Good afternoon everyone and a warm welcome to you all. Thank you for participating in the Q1 FY26 earnings call for Tata Communications. My name is Sudeshna Patnaik and I'll be your host for the call. We are joined by our MD and CEO, Mr. Amur Lakshminarayanan, and our CFO, Mr. Kabir Ahmed Shakir, and our Head of Investor Relations, Mr. Rajiv Sharma. The results for the quarter ended 30 June 2025 have been announced and the data pack is available on our website. We will begin today's call with opening remarks from Lakshminarayanan on the business performance and the outlook, followed by Kabir on the company's business financial performance. All participant lines will be muted for the duration of the call. There'll be an opportunity for you to ask questions after the management remarks. Some of the statements made in today's call may be forward looking in nature and are subject to risks and uncertainties. The company does not undertake to update these forward looking statements publicly. With that, I would like to invite Lakshminarayanan to share his views. Thank you. Over to you, Lakshminarayanan. Thank you, Sudeshna. Let me begin by welcoming you all to the Q1 FY26 call. Our overall revenues came in at INR 5,960 crores, a 0.5% QoQ degrowth and a 6.6% year-on-year growth, primarily impacted by the SAARC region and the onerous deal exit. In TCTS, data revenue grew by 9.4% year-on-year. EBITDA grew by 1.3% QoQ and was INR 1,137 crores. EBITDA margin came in at 19.1%, an improvement of 30 basis points QoQ. On the order book, happy to share that we have a good start to the year and our order book is up a healthy double-digit QoQ. The growth is robust across India and also the international regions. Our funnel continues to be healthy and well-diversified across the core and digital services. We won one of the largest multimillion-dollar captive SOC deals in India. The deal involves the establishment and management of a full-fledged captive SOC and the implementation and integration of multiple advanced security tools and other complementary security solutions. We also won a multimillion-dollar deal from a leading technology player for diverse network connectivity solutions for their APAC to Europe Americas DC-DC connectivity. We also won an order for a Greenfield Wi-Fi 6 network deployment for a global battery player at the new factory location in India. Data revenue in Q1 is at INR 5,130 crores, 0.7% QoQ growth and 9.4% year-on-year. Core connectivity business came in at INR 2,620 crores, a sequential decline of 1.4% QoQ and an increase of 2.7% year-on-year. Core continues to be impacted by the SAARC-related issues. Digital revenues came in at INR 2,510 crores, increased by 2.9% QoQ, 17.4% year-on-year. The growth was broad-based and all parts of the digital portfolio reported a healthy double-digit year-on-year growth. Next-gen connectivity, cloud, and security fabric reported upwards of 25% year-on-year revenue growth. Our interaction fabric has not only seen a healthy growth in the enterprise segment, even the share of non-SMS traffic, in voice and other channels, continues to see growth, a long-term trend which we have been highlighting for several quarters. We are taking a critical view of the margin profiles of all the CIS deals and that has resulted in improvement in NR margins for the digital portfolio this quarter. Media segment stood out on a quarterly performance basis with 11% QoQ growth and also recorded the highest ever ACV. This quarter, we signed a multi-year deal with a prominent broadcaster in India for the playout services. This would be leveraging Tata Communications media platform for multiple live sports channels. To sum up, we are happy with the progress that we are making across our portfolio. We believe that there is immense white space, and we have the right capabilities, and we are making the right investments to address the same. Now let me hand it over to Kabir for a detailed discussion on the financial results. Thank you, Lakshmi, and welcome all for this call on our financial performance. Q1 FY26 revenue growth came in at INR 5,960 crores, a degrowth of 0.5% quarter on quarter and a growth of 6.6% year on year, normalizing for Forex impact. The revenue degrowth is 1% QoQ and improved by 4.3% year on year. Data revenue for the quarter came in at INR 5,130 crores, growth of 0.7% QoQ and 9.4% year on year. Digital revenues for the quarter came in at INR 2,510 crores, growth of 2.9% quarter on quarter and a healthy 17.4% year on year. It is encouraging to see all parts of the digital portfolio trending at healthy double digits. This reflects our digital fabric participation expanding to multiple wallets inside the customer environment. While core connectivity revenues declined this quarter, our core connectivity continues to grow and outgrow the market. Growth EBITDA for the quarter came in at INR 1,137 crores, up by 1.3% quarter on quarter and flat on a year on year