Netweb Technologies India Ltd. (NSE: NETWEB) Q3 2025 Earnings Call dated Jan. 20, 2025
Corporate Participants:
Hardik Rawat — Analyst
Sanjay Lodha — Chairman and Managing Director
Ankit Kumar Singhal — Chief Financial Officer
Sanjeev Sancheti — Head of Uirtus Advisors
Hirdey Vikram — Chief Marketing Officer
Analysts:
Aman Soni — Analyst
Akshay Kaila — Analyst
Depesh Kashyap — Analyst
Aditya Moona — Analyst
Sandeep Shah — Analyst
Onkar Ghugardare — Analyst
Ankur Jain — Analyst
Deekshant Boolchandani — Analyst
Navneet Singh — Analyst
Shubham Karni — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Netweb Technologies 3Q FY ’25 Earnings Conference Call, hosted by IIFL Capital Services Limited. As a reminder, all participant lines 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 call, please signal an operator by pressing star then zero on a touchstone phone.
I now hand the conference over to Mr. Hardik Rawat from IIFL Capital Services. Thank you, and over to you, sir.
Hardik Rawat — Analyst
Thank you. Thanks. Good afternoon, everyone. On behalf of IIFL Capital, I welcome everyone to Netweb Technologies 3Q FY ’25 earnings call. We have the pleasure of having with us the senior management team of Netweb Technologies, led by CMD, Mr. Sanjay Lodha; CFO, Mr, Ankit Kumar Singhal; Whole-Time Director, Mr. Naveen Lodha; Chief Sales and Marketing Officer, Mr. Hirdey Vikram; and Head of Uirtus Advisors, the IR advising firm to Netweb Technologies, Mr. Sanjeev Sancheti.
Without further delay, I’d like to hand over the floor now to Mr. Sanjay Lodha. Over to you, sir.
Sanjay Lodha — Chairman and Managing Director
Thank you, Hardik. Good afternoon and warm welcome to all of you to Netweb Technologies Q3 FY ’25 earnings call webinar. I will take you through the business and operational highlights of the quarter gone by, while our CFO, Mr. Ankit, will share the financial matrices.
We are delighted to report our highest-ever quarterly income and PAT at INR3,340 million and INR303 million respectively. Our operating income rose by 60.3% year-on-year for nine months financial year ’25, reaching at INR7,344 million. You are aware that India’s fluorescent AI research ecosystem supported by government initiative and industry partnership presents immense potential — immense potential. Netweb is uniquely positioned to capitalize on these opportunities through our strategic focus on three — on our three core pillars, that is HPC, private cloud and AI.
Notably, AI has emerged as a key growth driver contributing to around 14.7% to the Company’s operating revenue in the nine-month period financial year ’25, reflecting a year-on-year growth of 136.3%. Moreover, furthermore, our OEM partnership with NVIDIA, we have established a roadmap to design and develop AI GPU systems based on the world’s most advanced NVIDIA Blackwell GB 200 platforms. In line with our growth strategy, export contributed around 7.9% for the nine-month period financial year ’25 revenue, reflecting our efforts to expand international market presence and capitalize on global opportunities.
It also gives us immense pride to share that in the — in the recently concluded NVIDIA AI Summit 2004, Jensen Huang, the CEO of NVIDIA personally endorsed our AI GPU systems based on our architecture. This endorsement not only strengthens Netweb’s leadership in design and solutioning of AI systems in India, but also positions — positions India to emerge as AI factory of the world with indigenous design and manufacturing capabilities.
Our strong business pipeline and order book coupled with ongoing capability enhancements and product expansion could position us favorably for sustained growth, while maintaining our technological leadership.
I would like to hand over the call to Ankit to provide the update on financial numbers. Thank you.
Ankit Kumar Singhal — Chief Financial Officer
Thank you, Sanjay, sir. Good afternoon, ladies and gentlemen, and thank you for joining our earnings webinar. Before we open the floor for Q&A, I’ll provide a brief overview of the financial performance for the quarter. I trust that by now, you have had the opportunity to review our earnings presentation press release. While our CMD has already discussed the macro outlook, I will delve deeper into financial performance, providing a more detailed analysis of quarter gone by.
Our operating income increased by 16.3% in nine months financial year ’25 reaching INR7,344 million. Our operating EBITDA for nine months financial year ’25 increased by 61.4% Y-o-Y reaching INR1,2 million. The operating EBITDA margin for nine months financial ’25 stood at 13.7%. Profit-after-tax PAT for nine months financial year ’25 increased by 54.6%, reaching INR715 million. PAT margin stood at 9.6% in nine months financial year ’25. Return-on-equity for December ’24 was 20.9%, while return on capital employed for the same-period was 28.2%.
Net-debt for December ’24 was negative INR737 million, as compared to negative INR664 million in September ’24. Kindly note that this net-debt calculation excludes unutilized proceeds from IPO. The cash conversion cycle for December ’24 improved to 88 days, as compared to 100 days in September ’24. We remain committed towards our growth pillars with a clear focus on achieving sustainable growth and long-term profitability. With strong quarterly and year-to-date performance supported by a healthy order book and a robust business pipeline, we are confident in delivering significant revenue and profit growth for the current financial year.
With this, I now hand over the call to Hardik Rawat.
Hardik Rawat — Analyst
Thank you. We can now proceed to the Q&A session.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask questions may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment, while the question queue assembles.
The first question is from Aman Soni from Nvest Analytics Advisory. Please go ahead.
Aman Soni
Hi, am I audible, sir?
Sanjay Lodha
Yes.
Aman Soni
Good afternoon, sir. Congrats for a good set of numbers. And having first question on the HFC side. So what percentage of our revenue particularly came from trading firms, particularly from the HFT side, sir?
Sanjay Lodha
From the — from which side?
Aman Soni
HFT, high-frequency trading?
Sanjay Lodha
Yeah, actually, we don’t segregate our revenue in terms of basically as regards the HFP vertical separately, because basically there are customers we have — we have some large customers there and basically like Graviton NK Securities and all, but I’m basically on — we don’t segregate our numbers separately for the HFC — HFT domain, particularly. But basically they are — they are our customers for our two segments. One is the high — one is the high-performance computing that is the HPC and second is the private cloud and MSCI. For both the two segments, they definitely goes into the HFT segment.
Aman Soni
Understood, sir. So sir, like recently the change in the expiry, so do you see any kind of slowdown happening in this particular category?
