Q1 2027 Brightcom Group Ltd Earnings Call

Speaker #2: Please stay connected. Your conference will begin shortly. Welcome to the Brightcom Group Limited investor conference call. Please stay connected. Your conference will begin shortly. Welcome to Brightcom Group Limited.

Operator 2: Your conference will begin shortly. Good evening ladies and gentlemen. I am Akash, moderator for the conference call. Welcome to Brightcom Group Limited Investors Conference Call. The duration of the call will be for 60 minutes. We have with us today Mr. Ravindra Kondamuri, CFO, Brightcom Group; Mr. Raghu Allamsetty, Executive Director, Brightcom Group; and Mr. M. Suresh Kumar Reddy, Chairman and Managing Director, Brightcom Group. At this moment all participants are in listen only mode. Later we will conduct a question and answer session. At that time if you have a question please press star and 1 on your telephone keypad. Please note that this conference is being recorded.

Speaker #4: Good evening, ladies and gentlemen. I'm Akash, the moderator for the conference call. Welcome to the Brightcom Group Limited investors conference call. The duration of the call will be 60 minutes.

Operator: Good evening ladies and gentlemen. I am Akash, moderator for the conference call. Welcome to Brightcom Group Limited Investors Conference Call. The duration of the call will be for 60 minutes. We have with us today Mr. Ravindra Kondamuri, CFO, Brightcom Group; Mr. Raghu Allamsetty, Executive Director, Brightcom Group; and Mr. M. Suresh Kumar Reddy, Chairman and Managing Director, Brightcom Group. At this moment all participants are in listen only mode. Later we will conduct a question and answer session. At that time if you have a question please press star and 1 on your telephone keypad. Please note that this conference is being recorded.

Speaker #4: We have with us today Mr. Ravindra Kondomuri, CFO, Brightcom Group; Mr. Raghunath Alamshetty, Executive Director, Brightcom Group; and Mr. Suresh Reddy, Chairman and Managing Director, Brightcom Group.

Speaker #4: At this moment, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. At that time, if you have a question, please press star and 1 on your telephone keypad.

Speaker #4: Please note that this conference is being recorded. Before we go ahead with the conference, Brightcom Group would like to mention that during the conference call, certain statements in this call reflect Brightcom's future growth prospects and are forward-looking statements, which involve a number of risks and uncertainties that could cause results to differ materially from those mentioned in such forward-looking statements.

Operator 2: Before we go ahead with the conference, Brightcom Group would like to mention that during the conference call certain statements in this call reflecting Brightcom's future growth prospects and forward looking statements which involve a number of risks and uncertainties that could cause results to differ materially from those in such forward looking statements. The company does not undertake to update any forward looking statements that may be made from time to time by or on behalf of the company. Now I hand over the floor to Mr. Raghunath Allamsetty. Thank you and over to you sir. Raghu sir please go ahead with your questions.

Operator: Before we go ahead with the conference, Brightcom Group would like to mention that during the conference call certain statements in this call reflecting Brightcom's future growth prospects and forward looking statements which involve a number of risks and uncertainties that could cause results to differ materially from those in such forward looking statements. The company does not undertake to update any forward looking statements that may be made from time to time by or on behalf of the company. Now I hand over the floor to Mr. Raghunath Allamsetty. Thank you and over to you sir. Raghu sir please go ahead with your questions.

Speaker #4: The company does not undertake to update any forward-looking statements that may be made from time to time, by or on behalf of the company.

Speaker #4: Now, I hand over the floor to Mr. Raghu Alamshetty. Thank you, and over to you, sir. Raghu sir, please go ahead with your question.

Speaker #5: Good evening. Good evening, everyone. Thank you for joining us for Brightcom Group's Q1 fiscal 2026-2027 shareholders conference call. Let me begin by saying that we are pleased with the start of...

Raghu Allamsetty: Good evening everyone. Thank you for joining us for Brightcom Group's Q1 FY 2026-27 shareholders conference call. Let me begin by saying that we are pleased with the start we have made to the new financial year. Q1 FY 2026-27 has delivered INR 1,752 crores of consolidated revenue, representing a growth of about 20.4% year on year. EBITDA was INR 470 crores, with an EBITDA margin of 26.8%, compared with 26.1% in the corresponding quarter last year. Profit after tax was about INR 262 crores, up by 24% year on year. Importantly, the improvement has not been restricted to the year-on-year comp. Sequentially, revenue increased from INR 1,596.65 crores in Q4 and INR 1,752.18 crores in Q1, an increase of approximately 9.8%.

Raghunath Allamsetty: Good evening everyone. Thank you for joining us for Brightcom Group's Q1 FY 2026-27 shareholders conference call. Let me begin by saying that we are pleased with the start we have made to the new financial year. Q1 FY 2026-27 has delivered INR 1,752 crores of consolidated revenue, representing a growth of about 20.4% year on year. EBITDA was INR 470 crores, with an EBITDA margin of 26.8%, compared with 26.1% in the corresponding quarter last year. Profit after tax was about INR 262 crores, up by 24% year on year. Importantly, the improvement has not been restricted to the year-on-year comp. Sequentially, revenue increased from INR 1,596.65 crores in Q4 and INR 1,752.18 crores in Q1, an increase of approximately 9.8%.

Speaker #5: We're heading into the new financial year. Q1 FY 2026-2027 has delivered ₹1,752 crores of consolidated revenue, representing a growth of about 20.4% year-on-year.

