Ivalue Infosolutions Ltd (NSE: IVALUE) Q3 2026 Earnings Call dated Feb. 04, 2026
Corporate Participants:
Sunil Kumar Pillai — Chairman & Managing Director
Venkata Naga Swaroop Muvvala — Chief Financial Officer
Analysts:
Unidentified Participant
Presentation:
operator
Sam. It. Sa. It. Sa. Sam. Sa. It. Foreign. Ladies and gentlemen, good day and welcome to Q3FY26 I Value Info Solutions Limited Earnings Conference Call. As a reminder, all participants will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on Passion Phone. Please note that this conference is being recorded. I would now hand the conference over to Mr. Prateek Jakta from ENY. Thank you. And over to you sir. Thank you Muskan. Welcome everyone and good evening and thanks for joining Earnings call of I value Info Solutions Limited for Q3FY26. The results have been mailed to you along with the investor presentation and it will be also available at www.highvaluegroup.com. in case anyone does not have the copy of investor presentation, please do write to us and we will be happy to share it with you. We have the top management with us. Mr. Sunil Pillai, Chairman and Managing Director, Mr. Krishnaraj Sharma, Executive Director and Mr. Swaroop Moala, Chief Financial Officer. Mr. Sunil will start the call with brief company overview and business update and then Swaroop will take us through the financial performance for the quarter and nine months gone.
By then we will open the floor for Q and A session. Before we start, I would like to remind you that anything that is mentioned on this call that reflects any outlook for future or which can be construed as a forward looking statement must be viewed in conjunction with the risks and uncertainties that we face. These risks and uncertainties are included but not limited to what we have mentioned in the prospectus filed with SEBI and subsequent annual reports that you can find on our website. Having said that, I’ll now hand over the call to Mr.
Sunil Pillai. Over to you Sunil.
Sunil Kumar Pillai — Chairman & Managing Director
Thanks. Thank you very much. Good evening everyone and thank you for joining us for the quarter three FY26 earnings call. Let me begin with a brief update on the quarter quarter three FY26 was a normalized yet decent quarter for ideally they’ve come from the back of Q2 which was our best ever quarter. As you know, Q2 was exceptionally strong due to the closure of some large long awaited deal that created a very high base. For comparison, on a sequential basis our gross Sales declined by 24.5% quarter on quarter purely due to timing of deal closures.
In our business, large yields are significantly influenced quarter on quarter and year on year number and such. Things are not unusual however. The underlying momentum of the business remains steady and healthy on a yearly basis. We are happy to report strong growth. Cross sales grew by 22.4% year on year and the PAT increase by 17.9% year on year. This performance reflects disciplined and consistent execution across our core technology segments which we usually call out that is Cyber Security, Data Center, Infrastructure, Information Lifecycle management and application, Lifecycle management, cloud and others. Our annuity led business continues to scale well.
It grew 34.1% year on year in nine months FY26 and now constitutes a steadily increasing share of our overall gross sales. This shift strengthens revenue visibility, improves stability and enhanced margin predictability. Renewals remained resilient during quarter three, particularly across BFSI and government verticals. Our funnel continues to remain healthy giving us good visibility as we move into Q4. We have continued to deepen our partnership with OEMs and system integrators. We have done business with 500 plus unique partners in this quarter. We are expanding our center of Excellence and investing in pre sales, process and service capabilities.
These remain our key differentiators for us. They help us win complex multi OEM solution led opportunities and build long term relationship across bfsi, government, healthcare, manufacturing and enterprise segments. As always our business follows a certain seasonal pattern with H2 being stronger than H1. We continue to execute in line with that rhythm and remain confident about Q4. We reiterate to all of you our FY26 guidelines or guidance of around 18% gross sales growth and 2022% pad growth on a year on year basis. This is backed by steady execution, annuity scale up and strong OEM and SI program momentum.
Having given that if some of you were there, part of my last earnings call am IPB call, I would like to touch upon a new area of business that is opening up and which could prove for all of us a greater opportunity to address this. And that is so I’ll take a step back and speak about the broader opportunity we see emerging particularly around AI and ot. India is entering the next phase of AI adoption. The first phase was about pilot and experimentation. The next phase is about AI moving into physical systems like factories, power grid, you name it, like logistic networks, refineries, hospitals and passports, restaurants and many more.
This is the AI plus ot inflection point that we call it. India’s AI market has expanded rapidly from about 1.25 billion in 2024 to nearly 13 billion in 2025 and it is expected to reach around 17 billion by 2027 but today the constraint is to is not intent or spend. The constraint is capability. Infrastructure must support high density compute Security must understand cyber physical risk. Organizations must manage AI models and data over long operating life cycles, especially in mission critical environments. India today has more than 80,000 GPUs deployed. We have 1,263 megawatts of data center capacity operating at nearly 97% utilization.
Around 78% of enterprises are using AI in one form or other in at least one function. However, more than 60% of industrial organization today still operate negative OT systems with limited visibility and minimal security integration. This gap is creating a significant opportunity across four converging domains precisely where IW operates and that is Data center and edge infrastructure Cyber security for cyber physical system, alm, cloud and AI platform information and model lifecycle management. We believe this convergence of AI with operational system will define the next multi year technology cycle in India and IT aligns strongly with our capability, data and strategic direction.
Let me briefly touch each of this how it’s going to be operationally beneficial for Ideally let’s take data center and edge infrastructure AI workloads are fundamentally reshaping infrastructure requirements which we all know. Current data center capacity is operating to near saturation and India’s total capacity expected to scale to about 8,000 megawatts by 2030. This expansion will require significant investment not just in core data centers but also in surrounding infrastructure, edge nodes, power systems, cooling architectures and manage solution. When AI converges with OT inference workload increasingly move closer to the edge. If I have to give an example, if you know you have a camera and you take a photo and you send it to the cloud, you process it and bring it here.
I’m talking about an AI tool that is already inbuilt into the camera. So when you take a photo it processes it then and there itself. That is what means by closer to the edge. This demand high availability infrastructure, deterministic networking, low latency architectures and resilient power design capable of operating in industrial environment. Every large scale industrial AI deployment triggers parallel investment both in centralized data centers and distributed edge nodes. This materially expands the opportunity across infrastructure design, system integration, lifecycle support and managed services. Now this trend directly aligns with our strength in data center infrastructure and positions us well to participate in the next wave of capacity expansion.
