Good afternoon to everyone. Thank you for taking out time to join this call today.

From the management, we have Mr. Shikhar Aggarwal, Joint Managing Director; Mr.

Amit Sudhakar, Chief Financial Officer; Mr. Loknath Panda, Chief Operating Officer from BLS E-Services.

I would like to hand over the call to Mr. Shikhar Aggarwal for his opening remarks, post which Mr.

Amit Sudhakar will discuss the financial performance of the company, and then we will open the floor for an interactive Q&A session. Thank you, and over to you, Shikhar.

Good evening to everyone, and thank you for joining us on BLS International's Q4 and FY26 earnings call. We hope you have had the opportunity to review the results, press release, and investor presentation uploaded on the stock exchanges as well as our website.

We are pleased to share that the company delivered a remarkable performance in the financial year FY26, with the highest ever performance across all key parameters and metrics. Revenue, EBITDA, and PAT grew by 37%, 30%, and 34% year-on-year respectively.

The performance was driven by higher application volumes, multiple contract wins across various geographies, diversification of service portfolio, and increase in net revenue per application in the visa business. I would also like to highlight that the company has demonstrated exceptional performance over the last three years, reporting a growth in all parameters like revenue, EBITDA, and PAT at a CAGR level of more than 50%.

This is a noteworthy achievement by the company, further validating the robust business model as well as the effectiveness of the company's strategies. Q4 FY26 was also a strong quarter for the company, driven by healthy momentum across both our businesses.

EBITDA and PAT for the quarter grew 17% and 30% respectively year-on-year. Our visa and consular business continues to witness strong traction for the quarter as well as for the full year.

The business continues to witness strong profitability, with FY26 EBITDA growing by an impressive 30% year-on-year, and EBITDA margins grew to 40% from 34% in FY25. This growth highlights BLS's strong execution capabilities, operational efficiencies, and the positive impact of successful transition of our business model from partner-run to self-managed model.

BLS International has processed more than 44.1 lakh applications during the year, which grew from 37.5 lakh applications. Net revenue per application also witnessed a growth of 14% to ₹3,302 per application as compared to ₹2,903 per application.

BLS International has also taken several strides in terms of technology enhancement during the quarter. The company partnered with a body to offer trade and document attestation services across 17 centers.

We also partnered with Saarthi AI to modernize visa and consular business through AI-powered solutions. We also introduced AI voice bots for related issues, etc.

Our digital business also continued significant momentum, crossing 1,000 crores in revenues. Revenue from digital business more than doubled to 1,200 crores, registering a remarkable year-on-year growth of 100%.

This is primarily on the account of the BC business, including loan distribution along with increased scale in assisted digital and service offerings. The company's asset-light and scalable operating model remained a key enabler of growth, supported by network of 150,000 touchpoints with around 45,000 channel partners.

The BC business is witnessing significant transaction with GTV at more than 1.1 lakh crores during the year, compared to 87,000 crores in FY25. The company also witnessed strong traction due to generation acquisition of Aadifidelis.

The company has generated leads worth around 36,000 crores during the year. We are continuing extending our technology by enhancing and leveraging AI, advanced analytics, and cloud platforms.

While the company is consistently growing, it has also followed the policy of rewarding its shareholders throughout the years by way of dividends. In line with this, the board has recommended a final dividend of 50% of face value, that is 0.5 per equity share, in addition to the interim dividend of 2 per equity share.

This leads to 250% of dividend of face value of more than 100 crores for the entire year. Before I conclude, I would also like to address the impact of travel industry due to the ongoing geopolitical situation.

What we are witnessing today is a temporary scenario, but a shift in which people choose to travel due to the ongoing tension in Middle East, revenue is intact at the same time. Thank you so much.

I would now like to hand over the call to CFO, Amit Sudhakar.

Thank you. Good evening, everyone.

I am pleased to share the consolidated audited financials highlights for the quarter fourth quarter and full year ended 31st March 2026. Revenue for FY26 increased ₹2,998 crore as compared to ₹2,193 crore last year, up by 37% YoY.

This growth is on account of increased momentum and in both our businesses. FY26 EBITDA rose by ₹819 crore from ₹629 crore in FY25, registering a growth of 30%.

EBITDA margins stood at 27.3% for FY26. Profit after tax for the full year was ₹724 crore compared to ₹540 crore last year, showing a 34% increase.

