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Ladies and gentlemen, good day, and welcome to the Saksoft Limited Q2 FY '22 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Asha Gupta from Christensen IR. Thank you, and over to you, ma'am.
Thanks, Katy. Good afternoon to all participants in the call. Welcome to the Q2 FY '22 Earnings Call of Saksoft Limited. The results and investor presentation have been already made to you, and it is also available on our website, www.saksoft.com. In case anyone does not have a copy of press release and presentation, please do write to us, we will be happy to send the same to you. To take us through the results today and to answer your questions, we have with us the top management of the company, represented by Mr. Aditya Krishna, Chairman and Managing Director; and Mr. Niraj Ganeriwala, the Chief Operating Officer and Chief Financial Officer. Mr. Aditya will start the call with brief overview of the quarter call slide, which will be followed by financials given by Mr. Niraj. We will then open the floor for Q&A session. I would like to remind you that anything that is said in this call, which gives any outlook for the future or which can be construed as forward-looking statements must be viewed in conjunction with risks and uncertainties that we face. These risks and uncertainties are included, but not limited to what we have mentioned in the prospectus filed with SEBI and subsequent annual reports, which you can find it on our website. With that said, I now hand over the call to Mr. Aditya. Over to you, sir.
Thanks, Asha. Hello, and good evening, everyone. Welcome, and thank you for joining our Q2 and half year FY '22 earnings call today. I know most of you are regular listeners to our earnings call, but I would like to take this opportunity to introduce Saksoft to some of our new investors and analysts who may have logged on to this call for the first time. Saksoft is a digital transformation partner that assists our customers to automate, modernize and manage IT systems through a combination of domain-specific technology solutions and solution accelerators from consulting to support. We have been in business for almost 2 decades now with offices across 14 locations covering U.S.A., U.K., APAC and Europe. And we have an associate strength of over 1,300. FinTech, transportation and logistics, retail, e-commerce, health care, telecom and public sector are the key verticals we operate in. We believe that the target addressable market in the above-mentioned verticals will only grow due to the interconnected nature of the verticals, which allows us to cross-sell and upsell service offerings to our clients. The verticals are supported by horizontal service offerings, spanning analytics, cloud solutions, legacy modernization, intelligent automation, application development and testing. As a company, we offer a bouquet of digital transformation services. We are witnessing significant demand for our digital service offerings across select verticals -- industry verticals. I think the pandemic has proved to be a turning point for this new digitalization era. I'm seeing most of the consumers who earlier used to be reluctant to adopt digitalization are now increasingly engaged remotely with their vendors and offices. The change in human behavior has opened up huge opportunities for service providers like us to strengthen our digitalized front-face consumer engagement, coupled with robust digitalized back-end architecture. We are well positioned to capture these opportunities. In the past, we have grown using string-of-pearls strategy with some tuck-in acquisitions that allowed us to add to our service offerings. We will continue with this strategy in the future, too, if we come across any opportunities that would fit Saksoft's business model. While Niraj will delve into the detailed financials, I would like to say that Saksoft has been consistent with this performance and guiding for at least 15% revenue growth for fiscal year 2022. During the quarter, our revenue witnessed a strong growth of 12%, and EBITDA grew by 25% on a quarter-on-quarter basis primarily driven by growth in our continuous focus around digital service offerings across selected industry verticals. We embark on our Vision 2025 to become a $100 million company over the next 3 years, which will be a mix of organic and inorganic growth. As mentioned in my earlier calls as well that some of the key factors that could drive our growth are: we will continue to remain focused on emerging sectors, namely fintech, transportation logistics, retail e-commerce, which are definitely the verticals for the future. Health care is currently a slow start for us. We will continue to be focused on health care in the coming years, which will facilitate the growth. Being nimble and agile is a feature that has won us a lot of business, and we will continue to do so. Our inch-wide and mile-deep strategy that we focus on niche verticals and offerings is one another reason, which we believe will win us profitable business. Network effect is working well for us. Our expectation is that 80%-plus growth will come from existing accounts/references from existing accounts and balance through new logos. Our strategy on sales around hunting and account mining of existing accounts is working well for us. Talent retention and high attrition is a key concern across the IT sector, and we are not indifferent to it. To handle this issue, we are planning to: number one, source, train and fresh -- and hire freshers than naturals; number two, we were also in the process of evaluating Eastern Europe and Latin America as options for expansion; number three, we are helping people to come back to work after a long break by training and deploying them; and lastly, while hiring candidates, we are mentioning our flexibility on work so that they can work from anywhere, which we believe will help us reduce attrition to some extent. We are also investing in digital assets and frameworks such as Unite, Stack, SAKAMA , which will enable our customers a faster go-to-market on their products and also going digital. Focus on acquisitions will continue, and our track record of successful integration of over 5 acquisitions gives us the confidence to go down this path with ease. We have a healthy cash flow of INR 94 crores. We will continue to reward our stakeholders and our dividend record over the last 5 years is a testament to our policy of rewarding the shareholders. In the meeting held on 11th November, the Board of Directors declared an interim dividend of INR 3 per equity share, which is 30% of face value INR 10, each for the financial year '21, '22. To summarize, I would like to say that while FY '21 was the year of testament where we won a battle against the pandemic and demonstrated that we have a resilient business model, FY '22 is the year of strong execution and growth. We believe that with the commitment and support of the entire fraternity at Saksoft and our esteemed shareholders, we will be able to achieve our growth target in the current fiscal year. I would now hand over the floor to Niraj to take us through the financials.
