InfoBeans Technologies Ltd (NSE: INFOBEAN) Q4 2025 Earnings Call dated May. 02, 2025
Corporate Participants:
Surbhi Jain — Company Secretary and Compliance Officer
Avinash Sethi — Co-founder
Unidentified Speaker
Analysts:
Rupesh Tatia — Analyst
Unidentified Participant
Presentation:
Surbhi Jain — Company Secretary and Compliance Officer
Welcome everyone and thanks for joining the Q4 and FY ’24-’25 earnings call for Technologies Limited. The results are available on the stock exchange. In case anyone does not have a copy of the same, please do write to us. We’ll be happy to send over it to you. To take us through the results of this quarter, which we have with us two co-founders, Mr and Mr. We will be starting the call with a brief overview of the company’s performance and then we will allow the Q&A session. Can you ask your question by raising hands after the brief overview where Avinash is over and then we will address all the questions one-by-one. I would like to remind you all that everything said on this call that reflects any outlook for the future can be considered as a forward-looking statement and must be used in conjunction with the uncertainties and risks that we face. These uncertainties and risks are included, but not limited to what we have mentioned in the prospective filing with the and the subsequent annual report.With that note, I turn-over the call to Mr for clear remarks.
Avinash Sethi — Co-founder
Thank you,. Thank you everybody for joining this call. We appreciate your time and support to all this while this is a quick summary, I think few decks — few slides in the deck would be particularly for people who have joined the call for the first time. So just to tell them about what is this. We are a company founded in 2014 strong team are focusing on AI-led data and engineering transformation. We have so many locations in the worldwide. Most of the offices are in India, delivery offices are here in Indor, Pune, Chennai and. Offices in Frankfurt, and Silicon, New York are sales offices. So the founder in the US is. Please. A quick roadmap of the company. We started in 2000, had another office improved in 2004, then we opened offices in the US 2007 revenue at INR4 crores, which jumped to almost 10 times in 2015, which jumped to INR399 crores in 2023 and so on.
We have — we are a public company listed in and BSE from 2017, acquired our first company in the US and called its philosophy Group and then acquired our second company in 2021, which is it used to be called Solutions. It is now including Tech, which is now going to be merged into parent company into these technologies. We also onboarded as advice from the Board last year and then we had hired — we have onboarded Martia as a CRO earlier this year. Next week. Good numbers highlights here. As a company, we focus on two important principles. One is deliver fund is — fill a strong relationship with our customers, which is reflected from 95% from our existing customers, existing leaderships. And the second core principle is to focus on large enterprises so that we continue to expand those accounts and grow our wallet share for each one of them. Here we have a long list of enterprise clients, larger ones, which are 32 in number that includes Fortune 500 companies and businesses which are $1 billion-plus in revenue size. Another relationship aspect is with the team members. We have out of 1,400 team members, 166 are the ones who are within for more than five years and many of them are with for more than 10 years..
A quick snapshot on the financial side, INR410 crores is top-line, including other income. EBITDA is INR83 crores, PAT is INR38 crores. Cash-and-cash equivalent including AR is 256. If I remove account receivables of 86, then it becomes INR1700 crores of cash, which is mostly bound as a treasury into bonds and common liquid. Our revenue CAGR since 2021 is 24%. Several award certifications and partnerships with various players out there these are the core service offerings in which can be segregated into five verticals, enterprise application development, modernization, user experience and design, applications; AI-enabled solutions, ServiceNow, Salesforce, force platform-based solutions and automation around CIGD robot RPA and so. The key for the quarter, we appointed the sales leader in Canada and Nordic region to expand our sales presence in geographies apart from US, Middle-East and Germany. So that will expand our client access. I’ve got one AI project, which is for a standards organization from Canada, onboarded one large enterprise client this quarter. Our new leadership, we have signed-up — we have onboarded Open Perry.
