{"id":174361,"date":"2026-01-22T11:21:13","date_gmt":"2026-01-22T16:21:13","guid":{"rendered":"https:\/\/alphastreet.com\/india\/anant-raj-limited-anantraj-q2-2025-earnings-call-transcript\/"},"modified":"2026-01-22T11:21:13","modified_gmt":"2026-01-22T16:21:13","slug":"anant-raj-limited-anantraj-q2-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/anant-raj-limited-anantraj-q2-2025-earnings-call-transcript\/","title":{"rendered":"Anant Raj Limited (ANANTRAJ) Q2 2025 Earnings Call Transcript"},"content":{"rendered":"

Anant Raj Limited (NSE: ANANTRAJ) Q2 2025 Earnings Call dated Oct. 30, 2024<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Amit Sarin<\/strong> \u2014 Managing Director<\/em><\/p>\n

Pankaj Kumar Gupta<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Manoj Kumar Goyal<\/strong> \u2014 Chief Business Officer<\/em><\/p>\n

Ashim Sarin<\/strong> \u2014 Director and Chief Operational Officer<\/em><\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Analysts:<\/h2>\n

Harsh Pathak<\/strong> \u2014 Analyst<\/em><\/p>\n

Gautam Shroff<\/strong> \u2014 Analyst<\/em><\/p>\n

Akshat Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Pavas Pethia<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Rucheeta Kadge<\/strong> \u2014 Analyst<\/em><\/p>\n

Prateek Singh<\/strong> \u2014 Analyst<\/em><\/p>\n

Hardik Gandhi<\/strong> \u2014 Analyst<\/em><\/p>\n

Rachit Parekh<\/strong> \u2014 Analyst<\/em><\/p>\n

Srigopal Bajaj<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day, and welcome to the Q2 FY ’25 Results Conference Call of Anant Raj Limited, hosted by Emkay Global Financial Services. [Operator Instructions] And there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions]<\/p>\n

I now hand the conference over to Mr. Harsh Pathak from Emkay Global Financial Services. Thank you. And over to you, sir.<\/p>\n

Harsh Pathak<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah. Thank you, Palak. Good evening, everyone. I would like to welcome the management of Anant Raj and thank them for this opportunity. We have with us today, Mr. Amit Sarin, Managing Director, Mr. Pankaj Gupta, Chief Financial Officer, and Mr. Manoj Goyal, Chief Business Officer.<\/p>\n

I shall now hand over the call to them. Over to you, gentlemen.<\/p>\n

Amit Sarin<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you, Harsh. First of all, a very happy Diwali to everyone and thank you for taking up the time to attend our conference call — our earnings call. Thank you once again.<\/p>\n

First of all, I’d like to introduce. I have my colleagues, Mr. Pankaj Gupta, Mr. Manoj Goyal, and Mr. Ashim Sarin, who is also on the — who is the CEO and the Director of the Company and he heads the data center division. As we were preempting that there will be a lot of questions on the data center, so we requested him to join as well. So I’m sure everybody has got a chance to go through the numbers of the Company, and this is one of the best numbers the Company has reported so far. But we want to tell you one thing that this is just the beginning, the story has just begun. And we are very proud and happy to share that, this time, not only the data — the real estate division of the Company has been contributing a lot to the Company for the past three years, but this time, the data center revenues have also started to kick in into the Company. And all the real estate projects as planned and as discussed by us in our previous calls and on our various updates in our presentations and all are fully on track. There is no delay whatsoever and everything is on track and has been launched on the decided dates, number one.<\/p>\n

Number two, the Company was already into colocation as we all know that the Company successfully initially started with three megawatts and added another three. In our last call in April, we had informed everybody that the Company is now going to be venturing out into [Technical Issues] its own cloud. And this was done in the month of April this year and we very proudly and happily would like to share that we have already done that. On the 7th of October, the Company launched its own cloud called Ashok Cloud named after our Founder Chairman, Shri Ashok Sarin. We got very good response for it, and this today, has placed Anant Raj Group as one of the main players of not only data center, but cloud also. So today, we are a single stop solution for everything. If somebody wants simple colocation, we can provide that. If somebody wants to have cloud, we can do that. Somebody wants servers, we can do that. And various services, which as we go by, Mr. Ashim Sarin will explain further.<\/p>\n

Other than this, vis-a-vis, the real estate division, the Company has added another 20 acres of land in Gurgaon and that is as per the growth plan of the Company, which the Company also discussed in the earnings call. One very good thing which is the Company has done, we are fully in the earnings call last time, we had mentioned that Anant Raj is going to be a zero-debt company by December ’24 and we are fully on track to do that. So all things compared to the previous call, fully on track.<\/p>\n

Now I’ll request our CFO, Mr. Pankaj, to give you a financial update. Over to Pankaj.<\/p>\n

Pankaj Kumar Gupta<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you, sir. Firstly, I would like to extend my warm wishes to everyone for happy and prosperous Diwali. I hope this festive season bring you joy and success to all of you.<\/p>\n

We are pleased to announce that this has been the best quarter and half year in the history of our Company so far, achieving a record-breaking result across key financial metrics. We announced that we have achieved a revenue of INR524 crore, which represents a growth of 54% compared to Q2 of last financial year. For the first half of FY ’25, revenue growth stood at 51% over H1 FY ’24. In addition, our operational efficiency and focus on cost management enable us to deliver robust growth in EBITDA and profitability. For Q2 FY ’25, we reported an EBITDA of INR124 crore [Phonetic] with a year-on-year growth of 40%. And for H1 FY ’25, EBITDA rose by 49% compared to the previous year. Our profit after tax for Q2 FY ’25 was INR106 crore, reflecting a remarkable 75% growth year-on-year. With PAT, for the first half of FY ’25 saw an increase of 78%, further highlighting our strong execution and cash flow management.<\/p>\n