Sanjay Lodha
I don’t think so. Basically as regards their algos and all those they are trying to work actually, but basically HFT the customers are robust and they are already — they have been investing, we have been getting orders from them and they have been investing actually into this. So primarily we are not — we are not into the transaction side of it, please understand that. We are primarily — basically we help them so as to basically develop their algos in a better way so that they get better performance, better results once they basically they use the algos. So that development side of it, wherein they use even a supercomputer, so as to basically improve their algos and all.
So in that segment, we are pretty fine and there is a regular demand, which we are seeing. And plus these people are also not only restricted to India, our customers are restricted to international amounts. We have customers like basically tower Research, we have customers like General and basically — so it’s a very, very matured and a large range of customers which we have.
Aman Soni
Understood, sir. And sir, lastly, on the order flow side, like do you see any substantial order flow coming or any — any color on it like if you see as compared to last quarter also, our order book is quite a bit constant. So how do you see it?
Sanjay Lodha
Yeah. Actually, you have to understand my order book actually. It looks to you, it’s constant, but it is not constant. Like I’ll give you an example, like basically the — like what happened is we — the first thing you have to understand that my order book is not like basically which takes around six months-to one year to complete. The life of my order book is somewhere around 12 months-to 16 months, okay, and maybe somewhere — sometimes it is even eight months — eight weeks, eight weeks to 8 weeks to 12 weeks to 16 weeks actually. So please let me complete. Okay.
So what happens is that like basically, I had an order book of around I think INR370 crores last quarter, okay. So basically out of that already INR250 crores already got converted and got built. So that’s the reason you are seeing a turn — the numbers are approximate, it may be INR225 crore also. So basically that got built. So basically, if you really see, out-of-the INR334 crores that basically around INR225-odd crores would have got built from the order book itself. So the current order book is INR360 crores. So what happens is that my order book has just doubled actually in real terms, because 225 went out of it and basically more got added. So still it is at INR360 crores.
So basically, if you really see every quarter the churning of the order book is happening. The order book is new order book for me. It is not the old order book. I think only 20% or 30% of the old orders are there in the order book, all the rest of the orders are new. So basically you have to understand that. It’s not like basically we are not just kind of a company which is just trying to have an order book which gets on build-up and we keep on billing something of that nature, it doesn’t happen that way.
So basically it gets converted into our revenue as well. So we are very, pretty happy with the growth of order book because basically around INR250 crores got built, but still basically I’m standing and my order book is still standing at INR360 crores that itself says that my order book is very, very robust and the pipeline is helping me grow.
Aman Soni
Thank you.
Operator
The next question is from Hardik Rawat from IIFL Securities. Please go ahead.
Hardik Rawat
Thank you. Congratulations on a good set of numbers. Sir, I wanted to ask firstly the state of our current order book and I think you just alluded to that. So our — the execution cycle of the current INR360 crore odd order book would be roughly eight to 12 weeks. Would that be correct to understand?
Sanjay Lodha
It can be average you can take around 12 weeks, it is between eight to 16 weeks, some orders get executed within eight weeks, some orders get executed in 12 weeks, some in 16 weeks. So you can take average, you can keep it around 12, 12, 14 weeks approximately.
Hardik Rawat
Got it. And sir, another thing that I wanted to ask was that our EBITDA margins have — have dropped sequence on a sequential basis. I understand that 2Q was an exceptional quarter in terms of margins, but even on a Y-o-Y basis, there is like a, 30 40 bps contraction in margins. What has led to this contraction in margins for the current quarter?
Sanjay Lodha
Yeah. Yeah. So basically, I will handle the first part and then maybe let Ankit handle the technical part of it. So what happens is that basically you have to — if you see year-on-year actually, really speaking, the margins last year and this year, I think margins have really gone up a little bit rather than going down. So you should take a note of it, Hardik, that basically last year, if you compare it to December — December last year to December this year, the margins have really gone a little bit up only, but very, very marginally. So margins are constant. My first point is that.
But the second question is why basically this quarter the margins did not expand much is that we were executing some large orders. And sometimes what happens is that based on our kind of business, you cannot judge from quarter-on-quarter basis. Okay. So basically, you have to see it on a basically year-on-year basis. I have been telling it again and again. And basically, once you are executing some large orders, it can be some bps up-and-down that can always happen, but still basically I’m very confident of maintaining a 14% the EBITDA, which I have always guided 13% to 14% I’ve been guiding, but basically I’m very confident of maintaining that 14% kind of EBITDA on complete year numbers.
Ankit Kumar Singhal
So, Hardik just to — sorry, Hardik, just to add, if I’m audible, my operating EBITDA margin has gone up from 13.6% to 13.7% on a Y-o-Y basis. I think you may be looking at an EBITDA margin, which includes other income. The right way to look at it that you have to look at the operating EBITDA margin. The other income will go down because we are utilizing our IPO funds and obviously that will go down. The other income will go down.
Hardik Rawat
No, I was…
Ankit Kumar Singhal
Hardik, if you want to add something.
Hardik Rawat
EBITDA margin. Yes, Ankit?
Ankit Kumar Singhal
I wanted to add-on similar lines that on operating EBITDA front, our margins have improved. And even if we see on absolute terms, we have grown by — we have grew by 61%.
Hardik Rawat
Got it. That’s helpful. Another thing that I wanted to understand is that are there any large project orders currently in the pipeline that are — that we are expecting to convert to our order book anytime soon?
Sanjay Lodha
Yeah. I think the — Hardik, the numbers which we have shown, basically, I think what is the L1 number which we have shown? So basically the INR360 crores is the confirmed order book which we have and we are basically L1 for around INR340 crores, okay. So basically this itself gives you a very robust outlook. At least I don’t know whether how you are feeling, but at least I am feeling that basically this is a very, very robust outlook which you have because 360 plus 340 makes a huge number actually really speaking.
So L1 is basically the orders which we have won. It may take some time for them to come, but basically we expect some of them to be coming in this quarter also. So I think — and as regards your question on large orders, we don’t — basically — we are working on several orders and basically orders are normally — I don’t think we are making specific announcements on any orders as such.
Hardik Rawat
Got it. Next, I wanted to develop on the exports business. It’s good to see that exports, you had mentioned that we’ll see some exports and we already 9% of the top-line is being made by exports. Any — any focus or vision in terms of what this export — exports as a composition of revenue could we land at in FY ’26? And are there any export orders in our current order book or L1?
