CL Educate Ltd (NSE: CLEDUCATE) Q3 2026 Earnings Call dated Feb. 06, 2026
Corporate Participants:
Arjun Wadhwa — Chief Financial Officer
Gautam Bawa — Senior Vice President
Nikhil Mahajan — Executive Director and Group Chief Executive Officer
Satya Narayanan R — Chairman
Analysts:
Unidentified Participant
Presentation:
Arjun Wadhwa — Chief Financial Officer
Good afternoon ladies and gentlemen and welcome to CL Educate Limited’s Q3FY26 analyst call. My name is Arjun Wadhwa. I’m the group CFO of CL and I’ll be your host today. Welcome once again to our Metaverse platform called Wasmos which we have been using ever since the COVID years for our analyst call. This call, as always will be recorded, transcribed and made available in the Investor Zone on our website within the next 24 to 48 hours.
Should you have any questions, please type them in the chat box in the bottom right hand corner of your screen and we will address them at the end of the session. Joining me on this conference call today are Mr. Satyana Rainan, he’s the founder and chairman of CL Educate. Mr. Gautam Puri, co Founder, Vice Chairman and Managing Director. Gautam takes direct reporting of the EdTech business which includes our test prep, publishing and student outreach businesses and Mr. Nikhil Mahajan, he’s our group CEO and executive director who also anchors the Martech business. I’ll start the session with a few finance updates and then walk you through a little bit of an update on the DECCS business before handing over to Gautam and Nikhil on their respective businesses with Satya.
Then closing with a few corporate updates. I’m on slide 10 of the presentation that we shared. It should be visible on your screens right now. Happy to share that Our total revenue from a nine month perspective has grown from 266 crores to 445 crores which is a 67% growth on a year on year basis. A large part of this growth has obviously come from the addition of the Dex business which wasn’t there for the first nine months of last year. It has contributed 194 crores to our top line. The corresponding Dex business during this time last year was 173 crores so we’ve grown about 20 crores.
From a Dex to Dex perspective our Edtech business is down by about a similar amount, 150 crores versus 127 crores this year and our Martech business is up from from 116 crores to about 124 crores. From a EBITDA perspective we had reported an EBITDA of 27 crores approximately last year and we are up 120% to almost 59 crores. From a nine month perspective this Year from a pack perspective we were at 4.4 crores last year. We are at minus 16 crores this year. But as all of you are aware, a large part of the packed fall comes on account of a significant increase in the finance cost and in the depreciation which has come from the addition of the Dex business of which it’s important for you to understand that the total finance cost which has grown from 2 crores last year to nearly 40 crores this year, actual interest cost of that contributes only about 21 crores.
And and the remaining amount is an Indas entry. And similarly from a depreciation perspective also almost 9, 10 crores of the amount comes on account of Indus entries. So the total Indus impact on the financials this year from a nine month perspective is in excess of 28 crores. And there is also an additional impact this year on account of the labor codes that have been introduced by the government of India to the tune of about 5 and a half crores. So if I net my minus 16 crores for this 33 crore impact, my PAT would have actually grown from about 4 and a half crores to about 17 crores.
So from a business to business perspective the growth is there. Both from a revenue perspective and from an EBITDA perspective. The PAT is obviously impacted by the debt that we have taken about 210 crores at the start of the year for the Dex acquisition and the actual interest impact of that is only about 21. The remaining impact, as I wish to reiterate 28 crores of what you see from a P and L perspective impacting the pat comes on account of Indas moving forward. I’ll just give you a quick update on the Dex business. The Dex revenue as I already shared has grown from about 174 to about 194.
And Dex’s specific EBITDA contribution has grown from about 34 crores to 42 crores. Happy to share as well that post the acquisition and moving from an NSC brand company to Dexit Global, which is what the company is now called, we have had a 100% rollover of clients and we had one client remaining to rollover when we had done this our last investor call. That client rollover has also happened. It was our most critical client. Irda, which I’m happy to share, has agreed a new three year deal with us at a substantially increased price as well.
The business as I said has grown about 12%. Margins have also improved by about 300 basis points over what they were last year. And in terms of what we’re looking at in terms of delivery this year, we’re going to do about close to 70 lakh exam counts with about 25 lakh of those coming across our accreditation and accreditation business and about 45 lakhs coming from our recruitment and entrance exam business. In addition to the rollover of accounts that we’ve had which were our annuity business accounts, we’ve also added new segments by entering the university business.