As we discussed in our previous update, we remain firmly on track of achieving a net debt free status by the end of next quarter, a key strategic objective for Anant Raj Limited. This milestone is integral to our broader vision of strengthening our balance sheet and enhancing financial selectivity. I’m pleased to report that we have made a substantial progress towards this goal with a further reduction of our net debt by INR124 crore during Q2 FY ’25 compared to Q1 FY ’25. Our outstanding net debt stands at just INR95 crore as on 30th September 2024. This is the achievement reflects our disciplined approach to debt management and is supported by the strong operational cash flow, which have enabled us to aggressively reduce our leverage over the past few quarters.<\/p>\n

Now, I would like to hand over the floor to Mr. Manoj Goyal, CBO, Anant Raj Limited, to give update on business front. Thank you.<\/p>\n

Manoj Kumar Goyal<\/strong> \u2014 Chief Business Officer<\/em><\/p>\n

Thank you, Pankaj. And good afternoon, everyone and a warm welcome. And happy Diwali to everyone.<\/p>\n

As Pankaj mentioned, we are delighted to report the strongest performance of this quarter of the Company, which demonstrates the — our strong team work and the organization effort to maintain the growth and to build a strong infrastructure. Our targeted investment has enhanced, already translated into tangible results, and that is reflecting into the results of the Company. See, we have done a lot of things operationally, but there are certain key operational highlights, which I want to highlight to the — everyone.<\/p>\n

As Amit, sir, has mentioned that we have commenced six-megawatt IT load of the data center at our Manesar facility and the work is — on 21-megawatt is going with a full speed. So this will reach to 28-megawatt of IT load at Manesar and the Panchkula and the by end of FY 2025. In the meantime, we have also commenced cloud services and the pilot project of half-megawatt of the IT load has already been commenced. And this cloud will be initially providing infrastructure-as-a-service, which has been built along with the world’s best of the OEM and the service provider. In addition to the infrastructure-as-a-service, the Company has a plan to take this infrastructure-as-a-service to the platform-as-a-service and software-as-a-service in the coming time.<\/p>\n

As Amit sir, again, mentioned that we have acquired about 20 acres of the land in the Gurgaon and that will enhance the overall development portfolio of the real estate site that is in the prime area of the Gurgaon. As you all aware that we have launched a group housing project called Estate Residences for which the construction work has been commenced and it’s going in a full fledge. We are constructing the project with the most advanced technology and our affordable housing is in Tirupati, the work has also been commence at that place also. When we come to the JV with the Birla, the Phase-I — the delivery of the Phase-I has already been commenced and about 228 units have already been handed over.<\/p>\n

Thank you. Now I’ll request MD sir to take the floor and take the questions-and-answers.<\/p>\n

Amit Sarin<\/strong> \u2014 Managing Director<\/em><\/p>\n

I hope everybody understood the update. Everybody is more than welcome to ask us any questions if they want to. Over to you, please.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Gautam Shroff from Nuvama. Please go ahead.<\/p>\n

Gautam Shroff<\/strong><\/p>\n

Congratulations, Amit ji, on a stellar quarter. You’ve entered a INR100 crore club.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Thank you.<\/p>\n

Gautam Shroff<\/strong><\/p>\n

That is something — that’s an achievement, I would say, too many more. Amit ji, my first question to you and team Anant Raj is we also read about you announcing a fundraise program. So how aggressive are the growth plans and how are you thinking two years, three years down the line?<\/p>\n

Amit Sarin<\/strong><\/p>\n

See, as of now, this fundraising is completely focused. It’s going to be INR2,100 crores, out of which promoters are going to put in INR100 crore and we will go to the market for the balance INR2,000 crore. The main focus of this fundraising is going to be for the data center business. As you know, one new development this year has been that the Company has come into clouds. The Company is fully funded and fully on track for its first 28 megawatts for that we do not need any money. But in the coming year and we are almost there at 28 now, so in the coming year, we plan to add another 35, taking the toll to 63 megawatts. And in this 63 megawatts, sir, after launching Ashok Clouds, we are very confident because we’ve got very good response for Ashok Cloud, the cloud services which the Company has launched.<\/p>\n

And like we just — when we explained on the call, sir, today, we are a single stop — shop solution for any cloud need of any client anywhere in the world. Of course, the focus is always going to be India. So in this situation, sir, we feel that out of this 63-megawatt, 14-megawatt can be — as of now, depending on our fund position and the fundraising which we are going to do, is — can be easily put into clouds and this takes the cloud business into a — data center business and Anant Raj Clouds into a different horizon, sir. In this, you are going to be then competing with all the hyperscalers and the largest ones in the world. So that is the category we want to go into. And as it is already public knowledge, sir, the technical tie up for the product which we have launched so far for which we got very good response is with Orange, the French company. So it’s doing pretty well. So that is the focus of the fundraising, sir.<\/p>\n

Gautam Shroff<\/strong><\/p>\n

Got it. Thank you.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. The next question is from the line of Akshat from Niveshaay. Please go ahead.<\/p>\n

Akshat Shah<\/strong><\/p>\n

Sir, congratulations, first of all.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Akshat ji, how are you? Yes. Thank you, sir.<\/p>\n