Now looking at the Q4 FY26 consolidated performance. For Q4 FY26, we recorded a strong growth of 18% year-on-year in consolidated revenue, an increase to ₹815 crore in Q4 FY26 from ₹693 crore in Q4 FY25.

The growth was driven by a steady growth in both in visa and digital businesses. EBITDA for the quarter increased by 17% year-on-year to ₹204 crore as compared to ₹174 crore in the same quarter last year.

Profit after tax increased by 29% to ₹187 crore compared to ₹145 crore in Q4 FY25. Coming to segment highlights.

In FY26, visa and consular services grew by 11% to ₹1,840 crore compared to ₹1,653 crore in FY25. EBITDA for the segment rose sharply by 30% to ₹738 crore, with the margin improving to 40% from 34% last year, reflecting our focus on efficiency and profitability.

In Q4 FY26, the visa consular services segment recorded a revenue of ₹472 crore, a 7% growth over ₹441 crore last year. The growth in revenue was mainly driven by the increase in visa application volume, which grew by 10% year-on-year to 10.8 lakh application in Q4 FY26 from 9.8 lakh application in Q4 FY25.

EBITDA for the segment rose by 19% to ₹180 crore with a margin of 38% and improvement of 400 basis point from 34% margin last year. In FY26, the digital segment revenue was doubled to ₹1,158 crore compared to ₹440 crore in FY25.

The EBITDA for FY26 was 81 crore compared to ₹60 crore in the previous financial year. In Q4 FY26, the revenue increased to ₹343 crore in Q4 FY26, up from ₹252 crore in Q4 FY25.

EBITDA for the quarter was at 24 crore. The company continued to maintain a strong cash flow and a healthy balance sheet.

During the year, the business generated a cash of over 900 crore. As on 31st March '26, the company maintained a strong net cash balance of ₹1,434 crore.

With that, I will now hand over to the moderator to open the floor for questioning. Thank you.

Hello, sir. Am I audible?

Sir. Congratulations on a great set of numbers.

Sir, I have one question about the current situation in West Asia. Because of this, have you seen any setbacks in the last quarter?

See,

if you see our numbers, we have actually grown. Our EBITDA has grown in last quarter by more than on an annual basis, our EBITDA has grown by 35%.

Even if you see our EBITDA in the last quarter comparing to Q4 of last year has still grown by more than 30 35%. For us, there has been no impact.

As we have said before, since the company has been operating from the year 2007-2008, multiple things geopolitical things happening in the world from back then, and every year something or the other happens. Temporarily, definitely something gets affected, but on an annual or quarterly basis, everything gets balanced.

Today, we are in 70-plus countries, working in more than 40 client governments. Definitely, some impact is there on a short-term level, but on an ongoing or annual level, everything gets balanced.

Right, sir. Thanks for your clarification.

Let's say if the war wasn't there, then we would have reported better numbers?

In the last quarter? I don't know exactly if we had reported any better numbers, I need to check.

Definitely, there could be some impact. Definitely, I don't know.

We have still grown a lot if you see on an annual and quarterly basis, but I don't know. Maybe, yeah, definitely some volume temporary that happened could have come back to us.

Hi, Shikhar. Am I audible?

Yes, you are.

Yeah. Also just on the war side.

You just told that the Q4 would be better if the war wasn't there. In Q1, are we seeing any impact of the war still because still the war is not, closed or it is not all the negotiations are made.

Maybe Q1 or maybe Q2 also we can see the impact. How you are seeing Q1 and full-year FY27 on terms of visa volume growth?

See,

it's only, April, May right now, you cannot tell you exactly what will be the impact of the war. As of now, we are going strong and we will continue to maintain our numbers from last year, growth from last year.

I don't know exactly what will be the scenario in the future, etc., but as of now, things are steady.

Okay. Also the last so many quarters management has said that the many contracts of the governments are pending for renewal.

Is there any visibility for that? No,

we have also announced, no? Many results we have announced.

We have won Slovakia, Cyprus, Indian government tender last year. We've won a lot of tenders for Italy, Portugal, Poland.

All of them are part of that. We've won a big UIDAI 2,500 crore tender last year.

Still, there are many more tenders.

My question is majorly the forward-looking in the FY27, are we tracking any government which is tenders?

Many tenders are in pipeline. This is a constant tender business.

Many new governments are coming out with tenders. We're actually bidding at different stages.

Many governments are outsourcing for the first time. Definitely, we have a big potential for growth in terms of different tenders that are coming up for renewal.