We’ve had addition of clients like I Am Bangalore for their executive education program. Ashoka University Measure Learning is another new client we’ve added this year and we’ve also generated new business through the addition of new accounts like CCRAS which is the Ayush Ministry, dgafms which is the Armed forces and Nacin and the Microfinance Institute among others. In terms of new business generated this year moving forward, I’d like to request Gautam to give a brief update on the Edtech business.
Gautam Bawa — Senior Vice President
Yeah. Good afternoon everyone. Arjun, am I audible?
Arjun Wadhwa — Chief Financial Officer
Yes, go ahead please.
Gautam Bawa — Senior Vice President
Thank you. Okay, as Arjun has already given the numbers that the test in the Edtech business we are down from 150 to 127 kilos. The issue here, as I’ve been saying for the last three or four quarters, there’s a structural change which is happening in the market with stones shifting more towards low value products and a greater propensity to look at the self depth also. The good news however is that we are by and large holding on to our numbers and a couple of programs, especially BB IPM seem to be doing better in terms of numbers.
And while the base is small, we see BVIPM becoming a bigger item as we go along. Mba again, there’s a small thing that this paper was slightly difficult and normally a difficult paper leads to high amount of coaching. But I will not look too much into it. By and large. Yes, there’s a positive news, but I still think despite this positive news, we are in for some kind of a structural shift, especially in the graduate segment and the difficult period is likely to continue for another two to four quarters. Law has by and large been steady and Cueto has not performed as we wanted to initially because of various issues pertaining to the unpredictability of the paper and it not getting the traction it needed from university admission point of view.
The university admission, the platform monetization that we do, allowing colleges and universities to reach out to our students is doing fairly well. And that’s the business that is likely to grow by about 10% publishing against him still is doing reasonably well and author lets see white label sales etc by and large continue to exhibit growth. As far as the market is concerned. Coming back to the structured shift that I was talking about, as far as this market is concerned, we are looking at two or we have experiment with a couple of things and we will be experimenting with a couple of new variants as we go along.
One of the things that we are looking at is to try and dig the wall between the offline and online modes of coaching. The advantage that we have is that we are present in about 120 cities so an online student can definitely look at getting support from us wherever he or she is based. Similarly, an offline student when he or she needs should be able to go online. So we are trying to work out a way in which we are able to break this barrier between online and offline and which can become a distinctive competitive advantage for us.
One small experiment we had done in the last season in Delhi was AFA which says attend from anywhere and has been fairly successful and be word of mouth about its posture. Similarly, if you look at the other parts I’ll shift towards the smaller product the thousand series all about for test series all of them have been received well and in terms of numbers we have grown significantly in these domains. Okay, other things obviously AI is the buzzword but yes we are trying to see how we can incorporate it in our academic support especially from a doubt solving perspective and and the support that shown needs 24 hours of 24 by 7.
We are also looking at expanding soon to school so institutional partnerships a couple of pilots are on and hopefully we’ll be able to we’ll be able to show give some good news in the next one or two quarters. One of the areas which has again created a good posture order for us is that via DICS we have been able to give students a live experience an experience of the the actual exam because the DICS platform is available that the centers are the 2 or 240 or deck centers are available. So we have launched this year as a pilot the MBA exams.
The entrance exam for cat. It was conducted live at our centers at the desk centers and as I said this paves the way for us to do the same thing for other exams. Also one of the success areas has been the platform monetization. As I said earlier going fine. Easy Apply is the application platform for the Stones and this year with the exception of CAT which is the admission test for the ims, practically all other NBA entrance exams are on our platform and we are hopeful of hopefully we’re able to get almost all the law school law exams also on a platform.
So here from a From something like 10 10,000 applications or 10,000 enrollments application form sold from a platform we are likely to go to 40 we are around 14 months 14k and this is likely to grow because the next 3 months is when the significant amount of application activity happens. So this is something which we are bullish on and we hope to take it to the next level in the next financial year because from an MBA perspective the season will be over in the next couple of months. From a BBA Law, IPM or the UG segment, the season will be on for the next six months.
It will start by and large from April and go up to July, August and then the NBA season will happen again. So so this is a segment which seems to be doing fairly well for us and should be a positive thing first going forward. Arjun, back to you.
Arjun Wadhwa — Chief Financial Officer
Thank you. GP Nikhil, if I could request you now to provide an update on the Martech business.
