Good afternoon everyone, and welcome to Crazeact's Q1 FY '27 earnings conference call. We have with us Dr.

Vikash Agarwal, the Managing Director of the company; Mr. Manish Agarwal, the Chief Financial Officer of the company; Mr.

Christopher, the Chairman of the company; and Mr. Sanjeev Sancheti, the IR Advisor of the company.

Sanjeev sir, if you can start by giving your overview on the first quarter FY '27 performance and beyond, and after which we can open up for Q&A. Over to you, Sanjeev sir.

Thank you and good evening to all the participants. Before I hand over the call to Dr.

Vikash Agarwal for the opening remarks, I would like to draw your attention to the safe harbor statement in the investor presentation. I request each one of you to go through the presentation thoroughly before the Q&A starts so that you are aware of the safe harbor statement.

Thank you, and over to you, Dr. Vikash.

Thank you, Sanjeev. Good evening, everyone, and a very warm welcome to the quarter one FY '27 earnings call of Crazeact Limited.

For those who are new to our story, Crazeact Limited is one of India's leading B2B AI-native student mobility platform. Since our founding in Calcutta in 2011, we have connected students, counseling partners, and universities across international market.

Today, our proprietary technology-led platform connects more than 17,000 counseling partners with over 450 university partners across 12 destination market and more than 85 source market. To date, we have facilitated over 12 lakh student application, including 1.04 lakh application processed during this quarter alone.

Our platform forms the operating backbone of our business, with network effect that strengthens as we add more counseling partners, students, and university partners to our platform. Quarter one FY '27 demonstrated a resilience of our AI platform model.

Revenue from operation for the current quarter stood at 2,012 million, representing a decline of 4% year-on-year. This decline reflects a less favorable mix of university partners this quarter, rather than any reduction in our underlying platform activities.

Subsequently, revenue was lower than the 3,917 million reported in quarter four of FY '26, in line with the pronounced seasonality of our business, with the quarter four being our peak intake quarter and quarter one being the seasonal [trough?] .

On the operations front, application process moderated by 6.2% year-on-year to 1.04 lakh for the quarter. Nevertheless, our underlying network continued to expand, with our active counseling partners base increased by 1.2% year-on-year basis to 4,032, and student enrollment growing by 15% year-on-year to 4,751, reflecting the disciplined, quality-led approach maintained by both Crazeact and our university partners in more demanding operating environment.

Importantly, we continue to gain market share despite a challenging operating environment. In the United Kingdom, our largest destination market, our share of total student visa granted increased from 3.5% in FY '24 to 6% in FY '26.

From the same period, our share for UK study visa granted to Indian student rose even more significantly from 9% to 13.9%. This consistent market share gain reflects the growing trust that university and counseling partners place in Crazeact as a reliable, compliant, and preferred global education platform.

We also continued our acquisition-led approach to strengthen and secure future growth. In June 2026, we made a strategic investment in ForeignAdmits, extending our capabilities to education financing and visa preparation.

Its founder, Mr. Nikhil Jain, has joined us as Chief Product and Marketing Officer.

This investment supports our ambition to build a full-stack AI-enabled ecosystem by expanding into adjacent services along our core student recruitment business. Subsequently, in quarter end in July 2026, we acquired 100% of Innova Consultancy Limited through our wholly owned UK subsidiary.

This acquisition strengthens our UK partnership across UK and Europe and extend our presence in Mexico and marks our entry into a new destination market, Netherlands. Innova founder, Mr.

Eric [Wijmenga?] , joined us as Regional Director UK and Europe, bringing more than 25 years of experience and strong institutional relationship across England and a wider European region.

As Eric takes on operational leadership of our UK and European business, I would also like to share an important development in our leadership structure. Mr.

Christopher Nagle, who has led the group UK entity as Chief Executive Officer, will step down from his executive role. He will, however, continue to serve as a director on the board of the UK entity and assume the role of Non-Executive Director and Chairman of Crazeact Limited, our Indian holding company.

In this capacity, he will provide strategic oversight, strengthen governance, and mentor the leadership team at board level. I would also like to emphasize that this represents a change in the nature of Christopher's involvement with Crazeact, rather than departure from the group.

