Thank you, Faizan. Good evening, everybody, and I appreciate joining this call on short notice. I hope all of you have had a chance to look at the investor deck which should be available on our website and Kaustubh has kindly arranged to send it to all of you. I'm gonna take a few minutes upfront to talk through some of the salient points in the deck and then we'll open it up for questions. Just from a transaction perspective, this is three primary strategies and rationale of why we've done this investment. Firstly, we believe that, you know, the insurance industry is going through significant transformation. A lot of new emerging business models, and a lot of it is being disrupted by technology. This is about us doubling down with increased focus on scaling our insurance business over the coming years. Secondly, CTC brings in deep digital technology skills and capabilities. They've been involved in a number of marquee digital transformation work with their client base. And we think it's a very scalable capability, not only for servicing their existing client base, but also being able to cross-sell and take to a bunch of Tech Mahindra clients globally. Lastly, the business services clients in Europe and in the U.S., but the delivery centers for the company are based in Latvia and Belarus. You know, those countries and the region provides excellent technology capability and talent. As part of our plans, we do think this is a very scalable talent base with very high-quality talent availability, which you would expect to grow many folds in the coming years. That's the broad thinking around these investments. Just getting into some of the detail. As you may have seen from the communication, this is a couple of transactions together. The reason they are combined is they're owned by the same shareholder group, and they're all very deeply focused on the insurance industry and financial services industry. The first is a core 100% acquisition of CTC, which is a 100% services business. We are acquiring that business for a total consideration of EUR 310 million. Out of this EUR 310 million, we will pay EUR 210 million upfront, and the balance of EUR 100 million is linked to the performance of the business over the next four years, in the form of earn-outs as well as synergy-linked payouts. I think this is just to ensure that we drive the right levels of synergy and cross-sell as we move forward in integrating this business with Tech Mahindra. The second part of the transaction is a minority investment into two insurtech platforms. The two platforms have a proven technology stack and a proven business model. They have active clients on the platform, and they go to market in a SaaS business model and help customers address very specific needs in their business. We do believe that these are very scalable platforms and with our participation, we would have the ability to take these wider into the global market, as well as provide scalability to these platforms over the coming years. We've taken a 25% equity stake upfront in these platforms with an option to subsequently increase our stake at a predetermined valuation within the next two years if we may wish to do so at our choosing. Just a quick snapshot of the businesses. CTC, which is the core services business, did about EUR 71 million in revenue for the full year calendar 2020. For the first nine months of 2021, the business turned over about EUR 59 million in revenue. 720 employees. The business has seen significant growth rates over the last three years of 40% CAGR on revenue. On a consolidated basis, this business would deliver industry-leading EBIT margins to TechMah. The two insurance tech platforms which we are looking at, the first one is SWFT, which essentially focuses on sales and distribution. It helps set up digital broking capability, price comparison websites, and helps insurers launch new products, go to market very quickly with an out-of-the-box solution. Has a bunch of clients in Europe. We do believe both added functionality as well as added go-to-market strengths will offer a significant upside to both the market we can address as well as the functionality we can offer clients. The second insurtech platform we've invested in is Surance.io. This is a very unique technology and platform which was developed in Israel and helps insurers underwrite personal cyber insurance. It helps collect information data, helps with you know managing the risks for the insurer. These are both B2B platforms which help insurers or brokers develop and take new products to market, and these platforms will provide the technology backbone for those products. On Surance.io, there are a number of leading global reinsurers who use the platform to underwrite cyber insurance. We also see this as part of a bigger market which is focused on data-driven insurance underwriting, and we see a big market opportunity out there. Just quickly, I touched upon this in the opening statement around the strategic rationale. This is about high-quality digital engineering, a scalable talent pool and workforce in Europe, and very, very deep domain expertise in insurance and reinsurance industry. Lastly, I'm gonna touch upon how we see value creation from this investment. I briefly said that