Nikhil Mahajan — Executive Director and Group Chief Executive Officer
Yeah, thanks Arjun. As you can see that Martech business has been showing a steady but a robust growth both in terms of revenues as well as in terms of profitability. The growth in the international market has been much better than in the Indian market. There are some challenges in the Indian market from a consumer point of view. The international revenues have grown from 33 crores to about 41 crores in the corresponding nine month period where the Indian revenues have grown from about 78 crores to 81 crores. I think the critical aspect of this is that we have added some of an extremely blue chip customer accounts not only in India but internationally.
In India we have added PwC, Himalaya drugs, Zoho. Internationally we have added Adobe Autodex, H2O, Xiamen Airlines as our customers. There are a couple of new customers which have been onboarded in the month of January, February, internationally, including Oriflame and a couple of others. So I think you customer onboarding is an extremely positive sign because new customer onboarding starts contribute though, starts slowly but once fully onboarded accelerates the revenue accretion going forward. As I had shared in the last call, the slight dip or muted revenue growth in India was predominantly driven by two significant customers, AWS and Air India.
Air India actually totally shut down its outreach and marketing operations post the air crash in Ahmedabad. The good thing is that they have restarted engaging in the market not only in India but internationally and we expect them to start scaling up in the coming financial year. Over the next 12 months, AWS was again an internal structural adjustment because they collapsed a few of their different business divisions into one. So for a period of about two quarters, businesses were unsure how to go about it. Things have stabilized on that account and I think we are currently in the process of executing a large ticket event in this quarter in India in the next two weeks.
And I think the turbulence in some of these large ticket accounts which had hit us in H1 has stabilized and I think we would should see a faster revenue accretion going forward. One specific update on business is that we had started slowly working around creating a CXO community. We have started engaging on customer driven CXO community engagement over the last 60 to 90 days and we have seen an extremely positive traction. We have done these kind of engagements successfully driven predominantly with Google, PwC and to some extent by Dell. I think as we start expanding this engagement across a larger set of customers with a larger set of CXO communities, not just CMOs, but CHROs, CFOs, the CIOs and CTOs, I think that will establish a much stronger foothold for us to be able to accrue revenue from different divisions of business.
As of now, 99% of our revenues come in predominantly from the CMOs, CIOs and the CTOs. And we are working towards diversifying that basket going forward. Which is our social events and business arm catering to luxury weddings and social events. We started off about nine months ago. We have accrued of revenue of about 6 crores, having executed just about about 4 events. As you would know, this is a segment where the business incubation to closure cycles are pretty long. Take about three to six months from the initial engagement to the final closure of business. And the event execution could again be six to nine months down the line.
So I think currently as we, as I speak, we are sitting on a reasonable strong wedding pipeline. But large chunk of it is execution and delivery. And in FY27, I think as we report even the next couple of quarters, we may not have too many events. Most of the events execution for them are in Q2, Q3 and beyond. But we are sitting on an extremely healthy pipeline for the next fiscal.
Arjun Wadhwa — Chief Financial Officer
Thank you Nikhil. Satya, if I could now request you to come in and provide an update on the mysati initiative.
Satya Narayanan R — Chairman
Yeah, sure Arjun. Hope I’m audible.
Arjun Wadhwa — Chief Financial Officer
Yes.
Satya Narayanan R — Chairman
Go to the next slide, Arjun. Yeah, okay. Hi. Good afternoon everybody. As you know, one of the things that we were looking at when we acquired NSE IT and rebranded it as Dex IT Global was also to search for not just addition of business impact at the overall group level, but some significant value creating disruptive initiatives. And the one that we picked up and focused and we have executed IT over the nine months is what is something that I’m going to cover here in the next five minutes. We have the links and the releases etc everything on the on the website.
You could take a look at it. I will quickly cover this. You know SATHI stands for Scholastic Aptitude Test for Higher Ed Institutions. And as a test prep company and also one who has seen assessments as DEX IT for the last two decades. One opportunity that we have picked up is can we create and own an assessment IP platform of our own wherein the core strengths of CL as well as DEX IT they are deployed in the marketplace. So what SATHI does is to look at four 21st century skills which have been approved both at the NEP, going all the way to the United nations as the important skills to be evaluated for for youngsters as they get into higher education or they get into the workplace.
Because of the NEP 2020, this has acquired a lot of importance and every university is trying to build their curriculum in and around it. So mysati.org has been launched. The first MVP is to help students in 11th and 12th take this examination and then the universities will begin accepting this as their score for admissions. Which means a university could be using an IIT JEE as a score, it could be using a CUET as a score or an SAT as a score and it also similarly will use MYSATI scores. That’s the starting point. The two important innovations in this and it’s very important for us to appreciate this as it could be a very game changing innovation in the Indian higher education and the talent pipeline landscape.
