we continue to enjoy with these customers, the aggregation is the headroom that continues to, you know, motivate us and drive us to, you know, greater participation of growth with our customers. As you think about this and you know, superimpose that with our million-dollar customers, which is our deeper with fewer strategy, you know, you saw this chart that Lakshmi called out earlier. I've, you know, called this chart back to give you a, you know, greater sense of where is our growth coming from. If you see the $10 million customers that Lakshmi called out, we have grown 2x in that space. Look at the NPS journeys that we've been to achieve. Both of these together, the deeper with fewer strategy, which is working, it's a lived experience, as you saw. The NPS journey, which is giving us a seat on the table, is giving us, you know, greater fuel for the future, if you will. Annually, as was called out earlier, we add roughly about $15 million-$20 million customers every year into our million-dollar club. Of these million-dollar customers, given what I presented on the overall potential, we believe that we can easily participate in and have the opportunity to participate in, the customers' growth and, you know, get every customer over there to anything from $10 million-$50 million in terms of, you know, our wallet and our revenue participation that we can do with these customers. Our growth to the million-dollar club is also aided by our new logos and the new customers that we sign. There's a journey that, you know, that we work with with our customers. Many of our customers are our existing customers that we mine deeper with fewer, which grow to a million dollars as we engage more purposefully with them. We also participate with new logos. Some of our logos that we participate with turn into million-dollar customers, in roughly about an 18-month window. Looking at the stories that you heard, looking at the wallet that we have available to us, the power of what the Digital Fabric is doing for us is giving us the confidence of, you know, greater headroom and participation for the future as well. That said, I must also admit, you know, we are also question and we also, you know, engage with our customers, and we feel excited about this opportunity for growth, but we are also cognizant of the fact that there are factors which are limiting the pace of this growth with our customers. I thought we should unpack that a little bit for you so that you understand this a little better. You know, Lakshmi spoke about a live wire and, you know, I'll contextualize that for you. You know, the first challenge that we see is around the fragmentation of how we are looking at, you know, the networks and how enterprises are consuming these networks. Many of these networks are regionally owned, and the procurement is therefore regional. When we go in and we try to help and create a broader global network transformation, we are confronted with, you know, regional owners, people who have got local partnerships with regional players. You know, covering that journey from a regional to a global transformation takes longer. You know, the fragmentation of the network and the fragmentation of the network ownership is a factor that plays into a longer cycle of decision and a longer cycle of sales to eventually get the customer to drive, you know, a transformation and a network transformation. The second is on the customer side itself. You know, our Digital Fabric now allows us to participate in multiple wallets inside the customer environment. While that's good and that exposes us to new buying centers, that's also posing a challenge to us because we are no more dealing with what we used to historically deal with, which was the, you know, the CIO or the CTO organization. We are now dealing with many business units, whether it's the CMO, whether it's the COO, who have got different wallets and different buying centers because our fabric lends to and the decision leads to those buying centers as well. Many of those decisions and those budgets are therefore also siloed. Dealing with these multiple stakeholders, getting the architecture back at a unified level and working through that entire transformation is another layer of complexity that we are starting to experience as our fabrics are now starting to touch all these buying centers as well. That's another challenge that we actively see and we are working with to solve with our customers. The third is the one which Lakshmi spoke about, which is really the live wire mindset. If it's not broken, don't fix it. You know what this really means is that typically organizations and most, you know, people in similarly are reluctant to change, and especially in an environment where you have a live network and a live production environment working for you know, the desire to modernize while it is all there, but the sense of urgency to modernize is missing. And that journey to, you know, get the customer to cross the line is the one that we are, you know, facing to be the big hurdle, if you will. You know, Guru spoke about what we did with JLR, where we actually gave them, you know, a point of view on cost of inaction. We've actually created a full point of view and a white paper that we now talk in and work with our customers around the cost of inaction, and I think that is starting to, you know, get the light bulbs going, if you will. While there was always recognition, but the need and the urgency to do it was something that was not actively felt, and the cost of inaction is, you know, becoming a good light bulb moment for our customers and the customer universe that we work with. I also see, you know, this area around network transformation, to be an area where we will only accelerate in the future, not just for us, but in the customer environment. If you truly want to become a digitally ready organization, you truly want to have an AI-enabled organization, the foundation block is the network. Therefore, I think a lot of the move to AI will call for a lot of shift in the way the AI workloads are operating, and that will precipitate the need for, you know, network transformation as we move ahead as well. This is another challenge that we see in terms of the live wire mindset. Lastly, obviously, is the operational readiness. You know, many organizations are confronted with CapEx challenges. They are operating with a lot of tech debt. You know, circumventing and, you know, working through these areas are not challenges that are not surmountable, but I think are areas that, you know, push us back and, you know, work alongside with the customer to justify and build more strength of the business case, if you will, to drive those outcomes for our customers. If I were to put this together, you know, while the opportunity remains strong and the opportunity is clear and present for us, I think the reality of our customer journeys are also showing us that there are factors which are limiting our pace. Much as we would like to run faster, quicker, harder, and stronger, these realities are ones that we confront every day, and these realities are the ones that we are working with to solve for. The cost of inaction was an outcome of some of the problems that we saw and why the customers were not moving, and we said, "Let's write a white paper and demonstrate to the customer around that." These are areas that I thought we should also cover. That said, Lakshmi also spoke about the five strategic bets that we are taking, and we are investing in to build more capability around. One of the reasons that I feel we are also benefiting from these strategic bets is because these bets allow us to demonstrate as well as deliver a faster value to our customers. Much of these challenges, you know, on what you saw on the previous chart are more linked to when you're dealing with a broader transformative agenda. These five strategic bets allow us to participate in those individual bets and those swim lanes independently, demonstrate and deliver value quickly. What they also do for us is obviously they solve, you know, an enterprise scale problem that the enterprises are facing, but they are also then becoming the wedge and the door opener for us to allow us to participate across all the other fabrics that we have. While we take the transformation route, we are also taking this route of the five strategic bets, which will allow us to, you know, operate on a two-speed engine, if you will, to, you know, ultimately gain the customer's wallet, but coming from two different vantage points. Just to play back those five bets that we spoke about, and we'll invite, you know, Rajat and Rajesh in a second. The first one is on the unified cloud network. You know, we spoke about this. This is most of our, if not all our enterprises operate in a multi-cloud environment, and that multi-cloud environment then creates, you know, complexities of how the cloud networks are actually or how cloud networking is working. Most enterprises have never really paid attention to it. It's highly inefficient, both cost-wise as inefficient as in terms of the outcomes that it delivers. Our solution, which is what Rajat will talk about, the unified cloud network, really solves for this. The second really is on our cloud fabric, which is our Vayu AI Cloud. You know, we did this launch a couple of months back. We are seeing very clearly how AI workloads are redefining how the data is going to get consumed. The Vayu AI Cloud is actually a purpose-built cloud, which is supporting high performance, compute intensive AI applications. This is a, you know, a bet that we are taking and a journey that we are starting to build. The third is really around our interaction fabric, and Rajesh will come and talk about this in a second again. The interaction fabric or the Kaleyra AI, as we call it, is really giving us a strategic edge on how the enterprises engage with their customers across multiple digital touch points. This is, you know, a very powerful imperative that customers are facing, which is driving superior customer experience. It plays into the customer imperative very strongly and delivers very strong value to the customer. The fourth is really around the SASE offering, we touched upon some of our successes that we are already starting to see in the early phase with some of our customers. Really the SASE offering very simply combines our network and security as a cloud-native solution for our customers. It's, you know, it's not a siloed approach, it's bringing it all together, and that's where we think this is going to evolve into from an outcome perspective. We are starting to see early offtake in some of, you know, our customer conversation and successes as well. The last one is really our Digital Fabric tool. The Digital Fabric tool really is an end-to-end orchestration, SaaS platform, if you will, which is being built by us, offers the customer, you know, an end-to-end visibility, manageability, and we'll talk more about this, you know, in the weeks and months ahead and share with you how we are making progress. Lakshmi alluded to that a little bit. We think the power of what it brings to our customers around observability, around management and control is very profound. You know, that is something that we will, you know, we are starting to see great currency and acceptance with our customers, and that's a capability that we are actively building as well. To talk about the two which we think are, you know, important for today's conversation, one around the IZO Multi-Cloud Network. Can I invite Rajat to come and speak on this? Thank you, Sumeet. You know, I'm gonna talk about the unified cloud network. Very simple name, after learning from Guru that the banyan tree is called Ficus benghalensis, you know, I'm tempted to come with something more impressive than this. You know, in terms of this, the product and the solution I'm gonna talk about is almost, you know, five years in the making, you may wonder why we are talking about it now, I'll come to that in a moment. The reason I say five years is because if you go back five years what really happened is, you know, we were all, the world was stuck with the COVID pandemic. It did not only, you know, leave a lasting impact on public health, but it also had a huge impact on how enterprises did business, and the technology ecosystem they had, right? What happened there was, you know, I've named a few of