the business has industry-leading margins and will be accretive to the Tech M and EBIT margins. Also, the transaction will be accretive across a bunch of financial parameters around EPS, free cash flow and ROCE. We will rebrand, co-brand the business as a segment of CTC from day one, and this will become part of our overall operations. We do have an integrated management team structure, which has been set up and agreed with the management team and sellers of the business, who will be responsible for the business going forward. They would also be focused on driving synergies, which are largely around cross-sell and scale-up of digital engineering capabilities, as well as the ability to sell the Tech and service lines in the client base, which comes in with the CTC acquisition. This is extremely important for us, and that's the reason why when we set up earn-out, it's not only earn-out on standalone performance of the business, but earn-outs include earn-out also include payments linked to achieving the synergy goals for the combined business. Lastly, on the global insurance scale-up, I think on the back of this transaction and these investments, we are very focused on creating a dedicated go-to-market for our insurance business. We think that the market is very attractive in the segment. If you look at spend data, the insurance industry spend on transformation and new business models is at least two-three percentage points more than the overall industry. We see this as a great opportunity to play a disruptor in this industry. We are geared up internally with the right alignment of management team, personnel to go after that opportunity, apart from growing the whole digital engineering practice on the back of these investments. I'll take a pause here and open it up for questions. As the questions come in, I'm happy to address as much as we can. 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 one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Reminder to the participants, anyone who wishes to ask a question may press star and one at this time. The first question is from the line of Mukul Garg from Motilal Oswal Financial Services. Please go ahead. Hi. Thank you. Thanks, Vivek. I think very interesting acquisition. Just couple of clarifications, if I may. First, if you look at the two insurtech platform, can you help us how old are the companies and what is the current revenue of it? Mukul, the two companies are between one and a half and three years old. Okay. I can give you the number of clients and where they are in their evolution rather than revenue numbers, and the business model if that helps understand a little bit more. SWFT Online works with insurers, brokers, and currently has two life clients in Europe, and they get a percentage of the brokerage fee which is generated on the platform. That's the business model they go out to. There is an installed base. There is revenue from long-term SaaS contracts with digital brokers and online platforms which use the SWFT technology to power their customer journeys and the sales and distribution process. On Surance.io, the model is slightly different. The platform works with insurance carriers as well as reinsurers to help assess, manage, and then underwrite personal cybersecurity risk. This is on the basis of the technology and the IT that the company carries. They look at understanding the risk involved and then managing it which is obviously of great value. Any of that data is of great value to the insurance companies, and that's what this platform provides. Sure. You know, just wanted to kind of touch upon the motivation for this transaction from the seller side. You know, if you look at this particular acquisition, the valuation looks quite, you know, quite attractive for you guys, given that, like, they are into digital engineering and, you know, product development space, both of which are quite hot. But the valuation seems still fairly attractive. You know, after working for about 20 years in the space, what was the motivation for the seller to exit fully, you know, at this valuation? The obvious reason looks like that it was for the insurtech platform, but again, they are giving you almost a 45% type of a stake over a few years if things go well. If you can just touch upon what was the factor which led them to do this transaction at these prices? I think, Mukul, firstly, a great bunch of entrepreneurs who built this business over the last few years. A lot of the growth has been in the last three or four years. As I said, last three years CAGR is about 40% from a revenue perspective. What I would like to say is that this has been a bilateral deal. We've built a great relationship with the founders over the period of time. They buy into a larger vision of where this business and this entire capability can be as part of a larger organization. That's the reason why some of the earn-outs and payouts are linked to synergy achievement because they do believe in the wider vision of what we have for the businesses. I think the second reason is that, you know, while the services business has its own momentum, the structure we have adopted will also help fund the next phase of growth of the two insurtech platforms, while the founders you know can