INDIAN RAILWAY FINANCE CORP (NSE: IRFC) Q3 2025 Earnings Call dated Jan. 21, 2025
Corporate Participants:
Manoj Kumar Dubey — Chairman and Managing Director and Chief Executive Officer
Sunil Kumar Goel — GGM (Finance) and Chief Financial Officer
Analysts:
Parth Jariwala — Analyst
Naman Kumar — Analyst
Akshay Patil — Analyst
Mohit Jain — Analyst
Ritika Dua — Analyst
Kamal Mulchandani — Analyst
Paramjit Singh — Analyst
Manish — Analyst
Prithvi — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to the Indian Railway Finance Corporation Q3FY25 and Nine Months Earnings Conference Call hosted by DAM Capital Advisors Limited. [Operator Instructions]
I now hand the conference over to Mr. Parth Jariwala from DAM Capital Advisors Limited. Please go ahead.
Parth Jariwala — Analyst
Thank you, Ryan. Good morning, everyone. Welcome to the Indian Railway Finance Corporation Limited Q3 FY25 earnings call. To discuss the business update from the management, we have Sri Manuj Kumar Dubey, Chairman and Managing Director and CEO; Ms. Shelly Verma, Director, Finance; and Sri Sunil Kumar Goel, GGM Finance and CFO.
Without further ado, I would like to hand over the call to management for their opening remarks, post which we can open the floor for Q&A. Over to you, sir.
Manoj Kumar Dubey — Chairman and Managing Director and Chief Executive Officer
So, thank you, Parth. Good morning, friends. So, I am delighted to meet you all today to discuss IRFC’s quarter three results and our future outlook. Before we dive into the numbers, I want to acknowledge the hard work and dedication of my entire team. Their commitment to excellence is what makes our growth story possible.
So, let’s take a moment to appreciate where we are and where we are headed to. So, here I am with Q3 Results in hand, which are stable, steady, and consistently moving upwards. Company’s asset under management and balance sheet has grown phenomenally in recent past. With the debt to equity mix or gearing ratio, as you say, crossing 9 times a couple of years back, the same is cooling down and we are recalibrating our growth plans with active action for steady AUM numbers, with plans to harness better deals and margins in coming quarters.
We are — we proudly maintain an extraordinarily high CRAR of more than 700%, as you know, and also a clean zero NPA record in the history of the company. After a brief period of consolidation, we now stand at the threshold of our next growth phase, eager to confront new challenges, looking for the new business areas other than Indian Railways per se, and capitalize on fresh opportunities.
With the perennial revenue stream from earlier funded projects, including five-year moratorium projects until FY27, the Company has been rigorously working on cost optimization and anything coming out of that is adding directly to my PAT.
Our leasing model continues to benefit us adding 25% extra to our PAT. As you know, we are a zero tax Company due to our tax-free status under the Government of India’s IT rules.
In the last con call, I had spoken about our intent to diversify beyond our direct leasing model to Indian Railways and I am thrilled to share that we are walking the talk, and that too as briskly and quickly as possible. You must be aware that your company for the first time participated in an open bid for a coal mining development project having forward linkage with Indian Railway and emerged as the lowest bidder, outsmarting almost all the banks and NBFCs in the fray.
Friends, this is the first confirmation of our intent and motto to provide the cheapest funding to any Railway-related infra projects of excellent asset quality. It is a milestone that showcases our strategic vision and demonstrates our competitive edge and the fact that we are walking the talk.
As you see, our actions speak louder than words and we at IRFC live by this mantra. Our growth story, driven by higher margin businesses in our product mix, will continue to unfold every quarter through tangible actions and results.
We are extremely aggressive in tapping the cheapest fund resources which are our raw materials for actively mobilizing more and more funds under 54EC bond market, zero coupon bond market, and domestic bond market, apart from keeping an eye on any opportunity from various currencies in ECB market. In fact in the last two months we have done most of the domestic market bond tapping, which earlier was not that frequent.
In the end, I thank you all for joining us for this important occasion and for being part of this extraordinary period of stability, growth, and excitement in IRFC’s business journey. We are committed to continuing our upwards trajectory, driven by our strategic initiative and financial prudence. Together with this very focused and energized team, we are sure that we are going to rise to new heights and strengthen our position in the Railway infrastructure industry as a leader.
Thank you so much, and let’s start with the question-and-answer session.
