Good morning, everyone. On behalf of E2E Networks Limited, I would like to welcome you all to the earnings conference call for Quarter 1 FY27.

Today on the call, we have with us from the management Mr. Tarun Dua, Managing Director of E2E Networks, and Mr.

Nitin Jain, Chief Financial Officer of E2E Networks. We will begin the call with brief opening remarks from the management, followed by a Q&A session.

All participant lines will be in listen-only mode during the management's remarks, and the floor will be open for questions thereafter. Please note that certain statements made during this call may be forward-looking in nature.

Such forward-looking statements are subject to risks and uncertainties that could cause actual results or projections to differ materially from those statements. E2E Networks holds no responsibility for any actions taken based on such statements and undertakes no obligation to publicly update these forward-looking statements.

I now hand over the call to Mr. Tarun Dua for his opening remarks.

Over to you, Tarun.

Thanks, Vanessa. Hi, everyone.

Good morning to all of you, and we hope you had a good last couple of months since we last spoke. I'll try and do a very brief coverage of some of the progress that we have made during the last quarter, and then also briefly touch upon how do we see ourselves in today's world.

Then I'll hand over the call to Nitin to talk about some of the financial highlights of this quarter, and then we'll be opening the floor for questions. In this quarter, we have had a couple of milestones, major amongst those being that we went live with our Blackwells.

So, 1,024 Blackwells that we had received during last couple of months went online, and they were put on the revenue. Now, that was a major thing.

We continue to strengthen our Sovereign AI platform, which we'll be talking more about, why we believe that is the future. Then we've seen some of the revenue also scaling up on our platform.

Apart from this, we have continued to make investments into our technology platforms in terms of strengthening our team and organization. We are very, very focused on helping build an ecosystem of customers and partners who can help us become a high-growth organization.

Now, coming back to Sovereign AI and why Sovereign AI is important, in the past, we have spoken about why we are trying to gravitate towards higher-value tokens. Now, when we look at the state of the open source today in terms of where the open source models are, what we find is that they are very, very close behind the frontier models, which are available only through API access.

Now, sovereign models using a neo-cloud operator or an AI factory like E2E Networks, you are able to deploy within your org boundary, where you control using our platform how the model would be deployed, how the model would be fine-tuned, what data the model can access, what is the state that model can retain, what is the state that model should forget. You can control everything using the Sovereign AI platform that we have built.

The open-weight models today running on top of us, the AI factory, using the software platforms that we have built, including TIR and JarvisLabs, you have three layers that form the base of how the customer is going to kind of use their own Sovereign AI. On top of that, you can put your own agentic framework of being able to observe, think, and act.

This is something that acts as a harness, which is the execution loop that runs your observe, think cycle with its state tracking and tool invocation and wraps your raw model into reliable agentic workflows that you as an enterprise could essentially use. Now, with open source coming very, very close to how the frontier models are working, we are very close to achieving AI sovereignty for our customers, where all four components kind of interoperate with each other using the software that we provide to our customers.

That is what we believe is the key for E2E to be able to help the customers leverage the entire E2E stack using open source to kind of make organizations AI-enabled. Both from the perspective of kind of either running their own in-house small language models or even large language models, which are proprietary to them, or help them fine-tune open source models, which are now very, very close to capability in terms of the frontier models like today's.

We are able to kind of capture value for our customers at each of these layers as opposed to kind of frontier models, which are not owned, but only rented, and are subject to various risks, both of the nature of political as well as simply because a private organization controls who can access their models and who they would suddenly decide that, okay, this is not an approved use case, let us shut down this customer. Open source base models on Sovereign AI factory like us eliminates that risk of someone sitting a couple of thousand miles away and judging you for how you're going to use your AI.

As a company, we are very, very focused on building the operating leverage for us on the principle of do less and do better. This allows us to have higher-quality partnerships and higher future growth without us relying on chasing vanity metrics.

With that, I would like to hand over the call to Nitin, where he can explain how we have done this quarter based on some of the philosophies that we have spoken about. Over to you, Nitin.

Thank you, Tarun. Good morning, everyone.