Moving on to cyber security which we all know when AI connects to OT, the APAC surface expands significantly. OT related incidents now account for nearly 25% of major cyber incidences in manufacturing and energy sector Downtime costs in OT heavy industries are very very high. Cybersecurity is now moving from IT risk to cyber. Physical risk growth will be driven by AI driven threat detection, OT aware SOFT that is Security, operation center, automated response across IT and OT and protection of AI models and pipelines. This shift is a natural extension of our cyber security portfolio and aligns well with the capabilities that we have built over the years.
Moving on to ALM that is Application lifecycle management, cloud and AI platform AI is changing how software is built and managed. AI assisted development reduces coding and testing time by 25 to 30%. AI native ALM platforms are growing exponentially, but in OT environment reliability matters more than speed. Application life cycles are longer. Continuous validation, observability and rollback capabilities become critical. Enterprises are increasingly adopting hybrid cloud plus edge architectures to support these workloads now. This creates a sustained demand for enterprise grade application lifecycle management cloud platforms another area which we are building strong capabilities. Last but not the least Information lifecycle management.
AI is only as trustworthy as the data behind it which we all know. Organizations now need to manage training data, real time OT data streams, model drip regulatory compliance and long lived models operating in physical systems. ILM becomes foundational for safe and explainable AI. Demand for AI ready ILM solutions is accelerating across regulated sectors. This play directly into our island focus. If you look at the combined impact of infrastructure, cyber security platforms and life cycle management, the opportunity linked to AI driven infrastructure transformation is substantial over the next few years and that is where we are building our capability to play a larger role.
A significant portion of this opportunity will come from OT heavy sector where AI adoption directly affects physical systems, operational continuity and safety. These industries will require deeper investment across infrastructure modernization, secure connectivity, intelligent platforms and long term life cycle governance. Our positioning across these four pillars give us structural relevance to this next phase of technology adoption. It is not a tactical opportunity for us. It is aligned to the core capabilities we have built and strengthen strengthened over time as we speak. All these trends gives us strong confidence and momentum as we move forward to FY27.
Looking ahead we see continued strength in the business. We expect sustained double digit growth supported by further scale of our annuity business. Increasing contribution from AI led infrastructure and cyber security opportunities which I mentioned already. Expansion in services and managed offerings, continued operating leverage as scale improves. Our focus remains disciplined, profitable growth, healthy cash flows and long term value creation. We are investing in capabilities, partnership and execution depth that can sustain performance over multiple years. With that let me hand over so Saroop to walk you through the detailed financial performance and thank you for having the patience and listen to me.
Over to you.
Venkata Naga Swaroop Muvvala — Chief Financial Officer
Thank you. Thank you Sunil. Good evening everyone and thank you. Thank you for taking your time for joining our Q3 earnings call. It’s a pleasure to meet you all once again. Before we go into the detailed financials, highlights and other things, I would just like to take a step or take a view from what Sunil has spoken and then talk about the needs of the business we do in our business we support large enterprise customers in their digital transformation chain. We support them across our four tech segments which is Cybersecurity, ECI which is Data Center Infrastructure, ILM Information Lifecycle Management and AME Application Lifecycle Management, Cloud and others.
Given this nature of the business which we do, this is largely influenced by large deals. Our average deal size is anywhere around 1 crore with the largest deal going upwards of 150 crores. Hence when you look at the numbers and see when you look at the performance, looking at it on a near quarter basis can be a bit myopic if there are any large deals in the current quarter or the previous quarters. For example, if you take our last 12 months performance we would have grown in close to around 20% on gross sales over compared to the previous 12 months and our PAT is remorse of 22.23percent growth as compared to the previous 12 months.
Having said that, if you look at the key highlights for the quarter and the nine month period it is like this. We have seen growth in the gross sales for the quarter and for the full year our gross margins have improved by more than 50 basis points during the quarter as compared to the last year and 65 basis points in this quarter as compared to the last quarter. Our annuity business grew around by 34.1% on a year on year basis. Working capital days have been predominantly flat at 51 days. We are currently sitting on a strong pipeline of 4,500 crores which we believe will be closed in near future.
Finally, I think this quarter shows a strong performance in terms of financial prudence, operational discipline which helped in GM growing faster than sales and PAT growing faster than the gross margin. Let us look at a quick summary of our performance for the quarter and the nine months gone by now Gross sales for the quarter stood at 670.1 which is around 3.1% growth year on year. Gross sales for the nine month period stood at 2,164 crores reflecting a strong growth of 22.4% on a year on year basis. This growth has been a broad based not just in one sector or anywhere.
It has been a very broad based things. On a net basis our net sales stood at around 225.7 crores for Q3.26. This is a B growth of 9.6% on a year on year basis. For the nine month FY26 the net sales stood at 783 crores. This is an 18.3% growth on year on year basis. As you all know, we measure our business on the gross sales. The difference between the gross sales and net sales is because of the change in the hardware and software mix. Talking about the revenue mix, three of our four segments have grown on a double digit basis during the nine month period.
Cybersecurity has been our main go to engine and it has grown more than 30% on a year on year basis. While both ECI and ILM grew by 16 and 23% respectively during the same period. Our annuity led business has been a core strength and differentiator for us which has contributed to around 41.9% of our gross sales for the nine month period. This grew by 34.1% on year on year basis. This showcases the strong revenue predictability and cash flow quality which we have generated over the period. Our gross margin stood at 58.9 crores and this gross margin percentage is at around 8.8% on gross sales.
Our operating EBITDA for Q3FY26 stood at 30.1 crores. This is 7.1% growth on a year on year basis and for the nine month period it stood at 90.4 crores. This is a 19.9% growth on a year on year basis. The pad for US is today 20 crores. This is a 12.1% growth on a normalized basis on a year on year compared to the last Q3. The PAD for the nine month period is 60 crores. The overall growth is around 26.9% on PAD on the year on year numbers. All these numbers which I mentioned with regards to operating EBITDA and PACT are before taking the impact of the labor code and the one time tax benefit which you have got accrued in Q3 25 or Q3 last year.
Now let us spend a minute on the impact of the Labor Code. I’m sure as investors you would have seen in many other companies as well that the new Labor Code which has come in warrants the organizations to make provisions as per the new definitions of wages which is there as an Organization. We have taken that approach for making provisions with regards to gratuity and leave and cashmere and we made an incremental provision of around 5.7 crores for this effect. As a company, we are in the process of restructuring the salaries of the employees so that we will be in compliance with the Labor Code.