basis. Our EBITDA margins for the quarter were 19.1%. EBITDA margin improved as digital losses have narrowed and subsidiaries are doing better. This is in line with our broader strategy to get digital business profitable over the medium term. Overall data EBITDA margins came in at 17.2%, down 30 basis points quarter on quarter, impacted by decline in core connectivity revenues. The PID for the quarter came in at INR 232 crores. Net debt at the end of Q1 is INR 10,124 crores. Net debt increase is due to the working capital effects that you see in Q1. Normalized cash capex came in at INR 633 crores. FCF for the quarter was minus INR 621 crores on a year on year basis. FCF was impacted by capex investments this quarter in AI, cloud, and tax refunds that were there in Q1 of FY25 which are not there this quarter. Net debt to EBITDA stands at 2.2x. ROCE came in at 15.4% and ROCE, as you all know, is based on a 12-month rolling number on the subsidiary performance. TCTS revenue came in at INR 197 crores, declined by 33% QoQ and 29% year on year. This was primarily due to the impact of the settlement in case of an onerous contract exit that we've already announced earlier. The structural actions taken together with the exit of the onerous contract are reflected in the EBITDA margin improving to 23.9%, an improvement of 1,200 basis points quarter on quarter and over 1,500 basis points year on year. Our focus continues to be around improving profitability and creating capacities across the organization for capturing future growth. The multiple interventions undertaken in FY25 allowed us to free up the balance sheet, enabling us to multiply resources to capture growth, and our focus remains intact. Let me now ask Sudeshna to open the forum for Q&A. Thanks, Kabir. We'll wait for a minute for the question queue to assemble. Interested participants may click on the raised hand icon at the center bottom of the pane on the Webex application to join the Q&A. The first question is from the line of Sandesh Jain. Sandesh. You have been requested to unmute yourself. All right. I hope you can hear me right. Yeah, yeah, thanks. Thanks. A few questions. First, thanks for the opportunity. A few questions on the core connectivity side. It's been 3-4 quarters we have been trending between 2 to 3%. Earlier Red Sea, then cable cut, and now the SAARC region. Can you help us understand really what's happening in the SAARC region and what has been the growth in the segment ex of SAARC? Now, why is it important is that I think globally this segment has been declining. We have been doing quite well in this segment with a 5% growth for the last few years. This is the only year where I think the core connectivity has shaken up in terms of growth. Just curious to understand what's happening in the segment and are we still confident of achieving that 4%-5% kind of steady state growth. Yeah Sandesh, as you rightly said, the core connectivity has had impact all through last year because of the cable cuts, and we recover, and then the SAARC issues are hitting us now. If I take the SAARC issue out, our data center connectivity wins are there. Some of the wins are under implementation, and we will see the revenue coming in the later part of this year. Even now, in my commentary, I just mentioned about wins in the data center connectivity space. There are opportunities. We still believe that the low- to mid-single-digit growth in core connectivity is possible. In fact, we are doubling up our efforts there and examining, on the back of the last four years in the BFSI segment, we have grown very well. As we call out in the IRD, we've nearly doubled, and we're looking at all the hotspots in the BFSI space and see what we need to do. There is a lot of focus on the core connectivity because we see that there is market opportunity, and it also gives us the margin cushion that we need to continue to invest and grow the digital business. What exactly is the SAARC issue? The SAARC region is, yeah, I mean we all know that they are going through various issues economically and otherwise. There have been payment delays as a result of which we have stopped doing business. There are issues of non-payments that are there. A combination of many of these is what is hitting us. That is a sensitive region and we are very carefully navigating to ensure how much service we provide and what we can collect. That's clear. What's happening on the NR margin? It's come down by 200 basis points in the last four, five quarters. I can understand revenue. I thought cost was more because cable cut was there. I think cost continues to inch up in the direct in the core connectivity, what's happening there? It's the same issue in terms of not being able to collect, and that's what we have to provide for that. It's the provision and not really. There are two aspects to it. One, you know, provision actually comes below [NR]. For [NR itself], the SAARC region is a high-margin