She is a — I’ll put it on the next slide, so let’s hold-on to that. We award — we have been consecutively awarded as Great Place to Work and this is ninth time in a row and also awarded a green building IT park project by the NP government. We’ll talk about it in later slides. So we do our CSR activity through influence foundation and that was awarded by CRI for impactful work. We also plan to reach our team members birthday. The count is than to the other next slide. This is a slide on Opal. Opal is a Chief Data And Technology Officer for ECJet and based in London. She is an American, but she is currently posted in London. She also headed Technology divisions of all state herds and pods in the past. She brings a new-age technological of understanding of the business and will help strengthen our vision to play a significant role in the transformation efforts a co team all the founders, two of us are here, Mitesh is in the US and independent directors include Opel as their new member. Next. Our sales team and a client success team, very important go geters of the world to generate business for us and also expand in our existing client relationships. Most of them are with us for a very, very long period. Next. Again, a core team on the delivery side and on people side, again, superstars in terms of building the business, building the organization and delivering excellence for our customers next week. Thank these are the key customers who have been with us for an average retenure of more than nine years and there are various bigger names that you can see some name we cannot mention because of the NDAs that we have with the customers, but each one of them is a very long — is a very strong relationship that we cherish and we continue to build-on the relationships. Some key metrics, which we usually share annually. Between 23 24 — 24 to 25, our private count remain the same. Our enterprise customers have increased from 15 to 18. A client which has built more than $1 million is now 12 and clients which has been more than crore at least is more than 70 — is 70 now. Our share of revenue from existing clients has increased to 95% because the clients are also growing with us and we have an active effort to reduce the long-tail of clients which are not growing. Yeah, next week. Jumping on to the financials, this is a quarterly update of March quarter number jumped from INR100 crores to INR107 as compared to last year March. EBITDA from ’21 ’23 and PAT from 9 to 10. On the constant-currency terms, we have grown by 4%. If I look at last quarter, which was December ’24, the revenue growth is 8%, EBITDA is 32% and PAT is 49%. So pretty decent quarter this time, on a yearly basis, the numbers are far better at least on the margin side. If I look at FY ’25, the revenue hits INR410 crores, which was INR384 crores. Last year, EBITDA is 83, which was 67. Is a number that we wanted to publish for the benefit of the investors, telling them that even though the PAT number is low, but the cash accumulated in the business is on the higher side is increasing year-after year. The PAT is low because of the amortization and depreciation of the intangible assets that has added onto the books because of the acquisitions that we’ve done in the past. So essentially, we generate cash and we are — we can see the cash addition in the cash number every year and every quarter. So on the — on a constant-currency terms, we have grown 5.5% annual growth. Little bit more detail here. The expenditure is trying to be — we’re trying to be more prudent and trying to control the expense by applying a lot of cost optimization measures and therefore, the increase in revenue helps in increasing the EBITDA and PAT numbers. Next, please same story on the annual side, the demand has improved, the expenses are tight controlled, tightly controlled and therefore the EBITDA margin jumped from 17% to 20% on annual basis to. And if you look at the PAT margin, it has jumped from 6% to 9%. On the non-current asset, the — there is an improved, there is an impairment of goodwill of acquired assets and also the amortization of intangible assets as well. On the current assets, the increase is because of the profits added to the books. On the equity and liabilities, there is a reduction in current liability because of the contingent consideration that was supposed to be paid to the founders of the — of solutions, which did not materialize because they did not mean the numbers and they also exited the company earlier than the period. So that has reduced the liabilities part next, please. So without all the impairment, there is a more detail here. Philosophy group, INR0.8 crore, INR80 lakhs towards the reduction in tangible assets. Returnless solutions, INR22.6 crores towards the impairment of intangible assets and reduction in contingent liability of about INR22 crores because the founders were not eligible for the undoubt due on March 2025. This is the partner program that we initiated in 2020 with the second match and this is coming to an end now. The last installment of shares has been allotted to 36 members. And the total number of options under till now is INR573,000, which is a little over 2%. I think we have little more than 2% of total equity of. Annual dividend of INR10 and it will be up for the shareholder approval in the AGM. It comes to about 6.3% of PAT for this a breakup for by segment, renewal transformation, product engineering, more or less similar, 52% product engineering, 48% digital transformation. And so cloud revenue is decreasing in the parent organization in a total buy. Our US I mean a significant growth in the European market and also decent growth in UAE market for us. And that’s — this has reflected in reduction — increase in share of Europe and UAE and reduction of US — USA in the total pie when I break-up the revenue by geography. This is a good sign in a sense because US seems to be running in certain chaos and might be headed towards a recession. But with the derisking that we have been able to achieve