He will remain actively engaged at board level, providing strategic oversight, strengthening governance, and offering guidance to our global business, while day-to-day operational responsibility will continue to rest with managing director, the executive management team. Eric's appointment will ensure a seamless transition and continuity in our university relationships.

Together, these changes will retain valuable institution knowledge, reinforce our governance framework, and strengthen our executive leadership as we position the group for its next phase of growth. We are also investing in the people and infrastructure required to strengthen our technology and AI capabilities.

While this investment involves some upfront cost, we expect the benefit to accrue progressively as the capabilities matures and scales across our operation. Our strategic direction is centered on building an integrated, technology-enabled global mobility ecosystem across three interconnected dimensions: greater geographical diversification across both source and destination market, an expanded suite of ancillary services including accommodation, student loan, visa, insurance, and foreign exchange, and inorganic acceleration through targeted acquisition and partnership that extend our reach and deepens our service capabilities.

Looking ahead, we remain confident in our long-term structural demand for international education. At the same time, we remain mindful of the near-term external environment, including evolving visa policies, currency movement, and geopolitical development across the key market.

We continue to navigate these conditions and discipline while investing in the capabilities, partnership, and market presence required to create sustainable long-term growth. With that, I will now hand over to Mr.

Christopher Nagle, who will share his perspective on the leadership transition and global industry environment and Crazeact competitive positioning. Over to you, Chris.

Thank you very much, Vikash, and hello to everyone on the call. Let me begin with a few words on my transition.

My decision to step down as CEO of our UK entity, while continuing to serve on its board and taking on the role of Non-Executive Director and Chairman of Crazeact Limited, reflects the natural next step as Eric assumes operational leadership of our UK and European business, ensuring leadership continuity and preserving institutional knowledge as the group enters its next phase of growth. I would like to emphasize that my belief in Crazeact and my commitment to its long-term success remain as strong as ever.

Over the years, I've had the privilege of seeing Crazeact develop into one of the most respected platforms in global student mobility, and I'm delighted to continue supporting its journey at the board level. I'm also very pleased that Eric Wijnmenga will assume operational leadership of our UK and European business.

Eric brings a deep understanding of the UK university landscape and longstanding institutional relationships. I have every confidence that the business and our university partnerships will be in excellent hands, ensuring continuity as I transition to my new role.

I look forward to providing strategic oversight to the executive team as Crazeact embarks on its next phase of growth. Let me now turn to the global student mobility landscape.

This has been a particularly eventful few months for our sector, with the pace of policy change accelerating across several major destinations. As I want to spend a moment on what is driving it and, importantly, what it means for a platform like ours.

Visa policy evolution has been the most prominent headwind. Across several major destination markets, immigration and study visa frameworks have tightened, causing visible shifts in student flow patterns globally.

In the United States, in particular, a more restrictive visa environment, including tighter scrutiny, processing delays, and greater uncertainty for international students, has weighed on demand for that destination. In the United Kingdom, our largest destination market, the shortening of the graduate route, higher maintenance thresholds, and stricter compliance standards for sponsoring institutions have raised the bar on application quality.

Importantly, this tightening in the US and elsewhere is redirecting demand towards markets such as Ireland, Germany, and New Zealand, where structured, compliant recruitment is increasingly valued. Crazeact, given our strong presence in the UK and our expanding New Zealand and Ireland capabilities, is structurally well placed to benefit from this redistribution of demand.

Beyond visa policy, currency dynamics have added to the cost burden for students from emerging source markets. The continued strength of both the US dollar and the pound sterling increases the effective cost of education in those markets, which can affect conversion timelines and student decision-making.

We are monitoring these dynamics carefully, and our multi-geography sourcing model provides a natural hedge against single-market concentration risk. Geopolitical uncertainty in certain regions also continues to influence student confidence and family decision-making.

We are cognizant of this, and our counseling partner network, spanning 85 source countries with on-ground presence in 11 countries, gives us early-cycle visibility into sentiment shifts and demand patterns in ways that purely digital or lighter-touch platforms cannot replicate. Against this backdrop, let me explain why we remain confident that these structural tailwinds will extend beyond the near-term uncertainty.