thing, right? When that high-calorie revenue comes out, the weighted average effect on the mix comes down. Core connectivity as a whole, we have on net and off net. On net obviously is like 100% margin because all the costs are depreciation and they come below EBITDA, and off net is where we pay the last mile and other carriers when we stitch up the solution. That's the weighted average mix, and most of the SAARC regions are all completely on net. Therefore, the weighted average maths works completely against you when that high-margin business drops off. It's simple that how much the revenue lost is equal to the net revenue lost, right? That's one of them. Also, seasonally. Y ou have renewals that come through and there is the churn and the price impact that happens through the renewal cycles, which is, you know, that goes through as well. There are a combination of those factors. Okay, now that's clear. This issue is done because I think SAARC revenue largely should have been now factored in the base quarter. From next quarter onwards, sequential growth should be there for the fair assumption. Yeah, large part is done. I would. Say still have some. Yeah, we still have a few continuing businesses there. We are watching very, very closely as to their collections as well. We need to be sensitive to it. It's a combination of multiple things. You know, Sandesh, the economy itself has forex pressures, right, and therefore we need to carefully navigate that. That's pretty much clear. Congratulations on your digital business. I think this is the first quarter after probably a few quarters where we have seen all the five segments or four segments firing quite well. What's going right? We have a good order book which is now getting executed and it is across the value chain, and we should see this trend sustaining for a while, right. I think the, you know, I don't think that we have done anything differently, Sandesh. I think the investments and the focus continues to be there, but in the digital portfolio, there are some lumpy elements. When we talk about some of the SOC deals and other deals that we talked about, there is lumpiness in that. I think reading too much into quarter-on-quarter would be, I mean, that is always what we have been saying. Overall, we think that across the portfolio there is good traction, and the relevance with all this portfolio is only increasing, is what you would say. You called out so many order book this time, Lakshmi. Does that give more confidence on the order book building and revenue growth sustaining? Yeah, the order book has been, I mean, I saw. I don't know whether it's anything seasonal in our business. There is nothing much seasonal as far as order booking goes. In the last year Q1, Q2 also we had some good order booking, and then we have been building up the funnel, and Q1 this year we have done good order booking as well, and the funnel is also quite good. No, I think it's again a testament of our engagement with customers, and increasing participation in deals is what I would say. Yeah, overall that is what is giving us the confidence to keep saying that we are in the right direction. When you say double digit growth, is it fair to assume that the order book has grown upwards of 20%? Double digit is in general greater than 10%, but in this case I would say a healthy double digit. We take it about 20%. Right, a healthy double-digit. Got it. Just two bookkeeping questions last from my side. One on net debt, this time working capital seasonality appears to be quite steep. Generally, it is INR 200, 300 crores of net debt increase we have seen in Q1. This time around it has been INR 750 crores. Any different we have seen in this quarter? There's a much more, much higher intensity of the working capital consumption which has happened in Q1. Can you help us explain that? Also, TCTS. What's the game plan for that? Yeah, I'll answer the working capital and I'll hand over back to Lakshmi for TCTS. Working capital has been a combination, you're right, seasonal, you know, Q1 renewals, you know, and getting POs from customers and billing, you know, that's always been the nature of the beast. Plus this time there have been about 4 or 5, 10 key accounts where the credit period, you know, has been, you know, extended. That was as a result of that almost INR 210 crore worth of billing was still in the not due bucket. It was not due for payment. That is the reason why you see that change in working capital. Why don't I ask Lakshmi to talk on TCTS. TCTS, we're very pleased to see the turnaround. Firstly, on the margin profile, I think the disciplined approach of now looking at the right deals to go after is paying dividend. Also, our international component of the revenues is growing faster and higher than the India component, and they are developing capabilities across wireless and wireline domains to serve the telcos. We also see quite a lot of work using AI in terms