Good afternoon, everyone, and warm welcome to all of you. I am Aayush from Orium Connect, representing the investor relations from the team of Pelatro Limited.

On behalf of the company, I would like to thank you all for joining for the Quarter 1 FY '27 earning concall. We are joined today by the company's senior management team, Mr.

Subash Menon, Chairman and Managing Director of the company, and Mr. Sharat Hegde, sir, Chief Financial Officer.

Thank you for taking the time to join us today. I would like to hand it over to call Mr.

Subash Menon ji for opening remarks. Following his address, we will proceed for the question-and-answer session.

Over to you, Subash sir.

Thank you very much. Good evening, everybody, and thanks once again for joining the call.

We have a deck, a presentation, which we will go through. This is available on our website.

It was also shared with NSE, all of you, I presume, have access to it. When several slides of this particular deck are old or kind of repeated from earlier sessions, given that we will not go through every slide as we will not detail every slide because those are repetitions.

However, if anyone is new to this call and needs some more clarity on some of those slides which we will not be going into in detail, please ask us during the Q&A session. With that, I would like to get started.

The first slide, that's slide number 3 on the deck, that's about the company. You all know that we are a telecom software company.

We operate in two divisions: CVM division and Astel division. As we speak, we work with about 46-odd telcos spread across 35 countries, and we provide a variety of solutions.

We've got seven to eight solutions from the two divisions put together, and we also have several patents. We are a highly tech-focused company, which means we invest a lot in technology, we bring cutting-edge technology to enable us to offer excellent products to our customers.

We are almost 500 people in staff strength. That has not been increasing because we've really been using AI quite a lot these days to ensure that the increase in number of people is limited.

I move to the next slide, which is the global presence slide. That just shows the countries where we are operating.

Then when we move to the business overview section, it's largely financials initially, and I will let Sharat, who is the CFO, handle those few slides before I come back for the business part of it.

Thank you, SM. Good evening, everyone.

Welcome to Pelatro's concall. Looking at the numbers, the numbers for the quarter have given a very promising opening for the financial year, to say.

Let's come to specifics. The revenue from operations for the quarter stood at 40.22 crores compared to 26.69 crores in Q1 last year, Q1 of FY '26.

This represents a 50.69% year-on-year growth in revenue. The EBITDA increased to 8.13 crores with a healthy EBITDA margin of 20.21%.

Profit before tax stood at 5.71 crores, while PAT increased to 5.43 crores. The increase in PAT represents a 52.51% year-on-year growth.

As we all can see, the PAT growth has outpaced the revenue growth. While revenue grew at 50%, PAT grew at 52%.

This reaffirms the nonlinearity that is present in our business. Consequently, the PAT margin also has expanded.

It was 13.24% Q1 last year, and it has expanded to 13.49% Q1 this year. Next is the EPS, which too grew to ₹5.12 per share as compared to ₹3.42 corresponding quarter last year.

If we come to the next slide, which gives us segmental details. As most of you are aware, we operate as two divisions: the CVM division as well as Astel division.

The CVM division is our continuing business, while Astel division is something that we acquired in 2025. Let us look at the division-wise performance.

The CVM division continued to deliver very strong performance, reporting a total revenue of 33.39 crores for the quarter with an EBITDA margin of 22.56%. This reflects continued customer demand as well as the strength of the platform.

The CVM revenue grew by 25.1% and as compared to Q1 last year. Just to highlight, the total number for Q1 last year represented completely CVM division as Astel division started operating only in Q2.

So 33.39 crore on 26.69 crore last year, which is a 25% growth in revenue. The Astel division contributed a total of 6.83 crores for the quarter, and EBITDA margin stood at 8.72%.

We are in the process of optimizing the operations of Astel division and enhancing the efficiencies, and we expect the profitability of this division to improve over next few months. The key financial ratios like the return on net worth, return on capital employed have been gradually improving as well.

RONW improved to 19.76% as against 17.41% for FY '26. ROCE grew to 22% from 20%.

Then the debt-equity ratio too has been favorable. These are a few key financial numbers that I wanted to highlight to you all.

Back to you, SM. Hello?

Thank you, Sharat. We will now talk about the business aspect with respect to the products and what exactly we are handling here.

We are on slide 9 at this point in time. Everyone has this question about AI as to how that impacts the business.

There are two areas where AI impacts our business. One is how we leverage AI to bring in new capabilities and features and functionalities, thereby staying ahead of the curve with respect to our offering, with respect to competition.