in the last couple of years, we are in a good position. A quick check on the performance indicators. Revenue has been growing from INR196 crores to INR410 crores of EBITDA from INR54 to 83 that has PAT from 37 to 38. There is a significant drop of PAT in FY ’23 and FY ’24 because of the increase in cost, but we’ve been able to recover it eventually. And ROE/ROC is increasing because we have large cash reserves. We’ve been unable to deploy for the inorganic growth because for lack of right opportunity and a right candidate in front of us. Next weeks. We have a Great Pace to Work certification 9th year in a row and there are many more such awards we had. We also received recently an award of best companies to work for women in India and this was the 3rd time in a row. We also dream companies to up and so on and so on. So this is an interesting update. We have been awarded a IT Park project by the MP government. The land is offered for a three acres of land is offered for a very nominal lease of INR9 lakh rupees a year for 50 years and the idea is to build a IT park of or our building which is about 4 lakh square feet. Is a title with a consortium , formed a consortium with a real-estate developer and an investor to execute this project where holds 58% stake and as we expect to move this office from the current office to this building and we should be able to consume about 2 lakh square feet-in a five-year period, period which is about half of the building. And this is going to be green building, state-of-the-art campus that into beans wants to create to generally show a sign of strength, create the credivity in the minds of the buyers and also you know, create a experience by the team members who work from there every day. So we’ve seen that when we move to Crystal IT in 2014 and we have been able to generate a great amount of goodwill in the minds of our stakeholders, not only the investors, but the clients as well as the team members. People love to work from our office and that is what we want to enhance it and create a better version of it for — for a very long-duration. The capital burden for is going to be about INR30 crores, which is not a significant capital infusion looking at the size of our balance sheet and rest will be through debt because the land can be, you know, put as collateral for generating about INR150 crores of debt to build this product to build this building. Thanks, please. Thank you. And we did another analysis, go back to the other analysis we say that the kind of interest that we have — the kind of rent that we are paying today at I, if we continue to pay and have that increment built-in, it will take 11 years to recover the cost, right? So we are better-off if we are looking at a building which is allowing us to an occupancy of 50 years. So that makes a lot of economic sense as well next week. CSR award that we talked about CIA with award to us, go-ahead. So for those who are not aware, let me also tell you, we run under Informance foundation. We run a annual program on software development skills, it is called as ITEP, Information Technology Excellence Program. Here we train graduating students in any stream be it B-Com or BA or BBA and convert them into corporate ready software professionals. And after the end-of-the course, one year rigorous course, which is like six days, nine hours a day, six days a week for the entire year, after that program, the students really get mixed trained to be ready for the corporate and they get placed successfully. Over 90% success rate in terms of replacing these students. We started with 20 students. Now we have 280 students getting trained at. And this is for students. The family income has to be below three lag, okay, annual income. Next page. We also had a program that we signed-up with where we plant trees on the birthdays of every team member. We have done more than 2000 trees because it is about 18 months now and there also geotag. So people can really look at those pictures and even growing year-after year. Equity market data snapshot of promoters have 72% stake, 26% of the public, face value was INR10. Incidentally, we are in the eighth anniversary of. On 2nd May of 2017, we got listed on the NSE. The IPO price of INR58 and today at-the-market price of INR291, the market cap is INR709 crores and yeah, so this is where we are there 31 March. This is the 31st March. Yeah that’s pretty minute. Thank you very much. We are open to question-and-answers and I’ll let join this?
Questions and Answers:
Operator
Okay. Yes. So thank you, Vinash. All participants, we will now begin the Q&A session. If you have a question, please use the raise feature and we will unmute you when it will be auton. We kindly limit request to limit yourself to one question at a time. If you have a follow-up question or additional question, you can rejoin the queue and probably we’ll come back to you as the time allows. So first question comes from the line of Deep Bashish. So it is Rupesh. So Rupesh, please unmute yourself and start with your question.
Rupesh Tatia
Audible?
Avinash Sethi
Yeah, Rupesh.
Rupesh Tatia
Yeah. So congratulations team. So I think after several quarters, I think we have closed the INR100 crore operating revenue kind of like benchmark. So maybe if you can give some color on how the next financial year will look like? I mean, I know US market is extremely uncertain, but how will that look? And then is there a way that Europe, Middle-East, some of these markets can make-up some shortfall if there is from US and then at least we can expect, let’s say, mid-teen kind of revenue growth in FY ’26? That is one. And then the second is this — I saw that the goodwill and the intangible asset, I think was INR135 crores last year. The number in March ’25 balance sheet is INR100 crore. So would there be a material change in the depreciation amortization that we’ll charge in FY ’26? I mean, what would be — can you give some ballpark range on that? So let’s start with these two and then I’ll come back-in the queue.