I would frame it slightly differently this quarter by focusing on what the current environment increasingly rewards. As compliance and quality become central to universities' choice of recruitment partners, scale, trust, and execution capabilities have emerged as key differentiators.

Our platform brings together more than 17,400 counseling partners and over 450 university relationships, with several of our leading partnerships extending beyond 5 years. This combination of reach and longstanding institutional relationships positions us as a trusted partner for universities seeking compliant, high-quality applications with strong conversion outcomes.

As Dr. Vikash highlighted earlier, this is reflected in the continued growth of our share in the UK market.

Equally important is that we are no longer a single-corridor story. While the UK remains our anchor, our reach now extends across New Zealand, Ireland, the Netherlands, UAE, USA, Australia, Canada, and Singapore, sourced from more than 85 countries, and our recent moves—Studies Planet in Latin America, Global Tree in India, Medway in New Zealand, and now Innova in Europe—are steadily rebalancing that mix.

In an environment where student flows are constantly evolving, the breadth of our network gives us more than just diversification, it gives us resilience. As demand shifts across source and destination markets, our presence across the global education ecosystem allows us to capture opportunities wherever they emerge.

Technology plays a central role in making this possible. The AI capabilities we are developing in-house are helping us match students with the right institutions more accurately and efficiently.

Ultimately, the ability to consistently make the right match will be a key differentiator for successful platforms in our industry. While the external environment is undeniably complex, the demand for quality international education remains intact.

The regulatory shift is, on balance, working in our favor, and Crazeact's combination of scale, trust, geographic breadth, and technology leaves us well placed to convert this period of disruption into durable share gains. I will now hand over to Manish for the financial commentary.

Thank you, Chris. Good afternoon, everyone.

As we have already spoken on revenue performance, I will focus on the remaining element of our financial performance. EBITDA for Q1 FY '27 stood at ₹600 million, representing a decline of approximately 7.6% year-on-year from ₹649 million in Q1 FY '26.

EBITDA margin was 29.8% compared to 31% in Q1 FY '26. The year-on-year moderation was primarily due to our deliberate step in our cost base to support team built out following our ongoing expansion, including the investment we are making in technology, AI, and talent to position the business for the next phase of growth.

Sequentially, EBITDA margin expanded by 585 basis points from 24% in Q4 FY '26 to 29.8% in current quarter, driven by the favorable remuneration economics carried by the Q1 intake. While our technology and talent investment involve upfront cost, we expect the benefit to emerge progressively as the capability matures and scale our operations.

PAT for Q1 FY '27 stood at 471 million, a year-on-year growth of 2.9% with PAT margin expanding by 152 basis points to 22.6%, underscoring the scalability and capital efficiency of our operating model, even in a seasonally lighter and externally challenging quarter. I'm pleased to report that Crazeact remained debt-free, with a healthy net cash position of ₹5,695 million.

Our capital efficiency continue to be the key strength, with ROE of 28.8% and ROCE of 40.3%, reflecting the asset-light nature of our operating model. Our operating cash generation remains strong, affirming our reported profit are backed by real cash generation, a hallmark of disciplined, high-quality business we continue to build.

On the outlook, the global operating environment continue to evolve, shaped by the visa policy framework, currency movement, and recent geopolitical development. In particular, international travel disruption and widespread flight cancellation between February and June are expected to impact our Q2 performance.

However, as mobility normalize and based on our current application flow, we anticipate a recovery across quarter three and quarter four. Taking all these factor in account, our full-year performance for FY '27 is expected to remain broadly in line with FY '26 levels.

We consider this outlook to be appropriately measured and will revisit it as the visibility improve over the coming quarters regarding the student flows, conversion rate, and our revenue profile. What I can say with confidence is structural demand for international education remain intact, our platform is scaling, our balance sheet is strong, and our inorganic pipeline is active.

We remain constructively optimistic about the medium-term opportunity. With this, I hand over back to the operator to open the floor for questions.

Thank you.

Hello?

Hi.

Am I audible, sir?

Yes.

Yes, thank you so much, sir, for this opportunity. Couple of questions.