Thank you, Aditya. We will now go over the financial performance for quarter 2 and H1 financial year '22. First, on the revenue side. Quarter 2 FY '22 revenues were at INR 114.73 crores as compared to INR 97.19 crores in quarter 2 FY '21 and INR 102.14 crores in quarter 1 FY '22, which registered a growth of 18% year-on-year and 12.3% on a quarter-on-quarter basis. For H1 FY '22, the revenue stood at INR 216.87 crores versus INR 190.94 crores in H1 FY '21, witnessing a growth of 13.6 percentage. Now looking at the operating EBITDA. The quarter 2 FY '22 operating EBITDA was at INR 19.27 crores as compared to INR 16.5 crores in quarter 2 of the previous year and INR 15-point (sic) [ 15.55 ] crores in quarter 1 of the current year, registering a growth of 16.8% year-on-year basis and 23.9% on a quarter-on-quarter basis. The operating EBITDA margin for the quarter stood at 16.8% as compared to 17% in quarter 2 of the previous year and 15.2% in quarter 1 of the current year. For the half year FY '22, the operating EBITDA stood at INR 34.81 crores as compared to INR 31.35 crores in H1 FY '21, which is a growth of 11% on a year-on-year basis. During the current quarter, despite the challenging environment, we reported double-digit margin. However, it could be impacted in the near term, temporarily due to rising hiring costs and investments in training talents, which is an industry-wide phenomenon. Now coming to the profit after tax. The quarter 2 FY '22 PAT stood at INR 13.09 crores as compared to INR 10.73 crores in the quarter 2 of the previous year and as compared to INR 17.69 crores in the quarter 1 of the current year. This is a growth of around 22% on a year-on-year basis. Please note that the PAT in the first quarter of the current year was higher by about INR 6.57 crores, on account of onetime forgiveness of the Paycheck Protection Program loan availed by our subsidiaries in the United States that are no longer repayable. And hence, you see a onetime drop in the PAT for the current quarter. The H1 FY '22 PAT stood at INR 30.78 crores as compared to INR 20.86 crores during the same half year in the previous year, witnessing a growth of 47 percentage. The decrease in finance cost has also led to the improvement of profitability. This resulted in the earnings per share being at INR 30.89 for the current half year as compared to INR 20.98 per share in the previous half year, a growth of 47.2% year-on-year. The impact of currency movement on our revenue is only 1.7% for the current half year. Based on the same, the pure volume driven growth in revenues is about 11.8% as compared to the previous year. In terms of revenue split by geography, the Americas contributed about 46% of our revenues, Europe contributed around 32%, while the remaining 22% came from APAC and other regions. The on-site and offshore revenue mix has improved at on-site being 47% and offshore at 53% as compared to 48% on-site and 52% offshore in the previous full year. As mentioned before, we expect the mix to be inclined towards the offshore in the subsequent quarters, too.The revenue split across verticals is as follows: fintech and telecom contributed to about 26% and 22% of the total revenues, respectively; whilst transportation and logistics, retail e-commerce and health care and public sector contributed 10%, 10% and 5%, respectively. Coming to some of the customer metrics. Saksoft has about 8 customers of $1 million-plus revenues and 9 customers whose revenue is about USD 0.5 million plus. We have moved 1 customer in the current quarter from the USD 0.5 million category to the USD 1 million category, and we have been able to add another customer in the USD 0.5 million category. The total employee count stands at 1,364, out of which 1,222 are technical and the remaining 142 are support staff. The utilization level of employees, excluding trainees, stands at 87% for the current half of the year. Moving to the balance sheet. As of 30th September, our debt position stood at INR 10 crores and cash position stood at INR 94 crores, which makes us a net cash company. The improvement in cash position was mainly led by the improved EBITDA and margins, increased focus on data collection, resulting in better AR collection period and cost efficiencies. For the half year FY '22, the return on equity stood at 21.4% and the return on capital employed stood at 26.4%. That now concludes the update on the financials, and we will now open the discussion for Q&A.
