Ladies and gentlemen, good day and welcome to the TeamLease Q2 FY 2026 earnings conference call hosted by HDFC Securities. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star, then Zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Amit Chandra from HDFC Securities. Thank you, and over to you, sir. Thank you, Operator. Good evening, everyone. On behalf of HDFC Securities, we welcome you all to the TeamLease Q2 FY 2026 earnings call. Today we have with us the management team of TeamLease. We are presented by Mr. Ashok Reddy, MD and CEO, Ramani Dati, CFO and COO, Neeti Sharma, CEO Specialized Staffing, Nipun Sharma, CEO Degree Apprenticeship. I will now hand over the call to Mr. Ashok Reddy for the opening remarks, post which we will open the floor for the question-and-answer session. Thank you, and over to you, Ashok. Thank you, Amit. Good evening, and thank you all for joining the call. We had a consistent quarter for the company. We closed Q2 with a net addition of over 11,000 headcount and had net headcount growth in all the three employment BUs. While the quarter-end growth in headcount was 3% at the company level, the total operating and total revenue growth was 5%, respectively, leading to a 24% growth in EBITDA and a 10% growth in PBT. We added over 140 new logos in the quarter. Specific to staffing, in Q2, we saw the recovery in employment coming to play out, though the pace remains uneven across sectors. The combined impact of the fiscal and monetary policy tailwinds and the GST 2.0 rollout led to some green shoots in the manpower buildup for the festive season. We closed the quarter with a net headcount addition of over 8,000, representing a 3% quarter growth. Notably, around 23% of these additions came from new client acquisitions, highlighting our ability to win new business and convert it into deployable headcount. Revenue momentum remained robust, supported by solid execution and volume growth. Across verticals, BFSI remains in transition following the hiring slowdown through FY 2025 due to regulatory curbs on unsecured lending. Q2 FY 2026 showed early signs of stabilization. Several banks and NBFCs resumed controlled hiring, particularly in Tier 2 and 3 locations and in frontline roles across sales, collections, etc. While overall hiring volumes remain below prior peaks, we expect a more broad-based recovery in the quarters ahead, subject to no new directives from the RBI for the NBFC sector. In the consumer business, a combination of FMCG, durables retail, and e-commerce, the semi-urban and rural markets provided resilience despite continued pressure from weak urban demand and unseasonal weather affecting the FMCG sales. E-commerce and logistics saw short-term staffing increases linked to the festive season volumes, though growth continues to be more measured. While the consumer firms have seen some immediate uptake, they expect the benefits of GST 2.0 rollout to play out in a bigger way in the medium-term to long-term. In telecom, while the focus is shifting to growth through technology-driven leverage and productivity, we continue to see targeted expansion of manpower in areas such as frontline sales and network management. In summary, for staffing, in Q2, we saw a mixed bag of sectoral growth. Our sales continued with us closing the quarter with over 37 new logo sign-ups, 67% of these came on variable markup. On the hiring front for the quarter, we had delivered over 20,000 new joinees, which is 17% higher than last quarter, and 23% of them were hired through our non-recruiter channel. 23% of the overall 70,000+ growth joinees in the quarter are first-time employees. Our commitment to operational excellence continues to yield positive results. Our business strategy of driving optimization and leverage led to the FTE productivity improvement to [382], enabling us to manage the headcount growth without additional overhead and team growth. As we move into Q3, we expect some of the more muted sectors to accelerate. In conclusion, we had delivered year-on-year on our growth in our general staffing business this quarter, despite some sectors being muted. We have over 20,000+ open positions. Our continued focus on driving productivity, especially in sales and hiring, combined with the momentum we are seeing from our digital transformation, gives us strong conviction about the year ahead. Thank you, and with that, I'd like to hand over to Neeti. Thanks, Ashok. Good evening, everyone. On the sector staffing front, while the IT hiring environment continues to remain selective and cautious, we've seen positive momentum in hiring from Tier 2 IT services companies, GCCs, and product companies. With a net headcount addition of about 300 hires, we've had a quarter-on-quarter sequential growth of 18% and a 17% year-on-year growth. We've onboarded 21 new logos in the last quarter, a combination of GCCs, IT services companies, and many new industries focusing on digital transformation. Our delivery efficiency and cost management have helped us sustain gross margins. Our GCC segment continues to be a core growth engine, contributing to about 62% of overall net revenue. We currently engage with over 90 GCCs across life sciences, pharma, telecom, consulting, engineering, BFSI, consumer, and IT sectors through various models such as BOT, staffing, and FTE hiring. We're expanding actively within Tier 2 GCCs and regional hubs as well, leveraging our transition models and our data-led account management framework. Recruiter