One is this is India’s first on demand examination which means unlike an IIT JEE or a CUET which happens in a particular window of one day or seven days, this is an on demand exam. Today you can go to mysati.org you can as a student pay 500 rupees, choose a city and a location of dexit, pick a date and time and take the exam. That’s number one. Number two is this also is the first computer adaptive test in our country. Unlike other examinations. So deploying AI while GP covered a couple of places where we are deploying AI in terms of academic support, adaptive learning, etc.
Here the adaptive testing is also going to deploy AI in a very. In a very real sense. So we are starting with the middle part of this. What you are seeing on the screen. Saathi 4C. 4C standing for creativity, Collaboration, communication and Critical Thinking. There is a precursor to it called Saathi now which will be done in grades 8, 9th and 10th as a preparation. Now stands for National Aptitude Olympiad. That also will test the forces. And we are also looking at SATI exit exam which is going to be represented as Sati X which a student takes while he is in the final year or the penultimate year.
And the corporations, organizations, recruiters, they will accept that score. Let’s move ahead. Arjun. We worked on it. The work began as early as April. The product development, the platform, everything is in Place. On the 23rd of January we formally launched the platform. You can see a few photographs where eminent people from some IITs, IIMs, chancellors, they’re all there. And the assist the universities. Think of it as a now a SAS model where universities, they get empanelled on an yearly subscription model. And as you know we have 55,000 colleges. We’ve got, you know, government universities, private universities.
So there is, there is the demand for talent. They come onto the platform and they get the Mysathi scores. Schools also will get a mysati zone. They will come onto the platform and the students pay just 500 rupees. That’s a massive price disruption also that we are doing. And we are able to do that because the distribution, the technology is already in place of NSE IT which we are leveraging and the ability to design an adaptive test along these four Cs. That capability is there with us. We further added more competencies both in India and abroad.
All those details are available in a full length videos that you can find on YouTube as well as the link is on our investor zone. That’s the assessment part. At the same time the revenue monetization for Mysati would also come from the easy apply that GP was talking about. We’ve done 14,000 applications this year already without the Mysathi because over 125 universities work with our, one of our divisions, CL Media for their market engagement for their application etc. Now when the universities come on mysati that’s. We believe that that’s going to get a multiplier effect and in application form the benefits are the student gets application forms at one place whereas we get about 70% of the revenue from the application forms that go to the university.
This is a very standard practice. That’s the second monetization opportunity which means and we also answered this in a detailed FAQS that will go live on the investor zone. You can take a look at it and we are happy to respond to more questions. Number three is as you know gre, gmat, sat they also have the official practice tests and official learning zone. That is also something that the practice tests are already live. The learning zone will be live in the next 45 days and that’s the other monetization opportunity which means for every student who comes and takes my sati at 500 rupees if he applies to four institutions using easy Apply on our platform and if he or she takes a couple of practice tests and learning zones, the monetization opportunity could move from 500 rupees per student to about 6 to 8,000 rupees per student.
Let’s move ahead. The the good news is that even before we have rolled it out we have 18 empanelled universities, about 900 courses and about 45000 seats that are going to be filled through Mysati. And if you look at the quality of institutions IIT Madras, Zanzibar campus I am Mumbai for their executive program BITS Pilani for their diagnostic and development programs for students inside the campus. These are some of the good university. If you look down south, GITAM is a well known university in the twin states of Andhra and Telangana. So the good quality institutions, 18 of them are already onboarded and we are in discussions with 75 more and the idea is how do we get Indian universities? We are in conversations with a consortium of nine universities from uae.
We are in conversations with the through Australian Embassy with a bunch of Australian universities which are setting up campuses in India and six of them have signed up with us for the MYSATHI CL media outreach program already. So it is looking like something which is which could be very disruptive, very transformational. And we also believe that once we build these deep institutional relationships with universities it’s going to benefit all the three entities in the group which is dex IT for instance is already doing the entrance examination for Ashoka University or GITAM or IIM Bangalore Distance Learning Program.