Sanjay Lodha
Yes. First thing is that, that to answer your question, the last question first that there are some export orders in the current order book. But basically as regards what we’ve also personally — what I have been guiding from day-one only that we are trying to build-up capabilities so that we can start exports. So basically, you should be happy to note that we have already started that. And basically because as I told you that our products are very well-made and we have a complete solutioning, so we have huge demand. But we have to clearly start basically so as to find ways so as to service them internationally.
And since my products are being sold to large enterprises only and matured enterprises only, then basically it makes sense that I make a good foothold outside before I start selling it. So I think basically it is in the same direction we’ve started doing it, wherein basically if you see private cloud and FCI, which is again a very, very good segment for us and we have started to push it and the exports have started.
But if you ask me to guide approximately what I will say, it could be around 10%, 11% of my revenue only because we are growing at — you please understand we are growing at a rate of, 30% 35% CAGR. So my domestic sales is also ever-growing. So in that situation, I think export, I don’t think will be around 10% — more than 10% to 11% of my complete sales for next one year or so, something around that.
Hardik Rawat
And the margins like you had mentioned in the previous call will be very similar to domestic at least starting out?
Sanjay Lodha
Yeah, actually understand that basically I have to reprice my — because it’s not that I’m not trying to — it’s not a kind of a competitive bidding or something of that nature. I have to price my products very right so that there is an interest in the market and people feel value in basically my products actually, okay. So I can definitely command more margin, I can maybe 1/4 if I want to expand my margin, I can do that. But that is for the customer will not feel good about it.
And basically what happens is that I see it as a long-term strategy, wherein customer needs a new solution, he comes to me because he knows that I chart my product at a very, very appropriate margin. So that’s the reason that is happening. So that my pricing strategy for domestic and export will remain the same. It can go few basis-points up actually because as I’ve been mentioning it to you as the AI business will be growing that will push the margins little bit on the upper side. But basically, overall, if you see the margin profile will remain the same.
Hardik Rawat
Understood. That’s helpful. One last question will be with regards to revenue. So we are now at the end-of-the 3rd-quarter and if on a year-to-date basis, if I look at, our growth has been 60% on — for revenue and roughly 5% PAT. Any guidance you’d like to give or maybe update in terms of the full-year FY ’25 numbers on revenue, if you want to delve into that?
Sanjay Lodha
Ankit, actually sorry, the Hardik, actually is a single is that we don’t give near.
Hardik Rawat
Yeah, go ahead, Go-ahead, Sanjeev.
Sanjeev Sancheti
Yeah. So I don’t think we are very keen to give near-term guidance. It is too much of trying to speculate. I think the — our long — medium-term guidance remains to be 30% to 35% on the growth side. We will not like to guide on absolute near-term.
Hardik Rawat
Thank you. Surely sure. Thank you so much. I’ll get back in the queue.
Operator
Thank you. The next question is from Akshay Kaila from CD Integrated Services Limited. Please go ahead.
Akshay Kaila
Hello, sir. Am I audible?
Sanjay Lodha
Yes.
Akshay Kaila
Okay. Sir, I have couple of questions. So sir, my first question is regarding the — recently, there was a news of restrictions from the US regarding the export of the GPUs and our country is in list of 50,000 GPUs per year. Year. So could we — in the future, can we do — can we have some supply-chain crunch or something like that and due to that we do have our restrictions in the growth.
Hirdey Vikram
So yes, thanks for the question. Just to clarify, we don’t see any problem coming our way, because anyway such restrictions are largely for those countries which are expected to use such GPUs or such components for, you know for different kind of user scenarios. And US is also trying to regulate this only for that purpose. But anyways when there is an engagement at the government level or even at the large enterprise-level, there is no such problem expected to come our way. So that’s very clear. So we don’t foresee any challenge for our business in coming quarters.
Sanjay Lodha
So to be explicit, actually, really speaking, like US government doesn’t want it to be — want the GPUs to be sold to the negative countries, which they don’t want to sell them actually. I would not like to name them very clearly. The list is already available. So basically, that’s the reason they want to restrict it so that things doesn’t get diverted to those areas.
They are always — basically — they are always more than welcome to use for the AI for the government use, for the enterprise use and all that. There won’t be — there is no restriction particularly on that. And basically there is lot of compelling technologies which are available. So I don’t think there should be any challenge on that.
Akshay Kaila
Thank you.
Operator
Thank you. Next question is from Depesh Kashyap from Invesco Mutual Fund. Please go ahead.
Depesh Kashyap
Yeah, hi, sir. Thanks for taking my questions. Sir, just wanted your thoughts on the India AI emission, which has got an allocation of around INR10,000 crores. Since you do not directly bid for the tenders, right? So I just want to understand what is your addressable market or your role in this entire mission? And when should it start flowing through your pipeline order book and the revenue, please?
Sanjay Lodha
Yeah. So basically, actually India AI mission is a large project from the government and actually we are very closely working on it. And basically there are two-parts of it. One is government wants to set-up its own complete 10,000 GPU cloud actually, which can be made available to the AI people, AI developers and startups and all that. Both — basically we had already built AIRAWAT, which was a POC for that purpose. And today basically is basically full with a queue for more than six months, people have been waiting. So there is a huge demand.
So governments want to set that up and basically we are very much instrumental in setting that up. So basically all the 10,000 GPs are not going to come in one day, but basically that will definitely to be split between a — maybe the time period cannot be defined, maybe one or two years approximately. So we are part of it. We will be a government is seeking advices from us on the design and we are trying to give them the advisors on that and the complete RFP should be expected sometime in this in 2025 mid approximately and then the tenders will roll-out and we’ll definitely bid for those tenders and will basically help to set those kind of basically GPU clusters.
So as we have not included it in the pipeline, we have not included that in our funnel because it’s a large project. We don’t have — don’t want to overshadow our projects, our funnel and all that. So it will basically be added as soon as the RFPs are there, as soon as we start bidding, it will get added. I hope that’s the most transparent answer I can give you.
Depesh Kashyap
Yeah, sure, sir. The other thing, so right now, 19 companies have according to press article, 19 companies have bid for this AI mission. So if my understanding is correctly, you will be working with — partnering with one of the companies who are there, right? So any color on how many companies are you partnering with, like how much of this 10,000 GPUs you can actually address in next two years, three years?