productivity continues to improve sequentially, powered by automation-led hiring systems, analytic dashboards, and focused recruiter enablement programs. We also enhanced sourcing efficiency and fulfillment turnaround times across key verticals, driving higher hiring velocity. Our global business contributed a net revenue of about 4% in the last quarter and has become EBITDA positive. Synergies between India delivery and global operations have created an integrated consulting-led staffing approach, opening new revenue streams and offshore delivery opportunities for us. While the broader IT hiring market remains uneven, our focused strategy on Tier 2 IT companies, expanding GCCs, and non-tech digital transformation, along with global scale, is actually helping us grow and keep our sustained growth. We expect continued momentum in new client acquisitions, improved margin trajectory, and deeper penetration in global markets as we enter the second half of FY 2026. Thank you, and with this, I would like to hand it over to Nipun. Thank you, Neeti. The government's renewed focus on skilling and vocational education continues to be encouraging. Apprenticeships are gaining momentum, with NSDC data showing an 18% annual growth in apprentice adoption over the past three years. At TeamLease Degree Apprenticeship, we believe the answer to India's skill gap lies in formal work-relevant education funded by industry and delivered through structured apprenticeships. Our programs span NATS, NADS, and Work Integrated Learning programs, and we partner with 22 universities to offer degrees, diplomas, and short-term certifications across both white and blue-collar roles. In Q2, TeamLease Degree Apprenticeship added about 2,600 apprentices across NATS, NADS, and WIP, and there was an increase in operational PAPM by [INR 11]. Nineteen new logos were added during the quarter, and 22% of the total client base has fully adopted learning solutions. This adoption reflects the tangible impact learning has on improving productivity, reducing attrition, and enhancing apprentice engagement. On product innovation and pipeline, our key focus this quarter has been monetizing our apprenticeship-linked product lines, including Managed Training Services, or MTS, for companies building entry-level talent pipelines. The market response has been encouraging. We continue our outreach with events and roadshows to advocate for degree apprenticeships as a sustainable talent strategy. These efforts led to active engagement from 71 clients and prospects in Q2. I also want to briefly touch upon the policy tailwinds. The amendments introduced to the Apprenticeship Act in September represent a significant policy advancement for the promotion of degree apprenticeships. These revisions formally recognize degree apprenticeships within the framework of the Act and include provision of a tripartite agreement among the employer, apprentice, and the academic institution, thereby addressing the earlier omission of the academic body as a key stakeholder. This development also ensures closer alignment with the Apprenticeship Embedded Degree Program, or AEDP, guidelines issued by the University Grants Commission. Looking ahead, we are witnessing growing interest in education-integrated apprenticeships and work-integrated learning programs across industries. Electronics and automotive sectors continue to demonstrate strong growth potential. Among emerging opportunities, the adoption of apprenticeships within the Global Capability Centers, or GCCs, and the renewable energy sector is gaining traction to strengthen future talent pipelines. Additionally, sustained momentum in apprenticeship intake across hospitality, retail, logistics, healthcare, BFSI, and capital goods sectors is expected to continue, driven by consistent sectoral expansion and workforce demand. Thank you, and with that, I would like to hand it over to Ramani. Thank you, Nipun. Good evening, everyone. Our group revenue increased 5% QOQ with a corresponding EBITDA growth of 24%. We have added net 11,000 billable headcount in the quarter, including 320 net additions in specialized staffing business. EBITDA on a year-on-year basis grew 25%, backed by strong contributions from GCC as well as cost optimization measures at group level. Inorganic contribution to YOY EBITDA is about 5%. On a half-yearly basis, both PBT and PAT grew by 20% YOY. DSO in staffing business times at seven days and the overall group at 15 days. Funding exposure in the staffing business is maintained at 14%, and free cash balance times at INR 320 crore. All balance sheet metrics are stable and steady. We can now move to specific questions. Thank you. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press Star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Deep Shah from B&K Securities. Please go ahead. Yeah, hi. Good evening. Thanks for the opportunity. The first question is on the comment made in the opening remarks that 23% of the gross hires that we did this quarter were from fresh clients. Would it be fair to assume that most of these would be on a percentage-fee model and not a fixed-fee model? In that lens, could you also help us understand what the PAPM was and how it has moved from the past quarter? That is first. Second, the EBITDA growth that we see at a company level is, of course, welcome. What I probably am able to see is the general staffing business still continues to perform in a benign fashion, and a lot of this EBITDA improvement is coming from overhead. Any broad qualitative guidance would be useful as to when do we see general staffing also. Reach the double-digit, roundwide growth in absolute EBITDA terms. Third, on the other HR piece, again, it's kind of a similar question that revenue growth we've been able to deliver, but then the required [OPE level] is still not coming in. Where do you think it is? All because of EdTech, or do you think there are some other areas where we are still investing and that [OPE level] will take some more time to be seen in profits? Thank you. Deep, let me start with the second question first on the EBITDA front. Yes, you are right. For this quarter, as far as staffing is concerned, there is only a linear improvement in EBITDA in line with the revenue growth. Overall contribution has come from cost optimization that has been driven at group level across, as well as improvement in billing for EdTech business. Having said that, with all the costs in our staffing business, also all fixed costs have been fully absorbed. Incrementally, there will be an improvement. On a full-year basis, we will get to a double-digit growth on EBITDA in staffing. Also, on the earlier question, the new logo sign-ups and 2/3 of them coming on variable markup, most of the variable markup clients are relatively the smaller clients. That does not per se move the PAPM. The 23% of the growth coming from new clients is driven by a few clients, mostly on a fixed markup, who kind of give us the volumes at that end. On a broader basis, I think we've held the PAPM. It has not reduced or gone up substantially. Mr. Deep, you are not audible. Yeah, sure. On the other HR piece, do we see continued investment there, or the [OPE level] is only around the corner before which it also starts to contribute to profitability? I understand. There's no increased expenditure at this point. I think we are optimally costed and invested for the businesses. Now, the element of the product go-lives and sales improvement will start reducing the aspect of investment. Understood. The tepid performance on the profit front is only because of seasonality, and second half would see that turnaround. That would be a fair assessment? Yeah. It would take two more quarters for the HR tech business to get into a sizable number, both in terms of revenue as well as bottom-line contribution, because right now, the investment that is going in is mainly in terms of sales. The CapEx investments are already done. It's only sales and marketing that would continue for another two quarters for us to see an improvement in the revenue for HR tech. Fair. Fair. Understood. Thank you. Thank you so much. All the best. Thank you. Thank you. The next question comes from the line of Amit Chandra from HDFC Securities. Please go ahead. Yes, thanks for the opportunity. Sir, just in continuation in terms of the margins for the general staffing business, obviously, we are seeing some revival in terms of the gross additions there, both in the general staffing and the apprenticeship business. If I see in terms of the absolute EBITDA, also, it has been more or less constant over the last many quarters now. In terms of the margins, also, it has been trending downwards from 1.2 to now 1. We have been doing all the right things in terms of focusing on more, increasing the markups, focusing on more contracts where it's more like variable markup, but it's not showing up in the margins. Also, I think in terms of the mix, how it's changing versus tier one and tier two, and how the PAPMs are different there. Also, if you can g ive some comment on the vertical mix, how the vertical mix has been changing. You mentioned that the BFSI has been recovering. If you can comment whether we have seen the full impact of the recovery in the quarter, or maybe the full impact will be visible in the next quarter. Also, how do you see the manufacturing vertical panning out and the contribution from manufacturing on the general staffing? Hi, Amit. Before Ashok comments on the vertical. Firstly, on the margins, yes, general staffing plus DA put together, right now, our absolute margins are also flat. As I mentioned earlier, now that the fixed costs are absorbed, incrementally, there will be an improvement in absolute profits in general staffing business as well, with the combination of operating leverage, new products, and also DA being a higher margin business compared to staffing. That contribution is also now steadily improving. Next year, we will see the impact of the variable markup sign-ups that we are doing. Right now, almost 60%-65% of all new sign-ups that we are doing are on variable markup in year one. Whether it is fixed markup or variable markup, the translation of PAPM will be the same in year one. The kicker comes in the following year with salary escalation. Also, we'll be focusing more on building the long tail with growth accounts, means the smaller accounts where the PAPM is relatively much higher. It's almost 2x-3x of what a large client typically would give the PAPM. Now we are building a specialized focused approach on building this long tail and also self-service to smaller accounts. That will also contribute to our margin expansion in general staffing. Also, Amit, I think as we called out. I mean, there is a diverse element of sectoral play on demand and hiring that has been playing out. I mean, we have looked at saying we address all sectors, all companies, and all requirements. So irrespective of a headwind