Akshat Shah<\/strong><\/p>\n

Yes. So my question is, is there any realignment in the guidance for number of data center capacity to build over the years like FY ’29 — 2029 or 2030, when it will be like 307 megawatts?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Akshat, we are fully on track, sir. As you know, there are three locations the Company is working on. As of now, location number one, which is, Manesar, has already started. Location number two, which is Panchkula, is about to start and should be up and running by December this year. So another two months to go, we should be — we will be starting Panchkula as well. And the third one is going to be Rai. In the coming year, Rai is going to start as well.<\/p>\n

So as of now, the focus, vis-a-vis the location, is going to be these three locations. But what is going to be different is, sir, that rather than just being a colocation player, which means that you will always — if you are only a colocation player, you are always dependent on hyperscalers for business, sir. But now with the cloud coming in and kicking and getting very good response, so we are going to add-on these services. So out of 63, 14 will go, which is almost say about 25%. So we plan to maintain the same ratio, but we see a lot of business coming in, sir. So subject to our fund position, we will try and develop more of cloud because that is much better in terms of cash flow and profitability if compared to the colocation.<\/p>\n

Akshat Shah<\/strong><\/p>\n

Okay, okay. Thank you, sir. Another question [Indecipherable] I would ask that what is your [Speech Overlap]<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt you, sir. Sir, can you use your handset?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Akshat ji, can you be a little louder perhaps. Sorry.<\/p>\n

Akshat Shah<\/strong><\/p>\n

Okay, okay. Am I audible now?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Now, yes.<\/p>\n

Akshat Shah<\/strong><\/p>\n

So what is the capex cost for building a cloud service? What is for 1 megawatt of that?<\/p>\n

Amit Sarin<\/strong><\/p>\n

See, Akshat ji, the ballpark figures for a cloud, see, although this business is actually calculated in terabyte, megabyte, and petabyte, but if you just put it in simple words, one megawatt has an additional investment of close to INR100 crores. So that is how expensive it is. But then the horizon is very wide, sir.<\/p>\n

Akshat Shah<\/strong><\/p>\n

Yes.<\/p>\n

Amit Sarin<\/strong><\/p>\n

And we have commenced 0.5 for which we got very good response. And this is one of the best qualities available in the world, which we have been able to launch.<\/p>\n

Akshat Shah<\/strong><\/p>\n

Sir, can we compare the type of service with like — companies like E2E and etc.?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Just [Foreign Speech] louder, sir, please.<\/p>\n

Akshat Shah<\/strong><\/p>\n

Sir, can we compare the type of service we are providing with the companies like E2E Networks?<\/p>\n

Amit Sarin<\/strong><\/p>\n

This I’ll request Mr. Ashim Sarin, to answer. Ashim ji?<\/p>\n

Ashim Sarin<\/strong><\/p>\n

Yes, sir, the services that we are offering now is basically the infrastructure-as-a-service. So that is the first layer of the cloud services and that we’ve already started. And with time, the intent is to move on to platform-as-a-service and software-as-a-service, but that will take some time. But yes, we are at par with what the other players are offering in the market as far as infrastructure-as-a-service is concerned.<\/p>\n

Akshat Shah<\/strong><\/p>\n

Okay. Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. [Operator Instructions] The next question is from the line of Pavas Pethia from Aditya Birla MF. Please go ahead.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Hi, sir. The first thing about this fundraise, 2,100-odd-crores, how you plan to deploy it among various verticals, say, data center, residential, what is the game plan there?<\/p>\n

Amit Sarin<\/strong><\/p>\n

This is purely data center, sir. This fund is going to be purely for data centers. For our real estate, we are completely funded with our internal sources. We do not need any money, sir. So this fund will be mainly to get into the cloud business, sir, because this cloud business fairly for the company is new. But thanks to the colocation which the Company created, which, in terms of quality, is one of the best which we were able to deliver. So that is what generated this demand for coming into data centers also and that’s how we came into it. And now today, we have successfully started 0.5, which is up and running now, sir. This is in two categories. Ashim, can you explain the two categories, please?<\/p>\n

Ashim Sarin<\/strong><\/p>\n

So basically, sir, what we’ve done is, we’ve started with a private cloud and almost 50% of whatever we’ve set up right now and the remaining 50% is for a government community cloud, which actually qualifies as a sovereign cloud, because after we started with our colocation business, we saw a lot of requirement from our clients coming in for cloud services where they wanted us to shut them from a capex model to an opex model. That is how we started building up our own cloud services.<\/p>\n

And now what we’ve launched is actually the first step because we were very cautious in our approach and we’ve started with infrastructure-as-a-service where we are putting in the servers, we are putting in the routers, the firewalls, the switches, and basically, we are giving the customers come onboard, they set up their own virtual machine and they are able to manage their operations on their own. And the complete — every infrastructure is maintained and operated by us.<\/p>\n

Amit Sarin<\/strong><\/p>\n

[Foreign Speech] most of the fund which we are going to be raising is colocation, sir, we are up to 28, we are completely funded. We do not need any money. That real estate is taken care of. But now when we want to get into the cloud, we feel that 14-megawatt is going to convert into terabyte and megabyte, that’s one thing. But can comfortably, as of now, can be consumed by the market. We do not see any demand problems there. So we want to invest this much to get into clouds and this will make us one of the largest players in the country doing this.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Sure. Just I missed that number, how is the conversion from, say, a megawatt cloud to crores of capex?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, crore of capex is about INR100 crore, sir. One megawatt and additional cost of INR100 crore is required to convert one megawatt into clouds.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Sure. And of this 0.5 megawatt was?<\/p>\n

Amit Sarin<\/strong><\/p>\n

We did it ourselves from our internal sources and we got very good response for it, sir.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