There is a high likelihood that this provision might change in fact come down once the entire restructuring is complete. We’ll share the exact details once we once the entire restructuring activity is complete. Moving on. We have to talk about certain return ratios and balance sheet figures. Our working capital continues to be a good number without any great changes as compared to last year. The net working capital base is around 51 days for the quarter ending for the period for the nine month period ending 31st December 2025 for existed ROCE before the exceptional items which is the impact of the labor code is at 21.5% and ROE is at 15.3%.
We remain committed to a margin discipline, cash conversion and balance sheet strength while executing towards our FY26 objectives. We still are confident of achieving our stated goals of around 20% on a gross sales and 20 to 22% on a PAT growth on a year on year basis for FY26 as compared to the previous year. Thank you for joining us. I will hand over to the moderator to open the question. Open the floor for question answers.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star N1 on the touchdown telephone. If you wish to remove yourself from question queue, you may press STAR in two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question is from the line of the eight. Dick Sarkas from Unifi Capital, please go ahead.
Unidentified Participant
Net. Thanks for taking my question and a couple of them. We understand the impact of the launch deal in quarter two, but including that as well for us to meet our annual target for FY26 calls for a certain high mark in Q3, right? And we passed that. Which means now the high mark stands transferred to Q4. Given that you’re 1/3 into the fourth quarter, gentlemen, are we on track for this number And I’m obviously talking about just the patent number or just 22% worldwide growth? Or is this endeavor significantly back ended towards the last two weeks of March where we expect to slow the.
Sunil Kumar Pillai
Thanks thanks Bhavik for that question. The way we see is like this. The Number of amounts of bookings which we have, which we are where the orders are in hand, which we are about to execute and deliver, and the amount of cases where we are highly confident on the orders coming in probably in the next three to four weeks and then delivering it by March. I think we are confident of hitting the number what we have stated. Right. So. So which means this still might be a tad bit of uncertainty in March if there are slight difference or delays. At the client end.
Venkata Naga Swaroop Muvvala
Right. I mean, I’m just talking of regular business cases. I mean they’re not in the bag, you know, so as to say. A significant portion of the orders which we are looking at are already in the bank and a few of them are still we are working on them. Our business model is like this. It is not that we will have the order book which for the next six months or eight months up before itself. We do a lot of pre sales work and the pre sales work which includes value addition to the customer, value addition to the system integrator in solutioning the deal and all that aspects which you are very well aware of. After the entire sales work is done and we have the purchase order in hand, the delivery takes anywhere between two to four weeks, depending upon the nature of the equipment which is there, depending upon hardware, software and all that stuff.
So given that we are on track.
Unidentified Participant
Is what we believe. Sure, thanks for that. Secondly, swaroop on the annuity bit. How should we understand the profitability bit of this annuity? Can you just carve out the EBITDA EBIT margins of just the annuity run rate of our business?
Venkata Naga Swaroop Muvvala
But it is like this, right? What is the annuity business which we are talking. The annuity business is the recurring nature of the business which we have when we work with our system integrators and the end customers. For any opportunity, the end customer will always talk with the system integrator on a total cost approach, the TCB for the next five years, three years, seven years, whatever it is. But when we talk to our OEMs. Sorry, when we talk to the system integrators, we also give them the quote on that aspects only for the total period which he is looking at.
However, the system integrator in turn places orders on us on an annual basis. So at any given point of time we know that what are the deals which are going to come back to us in the next year and each quarter and that we call it as an annuity recurring business for us. No, I understand that. Swaroop. So say in the third year, fourth year, because there’s no fixed cost involved in selling or reselling that. I’m just trying to understand the margin profile of that particular business.
Sunil Kumar Pillai
Right, yeah, yeah, coming to that. When you see on a gross margin basis, there will not be any significant difference between the first sale as well as the renewal sale because all of them are negotiated together at a single point of time. But when it comes to the EBITDA margins, while as a company we don’t, what you call it as track the EBITDA margins for the annuity business separately, but what we can tell you is the sales effort which is required for the renewal business is significantly lower than that of a new sale. Hence, our EBITDA margins will be significantly higher for our renewal business will be higher by at least 1 to 1.5 percentage points as compared to our normal business.
Unidentified Participant
Yeah, no, I’m just trying to understand why the carry on that business or, you know, your gross margin on that business doesn’t come down to PBT. Because I mean, if this is a SaaS solution that you’re selling and there’s no incremental fixed cost involved, ideally, you know, a bulk of that should just flow down to your pbt. Right? I mean, am I missing something in that construction?
Venkata Naga Swaroop Muvvala
I mean, you’re partially right on that. That is what I’m trying to say. The sales effort for our renewal business is significantly lower, but you’ll have certain amounts of fixed costs which are office rentals, everything which gets apportioned. Second, you will have the people who drive the entire renewal business where you have to talk to the OEM system integrators, get the orders loaded, ensure that the entire products are delivered, the operations teams, the finance teams, everything are there. Hence it will not be a complete slowdown into a pbt, but the cost will be significantly lower.
That is the reason why we are saying that it will be at least 100 to 150 basis points more than the normal business in terms of an ebitda.
Unidentified Participant
Got it. And lastly, in the Sipila’s opening remark, I think he alluded to the fact that he expects sustained operating leverage at the business level. Right. So how should we read this in terms of your margin cabinets, in terms of how your margins should look 1224 months down the line.
Venkata Naga Swaroop Muvvala
As we grow in size, operating leverage is something which we are seeing it if you see INR this quarter as compared to the last quarter. Also our, what do you call it, as operating EBITDA grew faster than our GM and our PAT has grown much faster than our operating ebitda. So operating leverage is something there. But this would not be a very, what do you call it, a significantly, a different number. The way we look at it is if we are able to achieve 15 basis points of operating leverage every year, that would be a right number for us.
Unidentified Participant
Sure. And in terms of the cash buildup that we have, swaroop, you know, I understand the working capital limit is only so much. Any comments on your cash utilization in terms of M and A or payback to shareholders? I know we’ve discussed this in the past but any new thoughts on this on this subject?
Venkata Naga Swaroop Muvvala
Yes, yes, we have discussed this in the past. Any. We believe that we are now what you call it as a unique proposition addressing the Indian customers. If there is any suitable amendment opportunity, which we always hope for and if there is something which is progressing well, we’ll keep you posted on that. But what I can say is we’ll be looking out and we are looking out in the market if we can get good opportunities. We’ll definitely keep you posted on that. The second portion is with regards to the paybacks the shareholders, either in the form of dividends or buybacks or whatever it is we discussed in the past.