So the moment we are able to then go and solve one problem for any university with the relationship could be private or public, then the other services could come around and the utilization, use of AI, use of distribution of both CL and XIT and the availability of these assets to be sweated with a new idea called MYSATI looks a very very promising initiative which has started entirely after the acquisition and we are looking forward to executing this and scaling this over the next two to three years. I’ll take the rest of those rest of the questions where it is relevant.
Thank you. Back to you.
Arjun Wadhwa — Chief Financial Officer
Thanks so much Satya. I’ve. If you’ll just give me a few minutes, I’ll just go through the questions that have come. We will now take up your questions over the next 15 to 20 minutes.
operator
Sure. Thank you. First question. Gp, if you’d like to take this is the CUET business not picking up. This is from Gunit Singh.
Unidentified Participant
Okay. Okay. Munit Cot business is there in terms of volumes and not in terms of value. The issue with cut has been the way it has been conducted in the last three, four years. It has lost significant amount of credibility among these drones and they don’t look at seriously. So while they prepare for it they go for the shorter versions or the, let’s say the lower price variants. And that is what we have been focusing on now. So CVT is unlikely to become a big growth driver first. But yes, the numbers would be there. It will suffer from a pricing and hence the overall value that we’ll be able to derive from the product is not going to be as high as we anticipated initially when it was launched.
Arjun Wadhwa — Chief Financial Officer
Thanks gp. There’s some follow up questions also from Gunit so I’ll just take all of them at one shot. He’s asked about our standalone business making losses. Gunit, the loan that we have taken for the decks acquisition, the 210crore loan that I spoke about earlier is on the books of the parent entity. And when you look at the standalone numbers, the interest cost that comes from that loan features on the books of that entity. And as I spoke about earlier, there’s the interest cost and then there’s the indus impact of the capital reduction scheme for the redeemable preference shares that exist from the NSC regime days which cause and which make the losses look more extreme than they are.
Specifically Gunit has also asked about is there seasonality in the Dex business? Yes. Just to explain the Dex business again very briefly in terms of the way it is structured, there are two lines of where the business runs. There’s the certification and accreditation business, which is more like an annuity business. It’s what Satya was speaking about as the on demand side of our business. For example a client of ours, irda, which is the insurance regulatory authority, you can book a slot and come and do an exam. That business runs right throughout the year, 365 days of the year.
And similarly we have other clients who also fall under the same category who use our 237 center infrastructure for on demand exams. So, IRDA, ICAI, UIDI, NISM, NCFM, all these exams run right through the year and there is no seasonality involved. This is very much like an annuity business. The second part of our business is recruitment and entrance exams which works on when is the exam happening. So the exam could happen over a one day period, it could happen over a seven day period, it could happen over A 30 day period and the revenue recognition would be accordingly in line with meeting the performance obligations as per Indas 115.
So there is an element of seasonality that hits the business and typically we are a little H1 heavy as compared to H2. But there is also the matter of the business not necessarily being aligned with financial quarters per se. So you bid for contracts, you go through the RFP mode, you go through the tender mode and when the so it’s typically works on an order book system where you have six to eight months of time lag between when you start the process of applying for business to when the business actually tends to fructify. So what we report from a financial numbers perspective is what gets translated into revenue.
But we also have a pipeline across both the accreditation and certification business and across the recruitment and an entrance exam business which would fructify in Q4, in Q1 of next year, in Q2 of next year and so on. So I hope that gives you a little bit of understanding about how the DECCS business moves and why EBITDA is. It’s not a Q1, Q2, Q3, Q4 consistent line of business that happens across certification and accreditation but not across recruitment and examination. Satya, there’s a question on the fundraise and the loan from promoters. Would you like to take that up?
Satya Narayanan R — Chairman
Yeah sure Arjun. So as all of you know in the context of acquisition of Dexit Global it’s a wonderful asset and our experience of now having run it for four quarters with the top line growing and the EBITDA which is in the 4550 crore range, it looks very solid in terms of growth over the next three years and we had taken loan for that acquisition in addition to partially funding it from our internal accruals or free cash that we had. Needless to say we stretched ourselves a little bit and we are absolutely convinced about the quality of the asset, the quality of the acquisition and the medium term to long term benefits of this both baus independently and together synergistically.
However, there is a short term Little bit of a cash stress situation which is acute and short term. And it is in that context that we as a board have looked at raising a small amount of capital. While our much clearly articulated goal of becoming entirely deleveraged in 24 to 36 months, that stands. And we are in this process, in the first step planning to raise a small amount. We have taken an approval of up to 50 crores. We may not go all the way and while that process will take as you know, anywhere between 6 to 810 weeks we as core promoters we are extending some loan at terms that are determined at an arm’s length approved by the good governance formula of neither more nor less with respect to other loans once the road is clear in four to six weeks time the same advance, what we are giving now, that’s, that will become our investment and we are fully convinced about this quality of investment and that’s, that is our expression of confidence.