The second aspect is how we leverage AI to reduce our cost of software development, testing, and related aspects, not just reducing cost, but also reducing the time and improving the efficiency. These are the two things.

One is on the product side, the capabilities of the product, the other one is on efficiency of operations. In both areas, as we move to the next slide you will see, slide number 10, that is about the product features.

We have added a wide variety of capabilities to our product, and we launched those capabilities two, three quarters ago. Many of our customers are already implementing, some of them have implemented these capabilities, and we believe that because of these capabilities, our competitive position in the market, that is, has improved considerably.

When we go to customers and offer them these capabilities, naturally our product becomes a very attractive one for them. Traditionally, we have been rated very, very high technically, generally in most RFPs as the best technically, and we are continuing on that path.

In fact, we are increasing the gap between us and the competition with the addition of these features and functionalities. The next slide, which is slide number 11, is how we are leveraging this LLM and other agentic AI aspects in reducing the time to market, reducing the cost to develop, etc.

The effect of this will actually be quite visible only in the next financial year because it takes time. Internally, we can see it starting to impact.

There is an effect. It is taking a good position within the organization, and you will actually see that in numbers in the next financial year.

We are moving forward quite well, in a very good manner on both fronts with respect to bringing capabilities and leveraging AI to reduce our time and cost and increase our efficiency and accuracy and all that. The next slide is about the products in the CVM division.

There are five products and a set of services which go around that. I will move to the next one, and that slide number 13 is about the products in the Astel division.

We've got three products there and again a set of services, managed services, which go along with that. These are the two sets of products which are offered by the two divisions.

With that, we reach the revenue model slide. I will hand you over back to Sharat for the next couple of slides, and I'll come back to you on the market size slide.

Thank you. Revenue model, now our revenue is basically split into two main buckets: one is repeat revenue and one is one-time revenue.

The repeat revenue further has recurring revenue and re-occurring revenue. Recurring revenue are those which are contracted and which recur at fixed intervals, like monthly, quarterly, half-yearly, yearly, depending on the contract.

The main items under recurring revenue are monthly fixed license fee for those customers who have taken up the license subscription model, and apart from that there is AMC for all the license contracts that are running, which again is a recurring item. Apart from the monthly fixed license fee and AMC, we do have managed services.

Managed services are basically the IT operations, the business operations, and business planning. These are the recurring revenue items which do recur on a regular basis.

Then there is re-occurring revenue, which is mainly change requests, which are basically customization requests by the customers, which although are not contracted, do keep coming in every now and then because the customer requirements keep changing and keep increasing. Both these put together are called repeat revenue, which basically gives us a better predictability of revenue and better visibility on future revenue.

Apart from repeat revenue, we have one-time revenue, which are straightforward, which are basically the license and implementation of such licenses. The next slide gives us revenue bifurcation for the period in comparison with last financial year.

For the period, the revenue bifurcation has been the recurring revenue earned was 62% of the total revenue, re-occurring revenue, that is the change request, was around 35%, and one-time revenue was 3%. While this ratio may not remain same depending on whether we get a new license contract or not, this keeps changing.

For the quarter, the change request came in due to which the re-occurring and recurring revenue, that is repeat revenue, was slightly higher, which may not be the case in future. However, we expect that the repeat revenue to be upwards of 75%, which is a good mark for revenue visibility.

That is on revenue bifurcation. The next slide talks about growth story.

Back to you, SM.

Thanks, Sharat. The the next slide is about the number of customers we have and how many of them are using managed services.

Currently, we are at about 46 customers, as I stated earlier, and 31 of them use managed services from us. In there was a time when it was much lower, but at this point in time, it's almost two-thirds of the customers using managed services as well from us.

Moving to the next slide, which is slide number 7, market penetration and market size. Our focus, as you all know, is telecom.

That's all we do, I mean only in the telecom sector. There are about 450 telcos, and we are currently we our current penetration is 10 10%.

This is not to say that we are selling all our products to all those 10% or 46 telcos that we are working with. At this point in time, our penetration is only 1.3 products.

Some customers have two, of course nobody has three, I think, at this point in time, the average falls to about 1.3. The market size, when we look at the potential for all these eight products with all these 450 telcos, is quite large, at 12,000 crores.

This means that we have a very, very long runway ahead of us. Our objective will be twofold.

One will be to increase the number of telcos we work with, and the second will be to go deeper into each telco by selling more products and services. There are multiple levers of growth, and they they come actually from our the key strengths that we have, which is the next slide.

