Subex Ltd (NSE: SUBEX) Q3 2025 Earnings Call dated Feb. 14, 2025
Corporate Participants:
Ramu Akkili — Secretary & Compliance Officer
Nisha Dutt — Managing Director and Chief Executive Officer
Analysts:
JM Kumar — Analyst
Jitendra Bokadia — Analyst
Ajay Joshi — Analyst
Santosh Array — Analyst
Abishek Kali — Analyst
Bhavin Mehta — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Q3FY25 earnings conference call of Subex Ltd. As a reminder, all participants 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 and then zero on your touchstone phone. Please note that this conference is being recorded. I would now like to hand over the call to Mr. Ramu. Thank you. One over to you sir.
Ramu Akkili — Secretary & Compliance Officer
Thank you very much. Good morning to everyone who have joined for this earnings call for the quarter ended December 31, 2024. Now I would like to introduce the members of the management who are attending to this call. Ms. Nishad, Managing Director and CEO Mr. Sumit Agarwal, Chief Financial Officer and myself, Ramu Akili, Company Secretary of the company. I would like to start the conference call by going through the safe harbor clause. Forward looking statement Certain statements in this presentation concerning our future growth prospects are forward looking statements which involve several risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include but are not limited to fluctuations in earnings, our ability to successfully integrate acquisitions competition in our areas of business, client concentration, liability for damages in our contracts, withdrawal of tax incentives, political instability, unauthorized use of our intellectual property and general economic conditions affecting our industry. So with this I now hand over the call to Misha Ms. Nishadar to take it forward.
Nisha Dutt — Managing Director and Chief Executive Officer
Thank you, Ramu. Good morning everyone and welcome to our investor call. Thanks for joining us today as we share updates for quarter three. So by now you have seen the results on a consolidated Q3 basis. We remain flat. But we do have some good news. Our Telco business has grown 2% quarter on quarter. And that is my key focus area. As you are all aware, we are trying to get our telco business back on track. We have stabilized our telco revenues while improving our EBITDA margins. So our YTD EBITDA margins are now at 4% versus minus 5% last year and 9% this quarter versus minus 3% last year. You know, the same quarter. I think importantly it’s worth noting that we have achieved this while maintaining our cash position.
With EBITDA being positive in four of the last five quarters. After a year of evaluation we doubled down on Telco. We have deprioritized our non core initiatives to reduce cash burn and reinvest in our growth. We see Telco becoming a cash generating asset for us, driving profitability and enabling reinvestment into high growth areas like fraud management. And by this I mean new age fraud management. We already do fraud management but there are a lot of new areas of fraud that are emerging and you must have experienced it personally yourself. And this is a rising challenge across the industry. So we want to double down on this and start reinvesting in this area. Our priority remains a successful transformation ensuring a long term growth and profitability of this company. On market dynamics, headwinds continue to impact us including telcos delaying investments.
So that is affecting our order intake right now. While we expect this to stabilize in a few quarters. But any potential tariffs or threat of tariffs could create currency risks for us in some of the geographies that we work in. We are actively mitigating this risk while focusing on business fundamentals to stay competitive. As you know, in uncertain times, playing to our strength is the key. Despite these challenges, I would say Q3 saw strong wins. We secured T1 logo in America tier one and and expanded with our tier one Middle Eastern operator. They upgraded to our latest hypersense FM and BA product including AI driven use cases. Additionally we extended an Ms. Contract with a Tier one operator and APAC customer. So this actually tells me that you know, our recurring revenue is sort of. We are shoring up our recurring revenue and competing at this level. When you win tier one contracts across geographies like you know, Americas Middle east and apac. This reinforces our leadership in RAFM business.
Beyond new logos, we also continue to deepen our engagement with key accounts upselling and cross selling to meet evolving business needs. AI adoption and fraud management is growing. Like I said that the fraud is growing. So is AI being used to counter fraud? Actually AI is being used to both create fraud and then counter fraud. So this has become a really interesting area with over 80% of our new deals include AI use cases now. So this validates our investment and positioning that we need to invest in this area. Customers are also actively engaging with us for POCs and we are currently running next gen AI POCs with three clients across Americas, Middle east and APAC. On the thought leadership front, we continue to strengthen our partnership with industry leaders like gsma, FASG and TM Forum.
At a recent event, our AI agents for fraud management received excellent feedback from so this reinforces our belief in innovating in this field and being one step ahead of our competition in coming quarters. I would say the focus remains on strengthening our telco core business while identifying growth levers in our fraud portfolio. So with this I will cover the consolidated financial results acutely. All numbers that I will read are in INR. So revenue for the quarter stood at 727 million against 742 million for the previous quarter. EBITDA for the quarter stood at 25 million as against 19 million for the previous quarter. PAT stood at minus 33 million against 6 million which included an exceptional item as you are aware in previous quarter. But overall the telco business has grown 2% quarter on quarter and delivered a 9% EBITDA margin. So this is in brief, our Consol financials.
Thank you for your constant support. We really appreciate you being here. Now I’m happy to take your questions and comments.
Questions and Answers:
Operator
Thank you, ma’am. Ladies and gentlemen, we will now begin the question and answer session. If we have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing Star and one again. Ladies and gentlemen, if you have any question please press star at 1 on your telephone keypad. We will wait for a moment while the question queue assembles. First question comes from JM Kumar, an individual investor. Please go ahead.
JM Kumar
Yeah, good morning, Nisha. The first question is related to cost cutting. Do you have any target for reaching double digit operating profit margin and double digit net profit margin? The external environment is not in your hand but internal things are under your control. So what are the majors you are going to take to bring back this operating profit margin to double digit numbers and net profit also to double digit number? That is first question. Second question on operation technology. Friend, what is happening? Are you continuing that business or you are not going to pursue that business anymore? These are the two questions.
Nisha Dutt
Okay, can we just clarify your second question? When you say what business are you referring to this? For my
JM Kumar
Operation technology Security. For operation technologies called sector.
Nisha Dutt
You mean factory. Okay, okay. All right. So coming to your question, I think I completely agree with you. I was very candid in the first quarter. Call itself that you know the environment and you know the environment doesn’t seem to be under our control and we are faced with geopolitical situations. I mentioned that in last call as well. And you are right, that’s not under my control. But what I can certainly control is the cost aspect. And that’s what we have been doing consistently. So if you really look at our cost base, right. Compared to last year, it has been consistently coming down. So while you will see that my top line hasn’t grown dramatically, my, you know, my profitability is starting to come back in the business. And that’s because we have been constantly working on, you know, our operating margins, both gross and operating margin. So some of the levers that we are using, obviously the biggest lever I think we are using ourselves is automation. We are able to automate quite a few tasks that don’t require, you know, as much manual effort as we had to do earlier. So that goes both, you know, in things like implementations, it goes in, you know, engineering efforts.