Thank you for joining us today. I would walk you through the financial performance for the first quarter FY2027.

Let me start with the quarterly highlights. Revenue for the quarter stands at ₹1,568 million, which is up 334% year on year and 64% quarter on quarter.

EBITDA stood at ₹1,179 million, with margins expanding up to 75.2%. EBITDA margin expanded 1,450 basis points compared to Q4 2026.

We clocked profit before tax at ₹586 million, compared to ₹86 million in Q4. The PAT stood at ₹439 million.

The performance for the quarter is driven by operating leverage and the B200 cluster going live. Now, I would like to open the floor for questions.

Hi, sir.

Good morning.

Hi. Good morning, Neil.

Yeah.

Am I audible?

Yes. Please go ahead.

Yeah.

Sir, this current quarter revenue and MRR jump, can you give us a mix between volume and utilization versus pricing? How much is driven by utilization, how much is driven by pricing?

We're talking about revenue. Of course there is an expansion both in terms of utilization and addition of capacity, which have both majorly driven the revenue as opposed to just pricing alone, where we have seen very moderate impact in the quarter that went by.

Understood. Sir, the new B200s that were deployed mid-May, have they been committed fully in terms of utilization?

It's quite a maximal utilization of capacity that we have.

Sir, have these been committed to IndiaAI Mission, or on our own platform?

Currently, we are in a process of working with a customer around these GPUs. Kind of in a couple of weeks, we can figure out how this moves forward in the future.

Hi. Thank you, Tarun sir, for the opportunity.

Just regarding utilization levels for our H100, H200, and B200s, what would have been the exact mix in the exit MRR for this quarter? How much more runway do we have to grow?

I understand we've announced a price hike in the month of July, what kind of impact is that going to give us in Q2 in terms of MRR growth? Yeah.

See, we are majorly focused on increasing the utilization of the existing fleet, which is pretty much at maximum levels compared to any previous quarters. Now, that being said, the major growth will come from capacity addition as opposed to majorly on the price hike side is what we believe.

Got it. Sir, you just spoke about Sovereign Cloud.

Just trying to understand that these sovereign workflows that we are hosting, are they yielding us better EBIT margins? Are they sort of asset-light in nature?

The private cloud business that we had iterated a couple of quarters back, has that started to kick in, if you can throw some light on that?

See, the operating leverage is obviously kicking in as we have increased the amount of capacity. Now, you asked a bunch of questions.

Sovereign Cloud essentially is a subsidiary where the idea is to be able to kind of hold and contract large-scale GPU clusters. Then you asked a couple of more things, if you could repeat?

Hi, Tarun ji.

Hi, Bhavya. How are you?

Hi. Congratulations, sir, on very good set of numbers, sir.

Commendable, yeah. Just wanted to understand the B200 deliveries, when can we expect, any timeline if you can provide?

We expect them to be here in next couple of months. We'll obviously be keeping everyone informed once they are there.

Okay. Sir, would you like to guide for exit MRR full-year basis this year?

See,

we don't provide guidance on MRR. We always kind of advise everyone to look at what we have done in the past rather than kind of predict the future.

Again we would like to reiterate that let's look at the past, one-by-quarter exit MRR, rather than predict something for the future.

Sir, good morning. I have a query regarding can you give a bifurcation how much of this revenue is coming from inference and how much come from training?

Can you give an outlook upon next two to three quarters how this ratio would change?

See, we are pretty small in terms of size and volume. Major volume, of course, continue to be on training.

Now, that being said, we have increasingly seen that while people run their training clusters during their working hours, they also utilize the same clusters for running inference during the night. Pretty much hard to pin down the fungibility of compute to say that, okay, when the workload is training and when the workload is inference.

We have seen both the use cases being run in parallel where you can't put a specific number to, okay, how many GPUs are on training and how many GPUs are on inference. Pretty much both the workloads, along with increasingly agentic workloads, continue to be run on the same infrastructure.

Sir,

is it that margins are better on training part and pretty lower on the inference part? It's

hard to measure what part is there on training and inference. Now, eventually of course, at a global level of compute, inference will have a preponderance over training.