So already the rentals are coming on this.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Already started, sir. So the good part about cloud is that your rentals start from day one. Colocation, things take time because you — the premises, the hyperscaler — the facility is made, then you hand it over, then their servers start to come in. But this year, in this case, sir, your revenues start from day one itself. So in this case, the revenues have actually started from 7th of October, sir. So as and when we multiply, we see good demand, we’ll keep filling it up, sir.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

And on 100% utilization, this 0.5 megawatt translate to what revenue number?<\/p>\n

Amit Sarin<\/strong><\/p>\n

So this 0.5 will actually generate close to INR75 crores of revenue.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Sure.<\/p>\n

Ashim Sarin<\/strong><\/p>\n

Just to add one thing here, sir. This cost that we are talking about, cloud, can go to any extent. And this is only for the basic level services, as I said, infrastructure-as-a-service. So the cost and revenues are for infrastructure-as-a-service that we are talking about. But then we would want to move on to the next level also, like platform-as-a-service and then later on software-as-a-service. So these numbers that we are talking about is only for the basic level of cloud, which we’ve started operating now.<\/p>\n

Amit Sarin<\/strong><\/p>\n

So the basic idea, these are basic numbers, sir. So they will only go higher once we keep on adding services, sir.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Okay. And sir, on this 28-megawatt, which is kind of supposed to come on by FY ’25 end, how much is already tied up with clients and [Speech Overlap]<\/p>\n

Amit Sarin<\/strong><\/p>\n

Completely tied up, sir, fully tied up, sir. [Foreign Speech] we will divert around 25% of this towards our cloud business. So — but then we will catch up very fast because we will — the work will continue. And by next year, we will be almost 63 megawatts.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Sure. And any private client which has come up so far in our [Speech Overlap]<\/p>\n

Amit Sarin<\/strong><\/p>\n

Already, sir. We have already started getting private clients also. Sorry, we can’t — there are NDAs in place, we can’t take names, and it’s not even healthy to take names like this. But now today, we have a mixture of all categories of clients.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Sure. And sir, just lastly on this 20 acres of land parcel you were talking about. In the presentation, there is some 11.5 acres. So is this the same thing which [Speech Overlap]<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, 11 is a part of that, yes. [Foreign Speech], sir. And other than that, we have another nine, which has already been done.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

So at what cost this has come up?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Manoj ji, if you can just give a small brief.<\/p>\n

Manoj Kumar Goyal<\/strong><\/p>\n

So see, technically, there are two kind of acquisition we did, one is the large portion, one is a small, small portion which is stuck in between our township where the land cannot do independently used. So the land which cannot be independently used and is a small chunk of land that come very cheap. And the chunk of the land come at slightly higher prices. So we spend about INR20 crores an acre if you translate into the money terms, average for this.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Okay.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Which is reasonable, sir, very reasonable compared to today’s prices, sir.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Yeah. And sir, just it says that CTG [Phonetic] properties 100% equity shares, which has a partnership interest. So this is not entire 11.35 which accrues to us. There is a partner — external partner also?<\/p>\n

Amit Sarin<\/strong><\/p>\n

There is also – there is a — sir, because buying out the whole thing was not — it would have been too expensive. So there is a partner in this. So — but then all the development rights and everything will be done by the Company, sir.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Okay. So this INR20 crore per acre is including the partnership share or how to see this number?<\/p>\n

Amit Sarin<\/strong><\/p>\n

So this is the money we have spent, sir. This is the money Anant Raj has spent for the land average cost to us. [Foreign Speech]<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Development potential [Foreign Speech] for this one?<\/p>\n

Manoj Kumar Goyal<\/strong><\/p>\n

So for the entire 20-acre, we will be using majorly for the group housing and some components will go into plotted, which is part of the township. But looking at the current FSI norm, we’ll have about three million square-foot of the saleable area from the entire 20-acre.<\/p>\n

Amit Sarin<\/strong><\/p>\n

This is subject to getting [Indecipherable] we’ve got the land, we are in the pipeline to get the permissions. [Foreign Speech], this is for the next year.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Okay, and three million is the overall — our attributable share will be what number?<\/p>\n

Manoj Kumar Goyal<\/strong><\/p>\n

So this will be at a project level.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

I missed it. This will be for your component, three million square feet, your share?<\/p>\n

Manoj Kumar Goyal<\/strong><\/p>\n

So at a project level, it will be three plus and we will be having more than two million square feet.<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Okay. Thanks a lot.<\/p>\n

Manoj Kumar Goyal<\/strong><\/p>\n

Otherwise, we’ll be marketing the entire thing. So only the share of the — that will go to the other partner. So typically, three million will come to our balance sheet and will go as towards the lease share [Phonetic].<\/p>\n

Pavas Pethia<\/strong><\/p>\n

Sure. Thanks. That’s all from my side.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. The next question is from the line of Raj Sarraf from Finvestors [Phonetic]. Please go ahead, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir. Congratulations on the excellent set of numbers. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Sir, this six-megawatt started contributing to the EBITDA as mentioned in the opening remarks. Can you please quantify that for the last quarter?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sorry, Raj ji, can you repeat? [Foreign Speech], sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, this six-megawatt data center capacity has started contributing to the EBITDA, as you said in the opening remarks. So can you please quantify that for the last quarter?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, that was about INR8 crores it has contributed.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

It is in last quarter, sir, contributed already INR8 crore?<\/p>\n

Amit Sarin<\/strong><\/p>\n

[Foreign Speech], yes, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And sir, you just covered in the first question that 14-megawatt out of 63-megawatt will be of cloud by FY ’26. So maybe know the difference in EBITDA potential between them, the colo and the cloud-based, sir?<\/p>\n