them. It really accelerated the adoption of the cloud, you know, with all the workforce working remotely, which wanted, you know, access to those applications anywhere, anytime, securely, right? You had this move to the cloud. You had this remote work. Companies were trying to secure their supply chains, make them more resilient. There was an, you know, explosion of IoT data. All that, you know, was leading to what we can call a decentralized enterprise, right? Your applications were spread across multiple clouds, private clouds, public clouds. Your workforce was everywhere, working from homes or different locations. These devices were everywhere, right? All in all, this was, you know, the advent of the era of the distributed enterprise. What it translated to is a need for a network that allowed, you know, the users and the devices and the things to access those applications, delivering the right kind of performance securely, again, from anywhere, anytime. A lot of times these enterprise figured out, well, we don't have that network in place, right? Which led to performance bottlenecks, inconsistent user experience, you know, and of course, unpredictable costs. In terms of the needs of what a distributed enterprise needed, you know, that's why I said it's five in the making, is they wanted a network that provides an optimal cost performance. They wanted, you know, a network that is on demand, ephemeral, some things they can bring up and down on need basis. A network that takes them to any cloud anytime. A network that, you know, provides uniform end-to-end security, and a network that provides consistent user experience for the applications, right? The reason, you know, we were not talking about this a few years back is that there were two trend lines needed to intersect for us to deliver a compelling solution that met all these needs. This is the first, right? The rise of the distributed enterprise. The second one was another trend line, which was the evolution of enterprise networking. There was a technology trend that was also taking shape. If you go back, you know, almost a decade back, networking was very hardware-centric. Go forward, you know, there was this control and software planes, sorry, the data planes that were decoupled. Network became software-defined. If you go on, you know, as the cloud networking took hold, network became more cloud native, in many cases, software only. Where it is now, especially as it becomes intelligent, as the goal of many enterprises to have networks that are self-driving, self-healing, which is our focus. That is delivered by two movements. One, the software eating the network, which has been happening over the last decade. What is happening now is that AI is eating the software. You can use AI to deliver and build and implement really intelligent networks, right? If you combine the previous trend line of the rise of the distributed enterprise and this trend line where AI is, you know, really enabling and can enable the building and implementation of an intelligent network, all this put together, we come up with a unified cloud network. If you're familiar with the networking space? People talk about networking in terms of, you know, first mile, last mile, middle mile. We really wanted to take the miles out of networking. We love the concept of zero. Zero miles. It did two things. One, we wanted to focus to get all the users, all the things in a performant manner, in a secured manner to the cloud, zero distance, lowest latency. At the same time, we wanted all the applications as they want. You know, this is the era of distributed enterprise, also the era of distributed applications which run on different clouds. How they can talk to each other. Zero time. Can we create a network where you capture the intent of the user in terms of what they want to connect wherever that lives and translate that to a network design automatically, right? This is, again, a combination of a network that takes you to the cloud and then also works within and across clouds. What we've seen about this is that this is not only a good idea, but it's also good business, roughly translating to an $8 billion market in the next four years. Growing at a, growth, CAGR of what, 30%. It's a good place to be. That's where we are investing, and that's the solution that we are soon bringing to the market. It enables, you know, a lot of use cases ranging from, if you want to localize and preserve data sovereignty. The solution we are building not only connect things, but also can make sure that data that lives in a certain place is isolated, doesn't go out. Talk about cost optimization in terms of a network where you can visualize the real cost of running at any given time. Hybrid clouds, you know, how do you connect private clouds to public clouds or to campus networks? Implementing disaster recovery and high availability solutions, and of course, cross-cloud connectivity. Doesn't matter whether your applications are running on AWS or Google or Azure or any private clouds. I just want to, you know, in the interest of time, end by saying we are building a solution that takes a user-centric design into consideration based on innovation pillars centered around AI, which optimizes, automates, and provides the best experience. Think of these as, you know, the pillars of innovation that are the driving force behind the solution. The outcomes we achieve with this is, number one, much faster time to establish a network. A vastly reduced error rate, because now you don't have to learn about the idiosyncrasies of different clouds, how to configure the policies on each cloud. We abstract it, and all that happens on a click of a button. Cost efficient, right? You get visibility into the real cost of operating the network, and the network itself figures out a way which allows it to operate at the least cost, right? That is the unified cloud network for you. Thank you. Thank you. you. Good evening. I wanna talk to you for a moment about the exponential age that we are in. This is an age where convenience trumps loyalty. We're spoiled for choices in terms of goods and services. We can avail access to anything and everything when we want, yet enterprises are struggling to retain their customers. We live in an age where post-COVID, 50% of all customer engagement is digital, and 70% of customers are willing to try self-service during their customer journey. Yet, Indians alone spent 53 billion hours last year on call hold. We live in an age where you can create an IPO prospectus on ChatGPT in a few minutes, yet CMOs, contact center, BPO heads, CIOs, CTOs are waiting for their reporting that shows how much they're spending and what they're spending on. They still live in Excel, they still live waiting for those dashboards and reporting to arrive. 40% of enterprises continue to have data silos. We live in an age of broken customer journeys. Today, I wish to share with you how we're transforming these fragmented customer journeys that Lakshmi talked about. The first is really having a Unified view of the customer and providing a transformative experience to agents who are handling customer conversations. This is powered by a CX ecosystem that has connectivity to CRM, various interaction touchpoints, as well as customer context and history. This ensures that we have fewer handoffs and faster resolution. Wouldn't we all like to have our resolution, our issues resolved with the first call with all the context one touch away? The second is hyper-personalization. Today, with the advent of a lot of digital interactions, we're able to drive hyper-personalized interaction, the segment of one, and really be able to target customers when and where they want. What this means for enterprises is improvement in lead conversion. We're already seeing with our campaign automation 3%-4% on average improvement in lead conversion. This means both from an acquiring customer perspective, purchase, and post-purchase journey perspective, they're able to better engage with them. Last but not least, deep analytics and insights to the buyers and the decision-makers who are ready to invest more and more in customer experiences. The end result is really our Kaleyra AI platform, where AI meets enterprise-grade CX. Enterprise-grade CX really means something that's trusted, that's reliable, that's secure, that's scalable, but most importantly, delivers outcomes to customers. Over 90% of customers that we surveyed believe that a positive customer interaction experience is critical to their business performance, yet only 38% could deliver that. With Kaleyra AI platform, we are delivering on that promise. In terms of our value proposition and what we bring to the market, I would like to highlight four key things. The first and foremost is deep vertical expertise. Sumeet talked about our exposure on BFSI and how we are growing fast in that customer segment. Not surprisingly, a lot of our experience in those verticals come from working very closely with banks, consumer banks, insurance firms, and retail banking, and really understanding customers and user journeys end to end, and then crafting the customer interaction experience that they need. We've gone down to every single level of user journeys, understanding those, and then building our product and platform based on that. The second is domain experience. I would like to go back to the vertical for a second. We also have retail and e-commerce. Some of the largest quick commerce, hyper-local delivery, and e-commerce customers work with us, and we're able to serve them and scale them as they grow. Travel and logistics, aviation industry is the fastest growing, both domestically and internationally, in India and abroad, and we have deep understanding or knowledge of working with those customers from the CXO level down below, and we're able to tap into that opportunity. Domain expertise for us comes two ways. One is really understanding what intelligent care is. We've spent a decade working with different partners, contact center solutions, so we really understand the journey of a customer and enterprises on how that is delivering benefits. Today, it is no surprise that that same contact center and backend automation is being disrupted by AI. We're at the front end of that, leading that charge to help our enterprises figure out how we can help them transform. Conversational commerce. Commerce, more than ever, is changing. It's hyper-personalized, it's hyper-segmented, and it's evolving rapidly. We're able to with our knowledge and experience, we're able to participate in that. We're able to help our enterprises kind of unlock the value as we move towards $1 trillion of e-commerce globally. The third is the innovation. We spoke about Vayu AI Cloud. We're kind of pleased to inform that we are building our AI capabilities on that Vayu AI Cloud. These are domain-specific capabilities, and I'll list a few. One is what we are seeing the advent of voice and how it's transforming. Two-thirds of all Google Search usage in India is powered by voice. Voice is the fundamental interaction touch point, and we're kind of working in that area on how we can build interactions modeled on that. GenAI assistants, both for key buyers' decision personas as well as folks on the ground who are making decisions and how we're able to convey the customer interaction journey and the insights from that, how we're able to translate that into metrics on ROI, return on ad spend, so on and so forth. Agentic customer journeys. These are end-to-end Agentic workflows that basically take in a person's profile, their context, their past history, and they're able to create a seamless journey end-to-end across different customer interaction touchpoint, web, mobile, so on and so forth. Combine these on a Unified platform, we're able to deliver sustained customer value. Last but not least, we understand that delivering a positive customer interaction experience means building a robust ecosystem. We're thrilled to partner with some of the leading customer interaction players in the industry, including Genesys, NICE, AWS Marketplace, which is the leading B2B SaaS marketplace, Amazon Connect, as well as Cisco. There are many more. With this, we believe we're able to provide a complete and positive customer interaction experience. Improving positive customer interaction experiences leads to better business performance. Lakshmi talked about