Speaker #5: EBITDA was ₹470 crores, with an EBITDA margin of 26.8%, compared with 26.1% in the corresponding quarter last year. Profit after tax was about ₹262 crores, up by 24% year-on-year.

Speaker #5: And importantly, the improvement has not been restricted to the year-on-year. Sequentially, revenue increased to ₹1,596.65 crores in Q4 and to ₹1,752.18 crores in Q1, an increase of approximately 9.8%.

Speaker #5: The profit after tax has increased from ₹207.83 crores to ₹261.58 crores, an increase of approximately 25.9%. So we are seeing both growth and operating leverage.

Raghu Allamsetty: The profit after tax has increased from INR 207.83 crores to INR 261.58 crores, an increase of approximately 25.9%. We are seeing both growth and operating leverage. The Q1 numbers therefore give us a good foundation for the year ahead, but I want to put those numbers in a slightly broader context. Brightcom has now been evolving for more than 28 years. The business that started in a digital space in the late 1990s has gone through several technology cycles, from digital content and communication to digital advertising, programmatic platforms, data audience technology, and now the convergence of artificial intelligence, automation, and intelligent systems. The history is important because it tells us something about the company. Brightcom has always had to adapt. Today, we are deliberately entering another phase of that evolution: the four division structures. The four divisions are not simply an organizational exercise.

Raghunath Allamsetty: The profit after tax has increased from INR 207.83 crores to INR 261.58 crores, an increase of approximately 25.9%. We are seeing both growth and operating leverage. The Q1 numbers therefore give us a good foundation for the year ahead, but I want to put those numbers in a slightly broader context. Brightcom has now been evolving for more than 28 years. The business that started in a digital space in the late 1990s has gone through several technology cycles, from digital content and communication to digital advertising, programmatic platforms, data audience technology, and now the convergence of artificial intelligence, automation, and intelligent systems. The history is important because it tells us something about the company. Brightcom has always had to adapt. Today, we are deliberately entering another phase of that evolution: the four division structures. The four divisions are not simply an organizational exercise.

Speaker #5: The Q1 numbers, therefore, give us a good foundation for the year ahead. But I want to put those numbers in a slightly broader context.

Speaker #5: Brightcom has now been evolving for more than 28 years. The business, which started in the digital space in the late 1990s, has gone through several technology cycles.

Speaker #5: From digital content and communication to digital advertising, programmatic platforms, data audience technology, and now the convergence of artificial intelligence, automation, and intelligent systems—the history is important because it tells us something about the company.

Speaker #5: Brightcom has always had to adapt. And today, we are deliberately entering another phase of that evolution: the four-division structure. The four divisions are not simply an organizational exercise.

Speaker #5: They are intended to create clearer, accountability-focused investment, greater scalability, and broader opportunities. Our four areas are: our established core services, our technology compatibility, defense and emerging strategic business, and next-gen, our future technology opportunity.

Raghu Allamsetty: They are intended to create clearer accountability, focused investment, greater scalability, and broader opportunities. Our four areas are AdTech, our established core services, our Technology compatibility, Defense as emerging strategic businesses, and NextGen, our future technology opportunity. At present, AdTech remains overwhelmingly the financial engine of the company. In Q1, approximately 94% of the revenue comes from AdTech and 6% from the Services. Defense and NextGen are still at the capability building stage. That distinction is important. We are not presenting future business as though they are already contributing materially to today's earnings. We are building them, and we intend to build them carefully. Our AdTech business continues to be a core of Brightcom. The market itself is changing rapidly. Programmatic advertising is becoming more sophisticated, Connected TV, Retail Media, audio and Digital Out-of-Home are creating new forms of digital inventory.

Raghunath Allamsetty: They are intended to create clearer accountability, focused investment, greater scalability, and broader opportunities. Our four areas are AdTech, our established core services, our Technology compatibility, Defense as emerging strategic businesses, and NextGen, our future technology opportunity. At present, AdTech remains overwhelmingly the financial engine of the company. In Q1, approximately 94% of the revenue comes from AdTech and 6% from the Services. Defense and NextGen are still at the capability building stage. That distinction is important. We are not presenting future business as though they are already contributing materially to today's earnings. We are building them, and we intend to build them carefully. Our AdTech business continues to be a core of Brightcom. The market itself is changing rapidly. Programmatic advertising is becoming more sophisticated, Connected TV, Retail Media, audio and Digital Out-of-Home are creating new forms of digital inventory.

Speaker #5: At present, Adtech remains overwhelmingly the financial engine of the company. In Q1, the revenue came from Adtech, and 6% from services. Defense and next-gen are still at the capability-building stage.

Speaker #5: That distinction is important. We are not presenting future business as though it is already contributing materially to today's earnings. We are building them, and we intend to build them carefully.

Speaker #5: Our adtech business continues to be a core of Brightcom. The market itself is changing rapidly—programmatic advertising is becoming more sophisticated. Connected TV, retail media, audio, and digital out-of-home are creating new forms of digital inventory.

Speaker #5: Data audience intelligence is becoming increasingly important, and technology is increasingly determining how advertising is bought, sold, measured, and optimized. Our objective is therefore not simply to grow revenue.