On a very small subset of GPUs, we are literally talking about 5,000 or so GPUs, very, very hard to kind of say that, okay, what percentage is on training today and what percentage is on inference.

Hi, Keshav. How are you?

Hi Tarun ji. I'm good.

How are you?

I'm good, thank you.

Yeah. Congratulations on the great quarter.

If you could help us understand the recent subsidiaries, the Delaware entity and the GPU Infrastructure entity and I think you already spoke about Sovereign Cloud. Any of these into financing or maybe SPV vehicle or maybe if you can just throw some light on that?

Sorry, I didn't really understand your question. Can you repeat?

Your voice was not so particularly clear.

Yeah. Actually we recently set up the entities in Delaware and the GPU Infrastructure entity and the Sovereign Cloud.

I think you already spoke about that. If you can get some color on these subsidiaries, please.

Yeah.

Sure. Sovereign Cloud is essentially an infrastructure subsidiary, very, very focused on build-out of the infrastructure.

The US entity, the Delaware entity, obviously is focused on selling in the international markets and being able to establish presence outside India, where we can work both towards market access as well as do alliance and build as well as service customers who are outside India.

Sure. I think on the presentation you mentioned under the Sovereign Cloud section that large-scale GPU deployment and enabling funding arrangement to accelerate this AI infrastructure.

If you can provide some maybe strategic insights on this plan?

Very early days so as we do more, we'll obviously announce that.

Hi, Varun ji.

Hey, Tarun. Again, great set.

Very positively surprised. Number one would be on the margins.

Going forward, should we expect these sort of gross margins to be normal, because it's the best margins we've seen in the recent history? See,

it's a combination of increased utilization, very robust demand scenario in the market, and also majorly driven by operating leverage as we grow larger. Now, as we grow in size, we obviously intend to have a judicious mix of both contracted revenue as well as the on-demand and spot revenue, and also explore various AI services in terms of inference and agentics based on open source models.

I do believe that this is quite sustainable over the medium term and potentially the long term.

Got it. Secondly, is there a chance you could share a mix between revenue contribution by customers?

For example, enterprise, AI customers, startups. See,

we are [laughter] quite small for that right now. Let us grow, try to focus on growing bigger.

Because these kind of becomes tracking metrics for everyone. Once we say, oh, this is important, and then people start tracking something, and then there is potentially no relevance for these metrics today.

My advice would be that let us not do this today. I think at a certain point of time at a certain scale, probably it would start making sense.

Today, at 5,000 GPUs and another 1,000 coming in, still the size is too small to start talking about these metrics is what we believe.

Hi, Vedant. Yes, please.

Please go ahead.

Firstly, congratulations, sir, on the great set of numbers. My question pertains to outlook on AI industry.

We're listening some kind of things about AI bubble and simultaneously China developing some AI models, which are cheap and very competitive to American models. What are your comments on that part?

If AI commoditization happens, how do you see

Sure. I am hearing you, sir.

What we believe in is that essentially it is still day zero in the world of AI. If you are plugged into the AI ecosystem, I think every week there are some very significant pieces of news related to AI technology.

Some of them tend to get picked up by media and blown out of proportion, and people start to pay attention to that. We believe that some of those things which are equally important are completely ignored.

It is still day zero at AI. We are still in the midst of a largest build-out in history still, where the whole world is building the AI supercycle.

I think we're at the beginning of that AI supercycle. It's still day zero at AI.

I don't think we should worry too much about, okay, this happened and will the whole AI industry compress because of this one event or this new thing that is happening. I don't think we have come to that stage anywhere where one particular news item that we are hearing is going to change the whole AI industry.

I don't think that's the case today. I think pretty much we are seeing a very broad trend where most organizations in their AI adoption are fairly early, except for AI natives.

Everyone else is fairly early in the ecosystem. I think the runway for AI is very, very long.

I think in the past we have spoken about this is a decadal theme. I think we have just begun that decadal theme of AI adoption amongst the organizations.

I don't think we should start worrying about this or that news item. Like I said, there is a lot of news on AI which doesn't get captured by media, which is equally important.