As we mentioned, the board is of the view that let the first year go by after the full year performance in the listed space and at that point of time the board will discuss and take a call on that.
Unidentified Participant
All right, thanks everyone. All the best.
operator
Thank you. The next question is from the line of amulet from Lucky Investment Manager. Please go ahead.
Unidentified Participant
Am I audible to you? Hello. Yes. Yeah, hi. Thanks a lot. Firstly, on the performance front, what I understand here is that in Q2 we were having a very decent pipeline and strong growth was expected in second half. So firstly on that line, a 3% growth on a year over year basis on the third quarter. Is there, is there something like do we see the spillover effect or something like that in the fourth quarter? Couple of points on that. Thanks for that. Hello, can I come in? Yeah, yeah, please. I thought somebody else was speaking. Thanks. As I mentioned in my opening remarks, our nature of business, given the size of deals which we operate, ranging from 1 crore to 150 crores, it is always good for us if we look at the business on a slightly larger period, 1/4, if you see it, it appears to be there’s a flattish number. But if you see nine month performance, we are growing more than 22% on our top line and close to around 27% on the bottom line. On a Normalized basis. Generally, yes, our Q2s or H2s are much stronger than the H1s.
This is what I have explained in my last call as well this year, given the fact that we had a very large deal in Q2, we still believe that H2 is going to be better than H1, but it would not be in the same range as that of the previous year. If you see the previous year almost 60% of our PAT has come in what do you call it, as in the second half this year also we see. We assume that it will be in similar lines. Okay, okay, okay. So.
Venkata Naga Swaroop Muvvala
So what you are saying is, what you’re saying is basically the fourth quarter would be the bulkiest quarter for you in terms of to annualize growth number. Yes, traditionally it has been like that. So hence we, we continue to continue with that, the same result. Okay. And secondly sir, in terms of the segmentation like we talk about cyber security data center and you alluded that, you know, this is like a multi year tailwind kind of a sector for us. Typically let’s say in these two buckets data center as a vertical, typically, what is our kind of our product consumption in let’s say 1 megawatt data center. What is, what is the kind of software which we supply or the hardware which will supply will go into the 1 megawatt of data center? No, it is not priced that way. I wish we could do that. Typically when we talk about what they are going to place in the data center. So with the 1 megawatt IBM a GPU would work there. But what we do is that we have switching, routing and all those things from a very large OEM where in a GPU come, they are the most significant player there. And that’s what we position, that’s what we sell there. Okay.
Unidentified Participant
Kind of. I think we are not a generalist. As we told you last in most of our discussion, we don’t play in a normal data center space. We stay in a large data center wherein typically GPUs are utilized. That is here we significantly play with the solutions that we represent. We are not in the lower, what you call routing, switching space.
Venkata Naga Swaroop Muvvala
Okay, so let’s say, let’s say now in a 1 megawatt AI data center, typically what would be like percentage of consumption of our hardware and software which will go into that? It all depends on what is the services these data center wants to provide to the market. Why I’m asking that there is no standardization asset because it’s all about the services that they render from them, they are presenters. I mean any, any, any number which you can give. Like when we are talking about India becoming a, you know, day center hub, typically what is the range of services you give? And our portion, if you’re asking me if I’m not receiving my reputation, our portion should be about sub 20% overall. 20 to the overall? Yeah. Which includes software, hardware and all the, what you call maybe a storage and everything. So ilm, Cyber security BC everything put together. Okay, okay.
Unidentified Participant
And typically what we supply, we supply the cabling. We supply the. No, we don’t supply the cabling sir. Then we do what all we, what all we do into the. When you say storage because storage. Storage, basically high end server computing. We do that, we do that what you call high end routing, switching. Okay. We do van off. Okay, okay. And this is according, this is according to you, the services you give is like 20 of the overall. 20% to be very frank. Okay, okay, okay. It all depends on what services they provide. Then cyber security comes, you want to, they want to secure setup some data that is being stored. Then obviously our PI keeps going up. It all depends on that. But then since you asked me 1 megawatt, you want to relate it with that? I’m thinking okay and typical. Thank you.
Venkata Naga Swaroop Muvvala
Sorry I lost you.
operator
Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants in the conference, please limit the question to two questions per participant. Do you have a follow up question? We request you to rejoin the queue. The next question is from the line of seven from Chris, pms. Please go ahead.
Unidentified Participant
Hi. Hi sir. So as you mentioned the AI and cyber security space and given on the lines of your last con call when you mentioned 2500 crore pipeline or funnel for Q3, how do we look about that after the fact and in the Q2 performance and going forward, is there any figure that you can quantify even in the space cybersecurity and AI?
Venkata Naga Swaroop Muvvala
So Chris, right now, as we speak now we have a funnel pipeline of over close to 4,500 crores. Okay. And can we. That could be, that could be potentially. That could be some that will spill over to next financial year and that could be beyond that and some of them would get closed in this quarter. But overall pipeline, if you’re asking me this is what it is currently as part of our qualified pruned NEAT CRM. All right, all right. Pipeline. Otherwise you have many like we can go up to 7,000, 8,000. But I’m just talking about the one qualified. Okay, okay. And can we quantify in terms of what segments are we looking at on the pipeline side like cyber security, AI, pci. IT is spread across all the four sectors offering. Okay, and given the, given your segment on the AI tools, do we see. Or foresee any launch of any products or anything? Any. Updated product that you can offer on the AI side of things?
Sunil Kumar Pillai
Yeah, to be very frank, we are definitely pursuing those kind of technologies and we know that AI has been very loosely being spoken about right now. While infrastructure is still far away from it today. If you want to adopt an AI, your infrastructure should support it. I think it is still being pursued by a lot of enterprises but they are going for it and we will be definitely ready by the time the market will blow some into it. So we are building our capabilities, we are looking at those kind of OEMs and definitely we will be in that space.
So in short what I’m saying is that definitely we want to step on those pedals.
Unidentified Participant
Okay, thank you sir. Thank you for your time.
operator
Thank you. The next question is from the line of Dashul Javeri from Crown Capital. Please go ahead.