Firstly, sir, on a QoQ basis, I understand the decline in revenues, but on a sequential basis, I think we've also de-grown. You alluded to some unfavorable mix, if you could just elaborate a bit more on that?

Hi, Disha.

Yes.

In constant currency term, we have had a de-growth of about 4%, which is more because our volume have gone up by 15%, but the university mix has changed. As a result, we have missed couple of bonuses and couple of slabs for our top-rank universities, which has resulted in a lower revenue per student.

Okay. Sir, even in your opening remarks, I think you mentioned Q2 also we're seeing some challenges.

Can you just elaborate a bit more on that?

Sure. Disha, as you must be aware, between the war which is happening in Iran and Middle East, between February and June, lot of flights got canceled.

There was a very heavy fluctuation in rupee movement, which has affected the students who wanted to travel for April, May, and June intake. That we believe would impact the overall performance for quarter two.

Okay. On an overall basis for FY '27, we're expecting somewhat of 20% to 25% sort of growth?

No, on a overall level for FY '27, we expect it to be in the same line as last year.

Reason being

the

first two quarter got impacted, there will definitely be a pent-up demand in quarter three and quarter four, which would kind of make the overall year's performance same as last year.

Understood. Sir, what would be the key geographies that you're seeing the most traction in, and also we've acquired Innova Consultancy, could you just elaborate a bit more on what sort of synergies are we seeing, when will the integration happen, and the margin profile there?

With reference to Innova Consultancy, the reason for acquisition was Innova has a very strong foothold in Mexico. At the same time, they had lot of universities license to recruit from Netherlands.

This acquisition will help us recruit more students from Mexico, which would be our source country, and also help us place our students globally to Netherlands as our destination country. It will be a expansion of both source and destination because of this acquisition.

When do we expect the acquisition to complete and the integration to begin, and what sort of margin profile do we see for this company?

Sure. With reference to integration, it's ongoing integration which is happening at the moment.

With reference to margin expansion and profile, it's a very small acquisition of less than 7 cr. There won't be a huge impact, a direct impact because of this acquisition, but there will be a big indirect impact because we'll be able to place students from our ecosystem to Europe, Netherlands.

Okay.

Sir, on the EBITDA margin front, on a blended basis, will be in the range of what we've done previously, 25% to 27%?

Sorry, can you repeat your question?

The EBITDA margins for the entire year will be in the same range as what you've done previously, 25% to 27%?

Yes, will be in the same range.

Okay. That is it, sir.

I'll get back in the queue. Thank you.

Thank you, Disha.

Thank you.

Hi, sir. Am I audible?

Yes, Shivam.

Yeah. Application processed declined by 6%, while enrollment increased by 15%.

How much of the Q1 enrollment came from the application processed in earlier quarters?

Shivam, the application processing is a ongoing process. There are students who process for one intake, and they might defer it to a later intake.

Lot of our application processed in Q4 and Q1 got deferred to, let's say, Q3, September '26 20 September '26 intake.

Okay.

It's very difficult to say how many applications actually get converted, but on a general basis, we have seen we have got a conversion rate of 10% of all the unique applicants who apply through us in this quarter.

Sir. Second thing, despite having a full quarter contribution from Global Tree and other acquired business, consolidated revenue declined by 4%.

Could you share the organic revenue growth and the contribution from acquired companies separately?

The revenue from the acquired company, all the acquired companies around?

Yes.

Is around ₹6 crore.

Okay. That's it from my side.

Thank you.

Sir, firstly, I'm not able to understand for FY '27 full year in terms of revenue, what kind of ballpark growth are we expecting? Or are we expecting it to be a flat year revenue-wise?

We expect it to be a flatish year.

Sir, but if I remember correctly, in the fourth quarter you had mentioned something like 15% 17% year-on-year growth in FY '27. Sir, has anything changed between Q4 and now?

Yes. If you remember correctly, we have not given any guidance because we were not sure how the geopolitical things will play.

Now we have a decent idea how the Q1 number is, how the Q2 number is looking. Even incorporating the pent-up demand, we feel we will end up in a similar line as if last year.

We have now a better visibility.

Understood. Now sir, again, if we look at till last quarter, that is Q4 of FY '26, our consol PBT used to be significantly higher than the standalone.