Raghu Allamsetty: Data audience intelligence are becoming increasingly important, and technology is increasingly determining how advertising is bought, sold, measured, and optimized. Our objective is therefore not simply to grow revenue. It is to improve the quality of the revenue. That means better technology, stronger monetization, better margins, and ultimately a better cash conversion. Those are the areas we are focusing on during this financial year. Services provide another important capability. We see it as not simply as a stand-alone revenue business, but as an engineering and technology capability that can support the broader group. The strategy is straightforward: Build, Win, Scale. Build capabilities, win our customers, and then scale what works. That approach should also create an opportunity for cross-division synergy. Defense is no longer a top opportunity. The focus is on areas such as Unmanned Aerial Vehicle intelligence, autonomous systems, threat analysis, defense technology, and Maestro OS.

Raghunath Allamsetty: Data audience intelligence are becoming increasingly important, and technology is increasingly determining how advertising is bought, sold, measured, and optimized. Our objective is therefore not simply to grow revenue. It is to improve the quality of the revenue. That means better technology, stronger monetization, better margins, and ultimately a better cash conversion. Those are the areas we are focusing on during this financial year. Services provide another important capability. We see it as not simply as a stand-alone revenue business, but as an engineering and technology capability that can support the broader group. The strategy is straightforward: Build, Win, Scale. Build capabilities, win our customers, and then scale what works. That approach should also create an opportunity for cross-division synergy. Defense is no longer a top opportunity. The focus is on areas such as Unmanned Aerial Vehicle intelligence, autonomous systems, threat analysis, defense technology, and Maestro OS.

Speaker #5: Our focus is to improve the quality of revenue. That means better technology, stronger monetization, improved margins, and ultimately better cash conversion. These are the key areas we are concentrating on during this financial year.

Speaker #5: Services provide another important capability. We see this not simply as a standalone revenue business, but as an engineering and technology capability that can support the broader group.

Speaker #5: The strategy is straightforward: build, win, scale. Build the capabilities, win our customers, and then scale what works. That approach should also create an opportunity for cross-division synergy.

Speaker #5: Defense is no longer a T-term opportunity. The focus is on areas such as unmanned aerial vehicle intelligence, autonomous systems, threat analysis, defense technology, and MESRO OS.

Speaker #5: Next-gen is focused on artificial intelligence, advanced computing, intelligent platforms, and emerging technology applications. We are approaching both the discipline—the objective is not to chase every technology trend.

Raghu Allamsetty: NextGen is focused on artificial intelligence, advanced computing, intelligence platforms, and emerging technology applications. We are approaching both disciplines. The object is not to catch every technology trend. It is to identify whether we have a genuine technology advantage, develop the capabilities, establish commercial applications, and then scale. Finally, I wanted to emphasize that the priorities of FY 2026-27 are quite clear. We want to build on the momentum of Q1. We wanted to strengthen the AdTech. We want to build defense through partnership and commercial opportunities, and we want to move NextGen technology towards commercially relevant applications. We want to grow services, and we want to improve cash generations by reducing working capital intensity. The message for Q1 is therefore quite simple. The business is growing, margins are improving, and we have a clear plan for the next phase.

Raghunath Allamsetty: NextGen is focused on artificial intelligence, advanced computing, intelligence platforms, and emerging technology applications. We are approaching both disciplines. The object is not to catch every technology trend. It is to identify whether we have a genuine technology advantage, develop the capabilities, establish commercial applications, and then scale. Finally, I wanted to emphasize that the priorities of FY 2026-27 are quite clear. We want to build on the momentum of Q1. We wanted to strengthen the AdTech. We want to build defense through partnership and commercial opportunities, and we want to move NextGen technology towards commercially relevant applications. We want to grow services, and we want to improve cash generations by reducing working capital intensity. The message for Q1 is therefore quite simple. The business is growing, margins are improving, and we have a clear plan for the next phase.

Speaker #5: It is to identify whether we have a genuine technology advantage, develop the capabilities, establish commercial applications, and then scale. Finally, I wanted to emphasize that the priorities for FY2026-27 are quite clear.

Speaker #5: We want to build on the momentum of Q1. We want to strengthen Adtech. We want to build defense through partnerships and commercial opportunities.

Speaker #5: And we want to move next-gen technology towards commercially relevant applications. We want to grow services, and we want to improve cash generation by reducing working capital intensity.

Speaker #5: The message for Q1 is therefore quite simple: the business is growing, margins are improving, and we have a clear plan for the next phase.

Speaker #5: With that, I will hand over to our CFO to take you through the financial performance in greater detail. Thank you, one and all.

Raghu Allamsetty: With that, I will hand over to our CFO to take you through the financial performance in a greater detail. Thank you one and all.

Raghunath Allamsetty: With that, I will hand over to our CFO to take you through the financial performance in a greater detail. Thank you one and all.

Speaker #1: Hello? Can I go ahead?

Ravindra Kondamuri: Hello. Can I go ahead?

Ravindra Kondamuri: Hello. Can I go ahead?

Speaker #2: Yes, please go ahead.

Operator 2: Yes, please go ahead.

[Company Representative] (Brightcom Group): Yes, please go ahead.

Speaker #1: Hi, good afternoon, everyone. I will take you through the financial performance of Q1 for the year 2026–27, and then touch upon some of the financial priorities for the year.