or a tailwind, we kind of work with the corporates. I think the expectation, like I called out, we have over 20,000+ open positions across sectors at this point in time. Some of the sectors that had slowed down in hiring on the banking side are back at the table. Some of the FMCG, FMCD that had gone slow on account of the extended monsoon and stuff are slowly coming back into the market. Some of the festival hiring will drop off as we go forward. I mean, obviously, any RBI guidelines towards the NBFC sector could be. Tailwinds that come in as we kind of experience that. I think overall, there is the element of demand across sectors that is at the table that is moving, including manufacturing. We believe our delivery to the open positions has also improved considerably. I think the whole element of a partnership, which is what we call non-recruiter channel as a variable lever to deliver to open positions and stuff, has also been playing out. I think overall, we are more optimistic that the demand position in the next two quarters will be more positive than it was in the first two quarters. Okay. In terms of the specialized staffing, obviously, we are seeing some recovery there, and it's being led by GCCs. Ex of GCCs, are you also seeing some recovery in the IT services hiring there? In terms of the global expansion. Hi, Amit. Neeti here. Yes, apart from GCCs, some hiring is happening on the tier two IT services companies, and that's where we are seeing addition. Tier one services companies, we haven't seen much change over the last few quarters. Tier two services companies and GCCs are actually taking our growth to where it is right now. Okay. One question on the tax issue and the clearance that we got from the High Court of Madras on the PAF issue. If you can elaborate, what exactly is the status, and have we done any provisionings there, and is there any chances of reversals in the coming quarters? There is no reversal that has to be made in this regard, Amit, because we have received all refunds. Even for those years that the department has gone for a litigation, they have already cleared all the refunds. The question, as we stated earlier, is mainly on account of whether the benefit should go to the legal employer or principal employer. Those kind of questions. Otherwise, the rest of how we have computed the ATJJ benefit, on what number we have taken those, on all those calculations, we got, I mean, fully cleared by the department. This is the first year, assessment year 2017-2018, where we got a favorable quashing from the High Court. This also sets the tone for the following years as well. As far as accounting is concerned, there is no reversal or any incremental provision to be made in the books. Okay. Okay. Thank you. All the best. Thank you. Thank you. The next question comes from the line of Sujit Jain from Bajaj Life Insurance. Please go ahead. Hi. A few questions. A, PAPM broadly constant for the last four or five years. Could there be finally a scope of that going up? B, your medium-term operating profit growth guidance was, you can correct me, but was a good, healthy number of 25%-30%. Does it stand? And do you give an explicit FY 2026 overall group-level OP growth guidance? The productivity, which is mentioned as [382], is it peaking out, or with agentic AI tools, etc., you can take it higher further? Finally, one of the competitors has clocked almost double the margins that we clocked in specialized staffing this quarter. Obviously, their GCC mix is 10% higher. Directionally, can we also head higher further in specialized staffing operating profit margin? Thank you. Yeah. So just on the PAPM front, I think it's a weighted average coming from our large, medium, and small customers. Like we had always called out, the large customers have been growing larger, and they are the ones who typically are at the lowest PAPM. I think our focus of trying to get a variable markup model in place and some element of a higher traction of customers in the medium and small who pay a higher PAPM is what has been kind of holding the PAPMs per se. I think to some extent, while we work the models to get more customers in the medium and small, the variable and the higher-paying customers, the growth of the large customers is really what kind of weighs the PAPM to be stable. I think to some extent, holding it stable is an important variable for us. We will work to improving it, but growth here is really what stymies that. On the productivity front of the FTE ratio, I think we continuously see progress and movement for improving it further as a function of implementing technology, AI tools, various other optionalities that come in as we work with customers. I think there is a continuous project internally of trying to deliver to more volume and more growth with the same headcount that we have. Other than on the recruiter front, we have not been increasing headcounts internally in the last two years. On the margin front of the specialized staffing business, we do not do firm hiring. We only do the staffing side in our specialized staffing business. While there is an element of margin improvement that comes to play as GCC share goes up, I think. Doubling it, unlikely, but we will work to improving it. Sure. One question is on, could there be a light at the end of the tunnel for the Social Security Bill 2020? Post-Bihar election, there is no election calendar for one year. What's your sense? Could India finally see that happening, or it's