So we are starting to automate quite a bit. The second one is I would say in terms of EBITDA margin itself. Right. You can see the difference there. This is the highest EBITDA we have achieved since quarter one of 2023. So we are reducing, you know, continuously. We are focused on productivity. So that’s an ongoing thing. I completely agree with you. So we have been working on the cost aspect quite a bit as we sort of counter a lot of headwinds in the market. On sector your business. Again this goes back to the margin question that you had. I have been refocusing on the non core businesses right now and which means that everywhere I feel that there is cash burned to my business which does not allow me to reinvest in core, I think sort of consistently taking calls on those businesses to either divest or, or to deprioritize. So on sector we have deprioritized that business right now what that means is that I’m currently servicing the contracts that I have. I’ve not sold the business but I am focusing on servicing the current contracts. So what that does is that arrests my cash burn and I’m not doing any new GTM right now. So that’s how we are also trying to bring, you know, margins back into the core business. Does that.
JM Kumar
No. Do you have any target when you will reach 20% target?
Nisha Dutt
I mean I can’t tell you which quarter we will reach but definitely the effort is to like you will see, right. This is for this quarter it’s 9%. We are almost getting to double digits. So we want to get to double digits, I can’t say 20%. But we should be consistently making this better as we move forward.
JM Kumar
But what happens is performance is not consistent. It is going up, down, going up, down. There is no consistency in the performance.
Nisha Dutt
Agree. And which is, I think, the part of stabilizing a business. Right. Because we are coming off of quite a few very bad years. So this is all, I would say, a part of transformation. It’s a part of making the business stabilize. So sometimes it does have up and down. But we do have a destination margin that we are working towards. So to your point, there is a destination margin in mind that we are working towards.
It might just take us a little bit of time and again the calls that we are making consistently and I always say that in every call capital allocation decision my return on investment must be greater than my cost of capital. So that’s the bottom line and I’m very brutal about it. And all decisions are being made by that perspective to make sure that we get to our destination margin next year. So I mean that’s all I can say. As you can see we have been consistently doing this every quarter and I hope
JM Kumar
Manpower cost is not coming down.
Nisha Dutt
It is coming down. It’s coming down. Actually our manpower cost has come down. If you look at, and if you look at the analysis from last four quarters, I would say last six quarters manpower cost is consistently coming down. Actually it’s come down.
JM Kumar
Percentage terms. It is not very high number. When you are using AI and all those things automation, the cost should come down drastically.
Nisha Dutt
It doesn’t come down drastically but yoy there is a reduction. And also you have to remember that whenever we make, first of all, you know, manpower optimization is something that you know, we have to take a little bit seriously because it’s not as easy to do or it’s not a trivial thing. So, so we have to be very careful about how we do manpower optimization. But beyond that I think more importantly you will see there is a YOY reduction and on manpower whenever we reduce you will not see the impact of the full year impact to actually come, I would say after three quarters. Right. Because we carry manpower. Even if I put someone on notice, I carry their cost for almost three months and you will see the full year impact only a little later, a few quarters down the line. And that’s why I would ask you to please go and compare YOY and you will find that there has been quite a bit of reduction there. Actually it’s been Almost, I think 11% or so yoy it has reduced so it’s not insignificant.
JM Kumar
Okay, I will join the queue for another question. Thank you.
Operator
Thank you. I request the participants to restrict the two questions in the initial round and join back the queue for more questions. Next question comes from Jitendra Bothhariya, an individual investor. Please go ahead.
Jitendra Bokadia
Good morning, madam. Good morning. I just wanted to know that this share of loss from LLPs which is being part of the P and L, you know, in last four years it’s showing a loss about 71.50 crores. 21:22 we made a loss of 12.73 crores. 22, 23, 31.59 crores. 23:24 we made a loss of 10.12 crores. And in this nine months we made a loss of 16.97 crores. Now in the last December quarter it was 6.38 crore which we made a loss and this September quarter was 3.8. So I see that the loss is increasing. Where in the. And this LLPs are essentially I suppose this is Subex assurance and this digital LLP out of that digital LLP we have already sold that ID central. So now what are the components of these LLPs? Other businesses like sectorio and this where you know we have decided that we will be, you know focusing only on telcos and we will be divesting or deprioritizing the other areas. So why not? We are, these are limited liability partnership. If we are not making money we are burning cash. Every quarter in last four years I’ve been you know looking at it so what is the way forward? Why don’t we you know shut it down? Why don’t we you know I know it’s not easy to shut down in one day but still you know it’s already four years and you know the losses are not reducing. If the contract as you said in the previous question that you know you are not taking new contracts you are trying to service the old existing contracts. Can you just tell us when these contracts will come to an end? At least we will know that we are not burning cash and is there any steps taken for divestment of this sectario or any loss making non telco businesses?
Nisha Dutt
So okay, I think that’s a great question. So first of all few things that I’d like to clarify first is that actually our losses are consistently coming down but you are right so I mean you, you are on point when you say that there are assets that are sitting that are burning our cash today and that was one of the first priorities when I came in I said that you know we look at all the businesses so there were three essential businesses that we had. One is telco, other was IDC and third one was sectorium. So sectorium and IDC to me are non telco and hence you know I decided to deprioritize those two only because when I saw the numbers they were burning quite a bit of cash for us and in that process we did put IDC on the block as you know and we divested out of it. So that has been my priority from day one to see if we can you know sort of reduce burn and you know free up our cash actually because I do want to go back and reinvest in telco on Setrio on the LLB that you’re talking about actually sector is sitting in that LLP where you are seeing the losses. So largely sectorio is in Subex Digital, right? So sector is sitting there. So what’s happening is that when I said that field service. So there are two big contracts that we need to service out of that. One of the contracts we are trying to actually close down in the sense that if you are able to negotiate our way out of with the client. We should be able to close that down. One of the contracts we might have to still service actually we may not have a way out in which case I will not need you know, all the people that I have today to service because sector full team wants to service a lot more contracts right now that effectively GTM has been cut. You can imagine that I don’t need a lot of you know, sales, pre sales, those kind of people I marketing, I already don’t need that and I only need people who can service contract. So one I’m trying to negotiate out of which hopefully we’ll be able to negotiate out of within the you know, this quarter. The second one I think we might have to still service but we can service with a very lean team. We don’t need as much of you know, bulk that we have sitting there. So what you will start seeing is I think by Q1 we would have significantly reduced losses in this NLP and you will see the cost reduction will start coming in because a lot of people are currently serving notice actually in this business. So you will start seeing the impact of it in Q1 and you will see that it will start getting cleaned up. That has been my effort from day one to you know, somehow curtail this cash burn. One we have done. The other one, I would say in my opinion we are 80% there actually. Give us a quarter and you will start seeing the impact because you know we have taken a lot of drastic actions at our end. So cost reduction will be seen after you know, the notice periods are served and everything is done. You should start seeing that.