[Operator Instructions] The first question is from the line of Atul Aggarwal , an individual investor.
So my question would be more towards the aspirational target that you have just mentioned. So if you could throw more color on your plans and strategy that can -- that kind of gives you that confidence to target this $100 million. So if you could throw some light on that.
Could you repeat your name, please? I didn't get your name.
Yes, this is Atul Aggarwal .
Okay. This financial year, we are -- and 6 months is already over. And you can see that quarter-on-quarter, the business is beginning to grow nicely. So we are very confident that this year, this financial year, which is ending March 2022, we should be able to meet or beat at least a 15% revenue growth. Now that leaves us 3 more years to get to the $100 million mark that we have set ourselves. And one thing we are realizing is over the years, we have tried many things to grow revenues. Finally, what is working for us is what we have all the network effect. A lot of our customers where we are engaged, the CIOs, the CTOs, who are big advocates of ours, they move on to different roles in different organizations in the same industry. And they take us along or they refer us to similar prospects in that same industry. So rather than cold calling, rather than attending events, which have been pretty much nonexistent because of the pandemic, we find that this network effect is beginning to really work for us. And we are planning to see how we can capitalize on that to a greater extent to increase our -- the percentage of growth in revenues. So in terms of how we will do it, it will be predominantly the network effect, which is already working for us. You can see it in the quarters. And to get to $100 million is not a great -- not a very big number. Because if you do 15% this year, in 3 years, we need to do a little bit more and we are there. So back of the envelope, numbers make sense. Our strategy makes sense. It's a simple strategy, and we are very confident that we'll get there.
I have just one another question. So you are saying that you'll continue to remain focused on, say, key emerging sectors like fintech, transportation and logistics, retail e-commerce, et cetera. So what are the kind of opportunities you are looking here? Have you already decided any asset for M&A? And if you could elaborate more on the expansion plan basically.
So this has nothing to do with our M&A. This is how we will get new business from new customers or grow existing business. So our focus is in the verticals that I have highlighted, which is fintech, transportation logistics, retail e-commerce and health care. Those are our main verticals. We are continuing to get new customers in these segments -- in these industry verticals. We will continue to focus on this new vertical. And this is where the network effect only works if you're focused. So for example, if we -- if a CIO of a leading fintech company knows us and knows the quality of our work, then as he or she moves to another assignment or refers us to some of our colleagues or people she knows or he knows in that same industry, we're able to get new customers. So we need to be focused to benefit from the network effect, which is what our plan is. Now in terms of M&A, our M&A has always been from a capability building perspective, and we're always on the lookout. So if anything comes up, we will definitely work towards making that happen. But whether it's organic or inorganic or a mix, the target of $100 million stays.
If I just could squeeze in one more. So I believe you said that health care is kind of slow. So what is your kind of plan to achieve growth in this segment over a period of time?
When I say health care is slow, we have had the most difficulty in growing customers in this segment. And I think the reason is that we have been focused more on the provider side, not the payer side of health care. Now what we are doing is we are building some digital assets in health care, which we believe will help us expedite new logos in this space.
[Operator Instructions] The next question is from the line of V.P. Rajesh from Banyan Capital.
You had a fantastic growth in this quarter. Congratulations. So if you can give a little bit more color as to where you are seeing any of this growth from? Is it coming from a specific vertical or particular service line offering? That will be helpful.