very difficult? I think the element of the tariff play and the impact of that, there's been some urgency in government quarters to work on various aspects of the laws, whether we call it DCRIM, DREG, simplification, and other areas. I think there is a sense of urgency at the government that they need to work on ease of doing business front by simplifying, rationalizing, digitizing various laws and compliances. While there's an urgency, difficult to put a timeframe around when it would happen. Sure. Question to this, answer to this question that 30% aspirational operating profit growth over medium term, does the goal remain? Give us guidance, really, Sujit, but I think broadly what we are saying is we would like our profit growth to be higher than our revenue growth. Primarily because there is the economies of scale and a portfolio play coming to the table. Directionally, this company would be like a healthy double-digit, high teen kind of EBITDA CAGR company? That's my last question. Thank you. Should be. Aspirationally, that's what we would. Thank you. Thank you. The next question comes from the line of Arnav Sakhuja from Ambit Capital. Please go ahead. Hi. Thank you for taking my question. In your introduction statement, you were mentioning something about a policy statement within the degree apprenticeship space. Could you just give a bit more detail into this? Yeah. See, government has introduced amendments in the month of September on the Apprenticeship Act. The first basic thing they have done is that they've revised the stipend levels. They were as low as INR 5,000, which has gone to INR 6,800, and at the higher level from INR 9,000 to INR 12,300. One very important thing which has happened from our perspective is the formal recognition of degree apprenticeships finally, and the inclusion of the academic institution in the tripartite agreement. I think from the inclusivity perspective, also people with disability, they have also been included. Only once a company does not find the people, then they can go for normal apprenticeships. Another thing which the government has introduced is the concept of multiple apprenticeships. Now, a young person can do two apprenticeships, provided there's a minimum gap of one year. These are some of the things which have been done. Also, one interesting development, and which was long demanded, was on remote and virtual apprenticeships through training, virtual training. That has also been included. All these changes come with effect from September 11, 2025. This should give a boost, and some of these demands were long pending from the industry. Overall, the apprenticeship ecosystem should get a big boost from these interventions that are done. Okay. Thank you for clarifying that. Thank you. The next question comes from the line of Nitin from InvesTech. Please go ahead. Yeah. Hi. Good evening. Thank you for the opportunity. Ashok, based on what you said, is it fair to assume that from a revenue headwind perspective or deceleration perspective, that has sort of bottomed out and directionally things look broadly better across the three businesses? Yeah. I think, specific to DA, we had already called out that with the exit of the NEEM numbers and the overall scheme playouts, we were on a net positive growth that would kind of continue to play out. I think the historical impact of NEEM is fully factored. The sales team has been working to get new accounts and the account mining going, and we have been net positive consistently. On the specialized staffing front, also, I think while there was an impact from the service tier one companies decelerating and to some extent the aspect of it being substituted by GCCs, we've had a quarter, two quarters now of consistent headcount growth, net headcount growth, and we see that continuing to play out as we go forward. The general staffing business has been positive on a broader sense. Like I called out earlier, also, we do have the demand. On new hires and new sign-ups continuing to play out. Subject to all things being status quo, we do think all three businesses have hit the bottom and will kind of continue to grow. The only variable that we see is any new guideline or government notifications that come to play, depending on sectors or specific to time. Do you see anything specific on the anvil that worries you from that perspective on the notifications or anything? I mean, nothing specific. I mean, like. More like a black swan. Sorry, come again? More like a black swan event. Unless there is something addressed versus what you're seeing. I wouldn't call it a black swan event. I do think that government has been giving incremental notifications on a continuous basis somewhere or the other. Anything of that sort coming to play is really where I would be watchful about. Got it. I think we have been talking about variable markups for smaller clients, sort of a reasonable portion of the new client additions. Now, has that sort of changed our overall variable markup percentage on the overall business? It won't really, like I called out earlier, Nitin, it won't move the needle that much. Primarily, while the variable markup and the smaller clients give us nearly 3x of the PAPM, 3.5x of the PAPM that the large clients give. The volume growth really comes from the large clients. Got it. From that perspective, it bridges the gap to some extent, but it will not tilt the scale. It will not tilt the scale. Perfect. Perfect. See, considering the industry has gone