Jitendra Bokadia
One follow up question now as you said that you know the two contracts which we are servicing right now, one you are negotiating to wind it up by maybe your negotiation on this quarter itself. And the second one will you need to continue And I think probably you have 57 to 60 people in the this sector you part employed. So I would like to ask you when is the second contract which you think you have to continue servicing will end actually and secondly, in case if you are, you know, you are able to put an end to this first contract, this quarter itself, how much manpower cost will be reduced in this quarter?
Nisha Dutt
So the way. Okay, this is, I mean though it’s a little bit complex to answer only because and but I’ll be candid. I think the issue is only that you know the resource pool is typically common that services contracts, right. It’s not like we have people for every contract. It doesn’t put like that other than, you know, on site resources, typically the resource pools are common. So what that will do is if I’m able to close down one of the contracts, that will definitely take out some of the reduction. But if I were to give you an order of reduction, I would say I would be able to cut out 50% right away. And the service contract that I have to service, I probably still need to keep some people there to ensure that contract. By the way is another, you know, three years or so. We’ll have to service that contract for another three years. Yes, we’ll have to service that because there is no way out. So we might have to service again. We will negotiate and see if we can get an early release on that. All the efforts are on. My focus is on these two large contracts to somehow see if we can exit and reduce our burn. I think you will anyway see a 50, 60% reduction right away. Actually the other part, we will have to see if we are able to get early release and all that. So that’s an effort that’s ongoing right now.
Jitendra Bokadia
Thank you, ma’am.
Operator
The next question comes from Ajay Joshi, an individual visitor. Please go ahead. I repeat question comes from Ajay Doshi, an individual investor. Please go ahead.
Ajay Joshi
Good morning, ma’am. Morning. Seeing four years worthy, the performance has been dis. Very bad. Year, month, on quarter, on quarter, year on year. Now the contract that you are signing, is it not possible to you get a price revision and the competitors that are quoting.
Operator
I’m sorry to interrupt, sir. Very low. Can you speak with louder?
Nisha Dutt
Yeah, you are breaking up a little bit. I can’t hear you.
Ajay Joshi
The revision in contract types can be amended. Okay, so basically. And what are your. And what are your competitors quoting against you? Because it seems that you’re working too hard. But you’re not getting the value of money that you’re working. This is what is letting you down. I see many software companies renegotiating, giving something extra freebies, but then winning back the contract at a. At a premium amount. Now the turnover is also very stagnant. I don’t know the technicalities of the company. As I am a investor. I can give you one example of Tanala platform. It was quoting 4, 5 rupees, 1700 rupees x bonus, 900 rupees. So what your competitors are doing is better. You track them and how they are running so fast.
Nisha Dutt
Okay, I think I understand your question. It’s a fair ask. So just to give some.
Ajay Joshi
Thank you very much that you got it. Thank you very much that you got my point.
Nisha Dutt
No, absolutely, I get your point. And I think you have a very fair ask here. So just to give some clarity, a lot of our contracts that we win are in an RFP mode, right? So these are, you know, these contracts are awarded after a long RFP process, which is like I mentioned that our sales cycles are getting longer. So customers don’t award RFPs of, you know, million dollar or above without a competitive process, which is an RFP. So when you are doing an RFP process, we are very well aware of what our competitors are quoting, typically because we have been in this business like for 30 years almost, right? So we know what they are and you know, where we are. There are places where they win and there are times when we win. So we know, you know, what the ballpark numbers are within which we need to operate. Telco itself is very, this space is very competitive, Right. So in an RFP process, you can put your best foot forward. But you will understand that there are two aspects to an RFP evaluation. One is that we have to be technically strong. So if I might, technically my product works. I can be the first, you know, vendor, let’s say I’m first ranked. But I also have to be financially very competitive. If I’m technically number one and I’m financially number two, that actually the win goes to. We call it L1 bins, right? The lowest cost vendor gets the bid. It’s basically telcos or elsewhere. I think generally people work like that. So financially also, you know, numbers wise also we have to be competing very, very strongly. So why we revise our prices constantly, obviously, you know, with inflation and salaries and all that going up, we do revise our mandatory. That’s something that we do that. But you know, we have to be competitive though in the market. So it’s not that I can make dramatic changes to my pricing. And the key for us is to deliver fast. It is to deliver with productization, which means that I need to make sure that every project that I do, or the way I think about it, is that if I win a project, I need to ensure that every project has gross margin that I’m able to improve. So if I sell a project at a certain X percent margin, by the time I end the project, that margin should have improved. So that’s how we are trying to see if I can extract more value from the bins that we have eventually. But getting into a price wal, we do keep tabs for our competitors, as you can imagine. That’s something that’s, that’s an activity I think our competitors do. We do, it’s a given. And we do revise our prices to answer your question. But please understand that we are in a very competitive market. All the awards and all the wins are RFP.
Ajay Joshi
You’re operating in 100 countries is what I marked from your website.
Nisha Dutt
Correct.
Ajay Joshi
Now, with local geo you are you have a standby agreement with them. It would be better if you push with local. That is atel idea JIO and bfnl.
Nisha Dutt
Okay. We have actually, you know. Okay, your point is taken. All right.
Ajay Joshi
So pushing with them, the way Reliance Industries JIO is expanding, maybe you we may this company may get a small cake. Even a small piece of cake lands into your lab. In the long term it would be very beneficial.
Nisha Dutt
Okay, I agree with you. That’s an effort that we have been making. But if you look at the portfolio that we service like fraud and all that. Right. It’s the fraud pie is much larger in developed markets actually versus developing markets all the way. Constantly get a lot of spam calls on our phones. We. But actually the people who pay for fraud are sitting in developed markets. And as you can imagine the market risk component, the beta is also lower in developed markets. Right. Versus developing markets. So I don’t disagree with you that we need to focus on India. But we are actually making all efforts to see if we can break through into some of the accounts. But your point is well taken. We’ll do that.