Sure. Like I have clarified, we are focused on select verticals. Now the verticals that have really helped us this past quarter have been fintech and transportation logistics. We are doing really well in transportation logistics. We are finding that this sector is booming because of e-commerce and the need for logistics around e-commerce. We are finding that the sector needs to modernize its applications and its IT. So there's a lot of opportunity for digitalization as well as legacy modernization. Both areas are our strong areas. So we have the business knowledge in this domain. We have the IT offering in this domain, and the sector is growing. So I feel that this sector will continue to do well for us in the coming quarters.
Okay. Great. And my other question is that as you are feeling the wage pressure like everybody else in the industry, are you starting to talk to your customers about price revisions? And if you can give more color around that, what's going on, on that front?
Sure. Customers, given where we are and we -- what's happened in the last couple of years because of the pandemic, it's not going to be easy to get price revisions from that. So we have to look at that as not a solution for us. I think we have to look at it more internally to see how best we can manage our margins by making sure the utilization of our resources is at the maximum, plus bringing our average delivery cost of resource down. So while wage pressure is there, we are looking at creative ways of hiring trainees, hiring freshers, training them, putting them as shadows on resources, getting them to bill earlier that normally we would, plus looking at a big segment of the potential employee base who are looking to return to work. These are young mother started families and are now wanted to get back into the workforce. So we're looking at creative ways to see how we can keep our average delivery cost at the same level or down, rather than look at our customers and push them for price increase. When the market accepts price increase, we'll also get it. But it's difficult to fight the market. Having said that, all new customer acquisitions, we are making sure are at higher rates than existing customers. So those are a couple of things we are doing. I don't know if it's such a great answer to your question, but that's the reality.
No, that's helpful to understand your business. And my third question is around the attrition. What has been the attrition for us in the last quarter? And do you think like it will start to ease off in the next 2, 3 quarters? Or what's your prognosis on the attrition side?
Our attrition was 28% in the last quarter. And honestly, I don't see a great improvement in that number. There will be some improvement in the number because of some of the steps we are taking. But the other thing that will help us is the fact that appraisals normally happen around March, April, so people will wait. So I think next 2 quarters, you will see a little bit of good news on the attrition front. But I think between 25% and 30% is here to stay. I don't think it's going anywhere.
I see. And on the M&A side, if you can give a little more color as to what you are looking for? Is it more of acquihire types of capability acquisitions? Or are you looking for something larger, which is a running business, and that can potentially get you to your $100 million target much faster?
We're open to anything. Honestly, if a great opportunity comes along, which is even a stretch for us from a financial perspective, we will look at raising some level of debt to make that happen. So the canvas is pretty much open here. Historically, what has worked for us and what we could afford is capability. But at this point, like I said, anything is open. We are talking to a couple of prospects. Let's see what happens, but something will happen, for sure.
[Operator Instructions] The next question is from the line of Vaibhav Badjatya from HNI Investment.
So unlike our earlier stand, this time, we have provided guidance for the share growth. So just 2 questions on that. Actually, why this changed in your stand of providing guidance, first? And secondly, will it continue into the future? Or it is just for this year?
No. One of the -- not one. I think the standard question in all our calls has been, how will you do this quarter? Can you give us an idea what revenues will be? So we figured that it's about time that we started to give guidance. That's the reason why we have given this number of 15% that we will meet or beat 15%. And I think the fact that we have a Vision 2025, which is $100 million by 2025, clearly indicates that our guidance is something that we will continue to give in coming earnings calls.
Yes. I mean the Vision '25 is fine. But on a yearly basis, you will continue to provide guidance? Or on a quarterly basis, you'll continue to provide guidance? Or it would be just from FY '23 onwards, you will just provide our FY '21 target only -- FY '25?
No. No. We will give an annual guidance. We will give an annual guidance for sure.
[Operator Instructions] The next question is from the line of Meeka from Bisquare Investment.
A couple of questions. One, if I can get the total order book size that we currently have. And second is the growth by geography. So how much we've seen America, Europe, APAC year-over-year for this quarter?
Can you repeat that first question again, please?
The order book, what's the current order book that we have.
