Nucleus Software Exports Ltd
NSE:NUCLEUS
Earnings Call Analysis
Q3-2024 Analysis
Nucleus Software Exports Ltd
The company began the story of this quarter with a slight dip in consolidated revenue, coming in at INR 204.1 crores compared to INR 205.3 crores in the previous quarter. However, when unfolding the details, it's revealed that the product revenue paints a more stable picture with a modest increase to INR 175.3 crores from INR 174.1 crores quarter-on-quarter, while also showcasing a significant year-on-year growth from INR 143 crores.
Upon examining the cost structure, the narrative finds a well-managed scenario with cost of delivery, including product development, making up only 1.8% of the revenue, which is marginally higher than the previous quarter's 0.6% of revenue, yet markedly lower than the prior year's 59.9%. Notably, EBITDA for the quarter stands at INR 47.44 crores, presenting a slight decrease from INR 51.68 crores quarter-on-quarter but holding steady compared to the year-on-year figure of INR 47.6 crores. This indicates efficient operational management with an EBITDA margin that suggests profitability resilience despite the slight revenue fluctuation.
The net profit, wrapped in the comprehensive income which includes other comprehensive gains, sums up to INR 42.9 crores, taking a minor step back from INR 44.6 crores quarter-on-quarter but still progressing forward from INR 38.3 crores year-on-year. Although there's a brief scene of reduced comprehensive income from quarter-to-quarter, the annual comparison illustrates a company that's managing to hold its profit narrative stable.
Bolstering the company's financial stability is a notable climb in cash and cash equivalents, scaling up to INR 749.6 crores from INR 718.1 crores at the end of the previous quarter. Investments in infrastructure emerged as part of the script, with gross additions in fixed assets totaling INR 11.96 crores, indicating ongoing investment in growth and development across various asset categories.
Addressing future expectations, the company has not set a strict course for EBITDA margins but expresses a broad goal to be in the 30% upward range. It's essential to note this ambition rather than a commitment, reflecting the company's conservative stance on financial forecasting and a tone of caution for investors seeking definite predictions.
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Good evening, ladies and gentlemen. I'm Pelcia, the moderator of this call. Thank you for standing by, and welcome to Nucleus Software Quarterly Earnings Conference Call. [Operator Instructions]. I would like to now hand over the conference to Swati Ahuja. Over to you, Swati.
Thanks, Pelcia. Good afternoon, everyone. This is Swati from Investor Relations team at Nucleus Software. A very warm welcome to all of you for the Nucleus Software Earning Conference Call for the quarter and 9 months ended on December 31st, 2023. For discussion we have here from the management team, Mr. Vishnu Dusad, our Managing Director; Mr. Parag Bhise, CEO and Executive Director; Mr. Anurag Mantri, [ CEO ], CFO and Executive Director; Dr. Ritika Dusad, Executive Director; and Chief Innovation Officer; and Mr. Tapan Jayaswal, Financial Controller. As you all are aware, Nucleus Software does not provide any specific revenue earning guidance. Anything which is said during this call, which may reflect our outlook for the future, which may be construed as a forward-looking statement must be reviewed in conjunction with the risk that the company faces. An audio and transcript of this call would be shortly available on the Investors section of our website, www.nucleussoftware.com.
With this, we are now ready to begin with the opening comments on the performance of the company. And post that, we would be available for a question-and-answer session. With this, I now pass over to Vishnu sir. Over to you.
Thanks, Swati, and a very warm welcome to all of you for this investor call for third quarter of financial year 2024. This is another quarter that takes us closer to our vision of making financial services, access easy and enriching worldwide. We continue to improve our processes to serve our customers better and better. And we learn from the best -- continue to learn from the best practices from all over the world. We would be sharing -- we had shared our progress on CICD, continuous -- Continuous Integration and Continuous Deployment for press release. And I must say that there is a very substantial progress in that direction, which we would talk about in coming quarters. With those words, I hand over to Parag.
Thank you, sir. Good afternoon, everyone, and welcome you all this quarter's investor call. And Parag -- and as mentioned by Vishnu sir, continue to focus on our deliveries, our customers and the implementation. We do very strong project management [indiscernible] continuously improving our deliveries. And yes, in the past, changing a very dynamic environment, -- in fast changing dynamic environment, the new processes that we are following of CICD are going to play an important role. Environment is getting very dynamic especially [indiscernible] environment changing. [indiscernible] to continue to take -- create value for our customer. Thank you.