However we are extending it as a quick advance to make sure that day to day business does not have to feel more stress than what is needed. So that is the context. I would want to reassure all of you that the, the quality of growth, the synergies of both Dixit and CL and the actual numbers that have played out even in the last four quarters that gives us enough confidence to tell you that this is something that we are fully convinced about and we will, we will look at this as a small effort in the overall path to becoming debt free over the next 24 months.
Thank you.
Arjun Wadhwa — Chief Financial Officer
Thanks Satya. There’s a follow up question on how do we plan to raise the 50 crores and do we plan to raise it at the parent level or in one of the subsidiaries?
Satya Narayanan R — Chairman
Yeah, sure. Thanks Arjun. I think it is appropriate for me to mention that as we have mentioned even earlier we have inbound conversations and also one or two conversations that are happening with both financial and strategic investors. Some of them are interested in the parent entity. A couple of them are interested only in Dex. At the boards of both the companies and the investment subcommittees of the board we are engaged. We are examining those. The, those conversations could take anywhere between four to seven, eight months but I think in calendar year 2026 we see that happening.
So we are very mindful as an institution, as a board that the best option of raising money in the, in the parent vehicle at appropriate valuations or the 100 sub dixit we will make the right decision at an appropriate stage. Some of these are very interesting, very exciting conversations. It is not appropriate for me to make a mention of those prematurely. And that’s what gives us the confidence, notwithstanding certain other short term signals in the market etc that we are very confident about how it’s going to pan out. The only place where which GP covered adequately is where we are also beginning or we are also working upon reinvention.
Some initiatives that have to so payback is the test prep structural disturbance that is there. That is something that we need to focus on. The rest three engines, whether it is Dexit, CL Media or Keystone, those are doing very well and we are hoping or working towards Mysati emerging as a very very valuable strategic engine for at least two out of these three, if not three out of these three in the next one year. Back to you Arjun.
Arjun Wadhwa — Chief Financial Officer
Thanks Sathya. There’s a question from Manoj Bhagaria, one of our longtime investors. What is the tenure of the 210 crore loan and repayment schedule and rate of interest? Manoj, it’s a six year loan with a rate of interest of 11.9% and a structured repayment which is loaded towards the back end of the the final three years with the first three years being a little bit lighter. I’ll I’ll take up some more business questions and then I’ll come back to a few more of the finance questions in between. Gautam, if you’d like to take up this question, it’s from Rahul Bansali again, one of our regular and long term investors.
With the EdTech business potentially going through structural risks, are we looking to do any strategic partnerships going forward?
Gautam Bawa — Senior Vice President
See strategic partnerships, that discussion keeps happening on and off with different players. I would not take name of any and even at this point of time we had discussions with a couple of players but it has to make sense for both of us. And since nothing of the sort has happened, there’s nothing on the nothing let’s say on the paper right now. But these discussions keep on happening and any good opportunity we get we always willing to look at things because we think we have great products, we have a great network and other players who want to ride on our network can always come in provided it works for both of us.
So yes, we are open to it, but nothing concrete at this point of time while discussions are on.
Arjun Wadhwa — Chief Financial Officer
Thanks gp. Nikhil, there’s a question on the Martech business. How will the mix of revenues between international and domestic pan out over the long term and how do we scale the international business going forward? Also if you could share some specifics on how Versa is performing in North America. This is a question from Henil. Nikhil I can’t hear you. If you’re speaking, you’re not audible. Are you muted?
Nikhil Mahajan — Executive Director and Group Chief Executive Officer
Nikhil yeah, I muted myself. So as I said, the international growth had been much faster over the last four to six quarters and we expect that growth rate to continue to be faster as compared to the Indian market. Our growths in Indonesia, Singapore, US they’re growing at a pretty steady rate and as of now international accounts for roughly around 35% of the total revenues. I think over the next three to four years we expect international revenues to become almost equal to the domestic revenues. Regarding your question of Versa, I think we have started deploying it.