Questions and Answers:
Operator
Thank you. Ladies and gentlemen, we will now begin the question and answer session. [Operator Instructions] The first question comes from the line of Naman Kumar, an individual investor. Please go ahead.
Naman Kumar
Hello, Good morning, everyone. Thanks for giving me the opportunity to ask the question. So, my question is more with respect to debt-to-equity ratio. So what I understand from the earlier calls is that the debt-to-equity ratio of 10 is the self-imposed limit. There is no statutory or regulatory requirement to maintain debt-to-equity ratio for IRFC to be 10 or something like that because as you know — as you already mentioned, CRAR is very high. So, is there any concrete policy which IRFC has already taken that if needed the debt-to-equity ratio can be breached above 10? Or will it be time dependent as and when the opportunity comes, the decision will be taken?
Manoj Kumar Dubey
So, Naman, as you know, it is not that there is no regulatory aspect. There is a regulatory aspect from RBI which is around 7 to all the NBFCs. Yes, because we are funding to sovereign, so our limit is a little relaxed. So we have set our limit to 10.
And going forward, we — since we are looking forward to business outside Railways also, so we would like to be hovering around somewhere 8 to 9, this is the target right now.
Let us see how our product mix goes ahead every year because year by year now we are focusing more on — more lucrative businesses where we do more high margin in the Railway infrastructure itself.
So, having those product mix in our baggage, we wish to maintain something around 8 to 9, not crossing that in the future.
Naman Kumar
Okay. Okay. Thank you. That’s all from my side.
Operator
Thank you. The next question comes from the line of Dr, Akshay Patil, an individual investor. Please go ahead.
Akshay Patil
Hello, sir. From the past three quarters, the results have been — the top line and bottom line have been more the same, stagnant. So, what are the forward — what is the forward-looking statement for the next financial year?
Manoj Kumar Dubey
So, Dr. Akshay, many companies are slipping down also, so happy for you that your Company is not slipping down. We are at least maintaining where we are. So, in the business, that also is not a very easy thing to do.
So, what we are doing is we are maintaining or little — doing incremental in where we were in the past. Rest assured, going ahead, we are working very actively on ensuring that our bottom-line growth is bigger than what we have right now quarter-by-quarter. The reason is, are you are — if you are following us, we have already ventured out into the other than Railway businesses.
[Technical Issues] my margin is fixed to INR0.40 and INR0.35. Once we code out, the margins are quite higher. I am not quoting a number, but it hovers around somewhere between 3 times to 5 times of what I am getting in the Railways.
So, once more and more of those businesses will come to my kitty, rest assured that PAT line — PAT will be growing steeply quarter-by-quarter. So, that’s the guidance I want to give you, without giving any numbers.
Akshay Patil
Okay. It means that even the top line remains stable, the bottom line is about the same?
Manoj Kumar Dubey
You see, top line, yes. Top-line, as you see right now my top line comes from Railways, so where numbers may be bigger, but yield is lesser, right?
Akshay Patil
Yeah. Yeah.
Manoj Kumar Dubey
So, what we plan is, we plan to maintain the asset under management, but within that, the mix has to be towards lucrative assets where I earn, say 150 bps, 200 bps, and still be cheaper than any of my peers.
Akshay Patil
Okay.
Manoj Kumar Dubey
So, if you understand the mathematics, you will come to know that even if my AUM is not growing in that steep level, my PAT will be growing. And for the investors, PAT is more important than the top line.
Akshay Patil
Yeah, yeah, yeah. I got to know. And one more thing, when we can see this converting into the results, from the next quarter?
Manoj Kumar Dubey
I think if you are following the news, we keep on informing the exchanges. And from exchanges very rapidly it is coming in the news also. We have already been selected a lowest bidder in one project of more than INR3,000 crores, One INR700 crores ticket we have already done with NTPC, and many more are in pipelines. As and when it materializes, we will be informing you through the exchanges.
Akshay Patil
Okay. Okay. Okay, thank you very much. That’s all from my side.
Manoj Kumar Dubey
Thank you.
Operator
Thank you. The next question comes from the line of Mohit Jain from Tara Capital Partners. Please go ahead.
Mohit Jain
Yeah. Hi. Sir, in the last two budgets [Technical Issues]
Operator
Sorry, your audio is not audible.
Mohit Jain
Can you hear me right now? Hello?