Unidentified Participant
Hello. Hello. Hello. Yeah, hi. So sorry for the disturbance. Firstly just wanted to ask in terms of you know Q2 that you are saying you had a big deal, could we quantify that? Because I think in the last call we were mentioning, you know H2 is usually 60% of the revenue and we had kind of you know, DE growth in H2 in terms of sales. So just wanted to you know ask what was the, what was the, you know, how big was the deal sir, in Q2?
Venkata Naga Swaroop Muvvala
Thanks Dashan. Q2 one off large deal was north of 150 crores which we had in this. And second coming to the second point regarding to the H2 numbers, we always said that H2 will contribute more than 60, around 60% of our total pack. And I think we are still seeing the same thing for the full year basis. If you look at H2 will contribute north of 60% of our. Up close to 60% of our pack for the full year.
Unidentified Participant
Oh, okay, okay. Fair enough sir. And with regards to like in terms of FY27, like what kind of guidance can we look at it so because FY22, you know you mentioned a very clear cut guidance. So can we expect you know a bit higher growth than FY26 because we have such a great pipeline, you know. So any kind of color that you could mention in that, sir.
Venkata Naga Swaroop Muvvala
So d. Thanks, thanks for that. As an organization we don’t give a Forward looking guidance for such a long period given the fact that we are in the. What you call it as we come out and then are giving the guidance for FY26. But having said that, you could have understood from the commentary made by us by which is Sunil myself in this conversations about the pipeline, about the opportunities which are shaping out, about the AI coming in, about our play around it and all that stuff that the opportunities are looking. Right. We would just say that and leave it there.
Unidentified Participant
Okay, so fair enough. And so just want to know, you know, a bit thoughts on a trade receivable like in terms of our gross sales also it’s quite high. Right. So what are the steps are we doing to you know, kind of reduce that and what can be a normalized number that you know, we can see because from what I we can see like it’s like nearly more than a quarter sale. Right. So just wanted to know your thoughts about know our trade receiver.
Venkata Naga Swaroop Muvvala
The way we look at is given the fact that we are a technology aggregator where we buy on credit from the OEM and sell on credit to the system integrators and end customers. We always look at the holistic picture which is the networking capital base including the debtors, payables, creditors and inventory all put together this quarter or this nine month period. We have been unstable on the what do you call it as the receivables positions as well as the networking capital position. We are at around 51 days as of 31st December 2025.
Unidentified Participant
Oh okay, fair enough. Sorry, I’ll get back in the qr. More questions. Thank you so much.
operator
Thank you. The next question is from the line of Karthik from RK Investments. Please go ahead.
Unidentified Participant
Hi, thank you for the opportunity. Actually on the ground level I wanted to understand when you deploy your security solutions, are these enterprises asking for what. Kind of security Are they asking like are they asking for data, you know, data sovereignty? Basically between inside the data center there’s a lot of data security risk. Are they asking for that or are. They asking for cyber security? What exactly are they asking at the ground level? Karthik, am I getting your name right? Yes. Yeah.
Sunil Kumar Pillai
See there’s a lot of solutions that can be offered at cyber security. It’s just not only concentrated to data center. You have the edge. When I say edge, the laptop, the mobile. If you’re in a critical mission environment, then your mobile everything forms part of it. So we secure end to end from data center to the edge and in between data in motion, data at Rest everything needs to be secured. So there are multiple. I think that sky is the limit in terms of the offering that we have from cyber security perspective. We have over close to, if I’m getting my figures right, about 70, 75 OEMs in cybersecurity create a lot.
Spread across it. But even. Yeah, because you started seeing 80, 80,000 GPU. So let’s say I want to focus. On the data center because I mean these GPUs are part of data centers, right? So is the security stack that you are building, is it like traditionally different from a, you know, regular data center? You know, how is your. I’m just trying to understand what is the mother, right. Like how is this security solution drastically different from traditional data centers that we had and what are those solutions that gives you an edge over what solutions we had earlier?
Venkata Naga Swaroop Muvvala
I get your point, Karthik. So Karthik is like this if you ask me, traditional data centers where what do you call CPU based. And then the infrastructure that was required of the networking that was required, the tooling that was required, the architecture that was for a normalized data center is to be, you know, that’s what we have seen and heard about with GPU coming in, the underlying what you call the network changes, the routing, switching changes, the infra changes, the cooling changes, everything changes. Now not many data centers are what you call they are all gearing up.
If you see, I don’t want to take the names but then some of them that they are building their data centers based on only GPU and not on the traditional data center having given that it is all about the data that they are processing in their data center holding it. Okay, that all needs to be secured. That is where our cyber security condition comes in. And if you see Most of the OEMs that we represent today are also what you call those level of data center readiness they have shown that means they are AI ready.
They themselves have built a lot of AI tools within their security solutions which can give you a real time data about what next steps to be taken, what is happening in your network, what provision, provisional steps you should take in terms of protecting yourself. So all those things. So if you ask us currently our data from a security OEM perspective, they are all AI ready cybersecurity solutions that we have.
Unidentified Participant
Okay, yeah, thank you. And just one last question.
operator
Thank you. The next question is from the line of Patanjali from Nuama. Please go ahead.
Unidentified Participant
Hi, can you hear me? Yes sir. Yes we can hear you. So when I look at this application Lifecycle management segment. Right. It has witnessed significant decline on both. In three on three months. Q3, three months of Q3 and nine months. What is the reason? Any structural changes? What has happened? If you can just throw some light on that. Yeah, so there has been a significant problem. We noticed that and we are also, we are working on it. What happened is that we got this, as we mentioned to you in the past, if you have heard us, this ALM segment of the market has been fairly new for us. We just brought in, we got ready about one one and a half years back. While we were planning at a what you call numbers for this year we somehow overlooked that is something called a PCB and ACV total contract value and annual contract value. We, in a normal course of business we used to take 60% of our contract total contract value towards annual contract value.
That is the first year. But in this ALM phase it is not like that. It is generally typically what happens is that it is 25% annual contract value as compared to a 60% contract value. So we went wrong with our numbers a little bit here and there. But then having said that we may not achieve 100% but in Q4 we are, we are likely to bounce back at close to about 70, 75% of us. But we are code correcting it in the subsequent coming financial year. We are taking numbers according to that.
Venkata Naga Swaroop Muvvala
Is it answering your question?
Unidentified Participant
Yes, thank you.
operator
The next question is from the line of Nikhil from Kinsona Wealth. Please go ahead.
Unidentified Participant
Yeah, thank you for doing the opportunity. So my first question is like when we say that 4,000 to 5,000 crores. So how much is like a win rate in that python like even in the past. Question. Yeah, sorry, go on, go on.