I request Tapan sir to put some light on the financial numbers.
Am I audible, Swati?
Yes.
Key highlights from financials are as follows. Our consolidated revenue for the quarter is at INR 204.1 crores against INR 205.3 crores quarter on quarter and INR 159.3 crores. [ Foreign ] revenue in foreign currency, including India rupee revenue is USD 25.1 million for the quarter, $24.9 million, USD 21 million year-on-year. Product revenue for the quarter is at INR 175.3 crores against INR 174.1 crores quarter-on-quarter and INR 143 crores year-on-year. Revenue from projects and services for the quarter is at INR 28.8 crores on quarter and INR 26.3 crores year-on-year. For expenses, cost of delivery, including cost of product development for the quarter is [ 1.8% ] of revenue, [ 0.6% ] of revenue quarter-on-quarter and 59.9% of revenue year-on-year. [indiscernible], this is INR 126.1 crores, [indiscernible] quarter-on-quarter INR 101.4 crores year-on-year. Marketing and sales expenses for the quarter is 6% of revenue, 5% of revenue quarter-on-quarter and 4.2% year-on-year. [ In terms ], this is INR 12.3 crores against INR 10.4 crores quarter-on-quarter and INR 7 crores year-on-year. [ Revenue ] expenses for the quarter is 9% of revenue and 2% of revenue quarter-on-quarter and 7.8% year-on-year. This is INR 18.2 crores against INR 16.9 crores quarter-on-quarter and INR 13.3 crores year-on-year. EBITDA for the quarter is at INR 47.44 crores against INR 51.68 crores quarter-on-quarter and INR 47.6 crores year-on-year. Other income from investments and deposits is at INR 11.8 crores, INR [ 1.1 ] crores quarter-on-quarter and INR 8.2 crores year-on-year. Total other income for the quarter is INR 12 crores against INR 11.9 crores quarter-on-quarter and INR 9.3 crores year-on-year. [ Total ] taxes are at INR 14.6 crores against INR 15.34 crores quarter-on-quarter and INR 13.7 crores year-on-year.
Profit is at INR 41.3 crores for the quarter against INR 44.6 crores for the quarter, INR [ 38.3 ] crores year-on-year. The comprehensive income is at INR 1.6 crores for the quarter against INR 3.4 crores quarter-on-quarter and INR 3.5 crores year-on-year. Total comprehensive income, which includes net profit and other comprehensive income is at INR 42.9 crores for the quarter-on-quarter and INR 41.8 crores year-on-year. [indiscernible] for the quarter is at INR 15.43 as against INR 16.65 in the previous quarter against INR 14.32. In terms of foreign currency hedges, on 31st December 2023, we had USD 4 million. Forward contracts at an average rate of 83.62 is a mark-to-market gain of INR 0.02 crores. Contribution from the top 5 clients for the quarter is 26.7% against 28.8% in the previous quarter. The order book position is INR 743.7 crores, INR 698.9 crores of product business, [indiscernible] of project and services business.
September 30, 2023, the order book position was INR 705.1 crores, including INR 148.2 crores of product business and INR 56.9 crores of Project and Services business. Total cash and cash equivalent as on December 31, 2023 are INR 749.6 crores against INR 718.1 crores as on 30th September 2023, includes balances in the current accounts of INR 47.1 crores, various schemes from mutual funds deposits of INR 27.6 crores, investment in [indiscernible] bonds of INR 45.5 crores, INR 5.3 crores in preferential. With regards to the receivables, we are at INR 181.7 crores against INR 161.7 crores previous quarter. During the quarter, there is a gross addition of fixed assets of INR 11.96 crores, consisting primarily of INR 2.68 crores on computers, INR 0.14 crores on furniture and fixtures, INR 0. [ 0.08 ] crores on [indiscernible] INR 0.17 crores on software, INR 7.65 crores on building, INR 1.23 crores on plant and machinery.
Thank you, sir, for your comments. Now we are open for the question-and-answer session to hand it over to Pelcia. Over to you Pelcia.
[Operator Instructions]. The first question comes from Piyush Arora, an individual investor.
My question was that for full FY '24 and FY '25, I think just in the TV interview, you mentioned that we will be able to maintain 30% EBITDA margin. Is that understanding correct?