Sanjay Lodha
Actually, this tender is not for 10,000 GPUs, please understand that. Since the government cluster is not ready, that’s the reason they have come out with basically a tender wherein they — for the — so stop them arrangement.
Hirdey Vikram
It’s an interim arrangement actually. This is not the RFP, this is just the RFP, which is basically for the impairment of cloud service providers who can in the — you know, for the current scenario to address the needs, they can at least provide some GPUs available over the cloud. That was the purpose of RFC. So the current the tender which you are seeing and where you mentioned that there are 19 participants out of which 13 have got qualified. That is only for that purpose and this is not the RFP we are talking about.
Depesh Kashyap
Okay. Okay. So you will be participating directly in RFP whenever it comes.
Hirdey Vikram
Yeah, I mean depending on how to be strategized, we can decide. But yes, I mean we will be — our complete solution will be, you know will qualify for that, that is something which is clear. So whether we participate directly or through SI partners that we can decide.
Depesh Kashyap
Understood. And secondly, I just wanted to understand, I think your cash position has improved this quarter and accordingly your debt has also increased, right? And I think your interest costs also increased. So just want your thoughts on why have you taken the borrowings when you’re such a cash-rich company?
Ankit Kumar Singhal
Yes. Okay. So look, yes, definitely our cash position has improved. And as far as borrowings are concerned, so look, we are working with one of major banks in the country now and we have got the kind of CC limits with them. So this quarter collections were good out of relation, we have to maintain some kind of borrowings. Yeah. So we have just borrowed INR10 crores, which is basically get refunded in the next week and this quarter — this quarter itself. So there is not as such, we are in need of borrowing compared to this December closing.
Depesh Kashyap
Got it. And now that you’re done with the S&T line, there is no extra capex that is required for the for the foreseeable future, right?
Ankit Kumar Singhal
Yeah. So SMT line capex is as per the — as per the IPO proceeds that we have planned and it’s going to happen in the line with the objects that we have maintained.
Sanjay Lodha
So basically, capex is almost all done, maybe around INR10 crores of capex is already and that would be at the most will be coming up.
Depesh Kashyap
Got it. Got it. Thank you, sir. Thank you, and all the best.
Operator
Thank you. The next question is from Aditya Moona from Yes Securities. Please go ahead.
Aditya Moona
Good afternoon, sir. Congratulations on an amazing set of numbers. My first question was regarding the order book. Could we get a bifurcation as in the current order book? What is the bifurcation for the SPC segment for the private cloud, is — could we get some bifurcation on that part?
Hirdey Vikram
Good. So since we have already mentioned that we do not do the bifurcation in that — in that manner. So for the order book, there is no such bifurcation which is done at our end. So probably you can basically understand that the pillars we have been talking about, so they correspondingly contribute in that proportion only. So that kind of guidance we can give.
Aditya Moona
Yeah. Okay. Okay. The same, I think we can understand then for the pipeline in the, correct?
Ankit Kumar Singhal
Yes.
Aditya Moona
My second question was regarding — so basically seen that the AI segment is growing at a substantial rate. My question was regarding the HPC under AI systems. So do we see any further improvement happening in this segment in terms of growth, in terms of the revenue growth?
Ankit Kumar Singhal
In case of HPC, are you referring to?
Aditya Moona
In case of HPC systems and private cloud. In these two segments, the AI system is growing at a substantial rate and we see that because it’s now available actually.
Ankit Kumar Singhal
In case of HPC systems as well as for private cloud and NCI. And I think we have always spoken about how our pipeline is growing in case of each of these product lines. So answering your question, yes, there is an absolute you know headroom available for both the product categories for us.
Sanjeev Sancheti
So basically, if you see the presentation very clearly, it will show you that basically both the categories are still contributing around 30% to 35% — 35% to 36% segment with each of them. So around 70% of revenue is still coming out of them and still — and the company is already growing at 35% CAGR. So definitely this segment is also growing at almost all at a similar rate and we see a huge potential. You know-how the data center is booming. In Space Center, we recently we just basically executed. So basically that again was there. So there is a huge — so both these segments also growing, but AI, definitely we see a more momentous growth actually.
Aditya Moona
Okay. Correct. Got it. My last question, which we’ve already answered, but I just wanted to follow back on that was regarding the restriction from the United States on the GPU segment, we don’t see any risk arising from NVIDIA as a — as in the short-term or a long-term period, correct?
Sanjay Lodha
No, no low-risk at all, low-risk at all. I have already answered it — Hirdey already answered it very clearly.
Aditya Moona
Correct. Okay. Thank you, sir. Thank you so much.
Operator
Thank you. The next question is from Sandeep Shah from Equirus. Please go ahead.
Sandeep Shah
Yeah. Thanks for the opportunity and congrats on a healthy execution again in this quarter. Sir, I want to well more in terms of the export. That is very pleasant to see that 9% of the revenue has come through export. So can you throw some light, which country has contributed bulk of the export revenues and how are you looking to strategize in terms of scaling? You have already answered that in the next one year, it would be 10% to 11% of the top-line. But just wanted to understand which country and which segments the demand is coming in terms of the export, either private cloud, AI or in terms of the supercomputer?
Sanjay Lodha
So basically, as I mentioned, Sandeep, thank you for your greetings and compliments. So basically, if you — the business is coming primarily, most of the export is still coming from the — as the company has been targeting from the private cloud and SCI actually, really speaking. And the areas also just as per our focus, we have been speaking about it that we want to go — we want to do come with the exports to the Middle-East to US and to Europe because basically, our products are very matured and we can try to basically sell to the developed nations. So major contribution from our export currently is from Middle-East and some part is US actually to answer you.
Sandeep Shah
Okay, okay. And the verticals where you have sold-in the — especially in US would be what technology or some other sectors?
Sanjay Lodha
Technology. IT, yes.
Sandeep Shah
Okay. Okay, okay. And the second question is, we have already launched our architecture on the gray sofa GPU. So just wanted to understand the client response in terms of that and is there any competitive pressure? And when do you expect the architecture on Blackwell 200 to get ready and how people are pursuing because NVIDIA at a frequent and fast rate, they are actually launching new innovative platforms. So in that scenario is the demand is getting cannibalized because of the new platform where we have already worked on our whole architecture.