Some of the things get captured and then get blown out of proportion. I wouldn't worry too much about any of the news items related to AI, which either are predicting tomorrow the world of AI is changing or tomorrow there is a doomsday scenario in AI.

I don't think either of them are true.

Sir. Thank you.

I hope I have been able to answer your question.

Yes, sir. You expressed your views.

Thank you so much for that. My second question is there was some computing shortage, I think so.

That's why your realization have increased some bit. How you see it going forward on the realization part, the demand-supply gap between the computing GPUs?

I think again we have to look at over a couple of years. The compute needs could come in phases.

There would be phases where there is shortage of demand, there would be phases where there is shortage of supply. Eventually, if you look at a long enough cycle of five, six years for any particular set of assets, they would see both good times and maybe slight bad times, where hopefully with increasing adoption, all of these curves would smooth out a lot more, where customers would be able to predict demand in advance, and the supply side would react accordingly.

Eventually that demand would match supply in a way that nobody is losing money, whether it is the buyers of AI compute or whether it is the sellers of AI compute. I think we'll all find our equilibrium in the medium term.

Majorly we are not really talking about the kind of increased pricing resulting into the stupendous set of numbers. Majorly our numbers reflect the increased capacity and increased operating leverage more than anything else.

Hi, am I audible?

Yes.

Hello? Yeah.

Hi, thank you, sir, for giving this opportunity. Great set of numbers.

Sir, I have a question with respect to the pricing increase.

So Sir, your voice is not audible.

Now is it audible, sir?

Now it is audible.

Yeah. I'm just trying to understand that how much capacity is still there at that old prices, and is there any pushback we received when we increased our prices?

Okay. Essentially we are in this for the long term.

Now, what we find is that for every generation that we deploy, there would be ups and downs in each of those generations. Eventually, each generation of GPUs will find their sweet spot in terms of price-performance ratios.

Obviously, all contracts need to be honored wherever we enter into contracts with customers, whether they're advantageous to us or whether they could be slightly disadvantageous to us. Essentially we are here to play for the long term.

With regard to pushback on pricing, I think making sure that the customers are able to find value in our software and orchestration platform, and are able to experience our solutioning and support, and we are able to attract higher-quality customers is more important to us than worry about pricing alone as a way to do business. Our goal is to kind of have a very harmonious relationship with our customers, and I do believe that customers do understand that the market is offering a certain set of goods and services at a certain price, and that needs to be respected.

I don't feel that there is a very massive what you call pushback from the customers that, look, this is something that has to be available at this price and continue to be available at this price. Of course, post contracts the price needs to be renegotiated, and most customers are happy to renegotiate the price based on the current market scenario and current market conditions.

Fine. Sir, second question with respect to the timelines of new capacity and the capex plan that we are thinking of.

If you can help us to understand this also. Also, fund raise

We obviously plan to deploy the B200 as soon as the new lot becomes available to us, and we are expecting that to happen soon over next couple of months. Apart from that, we obviously plan to build more capacity in terms of more Blackwells, including non-flagship Blackwells as well.

Also, we have plans to expand our capacity into Vera Rubin. As and when we kind of have immediate figures for, okay, we are going to deploy x number of GPUs of this generation, will obviously come and talk about that.

For now, I would like to maintain that we are both aggressive as well as judicious in terms of our capacity expansion. Being a AI factory, a neo-cloud owning its own platform, for us definitely getting more GPUs is the way forward for us, and we would continue to do that.

Hi Rohan ji.

Hi. Thanks for taking my question.

Congrats on the great set of numbers. I had a question on the renewed CPU pricing that you had intimated customers of.

Two questions on that. One, is it driven purely by market conditions changing and demand increasing, or is there an underlying cost pressure that's driving the cost increase over there?

The second thing is you intimated a price increase going live, then you rolled it back, and you pushed it out a little further. If you could just talk about the dynamics over there.

Sure. See primarily on CPU, it's not a very major volume from a revenue perspective today for us.

That being said, we would like to continue to add CPUs, which is what necessitated increase in pricing for the CPU customers, because at whatever price point we offer our services, we would like our services to be of the highest quality. To maintain that quality, the requirement was that we should be able to charge more.