focus on building more functionality, taking it to market on a wider basis. We would love to take them to market to our client base, to different parts of the world and provide them with a global reach. I think it's a holistic vision of what we think we can jointly build together has been the big driver for this. Thank you. Just one clarification. What's the current attrition rate of the company, if you can share? They have a single-digit attrition rate. Very, very well run. Very, very tightly and well-managed business. If I may say so, a little bit under the radar is how they've operated to get to this great success. Thank you, and congratulations. I think it's a good acquisition from your side. Thank you. Thank you. The next question is from the line of Ankur Rudra from J.P. Morgan. Please go ahead. Thank you. Hi, Vivek. Hope you're well. It looks like an interesting deal. Could you clarify this 40% value you mentioned, is it entirely organic in the last few years? Ankur, that's correct. It is all organic growth over the last few years. Absolutely. It looks like it struggled to grow. I mean, it was a bit more of a slow grower for a long time, and slowly picked up pace in the last time, like you mentioned, the last two or three years. Any changes in the ownership or the structural focus which has driven this? The short answer to those questions is no. It's been the same set of founders. I think what's happened over the last few years is they've built a great knowledge of their clients, understanding of the business processes, and understanding of the core of their clients. As the customers have undertaken large-scale digital transformation, they've looked for people who understand their core business rather than trying to get horizontal skills and then helping people understand their business processes, et cetera. What they found in CTC is a ready understanding of the core of their business as well as some top-notch technology talent. I think that combination is what's driven growth for them over the last few years. Okay. Could you clarify how widely spread are the earn-outs, you know, for the founder team and senior management of the firm, and what is the duration? The duration is four years, including the calendar year we just finished. There's three full years on this after this. Okay. It was in four parts. Yeah. Okay. Beyond the founder, is there any layer of management in the senior management who want to participate in the? Sorry to interrupt you, Mr. Rudra. The audio is not clear from your line, sir. Please use the handset mode. Sorry. I was saying that, do you think the extent of lock-in is beyond just the founders? Can you elaborate if it's in the senior management team as well? There are a bunch of key personnel who do not have significant equity stakes, but we put them as part of the transaction on a retention plan for four years. Okay, understood. Just last question from my side. You've had an interesting and quite a successful strategy in the last few years, which is, as you highlighted in a recent analyst day, a programmatic method of going after M&A. Particularly bigger transaction in comparison to what you've done in recent years. Is this a slight change in approach, or are you just a bit more confident in terms of the targets you're going after? Ankur, I think you referred to the analyst day presentations, where we did put out our strategy and how we are executing on it. I do believe we are executing fairly well on our strategy of how we integrate, how we go after large deals on the back of acquisitions. Yes, absolutely, there is more confidence. I think from a size perspective, as you would see from a revenue size perspective, this is very much in the sweet spot. We've always articulated this is about $100 million in revenue on an annualized basis or $90-something million in revenue on an annualized basis. I think from a valuation perspective, it is reflective of what we believe is the quality of the talent, the overall capability set and, as I said, industry-leading EBIT margins. Yeah. Okay, understood. Thank you. Best of luck. Thank you. Thank you. The next question is from the line of Kawaljeet Saluja from Kotak. Please go ahead. Sorry about that. Hey. Hi, Vivek. You know, my question on the acquisition is twofold. One is that can you talk about your own insurance capabilities, which you can cross-sell and make the best use of the acquisition? When I look at your own financial services practice size, including banking, that's about $1 billion, which is modest. Can you just detail the areas of synergies out? Sorry, Kawaljeet, you said twofold, so is there a second part of the question or you want me to go over the first part? Okay, you know, I'll go ahead. Now, the acquisition or the investment that you have made in SaaS, right? Was the investment co-terminal with the overall acquisition, or you had a choice of not making that investment? The second one is an easy one, so I'll take it upfront. It was our choice. You know, as I responded to Mukul in the first question, we do believe that the combined vision for the industry and how we would work this together with the founders was critical, but it was a hard choice. Yeah. Yeah. Why restrict yourself to just 25% investment? Why