of their tooling and services. We see some of the synergies of the services of TCTS and what Tata Communications takes to the market. All of them are playing out quite well. Thanks. Thanks, Lakshmi. Thanks, Kabir, for all those answers and best of luck for the coming quarters. Thank you. Thank you, Sandesh. The next question is from Aditya Suresh. Aditya, you have been requested to unmute yourself. Please proceed with your question. Hi. Thank you for the opportunity. The first question really was on the auto backlog, and thank you for providing those comments. I was just hoping if we could get some tie back to revenues. We have the backlog growth. Is there anything you can comment about providing us a bit more visibility on the revenue outlook in itself, maybe recurring revenues or how this kind of backlog is going to be executed over x number of years, and so forth. One of the reasons why we don't give out the actual numbers of the order book as others do is precisely because of the difficulty in tying back very clearly. I just want to give you some examples. I think I said last year in Q1 we won a very large deal, one of the largest in the core connectivity space, and we will just be seeing the first revenues coming through in the later part of this year. It's a good 18 months time before we would see that. There are some order books where, as I said, it has a higher component of one-time charges and the lumpiness, and there are order books which are more on the recurring nature, a combination of one-time and the recurring nature. The third aspect of it is the usage business where we take a proxy order and then it actually is based on the monthly recurring revenues that we get. Sometimes the proxy approximation is right, sometimes the proxy approximation is not so right based on the usage that eventually happens by the customer. We are tightening the proxy algorithm to say how do we get to the right proxy number so we can have a more committed view of the order book. These are all the moving parts within the various parts of the business based on usage, based on different fabrics. That's the reason why we don't give that breakout. No, thanks. Thanks for that clarification, Lakshmi. It would be fair to say that this large hyperscale order, which you all have called out previously as well, that'll basically be to boost the revenue in core connectivity. Would that be correct? Yes, that is right. Yeah. Okay. Is it also fair to call out that core connectivity in India is growing far faster than your overseas operations? Yes, that would also be right. I wouldn't hazard a guess. I haven't looked at it that way. No, that's generally right. Especially in this quarter because some of the SAARC billing happens through PCL and some of them happens through TCIPL. In a normal basis, if you actually look at it historically, you're absolutely right. India has been growing while international had the declining trend per se. Now with data center connectivity and all of those things, we are seeing those dynamics slightly change and there may be certain issues very, very specific to us on the core connectivity part, which may have a very different impact in the short term, but largely you're right that India is where we will see the growth coming through. Especially now with AI, cloud and all of those things, we are quite, I would say, confident of getting them to the low to mid single digits that Lakshmi said, clearly driven by India. Thanks, Kabir. For the next gen business, cloud growth here seems to have accelerated in the past two quarters. In particular, when I was looking at some industry reports, it seems that pace of growth is norm. Therefore, there's some merit to thinking that maybe the pace of growth can continue. Would you agree with that comment? I mean, it just seems like a lot of the investments which you'll be making is in the space. Thematically, there seems to be a good alignment. The cloud business, again, is an area where you guys are focused on. I just want to see, do you have any, do you have much visibility in the fact that this business could grow maybe at 25%, 30% or low visibility? We'll see how it goes. We have some visibility. These two are different. The next gen connectivity, the drivers are very different from the time we book the order to the time we deliver in the international markets. For example, next gen connectivity includes our IZO WAN. When we get an order for a global deployment for, let's say, 200 sites, the customer would phase it out by region. The realization of the revenue is really in the hands of the customer at the speed at which they want to implement. The conversion speed varies based on customer to customer, and therefore, even if you book the order, the realization of the revenues is not very exactly predictable, is what I would say. The opportunity, especially now, also the Wi-Fi 6 and LAN solutions are also part of the next gen connectivity. We see quite