Okay. The second top question is about the UIDAI work order which we have received.

How much revenue we have actually booked in the Q4, and for how much month from the

It has only been one or two months since we have started the rollout. Right now, only phase one in which we have to roll out 40-50 offices we have done.

Eventually, we have to roll out more than 200 offices. I think it will take at least one year for the full revenue to start coming in, one one one 1.5 years for the ramp-up and the full revenue to start coming in.

Okay.

Okay. Yeah.

Hello? Am I audible?

I just had a few questions. One, of course, I wanted to understand the situation on the war and the geopolitical situation and the sense.

I'd assume March for us would be close to a washout cuz I don't think a lot of travel was happening. Maybe this quarter could see slightly better movement.

Would want some guidance on that from a visa point of view. Secondly, seeing our visa and consular business for Q4 and for the whole year, the number of applications, that is the volume, has grown at a much faster pace than the actual revenue from operations.

Can you help me understand that a bit as well, because from what I can see in your presentation, the net revenue per application has also increased at a very fast pace. What is the gap between both?

On your first question, I can take that. See, we have already answered the question of geopolitical situation.

It's not in our control. Still, if you see the last quarter, March was not a washout for us.

We have grown from similar quarter last year, we had a major growth of more than 30%. Definitely, as someone asked, it could have been further growth.

We had also won new tenders that we've deployed because of also which the volume has grown. I think that is the situation.

This quarter, we'll see, we'll get to know once the quarter ends. We are going strong.

Obviously, there is some impact because we are not pulling back numbers. Still, we are growing from last same quarter last year.

Q1 is usually our strongest quarter of the year,

Shikhar Aggarwal (Joint Managing Director): I said, no, that's definitely we are going steady.

Okay. Hello?

Yeah. On the second question of the volume, as in the number of applications versus the revenue?

Yeah. Number of application have gone because also we have won some contracts, we've deployed them, Cyprus, Slovakia, etc.

Some volume has started to come in. Definitely, volume has gone up.

Net revenue maybe Amit can explain that it has gone up, right?

Yeah. The net revenue improvement, Shikha, is on account of mainly two reasons.

One, the value-added services per application goes up, the net revenue per application increase, as well as the new contracts that we have won at a better pricing, that also have a impact on the net revenue improvement.

Sir, if that is the case, how has our number of applications for the year increased by 10% and our revenue from operations just increased by 7% for Q4?

That's what I said that as your numbers if there is a value-added services in the quarter has gone lower, then the per application revenue will come down.

Sir, per application we've still showed

Shikha, let me just explain. Shikha, what's happening is that there is a a factor of value-added services conversion.

If you look at the conversion, if our if you look at our net revenue, net revenue has grown by 20%, whereas our application count has grown by 10%. This is for the quarter.

This this, ultimately translates that the conversion in the value-added services and our share of our share of value-added services has gone up. Though it is not being reflected in the revenue, but it is reflected in the net revenue as well as our EBITDA.

Our EBITDA margins and absolute EBITDA is going up. There is a revenue sharing between the the third-party vendors from, we take some certain services.

The true picture is that you should take take net revenue growth, which is at 20%, whereas application count growth is around 10%. Or we can take this offline if you have you want further details, we can share that.

Hi, sir. Thank you for taking my question.

You said that March has been quite good for you. Can you describe how the month of April has been for us?

We cannot give any forward-looking statements, but we have explained in the previous question also that we are going steady.

You're seeing demand picking up?

Definitely. No, but if you see our fourth quarter also, we have grown by more than 30% compared to the same quarter last year.

Yeah. For us, we are a global company now.

We're operating in 70-plus countries. Definitely, for us, if demand goes down from somewhere, sometimes it picks up from somewhere else.

We are going steady.

Sir. Any guidance on how our FY27 revenue numbers is going to look like?

I think this year also we said that we will grow by 20-25% on a increased base last year, which we've been seeing. I think growth was much larger than that.

We grew at 34% on EBITDA level. I think our target is on increased base to grow the company at 20-25%.

That is what our internal targets are.

Sir. Thank you and all the best.

Congratulations, sir, on the results. My question was regarding the net cash balance, it's around 1,400 crore.

What are your key capital allocation strategy going forward? My second question also regarding, can you share the split between the organic and inorganic contribution to the overall revenue growth in this quarter?

Amit, you can answer, please. Thank you.