the increased coverage that we have with analysts. We're pleased to inform that we've moved up in some of these recently. By Juniper, we were announced earlier, we were a challenger, now we're in the leaderboard for CCaaS. CPaaS, for the first time, we're also on the leaderboard as well. Gartner, we're in the Gartner Magic Quadrant for CPaaS, and we continue to work on those capabilities that can get evolve us. Last but not least, there's a huge white space here delivering enterprise-grade CX with AI. We believe by 2030, this will be an INR 20 billion addressable market. This is a huge opportunity, and we can't wait to work with our customers to help them get there. Thank you. Guru, just to summarize all of what we saw, and I'm hoping it's given you a good insight of the journeys we are on, what's under the hood, where are, you know, strategic bets being placed, and what's the focus for us in the year, but in the years ahead as well. In summary, to draw back to, you know, our growth ambition. Our growth ambition, as Lakshmi pointed out, you know, stays. We are focused on delivering that ambition. It may have moved by, you know, a few quarters, but it stays intact, and that's the motion and notion that, you know, everyone in the organization is focused on delivering. What does that mean from a business, customer, and market perspective? I want to go back to from where I started, which is the three Rs on relevance, revenue, and reputation. On revenue, which was the first marker of what we called out, our goal is to ensure that 65% of our overall revenue that we have in our data business will come from our digital portfolio. That's the goal. You're seeing the early shifts that are already happening in our million-dollar customers. The ambition as we get to 28,000 will be to continue to have, you know, much higher growth rates in our digital portfolio, which will lead us to a 65% contribution in our overall data business. The second is really on our million dollar. This is our deeper with fewer. This is where all our energy and motion is really focused from a relevance perspective, right? We believe that in all our million-dollar customers, which is the 290 of them that we have today and the ones that we will acquire in the future, we will have three plus fabrics in all our customers. The power of, you know, what you saw in the case studies and in the stories that we shared with you will translate to our entire universe of million-dollar customers, and over 80% of them will have three plus fabrics. That's on our relevance. Eventually on reputation, in the context of India, we are a market leader. We continue to be a market leader. We, you know, not only, you know, benefit from that position, but that's a position that we take very seriously, we want to continue to have that leadership position in the future. In our international markets, we are currently a market challenger. We believe as we, you know, pace ourselves to 28,000, we will create ourselves as an established challenger in all our international markets. These are the markers of our three R strategy as we move to, you know, 28,000. With that, thank you very much, everybody. I want to now invite Kabir to come over and give the closing session. Thank you, Sumeet, good afternoon and welcome to everyone. I guess I'm standing between you and drinks, so bear with me for the next 30 minutes as I walk you through our finance elements, you know, of where we have come thus far and what the journey lies, you know, ahead of us. There will be certain elements of what Lakshmi and Sumeet have mentioned, which I intend to cover again. I would like to see this from a very different vantage point of finance and analytics and earnings so that all that we talk about of relevance and, you know, and reputation and every element, how does that translate, you know, eventually into earnings and into what we believe the future holds for us. Firstly, I don't know if any of you or some of you have probably known this, I think you'll be delighted to hear, BCG, which released a report a few months ago, ranked Tata Communications as the number one, you know, in terms of TSR returns over the last five years amongst all the global, you know, telcos that they actually studied. I think this is a very proud moment for us and a testament of what the journey that we have gone through which you all have been, you know, witness to. Let me quantify that, you know, in terms of numbers. Before I do that, let me bring to life and some of you have heard, in fact, I meet most of you during the year, and I quite often and passionately talk about our finance strategy and the core of our finance strategy, which is the Fit to Grow model. The Fit to Grow model is all about driving profitable growth. It starts with driving profitable growth, which when you consistently deliver, gives you operational efficiency, fixed cost leverage, margin expansion, waste reduction, and all of that bit leading to sustained profits and cash flow, which we intentionally make a choice to reinvest back into the business organically and inorganically, and that fills go-to-market gaps, portfolio gaps, which then in turn drives the profitable growth. This is not a mere model. As I've explained to you, it is backed by a financial end model with multiple scenario plannings. I'm happy to tell you that this is already, you know, alive. In our last five-year journey, the first two, three years, you did see us delivering double-digit growths, that led to, you know, margin expansion. We took that margin, that profits, that cash flow and invested back in buying, you know, assets, Kaleyra, you know, Switch, increasing, you know, our CapEx. That has given us expanded relevance, as you actually heard in the last two presentations. They need to now deliver back. The circle is almost two-third complete, you should see that getting full circle in the next, you know, couple of years as they come through. That's the model that is, you know, working through quite well for us. We did start with driving profitable growth. We did get, you know, increased profits and cash flow. We have chosen to invest that back. We will now see them, you know, paying the returns for us. In terms of numbers, right? In the last five years, we have added over INR 21,000 crores of EBITDA. This is 50% higher than what was added five years before that. 60%-70% higher than what was added, you know, even five years before that. That is the volume, you know, that we talked about, the transformation that this company has really gone through. In terms of cash flow, the last five years was about INR 7,200 odd crores that we have added in terms of free cash flow. Clearly, you could see the efficiency in the balance sheet already come through. This is 4x the cash flow that we added in the last five years preceding, you know, that as well. Not only did we generate that, where did we, you know, spend it? About INR 8,700 crores went into CapEx. We increased, you know, our CapEx. I mean, I had mentioned to a lot of you that we want to get into the 300, you know, range, which we got in FY 2025. We are steadily increasing, you know, our CapEx, I'll talk about the framework and how we are investing and what are the guiding principles subsequently. These are the numbers for you. We spent on M&A, which we had not spent before in the last five years, so there's no comparator, you know, for that. Here I'm not talking about, you know, I mean, dividend as a lever because it's the sources and uses of funds. Since funds have gone in, compared to five years ago where we were paying INR 4 of dividend, we've been now consistently paying INR 20-INR 21 of dividend. That's about 5x, you know, increase in even in the dividend, you know, payout also that we are making, you know, as an organization. That's the kind of monies that we are, you know, reinvesting. This has given a 6x return to shareholders in the last, you know, five years, which is what is evidenced in the external report by BCG that I shared with you know, a slide before. That's, you know, in terms of what we have done. There are only two slides of what we have done, you know. I want to situate ourselves to where is the journey where we have actually come. The next part will talk about what will enable, you know, future growth for us in, you know, in Tata Comm. The way in which I conceptually look at this and how the leadership discussions happened around Lakshmi's table is about creating three kinds of capacities, right? We want to create the financial capacity because if you do not have the financial capacity, none of this that we talked about can be enabled. We also need an innovation engine, especially in an industry where the headwinds are there, which Lakshmi talked about in the second slide, right? If we do not innovate, and if we do not shift, you know, our focus, we will soon become, you know, irrelevant or we will be a victim of churn and price erosion that this industry, you know, is characteristic of. Finally, you know, strategic. I'm going to bring this to life of each of them that we are doing, and it's a journey. We have covered quite a bit. There are still, you know, miles to go. I would like to give you a sneak peek of all that we intend to do. On the financial part, you know, what we have done thus far, right? We've very clear, sharp focus. I mean, there is, I mean, you'll find a little bit of a diabolic, you know, message when I stand here and talk about when it comes to innovation, you know, I would like to have my head on the clouds. When it comes to financial, you know, I would like to have my feet firmly on the ground and be hard-nosed about driving returns and performance and making businesses accountable, you know, for those deliveries. Very clearly, we have increased our CapEx by almost, you know, 1.4x to what we have been spending before. Our number starts, you know, in the $3 million, you know, dollar numbers. We looked at all our non-core assets. I had called it out a few quarters ago that we are doing a strategic review of all our assets, right? We disposed off our ATM business. We got a good, you know, value for that business. We have started our real estate monetization. I mean, we did that in the past. There were smaller land parcels with that we were, you know, doing. One large land parcels that we actually did was the Ambattur land parcel very recently, which came up for shareholder approval, you know, as well as due process. Clearly, about INR 1,400 crores, you know, we generated in the last year by doing all of those things. Also, we looked at other investments that we have done. I mean, we did invest in NetFoundry with a lot of promise, but I do believe, I think, as a management team, we came to a conclusion that it is better off, you know, served by someone else who probably has deep pockets to take it to its, you know, to its potential, and that may not be, you know, Tata Comm. That was a very, very courageous decision for us to step back, you know, from NetFoundry, and we did that, and we communicated, you know, as well. In TCTS, we made it absolutely, you know, a fit and an agile machine. They have from EBITDA breakeven, they are now getting into double digit, you know, EBITDA, very, very characteristic of a services business that they should deliver the profitability of. It was shadowed by multiple things, you know. Some of them by time went away because when COVID happened and there were certain onerous contracts that came in, we couldn't, you know, offshore them and we've, you know, had the burden of that, but that time took that away. There was a large, you know, onerous contract for which, you know, we lost top line there, but it was the right thing to do because it was bleeding and there was no end in sight, you know, for us. That all done. Sorry, can you still hear me? The last 18 months, we have done, you know, quite a bit to clean our balance sheet and become agile and fit and nimble. There is more, you know, to do in terms of driving our financial capacity. On innovation, you know, as I talked about, we need a balance. Want to have a balance of experimentation and exploring, you know, spaces. There are going to be technologies that are going to evolve, and we need to be present there with the right amount of, you know, of experimentation and funding, you know, for each of those technologies. We are in the digital ecosystem space, and we cannot be, you know, oblivious