Ajay Joshi
Every day in newspaper I read 10 crores for taken away from the account. 500 off. Hello. Hello madam. Is it possible, Is it possible to bring reliance on the platform of jio? Join hands with them. Sweet equity or funding. Make an effort. Make an effort. Move 10 steps ahead with reliance. Make an effort. It will come into your lab. What is needed is strong marketing and the confidence that I see in your voice. You can make it.
Nisha Dutt
Okay. I will definitely make an effort. Thank you so much. No, I think you have a fair point. Let’s make all the efforts. We’ll be gone because.
Ajay Joshi
Because you need someone big now. You’re totally stagnant. You need someone big to. To take you up.
Nisha Dutt
I agree with you. Actually I can’t disagree with you on that. We will try and get you know, some key partnerships in place and I. We’ll also you know, make sure that internally we strategize to see if we can break through some of these accounts in a big way. Sure. Your point is well taken.
Ajay Joshi
Thank you very much and best wishes to you. Thank you so much.
Nisha Dutt
Thank you. Appreciate it.
Operator
Thank you. I request the participants to restrict with three questions in the initial round and join back the queue for more questions. Next question comes from Sanjot Kare, an individual investor. Please go ahead.
Santosh Array
Hello. Good morning. Nisha, can you hear me? Yes, I can hear you. Morning. Yeah, so good to see some good improvement in operation side and the improvement in margins. So that’s a good part. Still the top line is not growing. I mean it’s just quarter over quarter and year over year it’s reduced. So is it something now though? Like your focus is now growing on the core business? That may be reason like some revenue has come down. So is there any case? Because we have not heard any new deals much. I mean, like you mentioned two deals, one but not much, maybe not being large in size that announced in last quarter. So when it’s like how the deal pipeline looks like and the demand for the services looks like for big and any of the deals which are probably not closed in Q3 but it’s more to Q4. That’s why it happened. It will something happen like happened like that that some deals are not closing Q3 but it will be closed in Q4. So generally Q4 is the strongest quarter for the company. So in this year also are we going to see that Q4 is going to be stronger and we’ll be seeing sequential growth in both top line and bottom line.
Nisha Dutt
Okay, sure. So here are the few things, right. I mean I just want to place some facts on the table. Your question is, you know, well taken. But see our growth quarter on quarter growth while and from an overall perspective, but like I said right earlier in the call, from a consolidated perspective it looks like you know, we are flat. But if you look at telco, which is where I’m focused so once we take out all the non core assets you will obviously in few quarters down the line you will start seeing only telco. But if I look at telco we have grown 2%. Now that may not sound like a very big number but it’s an industry. If I look at all the results that have come from other telco funders and industry it has grown only at 1 or 2%. So in that industry to go by 2% is not trivial actually I think it’s good for us. So that’s one part. The second is we continue to see if we can get some of the deals closed. Like I said, what happens is that some of the political changes, with some big office changes, there are people who are being cautious when it comes to spending money.
So that’s what we are seeing in telcos. Also like I said, the deals are slipping from quarter on quarter. So there are some deals that we were pursuing in Q3 which like you know, didn’t close. We are hoping that you know, we’ll be able to go back and close them in Q4. The other challenge that we often run into and it’s not a new challenge, it’s a very well known thing, it is that you know, rest of the world follows a calendar year of like you know, December and we are in some calendar year of you know, March, April, like in India. So the way you know the budget cycles work, it’s a little bit off for us. But I think good thing is our install base is robust, we are trying to upsell and cross sell into account and we should continue to do better. Sanjot I think that they should start getting better and whenever we are faced with uncertainty, market uncertainty, we are going to make sure that we focus on cost and start throwing profit.
At least that’s the goal really here. So you are right, deals have been moving. I’ve been saying that since Q2 when I started noticing that the deals that should have closed we start seeing a slip of almost a quarter. So we have seen a similar pattern even in Q3. So hopefully, you know, we’ll have some closures in Q4. So that’s what we’re looking forward to right now. Deal pipeline works robust right now. So deal pipeline looks good for us. Pipeline is good. It’s just that, you know, at what rate it will convert is the only question that I am faced with. But obviously we are making all effort to make sure that, you know, whatever we have in the pipeline do the best to sort of, you know, make sure that conversions happen there. But to answer your question, pipeline looks robust right now.
Santosh Array
Sure. But as a seasonality works, the Q4 looks better. I mean that’s what we are expecting or you are saying the things will be different this time.
Nisha Dutt
I wish I could answer that. To be, you know, forward looking. I mean obviously I want every quarter to be better than the last quarter. That much the effort is always that. But I won’t be able to give any specific guidance right now.
Santosh Array
I think it’s. Everyone knows, right? It is like a bigger seasonality factor. Q4 is stronger. Correct. Only whether any change there or whether it’s like going to be like every year. I mean it’s not something you are revealing or something different on that.
Nisha Dutt
I think it’s. I think it should, you know, technically it should follow pattern. So. But of course you know, things like that, you know when you get there are some threats like tariffs and all that, you know, those are not seasonal. Right. These are some things that hit us out of nowhere. So. But yeah, I mean barring if I would say that if nothing changes, you know, dramatically in terms of, you know, external environment then we should be able to do something and you know, we should be on track.
Santosh Array
Sure. And just as a previous caller was asking about. So it’s definitely as you guys are really working hard and it’s a niche company focusing on niche areas. It’s only required to get the closure of the deals and getting more business. And it may be a challenging because of company being small and maybe whatever challenges small companies face compared to large companies and where they have funds and investment into marketing and other things. And so they. So it may be a challenge. So are you guys now looking into. Definitely. As you are divesting non core businesses and now focus on core business. So are you looking into now it’s very important that you one is like how you to present yourself. Maybe you know, going independently may be challenging to get a business but are you looking into partnering or merging with any big companies? Because that will be really adding a value as you are things that’s what just want to understand your view, how you want to see the growth of the company and strategy for going forward.
Nisha Dutt
I mean, obviously. I mean, obviously, without giving too many details away, I think one thing is that our partnership is definitely a big trust area for us because, you know, if I partner with a big four, for instance, my go to market becomes easier. Right. I don’t have to spend that much effort in doing gtm. So those are strategic. So there are two types of partnerships that we are keen on typically. One is the partnerships that help us unlock new markets, new accounts, and, you know, can make our GTM easier. I think the other partnership that we look for is product partnerships, which is where, you know, if I can, if there is a person that, or if there is a company that has a product that is complementary to my product suite, then I go and, you know, do a partnership with them to see if I can maybe, you know, push their products, white label their products or, you know, there are different kinds of, you know, modalities that are possible, but those two kind of partnerships we are constantly scouting for and we actually have good, robust partnerships with big four on product partnership side also, I would say we have good partnership with two or three companies that we sort of work hand in hand with and we do take their products into market, you know, using our distribution.