Now, for example, in the fourth quarter of last year, consol PBT was 92 crore and standalone was 50 crore. In this quarter, which I believe is the first quarter wherein our standalone PBT is roughly 70 crore and the consol PBT is less than 65 crore.

Sir, basically the recently acquired companies, what loss have they made in the first quarter?

No, it's not like that. That Crazeact India entity, that on standalone basis, has got few payments as a revenue, which has increased its profitability compared to overall consol basis.

We have invested lot of money in Crazeact UK and our subsidiaries, for which we are expecting the effect to come in Q3.

Understood. Sir, now again if we look at in FY '26, the volume growth was 14%, which is the number of student enrollments increased by 14%.

Sir, has anything really changed in FY '27 which was not there in FY '26 in the sense that have visa regulations, etc., have they been further tightened, or is it what it was like last year?

Definitely there is a change in visa regulations and other immigration rules, but this has not impacted the revenue per student. The university mix of students who wants to go into quarter one has changed compared to last year.

Some of the universities where fees was much higher and revenue per student was higher, this quarter student has gone to a different set of universities where fees was comparatively lower. As a result, revenue per student was lower.

There can be multiple reasons for this one, including a change in exchange rate, which would have made students to pick much less expensive university.

Understood. Now sir, if in your investor presentation, it shows that how over the period of time what acquisitions you have made and which countries you have entered.

Basically, way back if I remember correctly in FY '16 itself, we had entered Canada and then other countries, but what exactly is the reason why we have been so successful in UK and not as successful in other English-speaking countries? I believe in your investor presentation, page number six, it shows the journey of Crazeact.

Sir, basically what exactly worked for us in UK, and can we really replicate that success in the other English-speaking markets?

Definitely, the reason why we are most successful in UK is because of our history and network effect. Crazeact started with UK as a destination.

As a result, we could acquire or get more and more universities where we could recruit students. Company had been known and growing for UK as a destination since its inception.

We can replicate the same with other countries as well. Today, we are one of the biggest recruiter for Ireland, we have replicated that.

Recently, the acquisition of New Zealand we believe would make us one of the biggest recruiter for New Zealand, starting from India, but eventually across the globe. Other countries will take a bit of time because of incumbent play in those countries.

To three years back, we planned to expand our footprints to USA, but unfortunately because of change in leadership at government level in USA and the change of immigration and visa rules, that could not be materialized. Once the policy gets changed, that should again create a very strong opportunity for Crazeact to expand its recruitment into USA.

Understood. Now, sir, if we see our per-student revenue that we are making, in FY '24, we made around 3.55 crore 3.55 lakh per student revenue, which in FY '26 increased to 4 lakh, and in Q1, it seems to have increased to 4.

2 lakh per student. I'm just dividing the revenue number by the number of enrollments.

Sir, but now if we see during this period, the basically since FY '24 till Q1 FY '27, our realization per student has increased by 18%. The pound itself has appreciated by 22% during this period.

Basically, has there been a basically realization de-growth, like for one student, if 2 years back at the same university for the same course was paying us X, now today, is it paying us X minus something?

No. In terms of university's payment, that has been same.

It's just year-on-year basis or quarter-on-quarter basis, university mix of students which they want to go has changed. Say, for example, if a student wants to go to a university where the fees is very high, at particular quarter, the revenue per student will be very high for that university, while for a university where the fees is low, your revenue will be lower.

It's only the change in university mix which has changed, and not our realization from all those individual universities.

Understood. Now, sir, another issue is that so our stock is trading at around 11 times EBITDA, sir, any plans to do a share buyback?

Currently, we have a float of 20% in a market.

I think SEBI

does not allow us to do a buyback at this level.

Sir, what can be done, company can do a share buyback at the current market price, and since there'll be no incentive for the other shareholders to tender, promoters can tender and reduce their shareholding to less than 75%, and sir, the earning per share will also increase, and the future growth will get divided on a smaller equity base.

Sure, we'll talk to our compliance team on this one, and can look into the suggestion.