Avinash Sethi
Thank you, Rupesh. I think if you look at last three, four quarters, we are inching towards a better revenue numbers as well as better margins. So clearly, there are some things that are working in our favor. On the market, on the macro side, I think when I look at — we are still a micro company, so macro may or may not really have a lot of impact. But when I look at our current customers and the kind of traction that we’re seeing in each of those bigger accounts, I think we are very positive in terms of the growth momentum. They should continue and obviously we’ll make every effort to increase. If you look at, we are also investing on the sales side. Armeet came in January and two more people that have signed-up had on roles, one in Nordic region. So we are investing in all directions and also trying to focus on four skills, four areas so that the outcome is much better. Plus we also optimize in terms of margin improvements. So all things are starting to fall in-place. So that’s very, very good growth. On the depreciation, you’re right, if there is a reduction in liabilities and impairment, the asset value has reduced by that extent, which will also reduce the impairment, which will — sorry, which will reduce the depreciation. So I think more.
Unidentified Speaker
Avinash, the total impairment is for goodwill, so it will not have any impact on the
Avinash Sethi
Asset also, right?
Unidentified Speaker
Yes, so but that is only INR77 lakhs. So that will not contribute much to the reduction of depreciation. So our major goes to the impairment of goodwill
Avinash Sethi
No, but in case of,
Rupesh Tatia
So maybe let me clarify the question. So March ’24, right, full-year annual accounts, depreciation amortization was INR29.39 crores. And in March ’25, it is INR26.56 crores. So roughly it went from INR29 crores to INR26 crore. And then the intangible and goodwill has reduced quite substantially by INR35 crore. So this INR26 crore that we see in March ’25, would it look like, let’s say, INR20 crore? Is that a fair estimate?
Unidentified Speaker
And so of the total reduction in the intangibles, INR10 crores is for the routine depreciation and amortization and the balance INR22 crores is for impairment of goodwill.
Avinash Sethi
So goodwill is not depreciated. So it will probably progress in the same amount. So I would say my guess is it will be less than 26 definitely. But whether it will go to 20%, I doubt. So yeah, I think That is the estimate that I can give you right away. But we’ll probably message you in more detail as to what is the specifics outlook.
Rupesh Tatia
Okay.
Unidentified Speaker
Close to 22 comments. Yeah.
Rupesh Tatia
Okay.
Avinash Sethi
Yeah.
Rupesh Tatia
Yeah, I’ll come back-in the queue. You said one. So, yeah.
Operator
Sure. So next question comes from the line of. So sir, please start with your question.
Unidentified Participant
Yeah, hi. Thank you and congratulations for your set of numbers. So actually, I just had one question. Basically this part this quarter there was announcement regarding AI, right, like a product named is deployed for some company. So like is this specific to some particular set of businesses or it — or domains or it will cater like all type of — the solution is for like what type of industries like primarily that was my question. And the second question was like what was the headcount for the company from past quarter and this quarter?
Avinash Sethi
So this is actually tool that will be used across domains and across industries. That is the good news there. And it has been deployed already into cases, two instances. We’re doing various other POCs also and InfoWins is AI first company now. So everything that we do, everything that we plan to do will have a very, very big component of AI building accelerators. Is one such shall I say product/accelerator and will be used across domains.
Unidentified Participant
So — and just one more just to add-up to that. So is this — this is an inbuilt product which was developed by correct?
Avinash Sethi
Improving.
Unidentified Participant
Okay. Thanks. And the headcount from past quarter to this quarter.
Avinash Sethi
Yeah. So there is a net reduction of 38 people. So we are at 1,360 is the right number as of March 31st.
Unidentified Participant
Sure. Thank you.
Avinash Sethi
The idea also is to use the AI extensively internally so that we can do a lot more with a lot less people. Not that we’re not going to be higher, but we’re going to increase our productivity significantly using AI. So AI used in coding, they are used internal processes, that is going to be a very big push. It has been a push for the past couple of quarters and it will continue to be a very, very big push in the next few quarters to come.
Unidentified Participant
Okay. So the customer which we got, that was the first active customer or you mentioned two, we have already deployed it for two customers.