No, no, no. That's not a correct understanding. What I mentioned was that we strive to be there in that range, 30% upward range. And as a policy, we do not give guidance.
Right. And sir, second question was that there has been some deferment of orders that we have seen. So are we likely to see like those orders getting executed in upcoming quarters?
Certainly. Certainly, we continue to -- as I had mentioned in the TV interview, we continue to have very meaningful interactions with our existing customers as well as prospective customers. And we are very excited about how these conversations are going to result in orders and [indiscernible].
Next question is from the line of Kumar Saurabh from Techno Funda.
So I am new to the company. So a few questions I have. Historically, we have been growing in 8%, 9%, but last 1 year, our performance has been very good. And of course, there is a price hike with the company has taken. But what are the other reasons for this great growth rate in recent times. What are the drivers? And how do you see it sustaining? That is the first question. Second question is we have hired and we are in the process of hiring 300 to 400 new employees. Where are they are going to be deployed? Are they going to work more on the product development side or, like where they will be deployed. And third is one of our Southeast Asia business despite of INR 77 crore revenue, it is still in losses. There are many other reasons we are in profit at much lesser revenue. So what is the reason for that to being losses? And how it can recover? And the fourth question is in Europe and U.S., we are very less present. So are there any plans to expand into those markets? And what stops from expanding into those markets.
Yes, yes. We're just -- Ritika would you talk about the product part and then we'll come back to the reason for being bullish about the growth.
So your question was -- one of your question was about entry in [ those ] markets. So yes, these are high [indiscernible] market that exploring how to enter these. We just -- America and Europe. We already have presence in Europe, but [indiscernible]. So another question was about the 300 to 400, that we have [indiscernible], so we are strengthening our product development team. We want to take care of product market shift requirements going ahead as we -- in our product management practices as well. We being a lot more proactive about how we enter different [indiscernible] customers from a very early stage of their product adoption. We're trying to move towards the plug-and-play solution [indiscernible] integration built into the product.
And let me address the question about our being bullish for the growth rate. The single biggest reason for being bullish continues to be the strength of the product. As we demonstrate this product to our prospective customers, we get comments like dream, it's a dream product and [indiscernible].
So that is what keeps giving us that confidence that, yes, we have created something that is of significant value to the customer community. And then when they start taking decisions, they would [indiscernible] that value from the product. Coming to Southeast Asia profitability, we have still to go back to them for our price hike, which we will do in coming quarters and then we hope that this region will also be profitable.
Next question is from the line of Vaibhav Badjatya from Honesty and Integrity Investment.
Sir, just a couple of questions. So firstly, there was some disturbance in the line. I'm not sure it was in my line or from your side? But sir if you can repeat the order book number? That's question number one. Second is the number of employees. That's what I want. And third is on the geographical segment revenue, we see on a Q-on-Q basis, there is a growth in Europe and Middle East. So is it again due to AMC repricing? Or you can -- you attribute it to something else? These are the three questions that I have.
Okay. Tapan, would you take up that order book position and [indiscernible] question?
Sure sir. So order book position is INR 743.7 crores, including INR 698.9 crores of product business and INR 44.8 crores of project and services business. On September 30, 2023, the order book position was INR 705.1 crores, including INR 648.2 crores of product business and INR 56.9 crores of project and services business. As for headcount, we were 1,878 as of 31st December 2023.
And regarding the last point on the growth in Europe and Middle East, this is the basis on the retail [indiscernible] of the accounts we have in Europe as well as Middle East. So that that's getting affected in the financial overlook. So that answers that point.
Okay. Okay. Yes. So just a follow-up on employee count. I think last quarter, you said that you're going to add nearly 300 [indiscernible] employees, but we have seen some sequential decline in employees -- employee count. So can you verify [indiscernible] both the things.
Yes, they will get added in coming quarters.
Next question is from the line of [indiscernible] from [indiscernible] Capital.
A couple of questions from my side. Firstly, could you provide some commentary on what kind of traction are you seeing in FinnOne Neo, whether it's new customer additions or transition to old customers because previously, you've talked about some friction and transition for the older customers for whom you have had very customized solutions. If you could give a commentary on that.
Yes, certainly. We did have that challenge. And now with a very robust project management, we have been able to get at least one customer's requirements aligned on Neo, and we are hoping that this will go live very soon, one large customer. And then we visualize that many more of our old customers will migrate to the new platform.