Amit Sarin<\/strong><\/p>\n

So the basic difference when you come into the cloud business, we are — one is talking like Mr. Ashim just explained to, I’m sure you’ve been listening to the whole call, like Mr. Ashim saying — just explained that we are — as of now, we are just giving it as a service — infrastructure-as-a-service. So here the total top line one is able to achieve in terms of megawatts per year is close to about INR150 crores.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So — okay. Like cloud-enabled INR150 crores for one megawatt?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Exactly. So whatever additional services, once we provide them, we’ll talk about them. Hopefully, in the next call, we will be talking about that as well. But as of now, when we only talk about infrastructure-as-a-service, we are talking about a billing amount of INR150 crores per year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And sir, one request, sir, going forward, we will have data center revenue as a major contributor. So can we have revenue bifurcation in our investor presentation separately from real estate and data center, or in the quarterly results as a segmental revenue? Because we [Phonetic] have more clarity towards our shareholders.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sorry. Sir, see, real estate will continue the way it is going on. All the information is already on the website of the upcoming projects. So real estate, if we talk about this year, sir, we are going to be launching 1.8 million square feet. We are fully on track for that. So that is all on the decided dates, it will all happen. So real estate is going to contribute good amount of money for the next one or two years and slowly, slowly data center will catch up. And eventually, both the divisions are going to do very well. So Anant Raj Limited will now have two full-fledged divisions, real estate division, which is the historical — the division of the company, the bread and butter of the Company as of now. And plus the technology division in which we will be data center — colocation infrastructure and cloud. We have both.<\/p>\n

So slowly, slowly, 63 next year, 25% of 63 will be towards cloud, sir, and the balance will be colocation. See, colocation is something which we understand very well now, sir. And the project which we have delivered is one of the best products, which, anywhere in the world, one can do. And that is what has got appreciated and opened up the window of clouds also for us. And while we were dealing with our clients, they said that why don’t you give this infrastructure also as a service and that’s how we ventured out into this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Also, my request was just, sir, that if we can have the revenue contribution separately in the investor presentation, so that we should not disturb you in the conference call. That’s why, sir.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, we have shared on you the per megawatt thing and we — the Company cannot give future numbers like this, I think.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No, no, sir. No, no sir. Sir, this was for the concluded quarter. Like that we have now investor presentation. My first question was to ask you the revenue — what was the revenue contribution last quarter. If it had been reflected in the presentation, this question was not there with you. The concluded — with the concluded quarter, what was the revenue contribution from data center? That is only, sir, my request.<\/p>\n

Amit Sarin<\/strong><\/p>\n

The point has well taken. What you are requesting is to split the real estate and data center [Speech Overlap]<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, sir.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Revenue.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, sir. Because data center would be the major contributor going forward, sir.<\/p>\n

Amit Sarin<\/strong><\/p>\n

[Foreign Speech], sir, both the revenues are going to be substantial and we’ll be breaking them up, sir. We’ll do that, sir. Definitely.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you very much, sir. And if you allow us — allow me to ask one more question, then it will be helpful.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Please, sir. Please, please.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Sir, what is the planned timeline we have for 100 acre land in Delhi NCR for future residential and warehousing with the revenue opportunity and [Speech Overlap]<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, Delhi total land which we have is 101 acres, which, you know, as per the present master plan, is eligible for all categories. It is eligible for residential, it is for hotels, service apartments, commercial, retail, and warehousing. But sir, Delhi is one plan which we, as of now, hold and we want to actually wait. As you know, there are — Delhi is expecting a new master plan, sir. And it is public knowledge. It is — the draft master plan is already available on Janta Book Depot. It’s a book anybody can buy. It is yet to be notified. So let us see when it is notified.<\/p>\n

And as of now, sir, we are — today, we have enough work vis-a-vis 63A Gurgaon and the data center and now the cloud. So the focus for the next four years is very clear in the Company. We will focus on 63A because we feel that there is a huge top line vis-a-vis real estate that the Company can unlock there. And data center, of course, we all — this is a sunrise industry in the country, and Anant Raj being one of the first movers in this.<\/p>\n

We started work in data center in the year 2019, sir. We got our certifications from international bodies. We, today, have all those things in place and the products which we have delivered is easily comparable to one of the best products anywhere in the world. So [Foreign Speech], for the next four years, this is our focus, sir. Delhi, we fully own 101 acres completely, no dispute whatsoever, 100% in progression of the company, the draft master plan, we want to wait for it to get notified, sir. And that is when we start Delhi.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Thank you. Very helpful, sir. And I wish you all the best and happy Diwali.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Thank you, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And once again, congratulations on the great set of numbers. And I wish the Anant Raj should get greater heights in future. Thank you very much.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Thank you, sir. Really appreciate your good wishes. Thank you. Same to you, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. [Operator Instructions]. The next question is from the line of Rucheeta from iWealth. Please go-ahead.<\/p>\n

Rucheeta Kadge<\/strong><\/p>\n

Hello, sir. Good evening, and congratulations on a good set of numbers.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Thank you, Rucheeta. Good evening.<\/p>\n

Rucheeta Kadge<\/strong><\/p>\n

So sir, sorry if I’m repeating the question again. So my question was mainly on the cloud business. So we are talking about 14 megawatts, right, which will be coming going ahead? So this is expected by which quarter? And what is the EBITDA per megawatt that we are expecting for this?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Rucheeta, like we just said, total, the company will — once we achieve 63, which is in the year March ’26, in that 14 will be cloud. And as we ramp up, as of now, we have 0.5, which is working, and by the end of this financial year, we feel we will have at least four in this category, of the cloud category. And here, like we just said, that the investment is about — actually this is maybe not the right term, but for easier to for all of us to understand is that when we talk about megawatts, we spend about 100 megawatts to give cloud as an infrastructure service — we spend about INR100 crores per megawatt.<\/p>\n