to the advancements that's happening, you know, around us. We will continue to invest. You've heard the 013, you know, 30 many a times, you know, from Lakshmi and others whom you meet regularly. We continue to invest, and we have done that in the last three years, stepped up our investments in each of them. Then we pick up, you know, each of those things and decide which are the ones where we're going to place our bets and scale up strategically. You heard two examples, both from Rajat and on the Unified, you know, unified cloud network. Immense, you know, potential, you know, it has. It's already, you know, a $10 million, you know, business, but it had some private connect legacy as well, so it's closer to $30 million, you know, as a bit now. Just that the MCC and MCN and the unified network itself is a $10 million business. SASE is growing, you know, quite handsomely. We are, you know, having a clear performance focus as to what revenue, what thresholds that they need to cross, and how we continue to fund each of those things. Happy to say that the ARR of these businesses is already $30 million, you know, in FY 2025. We are not counting the ones which have gone to the 30 stage. The moment they 30 stage, you know, for others who have probably not heard this before, is when the product is commercialized, right? Then it's available, more a GA, you know, kind of a product. That we exclude because if I were to include all of those, it's almost closer to, you know, $90 million-$100 million, you know, dollars. I'm sticking to all those that are still in the nascent stages of zero, one, and three. That's, you know, come to about a $30 million, you know, ARR that we see, we see huge potential of all of those things going forward as well. Continuing to build our innovation capacity, you know, as a company. Finally, the third piece is the strategic capacity. I mean, I want to spend a bit of time, you know, on strategic capacity because as Lakshmi talked about, there's a lot of paddling that is happening under the water. I mean, it all feels still on top, but there's a huge work that has happened in the last 18, 24, you know, months as we, you know, spoke about. The first thing that we have done is, we do see M&A and inorganic as a very, very strategic and an important lever in our growth, right? If that's the case, is the organization future ready to tap, you know, each of them? We said we will create acquisition vehicles. I mean, you would have seen SEBI disclosures in Tata Comm U.K. and Netherlands, where we have made, you know, direct investments. It's nothing but they were stepped-down subsidiaries. We made them direct subsidiaries with an intent of them becoming acquisition vehicles. The potential targets we may have in Europe or in U.S. to ensure that we are tax efficient, you know, when it comes to acquiring, you know, such targets. That was what we actually did. A lot of learnings on buying Kaleyra and Switch, right. We've not done M&A before. Yes, we did have our share of mistakes that we did and delays that we had in terms of our integration. I mean, I think we've learned from, you know, all of them. We now have a playbook, you know, that is ready and available for us to take that forward. Another thing which I've, which I've mentioned in the positive outcomes, but not on the left side, is what we did with respect to re-domiciling our entire subsea cable infrastructure, which was domiciled in Bermuda to Switzerland. As BEPS 2.0 started kicking in, there was a possibility that we may lose the NOLs that were actually sitting, you know, in that entity. Close to $400 million is what we have preserved by moving, you know, that entity from Bermuda to Switzerland. When I say, you know, financial capacity is still there are all those NOLs that are actually sitting in there, which when we grow our international business, the ability for us to bring, you know, in a tax efficient manner is quite high. Even giving the example of our land sale. I mean, we are sitting on huge capital losses. We literally did not, you know, we sold it, and we got the entire realization, you know, in cash because we were able to utilize the capital losses that were, you know, available for us. Clearly, we are building in all of those things and starting to reaping in the benefits of those capacities. New capability added in the Digital Fabric. I mean, I call it a strategic capacity. I mean, not only confining ourselves to numbers, the fact that we're able to do multi-fabric deals, the fact that we are becoming relevant, you know, with our customers. From a CFO lens, I look at the source of revenue, I look at the source of profit. Is the source of revenue, source of profit, a consistent, repeatable, sustainable, you know, source? That is actually a capacity that we have created, and that's how I look at our Digital Fabric investment as something which makes us relevant with the customers, makes the renewal cycle a lot more moved away from price and churn, you know, into a lot more value-adding, you know, kind of a conversation. Clearly, when you have three-plus, you know, fabrics sitting with the customer, the stickiness, you know, increases and therefore your ability to consistently have them, you know, as your customer also improves, you know, significantly. Of course, cable investments, again, we made an announcement very recently in the public domain. We will continue to invest there because we need to. That's clearly a profitable business and we would want to sustain, you know, our leadership in that, you know, in that business. We will continue to invest, you know, there as well. I also want to talk about, you know, why should we focus on capital productivity? If I look at, I mean, traditional telcos, I mean, they've had high EBITDA margins. Their ROCEs have been, you know, low. I mean, this is a financially and mathematically astute crowd. I don't need to explain to you that ROCE is nothing but a product of profit margin and asset productivity, right? In Tata Communications, when we talk about EBITDA margin, I'm also simultaneously talking about, you know, ROCE as well. We will dynamically do resource allocation, you know, on maximizing ROCE by the right judicious mix of where do we play the margin game and where do we play the asset productivity, you know, game. That answer may vary depending on which businesses we are in and which stage and life cycle of innovation that the, that businesses, you know, go through. All I want at this stage to give you is there is a sufficient rigor that's gone in, that continues to be there in every decision-making, whether it's a capital decision, whether it's an, you know, innovation investment decision. Clearly, that comes through and the ROCE mindset is embedded, you know, in the organization. What have we done thus far? When I talked about, you know, what is our capital framework, you know, I want to bring this to life, that we break capital into three parts and inorganic aside, the organic capital into three parts. There is a sustenance, you know, CapEx, and that sustenance CapEx is capped. There is no democracy. It's not that everyone gets, you know, equal share. Very clearly, it's capped at a certain percentage of revenue. We have been historically in the 2% range. Some years we've been at 1.8%, some years at 2.1%. You know, that's the range that we actually operate in. 2% is the cap that we normally allow a sustenance CapEx to run through, which is typically across industries, you'll see that as the, you know, as the norm. That's what we play with. A customer success-based CapEx, I mean, literally no limit and no budget. You know, that's something which we try and create an envelope from a planning perspective, but these are directly linked to growth, right? If I need to deliver revenue, you know, to a customer, and therefore I need to procure, you know, any piece of equipment that usually gets amortized over the tenure of the contract, then we measure that from a deal profitability and deal cash flow perspective. Theoretically, you know, speaking, there may be an envelope, but otherwise literally there is no budget because we would like to maximize the revenue as much as possible, and we are not constrained from a funding perspective or a balance sheet. That's not a worry for us to fund. Then the strategic CapEx comes where we actually really take call, whether it's a large cable investment that we are doing or an AI Cloud, you know, investment that we are doing. Typically that you see in the middle, you know, are the kind of investments that we have made, you know, which fall into, you know, into the strategic, you know, bucket, and some of them fall into the customer success, you know, as well. Clearly these are the investments that we would like to make, you know, for the, for the future. Some of them do not give returns in the immediate term, like Kaleyra AI, where we want to invest, you know, in the platform. As Rajesh talked about, does it make sense, you know, for us to not just have dumb, you know, bulk, you know, SMS, but really participate in the customer interaction journey and talk the language that the CMOs, you know, understand and are able to relate to it? That can only happen if you make the right, you know, investments, both in terms of CDP, but also in terms of the AI, you know, that you want to put on top of it. Very, very clearly, you know, that's something which we will continue to invest in. You know, has it given me the returns on day one? Absolutely not. Will it give me? We firmly believe so. So those are the kind of strategic investments that we will make and create our capital allocation and expand this, you know, as we go, having an eye on returns, you know, of course. What will this capacity creation do? This financial, this strategic, this innovation, all of this is going to increase our earning power, and that will result in margin expansion, right? I'll take you through both of these elements in the next, you know, few charts. Our earning power is on the rise. I'm trying to culminate. This is what I meant by a little bit of a repetition of what Sumeet and Lakshmi talked about. I want to bring this to life from a finance angle as to how do I see each of them flowing through in terms of sustained revenue, in terms of customer LTV, in terms of margin expansion and customer profitability, right? Our relevant strategy, very clearly the number of MDC customers, $10 million and $5 million customers are expanding. We are seeing, you know, improving NPS. We are seeing being relevant. We are seeing being invited to boardrooms, and we see a higher share of wallet in each of those customers. Very, very encouraging sign. It's been going on in the right direction that we want it to be. It has opened up new markets and opportunities. We are now addressing local champions. We have a wider portfolio, wider SAM, and clearly reflected in the large deal wins that we are seeing. This has resulted this company... I mean, probably transformation is an overused and abused, you know, word already. I will continue to overuse it because that is exactly what we are going through in Tata Comm. We are going through a huge transformation. Therefore, we want to bring this into our DNA that we are no longer selling products. We have moved from products to platforms now to multi-fabric, you know, deals. The platformization, the multi-fabric is something that is seen almost in every customer acquisition, you know, that we see through and their entire journey. We want to talk AI in almost anything and everything that we want to do, right? It is pretty much in every aspect of each of our products, AI is somewhere or other, you know, embedded in and integral to the entire thing. We've only brought two products to life for you, rest assured that it is embedded almost in anything and everything that we are doing. Therefore, I clearly see that we are putting the seeds in to see this all reflected in our earnings power. What I want to now shift the focus is to where, you know, should we look at, you know, the EBITDA of, you know, of this company and where is it, you know, headed. Five years ago, in FY 2021, our data business was only 74%, that data as business has now grown to 84%. Very clearly, there's no point after point in time. Slowly this will, you know, grow even more the non-data part will, you know, shrink, you know, significantly. Very clearly, our focus and all our