Manoj Kumar Dubey
Better?
Mohit Jain
Yeah. Yeah. So I’m saying since the last two budgets there has been no allocation on the railway side. What are your expectations from this budget and should we expect no allocations or do you expect things to change in this budget?
Manoj Kumar Dubey
You see, if you have followed my conference call in the last quarter, we have made it very clear that our bags are full of what we needed from the government side, more than INR4.5 lakh crores. And whatever I get from the extra budgetary resources allocation from the Indian Railways, it is coming at INR0.35 and INR0.40 only. So, that is not a very lucrative business for me.
So, anything coming from the budget will be now icing on the cake. But we are actually now looking for the whole Railway ecosystem where we want to finance everything, like PPP or any other thing which comes through the Railway system at a better margin.
So, let’s look forward to those kind of businesses more. Government of India, it’s in their hand, if they need money from extra budgetary resources, they will surely come to us. Whether they are coming this year or not, it will be clear only after the budget.
Mohit Jain
Okay. So as of now there has been no communication from the government’s side?
Manoj Kumar Dubey
Budget. If you know, budget is a very secret document, so there’s no communication to anybody about what is coming on the 1st February. So, only [Speech Overlap] the people who are involved in budget they know about it, right.
What an indication I can give you is that, as a management, that we have transformed from those era as a company. Today, we are looking forward to the businesses which are giving us better margins to me. I am giving you a flavor. If I am doing INR3,000 crores business with anybody else than Railways, it is akin to a INR12,000 crores business of the Railways. If I am doing INR10,000 crores business outside Railways, it is akin to nearly INR35,000 crores or INR40,000 crores business with the Railways.
So, friend, we are looking for those kind of assets now which give me more PAT [Speech Overlap] rather than that. What comes under government, if they need it, it will surely come to me only from the Railways.
Mohit Jain
And as of now, ex of Railway business would be less than 1% of the AUM, would that be correct at this point in time?
Manoj Kumar Dubey
It’s 1%?
Mohit Jain
Of the AUM, the overall business mix.
Manoj Kumar Dubey
No. As such there is no threshold on us. We may tap the market as per the opportunity available to us. There is no [Speech Overlap]
Mohit Jain
No, no, I am asking, at this point in time the AUM mix of the non-Railways business would be less than 1%?
Manoj Kumar Dubey
Yeah, right now yes. You are very right. It is just the beginning. For the first time in the history of the company we are doing business outside Railway as a client. Sure. Thank you. Those are all the questions that I had. Thank you.
Operator
Thank you. The next question comes from the line of Ritika Dua from Bandhan AMC. Please go ahead.
Ritika Dua
Sir, a question on similar lines. On this project that you said is obviously the coal block project which you were mentioning, how does the spread work here? That’s the first question.
Manoj Kumar Dubey
So, Ritika, we can’t tell you the numbers that we have quoted, but you understand, we have participated into an open bid where all our peers from NBFC, you know their name, they all participated. And almost banks also participated, and we became lowest.
So, you may be having a flavor of what NBFCs quote and what banks quote. So, we quoted very competitive, and I am very happy to share that we became lowest because we have access to very cheap funds.
And as I mentioned in one of the questions, just to give a flavor, what I get from the Railways is INR0.40 margin. So we will be getting anything between 3 times to 5 times from any of the biddings. So, you can put your numbers like that.
Ritika Dua
Okay. So, sir, this 3 times to 5 times is even applicable to this project as well?
Manoj Kumar Dubey
I mean, obviously, obviously. You can tell me a flavor of what rates my peers quote in the market if you know, tell me.
Ritika Dua
No, sir, that clearly obviously is much higher than — so maybe — okay, fine. And sir…
Manoj Kumar Dubey
They are much, much higher. I am at 40 bps, they are at what tell me, 250 bps, 300 bps?
Ritika Dua
Right sir. Right sir. I get it.
Manoj Kumar Dubey
So, we are beating them in competition. So, if you follow my last con call, what I said that, we are striving to be the cheapest in the market for Railway ecosystem. And despite being the cheapest, my legroom is such that I will be getting much more of margins than what I am getting from the Railway business. That is the beauty and custom of this company today, and that is why we are very excited into mopping up everything which is a good asset in the Railway parlays.
Ritika Dua
Sure, sir. And sir…..