Sir, would it be possible for you to share a total number of client additions in the 9 months?
I think these numbers are very -- I would say, single-digit numbers. So we may not be able to share anything beyond that.
Got it, sir. Secondly, historically, we have always had a relatively higher receivables compared to other IT companies, other core banking software companies. So any color on that? What is the reason for that?
So I think we are always within 90 days DSO. So it is what -- it is less than 90 days. So it's around 60 to 70 days outstanding. So that's sort we typically have.
Okay. And lastly, I mean -- so have we seen any loss of our market share or any of our clients to companies like Temenos or Thought Machine who are also operating in the same space?
Not yet. We have not heard of any such until now.
Next question is from the line of Pranav Mashruwala from Dolat Capital.
Yes. Just one, [indiscernible] feedback to the [indiscernible]. Some parts of the audio from the management are not very audible. So you just -- it could be a repeat of a few questions. One is on the Europe, so there was some commentary shared on having some trouble, so some color on that would be great. And on the order deferral...
Your voice is not clear. You will have to speak louder. I don't know whether it's [indiscernible] at your end or what -- yes, we were not able to hear your questions.
Yes. So I was saying that part of even your commentary was not quite audible. So I'll just repeat [indiscernible]. So one is on Europe. You said that there was some -- you had some presence. So just some commentary on that. And on the deferment of orders and employee headcounts please.
Europe is -- what was said was -- it was because of the repricing we've been talking about in the past. So a reflection in Europe and Middle East was because of that. And on employee head count, [indiscernible] precise number, what I said was that the account will get added in this quarter if the question is related to the 300-odd in this and next quarter. In -- or if you're looking at the precise number, then I can ask my colleague, Tapan to share that. It was 1878 as of 31st December.
So there will been some mild iteration compared to Q2. So is that [indiscernible] or is that -- has not been [indiscernible].
Yes. Those are mild one. So we will -- [indiscernible] more in the quarters to come.
Next question is from the line of Sonal Minhas from Prescient Cap Investment Advisers. .
Sir, just wanted to get a subjective -- question, the first one was on subjective takeoff comparison of FinnOne Neo to other products like Thought Machine and Temenos. Where are we in terms of like-to-like comparison, just trying to get educated on the specs for your product and the other players in the market, that's the first one. And secondly, just wanted to, I think, some 2, 3 year of perspective, what we understand from talking to some of the banks that the core banking systems are getting -- they are aging and therefore, everybody is in the need.
But People are trying to blend both the asset and the liability side to have more dynamic product offering to their customers. It was more on a personal and more on the personal loan side. So just wanted to understand, sir, like how is your thought development and built [indiscernible] over the next 2, 3 years. If you could throw some color on that and how are you [indiscernible], that will be good to [indiscernible].
Okay. Just to let you know that we have thousands of years of experience in developing the lending and transaction banking products which, again, we have put to use while designing this new product, which we call FinnOne, earlier product was -- earlier product was called FinnOne and the new product is called FinnOne Neo. We have put that thousands of years of experience to use for the design.
And our belief is that thanks to that rich experience that we have and the effort of design, our product is amongst the best, if not the best. And that is what we get to hear from our existing customers as well as our prospective customers. And I just mentioned term someone recently mentioned, it's a green product.
So that is what gives us confidence that, yes, what we have created is of immense value to our customers where they would want to be very, very flexible in their offerings, they would like to personalize their offerings. And our product, I can say with confidence can help them create literally thousands of offerings or require tens of thousands of offerings and that too within a short period of half a day, one day. So that is a power of this product. And that is the reason it is being -- it is adding so much value to our customers.
I understand that. And -- so more from the future perspective, not asking numbers. Since the product is good and is comparable to, let's say, other international and domestic products available, like what has been the adoption? How do you see this growing, do you see -- like somebody earlier asked about the client [indiscernible]. Do we see the space actually speeding up in the next 1, 2, 3 years? And what are we doing about it? Just trying to understand some of the prospectus of the implementation of sales of this particular product.
Yes, we clearly see this increasing in the quarters and years to come. And what we are doing very proactively is marketing, as you have noticed in the numbers we have increased our spend on marketing. We are going to increase that spend much, much more. We didn't realize till recently that INR 40 lakh crores worth of retail assets in India alone reside on our product, we were busy developing the product. And now we are busy talking about the product and that is how we are confident that these numbers are going to increase now.