not go the whole hog? I think, Kawaljeet, the structure is that we have invested 25% and we have an option to buy another 20 again at our choosing. We just use a staggered approach, and we do think that if we do exercise that option, it would give us a pretty significant stake as we develop to the next stage. And to your first part of your question around, you know, what is our capability set in BFSI and especially in insurance, and how do I see synergies working? As you rightly said, BFSI for us is now about a billion-dollar business. If you look back on this has been a high-teens growth over the last five years. You know, we've you know, we are somewhere in the 17%-18% CAGR in BFSI over the last five years. I think the way that business has been built over last few years is around identifying specific trends and creating a right to win following those trends. Because if you look at five years back, we were a INR 300 million business unit in BFSI, and there was no differentiation. I think, you know, so from a strategy and logic perspective, we are following the same, that if we are going to create differentiation and a right to win, it gives us a better chance to be successful in the market. It gives us scalability. When I look at where do we see synergies, I think there are two ways to look at this. This business largely works on helping insurers and financial institutions do digital engineering, digital transformation projects on the development side. They essentially are a enterprise OPD shop where they build next generation digital products for their clients. That capability and that skill set is very fungible to our clients, so that could be one part of the synergy. I think the second part of the synergy is going to be on our client base, sorry, on their client base, where we do believe we should be able to sell horizontal service lines, scale service lines, which today this business does not deliver. They actually leave enough money on the table for some of the other players to come in and fulfill those capability sets. It's a combination of the two. As we look at combining those sets of capabilities, we also believe that it will improve our chances of winning in the market for new clients, et cetera. Got that. Just, no, that's very helpful perspective, Vivek. Just a question, for you know, for Rohit, or Milind. I don't know whether this question was asked or not, but is this, you know, what's the amortization charge from this acquisition and, you know, will this transaction be EPS dilutive or accretive? I, Rohit, you want to answer or I can answer the part of, you know, and the amortization charged, Go ahead. Go ahead, Vivek. You know, we've obviously the accountants will ultimately finally opine on the quantum, but right now we assume a third of the transaction value will get amortized over eight years, linked to client contracts and client relationships. I mean, would there be amortization related to marketing intangibles, brand name or, you know, client contracts is the only thing amortized? The client relationships and those are the ones which will get amortized. Yeah. Roughly, you know, our estimate is a third of the value will get attributed to that amortization. Kawaljeet, that is actually a group which will include customer contract and customer relationship. Okay. The approximate charge will be around EUR 13 million - EUR 14 million. Okay. Whether it's EPS accretive or not? Yes, it is. Yeah. On a GAAP basis? That is correct, yes. Okay. Thank you so much. Yeah, and all the best. Thank you. Thank you. The next question is from the line of Nitin Padmanabhan from Investec. Please go ahead. Yeah, hi. Good evening, everyone. Congrats on the transaction, Vivek. I think you mentioned that the annualized revenue was around EUR 90 million. Is that correct? That would actually mean that you'd, you know, the fourth quarter is like EUR 31 million. No. Is there too much effect in the business? How should we sort of understand it actually? No, no. Nitin, sorry. I did say $90 million because the question was on size. It wasn't EUR 90 million. Okay. And the business has no significant seasonality. Yeah. Okay. The numbers, you know, I'm not at the liberty to make a forward-looking statement of where the December quarter will close, hence we've given you nine months revenue, but there's no seasonality. And again, just for good order, the $90 million was USD and not EUR. Yeah. Understood. If you look at the past three years, actually the growth has sort of been decelerating. It's like almost 10% growth this year on an annualized basis, right? Rough cut. What's happening within the business that's leading to this deceleration? Going forward, do you see or do you believe that, you know, it can get back to earlier growth rates? I think, Nitin, as the business has grown, and one of the reasons why this is attractive for us is because we think we can help add value to bring scalability in the business. Yeah. The business has become constrained in its private ownership for various reasons. I, you know, one of the opportunities for us here is being able to build more scalability, a more robustness into the systems processes for the business as we move forward. The opportunity is humongous. Obviously, I can't