Ravindra Kondamuri: Hi. Good afternoon, everyone. I will take you through the financial performance of Q1 for FY 2026-27, and then touch upon some of the financial priorities for the year. Let me start with the headline numbers. For Q1 FY 2026-27, consolidated revenue from operations was INR 1,752 crore compared with INR 1,455 crore in Q1 of the previous financial year. That represents 20.4% year-on-year growth. Gross profit was INR 377 crore compared with INR 300 crore, an increase of 25.6%. EBITDA was INR 470 crore compared with INR 380 crore representing 23.7% growth, and profit after tax was INR 262 crore compared with INR 211 crore, an increase of 24%. Our EBITDA margin improved from 26.1% to 26.8%, an improvement of 70 basis points. The important point from our perspective is that profitability is growing alongside revenue. Next, coming to sequential performance. If we compare Q1 with immediately preceding quarter, the trend is also encouraging.

Ravindra Kondamuri: Hi. Good afternoon, everyone. I will take you through the financial performance of Q1 for FY 2026-27, and then touch upon some of the financial priorities for the year. Let me start with the headline numbers. For Q1 FY 2026-27, consolidated revenue from operations was INR 1,752 crore compared with INR 1,455 crore in Q1 of the previous financial year. That represents 20.4% year-on-year growth. Gross profit was INR 377 crore compared with INR 300 crore, an increase of 25.6%. EBITDA was INR 470 crore compared with INR 380 crore representing 23.7% growth, and profit after tax was INR 262 crore compared with INR 211 crore, an increase of 24%. Our EBITDA margin improved from 26.1% to 26.8%, an improvement of 70 basis points. The important point from our perspective is that profitability is growing alongside revenue.

Speaker #1: Let me start with the headline numbers. For Q1 FY26-27, consolidated revenue from operations was ₹1,752 crore, compared with ₹1,455 crore in Q1 of the previous financial year.

Speaker #1: That represents 20.4% year-on-year growth. Gross profit was ₹377 crores, compared with ₹300 crores, an increase of 25.6%. EBITDA margin was 26.6%. EBITDA was ₹470 crores, compared with ₹380 crores.

Speaker #1: Representing 23.7% growth. Profit after tax was ₹262 crores, compared with ₹211 crores, an increase of 24%. Our EBITDA margin improved from 26.1% to 26.8%, an improvement of 70 basis points.

Speaker #1: So the important point from our perspective is that profitability is growing alongside revenue. Next, coming to sequential performance—if we compare Q1 with the immediately preceding quarter, the trend is also encouraging.

Ravindra Kondamuri: Next, coming to sequential performance. If we compare Q1 with immediately preceding quarter, the trend is also encouraging. Revenue increases from INR 1,596.64 crore in Q4 for 2026 to INR 1,752.18 crore in Q1 for 2027. That is a sequential increase of approximately 9.8%. PAT increased from INR 207.83 crore to INR 261.58 crore. That is approximately 25.9% sequential growth. This gives us confidence that the growth momentum has continued into the new financial year. Coming to quality of earnings. However, I want to emphasize something that is becoming increasingly important for us. We are not looking at growth simply as revenue number. We are looking at growth with increasing quality of earnings. That means looking at revenue quality, gross profitability, operating margin, working capital, receivables, operating cash flow, and ultimately free cash flow.

Speaker #1: Revenue increased from ₹1,596.64 crore in Q4 of fiscal year 2026 to ₹1,752.18 crore in Q1 of 2027. That is a sequential increase of approximately 9.8%.

Ravindra Kondamuri: Revenue increases from INR 1,596.64 crore in Q4 for 2026 to INR 1,752.18 crore in Q1 for 2027. That is a sequential increase of approximately 9.8%. PAT increased from INR 207.83 crore to INR 261.58 crore. That is approximately 25.9% sequential growth. This gives us confidence that the growth momentum has continued into the new financial year. Coming to quality of earnings. However, I want to emphasize something that is becoming increasingly important for us. We are not looking at growth simply as revenue number. We are looking at growth with increasing quality of earnings. That means looking at revenue quality, gross profitability, operating margin, working capital, receivables, operating cash flow, and ultimately free cash flow. A profitable P&L is important, but a strong P&L needs to translate into cash. That is one of our major priorities for this financial year. Next come to the conversion.

Speaker #1: FAT increased from ₹207.83 crore to ₹261.58 crore. That is approximately 25.9% sequential growth. This gives us confidence that the growth momentum has continued into the new financial year.

Speaker #1: Coming to the quality of earnings, I want to emphasize something that is becoming increasingly important for us. We are not looking at growth simply as a revenue number.

Speaker #1: We are looking at growth with increasing quality of earnings. That means looking at revenue quality, gross profitability, operating margins, working capital, receivables, operating cash flow, and ultimately, free cash flow.

Speaker #1: A profitable P&L is important, but a strong P&L needs to translate into cash. That is one of our major priorities for this financial year.

Ravindra Kondamuri: A profitable P&L is important, but a strong P&L needs to translate into cash. That is one of our major priorities for this financial year. Next come to the conversion. We are therefore putting greater emphasis on customer level receivable monitoring, structured collection, and faster resolution of outstanding items. The objective is straightforward: lower debtors days, higher operating cash flow, sustainable free cash flow. This is an area where we believe there is meaningful opportunity to improve the quality of our financial performance. We want earnings to increasingly translate into cash than come to financial discipline.

Speaker #1: Next, coming to the conversion. We are therefore putting greater emphasis on customer-level receivables monitoring, structured collection, and faster resolution of outstanding items. The objective is straightforward.