Avinash Sethi
That was the first active question.
Unidentified Participant
Okay, okay. Thank you.
Avinash Sethi
Just to add, we have two more customers on the AI piece. Is one so they have one customer per kilo but there are other pieces that we’re doing with other clients where there is an AI piece involved and we are — so we are currently on three projects on AI right now. These are all smaller ones, but these are all paid projects. So that’s a good breakthrough in that space that we will trying to purchase.
Unidentified Participant
Great, great. Thank you for the answer.
Operator
So next question comes from the line of Bushana. So Sashi, please unmute yourself and come up with your question.
Avinash Sethi
Hi, can
Operator
Be another one so Rupesh you can come up with your follow-up question please unmute yourself and ask your question.
Rupesh Tatia
Yeah, hi, am I audible?
Avinash Sethi
Yeah.
Rupesh Tatia
So my first question is this crystal IT power project, INR30 crore capital investment. So that maybe I didn’t understand fully how it will benefit us. I mean I understand you are one of the big companies in Indore and it’s a good thing you’re doing for the city and all of that I understand, but I didn’t understand financially how it will benefit. So if you can give some — some color around that? That is one. And then the second is what is our utilization level at this and what is the hiring budget for financial year ’26?
Avinash Sethi
Yeah see campus is a very cannot be measured just financially. That’s one thing that we need to understand. In our own journey when we move from a very ordinary setup in the city to this park and created a World-class office and then the perception of the business changed right actually and that helps when a customer — I mean it is as simple as when we were it in a few days ago, it is as simple as you happy inviting your customers to your, to your workplace. Inviting investors or even senior leaders who you want to onboard in your company to really comfortably invite them into your space. You know. So we were not comfortable in inviting them in our previous office in the city. Now here we take lot of pride in inviting people and investors and I think in the list that we the list of people who are participating in this call, I can see so many names who have visited our office and that gives them a lot of confidence as to what it could be all about. That is one very important aspect to us.
And if you — if we are able to create a campus which is controlled and managed by us, we can actually create a far better impression to our customers who are coming from large MNCs, the large players, mostly global leaders, CTOs and CIOs and THOs of large companies now is from Germany or Middle-East, from US, we have an environment for them where they don’t think of us as a very ordinary company. That’s very important aspect to how you provide a workspace to our own team as well as create an environment. That’s one. Financially, what I was trying to allude to is, if I’m going to pay a rent, let’s say for next 11 years, the cost mechanics is such because the land is for free virtually, the cost mechanics is just that I could recover the entire capital investment including interest cost and the principal repayment in 11 years.
So it makes all the sense even financially to take that kind of a step. And the rest of the part which we are not going to consume ourselves is already as a part of the other — other partners in the consortium, they will be able to consume that part by leasing it out or whatever they want to do with that. Start with the 50% of the park and that is where our investment in the entire equation is going to be limited.
Unidentified Speaker
Also as an IT services organization, services organization. The — we do not have a product to show, to touch and feel. Our assets are our people and our customers when they come, they have to come and see the solidity of the company. That is what they are exactly testing or checking out when they are coming all the way from Europe or America to India. They just want to see whether this company is going to stick around for the long-term or not. And this plays a very, very crucial part in their decision-making process for — if they want to give us that, let’s say, a five-year contract, then would they give us a fire contract if we are in a rented, a small office has got nothing going with it or we’re able to provide them with a much better experience and they know that this company has invested for the next 1,500 years. So that piece is not part of an RFP, but it’s definitely part of a checklist that they sort of evaluate and say that, okay, this company actually is going to hold its ground for the next 1,500 years. And that is what we’re trying to do.
We’re trying to build an institution for the near long-term. So this is where this campus plays a very important part. If you look at some of the other larger companies like and PCS, a lot of their campuses are owned by them. They control the control the environment over there. And these are iconic buildings again to show the solidity in the company.
Rupesh Tatia
I — sir, I understand I’m not contradicting a need for a good office, good space, a showcase to clients. I’m not questioning any of that. So my point is you are getting into this — sorry, you’re trying to get into this build, operate, transfer and then some partner.
Unidentified Speaker
No, no, no, we’re not trying to get into that. No, no. That is the model that the government came up with. So we’re not trying to get into that and that transfer is 50 years from today, from 2025. So we’re not trying to get into that.