actions, strategic directions is all on data. Last year, when we closed the year, we ended with 18.7%, you know, of total company margin, right? Of which, you know, if I break this down, right? Core connectivity was at 43.6%, and it generated about INR 4,538 crores. The digital portfolio lost close to about INR 900 crores, right? I mean, you all knew, you did the math, you know, on your own, that this is a portfolio that has been breaking even stroke negative. We've spoken about it, you know, qualitatively enough, right? When we spoke two, three years ago, our digital portfolio as a percentage of data was small. There I said, this is not the time to put our focus on profitability. We want it to scale. We want it to get to the right, you know, level of growth. We were looking at input KPIs on, you know, on growth per se. That we've got the digital portfolio quite big, 47%, and Sumeet concluded we're going to get to 65%, we cannot afford to not have the eye on the profitability of this business. The profitability of the business needs to grow up. From INR 900 crores loss, we want to get this to a double-digit, you know, revenue. Double-digit, you know, margins. Clearly it has two milestones. First to get it to breakeven and low to mid-single digits, and then to a double-digit margin. What is that play? That play is about INR 2,300 crores of EBITDA that we can add in this period. Don't ask me what that period is. I mean, you know, quickly, I'm sure all of your worksheets and maths and CAGR calculations are going through. I want you to participate in the conceptual journey that we are actually going through. Now that we have acquired and we have grown these businesses, we need to now make them scale to a certain level after which the profitability should start coming, operating leverage should kick in. I mean, many a times you've heard me and Lakshmi talk about glide path. You know, there is a glide path that is available for each of them, where we double-click and see their destination margins. Eventually, we want to get all of them. They will not get to the level of 43% that core connectivity is in, but they will get to a double-digit, you know, margin. For us as a company, if we want to get out of the industry headwinds that Lakshmi talked about, the only way is when we are bringing in a lot of our value addition through the digital portfolio. That's when the multi-fabric thing, you know, comes to life. Therefore, getting them to a sustainable level of, you know, of double-digit margins of INR 2,300 crores is clear focus for us in the next, you know, few years. With that, I also want to talk about, because, I mean, this is an analyst, financial analyst community. You also look at balance sheet, not just the P&L, right? We do have liabilities. There is a contingent, you know, AGR liability hanging on our head. There is also, you know, a couple of other liabilities in Canada and in, you know, and in Spain as well, all of which you see in our, you know, in our balance sheet. God forbid, if some of them were to fructify, you know, what could happen, you know, is something, a scenario planning, which we always do. You do it, I do it, you know, as well. But I want to reassure that we have enough assets, you know, on the other side, far outweigh, you know, the liabilities, even if that were to, you know, fructify. I hope that if the right side, you know, goes away, our anyway on the left side, we are progressing in terms of our real estate monetization and cleaning up of our balance sheet and getting, you know, a lot more. It's going to be a very, very, you know, different company in terms of the ROCEs that we can actually generate if we are to put this money back in organic or inorganic, you know, investment into the company to drive growth. I want to give you a view because some of you have asked this question, and I thought it may be pertinent, you know, for you to know. I mean, we did own the data center business, which we divested in 2016. We still hold a 26% stake. Our stated philosophy is that we will continue to invest in every capital, you know, raise that STT does. I'm sure some of you might be covering as part of your coverage also this particular part of the business or the industry. I mean, there are multiple reports. One of the report I took was that, you know, this market is gonna exceed 4,500, you know, megawatts. I've seen 5 GW, I've seen 10 GW. I mean, I've seen multiple such reports. Very clearly, you know, whether it is 4.5 GW or 10 GW is not the point. I think the tailwinds that is mentioned in the bottom of the slide is something which all of us can relate to, right? I mean, you see heightening cloud, as you know, adoption. You see, you know, the explosion and consumption of data. You see the GenAI, and you see in India when it comes to data localization as well. Very, very clearly there is, you know, value that is actually sitting in there and what value all of you attribute, I leave that to you. I clearly have that investment that is sitting in and we'll continue to, you know, invest in it as well. It's something that I want to bring to your attention. Finally, you know, I want to conclude by saying that we will, I mean, this is the same chart that you saw in the beginning. We remain steadfast in our ambition. We will double our business, albeit a few quarters, you know, here and there. Our ambition is to have the right balance of EBITDA and ROCE. We want to deliver. We are not going to go down to single-digit, you know, ROCEs. There will be a focus, you know, on ROCE. It's come down because of the acquisitions that we did. Very clearly we have a line of sight of bringing that back up to greater than 25%. Our EBITDA margins should also come back to the 23%-25%, you know, range that we, that we spoke about while, you know, doubling our business to INR 28,000 crores, right? With that, I come to the end of my presentation. Sorry, it's been a whirlwind, you know, that I wanted to take you through, give a good idea of what is the nuts and bolts that's gone behind the strategy is what we wanted to bring to life to you. With that, let me hand over the stage back to Rajiv. We will be now waiting for Q&A, your favorite section. There are some placards on the table, that is just to when you want to ask a question, just raise that so that we can identify you. The minute we'll be ready for the Q&A. Okay, we'll start with this session. Please, you know, restrict to strategic questions and make the most of this presence of senior leadership. Yes, Deepti? My first question is. Please use the microphone. Thank you for the presentations. My first question is for Lakshmi. When you have a target ambition for INR 280 billion of data revenues by FY 2028, that's about 45% growth from current levels of FY 2025. Does this still build in any inorganic, you know, targets? No. No, no, we don't want to plan based on any inorganic. If it happens, it happens. The numbers we are looking at is not building in any preconceived notion of what we will do inorganically. It's not that to say that we are not looking at it, we won't look at it, but these are not with any preconceived ideas of having doing something. No. That is quite encouraging because it would be near 13%-14% CAGR, which is the growth that was there this year. This year had benefit of inorganic. You're looking at acceleration in growth in revenues from current levels. Oh, true. See, I do want to, you know, we can spend some time on numbers. Right. As I said before. The story behind the numbers, see, the investment that we are making intrinsically, is positioning ourselves not just to transform ourselves, but to help our customers transform. We are clearly seeing those markers of success. To me, those are the long-term success matrices that we are tracking, and whether it happens a few quarters now and a few quarters away is really not my concern, right? You might be, you can continue to push me on the numbers, whether it'll be a 14% growth, will it happen? Is it a 10% growth? I wouldn't want to predict and, you know, we will push ambitious targets. We will you know, we are keeping our heads down, and we're very confident in all the investments that we're making is in the right directions, and we have the discipline on the execution to do that. That would be nice. Thank you. My next question is for Kabir. While FY 2025 data revenues grew by 14%, data EBITDA was flat. Again, management has an ambition of 23%-25% margins. At the fourth quarter margin of 17.5%, can we say are we at the bottom? Deepti, I mean, I mentioned this also earlier. I remember when I was in Q1, you know, Vibhor asked the same question, you know, have we reached, you know, the bottom? I mean, I would like to believe, yes, we have reached the bottom. I also want to reassure that all the actions that are margin dilutive are self-management taken actions, each of them, right? Very clearly, we can pull the plug on innovation, right? If I were to look at how much of investment in OpEx that we are doing, that is not towards current year revenue. We track that. We track how much investment is for this year revenue and how much is for future year's revenue. Those are levers that are available. I mean, two points are straight away there for us to take in. Within two quarters we can get back in, that'll be, you know, irresponsible. If nothing changes, yes, that's where, you know, we will get through. Since that statement, a lot has changed in the world as well, right? I mean, we talked about, you know, what's happening in the geopolitical situation. We're talking about what's happening in the tariffs, you know, situation, you know, as well. A lot of them mean that sometimes certain deals that we planned for do not fructify in time, and they get delayed by one quarter or so. That's what Lakshmi means about few quarters here and there is really not our concern because are we having the right conversation? Absolutely, yes. Are we invited in? Absolutely, yes. If we are seeing these headwinds like it's not broken, why fix it, right? It's important, but not urgent, right? I have something else that is a far more urgent, like a tariff situation, and I need to worry about my supply chain reconfiguration. In that stage, what we are doing is wanting to be partners with our customers. Tell them that even in this uncertainty, you can rely on us because our products and services are available for both revenue side and cost side outcomes. We are here in that journey. I would like to see a trajectory of it going up. A short answer to your thing is absolutely the intent is that we will drive for margin expansion this year. Also, do you expect significant reduction in CapEx? Because INR 3,000 crore was spent in M&A, and that's not foreseen in the next three years. I will keep M&A out completely. M&A is not in our INR 28,000. M&A is not in our BAU CapEx. If an M&A happens, it happens. It has its own framework. It has its own, you know, markers that we need to cross. I mean, there is a board, there are shareholders. We need to, I mean, you know, pass the scrutiny of all of those. I will keep M&A, you know, out of it. On CapEx, those are the three levers, you know, that I talked about, Deepti. Sustenance, capped. That's not gonna go up. It'll be, you know, 2% or under 2%. Customer success base and strategic, honest answer, my intent is I want to in-invest more CapEx in this company. Have the rigor on ROCE, have the rigor on IRR, when we have the rigor on ROCE and IRR, it will translate into value creation for all of us, to our customers first, and then automatically to my shareholders, right. I want to increase CapEx, I don't want to decrease CapEx. Thank you. Yeah. We have first, Sanjesh, already in the. Yeah. Lakshmi, first question. I got too many. I will club some of them. First on the white space you spoke about, right? The strategic bet we are talking. Very interesting market size for us and good growth. If I comparatively look our growth in those segment, they look below the industry growth. I thought we are a challenger, we want to improve our position, but if I compare the growth, we still lack the industry growth in a segment where our market share is small. I thought we would have grown faster in this segment. We are looking at market share gain, but the numbers says that we have lost market share, at least last year. At least the number what you put up in the presentation. That's one. Number