a lot of upside. I did call out one of the deals that we won in the Wi-Fi 6 phase, and we've been saying that the LAN and the WAN will converge, and that is where we see the opportunity to come. The other on the cloud side, the cloud and security is how we together report this time around. It's more around the largest security deal that we won. To the question on cloud and security, we do believe there is market and there is room for growth consistently in this space. Thanks, Lakshmi. Just one final bit was on the digital portfolio, the margins there. My understanding is that this is going to be the moderation losses, and then the path towards a positive margin is going to be driven by one is kind of just scale of operations, and two is potentially any discretionary actions which you all take. Is there anything which you can provide in terms of maybe a scale of revenue which you need to kind of get to, all is equal, which could get you on this journey from minus, let's say, 10% margin towards zero? It's not only the scale, you're right, the operating leverage comes from the scale. There are levers to get the cost down as well as we implement some of the AI for even product code development and other areas. The second is also the mix within the product. For example, if you look at our interaction fabric as we move more into non-SMS revenues into voice, particularly the programmable voice and RCS, we believe the margins would grow both at the NR level and therefore fall through to the contribution margin and the EBITDA numbers. The [levers] are efficiencies within each of the business units. Second is the scale and the third is the mix. Within that portfolio itself there are things that we can do to deliver a more healthy margin. Thank you, Lakshminarayanan. Thank you, Kabir. All the best. Thank you. Thank you, Aditya. The next question is from Vibhor Singhal. You have been requested to unmute. Please proceed with your question. Yeah, hi, thanks for taking my question and congrats. Very solid performance in the quarter. We all been waiting for the kind of things that we deliver this quarter. I think your voice is coming a bit muffled. There's some background noise or disturbance in the line. Better now? Somewhat. Yeah, go ahead. Yeah, thanks for taking a question and congrats on a very solid performance. Just checking on the cloud business again. The cloud business here, if you see, seems to have been doing well for us. You mentioned that in this quarter the growth was probably driven by the security deal that we had that has started execution. Do you believe the cloud business, which is predominantly India for us, is there some kind of a change at the ground level that we might be seeing in terms of, let's say, more adoption of cloud and more clients forthcoming in that sense, which could probably sustain this growth momentum or anything that you could talk about the headwinds or tailwinds that you see in this specific vertical? As the numbers are, as I said, and I repeat, it's cloud and security put together. To specifically address the question on cloud, how do we see the market? We definitely believe that there is a market for a private cloud such as ourselves, which is where certain workloads can go to this cloud as opposed to a hyperscaler cloud to deliver the right value for the customers. That is what we are targeting. I think that overall cloud migration, there are much more applications that are waiting to go to the cloud and that is where we see the upside for us. We are targeting across all the enterprises and also the public sector opportunities. Right. What would be the kind of enterprises that we are targeting in this kind of a cloud migration business? Typical. Are they majority of them BFSI or do you see more retail or D2C companies also coming in force? Just a color on what kind of clientele would make up for this cloud opportunity that you're talking about. This is fairly across the board for us. We have set up a cloud for BFSI customers, which we call as a Fin Cloud, that complies with all the RBI regulations. We do have customers in the manufacturing space, and we have customers in the logistics space. We have fairly a distributed base of customers on our cloud. Right, right, got it. Thanks, Lakshmi. Just some more color on the managed CPaaS business as well. The managed CPaaS business seems to be turning the corner. I think last year we had talked about the overall market being driven by the two leading players focusing more on profitability. Is that the trend that we have seen still? Do we expect that to continue in upcoming quarters, or is there some more focus on growth, or let's say profitable growth returning to the industry? No, we know, as I said, industries also, they recognize that it can't be a race to the bottom. There is that recognition which is auguring good for everybody else. We are very focused on a very profitable growth. In fact, this quarter, as