Sanjay Lodha
Yeah. So basically NVIDIA works on a very, very dynamic mode, Sandeep ji, as you may know already. So basically GB 200 is the latest platform, which they have just — they just — they started talking about it sometime in November on the new architecture and we started working along with them at that point of time. So I can — though I cannot tell you basically precise dates, I think we have a very strict NDA again.
So I can only tell you it will be time-to-market, it will be along with the worldwide launch of the architecture accordingly, we’ll be doing it. So we are very much in time-to-market and I can give you some idea that within next four months, you should have the GB 200 platforms rolling out basically from our side. We are seeing a huge traction in-demand on it and definitely we are ready to address that.
Sandeep Shah
Okay. Okay. And any — the question is in terms of Grace Oper GPU or how is the response, especially in domestic market once we have launched it?
Sanjay Lodha
Yeah. So Gray, we have already launched. Grace, we are getting good responses. We are working on basically large requirements because you can understand that these kind of architectures are being used primarily for large requirements actually. So we’re working on a couple of large requirements and we are seeing a good demand around that. And that those will get added to our order book.
Sandeep Shah
Okay. Okay. And another last question is, generally in the 4th-quarter, we see further improvement in working capital in which some collection comes slightly better in the 4th-quarter versus the earlier nine months. So whether that trend will continue in the 4th-quarter as well? And is it fair to assume the PLI accounting and the claim will happen in the 4th-quarter, that would also be additional tailwind in the 4th-quarter.
Hirdey Vikram
So Sandeep, ji, I would like to mention here that, yes, we will maintain the collection trend that we have done in last year as well as you understand that we have maintained the share of the government customers this year as well. So the collections usually happen in the last quarter as compared to the government clients. So we will definitely be in a better shape in cash position. And for PLI, look, it’s in the process. We will obviously tracking that thing. But overall, yes, collections, cash convergence IT will improve.
Sanjay Lodha
Sandeep, actually you have to understand that we are a growing organization, okay. I have to focus on growth and I have — my history of bad debts is very, very poor. So I’m really not worried. Basically, even if basically, if you see last quarter, my cash conversion cycle improved, okay? And basically, I’m really not — I don’t — I drive my business by growth. You should understand — you should give us the compliment that we are growing at such a huge rate.
Once I grow at the huge rate, actually my first focus is growth actually and I have no drip of gas. I don’t have any debt. So basically, I don’t have much of a pressure there. So I’m not a finance guy to commit on this, but telling you very clearly, this quarter also, I’ve been clearly focusing on growth as I have been doing in past. And I’m very sure definitely cash conversion cycle should also improve.
Sandeep Shah
Yeah. Thanks. Fair enough. I will come back in the queue. Thank you.
Operator
Thank you. Next question is from Onkar Ghugardare from Shri Investments. Please go ahead.
Onkar Ghugardare
Yeah, congrats on a good set of numbers once again. My question was regarding you have already — you have been maintaining this 30%, 35% revenue guidance. So just wanted to know — not quantitatively, but quality — qualitatively or the profitability will be on the similar lines or like is there any scope to expand in a two-year timeframe?
Sanjay Lodha
Yeah, actually, as I answered it, we price our product very, very rightly actually as I have been telling that again and again. So basically the profitability may go up by a few basis-points, but would be in the similar lines actually, maybe around 15% EBITDA basically which we are promising. Well, around that it will be there in that.
Onkar Ghugardare
So basically revenue and profitability will be on the similar — growing on the similar lines. Maybe profitability…
Sanjeev Sancheti
No, no. Revenue guidance — revenue guidance will continue to be 30% to 35% in the medium-term, okay. And that’s where the guidance is, the EBITDA margin will be around 14%. So we are not expecting significant expansion because when you are growing so fast, you will have to maintain pricing which is comfortable to everybody.
Onkar Ghugardare
Okay. Thank you, Sanjeev, for clarifying that clearly.
Sanjeev Sancheti
Okay. Thank you, sir.
Operator
Thank you. Next question is from Ankur Jain, who is an individual Investor. Please go ahead.
Ankur Jain
Hello, am I audible, sir?
Sanjay Lodha
Yes.
Ankur Jain
Yeah, sir. Actually, like I have — wherever I have heard the last con-calls, you have always maintained that the second-half of the year will definitely be better than the first-half and around two-third of the business should come from the second-half. Am I right, sir?
Sanjay Lodha
Yes, we used to say that. Yeah, but basically every time it doesn’t remain the same, but basically you are seeing the results already. The first — the Q1 was very good for us this year, but the Q2 also seems — Q3 also seemed to be good. We did a good substantial growth in that. So — but basically that I don’t think we’ll be able to maintain that one-third or two-third or not, I’m not sure about that.
Ankur Jain
Okay, sir, that’s what I wanted to ask because like for the 4th-quarter, it would bring a lot of pressure on the expectations for the revenue as well as profit because like if we see it in that around first two-third and one-third around. So it means it would not be the same this year right?
Sanjay Lodha
No, it will not. In fact, if you look back to the last quarter’s conference call, this question was asked and we did say that it will get tempered because in the first-half, especially the first-quarter, the growth was very-high. Obviously, you know, finally, whether a revenue sticker is sitting in this quarter or next quarter is just one cutoff, right? If a billing happens on 30th of September, it goes into the first-half. If it happens on March of October, it goes into the second-half. So while generally it has been since third, but there may be years when it could be different, right? And finally, that’s why we always say look at Y-o-YPD Y-o-Y rather than quarter-on-quarter.
Ankur Jain
Okay, sir. My second question is that, sir, around INR47 crore rupees is remaining unutilized out of IPO percentage for the construction work and around INR145 crores for the equipments. So it means is there — can we expect some another SMP line or something like that in some coming three, four months?
Ankit Kumar Singhal
So I would like to correct here, it’s not INR145 crore, it’s 145 million. So all put together we have INR21 crores of utilization.
Sanjeev Sancheti
So we are going to stick to our object. So there is nothing new which is coming. It is just whatever was envisaged in the in the offer document, we are going to complete that. Most of it is complete, some of the payments are to be made, all that does happen, it will all get capitalized mostly — most of the capitalization will happen in the current financial year.
Ankur Jain
Okay. Okay. Thank you, sir.
Sanjeev Sancheti
Thank you.
Operator
Thank you. The next question is from Deekshant B. from DB Wealth. Please go ahead.