Manoj Kumar Dubey
And to give you one more flavor, when I talk about Railways, it is backward-forward linkages. See, that coal block which is being developed, coal will be evacuated and taken by the Railways to the power station. It comes to my ambit. Tomorrow if a port is getting developed, port will be connected to Railway line, it comes to my ambit.
So, there is a very huge parcel of the business that is on the platter, and we have to pick and choose and quote a very competitive rate and still earn very handsome than what I am earning from the Railway. That’s the future guidelines.
Ritika Dua
Sure, sir. And sir, the second question, so this obviously does not require any MOU change because this is largely in the ambit of what is — in the ambit of IRFC because this is Railway and Railway allied.
Manoj Kumar Dubey
Precisely.
Ritika Dua
What about maybe the non-Railway business which required us to get some permission, maybe regulatorily or maybe from the ministry, where are we progressing there?
Manoj Kumar Dubey
So, Ritika, right now as you rightly mentioned, the Memorandum of Understanding — Memorandum of Article is so huge that, as I mentioned, anything which is backward and forward linked with the Railway business is already in my ambit. Now we have ventured for the first time in the 40 years of the company, and we are looking forward to a very lucrative business in the hand, including many refinancing opportunities also.
Let us first mop up them. Going down maybe couple of years if our hands are full, then we will look forward to going and funding anything and everything in the infra sector. Right now we believe that a couple of years, our hands will be full with the kind of business that we have on the platter.
Ritika Dua
Sir, just on this — on the comment that you just made, two follow-up on that. One is, what is the refinancing that you mention?
And secondly, when you think that now that obviously the disbursements have not had picked up for us because of the way the EBR progresses. So, going forward, any guidance that you would like to give on how should the disbursements shape up from here? So, two questions.
Manoj Kumar Dubey
So, I gave you the indications. I can’t give you — I can’t share right now with the project that we are thinking of refinancing, but just a flavor. We never funded anything outside IR, but there are many allied projects which are already running, and they are being funded at a very high rate.
So being now positioning ourselves as the main financing arm of the Railway ecosystem, we want to look at every business which is there on the platter. If they are at a higher rate, we wish to refinance it at a competitive rate. Now, as and when those agreements will be done, we will be informing you through the exchanges. But I can only tell you that now since we have started looking at those businesses, we are finding them as many.
What was your second question? The second question was the guidance. Guidance, we don’t give the number guidance, I can give you one guidance that I am repeating in every answer. Suppose if I do INR10,000 crores business outside Railway, it is akin to INR30,000 crores to INR40,000 crores of business that we do for the Railways. Incidentally, when the last EBR we did, that was INR33,000 crores.
So, you can do the backward calculation, if we want to exceed that how much I should do outside Railways, and that is the minimum target that we are putting ourselves.
Ritika Dua
Thank you, sir. Thank you so much for answering.
Operator
Thank you. The next question comes from the line of Kamal Mulchandani from Investec Capital Services. Please go ahead.
Kamal Mulchandani
Hello, sir. Thanks for the opportunity. I had a couple of questions. Firstly, if you could just help us understand that what is the proportion of the AUM for which moratorium is going to end like over the next few years? And what would be the impact on our AUM because of that?
Manoj Kumar Dubey
So, my CFO, Mr. Sunil, will take up this question.
Sunil Kumar Goel
Currently, it is around 35% of my total AUM. And going forward, since we follow — we fund two types of assets, one is the rolling stock and another is the project assets, and in case of a project asset we have a moratorium period of five years.
And — for — whatever — during this moratorium period, we have the complete moratorium for interest as well as principal repayment. And during this moratorium period, whatever interest-servicing we do, that is also considered as a fresh disbursement. That will be considered as a fresh business for me. And going forward, till ’26-’27, I don’t see any impact on my AUM. My AUM would be more or less at the same line because of my business model.
Whatever capital recovery I am getting through lease rental, that will be offset by the interest servicing, whatever I will do in future years for this project asset. I think I have answered your question.
Kamal Mulchandani
So, just wanted to understand that if the interest you said you consider it as a disbursement, so — but we have some nil disbursements during the last seven-odd quarters. So how does it work out? Like, are you [Speech Overlap]
Sunil Kumar Goel
No, fresh disbursements haven’t been made during last two years. But whatever debt servicing I have done during these two years, that is a fresh accretion to my AUM, and that is exactly offset by whatever capital recovery I do through the lease-rental.