Kabir called out, we cut down on some of the revenues in order to see how we can make it more profitable and our efforts would be that. Secondly, as I said, as we move across other channels, other non-SMS channels, the profitability will grow as well. Third is obviously, which we haven't talked much about, the intelligence layer where we can bring a lot more of platform and software capabilities to. That is a big upside that we are in very, very early stages there and that's where our focus and investments are. Got it, got it. Thanks for that Lakshmi, Kabir, just two questions from my side. The digital business has grown almost 17% kind of growth YoY for the past two quarters. Given the target that you had outlined in the analyst meet about taking this business first to a breakeven and then to a positive margin, do you believe the 17% growth is basically a good growth for you to basically chart out that trajectory, or in your opinion, you would need slightly higher growth for this business to basically move the trajectory that you are expecting margins to take? Profile? Firstly, as you all have observed, this is a quarter, first quarter, where all engines have started to fire and as Lakshmi said, it's not something magical that we've done this quarter. We've just been consistent at it in terms of our input and effort and focus, and this quarter I started seeing that benefit come through. Am I happy with 17%? Yes. Would I want more? Absolutely, yes. I think this is a business which needs to be looking at 25% to 30% kind of growth and that's the kind of potential that exists. At the same time, as Lakshmi called out, we are making that calibrated effort. CIS in particular, when we called out in our commentary, there were certain low margin deals that we chose not to renew and focus on a profitable growth. Had we continued with that renewal, then our growth would have looked slightly higher, about 2%, 3% even higher. The margin profile and the NR would have dipped and EBITDA would have been probably flattish. It's a very calibrated view that we're actually taking tower by tower, sector by sector, and that's how we are moving. If you have to say in some substance, it's the combination of this level of growth with this level of profitability, the right move forward. Yes, I think that's the focus that we have. If I were to just maybe peel the onion a bit more, Kabir. I know there are multiple businesses in the digital, so every business has its own peculiar characteristics in terms of profitability. Let's say, if I were to take an example of a cloud business or a media business, typically how it works in a technology company is that if growth comes in, your utilization increases and that automatically provides an operating leverage for basically margin expansion. I would assume a similar thing would play out in cloud as well. Are there similar levers that you see in, let's say, media business also where growth automatically provides you that operating leverage and margin expansion opportunities? See, there are three levers that we need to be cognizant of, and it changes, and the weightage of all three is present in all businesses, and the weightage changes. Yes, more volume coming through, there are elements of fixed cost that get applied over a larger base, so operating leverage kicks in. Absolutely no point for guessing that the second element is also the mix of the profitable SKUs that we're able to sell within itself. If just doing an SMS to selling more value-added channels, WhatsApp and RCS and more, that drive and changing the mix of the business will also result in a healthier margin profile. Finally, I would say in businesses like cloud, when instead of just selling it, the moment we move from day one and day two service wraps as well and we give a complete holistic solution, that's when the margin profile also will pick up, and also the customer stickiness and our ability to really develop and grow with the customer also will come through. I would say all elements are important, and they are important in all facets. If I double click on media, media will have elements of, we talked about the World Athletics deal last time as well, so it has more pre and post that we can bring into the equation to be able to add value to the customer. The nuances might vary, but yeah, there are three, four levers, not just scale alone. I think just to add to what Kabir said on the media side particularly, I think there are different types of opportunities in media. There are some, I mean the one that I called out in my commentary is a playout opportunity, a channel playout opportunity that works everything on our media cloud, and that will have a different profile. The one where we are going into a new customer such as the World Athletics and beginning to manage the full value chain of the contribution, the distribution, and the production. Now for the first time, and that's a five-year deal, there will be