two, the examples we saw, the revenue growth looks super exciting, right? Each of those examples. When we look at it aggregate for the digital services, the number don't show so exciting, right? What is dragging down? Are we losing customer? Are we losing market share in many more customer, which is getting dragged at overall growth? How should we look at this in this context, the wide space, growth being lower, we are losing market share, and there are high growing customer, but on an aggregate basis we are still lacking. That's my first. I think there are many, many questions. I don't understand why you got the losing the market share part. No, the slide you show. The five things, they're all new ones that you're talking about. The cloud connectivity is new. We just launched. We are gaining market share there in that. The Kaleyra AI that we talked about is a new one. I don't know what reference point you're using to say that SASE is one place where we put the market is growing at 16%, we are growing at 15%. Other than that area, you know. Okay, I'll give you that. No, I wouldn't say that we are losing market share. Market is albeit growing. That is the overall global market. It's growing at 16%. We are doing. Other than that one element, I don't know whether your interpretation to say that we are losing market share is the right one, Sanjesh. That is one. The second is, you know, when, you know, one of the things that we have been doing extremely well is the focus on the large customers. That was testament from the MDC customers growing, the $10 million customers growing, and so on. Where we haven't been able to do enough of is to bring more new logos and the speed at which we are converting those new logos to million-dollar customers. That is a function of more of the market coverage and the feet on street that is required for us to do that we haven't put enough of on the markets, because we wanted to solve this problem first, and that we need to address it. When we are focusing on the large customers necessarily, which means that the focus on the smaller ones is going away, right? We had many of the international customers, which was still a chunky revenue in aggregate, but we created a digital desk in India to manage as opposed to feet on the ground to cover them. Those revenues are going away. Third is some of the revenues that we lost in terms of in the collaboration space, the GSIP space. I'd put you all of that. We are confronted, or we were confronted with certain headwinds, and some of them are industry headwinds, some of them are the dilutions in pricing and so on. That is where we're losing. Whereas in the focus segment of large customers, we are showing also that we are gaining. That's the plus and minus that you see. That is the reason why I said I wanna tell the story behind the numbers. I thought I made it very clear. Net-net, if you see your answer is right. We are growing only at 11%, whereas you are saying in BFSI you've grown 2x. What is wrong with you? That is why I wanted to give you the color of where we are doing well and overall what the number speaks. The story behind the numbers is what I gave you. You can interpret it the way you want to. Sanjesh, let me add to what Lakshmi said, that in large markets, even in the India enterprise market and the DC to DC connectivity, these are two very large markets. We've been gaining market share. In these small markets, we have just launched AI Cloud. We, you know, just launched in a couple of months back. There's that whole assumption of we losing market share or anything, you know. No, no, I didn't mean you're losing market share. I said that we are despite we being so small. I thought we would have grown significantly faster share would have been a wrong word reference probably. That will pick up because once you build capabilities, it takes time. It doesn't happen that you've launched it today and you start growing at the same rate which an incumbent would be. In fact, you will start taking their growth rate with the base effect. Right. Respect that. Yeah. Mm-hmm. My second question on Lakshmi, again, you mentioned that we are building individual enterprise-led LLMs. Individual enterprise-led LLM in our GPU as a service. Today the LLMs are built by the data which is publicly available. You said that we want to build an individualized LLM for the enterprises, right? Is that what I understood it right? No, no, you didn't. That is not what I said. Okay. I gave you a general point on how, you know, most of the information that is publicly available on the internet has been converted into knowledge in the LLMs because these, all these have been, studying the internet and pulling the data of the internet. What is not captured in the model is the individual company's knowledge base. What I'm saying is the enterprises should protect that knowledge base, and therefore the need for more private cloud and making sure that they're not exposing their data and knowledge to public, which can then be commoditized. That is the point I was making in the context of saying why safeguarding that knowledge is going to be so important for enterprise, and in that context, what is the role that a private cloud can play. That's interesting. I have two questions on India. One, with the kind of geopolitical risk we had, there were so many cyberattacks. Have we seen increased investment in India or at least inquiries on the cybersecurity side? Can that be a big driver in the near term, now that people are so aware about the risk that they are looking at? That's number one. Number two, we didn't speak so much about private cloud. I thought that was a very big opportunity within India. It's a wide space. We have a leadership position, but that I think was missing in our strategic bet. No, no. See, these are some of the new things that I called out that we're launching. It doesn't mean that the old things then are going away, right? We have IZO Hybrid WAN, we have. You know, we have talked about the LAN and the WAN convergence that we said. Many of the things are there. We just called out what we felt are the new ones that we are launching, where these are strategic bets that we are making. It doesn't mean the old ones are going away. on the growth- Cybersecurity is something that we have. I mean, in the last few years we've been calling out our cloud and cybersecurity, and particularly cybersecurity in India has been growing. That is a crowded space, so I think we have talked about our, you know, our cybersecurity portfolio. We can put that in two parts. One is all of the threat management space, which is what the SOC kind of services that we deliver. That's a quite a crowded space. That is a very contested space, ranging from SIs to, you know, even Deloitte and EY, and all of them are contesting in that space. We are also contesting and we are growing in that space. The other is more about the network security, which is where we are talking about SASE, more integrated CDN plus DDoS plus network security, threat intel that we can offer. That is another. This is where we are operating internationally. This is where we are operating in India. One thing probably we were expecting in the presentation is more color on the order book. Sorry? Order book. More color on the order book. At least, can you help us understand how it has transformed in the last three years? Where we stand today? What is the expectation for FY 2026? How is the pipeline looks like? This is more a quarterly conversation we can have. You know, you're asking the same question that I'll answer that, you know, in a month's time we will have that. I think Sumeet gave you some color on. Yeah ... of the large, the order booking and how we are particularly, I think, giving color on the million-dollar customers, how we are faring. I think that question was already answered. If you need more elaboration, Sumeet can answer it subsequently. That we got. Yeah. One last to Kabir. You talked about breaking even in the digital services and reaching a double-digit. We have two levers. One is reducing the direct cost. Second one is the operating leverage in the fixed cost, right? What is the interplay between them? What role, or what are the efforts on each of these parameters, in terms of driving the break even? What is the revenue level you think where we will break even, and what is the revenue level in an absolute term where you think we can reach a double-digit margin? That's one. Number two, we are doing so much of cable investment now. We have started again. Repair and maintenance remains quite elevated in our P&L. It's almost equal to our CapEx, INR 1,900 crores. How should that end with the, that trend we should see with the new cable investment, which will require much lower repair and maintenance, and how should it add into the probably EBITDA margin increase in the core business? Yeah, thank you. Yeah. I would say on, you know, on digital, I mean, you can do the math. I mean, we'll get to around 65%, you know, that shape that Sumeet mentioned, you know, in his final slide. Each of them have very, very different, you know, levers. Quite a few of them, I think, have now reached the kind of level that we want in terms of the scale, you know, that they should start, you know, delivering the destination margins that we want them to do. Another element, you know, to what you just said, not just leverage and alone, but also mix, like, for example, in Kaleyra, I think it is mix that is something which we will. The moment we have more layer three and layer four, you know, services that we start to offer, the margin profile of them, you know, will be, you know, very, very different. We want to start playing in that as well, and the weighted average should also lead to margin expansion. I have a very different answer, you know, for, you know, each of, you know, each of them. Plus some of them is very clearly our ability to be a lot more meaningful. Again, take an example. We were earlier only talking to sporting federations, you know, from a media perspective. Switch, you know, as a capability that is given, is making us now address a wider, you know, audience with the production capability. I mean, I don't think the World Athletics deal would have happened just if we had been only playing the transmission space. I think our video production and, you know, the entire capability of Switch coming to life was able to how we were able to get, you know, that piece come through. All of this is what will lead to a margin profile. We have not unpeeled how much is just scale alone, because one leads to another, you know, and they are almost, you know, interdependent, you know, as I would say. Clearly for the next three years, what should be the margin targets that a CIS should get, a media should get, an IoT at every business level has been factored, you know, in as well. We are now pushing them to be able to say, "How can you de-link volume and top line to margin?" Which means that if you're not getting, you know, this, to what extent cost can be still, you know, as variable as possible so that we continue to at least deliver the margin. That's the direction that we are, you know, we are heading into from a digital, you know, portfolio perspective. What I was trying to bring about is it's now not small, right? I mean, the time has now come to look at the focus. This is, I think, the first time we have quantified the digital loss, you know, for you. The moment we quantify it, our neck is on the block to be held accountable as to what's the progress from the INR 900 crores that we have been, you know, losing on it and where we would like to. It is not a NetFoundry. It is not a ATM business where we are saying They are not making money, we want to get rid of them. This is something which we knew that they will not make money when we scale because we have spent a lot of fixed costs in getting that scale. Now that we are convinced of the shape of these businesses, mix, operating leverage, operating efficiency, you know, are all the drivers that we look at to get them, you know, back up stage. What is the next question? Repair and maintenance. Repair and maintenance, tricky, you know, subject. We've spoken about this before also, Sanjesh. A lot of noise, you know, into it. Look, we are getting out of completely the Chinese, you know, carriers as well, and the fact that you are not placing new orders on them, then