Just to give you a flavor of the numbers, during this current financial year, I will be getting around INR20,000 crores as capital recovery, and same quantum of the money being done through debt servicing over this — for this project asset, and that — these two items will offset each other. That is why there will not be any major impact on my AUM.
Kamal Mulchandani
So, can you guide what would happen post-FY27 if there is no further allocation in EBR? So, like, I assume that the capital recovery would be much higher than INR20,000 crores post-FY27, and if no interest is being capitalized because of the end of the moratorium period, the rundown in the AUM would be much higher. So, can you guide on this?
Manoj Kumar Dubey
So, Kamal, if you focus on my answers and also my opening remarks, I mentioned that we have the traction of this moratorium till FY27. And why we are working so actively on developing our business outside Railways in FY24-’25 itself, we have got two years in hand to create a business ecosystem where my AUM is coming from other than Railways also.
Now, Railways has not said that they will not be coming to us. They can come anytime. They come this year. They can come next year. Whenever there is a change in the allocation system of the GBS, that is Government Budgetary Support, they will surely come to us. But as a business, with this seven quarter lull that you mentioned, the management has taken a call that let us not depend only on the Railway funding — EBR funding since our balance sheet is extremely strong now and we have got good networth in hand.
And our mandate also says that we can fund anything and everything in the Railway ecosystem. Let us venture out. So, to pointed answer to your question is, rest be assured that when FY28 starts, this company will have a sizeable business mix coming out other than the Railways.
So, in ’28, even if the Railway is not asking for a single penny, rest be assured that our top line and bottom line also will be growing because of our expertise and our hand-hold in the whole Railway ecosystem of the infra, right? So, this is what — towards that we are working. I hope I have clarified you.
Kamal Mulchandani
Okay, okay. Sure sir. Thank you for the answer.
Manoj Kumar Dubey
And just to answer your one more concern, as you mentioned that AUM after ’28 will be coming down drastically. What I answered in other questions is also that the kind of business that I am going to handle in the future, those businesses’ yield will be more.
So, as I mentioned that INR10,000 crores business if I do outside, it will be akin to INR30,000 crores to INR40,000 crores business that I am doing for the Railway. So, in the future, maybe after FY28 you would be requested to look more on the bottom line than the top line.
Kamal Mulchandani
Okay. Okay. Okay. Got it. But like anyways, like the overall AUM is like more than INR4.5 lakh crores. So will it move a needle much because of this, because the majority of the NIMs would be still from — like NIMs — the average NIMs would be like moving from 1.4% currently to what, like 1.6%, 1.7%, not more than that, I assume?
Manoj Kumar Dubey
We will not put the numbers. Let us see what is going to be the mix in the future. If it is 10:90 some number you can put, if it is 20:80 some number you can put. Let us see how the story unfolds.
Kamal Mulchandani
Okay, Cool. Sure, sure. Thank you so much for the answer.
Manoj Kumar Dubey
Thanks
Operator
Thank you. [Operator Instructions] The next question comes from the line of Dr. Akshay Patil, an individual investor. Please go ahead.
Akshay Patil
Hello sir, as you have just now mentioned about the backward and forward linkages, so talking about the backward and forward linkages, can you benefit from the national Gati Shakti program for multimodal connectivity projects?
Manoj Kumar Dubey
You have asked a very pertinent question, Akshay. Yes, that is a very exciting proposition which is coming on the platter. This dedicated freight corridor of eastern and western, they have covered only two lines. This country has got a golden quadrilateral. So four next lines of Gati Shakti are still on the pipeline. And capex should be huge.
Let us see what portion of capex is funded by GBS and what portion of the capex they want us to fund. So, maybe budget will give a more clarity on this. But yes, you are right, the country as a whole is gearing up to have this road decongestion and Railways is the mainstay and main connectivity line for the country.
So, this Gati Shakti will surely benefit us also, and it will have a very long-term effect on our AUM. It may be giving us the businesses for next decade or more.
Akshay Patil
Yeah, hoping to bag more of that. Thank you very much. That’s all.
Manoj Kumar Dubey
Same here.
Operator
Thank you. The next question comes from the line of Paramjit Singh, an individual investor. Please go ahead.