Now, we obviously propose that to our longer-term customers, and so there was an ask from the customers that, okay, whatever we are already using, is there a way to preserve the price point for us. Where we offered that, yeah, if you would like to kind of contract out some of the capacity for a slightly longer term, say 1 year, 2 years, then we can hold the current price for the duration of the contracting, which is an option that many of our customers chose, where they said that, okay, we'll pay you some advance, and we'll increase the contract length from normal 1 month to about say a year or 6 months or 9 months or even more than a year.

Many of the customers came back and they agreed to that. That's the main dynamic around CPU pricing, where the customers who wanted to hold the current price, we were able to give them an option that, yes, why not contract out that capacity that you are already using for slightly longer term, and then we can proceed with the revision of your current contracted capacity, which allows us to service you at a higher quality, and which allows us to continue to expand the capacity, especially since the price of hardware from a CPU perspective has increased by a much larger percentage compared to the price of hardware on the GPU side.

Because the cost of memory that has increased has hit the CPU side much higher in percentage terms than the GPUs. To accommodate that, we had to in fact increase the price of both the GPUs and CPUs.

It's not just about the higher demand scenario that necessitated the price increase, it was also that some of these input costs actually increased for us.

Got it. Thank you, that's it from my end.

Hi Tarun

ji.

Congratulations. Are you able to hear me?

Thank you, sir. Yeah.

Tarun ji, the question was that in the PPT, you mentioned that you have started preliminary planning for next-generation architectures like Nvidia B300 and Vera Rubin. Now, considering the current compressed life cycle of AI hardware, which you always mention in earlier calls, how do you protect the ROIC for the older Hopper and early Blackwell clusters, sir?

Because what happens you only in your last two, three concalls have mentioned that client preferences shift aggressively downstream. This is my first question, and second question I'll ask when you finish this.

Thank you.

Sure. Let me try and answer the question as best as I can.

We've always maintained that we see at least and minimum a 6-year life cycle for all the GPU generations. We have seen even our older generations continue to run very strong with our customers.

Every generation will run through its life cycle where eventually it finds the sweet spot of price and performance ratios, aided increasingly by increase in performance and efficiency of the open source models and fine-tuning that a lot of people share in open source that, okay, how do we get an H100 to perform this much on this open source model in terms of tokens per second or latency, or H100 or a H200 or a B200 or the newer generations of B3 or Vera Rubin. All of that put together gives the GPUs quite a long life cycle.

Where we believe that that long life cycle is conducive to kind of monetize those GPUs through almost 5 to 6 years, and kind of we don't foresee that there is an active price compression because of a newer generation GPU coming in, because newer generation will have its own sweet spot for price-performance ratio for some of the newer models. Whoever is using the smaller models or older models, or people who have built their own proprietary SLMs, they don't necessarily intend to kind of go for the latest, greatest generation GPU at a much higher price point, because as a newer model will obviously have a increasingly higher cost by whatever percentage that number is.

Okay. Thank you so much, Tarun ji.

My other question is the accelerated computing now is deeply anchored to Nvidia ecosystem. Conceptually, I wanted to talk regarding the ASIC threat, that how does E2E's threshold structure brace to integrate Nvidia architecture hardware into the TIR platform?

Because if the enterprise demand diversifies, how do you address this issue? I hope I'm clear on this.

Not super clear, but from what I heard, I'll try to answer that. We have worked the longest time on GPUs with Nvidia, all the way from 2019 onwards.

Obviously, they have certain best practices, and they have released a lot of open source around how to kind of integrate and wrap around your GPUs in your platform. There is a lot of opinion over there from Nvidia.

We continue to incorporate a lot of opinion and advice and their open source software into our platforms. That we continue to do.

That being said, we are also open to integrating any accelerated computing platforms into our platform wherever our software can be compatible with everything. We are super happy to extend our software to encompass any technology from any provider.

We are quite vendor neutral in that respect.

Thank you.

I hope I was able to answer your question.

Hi, Abhishek.

Hi, sir. Thank you for the opportunity and congrats on an amazing quarter.