First,

as per the organic and inorganic, technically in the current year, we have not done any new major acquisitions. The numbers are I would say previous year and current year could be looked at on an same basis, except Aadifidelis, which has contributed about, I would say, in the overall around 25% of the revenue which have come from Aadifidelis.

Otherwise, all the other numbers are comparable compared to the last year.

Sir, regarding the first question, regarding the net cash balance, what are your key priorities regarding capital allocation?

I think we have announced one acquisition which is in the pipeline, and we are working on few more. As and when they get crystallized, we will be using funds for that.

As Shikhar said, we are bidding for some contracts currently. If they come, we will be deploying and opening those new projects which may come in.

Major utilization of the cash would be for the expansion of the existing business as well as for inorganic growth which we plan to do.

Sir. Thank you so much.

Thank you.

Hi. Keyur here.

Am I audible?

Yes, we can hear you.

Hi. No, firstly, congratulations on a good set of numbers.

I had a couple of questions. In the previous answer, Amit, you mentioned that you were working on a few acquisitions, and there was also an interview where Shikhar had mentioned about allocating about 2,000 crores towards acquisitions over the next 4-5 years.

Could we get some more color in what segment are we looking? Will this be more on the digital side or in our core visa and consular services business?

That's question one, and I'll follow up with the other question.

Sure. See, this plan which we have, we are looking at businesses in both the segments.

What happens that sometime you are working on a couple of them, some get crystallized and some get finalized much earlier than the other. The intent is to grow in both the businesses, and both have their own growth trajectories.

We see a tremendous growth in both of them. Yes, digital currently looks much more domestic-driven, whereas visa and consular business, we are looking at much more say targets outside India in that business.

We are open to businesses which have synergy with our existing business, or we can add value in those businesses.

Understood. My second question was on the Aadhaar contract.

We've started to sort of set up those centers. Over the next six months, we'll start seeing full revenue starting to flow.

Could you sort of walk us through what sort of revenues do we expect over FY27 and '28 on through this contract? On economics, how do the margins look like?

See,

this is too soon to right now tell you a firm picture on that because we have rolled out phase one, 40-50 centers. We have to roll out 300 centers.

Numbers start coming in, not from fully. Full implementation takes at least an year.

This was, I think, upwards of 2,000 crore contract that we had won, and the revenue is to be accrued over next five-six years to us, from the time the contract is fully deployed. We're expecting a typical margin of, I think, 15% to 20% EBITDA margins in this contract.

Understood. Sir, this contract sort of expires, after five-six years, this goes back to government normally?

No,

no, that's not the case. Normally, any tenders normally they are for different duration: six years, seven years, eight years, 10 years.

Now this contract was for six years. Maybe it will come for retender, it will get extended, etc.

We'll see. We don't know what will happen after six years, but yeah, we will

This is one under BLS International or the E-Services subsidiary? Correct.

BLS International because see, this is like a passport seva kendra project wherein you will have to deploy offices across India, people will come to you, and you will get per application payment, etc. That is why we've felt that this is onshore delivery within India in tier 1 cities.

This is under BLS International.

Got it. Perfect.

No, all the best for the coming year. Thank you.

Thank you so much.

Hello. Good evening, sir.

Thank you so much for taking my question. Firstly, congratulations on a great set of results, sir.

Sir, just wanted to understand in terms of our EBITDA margins, we performed really well. The digital business at a higher scale, I think, our margins have suffered a bit.

How do you look at it going forward, sir?

I think Amit can also add, but Amit, maybe you can add about this. See,

as I said, we have acquired this Aadifidelis, which is a loan distribution company, where EBITDA margins are ranging around 4% to 5%. As the mix is changed in the digital revenue, the margins are showing lower.

There is a growth in the margin, and that is about more than 30% plus growth in the margin. The business model is it works on a commission of 2%, 2.5% on the loan which get distributed, and which is also passed through to the DSAs and the others.

Margins are thin, but volumes are very high.

Okay. It's a commission business.

Fair enough, sir. On an overall basis, what is the margin that we can expect, because the visa business also we are hitting really good margin.

In terms of capping, I think 40% margins are really great. Can we sustain them?

What do we look at in terms of sustainable long-term margins, sir, overall for the business or the visa business, whatever you'd be comfortable commenting, sir?

If you see this year the Aadifidelis sale has been there in the whole year, for the whole financial year. Currently the 7% to 8% EBITDA margin of digital has got stabilized.