The levers of growth which come out of this is one is the ability to go and offer end-to-end solutions to our customers, the ability to offer highly differentiated solutions to our customers because of the kind of technology that we have, the ability to create a serious differentiation with respect to our competition from a domain perspective. All these things help us to, sell more products, sell more services, and sell to more telcos.

All these levers can can be pulled to increase our revenue. That brings us to the next slide, which is the investment rationale.

On the AI front, we are really doing extremely well on both areas of the impact of AI, as we as I stated earlier. Our market penetration is very good and it's increasing, and we'll continue to increase our revenue per customer, go deeper into each telco, make our partnership with each telco more meaningful in nature.

All those things will continue to happen. The space that we are in, the market where that we are in, there's a very high barrier of entry.

The the products that we sell are enterprise class. They have to have they have to operate at scale, at very high scale actually.

Newcomers will find it very difficult to enter the market because of, the the doubts that a telco would have on whether these products will be able to really meet their expectations on features, functionality, scale, all all all kinds all kinds of things like that. The barrier to entry is quite high, and that's good for us.

We've got great visibility and predictability because our sales cycle is about 10 to 12 months, our implementation period is 6 to 8 months. Given all that, we if we have not already won the contract by now or maybe in the next 1 or 2 months, we cannot execute during the year.

Of this means that, most the business for a particular year will be contracted fairly, in advance. As we speak at this point in time, about 100% of our expected revenue for '27 has already been contracted by us.

Our visibility for this year, '27, is absolute, it's 100%, it's full. We have We will continue our strong and profitable growth.

We have always stated that we'll grow at about 15% on the revenue side, that will continue to happen. We have also stated that we will keep having nonlinearity or improving nonlinearity in our business, which means profitability will keep increasing, and that will also happen.

We've had a very good run over the years and that seems to be continuing. With that, I think we will the next few slides are essentially the numbers.

We we have Sharat has already given you an overview of those numbers. If Sharat has anything else to add, he can, and after that, we will throw the floor open to questions.

Thank you, SM. As mentioned, the next few slides are detailed income statement, balance sheet, etc.

We have already gone through all the key income statement numbers, the P&L numbers. On balance sheet, just to highlight a few things.

The shareholders' equity stood at 109.88 crores giving a strong balance sheet base. Debt-equity ratio remained at around 0.13%, which gives us an gives us adequate financial flexibility to support future growth initiatives.

The DSO also has slightly improved to 124 days as on 30th June from 127 days as of 31st March. Cash has increased to 16.16 7 crores as compared to 15.19 on 31st March.

These were a few other highlights apart from what we already spoke on P&L. I think with this, we can throw the floor open for question Q&A.

Hello, am I audible, sir?

Yes, you are.

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

Firstly, sir, on the Astel side, in the PPT we've detailed out how we're trying to make the EBITDA will reach to the CVM division EBITDA around 22%. Could you elaborate a bit more on what will be the drivers here, what sort of initiatives are we taking?

The most important thing there is higher revenue, and we will see that happening this year to some extent and to the fullest extent next financial year. The cost will not increase in line with that, we are taking care of that.

With increasing revenue in FY '27 and even more in FY '28, we will reach that percentage of EBITDA in the next financial year. We'll improve this year, and we'll reach that number next year.

Any exit rate, sir, are we targeting for Astel division for this year?

Any what?

The exit rate for EBITDA are we targeting for this year?

No, we don't share numbers in advance as to what we are targeting and stuff like that. Our target is to get to the CVM kind of EBITDA number by next year.

Okay. Fair enough.

Sir, next thing coming on to our growth, I think you mentioned 15% revenue growth, but in this quarter itself, I think our growth has been around 50%. Are we being conservative, or how should one look at that?

I have always believed in being conservative when numbers are shared.

Just to add to that, the 50% growth is because there is Astel division revenue as well added in this quarter, which was not there in previous year Q1.

Even if you strip that off, organically, Sharat has already mentioned it's about

It is 25%.

The organic growth is still 25%, yeah.

Yeah.

Yeah. Still it's quite high.

We are being conservative and careful.

Okay. Sir, just the next thing on our pipeline, how is the overall pipeline looking and what sort of key geographies are we seeing the most traction coming from?

Geography-wise, we've seen Asia, Africa, Middle East, all across. I can't say this geography in particular.

The pipeline is looking quite good. We don't share pipeline numbers.

Suffice to say that it's adequate for us to reach our internal targets.

What is our current average revenue per customer currently?