Just two questions. One is on the sustainability and the visibility of the current performance.

Basis all the operating metrics that you may be tracking internally, if you can just give a color in terms of the sustainability and the visibility of this performance going into the 2Q and 3Q? Second, you kind of highlighted it, but just wanted to understand, are customers now trying to lock in capacity for longer given both the increase in the prices and what we are seeing in the entire hardware ecosystem, especially from a supply chain perspective?

Does that kind of improve the annuity visibility for us, given historically we had short-cycle capacity as well?

Sure. Definitely there are customers who do prefer longer-term contracts, because they would not like their prices to increase willy-nilly because they were on on-demand or monthly or very short-term contracts.

There again, we have seen increased demand from the customer side where they would like to see longer-term contracts of 2 to 3 years coming their way. As we judiciously move some percentage of our capacity, we haven't decided what percentage that should be, so that definitely builds in predictability for the demand that we have for our capacity and builds some predictability into the revenue.

We'll obviously continue to explore those options as well as execute those options. We've done some of that, and we've announced some of that in the past as well.

We would continue to increasingly do so as well. We also like some of our capacity to have the flexibility of where we are able to charge higher when the demand goes up.

That also will continue to do. Now, you had one more question.

Can you repeat the second part of your question?

Yes. The question was about the visibility and the sustainability of the current quarterly performance.

Right. This is in our belief quite sustainable, because I think each of the generations which are already there are finding their sweet spot in terms of price-performance.

We believe that over the medium term, they are quite sustainable. At those price points, quite a few customers are very willing to sign up longer-term contracts.

We find there is a lot of predictability over there. Both predictability as well as sustainability of the revenue.

Hi. Thank you for the follow-up, sir.

Just two parts to my question for Tarun sir. Firstly, the breakup last quarter for domestic and foreign business was 40-60 or 60-40, and IndiaAI Mission was about 40% last quarter.

What has that trended to this quarter? In terms of your ambition for let's say 2 years out, how many GPUs should we be sitting at?

Just I have a follow-up for Nitin sir after this, yeah.

Sure. With regard to capacity building, we've already said that we intend to be both judicious as well as aggressive.

Now, from a revenue composition in the previous quarter, I think IndiaAI revenue was about 20%, 21%, and international was close to 37% or so, and rest is all domestic revenue. Yes, those are the numbers.

Got that. Just for Nitin sir, with regards just a couple of bookkeeping questions with regard to the interest cost spike we've seen during this quarter, is that due to some debt we've taken on for the capex?

Regarding the DC cost that hits our P&L, has it completely got baked in to this quarter's numbers? Should we see that flatlining going forward?

Yeah.

In terms of the interest portion, you are right. The interest is because of the loan that we have taken across to fund the first lot of B200.

Second, in terms of DC cost, it would be fluctuating to the extent as the usage would be increasing. The electricity portion would keep on increasing.

What percentage would that be of our entire DC cost? I'm understanding our DC cost for the quarter was close to 28.

These are not super granular numbers. Broadly, a lot of the costs for existing capacity is already baked in for this quarter.

In the coming quarters, some of that costs could increase, but I don't think that would be a very massive percentage.

Thank you for the follow-up. Sir, two questions.

One is regarding the absolute loan and capex for the loan amount outstanding for the quarter and the total capex planned for the year. The second question is regarding sir, you mentioned in the PPT we are looking for funding requirement for Sovereign Cloud.

If you can throw some light on that as well.

Sorry, I didn't understand the question. You're asking about Sovereign Cloud, what is the exact question on that?

Yeah. What are the funding requirements that we are looking for Sovereign Cloud?

Any plans if you can share on the Sovereign Cloud? Because in the PPT you mentioned about the See,

we always say that let us build and execute the plans and then kind of put them out there. As we build and execute the plans, we would obviously make everyone aware of those plans.

What was the other question?

Absolute loan amount, if you can mention short-term, long-term debt for the year and the capex plans for the year.

While I'll let Nitin answer the question related to the loan.

The loan which stands as of now is broadly ₹450 crore. Which with the other lot coming in picture, it would be increasing across in the near term.