Sir, my last issue is that, sir, now out of 110 universities which we have partnered with, three universities alone contribute 41% of the revenue. Sir, basically what is it that we are offering those three universities and wherein they have really scaled up their business with us, whereas the other universities, it seems we are barely enrolled with them, but hardly any revenue seems to be coming from them.

What has worked with, let's say, the top three to top 10 universities, and what will it take for us to replicate the same success with other universities?

Hi. The 41% of top three university which you are seeing is only for quarter one.

Quarter ones include April, May, and June, where you don't have a traditional universities. Very few modern universities have the intakes.

Overall, you have around 10, 15 universities only. That's why this concentration is looking high.

If you see on a full-year basis, that will give you a different picture. Sir,

even so, instead of 41% three universities contributing, even if it is, let's say, lower than that, and sir point remains the top 10 are contributing, let's say, 60%, 70% of the revenue for the full year. Now the issue is that what exactly worked for us with these 10 universities, and what will it take for us to replicate the same success with the other 100 universities that we have tie-up with, but it seems the scale-up is not happening?

Sure. With these top 10 universities which changes every year, we have a much deep strategic tie-up with them, which includes a defined SLA, quick offer turnaround, and a lot of other events which we do with them.

We are trying to replicate the same with other remaining universities as well. These negotiations takes time, and is multi-year process.

As and when a universities agrees to go on a strategic relationship with our company, the share of those ones increases. That's why you would see that on a year-on-year basis, our concentration of revenue per top 10 universities is declining, not because numbers are declining, but the numbers from remaining 90s are going up.

I'm sorry, just one question.

Yes, sir. My first question was that despite so many acquisitions, our UK concentration from the last 5 to 10 years still remains very high, at around 97%.

You said in the last concall that we'll reduce this share in the next 2-3 years at 60%. What exactly are we aiming for?

How will we achieve this? Vanshita,

it is still our objective to reduce our UK concentration, and that's one of the reason why we acquired Innova Consultancy. Now we can recruit students to Netherlands.

Likewise, we are working for all the other jurisdictions where we can increase our numbers. It will take some time, especially these shift in geopolitical and immigration policies.

We are navigating through that, and we still believe that eventually we'll bring down our concentration from UK lower. As said, we also acquired

What's the timeline?

We still believe if things goes as per our forecast, within next 3 years, we should be able to reduce our UK concentration to less than 60%.

Okay. Sir, my next question was that we recently acquired ForeignAdmits for accommodation and forex loan services, and we have also ventured into immigration and education financing and visa preparation.

That's true, and ForeignAdmits helped us

For education financing and visa prep, and you've also ventured into accommodation and forex loan and all that, ancillary services. Are we looking at these services as a significant proportion of our revenue going forward?

Not at initial stage. We still need to scale it up, but with the acquisition of ForeignAdmits, this will accelerate the process.

Now we have got all the tie-ups and the other things required, including key people who understand this process better. We believe our distribution network will become more strong, and over the next couple of years, this should help us increase our both at revenue and EBITDA level.

What percentage if we could give a ballpark number?

We believe because of this value-added services, the EBITDA would go up between 2% to 5%.

What percentage of revenue would they form? What are the expectations?

Percentage of revenue Just hold on.

Sorry, sir, I couldn't hear you.

Just a minute. Approx 1, 1.5% of revenue.

Okay. Sir.

Sir, my next question was that we are targeting inorganic in organic growth, and we have planned many acquisitions. What is the strategy for those acquisitions?

It is given the geographic diversification of talent acquisition, but still what would be our strategy for those?

It's a combination of both. We are looking at talent acquisition, that was the case with Edumentor, for example, but at the same time, it's also acquisition of either new source market or destination market.

Example, we acquired Medway because it opened up a new destination market, New Zealand, for us. Likewise

Yes, sir. You acquired that, but how will we grow from there in those markets if there's any strategy that we have in mind?

Yes. If I talk about New Zealand, we did not have much of the tie-ups with universities where we could place our students.

With this acquisition, now we can place all our students across the globe where we recruit to New Zealand if they want to go to New Zealand.

Oh, okay. Sir.

Likewise, this acquisition also help us open new source market. For example, now we can recruit students from Mexico and can place them into UK, New Zealand, or any other destinations where they want to go.