We have done approximately INR 270 crores, INR 280 crores for the first 6 months. And typically for us, an order book of about 75% is on the cards. So you can work a little backwards and say, if you're looking at a 15% growth, what that would mean in terms of order book. So 75% is probably where we are at. And our order book is very consistent. It stays around that figure. When we enter the new financial year, that's the order book we have. Quarter-on-quarter, that's approximately the order book we have. And that's driven by our business model, which is fairly predictable. Our offshore teams and our on-site teams, the proportion of revenue is such that we're able to manage that reasonably well. So I hope that answers that question. The second question was around?
Geography-wise.
Geography-wise growth. Not much growth in terms of percentage of revenue. I think if you look at Niraj's comments between 2 years, the U.S. went from -- America contributed 46% of our revenues; Europe, 32%. And I think it was 45% in the previous year. So on an annual basis, 1% share in there. But it's predominantly 45% plus for the U.S., 30% plus for Europe and the U.K. and about 20% for Asia Pacific.
Okay. And this mix is going to be the same going forward? Or are we targeting more clients in certain areas?
Sorry, can you repeat that, please?
Is it going to change going forward, the mix of the geography that you have? Or we see more clients coming in from either U.K. or U.S.?
No, our focused geographies are the U.S. and the U.K./Europe. So I don't see the mix changing at all. In fact, we don't want it to change. We would rather have -- if anything, we would want the U.S. to be higher, but I don't see that happening.
All right. And the last question is on the deal pipeline, how many deals are we currently pursuing as of this point? And how much of them we are hopeful to sign in the coming quarters?
Obviously, the deals vary by geography, and our pipeline is strongest in the U.S. And as we speak today, we would probably have -- in terms of in our sales pipeline, we would have to be prospecting at least 25-odd logos. And typically, for us, about 40% success rate is what we have.
[Operator Instructions] The next question is from the line of Aria Sharman , individual investor.
My question is like what is your offshore and your onshore revenue mix?
On-site is 47% and offshore is 53%.
The next question is from the line of V.P. Rajesh from Banyan Capital.
I wasn't sure if you commented on your margin. But I was just curious, if the kind of margins you have posted in the current quarter, is that sustainable? Or do you think there is more upside to it? Or do you think there will be likely deterioration because the travel costs and some of the costs will come back? So what's the -- some color on that?
Rajesh, so from a margin perspective, we've been able to maintain the margins, and it has been consistently growing quarter-on-quarter until probably this quarter. Two factors predominantly drive the margins for us. One is in terms of what is the average delivery cost and attrition. And second is the on-site offshore mix. The on-site offshore mix is constantly improving, with the offshore revenue percentage increasing for us, at least by 100 to 200 basis points year-on-year. But the rate of increase of the cost and the attrition, which is down in the industry today, is much higher. So in the near to short term, we would expect some stagnancy or even slight reduction in the margins. But net-net, over a period of time with the shift in revenues towards offshore, which has been our focus, we should be able to improve.
Got it. Okay. So any aspirational number that you are aspiring to in the next year or so on the margin front?
I think earlier also, we have mentioned, and the aspiration is more towards our 3-year plan, which we are looking at. So we are trying to look anywhere between 18% to 20% EBITDA when we reach our USD 100 million by 2025.
I see. So on the margin front, what one should take away, that will be a slow and steady march towards that number from where you are today?
Absolutely. Absolutely.
The next question is from the line of Amit Jain from Monarch Network.
The first place, congratulations on good set of numbers. And one thing we have noted that last month [indiscernible] in a shift, a good shift in terms of the language, you were very skeptical about the growth in the last con call. And the things -- so what has changed in these 2 quarters, which make you so confident? And are you glad that you are now giving guidance? So what has changed in terms of -- can you just explain and maybe some light on the overall macro outlook industry dynamic that changed during this period.
Yes. Yes, Amit, it's not a great thing to say, but I have to say that the pandemic has helped this industry a lot. The IT industry has been blessed by the fact that it is probably the only industry which has seamlessly moved to work from home. If you look at the manufacturing sector, you look at some of the other sectors, hotel sectors, the airline sector, it struggled to work for home. In some places like manufacturing, it's impossible to work from home. So the IT industry has been blessed by its ability to work from home in this pandemic. And the other thing that has happened is it has hastened customers' plans to move towards digitalization. I think they have realized, customers have realized that if they are behind on digitalization, they need to accelerate because what happens if something like another pandemic forces them to work from home in the future or work remotely in the future or access customers remotely in the future or service customers remotely in the future. So I think that -- those 2 aspects have really helped us be more bullish on this sector. And we are seeing it -- it's just not theoretical, we are seeing it in our pipeline. We are seeing it in our customers. We are seeing it the way prospects are talking to us. We are seeing in the level of interest that we are getting in our services.