Ravindra Kondamuri: We are therefore putting greater emphasis on customer level receivable monitoring, structured collection, and faster resolution of outstanding items. The objective is straightforward: lower debtors days, higher operating cash flow, sustainable free cash flow. This is an area where we believe there is meaningful opportunity to improve the quality of our financial performance. We want earnings to increasingly translate into cash than come to financial discipline. The four division structure also helps us think about financial performances' greater accountability. AdTech remains the established earning engine. Services provides additional technology and revenue capability. Defense and NextGen represent longer term opportunities where investment needs to be disciplined and linked to commercial milestones. This means we will increasingly look at each business through three questions. What are we investing? Number 1. Number 2, what capability are we building? Number 3. Number 3 is, what commercial outcome can that capability produce?

Speaker #1: Lower debtor risk, higher operating cash flow, and sustainable free cash flow. This is an area where we believe there is meaningful opportunity to improve the quality of our financial performance.

Speaker #1: We want earnings to increasingly translate into cash. Then comes financial discipline. The four-division structure also helps us think about financial performance with greater accountability.

Ravindra Kondamuri: The four division structure also helps us think about financial performances' greater accountability. AdTech remains the established earning engine. Services provides additional technology and revenue capability. Defense and NextGen represent longer term opportunities where investment needs to be disciplined and linked to commercial milestones. This means we will increasingly look at each business through three questions. What are we investing? Number 1. Number 2, what capability are we building? Number 3. Number 3 is, what commercial outcome can that capability produce? That discipline is particularly important as we expand into new areas. Next comes the balance between growth and discipline. We also want to make sure that growth does not come at the expense of margins.

Speaker #1: Adtech remains the established earnings engine. Services provide additional technology and revenue capability. Defense and next-gen represent longer-term opportunities, where investment needs to be disciplined and linked to commercial milestones.

Speaker #1: This means we will increasingly look to examine each business through three questions. What are we investing? Number one. Number two, what capability are we building?

Speaker #1: Number three. Number three is: What commercial outcome can that capability produce? That discipline is particularly important as we expand into new areas. Next comes the balance between growth and discipline.

Ravindra Kondamuri: That discipline is particularly important as we expand into new areas. Next comes the balance between growth and discipline. We also want to make sure that growth does not come at the expense of margins. The Q1 numbers are encouraging in this respect. Revenue grew 20.4%, EBITDA grew 23.7%, PAT grew 24%, and EBITDA margin improved by 70 basis points. That is the kind of operating leverage like to continue building. Next, looking forward our financial priorities for FY 2026 and 2027 are therefore clear. First, continue the revenue growth project lead. Second, improve revenue quality. Third, protect and improve margins. Fourth, strengthen working capital discipline. And fifth, convert a greater proportion of accounting earnings into operating and free cash flow. The company's Q1 performance gives us a strong starting point, but one quarter is not the destination. Our objective is to make this performance repeatable and increasingly predictable.

Speaker #1: We also want to make sure that growth does not come at the expense of margins. The Q1 numbers are encouraging in this respect. Revenue grew 20.4%, EBITDA grew 23.7%, PAT grew 24%, and EBITDA margin improved by 70 basis points.

Ravindra Kondamuri: The Q1 numbers are encouraging in this respect. Revenue grew 20.4%, EBITDA grew 23.7%, PAT grew 24%, and EBITDA margin improved by 70 basis points. That is the kind of operating leverage like to continue building. Next, looking forward our financial priorities for FY 2026 and 2027 are therefore clear. First, continue the revenue growth project lead. Second, improve revenue quality. Third, protect and improve margins. Fourth, strengthen working capital discipline. And fifth, convert a greater proportion of accounting earnings into operating and free cash flow. The company's Q1 performance gives us a strong starting point, but one quarter is not the destination. Our objective is to make this performance repeatable and increasingly predictable. With that, I will hand over to our CMD, Suresh Reddy. Thank you so much.

Speaker #1: That is a kind of operating leverage you would like to continue building. Next, looking forward, our financial priorities for the years 2026 and 2027 are therefore clear.

Speaker #1: First, continue the revenue growth trajectory; second, improve revenue quality; third, protect and improve margins; fourth, strengthen working capital discipline; and fifth, convert a greater proportion of accounting earnings into operating and free cash flow.

Speaker #1: The company's Q1 performance gives us a strong starting point. But one quarter is not the destination. Our objective is to make this performance repeatable and increasingly predictable.

Speaker #1: With that, I will hand over to our CMD, Suresh Reddy. Thank you so much.

Ravindra Kondamuri: With that, I will hand over to our CMD, Suresh Reddy. Thank you so much.

Speaker #2: Thank you, Ravi. Good afternoon, everyone, and welcome to our shareholders' call today. I want to spend my time today not just talking about the numbers for this quarter.

M. Suresh Kumar Reddy: Thank you, Ravi. Good afternoon, everyone, and welcome to our shareholders' call today. I want to spend my time today not just talking about the numbers of this quarter. I think both Raghu and Ravi have touched upon it in quite some detail, but I will talk more on other things that are on the minds of the shareholders. The numbers are important, of course, but they tell us where we are. I think shareholders also want to understand where Brightcom is going, why we have chosen a certain path and direction, and how we are going to build the next phase of the company. I would like to talk more on that today. It is a little longer and may take slightly longer time than usual, just because I just want to touch upon a few things which we have definitely talked about in the past.