the cost dynamics on their AMC and their also starts, you know, playing in as well. It'll be a few years before we actually see the operating leverage or the benefits start, you know, kicking in on each of them. In fact, a lot of the investments that we have done, they have all come out of the warranty-free, you know, zone and now into the AMC bit. It's a churn exercise that we have. There is a focus. You know, I do believe that there is value that we can extract, you know, out of that. Some work is, you know, happening there, and once we have quantified it, then I'll be able to have more clarity on it. Sanjesh, I don't want to go you very happy. This DPS EBITDA will be an annual disclosure, not a quarterly one. Balaji. Balaji, yeah, please. Thanks for the detailed presentation. Appreciate it. My first question is on the data revenue aspiration of INR 28,000 crores that you mentioned. You also stated that one-third of the incremental revenue will be driven by strategic bets and capability shifts. Can you just elaborate a bit on, you know, what do you mean by these? I don't know. I thought the whole day we explained only that, right? The capability shift is about the ones on the sales, how do I get deeper into the accounts. We talked about the white space that is available in each of the accounts. We talked about if it's X, how the 4x address it because we have expanded portfolio to talk about. That is one capability shift, you know. We also talked about how a million-dollar customer or a new logo can accelerate, and there is another white space. If I look at it from a customer segment, there is a lot of white space available. The other we talk about is on the product side, some of the new products that are there. They have ranging from, if it is a multi-cloud connect, we said there is an INR 8 billion market, and those are all the white space we called out. Both are in the two dimensions. One is in the customer dimensions, the white space available, in the product dimensions. Both dimensions are the strategic bets. Got it. My second and last question would be a bit more on the digital portfolio revenue growth. You did say that about 65% of the data revenue will be from digital portfolio. That means that over the next three years, we are almost looking at doubling the digital portfolio revenue. Again, that's about 23%, 24% CAGR. You know, what is the kind of visibility we have on this, especially, you know, considering the somewhat uncertain macro outlook in the U.S.? I think it comes back to the same question again, right? I can't answer it any differently, Balaji. You know, what we can focus on is, you know, what is the opportunity out there. What capabilities are we building to be able to participate in those opportunities. Correct. We showed through examples, through customer case studies and the products that we are investing. The pace at which that will happen is not necessarily and entirely in our control. Got it. Thanks. Next, Vibhor. Yeah, hi, Vibhor here from Nuvama. Lakshmi, one question, which I probably wanted to pick your brain on the business side. Today and even before, we've mentioned a lot about the media business and how we are trying to get into the production part of the business rather than just the infrastructure that we were kind of dealing until before Switch acquisition. Now, pardon my ignorance on the U.S. media landscape. There would be specialist companies who would be doing that in U.S. or in the developed world. What is our right to win in this new domain that we are trying to win? I mean, we've always been providing the backend support to the sports authorities. In the new business that we are trying to provide, let's say, leasing out studios or providing that production support, does Switch has that capability? Does Switch already have customers they've been catering to that? Can we scale them up? What would be, let's say, I mean, some pointers as to what would be the difference in, let's say, the ticket size of what a deal would be in the production size versus, let's say, infrastructure side. Any color on that would be really helpful to understand what business are we talking about here. You're right. I think the focus of Switch when it was acquired was focused on sports federations largely and, you know, the U.S. market. The post-acquisition, we are taking that capability in two ways, right? One is we are taking that capability of what we are doing for the U.S. market, for the rest of the sporting federations that we have across the world. That's one leg of growth that we are, you know, starting to exploit. The second leg of growth, as Lakshmi pointed out on the Netflix Pop the Balloon that you saw, that is the facility that we've built in Victory and the capability that we have on remote production. Right. We are now starting to also build capability across the value chain on remote production. It's not only the technology of the facility that we offer, but also the services that we are starting to build around that. What that is gonna do for us is, one, as you point out, going to increase the ticket size. Two, that is going to increase even the margins on what we would typically get on these deals. It's early to quantify and what that means because we are, you know, just building that muscle. We are starting to see, you know, at least two, three more such conversations that we have in the U.S. market and in other markets with this theme of building the remote production technology and the service capability around that to improve, one, the ticket size. What can the ticket size be? The ticket size can actually go up by at least 3x is what we have seen. Early to comment on that, you know, as a permanent view, but that's what we are seeing in the deals that we have currently done. The margin profile, that will clearly then become more services kind of margin profile that we will do rather than just a technology offering margin profile of the remote production facility. Did Switch have that capability before the acquisition? No, that's a muscle and a capability that we are building. We are bolting on that capability to improve and expand the ticket size and the coverage that we have because of the facility that we've built. Got it. Got it. Sure. My second question is for Kabir. Kabir, on the margins front. Help me understand the landscape that you're talking about. I mean the path for the margins in context of the acquisitions. We've always maintained that acquisitions will be core part of our strategy. I think at this point of time, we are talking about a 23%-25% margins by FY 2028, assuming there are no more acquisitions in the next three years. If we make another acquisition, I think most of the acquisitions are margin dilutive because they are in the developed world. The margins again fall back to the 17%-18%. How do we balance this thing? I mean, as a shareholder, we are looking for that 23%-25% margin range. I mean, the acquisitions do provide the growth, but eventually the ROCE and the EBITDA margins keep on getting pushed out if the acquisition, strategy is being, executed. Vibhor, I think a very good question. You know, in one of the, you know, one of the quarterly state this, I made this very specific, you know, response that as a management, we are very clear about what is the acceptable level of margin drop that we are okay to take. So that we will be extremely responsible with. Very, very clearly, we do not want to be able to make an irresponsible acquisition that overbears the weight of it that we cannot then do basic, you know, funding for our growth engines, you know, that we have. Clearly, there is a certain sustained momentum on cash flow that we would like to have because those investments on CapEx, on OpEx, on innovation needed to be funded from internal accruals. I don't want to go and borrow or come back to the shareholder to be able to do that. When we model it. We'll look at what is that sizing that we will do, and therefore what size of acquisitions will mean what funding vehicles. How much can be done? When we did Switch, I mean, I stood proudly in, you know, representing the entire company's efforts in funding the entire Switch through just movement in working capital. I mean, we didn't borrow a cent, but it was a small amount. I mean, you know, $60 million is what we paid, you know, $59.8 to be precise, for a $80 million business, all came from that. Kaleyra was a slightly, you know, bigger, you know, ticket size, but still within our debt capacity. We did not violate any of our covenants, you know, from a debt perspective. Even our 2x range went up to what? 2.3x, you know, and now we will come down. In the next couple of quarters, you will see them coming down to, you know, to under 2x. Now imagine if we have a target which is, say, INR 2 billion-INR 3 billion, you know, for example, then I don't think debt alone, you know, would suffice. There has to be a mix of debt and equity. The moment you bring in, you know, equity into the picture, the amount of rigor, you know, in that will go exponentially, you know, higher as well. Not to say that it's a INR 200 million, there is no rigor there. There is of course rigor, you know, across the board. We will use the right appropriate, you know, vehicles so that my cash flow and my interest burden or anything of that sort does not pull the company down and we are able to fund, you know, the next company for the next two, three quart. I'm going to stay at that level because each of them have been modeled to be able to say, we can afford to do this, we cannot afford to do this. Those acquisitions then need to be pushed away until we get back to 25 and then, you know, I can fund that ba- you know, again. Otherwise, you know, any more marginality acquisitions, we need to see the math of whether we'll be able to afford to do it or not. I will assure you that, you know, I would say the management and the board, you know, look at it very, very responsibly, you know, that's how we will take the next steps. Thanks. Yeah. Hi. Thanks for the opportunity. The question, basically, my understanding is slightly limited, but what I understood, most of the strategic bets which we have talked about are kind of a value-added offerings to our existing offerings. What kind of pricing delta do we expect our existing customers to pay to justify our investments for these value-added offerings? Where are we in terms of negotiation with the customers, like in converting them and, like if you can just give an idea how much percentage of customers are willing to pay? Does it make sense? I didn't fully understand. You're asking about our- Let's say- -pricing capability on these four? Yeah, let's say a Kaleyra AI or a unified cloud. Yeah. We already have a cloud hosting service. What kind of pricing delta can we command on offering a Unified Cloud over a normal cloud hosting service? I'm asking incremental. These are value added. Yeah. They will be all margin accretive. The percentage, like it increases the cost for your customers, right? It increases the? It's increasing the cost for your customers if they're- Yeah. opting for a Kaleyra AI. Increasing the cost for the customers. I think- Lakshmi, Do you want me to take it? I didn't understand the question properly. No, no, I, I got it. You know, just to explain, I think these are very different services that you're offering, and quite often you're probably talking to a different part of the customer organization. When Rajesh actually mentioned what are the pain points, he talked about a CMO. You know? The CMO is one who's looking at customer acquisition and customer retention. When you are doing just A2 P, you're probably talking only to the procurement organization, you know, who's buying, you know, SMS. Now you're saying, "I am not just giving you just a bulk SMS facility. I am orchestrating the entire customer interaction, you know, journey for you." That's why we call it CIS, not a CPaaS or a CCaaS, right? We're calling it, you know, the entire customer interaction suite. The audience whom we are speaking to are very different. Their pain points are very different. Therefore, for them to actually pay that, they are not comparing against what currently they are paying to Tata Comm. They're comparing against what problems I'm solving for them, and for that problem, the price that they're paying is insignificant. Each of those services, you know, are falling in that