We are currently doing a pilot for two customers in the us. We are also doing a pilot for Salesforce as I had shared earlier, that is predominantly for the North American market but but has been invoiced from APAC because of Salesforce internal constraints because we are not yet registered as an empanel vendor there. While we are registered in apac, we are in the process of getting impanel at Salesforce North America. So I think the initial success stories of Versa are beginning to reflect. But this is a journey where the acceptance from pilot to a large scale commercial deployment takes between two to four quarters and I think we will go through that cycle before expecting a rapid ramp up of this effort.
Arjun Wadhwa — Chief Financial Officer
Thanks Nikhil. While I have you, there are also some follow up questions on utsav. What is the cash burn in the UTSAV business and will profitability drag UTSAV and as a result the company over the next six quarters and how do we leverage the contribution of Sanjeev Kapoor and Sameer Puri specifically in terms of leveraging it across utsav.
Nikhil Mahajan — Executive Director and Group Chief Executive Officer
Okay, let me answer that in two parts. OTSAV is currently an extremely lean and mean team of just six to seven people and the predominant cash burn is in terms of people investment, technology and product investments which I think we have done substantial part in Year one. We are expecting the total cash investment required for maintaining overheads and keep rolling up and expanding business to be in the range of 11 and a half crores in the next 12 to 18 months. As the business scales up with each successful project closure there is a cash surplus which is getting generated and I think by the end of the next 12 months we should hit the cash breakeven situation and move forward from there to a cash positive situation.
I hope that answers that query regarding Sanjeev Kapoor and Sameer Puri. I think the Sanjeev Kapoor agreements, once they were approved by the board, will now get executed. While Mr. Sanjeev Kapoor has been from behind the scenes helping us in terms of business development, referring clients, I think with the formalization of the association now we expect a significantly enhanced leverage and participation from him and that should result in an accelerated business growth not just in upsav. We’re also expecting some positive rub off of that association even in the Keystone corporate business over the next maybe 12 months.
It may not happen in the next two quarters, but I think that positive rub off should start reflecting in a detailed and a more intense engagement with a certain segment of client in which Mr. Sanjeev Kapoor has an extremely positive reputation.
Arjun Wadhwa — Chief Financial Officer
Thanks Nikhil. I’ve got a ton of finance related questions so I’ll just answer them all very quickly and then Gautam, I’ll come back to you for some more edtech questions. One of the questions is what is the receivable cycle in the decks business? It’s typically 60 to 75 days. There’s a question on is there any deposit to be given for GST demands? Typically a 10% deposit is required to contest any GST demand unless it is quashed through a writ petition. If you are specifically referring to the update that we provided in this quarter on the CL media erstwhile CL media related demands, the significant portion of that we are hoping to quash through a writ petition for which we have taken a legal opinion from Lakshmi, Kumar and Sridharan.
They are one of the top legal groups in the country for indirect taxes and they strongly believe we have an excellent case on that point. For anything which requires us going to the appellate tribunal, a 10% deposit is required. There’s also a question on what non core assets do we have and how much can we monetize that we have a land parcel in Raipur for a school we used to run and we have a few buildings available in Pune, Delhi and Mumbai. The total worth of those is about between 25 to 30 crores. We continue to look for buyers for those and as and when we have something relevant to report on that front, we will definitely share it with you as an investor group.
On the edtech business there are a few questions in terms of what is the scalability possible for the BBA and IPM business overall and what is the traction in the publishing business especially on the B2B side which we had spoken about earlier. Also, which verticals under EdTech will drive the recovery and given that we will be under pressure for the next Two to three quarters. How do we see it moving forward?
Gautam Bawa — Senior Vice President
Yeah, I’m sorry Arjun, I was on mute. Quite a few questions together. I’ll try to take all of them but if I miss out, I think you’ll have to repeat the questions. Okay. So. So. So first of all when you look at how do we move forward which are the sectors which are going to show show the recovery path. See the. This is a structural change. So it is going to impact all segments. Some segments it will impact more, some little less. What I mean by that is when you look at the school segment, school to college or the UG segment, BB IPM law, these are segments which are by and large paid for by the parents and parents are little more, little less hesitant in terms of paying extra money for for the for from an education perspective.
However, when you look at the the graduate segment or the college to college to further study segment, whether it is gmat, GRE or it is for study abroad or it is mba, these are the segments for which most attempts the student himself or herself is paying and there they are little more circumstant and they try to conserve money. So. So if you ask me what is going to be the way forward? The way we look at it, the way forward from a recovery point of view is keep your focus on volumes. When it comes to the graduate segments.