through this dynamic of high volume clients having flattish PAPMs, I mean, flattish or fixed markups. Do you think at some point the industry moves to some kind of a hybrid markup model or annual escalation on markups, or you think considering it's just so fragmented, it's very difficult to really even for that to happen over a period of time? I think it's because. Because you see organization increasing over time. Yeah. No, no. I mean, I think with the fragmentation, it is difficult. I mean, it's our constant endeavor to work with corporates to ensure that we are negotiating the price or looking at alternate offerings that we can take to the table that they buy into so that it compensates on the element of realization and stuff of that sort. I think the pure fragmentation of the market is really what puts the pressure on an annual hike and a transition to variable. Got it. One last question for Ramani. Ramani, on the EdTech business, you mentioned, or other HR services business, you mentioned that there will be investment for another two quarters. Do you think the usual fourth quarter seasonal bump that we see on the margin side may not happen this time, or how should we think about it? No, Amit. I'm sorry. No, Nitin. The investment is only in one segment of HR services, which is HCMR, HR tech business vertical. They are also largely into sales. It is part of our operating expense only. It is nothing incremental as such. The EdTech business will continue to have the seasonality, like higher billing and higher profit contribution in Q3 and Q4. That would continue into this year as well. There is no change on that front. Perfect. Perfect. Very helpful. Thank you so much and all the best. Thank you. Thank you. The next question comes from the line of Dipesh Mehta from Emkay Global. Please go ahead. Yeah. Thanks for the opportunity. A couple of questions. First, on the general headcount. General staffing business. [Ed ground] growth seems to be picking up, but it is still lower than what we used to see in the past few years. If you can provide some sense, do you expect now to see acceleration into H2? Partly, you answered, but I just want to get more clarity about, vertical-wise, if you can provide some color. Whether composition of associate across vertical could be PAPM driver kind of thing, expansion in PAPM, because across vertical, PAPM varies. Whether we are making any specific effort to drive that next change-led PAPM uptick going forward. Last question is on EBITDA growth. I think last quarter, you indicated about full year 30% growth to sustain across quarters. H1, we are at around 24%-25% growth. Are we confident to deliver 30% EBITDA growth for the year? Thanks. Okay. I think on the headcount growth and open positions, they were primarily driven by, as we call out, the playout of the sectors in terms of their employment and their demand. As I had called out, there has been a tepid but a more positive element of demand playout that has happened. I mean, Q4 last year saw a comprehensive reduction in demand. From Q1 onwards, we have seen some of it come back in the banking sector. The FMCG, FMCD was muted. The GST reform is seeing or expected to create more demand in the consumer side. I think from that perspective, how the global or the macro factors play out to industries is really the driver on the employment demand and what gets outsourced. We do believe that the demand is slowly picking up. It's not as aggressive as it was last year or the year before, but it is definitely more positive, and we believe that that will continue to play out, subject to no externalities. The second element. The element of the PAPM is not so much a sectoral play as much as the size of the corporates. I think across sectors, if there are small companies or small volume deployments, the realizations are higher. As the volume deployment increases, the PAPMs tend to reduce. While the growing clients, the high volume clients do tend to grow faster, we have been complementing that with some of the medium and smaller clients with higher PAPMs. That kind of factors the stabilization of the PAPM per se. On the EBITDA front? Yeah. On EBITDA, this year, at the current growth, we should be maintaining a 25% year-on-year growth by end of the year until and unless there is any other, as Ashok called out earlier, any policy change impact or anything of that happens. We should be able to meet that. Understood. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr. Ashok Reddy for closing comments. Thank you very much. Like I said earlier, I think we have had a consistent quarter. All three employment businesses have had net growth. We do have a healthy demand pipeline and customer acquisition that we are seeing, which should enable us to continue the consistent delivery on revenue growth and EBITDA growth over the coming quarters. I think also the various initiatives on technology and productivity gain improvements should continue to play out for us to be able to handle the growth that comes in future with the same headcounts that we have. On the HR services side also, as Ramani had called out earlier, capital investments are largely done. We have the operational investments going on, which should start to show results in the coming quarters. Thank you for your support, and we look forward to delivering continued performance in the coming quarters. Thank you. On behalf of HDFC Securities Ltd., that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.