And in this INR100 crores, we bill about INR150 crores, number one, the expense, because when you do colocation, electricity and all are pass-throughs. Here, you have to pay for all that. So we are talking about a running cost of about INR2 crores per month, which is INR24 crores. So your EBITDA is about INR124 crores once you — INR126 crores, sorry. So INR150 crores minus INR24 crores is your EBITDA in this situation.<\/p>\n

Rucheeta Kadge<\/strong><\/p>\n

Okay, understood, understood. Very clear. And if we can just quantify this quarter for the colocation business, what is the kind of profit that we did, the EBITDA?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Pankaj?<\/p>\n

Pankaj Kumar Gupta<\/strong><\/p>\n

In this quarter, we have done INR8 crores and the revenue — operational expenses is around 18%. So it is around 82%.<\/p>\n

Rucheeta Kadge<\/strong><\/p>\n

Okay, the margin was 82%. And last quarter, what was the revenue for the same?<\/p>\n

Pankaj Kumar Gupta<\/strong><\/p>\n

Same, INR8 crore.<\/p>\n

Rucheeta Kadge<\/strong><\/p>\n

INR8 crore. Okay, understood. Thank you so much.<\/p>\n

Pankaj Kumar Gupta<\/strong><\/p>\n

Thank you, Rucheeta.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, ma’am. The next question is from the line of Prateek Singh from DAM Capital. Please go ahead.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Hi, sir, thanks for the opportunity and congrats for a good set of numbers.<\/p>\n

Amit Sarin<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Prateek Singh<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Amit Sarin<\/strong><\/p>\n

Good, sir. Yes, sir.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Great. Great, sir. Sir, so just to get this clarity here, you said that around INR100 crores per megawatt of capex per megawatt in cloud, this INR100 crores is on top of the colocation capex, right, which is around INR25 crores to INR30 crores for us?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, yes, colocation [Foreign Speech] and additional INR100 crores, sir.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Got it, sir. [Foreign Speech] mainly capex would be up these servers, right, [Foreign Speech]<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, Ashim is right here, he’ll just explain to you [Foreign Speech]. Ashim?<\/p>\n

Ashim Sarin<\/strong><\/p>\n

Yes, sir. So this cost is mainly for your servers, your other hardware like your switches, firewalls, and also the software cost and the license cost, sir, that comes in.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Understood, sir. So would we be paying any — on an operational basis, would we be paying any kind of fee to Orange? Or how is this partnership like in terms of economics of this deal?<\/p>\n

Ashim Sarin<\/strong><\/p>\n

It is based on the revenue, but there is a fixed amount and then it is based on the revenue the Company generates.<\/p>\n

Amit Sarin<\/strong><\/p>\n

But sir, Orange will only is only entitled to the technical fees, because, sir, we actually are going to be owning all the equipment, sir. [Foreign Speech] we are buying everything from them and they are going to be running it technically, so [Foreign Speech]<\/p>\n

Prateek Singh<\/strong><\/p>\n

Okay, understood. Understood, sir. And sir, when we talk about the servers, I understand that their life in terms of depreciation is only three to four years. Is that correct? That’s how quickly we need to depreciate them when we make our model?<\/p>\n

Ashim Sarin<\/strong><\/p>\n

Normal life would be five years, they can go beyond also, but normal life of a server is five years. And then with the technology changes and all, they can always be upgraded as and when required.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Understood, sir. And sir, you said that as of now, with the 0.5 megawatt, you did 50% of it was private and 50% was government. So do you want to maintain the same kind of a share when you go to 14 megawatt? Or do you think government would be more in that? And are the economics different for private versus government?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, economics more or less are the same and now we feel that we are getting good demand from both sides, sir. So [Foreign Speech] sir, we are not able to fulfill the demand which we have. So this choice, [Foreign Speech] whoever is coming, sir, we are providing, and in fact, we are getting more demand. So as we go forward, sir, with 14, we do not see an issue at all of choosing as to who to give or who not to give, [Foreign Speech] we are giving and there is enough demand, sir. So it is actually first come first serve. Who comes in first, we give him first, sir.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Understood. Understood. And maybe I missed this comment. What was the status about group housing, sir? Where are we looking to launch it?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Fully on track, sir. January, [Foreign Speech]<\/p>\n

Prateek Singh<\/strong><\/p>\n

January [Foreign Speech]. Okay, understood. Understood. Thank you, sir, and thanks so much.<\/p>\n

Amit Sarin<\/strong><\/p>\n

There was an election, so there was a code of conduct. So that is all done now. So Haryana, as you know, went in for elections. It’s all done. So now things are back on track. So we will do it in January, sir.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Okay, understood. Understood. Great, sir. Great. Thanks. Thanks a lot for taking [Indecipherable] all my questions.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. The next question is from the line of Hardik Gandhi from HPMG Shares and Securities Private Limited. Please go ahead.<\/p>\n

Hardik Gandhi<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir.<\/p>\n

Hardik Gandhi<\/strong><\/p>\n

Congratulations on a good set of numbers, sir. Sir, I just wanted to know, first thing is that what would be the rental income, which is there in the last quarter? [Speech Overlap] Not the data centers, just the property.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Other than the data center INR12.5 crores. Sir, about INR12.5 crores.<\/p>\n