give you a forward guidance on what we expect here from a numbers perspective. Directionally, if we fire on all levers around building scalability on the talent side, there is enough revenue opportunity in the sector, both from a horizontal skill set perspective as well as an industry perspective. Understood. What you're essentially saying is, the lower growth rate is because of underlying business constraints, which as a group together with Tech M, you should be able to harness synergies and sort of improve, and that's what you're targeting and that's why the earn-out. That's why the valuations are where it is how I would understand. That's a fair assumption, right? That is correct, Nitin. Right. Just one last thing from my end is if you look at this business in terms of the customers and the spread of the business, any sense on the geographic spread of business? That's one. Second, on the insurtech entities, are we in a position to sort of disclose what the ARRs are? Finally, I think this year we have had quite a number of acquisitions and very reasonable sum invested in acquisitions. Just wanted your thoughts on how do you think about acquisitions going forward? You think we'll slow down a bit, consolidate these and then move forward, or how should we broadly think about it? This is the last question I'll pass to Rohit to respond. On the two platforms, we are not, you know, as I explained right at the beginning on the business model and the customer base, we are not giving out revenue numbers. Suffice to say these are early stage ARR numbers, and the businesses are scaling up. They're signed clients, but the full volume and the throughput on some of those contracts is still ramping up. I'm sorry, you know, I missed your first question, if you don't mind, or if Rohit could answer you. Yeah. It was on the geographic spread of the business. The geographic spread. Yeah. It overlays on Tech M spread currently. Yeah. The clients of this business are largely Europe-centric firms. They do have a couple of American clients, which are American, U.S. headquartered insurance firms. Yeah. Rohit, can you hear me? Yes, Rohit. Yeah, we can hear you. Thanks. Yeah. On the acquisition, it's also the way we look at it is the function of, as we've articulated in our investor day also, we evaluate our capability gaps, you know, where we are organically on that versus availability of assets which the team constantly works on. So it's a function of all of that we look. From a you know acquisition perspective. We'll continue to do that, and as we've mentioned, we've also changed the strategy to look at it in a more systematic basis that we mentioned. Hence the you know that's the approach change. It's all a function of availability of asset versus the gaps we have. I think given the timing-wise, there have been, as you mentioned, a few that have happened consecutively. As we move forward, I think we'll continue to evaluate those niche skill gaps with the asset and move forward on that. Overarching of all of this is continued, you know, focus on our execution that we've changed over a period of time, and we're confident on doing better, given the approach we follow now. Great. That's helpful. Thank you, and all the very best. Thank you. Thank you. The next question is from the line of Sandeep Shah from Equirus Securities. Please go ahead. Yeah, thanks for the opportunity. Just wanted to understand these two insurance tech platforms. Are they getting any revenues from CTC? Because if I'm not wrong, both the companies are under the same founder company as a whole. No. Sandeep, no. They don't get revenues out of CTC. Their clients are all third-party clients, insurers and brokers. These are market-facing platforms. Yeah. Okay. Whether the vice versa is also true, where CTC getting any revenue because CTC being outsourced product development company. Is CTC getting any revenues from these two platform companies? There is a small portion of development work for one of the platforms which is done in CTC. That is correct. It's not very significant, but there is some work outsourced, subcontracted from a development perspective to CTC. Okay. Just quick, further to what Nitin has asked, CTC being a company which industry-leading margin making FCF, high ROIC. What are the business constraint which is not helping them to scale up, especially in CY 2021? Just wanted to understand if you I think largely two things. One is sales. I think the company has very limited or next to zero sales capability. As I said earlier in a different context, they haven't really gone out to market with the capability set they sit on. That to me is constraint number one that they've been very happy with their existing relationships and the clients value their capability set. Secondly, you know, in this industry like everybody else, you know, is the talent side of the equation. On both of them we do expect additional investments into sales. We do expect to use our market reach from a synergy perspective as well as from an organic growth perspective. On the talent side of the equation, we do intend to bring in our systems practices processes to help scale faster. Obviously, you know, any investments in the short term we need to make to do all of that, which