Tejas Networks Ltd (NSE: TEJASNET) Q1 2026 Earnings Call dated Jul. 14, 2025
Corporate Participants:
Arnob Roy — Co-founder, Executive Director and Chief Operating Officer
Sumit Dhingra — Chief Financial Officer
Kumar Sivarajan — Co-founder and Chief Technology Officer
Analysts:
Mohit Mishra — Analyst
Vimal Jamnadas — Analyst
Pranav Kshatriya — Analyst
Ritesh — Analyst
Pratap Maliwal — Analyst
Vikash — Analyst
Khush Gosrani — Analyst
Karan Raja — Analyst
Presentation:
Operator
Good day, and gentlemen, good day and welcome to the Tejus Networks Limited Q1 FY ’26 Earnings Conference Call. 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 conference call, please signal an operator by pressing star zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Mohit Mishra from ICICI Securities. Thank you, and over to you, sir.
Mohit Mishra — Analyst
Good evening, everyone. Thank you for joining on Networks Limited Q1 FY ’26 results conference call. We have the management of Taejis Networks on this call represented by Mr Arnab Roy, Executive Director and CEO; Mr Sumit Dingra, CFO; Dr Kumar M, CTO; and Mr Sanjay Malik, Chief Strategy and Business Officer.
I would like to invite Mr Anda to initiate with opening remarks, post which we will have a Q&A session. Over to you, sir.
Arnob Roy — Co-founder, Executive Director and Chief Operating Officer
Thank you. Good evening, everyone, and welcome to the earnings call for Q1. So first of all, just a quick update on our financials for Q1, we had a net revenue of INR202 crores, which was lower than our Q4 revenues of INR1900 crores. So we had a loss of INR194 crores, which was — the loss was higher than our losses in Q4 of FY ’25.
‘And the order book at the end of Q1 was almost INR1,241 crores, which was larger than — which is higher than our closing order book in Q4 of FY ’25. We also expect and have been intimated for winning an order of INR1,500 crores for the deployment of the BSNL expansion sites of 18,000 plus sites or BSNL’s 4G network.
And we expect to be in receipt of their order shortly. The revenue mix for Q1 was India, 81% of the revenue came from India and 19% from international. And the mix of our — of our order book, closing order book was 92% in India and 8% international, still dominated a lot by our India business.
So one of the key reasons for the shortfall of revenue in Q1 was the relayed receipt of PO and shipment of 18,000 sites of basin and 4G network, which we’re expecting to do in Q1, but has got delayed a bit. For a few other customers, we also had delays in shipment, getting shipment clearances and also arrival of inventory. And in this quarter, our revenue was led by key shipments to several India private and international customers.
Some of the key highlights for the quarter was that 4G expansion project has got started and they have — TCS, our system integration partner has received the APO for additional 18,000 plus sites and they have intimidated to us that the expected value of — for 2PO for supply of RAN equipment will be in the range of INR1,500 crores. We also received an initial order for a private 5G deployment under BSNL’s captive non-public network initiative.
And so this is — while this is a small order, this is a important first order for us for this particular application of building 5G — private 5G networks. We also signed a strategic partnership with Rakutan Symphony for developing integrated 5G solutions and also take our combined solutions globally.
We also entered into a partnership with Intel for integrating our SL3000 direct to mobile chipsets in their laptops and also partnerships with mobile manufacturers such as Lava and HMD to launch D2M enabled mobile phones using the SL3000 chipsets. We’ve also started several POCs and engagements with multiple domestic and international operators for 4G and 5G radios, both in India as well as internationally and for our wireless business, we received our first order for Phase-3 with an SI partner for the supply of IP routers and we are in engagement with other partners as well for other circles.
We supplied our GPON equipment for last mile connectivity project in Gujarat we received several run-rate orders for our optical or DWDM equipment from a few Tier-1 Indian telcos for their 4G, 5G backhaul capacity augmentation. And we own several tenders in the critical infrastructure sector also, and for supply of wireline equipment to railway, oil, gas and defense, mainly for our optical products and from our existing customers, international customers in Africa and Europe, we won several network expansion business for both Our DWDM as well as our GPON equipment we also launched our 1.2 terabit per wavelength DWDM solution earlier this year during Bharat Telecom event and it was launched by the Honorable Union Minister of Communications. A few other updates for the quarter are Parag Nayak, our Executive Vice-President, he was conferred the prestigious funded Din Rupadhya Telecom Excellence Award by the Ministry of Communications. We were recognized by as the Supply Chain Leader of the Year for Technology and Electronics at the SCM Middle-East Conclave and Awards in Dubai.And we received PLI incentives of INR122 crores for — for Q3 of FY ’25. I’ll now hand it over to our CFO, Sumit, for giving details on our financials.