some transitional elements that we will have in the first year before we fully transition to our production-based technologies and so on. Some of these profiles have different characteristics, but I think Kabir gave you a broader picture. Yeah, pretty much. I think that was a comprehensive answer. Just one last thing on Kabir, I missed your remarks about the increase in debt in this quarter. If you could just maybe repeat that. Was it due to some seasonality factor, and do you expect that to come down in the coming quarters? This quarter we had some investment on AI CapEx as well and back to back and FCF was also, I'm sorry, I think this cross. Next quarter we have dividend as well, let's not forget that. We have INR 700 crores of dividend payment that will be there next quarter. You will see the improvement in net debt in Q3 onwards. I mean that's the typical cycle that we actually follow. Q1 and Q2 has the stress, in Q3 and Q4 the debt profile starts to get better. Got it. If there is any action on the divestment or any other thing which is an ongoing exercise, we might see some cash flows from there as well. I'm going to keep it completely outside. Any M&A activity, buying on this one, I would like to keep it aside. We had mentioned debt to EBITDA coming under 2x. With all things remaining the same, you should see that coming to in the second half. Got it. Great. Thank you so much for taking my questions and wish you all the best. Thank you, Vi. Thank you, Vi. To reiterate, participants who want to ask their question, please click on the raise hand icon at the bottom pane. The next question is from Sriram Rajan. Sriram. You have been requested to unmute yourself. Please proceed with your question. Okay, thank you. Lakshmi, this is a question not specifically for the quarter but on your cloud business. Cloud is a fairly big market in India. It's about, say, maybe $4 or $5 billion. Who would you consider as competition? Would they say AWS, Azure? They would count as your competitors or you have a different niche you're operating in, and what would be your differentiators? Yeah. On the cloud you're right about the overall market size. The nature of the private cloud and our differentiation comes from the fact that we have a very solid infrastructure as a service offering. We have some PaaS offerings which will not have all the bells and whistles that a hyperscaler public cloud would have. We are targeting more those workloads in customers that are more stable in nature that don't have the same elasticity requirements of saying it suddenly on a Friday it has to go up 200% kind of elasticity. These are more stable workloads. We believe that for those stable workloads we offer a much better value proposition in terms of cost performance. The second is we offer truly a unified proposition that we integrate our network and more importantly the security. With hyperscalers, security is actually a responsibility of the customer, whereas when they work with us, we ensure that we make it completely secure for them. The unified nature of the service, including the network, cloud, and security, is another major key factor. Lastly, there are no hidden costs with us. We give them a more predictable cost and predictable performance. There are no bill shocks with data egress costs and others that the customers face. These tend to be the key value propositions. Besides that, as I said, the more compliance with RBI regulations and the sovereign nature of our cloud are the key factors that the customers choose to work with us. Thank you, Lakshminarayanan. Very, very clear. Thank you. Thank you. This brings us to the end of the Q and A session. Balaji, I see that you just raised your hand. Balaji, I'm requesting you to unmute yourself. Please ask your question. Hi, thanks for the opportunity. Most of my questions have been answered. Congratulations on the strong performance in. The digital portfolio piece. It would be helpful if you could just quantify what was the. You know, revenue impact from the SAARC related issue. You don't want to call out any customer specific issues because it's a bunch of customers there. We can't call out customer specific. Information. Balaji. Okay, sure. Thank you and all the best. Thank you. Thank you. Thank you. I would now request Lakshminarayanan to please share his closing comments. Thank you all. It's been quite a satisfying quarter. We saw good data growth year on year, good digital portfolio growth as well as a tad improvement on the EBITDA margins. Had good order booking. Our funnel looks good. We have to just navigate the other conditions that are prevailing out there. We are very committed to keeping our heads down and executing on these. Thank you. Thank you, Lakshmi. This brings us to the end of the call. In case of any queries, please write to investorrelations@tatacommunications.com. Thank you for joining the call, and you may disconnect your lines. Have a good day.