Aditya, secondly, on this because I remember if you were also mentioning about the challenges that you are facing on the sales side, so maybe the model that you have been pursuing. That hasn't gone along -- that hasn't gone well and maybe for deeper penetration in the market. So what exactly have -- I mean are we dealing with the same thing as we have revised some other mechanisms for deeper penetration? Just I think remember that there's the biggest selling that you are facing with carriers on the sales side is getting a good salesperson. So what exactly on that side, if you can just share something.
First, I must commend you on your memory. You remember very clearly, and you're absolutely right. We have struggled for a long time to effectively manage our sales teams and get new logos for the business. Now what has worked for us and what is working for us is something what we are calling the network effect. I alluded to it a little earlier, but let me repeat. What has stopped working is cold calling, attending events, et cetera. The traditional way of getting new customers for companies like us, we have struggled with it and it's not worked for us. It's not working today. So what is working is the network effect. Now what is the network effect? Network effect is we have a CIO who's a big customer of us. He moves jobs. He moves to another organization. He takes us with him. Or the CIO who's happy with our services refers us to a couple of his colleagues in the industry. For us to be successful in this, we have to have strong relationships with these customers, and we have to be experts in this field. And this ties into our very focused strategy, what we call inch-wide mile-deep.Because we are experts in, for example, fintech. A fintech CIO will move to another fintech company. He will take us with him. He will have a network of fintech CIOs and CTOs. He will refer us there. So -- and he will see us as an export industry. So rather than recommend a generalist, he's recommending an expert. So this is what we call the network effect, and that is what is working for us. And that is what also gives us a lot of confidence that we'll be able to meet up or beat these numbers that we have given guidance on.
And Aditya, can you say that we are a specialist and if I compare Saksoft with other IT companies. So what is that -- I just want to understand that what makes it different from others? So even they say that, yes, we are -- we have these deep verticals. They are doing something best. What exactly makes us different from other IT companies?
When you say other IT companies, it's a very general statement. You have to specify. So let's take the case of how are we different from Tech Mahindra, okay, as an example, okay? Now it's like going to a specialist and a generalist. A very large organization like Tech Mahindra would be able to have every service under their capability stream, but they would not have the specialization that we would have. We focus only on 4 verticals. We are specialists in this vertical. People know us in this vertical. And the industry that we are focusing on is a fairly small industry. So because it's small, word of mouth spreads, network effect works. So that's really where we are different from a large player, and that's how we are able to get business vis-a-vis large organizations.
Aditya, if I can just ask one more question, just if you'll allow me. On the technology side, we all are hearing about these new technologies, cloud, AI and everything. What exactly just specifically -- if I were to ask you, what exactly do you see going forward that say, 2, 3 years down the line, where you see that, yes, these are the emerging technology and where Saksoft is positioned versus these competitors?
So there's a lot of talk around AI and machine learning. But if you ask me, are customers spending money on it? The answer is no. It's a nice thing to have, but are we -- do we have a budget for it to be spent money on it? Most customers want to listen to it, talk to it, but they won't spend money on it. What they're spending money on is the cloud. Everything is moving to the cloud. I think very soon, midsized organizations would not have IT. And I mean, IT data centers, they won't have servers on-premise. Everything will be either an Azure, Google Cloud or Amazon AWS. So I think if you ask me 3 years from now, where will our revenues be? It will predominantly be cloud-based. New applications will be on the cloud. Infrastructure will be cloud-based and very importantly, security. Because everything is on the cloud, security becomes very, very important. And I think that's really where the next opportunity for companies like ourselves.
[Operator Instructions] Ladies and gentlemen, this was the last question for today. I now hand the conference over to the management for their closing comments. Over to you, sir.
We thank everybody who attended this call for their participation and their interest in Saksoft. We believe that we are in the right place and at the right moment. We at Saksoft will remain committed on our goal, Vision 2025. I hope we've been able to answer your queries. In case of any other inquiries, please reach out to us or Christensen. Thank you, everyone, for joining us.
Thank you very much, sir. Ladies and gentlemen, on behalf of Saksoft Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.