Sumit Dhingra — Chief Financial Officer
Thanks, Arnav. Good evening, everyone. For the quarter ended June 30, 2025, the revenue for Tejas Networks was INR202 crores. The — compared to the previous quarter revenue of INR1907 crores. Revenue is lower mainly due to delay in pickup purchase orders, delay in certain inventory arrival and shipment clearances for a few customers.
I think as Arnab briefly mentioned in the — in a statement our profitability for the quarter at EBIT level was negative INR232 crores. This is mainly driven by lower revenue or against which we have significant fixed-cost, even though there was an improvement in material margin during the quarter and also lower variable-cost during the quarter helped partly offset the impact.
At PBT level, our profitability stood at negative INR297 crores and the main difference is essentially finance cost of about INR75 crores. And PAT for the quarter was negative INR194 crores. On the balance sheet side, inventory for the — at the end-of-quarter was INR2,537 crores, which is slightly higher than the inventory for the previous quarter. The increase is mainly to cater to some of the purchase orders that are expected to get executed and as we’ve been talking about in the earlier quarters, we’ve taken some advanced inventory action in — for certain select components.
Our trade receivables stood at INR4,453 crores. We had collections of INR650 crores during the quarter. The trade receivables are on the higher side, but at the same time, against these, we have advances of about INR14 crore INR60 crores that are correspondingly also sitting in the other liabilities. So on a net basis, the trade receivable numbers is lower to that extent our cash position at the end-of-the quarter one was INR545 crores and borrowings stood at INR3,990 crores.
The increase in borrowings is mainly on account of working capital purposes as well as for certain capex-related investments that we have been doing over the quarters. With this, I’ll hand it over to Arnab to make the. Yeah.
Arnob Roy — Co-founder, Executive Director and Chief Operating Officer
Thanks, Smit. So in summary, as far as our business outlook is concerned, we driven by the continuing growth in data consumption, we see continued investments in fixed and mobile networking technologies worldwide, which is driving our business, the growth of our business and the key applications are the data center connectivity and led by many of the new AI data centers which are getting established.
The continued digitalization of cities and economies, a modernization of utility networks, the huge investments that are continuing to happen for broadband connectivity and the expansion of 4G and 5G networks globally. So these contribute to our continued business drivers and in — and in-line with those — with those applications, we continue to invest in developing our portfolio and over FY ’25 and in Q1 of FY ’26.
We have expanded our portfolio significantly and increased our addressable market. We continue to evolve our 5G solution and developing and develop multiple 4G, 5G radios over multiple bands. We enhanced our portfolio with advanced 5G massive MIMO radios of both our in-house ones and with the partnership with NEC.
We acquired a field-proven 4G, 5G core with the licensing agreement with NEC. We expanded our IPMPLS router family to cover multiple access aggregation networks, including BharatNet. We enhanced our optical portfolio with state-of-the-art transmission technology of 800 gigabits and 1.2 terabits per channel DWDM systems and expanded our — enhanced our FTTX portfolio with 10 gig PON products.
So our addressable market segments for our products are projected to go — grow globally and our domestic opportunities include large projects in both private and government sector where the investment in networks continue in response to the huge demand in bandwidth. We have signed-up several new customers and new application wins in both private and government sectors, which are set to expand in the current year.
Our partnerships with NEC and Rakuten are expected to give us access to global customers and expand our joint go-to-market opportunities in the international markets and our continued investment in expanding our global sales footprint and strategic initial wins will give us a momentum — strong momentum for increasing our international business.
In summary, we are bullish about our growth drivers and we continue to invest in R&D and sales investments and go-to-market as we look-forward to growth in our business in the coming years. Thank you. So with that, we will open the floor to questions.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star then 1 on their touchstone phone. If you wish to remove yourself from the question queue, you may press star then to. All participants are requested to use handsets while asking a question.
Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, to register for a question, please press star then 1. Our first question comes from the line of Vimal Jamnadas from Alchemy Capital Management. Please go-ahead.
Vimal Jamnadas
Yeah, thank you for the opportunity. I hope I’m audible. I apologize for the background noises and
Arnob Roy
Yes, you are audible.
Vimal Jamnadas
Incrementally 22% growth of revenue, what has contributed to that? If you can help me with the understanding what projects have contributed to percent growth in this quarter? Thank you.
Arnob Roy
We couldn’t hear you properly. Was it the — which projects for the INR202 crore revenue or was it something else?
Vimal Jamnadas
Thanks I’m really sorry to interrupt him
Operator
Sir, your line is breaking in-between.
Vimal Jamnadas
So still your line is breaking.
Arnob Roy
Should we move on and let him join again?
Operator
Sure, definitely. We request you to rejoin the question queue.
Vimal Jamnadas
Sure.
Operator
Thank you. Our next question comes from the line of Pranav Kshatriya from Emkay. Please go-ahead.
Pranav Kshatriya
Hi, thanks for the opportunity. I have a few questions. Firstly, can you give some breakup on the India revenue? How much is that India private and how much is the government revenue?
Sumit Dhingra
Okay. This — from this quarter, we’ve kind of not started — stopped giving that breakup because what we realized was that those numbers were not very — I didn’t have the clarity because a lot of the India revenues that we claimed as India private based on the end-customer, the The direct customer was a private entity, but based on the end-customer being government, sometimes there are government as the end-customer and a private end-customer as well. So that number was not very clear. That’s why we kind of left it as — as India and international.
Pranav Kshatriya
Okay. Okay. Fair enough.
Sumit Dhingra
In general, as far as the past criteria is concerned, the way we used to report, the India government revenues were around 16% of the total and the rest of — it was India private.
Pranav Kshatriya
Okay. Thank you.
Second question is that we’ve seen quarter-on-quarter decline in employee cost. I mean, how should we look at the employee cost going ahead? And is it because of larger, I mean capitalization of some of the expenses?
Arnob Roy
I think there is a — there is a decrease in employee cost in this quarter mainly on account of certain provision reversals that happened on account of certain exits from the company and also there were certain other variable pay provisions, which got reversed. In general, our employee cost is in-line with our investments that we’ve been talking about, particularly on the R&D and international sales side and expect it to continue to increase the going-forward.
Pranav Kshatriya
Okay. One more question is, you talked about 4G and 5G proof-of-concept being employed with various international as well as domestic private customers. So my question is that how long should we see this culminating into the revenue? Because if I look at — you have in the previous call very categorically clarified that FY ’24 should be seen as a base and not FY ’25. So from that point-of-view, how important is scaling up a 4G, 5G proof-of-concept for revenue and will that revenue come in this year or it’s more likely to come in next year for if at all this rectifies?
Sumit Dhingra
So we are — as I mentioned, we are engaged with several POCs and other engagement with customers both in India and internationally always. And our — especially our partnerships, NEC and Rakuten was for addressing a lot more of the international customers in conjunction with them. And we hope to see some of the new business closures in 4G and 5G this year, right?
We are in the fairly deep discussions with multiple operators globally.
Pranav Kshatriya
Okay. Okay. And my last question is that you used to provide the number of patents which are issued to Tejas Networks. Is that number updated? I mean updated number is available or you know-how should we see this trending?
Sumit Dhingra
What do you mean.
Arnob Roy
Yeah, the total that we have today are 548.
Pranav Kshatriya
Okay. Okay. Okay. Thank you. That’s it from my side. I’ll come back-in the queue for one more questions. Thank you.
Operator
Thank you. Our next question comes from the line of Ritesh from Girik Capital. Please go-ahead.
Ritesh
Yeah, thanks for the opportunity. Couple of questions on accounts. What is what does this pertain to along for expected loss of INR18 crore? Is this on BSNL or any other project?
Sumit Dhingra
Okay. It is — it is across our customer-base. Basically every quarter we do expected credit-loss provisioning based on based on our metrics and as per accounting standards. And this is a combination of a movement in the credit-loss through the quarter. So it is not necessarily linked to any one particular customer.