Rupesh Tatia
So the question is one In terms of focus and second, the assurance I’m looking for is one in terms of focus. And second, in terms of capital allocation, is this the best capital allocation?
Avinash Sethi
This is that is the reason we are consulting, whether it’s developer, at least a developer, there is an investor in it. So our — there is my environment in that sense from our end. So we have parties who are going to take care of it and we are an anchor client in that sense.
Rupesh Tatia
Okay, okay. And okay. Then the second question for the utilization and hiring plan.
Avinash Sethi
Utilization is increasing. I think we are crossing 82% right now. So that is on a monthly basis. But on the yearly, obviously, it will be under 80% right now because the earlier months were not as, but as optimized. But yeah, we are on a right track.
Rupesh Tatia
And hiring plan for ’26. But
Avinash Sethi
There is been growing everyone. This month we had 66 joiners in the month of April and we intend to have 50, 60 every month at least with the kind of visibility that we have. But that also — the net effect is going to be lesser because people also leave. But yes, we are hiring aggressively.
Rupesh Tatia
So 350 people net addition for the full-year, maybe 50% of — I mean,
Avinash Sethi
I think I wouldn’t go — I didn’t predict and forecast that.
Unidentified Speaker
The idea also is that to use AI, as I said, we improve productivity, it is not just the addition of people that we’re going to make addition of the right kind of people and optimizing the skill-set that we have today to make sure that this is the organization of the future. So simply looking at number of people hired might not give you the right picture moving forward at least. So a lot of the work that we want to do in the future is outcome-based and not purely based on how many people that we have on our payrolls. So predicting for the future might be a very big challenge today, especially when we are focusing a lot on trying to improve productivity easing AI.
We’d rather have less people, more revenue rather than more people than less revenue, right? So the utilization, as Aminaj said, was 70-ish percent going up to mid 80s and that is a big push in making sure that our people are much, much more productive today than what they were a year-ago and that process is going to continue for the future.
Rupesh Tatia
Okay. Okay. Yeah, I’ll come back-in the queue.
Operator
Thank you. Yeah. So participants will be able to take this last question, so which is from the line of Mr Kumar Saho. So, please unmute yourself and ask your question.
Unidentified Participant
Yeah, am I audible?
Operator
Yes.
Unidentified Participant
Great. You know, just one suggestion. You made a presentation if you could have done it in given the PPT 30 minutes back to doing better. But I’ve gone through some past presentations. One slide, which is I think new to this one is there are 1 million customer 12 numbers, which I think I didn’t find. So just wanted to ask a few questions on that. If you can just elaborate because for a company of our side, these 12 — 12 guys maybe totally around $20 odd million is what matters in terms of scalability. We already have established credentials and proof of pudding is already there. So can you just tell me the strategy for these 12 guys going-forward?
Avinash Sethi
So not only 12, but we — I also mentioned at the start of the presentation and we focus on building large long-term relationships. And as a part of that, we want to focus new customers. So put together, we have a long list of large customers, not just the ones which are making dollars in current revenue, but there are many more who has a lot of potential where we can generate over the years. So that is where we want to work closely with them, we want to service them a total of 32 customers which are — and the rest also talks about 14 Fortune 500 customers, 18 customers which are large enterprises each year, $1 billion-plus in their revenue. So we — we want to focus on all these 32 customers so that we can generate a much larger share of their ID spend and capture that. So that is where the focus is. So I will not just focus only on those 12, because on the 32 of those large customers,
Unidentified Participant
My understand that. The reason I’m asking and unfortunately, I think I’m only left with three, four minutes, but I will really request you to take some more time. The reason I’m asking is my experience in this industry is that it’s not the size of the customer that really matters. It does, but not really a lot. What matters is the scalability you have in that — in that client. You can have a $100 billion company, but you do $1,000 per month. It doesn’t matter because over a period of time, they either has slotted you as a guy who can only do this much or you don’t have enough of arrowheads to really go out and scale-up. So since you’ve already done 1 million, I think I’m assuming that $1 billion-plus kind of clients into the revenue. What is your strategy? How do you take that $1 million to a $5 million over next three to five years?
Avinash Sethi
So Philip, I would like you to visit us at own office. We can definitely talk detail on various strategies. But that has been our bread-and-butter. We have been working with Fortune 500 customers for 15 years, 20 years, you know and we — and we built this organization on-top of repeat business from these large businesses.