Is it

possible to quantify that, sir, total loan amount, peak debt for the year?

We won't be quantifying that amount.

Hi sir. Am I audible?

Yes, please. Yeah.

My question was the preferential issue turned around 2 years was 15919 1.9 crores. Wanted to understand are you planning for the equity raise also?

Because whatever the effect which you are basically shown earlier, wanted to understand where is that 800 and 81.1 crore effects gone? If you could share that utilization, it would be really great.

This is my first question,

sir. I'll let Nitin answer the question about utilization of preferential funds which were allocated towards the capex.

That is one. Second, whatever GPUs we have already announced, their funding is fully arranged and backstopped by debt or internal accruals or previous equity raises.

That is already arranged for. With regard to any future plans for equity raises, obviously we would let everyone know if and when that happens.

Okay. Sir, Nitin sir, another thing was in the Q4 call, the 3,900 figure was described as CPU and GPU storage, all capacities put together.

The current PPT which you have shared yesterday, which is very good, presents that 3,900 and 5,100 on a chart titled GPU trajectory. This 5,100 is what?

Pure accelerators or blended capacity? I hope my question is clear.

See, nearly 5,100 is the current capacity which is live on our platform today. That's the number of GPUs which are live today.

That does not include the another 1,024 B200 we're expecting soon.

Hi, Tarun ji. Hi, Mr.

Chirag.

Sir, I just wanted to understand the financial dynamics of the strategic partnership with L&T. Okay.

What is the exact question over there?

In terms of revenue, how does it work out for you? How do they pay you or something?

Sure. See, L&T is an arm's length partner where we are working with them to kind of utilize their data center capacity, we are a buyer over there.

They tend to utilize our cloud infrastructure where they are the buyer. Then jointly with regard to our platform, we do go to customers.

That is there. Now, so that's how the arrangement is basically.

Tomorrow if L&T is building compute capacity, then we're also looking to kind of partner with them and off-take some of that capacity. All relationships at arm's length are present and will continue to kind of operationalize over a period of time.

Okay. The second question is, where do you see the growth trajectory the next 2 to 3 years?

Okay. We have mentioned that basically AI is entering into a huge supercycle.

We fully intend to be a part of that build-out in terms of both the infrastructure capacities again aggressively and judiciously, and in terms of build-out of our platform, where our platform is able to increasingly help our customers do more in terms of whether it is training their in-house models or fine-tuning open source models or running inference at a scale, or running agentic harnesses that are able to take care of their enterprise AI-driven processes. We want to be able to help our customers qualitatively into all these aspects.

Good morning. I have two questions.

My first question to Mr. Dua is this quarter's growth is very good, but the cloud industry is entering a tougher phase.

Hyperscalers are scaling aggressively, customers are pushing harder on pricing, and technological cycles are also getting faster. How do you see the company positioning itself to See,

we have been in this business for 16+ years, we have seen everything. Cycles will continue.

There would be good times, there would be bad times. We are very confident that for every cycle, we will kind of continue to grow.

That's what we believe in.

My second question to Mr. Jain is, just want to understand how are you approaching the balance between funding expansion, keeping liquidity strong, and ensuring shareholder returns?

Looking ahead to the next quarter, any roadmap that you can give a layout on? Thank you.

I think from a funding perspective, we keep a balance between the funding and the building up capacity aggressively and judiciously. There we keep a quite balance that we should not be too aggressive or we should not miss the bus, which is the AI bus.

Hello?

Thank you, everyone, for joining us this early in the morning. I hope we have been able to answer most of your questions.

We do welcome this interaction. Any further questions, please do reach out to us at [email protected].

We will reach out back to you and answer all your queries. We hope to keep you updated about our ongoing expansion plans, and kind of keep you informed about what we're building on the platform, how we are seeing things.

We hope to keep communicating. A very good morning once again to everyone, and please have a good day.

We would like to thank all our investors. We would like to thank all our partners.

We would like to thank all our team members. It is with all your support and love that we have reached where we have reached, and we hope to continue to enjoy your support in our ongoing journey.

Thank you, everyone, once again.