Venkata Naga Swaroop Muvvala
Thanks for the question. The pipeline, what we see is the amount of opportunities which we are looking at at this point of time actively there’s a very clean pipeline as Sunil has mentioned. In addition to this pipeline we also will have new deals coming in, new opportunities coming in because of our extensive relationships with the end customers system indicators and the OEMs. If you see the win rate, traditionally the win rate has been around 30, 35%. If you see it this plus the actual renewal business which is there plus the new business which is there, all this put together we believe that there is a high likelihood of the performance being in line with the market.
Unidentified Participant
Okay sir, thank you for that. So the next question is on gross billing to revenue. So we have seen that revenue as a percentage of gross kept on declining like it was 44% in FY23 and. And it has been declining like 3 to FY25, 2 FY26. Now we are just 33.7% and the revenue for the grant level is just 33.7%. So is there like our software services and allied support business is that getting lower in the whole billing mix and you’re doing more of a hardware working? And if that is the case, what are the kind of margins that we do on a hardware or software side of the business?
Sunil Kumar Pillai
Nikhil, just let me understand your question correctly. You are telling me that my net revenue as a percentage of gross sales has been coming down? Yes sir. Right, yes. Actually I mean I don’t have the data. I’m going with what you’re paying it. If that is the case, the interpretation which you have taken is completely opposite. If my net revenue as a percentage of my gross sales is coming down, my software revenue is actually going up because the network consists of the entire hardware revenue plus the gross margin of the software revenue. If this. Revenues are actually going up, that is point number one. Point number two with regards to take rate as we have mentioned in our previous calls as well when our sales team go to the end customers, postal system integrators and work with them, they do not differentiate between hardware and software.
They understand what is the requirement of the customers and provide a solution accordingly. And the margins are also negotiated on that. Hence in any given deal where there is hardware and software the margins are pretty much equal for the entire team. Margins vary for us on a deal to daily basis rather than hardware to software and other things.
Unidentified Participant
Thank you for that. So that’s it. So that’s my questions. Thank you.
Sunil Kumar Pillai
Thank you.
operator
Thank you. The next question is from the line of Prakshal Jean from Lucky Investments Managers. Please go ahead.
Unidentified Participant
Yes, thank you for the opportunity. My first question is that in our pipeline or order book is the segmental split vertical wise between cybersecurity, ILM data center. Is that similar to what the revenue has been so far?
Venkata Naga Swaroop Muvvala
Just one second. Sorry, sorry, I have some disturbance so I’m just waiting for the disturbance to go. Yeah, this is Krishnaraj, just to answer you. In general traditionally the cybersecurity is being the highest contributing technology bucket for us. So I’m very sure look at the funnel what we have. It tends that. The similar contribution would be there in the funnel which we are pursuing to. You can add. I just filled in for you. Yes, thanks. If I see the numbers which I have around out of the 4500 crores or we have close to around 1800 to 2000 crores of it would be cybersecurity for us. The funnel which is there and the rest are amongst the other three verticals. Which means that broadly these are in lines with our what you call as revenue mix. Revenue mix for us for Cybersecurity is around 50% and funnel is almost around 40, 45% or so. And that is broadly the same number. Understood. Fair to assume that the software growth margins between the different segments are similar. Largely similar. As I mentioned in my previous question, the margins for us are negotiated on a deal to deal basis. It is. And a deal consists of one or multiple segments in it. A deal can have multiple OEMs both of hardware and software spreading across multiple tech segments including cyber security, ILM, DCI and ALM etc. Hence the margins are on a day to day basis. It would not be right for us to compare the margins on a segment wise or hardware as a software wise.
Unidentified Participant
Understood? Yeah. Thank you.
operator
Thank you. The next question is from the line of Raja Kumar Vaidyanathan from RK Investments. Please go ahead.
Unidentified Participant
Yeah. Good evening, can you hear me? Yes, Mr. Rajkumar. Yeah, thanks for the opportunity sir. Sorry to label on that question on your Q4 expense. So the question is, you know you guided for 20% growth on the bottom line. So if you look at your verified 25 numbers and based on that it looks like you have to repeat whatever bottom line you have done for this nine months that will get repeated in Q4. That’s what I understand. That’s the clarification. So just to you know again expanding. On the same question, I just want. To know what is the lever that is driving the bottom line in Q4. Is that is that the rebate that they’re expecting from oem? That is what will drive the bottom line performance or there will be also a revenue driver as well in Q4.
Venkata Naga Swaroop Muvvala
Great Asma, thanks for the question. What we have said or what Sunim has said is we are Talking of around 20 to 22% growth in the act for the full year as compared to the previous years. Which means that the pad we are looking at is somewhere between 103 to 105 crores. Which means that this number is on a normalized basis without taking the impact of the labor coordinate. On this basis. If you are looking at. We are looking at anywhere around 43 to 45 crores of PAC for this period last year, same period we did around 36 to 37 crores of packages, which means that we are looking at a 20% growth in PAC in the Q4 as compared to the previous year.
Q4, this is what you call it as impacted by multiple things. Yes, the rebate is there, which is one element of it. And Definitely for us, Q4 has been significantly larger in terms of the revenue contributions for the full year per se. The higher revenue with what you call it as fixed cost being fixed operating and the PBTs will be higher in this quarter. That has been historical trend and we believe that it will continue the same this year as well.
Unidentified Participant
Okay. Okay. And the second question, just a housekeeping question. So I see the September cash flows. I see almost a 40 crore tax. Payout which are the 10 crore tax provision. So what is driving this higher tax payout? Is it due to higher TVs by customers or is there something else that I’m missing? Sorry, can you repeat that question? No, I’m looking at your cash flow statements that you have given in your September financials. So that I see under the taxes paid line item you have paid almost 42 crores of taxes. And whereas I see your tax provision for six months, it is only in the range of 10 to 12 crores. So what is driving you higher than a tax payout?
Venkata Naga Swaroop Muvvala
I’ll explain. If you see the nature of the business which we are, as explained in the previous question, we are significantly high on software. When we sell our software related businesses to our customers, they deduct TDS a TDS of around 10%. Whereas our effective tax on our gross sales is somewhere around 1 to 2%. Given that there is a high amount of tax which is deducted by the, what you call it as customers. And then we will get in the form of income tax refunds. Yes, we apply every year for the LDC lower deduction certificate and we operate at a lower reduction certificate of 2.2.5%.