We have not shared it this time, but it is close to 3 crores. With this, and

I think you mentioned in your opening comments you want to take this out. What is our target, if you could just

No, with respect to that, I can't say we have a specific target because that it then boils down to the total revenue as well, right? There's no specific target with respect to what we have to get to this year or next year because it's not totally under our control.

The movement has to be positive, it has to keep increasing. Our target and focus is with respect to total revenue.

Okay. That is it, sir.

Thank you so much. All the best.

Welcome. Thank you.

Hi, am I audible?

Okay. Mr.

Menon, I have to congratulate you. I was there on the concall in the last quarter and given the trajectory of revenues that you had shown and the questions that I had around AI and how others cannot build a cheaper AI version for themselves, those have been put to rest.

Clearly, you are a very focused operator who is very conservative and always have focused on the job, congratulations on that. The 25% organic growth is quite commendable.

I am sure that the current valuation must be making you mad given what a work horse you're pulling.

I don't think about it. I've got enough more things to think about.

No, I get it. I'm just saying that sometimes the tangential eye is always there, but it's okay.

The markets will reward you in due time. You keep doing what you're doing.

Sir, can you help investors give us more details about the business in terms of your presentation is good enough, the annual report is good enough, but still, I wanted to get some more details, some more flavors around what you're doing for the end customers, the value addition that you're doing. Can you just give some more details around it because it really helps understand the company more.

How are you so engulfed or how are you so embedded in their businesses, and how is it difficult to replace you? That value addition, if you can just throw some light to help us understand the business and the competitive intensity better, that would be good.

I will do that. The solutions that we have are quite critical to the operations of the telco, and I'll explain how.

Naturally when you're critical, then automatically you're adding a lot of value, otherwise you can't become critical. On the CVM side, we have got campaign management as our flagship product, I'll just speak about that.

The campaign management solution we have essentially helps the telcos to understand their subscribers better and serve them better. Now what do we mean by that?

Today in the telecom world, they're also going after increased revenue, naturally. How can they increase their revenue year-on-year?

There are pretty much only two ways to do that. One is increase your subscriber base.

Number two is increase the revenue per subscriber. There are only two ways to do that.

Increasing the subscriber base is not a great option for most of the telcos in the world today because saturation has been reached. Then every quarter they may lose some, win some, lose some, win some, it goes on like that.

They can't have a significant increase in number of subscribers because most of them are maxed out. In each country, there are three telcos on an average, and everyone has got at least 40% 40% to 45% of the market with respect to subscribers.

Now where do they go with that? Across the three, it will be 140%.

The penetration is more than one, right, in every country with respect to mobile connections. With that, increase in subscribers is not an option for them.

The only way they can increase their revenue is to increase their ARPU, revenue per subscriber. How do we do that?

To do that, telcos have to really understand their subscribers very well as to what are they buying, what would they like to buy, how do you position to them, how do you target them, through which channel do you target, what language do you target in, at what time do you target? Exactly even after you choose a language, what are the exact words, what should the message read like, what will excite somebody?

All these things mean you have to have a very personalized approach to selling to your subscribers. We call it hyper-personalization at this point in time, and that's what our campaign management platform does.

It collects all the data that flows through the network in real time. It processes all of that, and it comes up with a profile of each subscriber, and then it helps the telco to target the appropriate people.

As I said earlier, at the right time, with the right product, in the right language, through the right channel, all of that is handled by our platform. If they don't have a platform like this, they will be just shooting in the dark.

They need this particular platform for that extremely precise marketing through hyper-personalization. That is why we are extremely critical on the campaign management side.

Now look at the Astel side of things. I will talk about the flagship product there first, which is the recharge platform.

That is the platform which a telco uses when anybody wants to recharge. Now in India, we know, if I take India as an example, 95% plus of subscribers are prepaid subscribers, and all of them have to keep recharging at whatever interval they have to.

How do they do it? They go online, they do a recharge, or maybe they go to a shop and the dealer or the distributor there or the retailer there helps them to recharge.

Now this entire process happens on our recharge platform, which is, for example, it's currently used by Reliance with some 500 million subscribers or something like that. Every recharge of Reliance happens on our platform.

On a given day, if 10 million people or 40 million people are recharging on the Reliance network, that's happening on our platform. If our platform stops, they can't recharge.

The revenue goes for a toss. Many people have multiple SIMs, right?

If I try to recharge on Reliance and if that doesn't happen, I go and recharge on Airtel because I've got an Airtel SIM as well. That's a loss for Reliance and a gain for Airtel.