So that is an effort that obviously is on all the time in terms of funding and things like that. Obviously those are the conversations you know, being lifted. We have to be a little bit mindful of, you know, how we, I would say, you know, approach some of those conversations. So that’s also something that’s definitely, you know, an effort that we keep making to see if there is a possibility for us to make sure that, you know, we are in a better place than where we are right now. But as you can imagine, you know, we are cash positive. We are, you know, we do have money in the bank, so there are bets that we can take even while, you know, looking for. So I wouldn’t say that we are cash starved, right? I’m debt free, 100% debt free. So I’m not cash tough. But of course, you know, we can always use some cash. So that’s an effort that the constant. I mean, I would say that, you know, it’s on an ongoing basis. We do have a lot of conversations. But if something good works, hopefully it will be good for all of us. But beyond that, I can’t really say anything because it’s an effort that we make on an ongoing basis.
Santosh Array
Sure, I understand. And wishing you all the best. Thank you very much.
Nisha Dutt
Thank you so much. Really appreciate it.
Operator
Thank you. Ladies and gentlemen, if you have any question, please press star and one on your telephone key that I repeat, ladies and gentlemen, if you have any question please press star and one on your telephone keypad. We have a follow up question from JM Kumar, an individual investor. Please go ahead.
JM Kumar
Yeah Nisha, now you are trying to be prioritize sector. Okay. Now you already have some contracts which are multi year contract. Why you are not selling the secretary of business to a security company. See, instead of killing all the contracts and making business zero and then closing down the business, you are not getting any value out of that. Instead of that if you send sell the sector business to a security company like say or some other security company, you will get some value out of it. Why that option is not considered at all?
Nisha Dutt
No. So first of all, cyber security and OT security are different. I mean, I’ve said that multiple times, but so for instance, you know, the protocols that one scores after is very different. GTM is very different.
JM Kumar
What I’m asking, there are different technologies, but there are companies who are focusing on operation, technology, security. Why you’re not selling this business to them? The business slowly.
Nisha Dutt
No, no, no. So I mean obviously when we were divesting idc, this thought was in our mind to see if, you know, we could do something with Setrio. But it’s a, it’s an effort that we are making. I can definitely tell you that. You know, we have explored many options before coming down to this option. This is, as you can imagine, this is the least preferred option, right? To slowly service contracts and wind it down. This is the least preferred. So I assure you that all options have been very diligently pursued.
JM Kumar
That is the wrong copy and capital utilization. We should sell the business and get money out of that.
Nisha Dutt
That’s what I’m saying, that all options have been explored already. I mean, this is what I’m doing today is my least preferred option. So I have explored all options and I’ve come down to this. So otherwise, you know, I would go with the, you know, something that, that would have been attracted if I had a buyer.
JM Kumar
That’s correct. You have not got any buyer for you?
Nisha Dutt
No, I don’t know. I do not have any buyers. So that option has been explored. In fact, in alongside idc, we explored that option because obviously that is my most attractive option for me. Right. Why wouldn’t I do that? If I can get some money for the business then reinvest for, why wouldn’t I do that? I mean that, that would be my number one thing. Right. And to a lot of questions who are asking me that, why has this been carried for so long? It has been carried because we were trying to see if we could explore other options now that, you know, a lot of roads are closed to me. I am, I’m here now trying to wind it down and try to, you know, stem the nonsense. So obviously the choice I’m left with is the least attractive option. But that’s the choice I have right now. So I can assure you all that has been explored and very diligently, not just by us with bankers. I mean, we didn’t do it ourselves. We hired top tier bankers, and we have done all the diligence possible. But this market belongs to OEMs. This market has always been OEM market, and that’s why it’s very difficult to be competitive in this market. Even the peer group, the peer group of sector, you, valuations are sitting in billions of dollars and they have raised tremendous amount of capital. So it’s not a market. This is an OEM market, essentially, ot securities and oem, you know, they take it all. So for us to be very competitive in that market is going to be extremely difficult. So that decision was coming. You know, we arrived at that decision the moment I took over and we said that, you know, let’s see if somebody can, you know, let’s explore all options in front of us, which we did actually. And where I am today, everything has been explored, I can assure you.
JM Kumar
So now in the presentation you are using some abbreviations like Ms. And all that. That is not very clear for us.
Nisha Dutt
That’s managed services. Okay, I can clarify that. We’ll make sure, we’ll make sure that we do that. Okay, that point is working.
JM Kumar
And the telecom market itself is stagnated. What different thing you are going to do so that that core business will grow? Because that is still. There is no clarity on this front?
Nisha Dutt
Core business the way we are planning. See, first of all, I think that there is enough headroom for us to grow. I mean, I think that if we are looking for double digit growth, it’s easily possible within telco business. Telco doesn’t have to grow, you know, tremendously for me to do a double digit because my size comparatively is not that big. Right. We have enough and plenty of headroom to grow here. And in terms of adjacencies, when I say telco I also look at adjacencies like OTT Fintech and all that. So I look at, you know, everything adjacent to telco and, and today I think that double digit growth is actually possible here. So we are trying to fix our house, right? I feel that I don’t want to. In past we have done that mistake in some extras where we have gone to unrelated areas and which haven’t really panned out very well for us as we are all aware. What I want to do is fix the fundamentals of the business, fix our house. If you are able to do this, I think we can get to a double digit growth and you know, profitability very easily where we are and then I will have more degrees of freedom in terms of cash to start taking bets in other areas. But today where we are, they really need to double down and I think we have enough room, headroom and the areas of investment like I was mentioning for me are going to be fraud. You have seen the fraud, right? How it has increased, it has increased on WhatsApp, it’s increased on call. It’s just exploding actually right now. So if you are able to position our portfolio strongly in fraud, I think that’s going to be the growth level for this company. We are already known for fraud management. It’s something that I need to double down on and ensure that I have new types of fraud that I can tackle. And I believe that we can be that number one fraud management company in this, you know, space. So that’s really my endeavor. So the growth levers are very clear to me of how and the how the our core portfolio will grow.
JM Kumar
When you say you are fixing house. Hello, Last question. When you are saying you are fixing house, do you mean to say that you are trying to get a new talent, which is having track record, proven track record to drive the business?