in a private ownership scenario may have been difficult to. Okay. Just a last on a strategic direction. I think people are investing into engineering design and OPD more on the manufacturing, smart manufacturing, IoT, auto electronics. Given this is a sizable acquisition, how are we thinking to put these kind of a large sum treasury into capabilities of the insurance-as-a-service industry to scale up? Are we believing that the scale up could be humongously high through this acquisition, especially for the insurance-as-a-vertical for TechMah as a whole? You know, there are three parts when you look at it, right? In this, when you say scale up, clearly one is insurance from an industry domain perspective and a very unique set of very deep understanding of the industry processes, et cetera. I think we also think just from a scalability of the horizontal enterprise-focused OPD is a huge area. I mean, as large enterprises build digital businesses and digital applications, they all think and build stuff like a product company would in the old times. That's a skill set which is fungible across industries. We do see that as a big high growth area for many years to come from as a horizontal service line. Scaling and diversifying our talent pool. This will give us a reasonable footprint to grow off in the region. You know, as you would all acknowledge, that region does give a very high and deep technology capability skill sets. Hello? Am I still audible? Yes. Yeah. Can you hear me? Hello? Yes. We can. Yeah. Yeah. Just the last question. For these two platforms, we are merely investing EUR 20 million for a 25% stake, so we are ascribing roughly EUR 80 million worth of valuation for these two platforms. Can you give some color in terms of what is the price to sales multiple are we assigning or they are really early stage and we are betting big in terms of the scale-up from these two platforms going forward? Yeah. You're absolutely right. There were a pre-money of INR 60 million, and we invest in primary investment of 20%-25%. Pre-money is INR 60 million. They are based on market benchmarks for ARR-based revenue multiples, because as I said, the contracts with their clients, the established base are long term. I don't think we're in a position to give exact numbers, but it is based on ARR revenue multiples for calendar 2022 full year and exit ARR rates for this year. Which will be in line with the industry, yeah. Okay. Thanks, and all the best. Thank you. Thank you. The next question is from the line of Ashwin Mehta from Ambit Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity. Just wanted to check in terms of financing of this acquisition, will we be largely using our cash or are you looking to raise debt for it? We're looking to fund this off our balance sheet. There's no plans to raise any debt for the transaction. Vivek, if in terms of EPS accretive nature of this transaction, essentially if I assume, say, a 5% pre-tax yield on your cash, this effectively would mean that you need to generate, say, 10% PAT margin after in this business for it to be accretive and after taking into account the amortization as well. Is the margins as high for the company? Yeah, I mean, I think just from what I'm able to share, as I said, the business has industry-leading EBIT margins, and this is post the charges, yeah, on a consolidated basis. Okay. Fair enough. Thanks for the clarification. Thank you. The next question is from the line of Vibhor Singhal from PhillipCapital. Please go ahead. Yeah. Good evening, sir. Thanks for taking my question. Vivek, just a couple of questions. Is there no debt on the balance sheet of this company, right? Any sort of debt or liabilities that we are looking at? No, Vibhor, there is no debt or liabilities on this company's balance sheet. You're right. Great. The company is free cash flow generating as well, given the high margins that you mentioned that it makes. That is correct. That, you know, and that's why in the presentation we said this is accretive across all. All. the financials. Yeah. Yeah. Got it. Would you be able to share what was the cash on the balance sheet of the company at the end of the year? Uh- How much it would be? There isn't a whole lot of surplus cash because the founders have typically dividended out any surplus cash in the business. It'll be nominal from a closing balance sheet perspective, if that's the question. If I can understand the question correctly. Okay. Right. No, I mean, I was just trying to basically maybe understand, again, maybe these questions were asked earlier. If the company in the digital engineering space, they've been growing at more than 30% in CAGR, I mean, you mentioned about maybe the scalability issues that they had, but if it's a free cash flow generating business, they could have basically gone out and expanded their business, hired more sales and marketing team as well. Visakan, I would say, I mean, the transaction value appears to be quite attractive for a company in the digital engineering space. I mean, it seems to be something like a very scalable product. I mean, I'm not sure what I'm missing here, but no other constraints that you see in the business that you believe that might have forced them to sell, right? Apart from maybe