Hardik Gandhi<\/strong><\/p>\n

INR12.5 crores. And going forward, I do understand that although we are looking to expand into data center and we are going to sell properties. But are we going to also have a significant number of properties just for rental so that there is a perpetuity rental income coming in?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Definitely, Hardik ji. We — see, as you know, two years from now, the Company actually did some commercial deals also. But as per the basic policy of the Company, we are always very happy leasing out commercial, sir. And touchwood, now with the finances all back in place and looking good, we are back to our old policy, wherein we will develop commercial and only lease it out. So you will see decent increase, although the first — as of now, the first focus of the Company is data centers and cloud, but simultaneously, we are working on some commercial buildings and these commercial buildings now will be purely focused on leasing out, sir.<\/p>\n

Hardik Gandhi<\/strong><\/p>\n

Understood. Understood. And what kind of revenue are we looking at just from leasing going forward? I know it’s difficult to — any ballpark number would suffice because those [Speech Overlap]<\/p>\n

Amit Sarin<\/strong><\/p>\n

Coming two years, the commercial revenue will at least — all those future numbers, we should not be giving like this, but the revenues from here will at least go close to 2.5 to 3 times.<\/p>\n

Hardik Gandhi<\/strong><\/p>\n

Understood. And what are the current numbers, if I may ask?<\/p>\n

Amit Sarin<\/strong><\/p>\n

We just told you said, sir, INR12.5 crores.<\/p>\n

Hardik Gandhi<\/strong><\/p>\n

Okay, sir. I thought it was just for the quarter. Or is it the annual?<\/p>\n

Amit Sarin<\/strong><\/p>\n

[Foreign Speech], sir. For this quarter only, sir.<\/p>\n

Hardik Gandhi<\/strong><\/p>\n

Okay, for the quarter, right? So it’s — annually, it’s roughly [Speech Overlap]<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, at least [Foreign Speech], say, coming two years from now, we should comfortably triple this.<\/p>\n

Hardik Gandhi<\/strong><\/p>\n

Understood, understood, understood. Yeah, that’s it from my side. All the best to you guys.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Thank you. Thank you, Hardik ji [Phonetic]. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. The next question is from the line of Rachit Parekh from Accel Securities. Please go ahead.<\/p>\n

Rachit Parekh<\/strong><\/p>\n

Yeah. Hello?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Namaskar, Rachit ji.<\/p>\n

Rachit Parekh<\/strong><\/p>\n

Hi. Just a quick question. How soon are we looking at this raise of the — of INR2,000 crores, the QIP?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, we’ve taken the enabling resolution, and as you know, the process will be done, EGM will be held, and all those things, subject to once approved by the Board. And sir, we are — let’s see, when we go to the market. As of now, we are comfortable on cash, sir. The Company is sitting on decent amount of cash. So no work is going to stop. So we will see as and when when we — because this money is purely for data centers. And now we are doing — we are in the process of placing more orders for which the earnest money we can deposit from our own sources. So as and when we do that, we will go in for the raise, sir.<\/p>\n

Rachit Parekh<\/strong><\/p>\n

Yeah, that’s it from me. Thank you.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sure, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. The next question is from the line of Srigopal Bajaj from Stocking [Phonetic] Advisory Services Private Limited. Please go ahead.<\/p>\n

Srigopal Bajaj<\/strong><\/p>\n

Sir, this is regarding a court matter, which was [Speech Overlap]<\/p>\n

Amit Sarin<\/strong><\/p>\n

Namaskar, Gopal ji.<\/p>\n

Srigopal Bajaj<\/strong><\/p>\n

Namaskar, sir. October 26 [Foreign Speech] which said, Gurugram court has halted 12 acres residential project. Is it true?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, that article we have written to the newspaper also. It is getting rectified, sir. Sir, it was a falsely reported news. The total land involved in that article is only 1,000 square yards, sir. And that also, sir, as you have asked, so we would — thanks for asking, sir, we would actually like to clarify this. The total 1,000 square yards [Foreign Speech], so this person — actually the taksim is done by in front of the government authorities. And this person actually the taksim was done, our license was granted, no license of the company has been canceled, sir. You can take that on record, sir. No license whatsoever has been canceled. Only 1,000 square yard has been said that the company should not create any third-party right, which the company as it is not going to do, sir. That’s it, sir.<\/p>\n

Srigopal Bajaj<\/strong><\/p>\n

Okay.<\/p>\n

Amit Sarin<\/strong><\/p>\n

No license whatsoever, the 12-acres, has been canceled. [Foreign Speech], number one. [Foreign Speech] That’s it, sir. Nothing else.<\/p>\n

Srigopal Bajaj<\/strong><\/p>\n

Sir, you said INR2,100 crores that you’re raising for QIP. Out of this, all goes to data center for 35 megawatts, right?<\/p>\n

Amit Sarin<\/strong><\/p>\n

So 35 and so on, sir. [Foreign Speech], sir. Yes, sir. sir, [Foreign Speech]<\/p>\n

Srigopal Bajaj<\/strong><\/p>\n

So INR1,400 crores for that and INR700 crores for the rest 21.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Exactly, sir. Exactly, sir.<\/p>\n

Srigopal Bajaj<\/strong><\/p>\n

Okay. Right. Thank you, sir. I’ll come back in the queue.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, touchwood, God willing, sir, once you have done this, [Foreign Speech], sir.<\/p>\n

Srigopal Bajaj<\/strong><\/p>\n

Okay.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Yes, sir.<\/p>\n

Srigopal Bajaj<\/strong><\/p>\n

I’ll come back in the queue, sir. Thank you.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Thank you, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. [Operator Instructions]. The next question is from the line of Jeevan Garg [Phonetic]. Please go ahead, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Thank you very much. Am I audible? Namaskar, sir.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