We are now looking at how to improve it going forward. Whereas visa business is around currently touching around 40%, we are looking at now maintaining those.

The current margins are what we are going to now look at going forward.

Okay. Fair enough, sir.

That's it from my side. Thank you so much, sir.

Thank you.

Hey, guys. Great set of numbers.

Thanks. Just wanted to check this impact of the war, right?

Have you seen now that you've been through so many cycles, have you sort of seen that the seasonality impact shifts because, obviously, you have that seasonality with regards to maybe the holiday quarters or whatever. Historically, because you've been through COVID and other events in the past, have you seen that impact sort of getting shifted, where there's a pent-up demand and it comes back later to even specific geographies?

No,

I think definitely, as you said, 20 years we've been operating, there's different geopolitical scenarios happening time and again. Every year there's something or the other happening in different parts of the world.

We are in 70 countries now, definitely, there is little bit of impact on us. There could be.

We are not sure what will happen in the future. We have seen little bit drop in numbers in some countries, but still we have grown on an annual basis.

On a quarter basis, we are still growing. We don't know exactly.

After COVID, obviously, travel was zero in COVID. Numbers obviously came back after COVID.

It's not zero. There's a little bit of impact.

Could be that it comes back, but, yeah, we cannot comment on that fully.

Got it. Second thing, just wanted to check on the UK hotel.

What is the sort of update on that, and secondly, is that a space in which you're going to continue to make acquisitions, or is that still a one-off as of now?

No, I think we have already said it in the last few quarters that we will not do any acquisitions in the hotel space. This is going strong, and as we have said that we are looking at the model where it's asset-light model, and that is what we are focused on.

Understood. Thank you.

Hello, sir. Congratulations on the good results, and the consistency over last two-three years in growth has been quite good.

I think with the catching base effect, the growth rate are showing some tapering off maybe quarterly. Now as you mentioned, I wanted to know about effective tax rate.

Our tax rate is, I think, in hardly 10-12%. What is likely to be the tax rate going forward?

See,

just to give you a rough eye position that in Dubai, we have a free trade zone where our company is, which is practically still is a tax-free zone. The effective rate of the whole group comes currently around 10% to 12%.

This may go a little higher in the future because in Dubai, they may change the tax rate from 9% to 12%, then that will have maybe a minor impact on our net tax position by about a percentage. It's end of the day boils down on the sales and the profit in the respective countries and the tax rate in those respective countries.

Except Dubai, we are not expecting any change. Maybe it is 10-12%, maybe 13% maximum.

It will not be substantially higher.

No. No, that's correct.

Unless until again, theoretically, if your profit goes very high in few countries, as a percentage it changes, and the taxes are higher in those places, like currently India is growing faster, and therefore the mix is changing slowly. Okay.

After our China operations which we started, I think, six months back after receiving it from the Ministry of External Affairs, how is the business on that front?

It started. Numbers are going steady, and it's still we see there is a lot of potential for numbers to grow.

Okay. Overall our blended margins are about 25%, considering the lower margins in the digital services or UIDAI.

Very high good margins of about 40% in our visa and consular services, our main core area. The core area growth suppose continues in double digit about 10% to 15%, then that will be good, and the digital services will grow substantially higher.

The blended margin is expected to continue about 25%?

As of now, we expect to maintain the margins. Digital business, yes, we are seeing as and when the business grows, we get more services implemented there.

Definitely, our expectation is in the future margins will go up in the digital business.

Current margins are expected to hold, going forward?

Subject to the ratio remaining the same.

Okay. No, that is true, but our visa and consular continues to be around 40%, so that is a safe area.

Yeah. See, both the businesses will maintain their current margins.

Okay. Okay.

Thank you, and the cash reserves are quite good.

Cash is an asset. Okay.

Okay. Thank you.

Thank you and all the best. Thank you.

Excellent evening, all of you. Thank you for the opportunity, and congratulations to the team on a great set of numbers.

My question is about this other income. This quarter the other income is the highest.

I just wanted to know I know it is through the investment that we make, and FD, and all of that, FD interest and all. Is it sustainable?

That is my first question.

This quarter it is little higher. About 5 to 6 crore is because of the foreign exchange gain.

That is a one-off, it won't come every year. The balance is mainly on account of interest on the FDs which we have, and the mutual fund debt which we have, the debt mutual fund income.

Also another thing is about intangible assets for around 1,300 to 1,200 crore that you are showing. I just want to know whether what it is, and whether it is going to be there sustainable?