Yes, sir. Sir.

Sir, my next question was that with the kind of deglobalization we are seeing in the US, are we expecting some of this same deglobalization in UK as well, because it could highly impact our business?

Yes, you're right. There is a impact which we're seeing across the globe, and the only way by which we can prevent that is by diversifying into new source and destination markets, and we are already working on that.

Yeah. Sir, my last question was that we paid a very high dividend last year, was it a one-time thing, or will it be a steady state?

No, it's a steady state. We have declared in our DRHP that we'll be paying minimum of 40% of PAT of that year as a dividend to our shareholders.

That will be done for at least minimum of 3 years. 1 year is already done, minimum next 2 years, we are committed to pay 40% dividend.

Sir. That's all from my side.

Thank you.

Thank you.

Hi. I wanted to understand what is the primary reason students choose to study at Crazeact partner universities in the UK?

Is it mainly for education and then returning back to India or whatever country they are from, or students see it as a pathway to work and eventually settle in the UK, for example, like it is in the case of Canada? Also, do you guys track how many students stay back after completing their course in UK and in those countries, and of those, how many eventually get a PR?

This is my first question.

Sure. We are a platform which connects counselors, students to the university.

That platform is for study abroad only. We assume the intent of the students who are going abroad is education only.

Yes, the students do have a desire to stay back and work, get the work experience. Some of them do have a desire to immigrate in that country, but our objective is only to place the students and track them for study.

I get your point that your objective is to send students and act as a intermediary between students and universities, but my point is that this rationale could be driving the majority of demand, right? In case of Canada, majority of students who are going to study there, their ultimate objective is to get a PR.

I just want to understand do you guys track what is the ultimate rationale for the students who is going to do UK primarily? Because in case of top universities, as you shared in your previous concalls also, they don't go through any intermediary, they usually do it directly.

In case of Crazeact affiliated universities, what is that rationale that a student is going to study there?

Even for Crazeact affiliated universities, top-end universities like King's College London, Manchester, Leeds, Birmingham, they are on our platform, and students can go to a world top universities via our platform. It's a misconception that top-tiered student who wants to go to a top-tier universities applies directly and not via Crazeact platform.

In UK, out of 100 commercial universities, we represent more than 95 of those ones.

One last question on the acquisition front. These two last acquisitions that you have made, could you give us what you have paid for these two acquisitions, and what was the revenue when you acquired these companies and EBITDA margin?

Both the acquisition was less than 10 cr, and the rationale for acquisition was never to add on any benefit on revenue or EBITDA, but to help us expand into new source market or destination market.

Okay. In case of, for example, Innova Consultancy, you said that you wanted to expand in Mexico market, do you have some data in terms of what kind of enrollments they were initially doing before acquiring that company?

In Mexico, right?

Yes, we do have, but that's a commercially sensitive data, which has not been disclosed.

Okay. On a TTM basis, what has been your blended conversion rate overall?

Roughly 10%.

10%. Thank you so much.

Thank you.

Hello. Am I audible?

Yes, Anurag.

Yeah. I did a masters from UK.

When I did, that time it was 24 months, PSW. Now that's changing to 18 months, plus there has been lot of visa issues also in UK.

Still do you think there will be enrollments to UK further?

Yes, I believe that there will still be a demand, reason being the reduction in post-study graduate visa route from 24 months to 18 months had been done few years now, and the demand for UK has not declined. Which makes me believe that students still is getting what they're looking for, even after decrease of 6 months.

Christopher, do you want to add something on this one? Plus

there has been a increase in exchange, as well as 180 job roles have been removed from skilled visa as well. What do you think?

I was just calculating. There has been almost 50% increase in cost of my own masters, which I did years back.

Thank you, Vikash. Can I add something on that question, which is every destination exists in a global marketplace.

Yes, the UK has seen a little bit of tightening, but on a relative basis compared to other major destinations, it has tightened less, which causes there to be enduring demand. Masters in the UK is 1 year, and then still having 18 months afterwards is still a very attractive proposition globally, where the post-study work length is longer than the degree length, and that's not the case in most other destination markets.

Can I ask further one question?

Yes, please.