Next question is from the line of Rahul Jain from Dolat Capital.
Rahul, we cannot hear you, sorry.
Is it any better now?
Yes. Now we can hear you.
Yes, yes. Congratulations to get the young [ blood ] into the business in a more appropriate manner now. So my first question would be what exactly [indiscernible] here on? And what kind of new thought process you think could be added to the current way the things are happening to bring in new energy from your side.
Yes. As of now -- thanks for the meaningful question Rahul. As of now, Ritika, while she's -- her official designation as Chief Innovation Officer, she has already started looking at the product management and engineering part of the product and also implementation of the FinnOne Neo product. So that is the rule enhancement that has been done. And she brings her ability to connect dots, thanks to our physics training, which we are able to leverage for our customers benefit.
Sure, sure. And on the business side, what I can see across your revenue subsegment is that most of the markets have seen the meaningful jump from their run rate, let's say, 4, 5 quarters back except for Southeast Asia. So is it safer to assume that the market that is yet to take the AMC repricing. Is there lesser acceptance or we are yet to go in that market with that thought process?
Yes, we are ready to go in that market with that thought process. We were busy with the market where we have been able to achieve this hike and then now we are going there.
So you are saying essentially from here on, we would chase that market for this aspect.
Yes, both. We'll be talking about -- we'll be talking about the repricing as well as we will be talking about transformation from FinnOne to FinnOne Neo.
Okay. So in FinnOne to FinnOne Neo, is this the first time that we are taking this thought process to the market? Or it's been ongoing for some time now?
It has been ongoing, but not with so much of focus in Southeast Asia.
So is it safer to assume the kind of investment that the business has seen in last three quarters with revenue being flat, but other expenses, employee costs going meaningfully higher, is it because we have created a parallel sales team of a much deeper sales, is there to ensure this transition need to happen, which we wanted for quite some time but has not materialized for us in the past.
Okay. So we are strengthening our product implementation and delivery quite a bit. These large transformation programs at some of the top banks across the globe are very complex, some of them run into years, whether it's from a Southeast Asian geography or from Western geography. So we are strengthening those fronts right now to take on some larger clients from across the globe.
We're also strengthening our product management thought processes as well as sales and free sales processes. So we are basically strengthening the ecosystem to take on the global market that exists for something as niche as our products.
Right. So the implementation thought process which you shared, when you say you're strengthening basically, it is the effort that you're doing in-house to ensure that there is a smoother transition for people who you would apply for? Is it some [ rare ] site where it's already happening.
Yes. So we are doing this in-house -- so there are various ways of strengthening these kind of programs, one of -- first one is strengthening the governance, but there are a lot of ways in which SI's do this. We -- if a bank has hired an SI, then they lead the program governance. If they haven't, then we read the program management [indiscernible]. So there are change management procedures. There are benefit realization procedures that we are now kind of trying to share with our customers so that as soon as they realize the sooner they realize the value, the better it is. And then, of course, that would also help us in increasing our prices further going forward.
So is it safe to assume the older version is now not getting as much equipped for people to actually think in that manner? Otherwise, if people would have payed a perpetual license for the older version, why would they migrate?
That's an excellent question. The older product continues to have immense potential within that product. But having said that, the earlier process that I described about creating the new product, it takes that potential even to the next level, things like [indiscernible] that has been built using engines, the [ number ] of APIs straight-through processing and so on and so forth, which are things that were not that easily available in the earlier product [indiscernible]. And that is the reason they are keen to move to the new version of our product.
Yes. What I'm trying to essentially understand is if -- I don't know if it is a perfect analogy, let's say, if you see an iPhone, after a certain number of models, let's say, 3 to 4 older version, the newer apps that you see on the Appstore are not able to download on the older versions. So I have an iPhone 7 where I cannot download a lot of apps, which are now only relevant for iPhone 10 and beyond. So is it something that kind of constraint that user would face if they don't migrate because that is something that would force them to jump on to the newer version. Otherwise, you know [indiscernible] essential for very, very long period of time. So why do [indiscernible] from the same vendor to a different product?
Yes. I think your analogy is meaningful also and while they will not be able to do certain new things using the old product, the new product has far richer functionality. These are the two reasons.