Still at the beginning of year we estimate work with some 500 partners. There will be new partners coming in each year. Those guys will be directing at 10%. There will also be certain partners where they grow significantly as compared to the other partners where they cross their limits of NDCs and higher deductions happen. Hence you always will see the higher, what do you call it as tax paid than the actual tax liability which is there. And this amount is being refunded on a yearly basis. If you see last year we would have brought around 40 to 45 crores of refund from the income tax department.
Unidentified Participant
Okay, got it. I Think there is some optimization. You can see you can make that if you can do scope for LDC which you kind of articulated. We are working with the department. Hopefully department will be more considerate towards us. Yeah. Okay, thank you so much.
operator
Thank you. The next question is from the line of pritesh from lucky investment managers. Please go ahead.
Venkata Naga Swaroop Muvvala
On the pipeline side or on the order book side, can you give us. Some numbers in terms of the last. Three quarters, how it would have changed and vis a vis some comparison last year so that we get some trends in terms of, you know, how the visibility in the business is improving. Okay, thanks Tritish. I would like to call out like this, right. This question regarding the pipelines have started coming in only after we have gone public from investors like you and only from the last quarter onwards. We. We are adding up things and then talking all this stuff. Sorry, just a second, Just a second. Yes, Asha. Let us extend and address all these four questions which are there. I know we are running out of time but let us extend this which is here and address the questions. Yeah, sorry, sorry. Some housekeeping here. Just coming back to your question right over the last two three quarters is what we are measuring the what you call this pipeline on a quarterly basis and see how it is there and then going ahead. Until then, our way of estimating the business forecasting the business has been slightly different.
Now with regards to the pipeline, I think this 4,500 crores of clean pipeline which we see is considerably better than the previous quarters. I think last quarter I made it in my call, I said that as of last quarter we had something around 2,500 crores of pipeline. This has moved around 4,500 crores. That that itself says that it’s a very positive sign.
Unidentified Participant
You said that the way you forecast your business has changed after listing. So. How so obviously we don’t know the methods of your forecast before listing but how confident are you in terms of delivering based on whatever your device, forecast methods or revised visibility methods are in place. So how confident are you to deliver the road guidance? I think, I think the major change in the way in which we forecast is has moved from yearly to quarterly because we are always on a quarterly basis. So after speaking to us, people like us. So which means you become more granular in your forecasting. It’s a good way. Yeah. Should we believe it? You have grown more granular and you’re more content earlier. Now you’re talking about the next quarter and the full year. Right. So we’re talking of this quarter per se and this full year per se. And I think we are fairly confident of what we are talking. Oh perfect. That was, that was assuring enough. Thank you very much sir.
operator
Thank you. The next question is from the line of Patanjali from Nama. Please go ahead.
Unidentified Participant
Hi. This is a more generic question but just to get your views right. So see over the last few days we have seen lot of noise around AI. Today also we see a lot of sell offs in this IT sector. Right. So there are two questions there. Firstly, does IT AI have any, does AI have any impact in the way we do our business? And secondly, if there is no use case for. If the use case for the system. Integrators itself goes away, do I, does IW have any case? Hello. Yes.
Venkata Naga Swaroop Muvvala
Yeah, so if you’re asking that is it an opportunity or is it a risk or a threat right now, right now as we speak and actually as we envisage the way the AI, what do you call the shift is happening, we continue to be an opportunity for us. That is what I called out in my opening statement and where I covered each of our pillars and how AI is actually being an opportunity for us going forward. So that is, I consider it to be a new segment of market that could be opening up and we have, we enjoy actually going and selling deeper into the same segment of the customers that we have already pulled.
We already have an established relationship when they start adopting to AI and all our significant further enhances with them and we love that opportunity that is waiting for us. So we consider it to be an opportunity. Whatever is happening in the AI segment, this just opens up new Pandora’s box for us because we deal in a sector which is a sunrise sector and we consider that sun will never set on this kind of a sector.
Unidentified Participant
But so many of the products that you suggest to the client side they are developed by the system integrators, right? So if AI is doing that job, what is the use case for? I value I can suggest products for client. Client use case.
Venkata Naga Swaroop Muvvala
Yeah. See at the moment what happens is that. Yes, I know during our earlier presentations we did mention that why we tag along with the SI and why can’t we do the deals directly with customers? The reason being that the SIS develops the application for them and we go and skirt around with our solution around that application to protect and all. At. The most what would happen is that let’s assume that because of AI an application gets, the SIS gets impacted. Because of that they may not be so relevant for application development. And customers will start doing it on their own. How much of what you do using AI, the assisted intelligence you need to get a new interface to put those logics in place. So we consider that worst converse situation which I don’t see 4, 3. But in an event, since I have to answer to your question, if I work conversifying, if I envisage that SI may not be relevant, we will still continue to be relevant because whatever the customer is going to do at his place, we need to still do whatever we are doing with an SI today.
We need to still comment what you call scurry around the application that you develop now and the data that you put the data needs to be protected, needs to be available, needs to be scalable. We’ll continue doing that with the customer. The only change would happen is that I’ll have to start billing to the customer directly if they see no relevance to test from integrator which is not going to be the case. I’m talking about a.
Sunil Kumar Pillai
This is Kiara here just to add. On what Sunil said. You know adopting AI at very large enterprise is a huge exercise. You know it just can’t happen overnight. So the role of an si, role of a product, role of an application continue to be there because we are just, just started the journey of AI. AI need to be adopted at every. Layer of data. Network. A complete infrastructure of application. So it is, it is just a beginning. There is a huge amount of work. For every partner in our ecosystem. It’s not going to, you know, see an end very easily, that’s for sure. Thank you.
operator
Thank you. The next question is from the line of Dashil Savari from Crown. Next question from the line of Amar from Lucky Industry. Please go ahead.
Unidentified Participant
Thanks a lot for the opportunity. Two questions in terms of the data center penetration, are we penetrated to 100% of the market? I mean what would be our market share? Let’s in the overall data center offerings of our product. Yeah. So Amara, when we say data center typically what comes to our mind thought is that the lotus of the world of the controller and you are more. Into the in house data.