Nisha Dutt
Absolutely. Spot on. We are getting new talent. We are actually going to where I would say the talent is, because I think this is one of the efforts that we are making, we are one is I have hired new talent to on fraud for instance. Right. We will go and actually hire talent from where I know, you know, it’s actually good because fraud is going to be, you know, fought with AI and Gen AI. Right. So we are going to get best in class talent here. So that’s come.
JM Kumar
No such announcement has come that new talent has come.
Nisha Dutt
We don’t make talent announcement. But okay, I think we can make. I, I think that’s. I don’t see why we don’t make top level talent.
JM Kumar
If you are getting from global, global international market, that should be told at least it will give us confidence that we are going to trying to go in the right direction.
Nisha Dutt
Understood. Okay, I think that can be done. We haven’t, you know, done that in past, but for sure. Okay, understood. We’ll do that. We are hiring though. We are hiring and we are hiring, you know, from good places. So I do that actually. In fact I almost feel that by the end of, you know, the next year, financial year, the company, I would say, you know, they would have sort of turned over the talent quite a bit in terms of percentage. You know, a lot of new people would have come in. So that’s really the endeavor to see if we can get fresher people. Because obviously new blood helps, right?
JM Kumar
So no, they’re not pressure at the top level to drive the business.
Nisha Dutt
No, no, but I meant fresh blood. No, no, by fresh I don’t mean fresher from that perspective. What I mean is that people who come with, you know, different kind of perspective have worked at different places. I think that sort of thing really helps. So I am of the same opinion as you on that.
JM Kumar
Okay, so I will wait for such announcement. Let’s see whether we are going in the right direction. Sure. Okay. Thank you.
Nisha Dutt
Thank you.
Operator
Thank you. Next question comes from Abhishek Khale, an individual investor. Please go ahead. I repeat question comes from Abhishek.
Abishek Kali
Hello. Good morning. Am I audible?
Nisha Dutt
Yes, sir. Yes you are. Abhishek. Hi Abhishek.
Abishek Kali
Hello. You mentioned in the deck that we want two tier one opportunities, One from America, Americas and Middle East. I think we had one significant win in the last quarter as well, which I noted in the deck. But I had specifically asked about whether the company would provide any disclosures regarding the ticket size. Let me finish. I think at that point in time you said that you would go back because there are certain non disclosures that you have and you have to get the client on board with what we can disclose. Right? My point again is if whatever is the customer comfortable with, we have not given those numbers from the past quarter. It was promised in the call that you would look at and get back. Nothing happened on that same thing here as well. We the announcement is there at the time when we see the deck, right?
These announcements should actually happen as and when you sign the dotted line. Take this as a feedback. It’s been going on forever. You guys say that you will make an announcement. Nothing happens. But then we see this on the. In the bed. See Misha. One thing I think that management should appreciate is the fact that we do a very horrible job when it comes to communicating to investors what we are doing. It is only during our conference calls we end up sharing some details. I understand the restructuring part. And we’re looking at certain avenues which again are day to day company operations which we cannot. But if there are certain significant things like a contract will that must get communicated to the investors. I mean look at the horrible state of our stock price. We have lost about 60 or 70% from what we were when we. Right. I mean the COVID highs post Covid highs after hypersense announcement, right? It investors lose confidence in the way we operate if we continue to do and we continue to expect the investors to show patience. Right? We can show patience provided you give us. I mean what you have done in like you have said that our telcos Ebitdas have improved. Great. I mean we appreciate we are seeing the green shoots but we should also see these announcements in as and when you sign the deals. And we would appreciate if the contract value is specified if it cannot be. Okay. And then one more thing. You have also mentioned that the telco business EBITDA margin stands at whatever percentage, right? What if you can. If you can share a graph or on your deck if you can include what each segment brings in as revenue. Because if you say that my telco business is say 80% of my top line, right.
I would like to see what. How my revenue mix is right? We are right now specifying the revenue mix by managed services licensing and implementation support and others. But within this, right. The in the managed service maybe I am seeing 80% of telecom, right. Licensing and implementation, maybe 20% of telecom. Right. So I mean in order for us to better understand as a company, like you said, our key focus area, we are going to focus on Telecos for a significant future till the time we generate significant cash to then probably look at other areas if we want to. Right. So that is something that can be a part of the deck. I mean I was the one who initially told when you came on board and took over as the CEO that your deck probably is far too long and it doesn’t give me any clarity and you worked on that, got it shorter. But now we are specifically, I’m asking you to, I mean segmental revenues if I may say so. Okay, yeah, Pointers I’m giving and, and probably some of the questions are answered but I mean the top line continues to remain stagnant. I don’t have to be a rocket scientist. Nobody in this call needs to be a rocket scientist to notice that. I hope that change, I hope that changes. I mean I would like to see that first hundred crore number coming when, I don’t know, I’m just right now, I mean if you are an investor in the company and looking at what the stock has done, would you continue to remain an investor in the company? Is the question that I would ask you as a CEO of the company. Would you after seeing so much happening, right. I mean it is really tough now. Okay.
Nisha Dutt
No, so I agree, Abhishek, I understand, you know, I. Your frustration. I share your frustration as well. So. But one thing, right? One is fixing the fundamentals, right? I think that my job from day one has been to fix fundamentals. I would repeat that because. And which means that figuring out what our priority was going to be and you know, putting the other two assets on the chopping block and that is not an insignificant piece of work or it’s not easy to do, okay. In a company that has been running in a certain way for many years. So those actions were taken. But I think like I said, right. Telco has enough headroom. We can get to double digit growth. I want to see if we can make this cash generating so that I can, you know, that gives me some degree of freedom to go invest. In terms of stock market, we are all aware what has happened. The market dynamic is really poor. All shares, I mean including ours, right? I mean you guys invest not just in SOBEC and many shares, you know, I’m sure your share holding is quite price right. You know, everything is on a discount right now. I mean it’s not.
Abishek Kali
We are not at a discount. We are still quoting at a premium because we are not PE positive. Okay.
Nisha Dutt
That I understand. But generally market has been taken a beating. Small caps have been.
Abishek Kali
I’m not, I’m not talking about. No, no jokes apart. Look at what the broader market has done. Not in the times when it has started to tank right post October. Okay. Probably the. The curve was a bit different for the entire broad market and compared to that where we were. I mean I cannot do an apples to apples comparison with everyone. It won’t be fair to judge subics with and compare it with the tatas of the world or anybody else of the world. But I think you appreciate the pain. I think you acknowledge it as well. I’m just hoping that things change. That’s it. And I have all the good wishes that I can give from my side. But I would like to see more disclosures, more communication made by the management. I mean we are like hiding in hibernation. And then probably at the time of results we come up with some announcement. This should not happen. If you have made.