[Foreign Speech]<\/p>\n

Amit Sarin<\/strong><\/p>\n

[Foreign Speech] Anybody can come into any business, number one. [Foreign Speech] And like we mentioned, Anant Raj [Foreign Speech], sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So you mean to say, if any new entrant comes, it takes around three to five years to come into the profit. Am I right?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Easily, sir. [Foreign Speech] are in a very different sense category compared to other buildings, sir. And this is something that Anant Raj, which we strengthened we did everything. So which in every building is not possible. [Foreign Speech], sir, maybe more.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Any entry barrier [Foreign Speech]<\/p>\n

Amit Sarin<\/strong><\/p>\n

Fortunately, sir, India — touchwood, last decade, India has seen a lot of freedom in terms of working. India [Foreign Speech]. But yes, sir, these are technical things and these technical things you can only understand when you do them, sir. [Foreign Speech] the product which we have delivered is quality-wise, easily comparable to anywhere in the world. So [Foreign Speech], sir. [Foreign Speech] we have mentioned all the partners who we have with us. So these things are something which cannot happen overnight. So it will say, I’m not saying nobody else — that somebody else cannot do it, but [Foreign Speech] we are amongst the few people who have all these categories with us.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, any listed player competitor of ours whom we can compare our things with that?<\/p>\n

Amit Sarin<\/strong><\/p>\n

Sir, [Foreign Speech] one should — sir, we have given our product, we are completely sold out of what we have delivered and we are very — we see a very good demand of what we are going to be delivering in future also. So we are comfortable, sir, with what we are doing. [Foreign Speech], sir, to take somebody else’s name is not proper in the conference call like this. But we are good, sir. We are — as of now, [Foreign Speech] it is completely done. And whatever we have in the pipeline, we have enough demand for it, sir. In fact, more than enough.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Thank you very much, and great to set of numbers. Thank you, sir. All the best.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. The next question is from the line of Prateek Singh from DAM Capital. Please go ahead.<\/p>\n

Amit Sarin<\/strong><\/p>\n

[Foreign Speech], Prateek ji.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Thanks for the opportunity again. So just to get to this clarity, so when we say that we manage the revenue of INR8 crores for data centers this quarter, the same was there last quarter, on a six-megawatt run-rate, this number should be higher, right? Does it doesn’t mean that we are accruing [Speech Overlap]?<\/p>\n

Amit Sarin<\/strong><\/p>\n

The second one has just got handed over to the various clients. The second one has just got handed over. [Foreign Speech] you will see that increase coming in, sir.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Okay, understood. [Speech Overlap] there are no accrued revenues.<\/p>\n

Amit Sarin<\/strong><\/p>\n

[Foreign Speech] When you do cloud, your revenue start from day one. But when you do colocation, there is a lead time, sir, which is like handing over, taking over type situation. [Foreign Speech], sir.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Okay, sir. Okay, thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. The next question is from the line of from Prakash Sanjeelia [Phonetic], an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Very good evening.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Good evening, Prakash ji. Namaskar.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks, sir, for giving me the opportunity, sir. First of all, I want to congratulate to posting on superlative Q2 results, sir. My question regarding cloud service adoption, sir.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Ji, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

As I have gone through the presentation, sir, cloud service as an infrastructure-as-a-service operationalized, sir, working on scaling to platform-as-a-service and the plan to expand the software-as-a — in future, sir. Can you give me the — in which year we are — can do this plan, sir?<\/p>\n

Amit Sarin<\/strong><\/p>\n

[Foreign Speech], Ashim ji, please.<\/p>\n

Ashim Sarin<\/strong><\/p>\n

So our infrastructure-as-a-service is already operational. In fact, we’ve already started work on going to the next phase. So it is on the drawing board right now, because [Foreign Speech] it can actually go to any limit. It is infinite. So you just have to keep on adding more and more services. And the other thing that we want to add here is, sir, that this actually complements the colocation business also because many of the colocation customers would be using some of our cloud services that we’ll be offering. So both the businesses, both of these will actually complement each other also. And platform-as-a-service, we’ve already started work on it, sir. So once we complete our study and are able to finalize our road map, then we’ll be going ahead with those also.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you very much, sir. This was only the question, and best of luck for the future, sir.<\/p>\n

Amit Sarin<\/strong><\/p>\n

Thank you, Prakash ji.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. That was the last question for today. I now hand the conference over to the management for closing comments.<\/p>\n

Amit Sarin<\/strong><\/p>\n

We would like to thank everyone for taking out the time, especially in the festival time. And we assure you that the Company in the past three years has done growth quarter-on-quarter. We hope to — we are very confident that we will continue this for the coming quarters as well. And data center and real estate is something which the company was always doing. The new thing which the Company has added to its portfolio is the cloud services and we are very robust on this and the product which we have delivered is easily comparable to any product in the world in terms of quality. So we assure you that the Company will continue the growth process and we thank all of you for supporting the Company always and giving your good wishes. Thank you once again, and a very happy Diwali to everyone. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you.<\/p>\n

Pankaj Kumar Gupta<\/strong><\/p>\n

Thank you, everyone.<\/p>\n

Manoj Kumar Goyal<\/strong><\/p>\n

Thank you, everyone.<\/p>\n

Ashim Sarin<\/strong><\/p>\n

Thank you, everyone. Happy Diwali.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

Anant Raj Limited (NSE: ANANTRAJ) Q2 2025 Earnings Call dated Oct. 30, 2024 Corporate Participants: Amit Sarin \u2014 Managing Director Pankaj Kumar Gupta \u2014 Chief Financial Officer Manoj Kumar Goyal \u2014 Chief Business Officer Ashim Sarin \u2014 Director and Chief Operational Officer Unidentified Speaker Analysts: Harsh Pathak \u2014 Analyst Gautam Shroff \u2014 Analyst Akshat Shah 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