When I was applying for jobs in UK, I faced one issue. They had a thing that we cannot sponsor you later on, in first place, we will not hire you, because if we are training you for a year, and then we cannot sponsor you, there is no meaning in hiring you.

Now that scenario was when I had 24 months of PSW. Now it is 18 months.

That becomes more worse for getting a skilled visa, practically.

Based on the legislation and on the policy and the rules, there's no restriction for a company to hire or sponsor someone on a post-study work visa to go on to a Tier 2 skilled worker visa. I'm not sure about your particular case, but it's a very common thing in the UK that students come from a post-study work visa onto a Tier 2 visa, and yeah, the UK is still the most straightforward for skilled worker sponsorship out of all of the major destination markets.

All right. Thank you so much.

Yeah. Hi, thank you for the opportunity.

My first question is on the number of applications that we have processed this time. This 7% decline, could you kind of split that between regions, like which regions saw the most decline?

We don't have exact data on this one. Will that be okay if we can come back to you on this one?

Sure. The other question was on sir the unique applicants that you have mentioned this time.

This was interesting. When you say that there are 47,000 applicants, roughly an applicant applies at two universities.

I just wanted to get more understanding on this. Are they typically applying for the same regions, like it's from the UK, or now you are seeing candidates applying for New Zealand or the other markets that you have opened up?

Also can also give corroborating information on of these 47,000 like are that guys who are only doing non-UK applications as well?

Usually what we have seen based on our past experience and trend is, if a student is applying on our platform for a particular destination, they apply to multiple universities of that destination only. Though that's not mandatory or necessary, but in general, if I look at the overall trend, that is the case what happens.

With reference to other destination which we have opened in our platform, these are very recent development where we have added New Zealand and some European countries. In long-term trend-wise, you will be right to say that roughly one student would apply to 2 or 2.5 universities as an average.

In the current quarter, if you can kind of give us an insight on how many applicants did you get for the non-UK universities that you have processed?

Again, I'll have to come back to you on this one, because for non-UK universities, mid intake is not a very big intake. I'll come back to you with the data.

A rough figure, sir, is that less than 5%? Because I'm just curious because we have done two acquisitions last 1 and 1/2 years.

We have done ForeignAdmits in Dubai, we have done Global Tree in India for the US market, now most recently we have done it for Netherlands via the Mexico market. I'm just curious ki whether the sourcing or the destination, has there been any meaningful change in terms of the candidates?

I understand the revenue is still miniscule and will take time, but just from candidates, you can share some data points.

I understand, but as if today if I see, because one, this quarter is very small, and not every destination offers route of entry in this quarter, it will be very difficult to predict, but overall percentage is still fairly low to give a exact correlation of change in destination because of different source market.

Got it. A final question, this is a slight of clarification.

I think initially you mentioned we are looking at growth, but then for the second caller, you mentioned that we will be flat for the year. I know that it'll be difficult to kind of think for it, but based on the 4 months trend, where are we?

Do you think that we can kind of actually deliver some growth in terms of enrollments or candidates processed? Hi

Himanshu. We have a negative growth in quarter one by 4% in constant currency growth.

We expect quarter two also to be a bit down, but considering the overall scenario, we expect the pent-up demand to come in quarter three and quarter four, overall will be same as last year.

With reference to quarter three, we are already seeing the application flow on our system, and that has been very healthy. Any kind of miss what we had in quarter one and what we expect in quarter two will get covered in quarter three and quarter four.

Got it. Can I squeeze in one small question about the UK operations?

Because Chris, I heard that he is moving out. If you could just elaborate a bit more on how the US UK operations will go ahead then for who will be leading it, etc.?

There won't be any major change in operations. With reference to institutional relationship, which Christopher was managing with UK universities, now we have got Eric, who has 25 years of experience behind him, and he will be managing those relationship with the universities.

From a broader perspective, Christopher will still be with the company, will still be guiding and navigating the company for the next growth level, while the UK university relationship will be managed by Eric.

Got it. Thank you so much.

Thank you.

Thank you, everyone, for being a part of this concall, and joining us today. We sincerely appreciate your continued support and look forward to engage with you again next quarter.

Thank you, and have a wonderful day.