category, and that's the reason why we are energized because we are now the buying centers that we are speaking to and the people that we are speaking to has exponentially increased in the value, you know, side, not in the cost side. We are selling effectiveness of campaigns and ROAS on the campaigns, so that gives the pricing element. Yeah. Thanks. Deepthi. I have one more question for Lakshmi. Currently, about 58% of your revenues are from overseas. Three years from now, where do you see the mix between India and overseas? Frankly, we haven't computed, like the way the digital mix we are saying that, you know, when we hit 28,000, we'll be about 65% digital business. I think it'll be the headroom available in the international, is much greater. That is what we've been talking about. The international will be a bigger part. How much we haven't really modeled because that's not the way. Modeled. We have modeled, yeah. You mean internationally is growing faster than India? Yes, because they're coming off a small base as well. In India, do you foresee more intense competition from the top operators, particularly as they look to go from mobile operators to being triple play, not just home. Particularly for one of the operators, enterprise is already much bigger than your revenue. In an era where we are getting into 5G private enterprise and maybe in future AI RANs. Do you think that is one segment which could pose more competition for you, at least in India? No, India, you know, I don't know about more competition. It is competitive, right? We have new players coming into the core connectivity doing the data center connections already, right? The players are there. Existing players are also competing in the enterprise space. The fixed wireless access is a questionable one with the 5G. Already there are, you know, internationally it shows that you can gain the initial have the initial gains, but it's not sustainable because then it gets contested, the spectrum gets contested, and the performance is not shown to be that good. You know, India competition is intensive, no doubt. I mean, even if in the CIS and the interaction space that we offer, it is highly competitive. You would have seen in the, in the AI Cloud space, there are more players participating. My only worry is it doesn't get to a race to the bottom in terms of the pricing and everything to the earlier question that was asked. India market is characterized by all of these. The competition is intense. There are pricing pressures that happens. The customers' willingness to pay for value is low, definitely. That's a market we understand. I think the market understand because the customers then ultimately all said value the long-term relationship. They value the services that we provide, and that is what we hold very dear. That is why we are saying that, you know, we will hold on to the market leadership despite all these pressures happening. Thank you. Thank you. 10? Good evening. This is Sumangal from Kotak Securities. My first question is I just wanted to understand and get some more color between the split between new logos and existing. If you look at last four years where we've grown revenue by INR 7,000 odd crores, is it possible to share what could be the broad split? When we are looking at a incremental INR 9,000 odd crores over the next three years, is there any internal budget expectation as the existing logos, what could be the contribution and what new wins we would require to reach our target of INR 28,000 crores? You know, like I, like I presented, for a new logo to meaningfully scale, it takes about 18 months. When you take a, you know, three-year, four-year view, and keeping in mind the strategy of going deeper with fewer, our focus continues to be to mine and grow our existing accounts much more meaningfully, and that's how you're seeing the growth on our existing accounts as well. With these two points, if you look at our revenue split, you know, in terms of our incremental revenue, about 75%-80% of our revenue comes from mining our existing customers and going deeper with them. About 20% of our revenue comes from new acquisitions and new logo contribution inside them. As we acquire the logos, then, you know, the logos over a, you know, 18, 24 months period start gradually growing into greater revenue contribution as we start mining them deeper. Got it. I have one question for Kabir. If you look at last two years, we've done a great job in monetization of land parcels and few weak businesses. Do we see this ongoing? Are there more or are we looking at heavy lifting already being done, as far as both land parcels are concerned and few businesses where we are not seeing scalability? It will be an ongoing exercise. Let me split the question in two parts. Land parcels, absolutely, yes. We are on overdrive. I am not a landlord. You know, I do make money, you know, I do get some operating income from rentals and for example, this year you will see that Ambattur, which was earlier giving me rentals, is not going to give me rentals, so something will come down. Clearly we will start monetizing. There are, you know, two, three big land parcels that we have. Chattarpur and GK, I mean, no points for guessing because it's all there in the public domain, is something which we will have to go through the bureaucratic hurdles of title deeds and clearances and, you know, classifications and, you know, and all sorts of stuff. The moment that is done and the property is ready, I mean, it took us literally three years. You know, I remember when I first came in, I mean, started the exercise on Ambattur and realized that and, you know, us being Tatas, you know, we are governed by our code of conduct, and we will only do the right way, even if it takes, you know, five years for me to go through and monetize the property exactly in the right way. We will have that same rigor for each of those properties and we will monetize, you know, almost we have a plan in the next few years to monetize, you know, each of those properties. The second thing that you. I'm just forgetting. On the businesses. Yeah. On the review of the businesses, absolutely yes. Both, I would say businesses that we have invested in organically, inorganically, it's a continuous review. Even this 013 that you talked about, I mean, it was there, you know, buried in the slides, the sharper focus on performance, is very clearly the rigor that Lakshmi and I when we sit on the governance look at it is as if it's a startup. Right? A Series A, you know, when will you actually fund? You'll fund when they hit an ARR, you know, of something, you know, of that particular scale. That's when you'll, you know, you'll give that funding. We will have that rigor for all each of the strategic bets. Yeah. We talked about, you know, some of them there. Doesn't mean that everyone's gone to black checkbook. That rigor will be there. We will measure input KPIs to start with, not necessarily output KPIs and what design wins, what POCs, how many customers, what scalability, what, you know, product feature unlocks, you know, how does it bolt on. In that space, when we see that, okay, there is probably an inorganic acquisition that serves it better by bolting in and getting that capability, we will do that, and that's live as we, you know, as we speak. If they don't scale up, funding will be pulled, right? That's what we intend to do. Some of the actions that we will take, you know, the organic ones is BAU. They will not be, you know, visible to you. I mean, some of them are material enough, we'll call it out. The inorganic ones will be there in the public domain the moment board approves such transactions. Sure. Thanks. Thanks for taking question. As far as strategic bets are concerned, where do we stand in terms of the capability which we have built today out against whatever size we are available? Where do you think that we need to put more resources or something so that the addressable market out of that space increases significantly for us? Is there any criteria on something on which we can share your thoughts, we can evaluate how we are heading in each of the strategic bets over next two or three years? Is if some criteria, whether qualitative or quantitative, if you can specify, it'll be helpful. Sir, these would evolve. Again, what Rajat presented on the unified cloud connect, the MCC and the MCN space, the Multi-Cloud Network. What we have launched and invested already is how do I connect from site to cloud? That product is what we called out, and that's already doing a good double-digit million ARR from the time that we launched. The connecting between the clouds and within the cloud is what we talked about. That product is getting launched in a quarter or so. The advantage that we talked about is we probably would be. There are players already doing the multi-cloud connect. Site to cloud, I've talked about. There are Megaport and Equinix who already do that. Within the cloud, there are only a few startups who do that today. Both is not done by anybody today. That is why we think that we will be unique in doing both. If your question is, you know, do we need to continue to invest? Yes. In the roadmap, we have, how do we bolt on security? How do we bolt on all of that will continue to happen. There will have to be continuous investments in product development organically or as Kabir called out, if inorganic helps us to do that, we will have to do that. In terms of the markers of success, again, that is what we talked about in terms of stage one 330, we are governing that to say what are the design wins. If MCN is getting launched in a quarter or so, the things that we are asking today is, you know, how many customer conversations that we have had, how many customers are showing interest, how many people have we shown demos to? Those are the KPIs that we are internally tracking. Second question for Sumeet. If not readily, maybe whenever you share color on order book, beyond X years, say three or five years, what is the order book size and how is it behaving, if you can share if it's possible. Thank you very much. Share it. You want it now or you want us to? Your call. I'm sorry. No, if I, if I may, I think this is like, See, the few colors, I think I've mentioned this before. If you look at the Kaleyra business and MoU business, for example, both of them are heavily usage-based businesses. Right? Even though there is a proxy order booking that we have to give credit to the sales, the conversion of that proxy order book to revenues is not really scientific, right? It takes some time. We are able to convert in six months, sometimes it takes us one year or two, and we are fine-tuning that. There is a part of the business where order book may not be the real metric to that. In the network fabric, both on the core and the next gen connectivity, as well as in the cloud and security, order book gives a reasonable lead indicator to that. That is what we are measuring inside. Given these complexities, I didn't want to share some numbers which will only confuse. I think, you know, we've had this conversation, in fact, more robust conversation I've had, where even in the world I come from, in the SI world, when they give a number on order book, it's very hard to translate that into it because it includes renewals, include many things. You can't. I understand it gives people the comfort of a number. We have been giving that color on that to say that our order booking has grown, which is what I, you know, openly share. Like in the first half of last year, we had a good order booking, and then I said in Q3 and Q4 that had gone back to our traditional levels based on whatever else is there. Those numbers do not fully include the usage business. Given that complexity, I'm not sure what this will do other than invite only more questions. In fact, in FY 2025, we've gone ahead and given some growth numbers for order book on a YOY basis, half yearly basis. Till FY 2024, we're not doing it. We are improving in terms of what we can share. We've shared that digital EBITDA, which will be annual. Thank you. Any last question? I am sure everybody's hungry. Still, anyone? Okay. We don't have to force the questions. There are no hands raised ones. We will be anyway available on chats, like, you know, one-on-one chat now. We will call off this session now. Thank you. Thank you, everyone. Thank you everyone. Thank you all.