See, they are being tested for impairment by the valuers in all the respective countries. Currently, there is no impairment on that as per the valuations report which we have received.

It will depend on how the valuation is being done. Every year, we get it done.

On the basis of that, we book the entry.

Okay. Then update on MEA ban on our company on new tenders, and also our prime minister's call not to travel for one year, any impact on our business?

We are a global company in 70-plus countries. Definitely, increase in travel, both outbound and within India, increases appetite for customers to travel.

Definitely, we see ourselves going steady. Then

MEA travel ban? Any MEA ban on new tender, any update, sir?

We have already given the update, there is no ban.

Okay. Thank you.

That's all. Thank you, sir.

hi. Am I audible?

Yes, we can hear you.

Yeah. Thank you, and congratulations on a good set of numbers.

I actually wanted to get a little more color on the geographical split between our revenues. While I understand that it's not possible to share it at a country-level basis, but if you could just throw some color on which are the key geographies and their broad contribution to our revenue?

That's my first question. My second question would be in terms of the presentation mentions that there's a potential opportunity of about $1 billion to $2 billion of worth of contracts expected to come up for bidding in the next couple of years.

If you can throw some color on if you were to say split our pipeline in various stages in terms of early evaluation, active bidding, and sort of early stages of exploratory bidding? If you could just split it into those three categories at a broad level.

I understand you may not have the exact numbers readily available, but if you could just give that, that would help us sort of improve our understanding of the business. Thank you.

If I can give you some understanding of the business, we've been growing for the last three years at 50% CAGR in terms of revenue and bottom line. If you've seen the last 10 years' growth of the company, that is on back of existing contracts, new contracts.

Last year itself, we've won 5, 7, 8 contracts that we've already won and deployed. That is why you've seen an increase in volume.

As we said, we'll continue to bid for new tenders. This is a business we are in.

Multiple tenders that keep on expiring of our competitors every year, new governments come out for tenders, and we are at different stages of different tenders in Europe, North America, etc. As and when the win comes, we'll definitely announce it, but we'll continue to maintain our growth trajectory of 20% to 25% every year.

Yes. Maybe I can rephrase my question.

I'm not trying to understand which we are winning. I just want to understand of let's say a potential $1 billion worth of contracts coming in, how much do we expect to potentially come up for a tendered state this year, and how much it would be next year?

Would it be possible to give a broad indication?

I think in the next one or two years only, most of them are going to come out.

Okay. In terms of geographical split, how much of our revenues would be, say, from Europe, Asia, Middle East?

Is it possible to give that broad indication?

Amit, I didn't really understand the question, actually. Amit, if you are asking the current business or you're asking for the expected tender perspective?

No, no,

for the current business.

Last year if you ask me the major, I don't have the percentage, but I can tell you a big regions which we have been catering to is basically in say UAE, and then you have Saudi, you have Morocco, Algeria, UK, USA, Canada, and Singapore, if you ask me. These are the major, and now China, which has picked up well.

Okay. Just as a follow-on

It's just a follow-on question because sir mentioned UAE and Saudi.

Yeah. No, I'm not doing a fresh question, I'm just doing a follow-on question.

Fair enough.

Hi. Both of my questions are answered.

I wasn't able to get off the queue. Great set of numbers.

Thank you so much.

Thank you.

Sir, my question is regarding the 2,500 crore project or tender UIDAI that you in one of the responses. Can you throw some light and elaborate on it?

Hello?

Which project?

Sir, you mentioned in one of the responses about 2,500 crore project or tender. Sir, I missed that one, if you can please elaborate.

UIDAI

Aadhaar project.

Okay. Did we win it in FY26 or it is ongoing?

We have won the contract. We are deploying.

The whole project has to be done in three phases. We have completed the first phase, and second phase is under process, and the third one will get completed in the current financial year.

This project is for six years.

Right. Sir, what kind of services are we providing as part of this project?

We are basically opening offices for Aadhaar, wherein people can come, get their Aadhaar amended, they can have a new Aadhaar card, and it will be directly under the Aadhaar department of central government.

We are just building the physical infrastructure, is

it? It's a user pay model, it's also the same user pay model like we are doing in the visa outsourcing industry, where we get money per application.

All right. All right.

Okay. Thank you, sir.

Thank you so much and all the best.

Thank you everyone for joining this call. If you have any questions, you can reach out to EY team or myself.

We are available for the calls. Thank you so much, and have a good evening.