Unidentified Speaker
Now,, I think the next question is different if I understood correctly if I may though $1 million is our revenue from a client, one billion-plus each. So this client A, could be a $50 billion revenue company also yes, absolutely. So $50 billion company revenue maybe has $2 billion or $3 bill or $4 billion in IT spend. That’s what you’re asking?
Unidentified Participant
Yeah. What I’m asking is, I know what I’m asking is that, look, there is a maybe $20 billion company with IT budget of maybe $0.5 billion. But over 15 years or 10 years or five years, if your revenue could scale-up beyond $1 million, that means either he has slotted you or you don’t have enough of aerohead.
Unidentified Speaker
It’s not the same kind of customers.
Unidentified Participant
Okay, understood. So that is one more question that is our revenue a lot churning or is it like we have stayed and proved increased this thing? But, like you rightly said, I need to interact with you in more details and I’ll reach-out to you. But okay, fine. So let me just, you know, I’m assuming I don’t have time, but if I have, we can just extend a bit. My core question is that how do we — obviously, that’s a lot of times it is asked to you, how do you grow from here? Have we reached in this quarter a breakout point because for last seven, eight, 10 quarters, we have been struggling with growth. And how will that come from that I understood — I’ve been following your company for four, five years now, I never could attend the con-call is the first time attending. But I have a feeling that still as an investor, I’m not clear whether you got the growth mantra right.
Avinash Sethi
Okay, it is a work-in progress,. I cannot pinpoint whether this quarter was my breakout quarter or this year was my breakout quarter. It is only in hindsight that you can say that whether this happened or not. If you are following us, you would know that we are putting heart and soul into trying to grow the business with all possible means. If you look at the actions, we got on-board, it’s not easy to have person like him sign-up for a company like us. We are still a micro company and Panish has played with companies like, GoForce, which are among the top-10 companies in India. So if we are able to get that person on-board, obviously, there is something that we’re doing, right. If we are able to drive back into our margins, we’re able to optimize if we are doing AI stuff, a lot of these things that are trying to do. Now which one is going to be a game-changer, we don’t know. When we don’t know.
So it’s very difficult to point out, okay, this is the moment of Nirvana and all of a sudden after this will turn into multi-million or multi-million businesses on so on. So that’s why you — the kind of question that you’re asking needs a lot of detailed discussions. So you can’t just talk a strategy in a minute or two-minute.
Unidentified Participant
But I’ll reach-out. I’ll reach-out to you.
Avinash Sethi
Yeah let’s spend some time.
Unidentified Participant
Yeah. One curious question. Why should we chosen Nordic and Canada? Nordic is notoriously difficult to make an entry. So I know you already are good in Germany and US
Unidentified Participant
, I’m assuming. And at this kind of revenue, do you think you need to spread yourself to Nordic? What is the thought process in Nordic and Canada?
Avinash Sethi
See, Canada is working out well for us. We got two, three good customers in Canadian market. The AI project started in Canada. So we have all the imperative to actually figure out any multiplication opportunity there. Nordics also is a connection from Germany. The senior sales leaders that we have in Germany have known this person well and that’s where we are looking at that. So we are looking at the of the geography.
Unidentified Participant
Okay.
Avinash Sethi
That is where the value should come. So we’re not setting up an office there. It’s — it’s a person working from there and you are going to pitch the whole service line in Nordic and Canada or is it like some specific is a very narrow service line, particularly in Nordicated ServiceNow and Canada is standard development organization, particularly on the — on the AI side.
Unidentified Participant
Sure, sure. I will certainly circle back to you and after the call and I would — I would be ready.
Avinash Sethi
And just want to, we will have a good.
Unidentified Participant
Great, great. No, all the hygiene points are picked off, so I have no questions on the hygiene. So I understand true for all IT companies from India and true for us also. That’s one thing I want to understand in detail. So, yeah, Indor will be nice. Indor be that.
Avinash Sethi
Thank you.
Unidentified Participant
Thank you a lot.
Operator
Thank you. Yes thank you,. So over to you, Sudhi, for the closing note.
Surbhi Jain
Thank you everyone for joining this earnings call. And now you may disconnect your lines. Thank you very much.
Avinash Sethi
Thank you.
Unidentified Speaker
Thank you, everyone. Thank you for attending.
Thank you. Thank you, even goodbye.