Yes. Congratulations — congratulations, sir. The great growth by our company has really been commendable. I have two questions. Firstly, regarding with our remuneration package for our Chief Sales Officer, which is Mr. Hirdey, as I understand that the growth is being driven by the great sales work done by the team, I want to also understand what part of his compensation package has ESOP structures linked to it.
Ankit Kumar Singhal
Basically, I think we this was already discussed in DRHP and basically whatever is to be disclosed that public information has already been done.
Deekshant Boolchandani
Thank you. Sir, could you please help us out understand this because it is the largest remuneration at INR14.63 crores. And we want to know that what is the future outlook on the equity component given to our salespeople and our research people, which would be Mike — Mr. Mukesh Golla.
Sanjay Lodha
Actually, thing is that no fresh equity has been given as such, what was — whatever was given, basically whatever was given from the ESOP pool was given before the IPU actually.
Deekshant Boolchandani
Okay. I completely understand, sir. It’s just from the perspective of retention as well as expansion. That’s the whole logic for asking the question, nothing else there. Sir, the second question is on our growth. As you mentioned that we are growing enormously and we are now focusing towards our export markets as well. The guidance has been in the 30% to 35% range. And forgive me if this sounds too ambitious, but what is stopping us from growing at 50% of the market is having such a good tailwind on the expo if we are able to do that, it’s not out-of-the line to think like that, sir.
Sanjay Lodha
Because if you really see this is the eight quarter results which I have presented the last quarter results which we have presented after our listing actually and you are seeing a continuous growth. Basically quarter-by-quarter, you have seen it. Actually, so basically we are — we are dealing with enterprise customers. We are dealing with large government customers and our business is primarily with more mature people actually and enterprises.
So what happens is that the business outlook has also to be in a mature fashion. It cannot be just not like-kind of a contract manufacturing or something wherein we can just increase it. So basically, I think the healthy growth rate which we are clearly trying to maintain, it’s the long-term perspective which we are trying to maintain. So I’ll still stick to that 30% to 35%, though we are striving to grow even faster, internal all efforts are there, but the guidance would be around 30% to 35%.
Deekshant Boolchandani
Is 100% agreed. Sir, just one last question here on the government RBI basically has announced that they will be now focusing more on creating cloud infrastructure for giving banks some cloud infrastructure on their end. Are you seeing any sort of interest from RBI on this particular front related to Netweb? I asked this also because we have worked so well with the government sector and we have such good ties with the government sector. That’s the whole thought process here. Are we seeing any growth there?
Sanjay Lodha
Yeah. See banks are already getting on the cloud. Our private cloud solution is very, very appropriately designed for that as basically some of the large GSIs, whatever basically their core banking software, they are trying to use our completely private cloud and SAI solution. And basically we see a lot of traction around that side also. But we actually like to club it into the private cloud and SCI segment and basically that will really be part of it. And as you rightly said, definitely, we are seeing some kind of a basically good traction coming in from that segment.
Deekshant Boolchandani
Got it, sir. I’ll be back in the queue, sir. Thank you so much for such great communication.
Sanjay Lodha
Thank you.
Operator
Thank you. Next question is from Akshay Kaila from CD Integrated Services Limited. Please go ahead.
Akshay Kaila
So sir, my question is what might be our KP — capacity utilization in the quarter three and since we have commissioned the line in May 2024. So do we have any capacity for the near-term?
Sanjay Lodha
Yeah, actually as I have been telling it from the time of IPO only, we are not a capacity-based company, we are a capability-based company. So basically capacity always we have actually, but basically we have to get new capabilities because we don’t — we are not worried about capacity. Had we been worried about capacity, we would have income a contract manufacturer or something.
So capacity is not a parameter at all for us. Whatever basically we need for production, we have that capacity. Primarily, we try to invest on capabilities. So basically, in case we want to do something latest, wherein we require new machinery so as to develop that capability in India, we are a Make in India company, then we try to invest more in capabilities than capacity.
Akshay Kaila
Okay, sir. Okay. And sir, my second question is though regarding the growth guidance that you have already answered that and maintain the growth guidance of 30% to 35%, but I was referring to some news and they were saying that India is growing at a very exponential growth rate. And in — for the next two years, data center and AI capacity is going to increase by around 55% to 60% and for the longer-term till 2030, it is it will be grow at 29% to 30%. So are we being conservative on the growth guidance over there or can we have — can you put some more color on that?
Sanjay Lodha
Actually, whatever I’m guiding, I’m guiding on terms of long-term, first thing is that. And plus basically, we are not only into AI, AI is trying to build-up and slowly AI is showing more growth, but we have other segments also like supercomputing and private cloud and FCI, which we have been doing for years together. They are also growing. So I think I’m very, very optimistic about what exactly the guidance I’m giving on growth. I’d like to maintain that.
Akshay Kaila
Thank you so much.
Operator
Thank you. The next question is from Aman Soni from Nvest Analytics Advisory. Please go ahead.
Aman Soni
Hi, sir. Thanks for the follow-up. Just one question on the order inflows. Like I missed that like you communicated on the project that we are going to get. So what new projects are we going to get-in next couple of quarters, sir?
Sanjay Lodha
I did not understand your question. Can you repeat that?
Hirdey Vikram
Now what — we have responded to that. So you know, as we have mentioned that our funnel and overall pipeline and order book that is basically you know quite in a sustained manner. So we have not disclosed anything about any specific large orders yet. But as you can see the order book, the L1 pipeline, everything is basically intact. So that gives enough confidence that the way we are progressing.
Aman Soni
Understood, sir. Thank you very much.
Sanjay Lodha
Thank you.
Operator
Thank you. The next question is from Navneet Singh, who is an Individual Investor. Please go ahead.
Navneet Singh
Thank you for the opportunity. So actually, I am interested in knowing about the capability expansion that we have in the near future.
Ankit Kumar Singhal
So capability expansion, I think we have already mentioned that the new setup with the new plant which we have set-up that is capable enough to take us to the journey of INR2,000 crores and all. So that gives enough confidence that we are capable enough to sustain up to that kind of growth level. And beyond that, yes, we are working on the strategy to basically go beyond that as well. So that is in progress.
Navneet Singh
So is there any guideline that when we will be utilizing that INR2,000 crore, I guess, annual sales, right?