Every telco has to ensure that their recharge platform is working 100% of the time, 24/7 without any fail. When I say 100%, naturally at 100% capacity or in the expected manner throughout the day, it has to happen like that.

That's why we sit in the critical path of the telcos, of their revenue. On one hand, what I explained was how to sell things to people, you sell a recharge to somebody.

On the other hand, with the other platform, you then help them to actually take the product from you and recharge. The products we offer are in the critical revenue path of the telcos.

Are you able to understand what I'm trying to say?

No, I get it. That gives us a global view of things.

Obviously I understand that there would be restrictions in terms of using that proprietary data that you get from each of the telcos and sort of monetizing it or helping other clients use it in some shape and manner. Is there anyway in which you can because you're a global player, you can use your global intelligence to help telcos around the world provide certain nuances which is not present in one particular geography per se?

For example, Jio, what it experiences here, right, the problems or the excitements that it experiences from an Indian customer, now obviously you can't use verbatim that data and give it to another telco because I'm pretty sure that there will be certain conflicts and conflict of interest issues, because of which you can't use that globally. I just want to understand that how are you using that intelligence of a particular geography, a particular customer set, and helping other global players to understand their markets better?

Some thoughts, I don't know if I'm able to communicate myself better. No,

I understood your question, I was just waiting for you to finish.

Yeah. All right.

The data is not ours, absolutely, but the learning is ours. In every telco, when we do things, we learn a lot of things.

That learning is leveraged by us in two different ways. One is to improve our product, when we see a new thing happening somewhere, we make sure that our product has the capability to handle that and then we offer that to other telcos as well.

The second thing is when we go and stand in front of a telco to sell our product and we tell them we work in 35 countries, their immediate question is, "What are the use cases that you're finding in other countries? Can you share that with us?"

Absolutely, we can, because that is our knowledge. That's our knowledge, and we do leverage that.

It's like a consultant leveraging their knowledge based on their past experience. On two fronts.

One is our product improves because of that, because of all the things that we do, with every passing day, the product keeps on improving and it becomes more and more attractive to a new telco whom we are trying to sell to, or even our existing customer to whom we are trying to upsell to the next version. On the second part is of course that we are able to guide our customers on various aspects, nuances, etc., etc., and that makes us an even better partner for the telco.

Absolutely, we gain from that.

Right. Just one final question on this comparison to the consultancy piece.

I just want to understand that because in this more digital world, in this more LLM-focused world, I'm pretty sure that yours would be a leaner team or going ahead your employee costs would drastically come down if you generally move towards a 100% platform or a product company. I just want to understand that this EBITDA margin that I'm seeing currently, and if I understand the LLM world better, this has a potential of ramping up quite fast because I don't see that when you ramp up your revenues, your employee costs should ramp up, it's not a consultancy business which is dependent on humans.

Is that a fair understanding? That is what I wanted to understand.

Our EBITDA will certainly go up, that's where we talk about nonlinearity all the time, but it will not increase in perpetuity, okay? At some point in time, it will stabilize, and we expect that number to be about 30% because as time goes by, we will have to pay even more to retain people.

If I'm attending three trade shows today, in the next 5 years we'll probably get to about eight trade shows a year. These things will happen, because of that, our target is to get to 30% EBITDA, and then we will kind of stay there.

Finally, sir, one last question around the competitive advantage what you've built in-house, right, the intelligence that you have built. How are you protecting that?

It's not a very linear world in which you can IP it or patent it or just stay with.

That

you want to understand that how is,

yeah. No, from our experience,

how are you blackboxing it for your other employees? Your team doesn't use it, they move out, they use it.

I just want to understand how are you blackboxing it. If you understand what I'm saying.

I don't know what exactly you mean by blackbox. Let me tell you what we do.

When the learning comes, we have got a knowledge-sharing platform within our organization, the knowledge stays there and everybody has access to it. Even if somebody moves on, somebody else can access that and use that.

That's one thing that we do. If somebody moves, then they also carry the knowledge, okay?

I cannot take knowledge out of somebody's head, that's not practical. We use this knowledge also to develop capabilities in our platform which are patented by us.

That is protected. The first thing is about sharing within the organization and ensuring that the knowledge continues.

I'm not sure whether I've answered your question, but that's what we do with knowledge.

No, okay. I understand.

People leave and whatever they have seen, whatever intelligence they have seen, they can further use it. Yeah.

All right. Sir, just in this quarter I think I missed it, but what would be your recurring revenue this quarter?

Is that there in the presentation? I think I missed it.

It's there in the presentation.

It is. It is.

It's 62%.