Suresh Reddy: Thank you, Ravi. Good afternoon, everyone, and welcome to our shareholders' call today. I want to spend my time today not just talking about the numbers of this quarter. I think both Raghu and Ravi have touched upon it in quite some detail, but I will talk more on other things that are on the minds of the shareholders. The numbers are important, of course, but they tell us where we are. I think shareholders also want to understand where Brightcom is going, why we have chosen a certain path and direction, and how we are going to build the next phase of the company. I would like to talk more on that today. It is a little longer and may take slightly longer time than usual, just because I just want to touch upon a few things which we have definitely talked about in the past.

Speaker #2: I think both Raghu and Ravi have touched upon it in quite some detail, but I will talk more about other things that are on the minds of the shareholders.

Speaker #2: The numbers are important, of course, but they tell us where we are. But I think shareholders also want to understand where Brightcom is going.

Speaker #2: Why we have chosen a certain path and direction, and how we are going to build the next phase of the company. So, I would like to talk more about that today.

Speaker #2: We would— it is a little longer. I mean, it takes a slightly longer time than usual, just because I want to touch upon a few things which we have definitely talked about in the past. But that said, I just want to reiterate some of those thoughts today.

M. Suresh Kumar Reddy: That said, I just want to reiterate some thoughts today. A good quarter is good, but the more important story is the direction. Let me begin with this quarter itself. It has been a strong start for a new financial year, and we have got quarter-on-quarter growth as well as year-on-year growth. Year-on-year growth has been 20% compared to last year, same quarter, in terms of revenue. EBITDA grew by, I think 26 point. No, sorry. The margin has grown from 26.1% to 26.8% corresponding quarter last year. Also the sequential performance wise, also the revenue increased by 9.8% growth from just immediate last quarter. PAT also increased by around 25% from immediate last quarter. So we are seeing both growth and operating leverage that gives us good foundation for the year. It is not about this call.

Suresh Reddy: That said, I just want to reiterate some thoughts today. A good quarter is good, but the more important story is the direction. Let me begin with this quarter itself. It has been a strong start for a new financial year, and we have got quarter-on-quarter growth as well as year-on-year growth. Year-on-year growth has been 20% compared to last year, same quarter, in terms of revenue. EBITDA grew by, I think 26 point. No, sorry. The margin has grown from 26.1% to 26.8% corresponding quarter last year. Also the sequential performance wise, also the revenue increased by 9.8% growth from just immediate last quarter. PAT also increased by around 25% from immediate last quarter. So we are seeing both growth and operating leverage that gives us good foundation for the year. It is not about this call.

Speaker #2: A good quarter is good, but the more important story is in the direction. Let me begin with this quarter itself. It has been a strong start to a new financial year.

Speaker #2: We've got quarter-on-quarter growth as well as year-on-year growth. Year-on-year growth has been 20.4% compared to last year's same quarter in terms of revenue. EBITDA grew by, I think, 26%.

Speaker #2: No, sorry, the margin has grown from 26.1 to 26.8 compared to the corresponding quarter last year. And also, sequential performance-wise, the revenue increased by 9.8% growth from the immediate last quarter.

Speaker #2: FAT also increased by around 25% from the immediate last quarter. So we are seeing both growth and operating leverage, which gives us a good foundation for the year.

Speaker #2: It's not about this call. I don't want to make this call just about celebrating one quarter. We at Brightcom are not building for just one quarter.

M. Suresh Kumar Reddy: I do not want to make this call just about celebrating one quarter. Brightcom is not building for just one quarter. We are building the next chapter of the company, and that brings me to something that is more important. I want to talk about few things that may be uncomfortable at times to talk, but I want to give it a try. Let us talk about what investors are thinking. There is obviously a lot of discussions around Brightcom. There are questions about our regulatory journey. There are questions about compliance governance. There are shareholders who are understandably looking for proof that company is moving in the right direction. We totally understand that, and I think shareholders have every right to look for that. But there is a distinction I want to make. We cannot control market perception of us from one day to next.

Suresh Reddy: I do not want to make this call just about celebrating one quarter. Brightcom is not building for just one quarter. We are building the next chapter of the company, and that brings me to something that is more important. I want to talk about few things that may be uncomfortable at times to talk, but I want to give it a try. Let us talk about what investors are thinking. There is obviously a lot of discussions around Brightcom. There are questions about our regulatory journey. There are questions about compliance governance. There are shareholders who are understandably looking for proof that company is moving in the right direction. We totally understand that, and I think shareholders have every right to look for that. But there is a distinction I want to make. We cannot control market perception of us from one day to next.

Speaker #2: We are building the next chapter of the company, and that brings me to something that is more important. I want to talk about a few things that may be uncomfortable at times to discuss, but I want to give it a try.

Speaker #2: Let's talk about what investors are thinking. There is, obviously, a lot of discussion around Brightcom. There are questions about our regulatory journey. There are questions about compliance and governance.

Speaker #2: There are shareholders who are understandably looking for, you know, proof that the company is moving in the right direction. We totally understand that, and I think shareholders have every right to look for that.

Speaker #2: But there is a distinction I want to make. We cannot control markets or the perception of us from one day to the next. What we can control is what goes under that perception.

M. Suresh Kumar Reddy: What we can control is what goes under that perception. We can control the business we build today, the quality and growth of our revenue, like Ravi rightly put across. Margins we generate, the way we convert earnings to cash, the way we strengthen our governance, which has been work in progress, disclosure and execution. We can build new capabilities, develop new businesses, and all of these are equally important. It is important to execute consistently as well as maintain discipline as a listed company. I do not think our job is to spend our time arguing with the market. Our job is to give market more and more proof and evidence to believe in us. Quarter on quarter, that is the key thing that we need to strive upon and work upon. Now coming to the question is: How is credibility of a company built?