Venkata Naga Swaroop Muvvala
Yeah. So when you, when you talk about like now you talk about taking names please don’t relate anything otherwise like NBC bank or ICFA bank or. No, all these people who have got data center they have their application code applications running within the to micros. That is where we come relevant. So we have solutions to cater to that also we can cater to the what you call on cloud data centers like or a co location data Center. So we we as a we as a player would be what kind of market share will be dominating let’s say in the on prem data center as well as the colocation data center. Honestly, we have never validated or evaluated ourselves in that nature. But good that you bought this point. I’ll make a note of this probably next time when we have this call. I will ensure that we see some pointers around it.
Unidentified Participant
Okay. Second question is of your cyber security business. How much of your cyber security business is linked with your data center offering? See, most of our cyber security solutions are in a blended model. It is data center as well as all those assets that connects to the data center. So you cannot eliminate data center separately to the all those infrastructure that connects to the data center. So we cater to both the segments of the market. So it is not data centered data center. When we say it the cyber security solution is separate. If you see that the pillar of cyber security separate from the data center. When we come to data center we call it an infrastructure. And that is where the DCI space that we talk about then you should look at it little alienated.
But if you’re going to relate cyber security to only data centers which is difficult now how to answer that.
Venkata Naga Swaroop Muvvala
Okay, so what I was trying to understand like let’s say when you say about the data center security logs sock waf everything linked to that and then is it enterprise enterprise grade cyber security offerings also we do along with the data center. I mean just trying to understand.
Unidentified Participant
Yeah. So data center is separate from a knock and a sock. And not not many people will ever go and put it alongside the data center. While you’ll have a knock and sock outside of it monitoring that what is happening there. But the knock and socket subtly two days. Just to add on Sunil explanation on that. Sir, if you look at data center. There are two kinds in general. If you talk about one is enterprises. Another one is in the cloud. Okay. So the data is there in both the places and the security is must be. It could be a captured very much bias cybersecurity. If the top data center cloud in other sense maybe one notch more cyber security than the on premise. So it’s an opportunity for both the places and most of the time it is a solution rather similar I would. Say which works on both the side. So we have offering covering both on. And on cloud on cyber security. Okay okay. On prem and on cloud. So that on on prime and on cloud everything is clubbed into the cyber security segment. Right?
Venkata Naga Swaroop Muvvala
Everything is absolutely absolutely like Cyber security as a segment data center as a segment itself is growing by at a high, very, very high industry growth rate. Now given that we have a large part of revenue coming from it. So don’t we see like you know, acceleration in our overall growth rate given that now the acceleration in the industry is coming at a higher pace. So you guiding about just 18, 20% growth rate. Is it like very conservative growth for the company? Yeah, kind of.
Sunil Kumar Pillai
But if you, if you look at it, all those use that comes as data centers as I called out in my what is opening reading. If you see data centers there, it starts with civil work and that sort of thing. So what is happening? They’re putting the infrastructure in place. That’s how things will come. Now that is where we are seeing that that could be a potential requirement that will come up in next year and the subsequent years. The next five years is going to be a journey. We are watching those data centers at what level it is, at what life cycle it is, how, what is the readiness based on? Based on that is what they are.
If you remember, Adani was talking about their data centers about three years back now, now it’s what is taking shape. So, so that’s the case. So yes, there are a lot of data center that is mushrooming. They are talking about it. A lot of people are investing in the infrastructure from building to cooling to all those things. Once they are ready, that is when our role will start. So yes, we are looking at a very ambitious figure. But we would like to keep it as moderate as possible in terms of our growth which we have told you.
And we’ll maintain that least that we’ll do is that we’ll maintain that definitely we all can offer better. Even I would offer better. But we’ll not shy away from doing those greater numbers. But right now I would like to give you a moderate outlook.
operator
Got it sir. Got it. Thank you sir. Thank you. Thank you.
operator
Thank you. The next question is from the line of Raja Kumar Van from RK Investments. Please go ahead.
Unidentified Participant
Hello. Hello. Yeah, yeah, thanks for the follow up. So just two questions. The first one is do we have any reseller arrangements with any of the OEM folks? Sorry, can you repeat that? No. Like do you work with any of the OEM folks on the reseller arrangements. Particularly in the software side? Do we have any like tie up with folks like Microsoft or Adobe of the world? We majorly focus our activities around the four tech segments which are there, which are cybersecurity, Data Center Infrastructure, ILM and ALM. We have relationships with more than 100 OEMs and 70% of our business is software in nature. Does that help? Mr. Ashma?
Sunil Kumar Pillai
Yeah, Raj, to your question, it’s straight answer is that no, we don’t deal with Adobe and Microsoft. Okay. Nor do we have a distribution agreement. Okay. Yeah. Just one more question. I just want to know what is your take on this anthropic plugin that was released recently. Will it be a headwind or a tailwind for. I would consider it as a tailwind because I’m not in. We are not into LPO for this legal processing. But it’s a good opportunity. I’m not saying against any lawyers and all. Nothing is going to be taken away from them. But I know that if the customers on their own start generating these kind of contracts and they’re going to put an LLM around in their network, it’s a greater opportunity because they need. You need to protect those contents, what you create.
Unidentified Participant
Oh, okay.
Venkata Naga Swaroop Muvvala
Everybody is immediately going to move to that because I don’t know whether you are aware whatever you try to call out from this chat GPT or just the name that you mentioned all those content by when they give and you use it, you have no idea on it. They. They can use that for any other. So I don’t think so. Anything is going to move quickly. But if you ask me in future would it definitely. People have to get used to it and they will definitely going to move into that. At least people like individuals like us probably we may try to use it.
Unidentified Participant
Okay, so it’s clearly it’s a tailwind for high rise. Yeah, it would potentially become a tailwind for us but I don’t think lawyers or solicitors would like to use it too much. Yeah, got it. But I would consider that this is good, good for the vernacular medium, people who have done their lawyers and all the lawyership and all because they will find it very easier to convert into and converse it in or translate it into English. Yeah. Okay. Thank you so much.
operator
Thank you. The last question is from the line of Kunal from Alpha Alternates. Please go ahead. Yes, Mr. Kunal, go with the question please. If that was the last question for the day, I would now hand the conference over to the management for the closing comments. Over to you sir. This is Gareth here. It’s been nice to interact with all of you today. Thank you for your continued support.
Unidentified Participant
Thanks. Thank you for joining us today. It was really great interacting with you. Any open questions, please feel to reach out to us. Ey is our ir and you have my contacts as well as theirs. Please feel free to reach out.
operator
Thank you very much, gentlemen. Thank you. Thank you. On behalf of I value Info Solutions Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you. Thank you. It.