Paramjit Singh
Good afternoon, sir. My question is, now with the Gaza ceasefire, will there be any progress on the India, Middle East, Europe economic corridor? And what kind of impact will it have on IRFC?
Manoj Kumar Dubey
You are very right. So with this ceasefire coming up and the INSTC route that you were mentioning, those lines are already in the pipeline, and I am sure that with global things settling up, cooling down, peace coming to the picture, maybe Ukraine and Russia war also gets cooled down with the new dispensation at US.
These things are very exciting proposition. And Indian companies are very much into the scheme of the things because it will be diminishing the total distance kilometers by nearly one-third, and cost of logistics also will come down by nearly 40%. So, it’s a very, very important project for the world per see.
And anything which is coming to the Indian counterparts, we are very much into the system. As you know, we are a sister company to Container Cooperation, IRCON, RITES, RVNL, all are having very hard look on these projects. So, if anything is coming on those lines, we are very much interested.
Paramjit Singh
Okay, sir. Thank you.
Operator
Thank you. [Operator Instructions] The next question comes from the line of Manish from Middleton Capital. Please go ahead.
Manish
Sir, by doing more business outside the Railways, will it change the tax status by any means?
Manoj Kumar Dubey
Let my CFO answer.
Sunil Kumar Goel
As of now, I have a cushion of more than INR6,000 crores in my balance sheet as unabsorbed depreciation. I think going forward for next four, five years, I do not foresee any tax liability on my balance sheet.
Manish
Okay. I was just talking about, you said that you are a zero-tax status company, but by doing that what portion of business which is outside the Railways?
Sunil Kumar Goel
Still, still, whatever unabsorbed depreciation currently I have in my balance sheet, that will be sufficient to avoid any tax liability under MAT provision. And I don’t foresee any tax liability on me over next five years.
Manish
Okay. Thank you. Thank you. That’s all from my side.
Operator
Thank you. [Operator Instructions] The next question comes from the line of Prithvi from Sathkona [Phonetic] Investment. Please go ahead.
Prithvi
Hi Sir, my question is like, do you see any improvement in the net interest margin in upcoming financial year?
Manoj Kumar Dubey
Let my CFO answer.
Sunil Kumar Goel
Definitely, as my CMD has already told you, the mix of the business would definitely get changed and the non-Railway business will yield me a higher return. So definitely my NIM will improve. But putting a number to it would be difficult at this stage, but definitely my NIM will improve.
Prithvi
Okay. Could you just give any ballpark number for the NIM margins?
Manoj Kumar Dubey
So in the last question I answered. If you put a number, the mix is going to be 10:90 and for 10 the margin is said 3 times to 4 times. You can calculate it dear. If it is going to be 20:80, you can again calculate.
What we are saying to our investors is that story is going to — stories are going to unfold quarter-by-quarter. In fact, in the last quarter itself we promised that we are going outside, and in one quarter itself the company has not only participated the bidding but also has become lowest in a sizeable ticket size of the loan. This is what we are saying that we are walking the talk.
And as my CFO mentioned, more and more businesses that are coming from outside Railways, it is going to help improve my NIM as well as my PAT. So, improvement will be regular. Every quarter we expect that we will be doing better than the last quarter. And, obviously, that gives a very steady and very perennial kind of business that are promised right in the beginning of my opening remarks.
Prithvi
Okay, thank you sir.
Operator
Thank you.[Operator Instructions] As there are no further questions, I now hand the conference over to the management for their closing comments.
Manoj Kumar Dubey
So, thank you very much, DAM, and thank you very much, everybody who participated in the con call. I think we were very loud and clear in our guidances for the future. What we did in the last quarter is very much there to see. And as I discussed in detail that there is change in the strategy of business of the company.
And the product mix and the benefits out of that will be visible quarter-by-quarter. We are not putting any numbers on anything. But yes, one assurance is there that this mix will be skewed towards more and more business from non-Railways things in the Railway ecosystem itself.
What EBR thing I get from the Railway; it only can come from the budget. Let us wait for the budget. But surely the company will not be only dependent upon what we get from the Railways side. Company is now thriving, and company is now looking forward to all kinds of business in the ecosystem. And we believe that going forward, there is huge opportunity, which is on our platter. We are working towards that. And we believe that FY25-’26 will be very, very exciting for the company.
Thank you so much.
Operator
[Operator Closing Remarks]
Manoj Kumar Dubey
Thank you.