Fine. That's it from my side, sir, and congratulations on the beat

and yeah, and

hopefully the valuation will correct sometime in the future, yeah, congratulations.

Thank you.

Hello.

Hello.

Sir, can we expect this 1/3 dividend payout ratio to sustain?

1/3 dividend payout

33% I understand.

It's ₹1 per share.

As a percentage of profit I'm talking about.

Okay. You mean percentage.

No, we have not quite looked at it as a percentage of profit, honestly I'm not able to comment about that at this point in time. We will certainly continue to be a dividend-paying company, and naturally our endeavor will be to increase it.

To what level, I don't know.

Understood. Basically, if you see our stock price is almost as its all-time low, and since the company's balance sheet is quite strong, any proposal for a share buyback?

Not at this point in time.

Okay. Thanks a lot.

Welcome.

just one bookkeeping question. Off the trade receivables outstanding, what part of it is billed and what part is UBR, and what contractual event converts this UBR into an invoice?

Sharat.

Yeah, 31 crores out of the total AR of 50-odd crores is billed, and the remaining is contractual asset, that is UBR.

When does that convert to invoice, on what event?

Basically these UBRs are mainly because we are awaiting POs, or in few cases the invoicing is on a quarterly basis or half-yearly basis, etc. Few of these UBRs have already been converted into invoices in the current month, and that's how the cycle continues.

In the next couple of months, we'll be converting everything into billing.

Just one question more, one follow-up. Do we see this run rate of 20 crores of UBR, quarterly revenue is about 40-odd crores, seems a bit high, do we see this coming down as a percentage of quarterly revenue going forward?

Again,

as I said, it depends on when we get to invoice them. If there are certain license contracts, etc., wherein we have given the licenses and the billing is yet to happen, then probably the ratio will go up.

Otherwise, if we have all the billing go-aheads in hand and we have been able to invoice most of the revenues, then the ratio goes down. It is very difficult to predict that ratio, but it will be within a controllable range.

All right, thank you.

You should not actually look at this 20 crores as out of the 40 crore revenue this quarter. Some of these UBRs at times take slightly longer because there's an implementation process going on and the revenue recognition is according to that.

All these things are there. Some of them may pertain to an even earlier period, that also can happen.

I don't know whether it's a good answer or a bad answer, but so you can't strictly take that as 20 out of current 40.

No, understand, that's why I thought that this will come down, that's why I was asking that what will be a steady state basis of this UBR as a quarterly revenue percentage. Because I also believe that this looks like one-time, and this should come down, that's why my question was on that.

Yeah.

Thank you. Thanks for the opportunity.

Sir, I joined the call a little late. Just wanted to check if there is any revenue growth guidance for FY '27-'28.

No, there's no guidance. Other than we always say that we'll grow at least 15% every year.

We normally state that, other than that, nothing.

Right. Just on that, I saw the similar comment on the last call as well.

If you look at the presentation and the TAM and the penetration, our penetration is pretty low. What will it take for us to grow say 20-25%?

Slightly higher growth rate than a 25% growth rate.

Actually, we have always been growing at that rate. You just look at historical growth numbers, it's there only.

It's not 15. 15 is for the projection.

That's what we are willing to speak about publicly. But

Is it fair to say that your internal expectations may be of a higher growth rate, at say

You should arrive at your own assumption of a growth rate based on historical stuff as well.

Right. Perfect, that's it from my side.

Thanks.

Okay. I would like to just add one small point on the UBR question which came earlier.

Even when you look at this 20 crores, when I look at some of these numbers, almost 30% of that, 6 crores, is from two customers in a country where they have to go get the approval from the government to pay and all that, it'll take them months to pay. It's been sitting there for months, and they'll pay at some point in time, and this whole process could take 8 to 10 months to pay.

Both these customers in that particular country have been our customers since 2016 and they've always paid everything, but only thing is that they have got a time issue there. It's the nature of the business.

In some countries that we work in Telecom, as is a highly highly regulated market. In some countries particularly, we've got these kind of challenges.

The telco has the money to pay, but they have to have certain approvals from the government to pay. We just sit for some time to get the money.

All these things are there in the UBR thing. We have just completed the work and we are waiting for their approvals.

The moment they get the approval, we'll raise the invoice and then the money will be paid. That's the process.

Thank you, everyone, for joining today's call. On behalf of Pelatro Limited, we appreciate your time and participation.

For further queries, please reach out to us at [email protected]. Thank you.

Thank you very much. Thanks, everybody.

Thank you, everyone.