Nisha Dutt
I would say we are working very hard actually it just that I. But I completely take your point on cadence. See, we do have a process. It’s not that we don’t have a process. We do have a process where marketing, sales and the company secretary get together and you know, we do try to make as many disclosures as possible. Now all disclosures to the stock market have to be, you know, backed by customer consent. Right. So something consent. But consent may not be there for numbers. Many times they just say that
Abishek Kali
Even if you say, I mean this exact line that you have bullet point that you have added in growth. Right? It did happen on the day of this announcement because it was. It would not have been a part of this deck. Right. So it happened in the quarter as. And when this happens, you at least tell that we were able to close a deal with this. But because of a certain restrictions by our client, we are not able to disclose the ticket size. Put that black and white. I don’t care. Okay, but actually show that you had us a contract win. I mean come on. The marketing guys are. Would not have a problem in disclosing that you are very. You guys are very active on LinkedIn and everything on social. Why not this on the investor deck? I mean a disclosure to the exchange a piece of cake, right? Piece of cake, right. Should be that difficult. Don’t disclose anything in terms of who that client is. If you have a problem, at least mention the geography and the segment maybe which part of the business won that contract. And that then would translate into my revenue mix as to like you have said, the services that you have specified here that I, I generate X amount of revenue from X business. Right, right. I mean do a segmental number on the tech as well. I mean another whatever water pie chart or whatever should do the job for us shouldn’t be that difficult. I mean these are very low which I am expecting the company to do. I’m not asking for stars.
Nisha Dutt
No, no. Agreed. Agreed. Okay. We’ll try our best to be better, you know, communicating.
Abishek Kali
I am. I don’t want to sound harsh but I would like you guys to sincerely make an effort in this direction as well. I know you guys work hard. I’m not taking that away from you because that is going on certain numbers. It will take time. I understand restructuring is a big process. I completely get it. But these are low hanging fruits, man. Come on, we can do that.
Nisha Dutt
Point taken. Abhishek. Point taken.
Abishek Kali
Yeah. Okay. Thank you, Misha.
Nisha Dutt
Thank you.
Operator
Thank you. Next question comes from Bhavan Mehta, an individual investor. Please go ahead.
Bhavin Mehta
Good morning, I’m Audible
Nisha Dutt
Morning. Yes, you are.
Bhavin Mehta
Yeah. This week I heard a lot of questions you ask to check with you earlier, Nicole, you mentioned that when you have technical capabilities there are certain restrictions on the financial parameter where because of which that you’re not able to win the game. So isn’t it a counterintuitive that if you continue to grow with this space the probability of the subic wing order would be low and this space is coming up very fast and for large players in the IT space who can have a huge capital when can quickly catch up on the technology and then the relevance of Subics will be limiting as we move forward in the time. So that’s number one. Second the how are we trying to increase the wallet share from the client perspective? Because the way the size of the company the offerings will be low and would it be even relevant for them if some new players comes in with high capital and with high what you call financial backing or technology backing or maybe some certification in which sense they can easily probably move Subics out of their list clientele list.
Nisha Dutt
Okay, okay. So two questions you asked. The first one I would answer by saying that see relevance of subex cannot be. If somebody with more capital comes in, can they necessarily replace us in contract? I would say no. The answer to that is no. Because the switching cost for a customer once our system is in the switching cost for a customer is very, very high. It, it’s not a, you know, it’s not a trivial thing actually. So that’s why you will see that our logo, churn and sub X is actually only about 1 or 2%. We are able to retain all clients. So it’s not to say that we have not faced competition from people who came with lower cost which came with a lot more financial backing.
But the switching cost is very high for a telco. So it’s not something that happens very easily. So I don’t necessarily see that as a big threat honestly. Even from IT service providers because we are the essential difference being that we are a product company and service providers are exactly that. They are in services business. So I think there is a clear my line of demarcation there. So I don’t think of it as a big threat honestly. And there is a lot of customization that happens around our product. Right. So when I put in my system I do a lot of custom controls around it. It’s not something that telco can get up one day and say that I have this person so let them replace. It does not happen like that. The replacement typ happen on an RFP cycle which is typically once in three years or you know, whenever telco wants to upgrade. So these are on set cycles and that’s why you will see that there is a revenue base. While we may struggle for growth but there is a revenue base that we have maintained and we continue to maintain. And that comes from the fact that our churn is very low in accounts. So I wouldn’t worry overly about that. That’s first.
The second is in terms of why my size might be smaller. But one of the strengths of Superex and I think one of our great competitive advantages is that we are present in 100 plus logos today. Right? All the 75% of telcos in the world have my product somewhere in some shape or form. So what that does for me is that it gives me access to a lot of companies customer base and logos. So every time I upsell, if I have to upsell or cross sell in an account and if I have, let’s say that I have two new AI use cases that I want to take to market. I don’t have to spend that much effort on the go to market. And how do I reach new customers? That is not the challenge I have today. I can go to market very quickly if I have some enhancement on the product, if I have some upgrade, if I have new offerings, it’s easy for me to access the base that’s sitting for me. So I think that is, I would say, the biggest advantage of Subex. Even though we are small, that is something that we have been able to do extremely well over the last 30 years. And that’s what we are trying to do. So our incremental cost is, for a customer, an incremental cost to upgrade our system is lower than to get a competitor system in actually and we are also making our tech stack, you know, more cloud and AI enabled right now cloud enabled so that we can go to, you know, newer markets. So that’s how I see it. I so to answer your question, I don’t see that particular thing as a, you know, threat right now.
Bhavin Mehta
So. Fair enough. But then why aren’t we leveraging so the way then it looks appear that while you because of there’s a stickiness because of the switching cost. Right. We are being, we are taking clients for granted. We can’t I’m sorry if I’m sounding harsh but if you have a such a good potential then leverage the we should cross sell the product use this opportunity of 5 switching cost to leverage. If you’re not able to cross it means somewhere the other the client may not be able satisfied with our services that they’re not willing to give us a more wallet share of their spending.
Nisha Dutt
So I kind of, you know, agree with you See the first thing is that I don’t think customers can ever be taken for granted and I tell that to, you know, my teams internally as well that if customers, you know, if we take customer directly then very soon we’ll be out of business. So that’s something which we never do internally. Customer is of course, you know, customer is king like you say. But in terms of, you know, our ability to cross sell and upsell, that’s one of the activities that we do consistently. I would say that subex hasn’t done a great job of it in past but this is something that I am very hyper focused on because farming an account is so much easier than winning a new deal. Right? I mean hunting is always harder, much harder to convince a new client that come work with us than to tell a customer that you are happy buy another thing from me. So farming is something that as a strategy that we have been focused on since, you know, last few quarters and that’s something that we continue to do.