Ritesh
Okay.
Sumit Dhingra
If you see our historical data, I think every quarter we report this number,
Ritesh
Yeah.
Sumit Dhingra
Capturing the movement in the credit-loss through the quarter.
Ritesh
And this INR4,500 crore receivables, this would be more on a BSNL and what is the typical payment cycle on this?
Sumit Dhingra
A large part of it is on account of BSNL 4G project and there are other receivables as well. And the payment cycle or collection cycle on this is linked to certain milestones, which are related to project delivery and project execution and installation commissioning and thereafter certain other steps leading up to the closure of or completion of the network rollout.
So more than the timelines is leaned to completion of those milestones.
Ritesh
So by September balance sheet, majority of this receivables will be collected or it’s a long-duration?
Sumit Dhingra
So we expect a reasonable reduction in these receivables through the — over the next couple of quarters through the year?
Ritesh
Also on the operational side, now just the 4G, 1 lakh site is done. How is the review of the performance of this 100,000 sites and is there any fine-tuning needed or this project is as per the expected your parameters?
Kumar Sivarajan
This is Kumar. Yeah. So the radios over 90,000 sites are deployed and functioning and the performance of the network is satisfactory. There’s always some optimization needed in all mobile networks for improving coverage and reducing call drops and things of that nature, that continues, but the product performance is quite satisfactory.
Ritesh
Okay. That’s great to know. Also, if you can comment on this initial order of the BSNL CNP and captive non-public network initiatives. So what kind of order size one can look at-once this initial orders are happening?
Kumar Sivarajan
Well, as I said, this is our — our first deployment, first win and deployment of this private 5G network. It is a small order for one of the utility companies. And you know, as we complete our deployment and all over here, this could be a good reference for us for many other applications like this in India as well as globally.
Ritesh
Can we say that what you were doing for the government as a government business now can happen on this — totally on captive power captive network over next, say, three, five years?
Kumar Sivarajan
And I didn’t understand the connection with the government. It is our same standard products, which have a different application for the private 5G networks. And it’s not connected with in a government.
Arnob Roy
Kumar, do you want to add?
Kumar Sivarajan
Yeah. So the CNPN is just the term for what is normally called private 5G networks. So this is a network within an industrial complex or a mine or campus, which uses the spectrum of an operator because India hasn’t auctioned spectrum specifically for private 5G, but then the network is built and operated by the private entry.
So this is what is normally called private 5G and we’re just making beginning in that business.
Ritesh
Sure. That’s all from my side. Thank you, sir.
Operator
Thank you. Our next question comes from the line of Pratap Maliwal from Mount Intra Finance. Please go-ahead.
Pratap Maliwal
Hello, am I audible?
Arnob Roy
Yes. Yes, you are ahead.
Pratap Maliwal
Yeah. Thank you. My line got cut in-between. So I apologize if these are repeat questions, but just a couple of questions here on the BSL expansion or the INR15 crores, INR26 crores that you pointed out. So do we expect to receive it and then execute it within this financial year?
Arnob Roy
Yes, that’s what the expectation is.
Pratap Maliwal
Okay. And just a follow-up here. So there was a new article where there was a statement by the Minister of State for Communication who said that after successfully fallen 100,000 towers on 4G, we’ll approach the cabinet to approve another 100,000 towers. Probably a little premature to ask it, but then is there any detail, any color you can give me on this?
Arnob Roy
No, we’ve — we’ve also read about the article, we’ve heard about it. And as of now, we have not received any intimation of the process of how that will go through. But we do expect to participate in that if that comes and complete — compete favorably In this opportunity.
Pratap Maliwal
Sure, sir. And regarding the orders, did you call-out the order size that we are winning here in?
Arnob Roy
What was the question?, what was the?
Pratap Maliwal
The order sizes that we are competing for here?
Arnob Roy
Okay, okay. No, no, we don’t disclose the order values per customer or per order. We don’t do that.
Pratap Maliwal
Okay, sure, sir. Thanks for taking my question.
Operator
Thank you. Before we take the next question, a reminder to all the participants. If you wish to register for a question, you may press star then one. Our next question comes from the line of Vikash, an investor. Please go-ahead.