scaling up on the current levels. No, I think, as I said earlier, we've worked with the founders for close to a year, getting to a point where they believe in the joint value proposition, the vision of this, and I think it's getting to understand and build that rapport and understanding was very important, I think, and it's important for the founders, it's important for us from trying to do this together. No, there are no constraints and, you know, at least at our end, we are very excited that this represents a great opportunity for the company and its stakeholders. Got it. Got it. Thanks a lot, Agarwal. Thanks for taking my questions. I wish you all the best. Thank you. Thank you. The next question is from the line of Dipesh Mehta from MK Global. Please go ahead. Yeah. Thanks for the opportunity. Couple of questions. First about can you share what will be the client concentration for CTC and how the clients are spread out, if you can give something. Second question is about the employee mix. How many of their employee would be insurance domain expert, and how many of them would be largely technology or digital skills kind of thing? If you can provide some mix. You alluded it is insurance kind of OPD, and in one of the answer you mentioned about horizontal capability. If you can provide some mix. Thanks. Okay. I think just the second question first in terms of skill set. Everybody who works on it has or in the company has deep technology expertise. That's the first level. Given that they do work largely on the insurance, reinsurance industry, most people will have familiarity with core processes in the industry and that also on the development side largely. When we start looking at people who will have a deep and tenured experience of the domain, that number would be about between 30%-40% of the employee base will have deep and tenured experience on understanding the industry and its nuances and the business processes. To your first question around client concentration, there is, you know, their anchor client does give them about 60% of their revenues. Beyond that, they do have a bunch of other clients, which you know give them the balance spread across the industry. How the relationship with anchor client is played out over the last three years, because if I look at the last three years, every year we are seeing some moderation in revenue growth trajectory. If you can provide whether it is largely mirroring anchor client related thing and they have limited success in mining other clients, if you can provide something. I think I did, you know, address part of it earlier. I think from a constraint perspective the business does not have a large or any sales force of any significance. I think that's one of the challenges which in partnership with TechM we expect to be able to address better from driving an overall growth. Okay. Okay, thanks. Thank you. The next question is from the line of Abhishek Shindadkar from InCred Capital. Please go ahead. Hi. Thanks for the opportunity. First a clarification and second a question. Maybe I missed it, but did you quantify the number of clients? You know, that is first. Second is, you know, how should we look at the margin profile of the business? You know, you are saying we have negligible sales. Does that mean that this is a low gross margin business but a high EBIT margin business because, you know, low sales expenses? Related to that is, does existing TechM sales have the capability to sell in? Would that mean that, you know, eventually there could be some margin compression because, you know, we may have to invest in this case? Thank you for taking my question. Yeah. Thank you. On the first question, no, I did not, and I think I'm not at liberty to disclose exact number of clients of the business. On your second question around margins and investment, we do expect to make some investments in building a larger sales go-to-market of the business. The business, you know, at a gross margin and at an EBIT level, is all fairly healthy, which are reflective of businesses in this space. Just from a quantification perspective, we all know what is the sales cost in the industry. We don't think any investments in unlocking growth here would, you know, dilute any of the messages we've said around margins and profitability, et cetera. Perfect. That's very helpful. Thank you for taking my question. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Vivek Agarwal for closing comments. Thank you, Vedant, and thank you everybody for your questions. Just to summarize which came out in a number of questions. We at the company are very excited with the growth prospects of this business and its integration and combination within the Tech Mahindra family. We do believe that this would represent growth opportunities across multiple vectors and will help us take our clients on full large-scale digital transformation journeys, not only in the insurance industry, but across industry sectors, with the fungible skill set. We look forward to executing well on this, driving synergies, driving the integration of the business and speak to you folks soon on the quarterly results and would love to update on the progress of this business in the future. Thank you. Thank you. Ladies and gentlemen.