My own focus is, you know, highly on that because obviously and how do you farm a customer is you can only farm a happy customer, right? You can’t farm a customer that doesn’t like you in first place. So I think given that our churn is low and that tells me that customers are sticky also. They are, you know, I would say in terms of satisfaction customers are not, you know, barring one or two stray incidents, typically customers have been happy with our product. So we do want to farm much more aggressively than we have been doing in past. That has been lacking in Subex and past. But rest assured, that’s absolutely the strong focus right now, which it turns to be numbers focus could be there. Which it will. Of course it will. And some of the accounts, even that I spoke about today in Tier one, that was an upgrade that I spoke about. Right. The Middle east, we upgraded our client from our old start into a new start. And it’s a significant deal. It’s a Tier one deal that shows that there was a customer that was happy and went. And I was able to upgrade a customer I was able to upsell into an account. So a lot of accounts are like that.
Bhavin Mehta
Of course there would be. I’m pretty much sure that all the custom will not be gritty and they would be happy with the services. That is true. But also trans to numbers. That’s the number speaks about. So I think pretty much all investors on the call will ask for the same thing that if we have so much. Absolutely. You and me. You and me. You and me. Yeah. Addressable market. And at least there be some numbers to be shown. And how, how. What is the churn if may I ask how much is a churn in your sales team? Because sales team in this space has lot of lot of work to do and if they are churned and you don’t have a stable salesforce or maybe not a strong salesforce then the potential of Sobex will not be good enough to reach to the larger addressable market.
Nisha Dutt
I agree. I think in terms of sales I would say that we have quite a few people who are old timers in the sense that they have been with us for many, many years. Some actually go almost to the time, you know, when Subix was born. So we do have a lot of old timers. But of course you know, as sales teams go, we keep bringing fresh talent also in I think. Can sales do a better job? Absolutely. I think, you know if I would be the first one to say that sales should do a better job. But we do have old timers. We have a healthy mix of old timers versus new timers right now. And we have been revamping sales in the regions, you know, doubling down on some regions, deprioritizing some geographies as we see, you know, business shrinking or growing. So that kind of, I would say balancing act happens on an ongoing basis. But you know, your message is well taken. I will take it back to the sales team. In fact they are on the call. I’m sure they’re getting this. This message is well heard. So we’ll do better.
Bhavin Mehta
One last question. I. I took this first question as well that because of the financial strength strength you may be not be eligible for certain contracts. So have you how much of this contracts we have lost because your strength was not enough for us to go into even rst process?
Nisha Dutt
I will have to come back to you. But as far as I know, none. I mean I can very confidently say never, never have we lost an RFP or haven’t been able to participate in an RFP because our balance sheet size is small. Absolutely. From the time I have come in, I can very confidently tell you none before my time I would have to go back and check. But for the duration that I have been here, absolutely not. We have never, ever not been able to participate in an RFP because of our balance sheet. We are in fact, I would say, the first choice when it comes to Rafm contract. Right. We are pretty much in the market where there are two or three players that can compete with us. So that I can tell you very confident it has never happened.
Bhavin Mehta
Sure. Okay, Thanks a lot. All the best for your future. And please believe on the numbers. That’s what I would say.
Nisha Dutt
Thanks. Thank you so much. And hopefully, you know, please stay with us and hopefully, you know, we’ll deliver.
Operator
Thank you. We have a follow up question from Ajay Doshi, an individual investor. Please go ahead.
Ajay Joshi
Hello. Hello. Hi. I can hear you.
Nisha Dutt
Yeah.
Ajay Joshi
Confidence is your asset. I can tell you that you enter your cabin and chamber, put your hand on the desk and say, I can do it. I will do it.
Nisha Dutt
Absolutely. I mean, I mean, I don’t know if I could actually tell you, but I strongly, you know, this is not just words, right. I truly, truly believe that there is, you know, strong untapped potential. We haven’t been able to make it real and this is something that we need to make it real for sopex. I mean, you know, from investor side, I know the frustration, but I can tell you that even employees sometimes don’t feel good. Right. Everyone wants to be part of a growth story. Nobody wants to be a part of story that didn’t work out. And I feel almost, you know, that there is an obligation on all of us to do right by you and to do right by the employees as well. So I think all of us want to be a part of the winning story. I can definitely, you know, assure you that that’s the conversation we have all the time that we want to be part of the wedding story.
Ajay Joshi
Then you walk with a strong foot, with confidence. I can do it. I will do it.
Nisha Dutt
And we have. Thank you so much. I really appreciate it. I think we can do it. I mean, I can very. I have no doubts in my mind. I think we have the potential. We will get there.
Ajay Joshi
So yeah, just remember one thing. Talk with the locals in India.
Nisha Dutt
Sure, absolutely. I’ve taken your.
Ajay Joshi
Ellen Musk is coming. Keep it in your mind.
Nisha Dutt
Elon Musk. Yes, he’s coming. He’s coming for all of us. Absolutely.
Ajay Joshi
Yeah, absolutely. All the best. God bless you. Thanks.
Nisha Dutt
Thank you so much. Thank you so much.
Operator
Thank you. Now I hand over the floor to management for closing comments.
Nisha Dutt
My closing comments are actually that, you know, you’ve asked all the questions and see there are questions. I hope you got some of the answers. But again, my appeal to all of you is we are in a transformation journey. Transformation does not happen over few quarters. It is a multi year process. But as you can see, we will, you know, if the top line doesn’t work for us, we will make sure that the bottom line does. But net, my effort is to make sure that we grow and, and we grow profitably and sustainably. And more importantly, we don’t take bets that will not work for us. And I want to make sure that we are conservative on the cash side. So that’s generally been my effort. I have spoken to a lot of you. You all always come on, you know, investor call. So I greatly appreciate that. And I would appreciate if you stay with us, you know, for this journey. I know the stock markets are volatile. They are a little turbulent. But that said, please have faith, you know, like, you know, the last speaker said, at least I have confidence that, you know, we’ll get there. So please stay with us for this journey.
So thank you so much, and I look forward to speaking to you again in I after we do Q4 exams. Thank you.
Operator
Thank you, ma’am. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Door Sabha’s conference call service. You may disconnect your lines now. Thank you and have a good day.