Vikash
Hello, sir. I wanted an understanding of what is our total order book right now and if you can give the breakup between BSNL and others because largely we are doing the work for BSNL. So the current order book as it stands and what is the expected in the current financial year, what kind of order book are we expected to add-in terms of our visualization of the work that may come to a status.
Arnob Roy
Yeah. So the current order book is INR1,241 crores as we mentioned. And this does not include anything from PS&L. It is mainly our wireline business and small and some wireless opportunities, but this does not include the — any orders from BSNL. And as I said, we are expecting the add-on business of 18,000 plus sites and that is a separate that’s going to be a separate order.
The value is going to be roughly INR1,500 crores for us. But that’s not what is mentioned in the order book of INR1,200 crores.
Vikash
Okay. And this is expected to come in the next couple of quarters, the BSM orders?
Arnob Roy
Yeah, it’s supposed to come and get executed in this financial year.
Vikash
Okay. And are we also expecting such similar or larger orders from entities other than BSML. So as I said, we are engaged with several operators in India as well as you know, globally for our 4G, 5G products. So in terms of size, I mean, what we saw last year of 100,000 sites, a single order, I don’t think we’ll have something of that size, but there would be — we are looking at multiple opportunities or multiple operators with smaller-sized network kind of.
Okay, sir. Thank you.
Operator
Thank you. Our next question comes from the line of Khush Gosrani from InCred Asset Management. Please go-ahead.
Khush Gosrani
Yeah, hi, sir. Thank you for the opportunity. If you could just highlight more on the recent Rakutan of the partnership that we have done and what kind of products we could cross-sell and what kind of — just if you could give more flavor on it, that would be helpful.
Kumar Sivarajan
Yeah. So Rakuten is a well-known provider of one component of the solution, what is called the CUDU and Taegis. So we are working with them to offer a joint solution with Rakutan CUDU and Taegis radio units to customers worldwide. So that’s the nature called collaboration.
Khush Gosrani
Sure. And so how Rakutan equipments have been used so where majorly what my understanding was in Japan, but outside Japan, how is the India performance?
Kumar Sivarajan
I believe they are used in Japan and Europe and other places around the world. I’m not aware of all the countries. They are used for that sort of
Khush Gosrani
Sure. Got it. And in terms of — in terms of our balance sheet, the inventory, would we need to invest more if post the INR1,500 crore for the 18,000 POs come, would we require more debt to increase our inventory to procure the inventory or the debt level should remain around INR4,000 crores.
I think we’ve made significant procurement for that order, but it is — but we may need to still do some incremental orders, particularly where the lead times are not as high.
Okay.
Arnob Roy
Regarding your question on whether this would increase the debt or would it come down, I think it was — it’s a function of when the orders materialize vis-a-vis some of the other working capital movements. So difficult to comment on the debt levels from that perspective.
Khush Gosrani
And last question would be, what is your capex plans for this year, if you could highlight on that?
Sumit Dhingra
I think we continue to invest in both on the R&D side and also to some extent on developing our supply-chain for the increased product portfolio or expanded product portfolio as we go along. In addition to that, as we announced couple of quarters back, we had a technology collaboration with NEC. So some of these aspects are essentially what are going to drive our investments and capex over the next few quarters.
Beyond that, I think it will be difficult to give a number around that.
Khush Gosrani
Okay, but it should remain similar to last year’s level of INR650 crores or
Sumit Dhingra
I think progressively, it may increase a little bit, and in addition to that, there would be an impact of NEC related investments that we’ve talked about. So all that would cumulatively please impact on the capex for the year.
Khush Gosrani
Sure. Got it. Got it. Thank you so much. I’ll get back-in the queue.
Operator
Thank you. Participants, you may press star and one to ask a question. Our next question comes from the line of Ritesh from Capital. Please go-ahead.
Ritesh
Yeah. The question is on. Several people have announced the huge order win, but we haven’t got a several many orders or is the PO getting delayed on that you are coming, sir?
Arnob Roy
No, as I mentioned, we’ve also started receiving orders for our — for the project for our routers. I think the people who have announced the large orders are the system integrators who have won the tenders in different circles. And their order consists of not only the equipment, but also fiber and deployment and services and building NOKs and all those kind of things, right?