Sanjay Lodha
Yeah. So basically we are already utilizing those capabilities, the new NVIDIA gray chipsets which we are making, the new Blackwell, which we are working, they are all working on that only. We are working on all the latest chipsets and technologies. So what mentioned is that, that basically whatever investments which we have made, that will sustain us till the revenue of INR2,000 crores. And when will we reach INR2,000 crores that you’ll have to do your mathematics yourself.
Navneet Singh
Understood. Got it. So any guidance that when we will be reaching the annual sales of INR2,000 crore, are we seeing at our financial year ’27?
Ankit Kumar Singhal
I would like to give you this — I would like you to work on this mathematics yourself. I have already told you 30%, 30% 35% growth.
Navneet Singh
Understood. Thank you. That is all from my end.
Sanjay Lodha
Thank you.
Operator
Thank you. Next question is from Shubham Karni from CA Financial Services. Please go ahead.
Shubham Karni
Hello, am I audible?
Sanjay Lodha
Yes.
Shubham Karni
First of all, congratulations on a wonderful set of numbers. I just had a couple of questions. As you can see, we have improved our cash conversion — conversion cycle. So what can we target as the cycle for the next one or two years?
Ankit Kumar Singhal
So Shubham, it’s obviously it’s pretty difficult to estimate cash conversion cycle because it’s a moving trend of the customers coming in and vendors we are paying. So — but what we can guide is that it will definitely improve because March quarter happens to be a good collection quarter. So and we are also growing in terms of revenue. So you understand there will — there is always a need of working capital, okay. So it’s a mix of lot of moving variables. So difficult to estimate cash conversion strategy, but it will improve.
Shubham Karni
Okay, sir. And my second question is, apart from the GPO restrictions, as you said there, you won’t be facing any problem regarding those. But apart from that, do we see any other political list with Donald Trump coming in or anything like that?
Sanjay Lodha
Yes, I think I personally telling you very frankly, I don’t see any kind of basically on the kind of business which we are doing or any kind of business impact primarily from Donald coming in. He was there earlier also. He will be back there again. He is being supported by a lot of business houses. So business will definitely grow. And I’m very sure that will basically may — I think my personal view, if you ask me would be that the world will become a stronger place actually more economic activity will happen that will help everybody to grow.
Operator
Thank you. Next question is from Anuj from A3 Capital. Please go ahead.
Unidentified Participant
Good afternoon, sir. And congratulations for the consistency for the whole of the network team. Sir, my question is on the network switching side, the switching side of the business. So sir, the business — the — already the — our order book has started building up and whether that business is margin-accretive?
Ankit Kumar Singhal
Yeah. So basically the switching side has always started, but we never wanted to make the switching completely as a box product actually. And we have been targeting only on the high-end part of it, okay. So basically that’s the reason the switching growth you are seeing is a bit slower actually. But over a period of time as the high-end solutions basically gets more-and-more productized and more-and-more adoption happens, this will grow.
But basically, we just don’t — as you know, the philosophy of the company is not to sell boxes. So that’s the reason basically you don’t see that kind of growth, but it is again a good capability which we have on the networking side of it. Everybody wants to keep the networking switches local and secure. We see a good future potential, particularly on the Make in India switches actually. So I personally feel this segment will keep on growing, but this will grow at a slower rate, not basically at the same rate as the other sector.
Unidentified Participant
Okay, sir. Thank you, sir. Thank you for the clarity. And sir, one more question I want to ask this, sir, the nature of our business is like a project-based. We get a project we completed and that’s done. Since I wanted to know what is the service part of it, like what is the revenue potential of this services or what is the buy-link contract like for three years or four years, you have to serve that.
Sanjay Lodha
Are you talking about the last segment of the business? You’re talking about overall — overall basically.
Unidentified Participant
So overall business like the FCS business or the —
Sanjay Lodha
Once — whenever we make a sale, basically we make a sale of around with three year or five-year warranty and services improved actually, okay, because basically all this is enterprise actually and that’s how we kill our competition VMware and Nutanix and all that. So basically what we do is that, that we sell everything with a complete three-year or a five-year kind of a year. So we have our own SLAs, which we agree to and the entire services and everything has been bundled together for three years and five years.
But basically, we charge our customer and in the very beginning, once the product is going out of our factory. So basically there is no-recurring or something of that nature. Everything gets built at the very first level only, but the product is supported for three years. Some people go for three years, some people go for five years. So accordingly, basically it is being done. I hope I’m able to answer your question.
Operator
We’ll move to the next question. The next question is from Watsal, who is a Retail Investor. Please go ahead.
Unidentified Participant
Yes, sir. Am I audible?
Sanjay Lodha
Yes.
Unidentified Participant
Yeah. Yes, sir, my first question is, sir, Netweb is one of the pioneers in technology in India. So sir, why doesn’t the company have a Chief Technology Officer?
Sanjay Lodha
We have basically because the entire organization is full of engineers only, just basically having a Chief Technology Officer may fit that our definition is different. A Chief Technology Officer would have been suitable for a company which is — which IT is also part of it, but basically this company runs on technology actually. So R&D is most important again for us.
The operations is very important for us. The sales is also technical. So everything is technical actually. That’s the reason we don’t have a CTO specifically, but we have a CEO, we have got a R&D, we have got — the sales is also completely technical. So I think that’s the reason we don’t want to basically make — have a CTO separately.
Unidentified Participant
And sir, secondly, sir, does transitioning towards exports reflect some sort of a saturation in the Indian market?
Sanjay Lodha
No way at all. No we at all, because I think basically you asked me that what will the part of my export sales. So I already — I told you it would be around 10% only. Okay. So basically, because we want to just explore the export markets and also grow our market there, that’s the reason there. Basically for last so many years, our focus has been primarily India and we wanted to maintain that, but we also don’t want to lose on the overseas opportunity, hence, we also want to do exports.
Unidentified Participant
And sir, with the interim CFO getting appointed, so sir, I just wanted to understand that would a new CFO appointment would be there or would we be continuing with the interim CFO?
Sanjay Lodha
We are still evaluating that and that decision we will come to do maybe one or two quarters.
Unidentified Participant
Okay. Thanks a lot.
Sanjay Lodha
Thanks.
Operator
Thank you. Next question is from Amit Agicha from HG Hawa & Company. Please go ahead.
Unidentified Participant
Thank you for the opportunity and congratulations for fantastic numbers, sir. My question was like with what is the percentage of your revenue which is allocated to research and development? And the second question was with AI contributing 14.7% of revenue in nine months FY ’25, what growth rate do you see — foresee in the segment over the next fiscal year? Thank you.