Suresh Reddy: What we can control is what goes under that perception. We can control the business we build today, the quality and growth of our revenue, like Ravi rightly put across. Margins we generate, the way we convert earnings to cash, the way we strengthen our governance, which has been work in progress, disclosure and execution. We can build new capabilities, develop new businesses, and all of these are equally important. It is important to execute consistently as well as maintain discipline as a listed company. I do not think our job is to spend our time arguing with the market. Our job is to give market more and more proof and evidence to believe in us. Quarter on quarter, that is the key thing that we need to strive upon and work upon. Now coming to the question is: How is credibility of a company built?

Speaker #2: We can control the business we build today—the quality and growth of our revenue, like Ravi rightly put across, the margins we generate, the way we convert earnings to cash, and the way we strengthen our governance, which has been a work in progress. Disclosure and execution, building new capabilities, developing new businesses—all of these are equally important.

Speaker #2: And so it's important to execute consistently, as well as maintain discipline, as a listed company. So I don't think our job is to spend our time arguing with the market.

Speaker #2: Our job is to give the market more and more proof and evidence to believe in us. So, quarter on quarter, that is the key thing that we need to strive for and work upon.

Speaker #2: Now, coming to the question of how the credibility of a company is built—I just want to touch a little on some philosophy here about how we think this should work.

M. Suresh Kumar Reddy: I just want to touch a little, some philosophy here about how this we think should work. I would like to say something very directly here. Every company that has been operating for 28 years will have things that looking back it could have done differently, and we are no different. But I believe there is an important distinction between acknowledging something and dwelling on it. Our responsibility is beyond that. It is to learn, and more importantly, to turn that learning into systems. Because no individual is greater than a system. Because a mistake is truly useful when you build a system that makes it less likely to happen again and again. That is the approach we intend to take at Brightcom, and we continue to take at Brightcom.

Suresh Reddy: I just want to touch a little, some philosophy here about how this we think should work. I would like to say something very directly here. Every company that has been operating for 28 years will have things that looking back it could have done differently, and we are no different. But I believe there is an important distinction between acknowledging something and dwelling on it. Our responsibility is beyond that. It is to learn, and more importantly, to turn that learning into systems. Because no individual is greater than a system. Because a mistake is truly useful when you build a system that makes it less likely to happen again and again. That is the approach we intend to take at Brightcom, and we continue to take at Brightcom.

Speaker #2: So, we—like I like to say something very directly here. Every company that has been operating for 28 years will have things that, looking back, it would have done differently.

Speaker #2: And we are no different. But I believe there is an important distinction between acknowledging something and dwelling on it; responsibility goes beyond that.

Speaker #2: It is to learn, and more importantly, to turn that learning into systems. Because no individual is greater than a system. A mistake is truly useful when you build a system that makes it less likely to happen again and again.

Speaker #2: That is the approach we intend to take at Brightcom, and we continue to take at Brightcom. We are working towards stronger processes, creating clearer accountability, improving controls, and bringing greater discipline.

M. Suresh Kumar Reddy: We are working towards stronger processes, creating clearer accountability, improving controls, bringing greater discipline to execution, putting more emphasis on documentation, structured reporting, and such. I do not want compliance to depend on individuals remembering to do the right things. We want systems to itself make the right thing, and it should be a normal thing. Our ambition is to make compliance at Brightcom almost monotonous and not overly exciting, where people are getting all excited about mistakes that we are making as we are complying. They need to be timely, complete, routine, and predictable. We acknowledge there is still work to be done on that front, and we are focusing on doing that. The important thing is that we recognize that where the systems and processes need to be strengthened, and we are putting the systems in place.

Suresh Reddy: We are working towards stronger processes, creating clearer accountability, improving controls, bringing greater discipline to execution, putting more emphasis on documentation, structured reporting, and such. I do not want compliance to depend on individuals remembering to do the right things. We want systems to itself make the right thing, and it should be a normal thing. Our ambition is to make compliance at Brightcom almost monotonous and not overly exciting, where people are getting all excited about mistakes that we are making as we are complying. They need to be timely, complete, routine, and predictable. We acknowledge there is still work to be done on that front, and we are focusing on doing that. The important thing is that we recognize that where the systems and processes need to be strengthened, and we are putting the systems in place.

Speaker #2: To execution, putting more emphasis on documentation, structured reporting, and such. I don't want compliance to depend on individuals remembering to do the right things.

Speaker #2: We want systems to themselves make the right thing, and it should be a normal thing. So, our ambition is to make compliance at Brightcom almost monotonous.

Speaker #2: And not overly exciting, where people are, you know, getting all excited about, you know, mistakes that we're making as we are, you know, complying.

Speaker #2: They need to be timely, complete, and routine—and predictable. We acknowledge there is still work to be done on that front, and we are focusing on doing that.

Speaker #2: The important thing is that we recognize where the systems and processes need to be strengthened, and we are putting those systems in place.

Speaker #2: It is not something we expect to achieve through one initiative or one quarter. It is about building institutional discipline into the organization. This is what we believe a mature company should look like.