Understood. Just last bit, more or less suggestion. I would say as a newer member in the team -- not newer [ as I got newer ] for the call, is that this company has seen an excellent situation in the previous cycle, where there was significant adoption and company has seen multifold jump. And then we have seen this last many years, except for this last 12 months where the business has not gone to the extent where the product has its potential for.
So now with newer energy coming in, we would appreciate if we could talk more about our new wins, our more plants, more disclosure which any larger company, larger aspiration would have, which would help all the people out here in the investor community to assess the business better and participates in the journey. That's a small thought from my end.
[Operator Instructions]. Next question comes from Imran from Quantum Investments.
Can you put some light on what are you going to do about the cash. And have you ever done an ITR valuation, given that we have INR 40 lakh crores of assets you have running on our software.
That's a great question, Imran. Thank you so much for [ revealing ] it. We have not yet done the evaluation [indiscernible] increased revenue. Coming back to the cash part, yeah, the cash [indiscernible] invested in tools and technologies and trainings that [indiscernible] keep on improving the quality of our offering. And the rest of it, the Board will decide whether to enhance the dividend or buyback or what.
Thank you sir. Sir can you give an idea how many -- what percentage of our customers have [indiscernible] or how many are remaining or something, something for us to look into the future.
Okay. I can only [indiscernible] is now left for foreign enhancement of [indiscernible]. And having said that, given the new prices that we [indiscernible].
Next question comes from Anuj Sharma from M3 Investments.
Vishnu ji, your voice was not very much clear for some part of this call. But if I would like to understand, theoretically, if a customer has moved to the new pricing structure, then how do we take it forward? So how does -- does the -- like the price now remain static for the next period of -- for some period of time before we avail unreal and new pricing structure or there is some elasticity in the new pricing model. That will be helpful to understand terms most of the migration as you said at time. How does the price move from now on?
Okay. I think this is a very important question that you have raised. Thank you so much Anuj ji for raising this question. We will need to appreciate the fact that as we keep adding more and more features to take into the product, the value keeps changing. And our role is to keep demonstrating the value to our customers so that they are benefited by the features. And there is a win-win relationship that -- which is ongoing. I think that is all that I can say in terms of pricing. We may not be able to go to anything beyond that.
All right. But since the last time around, it took us a lot of time to communicate the value proposition to our customers, the new value addition which you will do will there be, again, a similar effort for you to convince the customers? Or there is something which is more easier or it could become more on the go started and waiting for a long time, how has the organization change of the sales team so that we are able to communicate the value [indiscernible] very quickly and get a response from the customer in possibly real time.
The product [ cost ], which we are following right now is primarily where we -- for every 6 months as of now, we are delivering the incremental value to our customers, right? And that realization is almost instantly. At the same time, we are also starting Europe of the lean-based principles for our CICD journey, which we talked about, which are again going to give the value realization to the customer very instantly.
The whether we used to have [indiscernible] built something which is valuable to our customer, the customer should be able to benefit from that feature or value in a day's kind of a time period. So that's our thought process, and that's where we are visualizing ourself going in next 6 months to 1 year kind of a time period.
And just to add to what Ashish has just mentioned, the environment itself is changing at a crazy pace, the regulator's requirement from regulated entities are increasing on -- literally on a weekly basis, it's not daily basis and we are preparing ourselves to help the ecosystem, manage the dynamic change.
All right. All right. That's helpful. And if I can ask one more. Vishnu ji once upon a time we had a very large customer in the form of [ G-Mac ] and I remember you have done installations in every country. Do we -- is the same team looking for similar large customers? Or are the customers by nature smaller now and that similar customers will be very difficult to find in the future?
I think that's a great question. So we are trying to have [indiscernible] one of the transformation project is going on and then [indiscernible], which would span across 7 countries. So that is one. Second, on [ G-Mac ] also, we are trying to explore possibilities of getting into North America at the moment. It's limited to international operations, which is Latin America. So we are also looking at expanding the footprint on for the existing customers as well as acquiring new bid logos, which can take us to [indiscernible].
That would be the last question for the day. Now I hand over the floor to Swati for closing comments.
Thank you, Pelcia. We like to thank all the investors for joining us today on this call. Now I would hand over to Vishnu sir for his closing comments. Over to you sir.
I would like to thank all of you for your continued interest in Nucleus functioning and I would like to reiterate our commitment to deliver and create long-term value for all the stakeholders. Thank you so much.
Thank you, sir. That concludes the conference for today. Thank you for participating. You may all disconnect now.