Sanjay Lodha
Basically, as I have been mentioning always around 3% to 4% of our revenue is clearly been spent into the R&D, which we have been following for years together and we still continue doing that. Okay. And second is that basically as your question on AI, AI, as I mentioned to you, it was 7%. Last year grew by around 133% and it came to around I think 15% — around 14.7%. I personally feel by other segments also growing. So by end of year, it will remain around 15%. Next year, it may basically grow by 2% or 3% furthermore in the total revenue mix.
Unidentified Participant
Thank you, sir and all the best for the future.
Sanjay Lodha
Thank you.
Operator
Thank you. Next question is from Deekshant B from DB Wealth. Please go ahead.
Deekshant Boolchandani
Yes, sir. Sir, could you just expand a little bit on our R&D for 5G ORAN services?
Sanjay Lodha
Yeah. Actually, 5G ORAN, we are still working on it. Basically still the R&D team is still working on it and we are basically making the product ready. It’s still under development. Still, I think it will take us take us at least one or two quarters more to completely have a product ready actually there.
Deekshant Boolchandani
Great. So what is the target market that we are looking at for the 5G services and how would it help them grow their business?
Sanjay Lodha
Yeah. So basically, target markets are very clearly the private 5G kind of thing. We are not targeting any kind of telcos and all that. We are targeting basically maybe all the private 5G users like maybe you can say hospitals or maybe the different kinds of factories and all those manufacturing and all those kind of people. There are some regulation issues also at this point of time with the government and they are also trying to clarify that.
So the licensing can become much more simpler and much more can be much more democratic. And so that basically since you understand that, that pipeline is again in area where licensing plays an important role and the solar spectrum movability and all those things should be there. So basically, I think that is there. So I hope I answered your question.
Deekshant Boolchandani
Got it. Sir, on a question for Mr. Hirdey, sir, what is the sort of growth that we are witnessing on the government orders versus the private orders? Because we had a 40-60 split. Do we think that this split will be remaining the same or where-is the more interest coming from?
Hirdey Vikram
So see, the kind of response we are getting, as we have always been mentioning that we provide enterprise solutions. So the kind of response we get from government and enterprises that is alike and that is the reason that also reflects in our business split as well divided among the enterprise and government side.
So answering your question specifically, response is coming excellent from both the sections of the market, be it enterprise or the government. And we see that the proportion is going to remain the same in the coming quarters also. There can always be a slight change. It can be like 55 45 or 60-40 or 50-50, that kind of split is quite expected. But otherwise, we are seeing large opportunities coming our way from both the markets.
Deekshant Boolchandani
Got it. Another question there is like a lot of changes are still happening in the compute part of the business, even from end by they are making — before retail, they are making the compute much more cheaper. Is that the same thing that we are witnessing for the compute on the B2B segment also? Are they changing their B2B business compute cost? Are they making their hardware is a bit more cheaper?
Sanjay Lodha
See, basically what you may be referring to is something which is for the edge side of the overall you know chain of products. And since we are not on the edge side, so the product you may be referring to is a different category altogether. But if you come to the enterprise side of the products, then these products are rather becoming more, I would say, costlier with each generation passing. So from that perspective, it is not that on one-hand, democratizing of technology is happening, but that is helping us to, you know, build solution for almost every vertical of the market. That is how democratizing is — democratization is happening. But from the technology cost perspective, that is increasing.
Deekshant Boolchandani
Got it. Got it. Thank you so much. Thank you so much, management.
Sanjay Lodha
Thank you.
Operator
Thank you. The next question is from Sandeep Shah from Equirus. Please go ahead.
Sandeep Shah
Yeah, thanks. Thanks for the opportunity. Just on the government AI mission, I think you already said that it could be of two types, one where we will directly participate with the government. And second, we may do a system integration deal with the other cloud service providers. So in that scenario, are we — you are saying pipeline may create starting from the mid of this calendar year. So what would be the bigger opportunity? Is it directly going with the government or partnering with another system integration or a cloud service provider?
Hirdey Vikram
So I think that’s very clear that the one which has been — I’m sure what you are referring to is something that Livan, which is already there in the market. As we have already mentioned, that is just an interim arrangement and where the CSPs are being asked to get themselves to provide the interim set of services. And anyways, just to share with you, we are even supporting couple of CSPs for their solutions also at the back end. So for this piece also. But apart from that, the actual one, the on-prem facility which government is intending to build, that is something which is going to get released sometime soon. And I think that is where we are going to focus more and that will be definitely a bigger one compared to this one.
Sandeep Shah
So, Hirdey, sir, is it fair to assume commercialization for us in this segment may start from the later part of FY ’26 or FY ’27?
Hirdey Vikram
See, commercialization as such, you can say, as we have already mentioned that what we are expecting that RFP should come out sometime next year, I mean, fiscal year ’25, ’26. And as we have always been suggesting that as of now, we have not taken this into our funnel at all. So anyways also, we are maintaining our growth path. So that’s not a problem. But with this coming, we can see that by. Yes, some part of it will definitely start coming into our funnels or will take place, I think by ’25, ’26 itself and it can be maybe third quarter or second quarter that I’m not sure of, but yes, that is how we are — we are seeing the conversion of this opportunity into business.
Sandeep Shah
Yeah. Fair enough. And the last thing, any diversification within HPC and supercomputer where we were largely focused on government where we were looking to diversify into oil and gas and the other segments. Any progress on that side to increase our addressable market in the supercomputer?
Hirdey Vikram
Yes, as we have been mentioning from very beginning that we have been expanding our reach in terms of taking parallel computation or supercomputing technology to different verticals. So oil and gas is definitely one of those target verticals where we have been, you know, putting in our efforts for last so many quarters. And same goes with not just limited to oil and gas, we will also be expanding ourselves in terms of taking our HPC solution to the other vertical and HFT is another good example. So we are anyways on the growth path in terms of adding new verticals.
Sandeep Shah
Thank you very much.
Operator
We’ll take that as the last question. I would now like to hand the conference back to the management team for closing comments.
Sanjay Lodha
Thank you for your time. Thank you.
Sanjeev Sancheti
Thanks a lot, everybody. Have a great day and a great weekend.
Operator
Thank you very much. On behalf of IIFL Capital, that concludes the conference. Thank you for joining us. Ladies and gentlemen, you may now disconnect your lines.