Yes, you have to keep innovating on the product, keep adding value value to the product and as I said earlier, make sure that you are available in all formats and there is a interoperability which means you should be a student, should be able to move from online to offline and vice versa. And products like test series and small products which are not the complete program but one segment only maths only English only, reasoning only law kind of products are the ones which are going to drive the recovery. Obviously that means we’ll have to go for higher volumes while we have been able to grow our volumes by and large.
But it will mean higher volumes but at a lower price. So the volume growth will have to be significantly higher than what we have seen so far. BBI PM is likely to be a growth area for the simple reason post graduation is optional, graduation is compulsory and in the current scenario a large number of IMs and IITs and the other premier institutes are launching UG programs and that is what could be a good driver and that is what could be a good replacement from a MBA perspective. So whatever is the fall in the revenue from mba, it is possible that you’ll be able to pick it up from a BB IPM kind of products.
Arjun, can you just repeat the remaining questions?
Arjun Wadhwa — Chief Financial Officer
GP I think you’ve covered everything except for the publishing business.
Gautam Bawa — Senior Vice President
Okay. Publishing business, it’s steady. It is still doing what it is supposed to. Which means the growth is then the normal growth is there. We still have a few ortho back titan as well a few authorless or GKP titles where only the company name is there. So steady business, no significant growth but no decline also and the steady 10% odd growth kind of a thing is happening continuously. We have consciously cut down on a few retailers and distributors keeping in mind the let’s say keeping in mind the viability which means the payment based on the payment cycle that the distributor or retailers have for us.
We keep on turning them along. Yes Arjun, back to you.
Arjun Wadhwa — Chief Financial Officer
Thanks. GP There’s a question on what comes under allocated costs in our segment reporting that is largely corporate expenses which are not necessarily relevant to any specific business which includes the leadership team, the secretarial team, a few members of the finance team and any legal related costs. And of that nature I hope that addresses your question over there. I’m just running through the question list to see in case I’ve missed anything critical. There’s a question on how much of the depreciation in the decks business comes from leases. We have about 9 crores of depreciation from a 9 month perspective in the decks business of which about 8 crores comes from the right of use assets which is again an INDAS requirement.
I think that addresses most questions. Again I’m just double checking the list to see in case I missed anything. There’s a question on whether we are likely to need to discontinue any more businesses to compete for projects in the DECCS business. No, there are no such plans as of now. Whatever needed to be done we took those proactive decisions last year in terms of eliminating any potential for there to be any conflict of interest. There’s a question on, you know, can we work with the likes of icai, ICSI and so on in for the Dex business? Yes, we are already working with ICAI.
We will do between 20 to 25 crores of business with them this year. What we do with them is we try to help them improve their pass percentage for students who write the CA final exams by introducing four modular tests which students take at our DECCS locations. These are open book exams which are designed to and they’ve made it mandatory to clear these four modules to be able to appear for the final CA Exam. We are in talks with ICI to improve our product range and our product offering with them. Our platform, of course, as you’re aware, is exceptionally robust and we can add a lot more modules to the same.
So conversations with ICI to do that are on. We’re also in talks with them whether the foundation exam can be moved to a CBT type module modular exam and then can be done almost on demand like some of the other exams that we’re doing with ICI and with irda. So those conversations are ongoing, but they take a little bit of time to fructify. We also remain engaged with ICSI specifically in terms of looking at modules that we can do with them. So some of these projects are ongoing as are a lot of conversations, as Satya mentioned, with universities which as being part of the CL group, we work with a lot of university partners.
So the DECCS team is working on expanding those relationships and also looking to add more corporate clients to help corporates with their L and D and training goals. So you’ll hear a lot more news from us over the coming four quarters on what Dex is doing and how we hope to expand that business going forward. Satya would like to come in.
Gautam Bawa — Senior Vice President
That’s okay. That’s okay. Arjun. I think you’ve covered it well.
Arjun Wadhwa — Chief Financial Officer
Yeah, thanks. So if there are no more questions, it’s also 4:30. We’ll wrap up this session here. If I may. I’m just going to put the last slide back on the screen. That includes my contact details and my colleague Amit. Feel free to get in touch with us or with members of our IR team, Ajay or Muthu, for any questions that you have. If you need a deep dive on any of the numbers, book a time slot with us and we’ll be happy to answer your questions in detail. We’ll be back to interact with you with our Q4 numbers later this year.
Thank you everyone and have a good day.
Gautam Bawa — Senior Vice President
Thank you, Arjun. Thank you everybody.