So the SIs who have directly participated in the tender, they have made those announcements for the projects. But as an OEM, we are going to be suppliers to those SIs. And we are working with them for supplying — for signing-up agreements for the supply of our routers. And we got our initial orders which I talked about.
Ritesh
Okay. That’s from my side. Thank you.
Operator
Thank you. A reminder to all the participants if you wish to register for a question you might press star then 1 on your touchstone phone now thank you. Participants, you may press star then 1 to ask a question. Our next question comes from the line of Kush from InCred Asset Management. Please go-ahead.
Khush Gosrani
Yeah, hi. Just on the receivables side, you mentioned it would be on milestone basis that you will receive on the previous BSNO order, but these milestones should get completed in next one year or it will take more time to reach these milestones. How should we think about it?
Arnob Roy
A large part of it will should get collected during this financial year. So there will be a small portion which could go beyond — beyond that as per the milestones, but significantly a large part should get done this year.
Khush Gosrani
Okay, got it. Got it. Thank you.
Operator
Thank you. Our next question comes from the line of Karan Raja from 54 Ventures. Please go-ahead.
Karan Raja
Good evening, everybody, and thank you for the opportunity. Am I audible?
Operator
Yes, sir.
Karan Raja
Sorry, to previous participant, we spoke about the two circles where we have been considered and been awarded the PO for the BharatNet deployment. Would you be able to share the number or perhaps a range for the circles where we may not be considered no, I think there is nothing like that.
Arnob Roy
I think there Are multiple SIs who have won the different circles and most of them have bid our equipment as one of the OEMs for their outer supplies. And as of now, we are in discussions with many of them, which is in some cases going through testing, going to certification and all this kind of thing and we are in discussion with the — with many of them for supplying our routers for their circles. So that’s where things are. So it will be — it’d not be possible to say where we are going to be — we did finally be deployed and not deployed kind of a thing. So
Karan Raja
No, that’s fair. Thank you for that clarification. Another question and perhaps this was discussed in the past. In our previous calls, there has always been an option or prospect for Kavaj deployment. Can you please speak about that? Is that an opportunity we are still considering or not?
Sumit Dhingra
No, I think our railways also is going to go for this captive network and they are considering the various technology options as of now. So we are definitely engaged with that. And yes, the tender has got relayed little bit, but once it is released that we would be one of the strong contender for it.
Karan Raja
All right. So a couple more questions. One, considering the recent geopolitical actions. My assumption is that telecom equipment now becomes critical and especially indigenous telecom equipment becomes critical as part of national security. Have we received any interest from the Ministry of Defense or any other undertakings for any form of project.
Arnob Roy
So we are engaged with the defense sector for their upcoming opportunities. As you know, we have — in the past, we have supplied to defense networks in different multiple projects and in different kind of applications. So we remain engaged right now. I mean, as of now, there is no major specific project to really talk about, but there are several discussions ongoing for multiple applications.
Karan Raja
Fantastic. Thank you so much for your questions and have a lovely evening, everyone.
Arnob Roy
Thank you.
Operator
Thank you. Our next question comes from Ritesh from Girik Capital. Please go-ahead.
Ritesh
The question is on NAC collaboration. So the entire investment will happen in this year itself or will it be over FY ’26 and ’27?
Sumit Dhingra
A large part of it will happen this year. I think a small portion of it could trickle-down to the next year as well.
Ritesh
Okay. And what are the — when do we see the revenue flowing out of this investment?
Kumar Sivarajan
Yeah. We — as I said, we are engaged with multiple customers existing — including the existing customers of NEC and we hope to see some wins and project closures in this financial year.
Ritesh
Great. Thank you, sir.
Operator
Thank you. As there are no further questions from the participants, I now hand the conference over to Mr Arnab Roy for closing comments.
Arnob Roy
Thank you. So I would like to close by saying that the global — either our business opportunity, our business driver still looks quite strong based on the demand for data and bandwidth growth. So we are — we remain bullish about our future and we continue to invest in R&D for developing, expanding and evolving our products and as well as invest in partnerships and other sales growth globally in-line with the opportunities that we see.
And over a period of time, we do see a significant growth in our business as we continue to execute on our business plans. So thank you and thanks to everyone for taking the time and attending the conference and with that, I’d like to close the call. Thank you.
Operator
Thank you. On behalf of Networks Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.