M. Suresh Kumar Reddy: It is not something we expect to achieve through one initiative or one quarter. It is building institutional discipline into the organization. This is what we believe a mature company should look like. Another question shareholders are asking is if they do not always. While they do not always put this into words, how does a company rebuild its reputation and credibility? The answer is not through one presentation. It is not through one announcement or one talk. It certainly is not through asking people to forget about the past. Companies rebuild credibility through building proof, evidence, consistent operating performance. We are gradually getting there and doing very good. This quarter is an example of that. Reliable communication, stronger governance, financial discipline, and repeated and repeatable execution. You say something, then you do it, then you do it again. Over time, the consistency creates predictability.

Suresh Reddy: It is not something we expect to achieve through one initiative or one quarter. It is building institutional discipline into the organization. This is what we believe a mature company should look like. Another question shareholders are asking is if they do not always. While they do not always put this into words, how does a company rebuild its reputation and credibility? The answer is not through one presentation. It is not through one announcement or one talk. It certainly is not through asking people to forget about the past. Companies rebuild credibility through building proof, evidence, consistent operating performance. We are gradually getting there and doing very good. This quarter is an example of that. Reliable communication, stronger governance, financial discipline, and repeated and repeatable execution. You say something, then you do it, then you do it again. Over time, the consistency creates predictability.

Speaker #2: Another question shareholders are asking is, even if they don't always put this into words: How does a company rebuild its reputation and credibility?

Speaker #2: The answer is not through one presentation. It is not through one announcement or one talk. It certainly isn't through asking people to forget about the past.

Speaker #2: Companies rebuild credibility by building proof, evidence, and consistent operating performance. We are gradually getting there and doing very well. This quarter is an example of that.

Speaker #2: Reliable communication, stronger governance, financial discipline, and repeated and repeatable execution. You say something, then you do it, then you do it again. Over time, the consistency creates predictability.

Speaker #2: So we are not asking the market to forget anything. We want to give the market enough evidence to evaluate, and the process has already begun.

M. Suresh Kumar Reddy: So we are not asking the market to forget anything. We want to give the market enough evidence to evaluate, and the process has already begun. It is not about trying to repair the old company. We cannot build future by repairing the past. You have to build the next version of the company. That is what we truly believe, and that is what Raghu's talk about four division structure is all about. We believe it brings greater clarity to the people on the ground working upon it, as well as greater accountability and trackability. We do have our established AdTech business, which remains the economic foundation of the company. Alongside, we are developing services as a technology capability. Defense is our emerging strategic business. NextGen is a longer-term technology opportunity. That is how we are looking at it.

Suresh Reddy: So we are not asking the market to forget anything. We want to give the market enough evidence to evaluate, and the process has already begun. It is not about trying to repair the old company. We cannot build future by repairing the past. You have to build the next version of the company. That is what we truly believe, and that is what Raghu's talk about four division structure is all about. We believe it brings greater clarity to the people on the ground working upon it, as well as greater accountability and trackability. We do have our established AdTech business, which remains the economic foundation of the company. Alongside, we are developing services as a technology capability. Defense is our emerging strategic business. NextGen is a longer-term technology opportunity. That is how we are looking at it.

Speaker #2: So it's not about trying to repair the old company. You know, we cannot build the future by repairing the past. You have to build the next version of the company.

Speaker #2: That's what we truly believe. And that's what, you know, Raghu's talk about four division structure is all about. It brings we believe it brings greater clarity, to the people on the on the ground working upon it as well as greater accountability and and trackability.

Speaker #2: We do have an established ATEC business, which remains the economic foundation of the company. Alongside, we are developing services as a technology capability. Defense is our emerging strategic business, and Next Gen is a longer-term technology opportunity.

Speaker #2: That's how we are looking at it. So I don't want to go through these businesses again and again, because Raghu has already covered them.

M. Suresh Kumar Reddy: I do not want to again go through these businesses again and again because Raghu has already covered them. What I want to explain here is why we believe this broader structure makes sense for the future of Brightcom. Let us look at the market. Market has changed again. We have seen the market changes quite a few times in the past. Think about what has happened to advertising over the last 25 years. It moved from traditional media to digital. That was the birth of Brightcom or Ybrant at that point. Then from desktop to mobile, then programmatic and increasingly data driven advertising. Today we are entering another transition where AI is increasingly becoming the most important intelligent layer across the entire AdTech ecosystem.

Suresh Reddy: I do not want to again go through these businesses again and again because Raghu has already covered them. What I want to explain here is why we believe this broader structure makes sense for the future of Brightcom. Let us look at the market. Market has changed again. We have seen the market changes quite a few times in the past. Think about what has happened to advertising over the last 25 years. It moved from traditional media to digital. That was the birth of Brightcom or Ybrant at that point. Then from desktop to mobile, then programmatic and increasingly data driven advertising. Today we are entering another transition where AI is increasingly becoming the most important intelligent layer across the entire AdTech ecosystem.

Speaker #2: What I want to explain here is why we believe this broader structure makes sense for the future of Brightcom. Let's look at the market.

Speaker #2: The market has changed again. We have seen these market changes quite a few times in the past. Think about what has happened to advertising over the last 25 years.

Speaker #2: It moved from traditional media to digital. That was the birth of Brightcom, or Vibrant at that point. Then from desktop to mobile, then to programmatic, and increasingly data-driven advertising.

Speaker #2: Today, we are entering another transition where AI is increasingly becoming the most important intelligent layer across the entire ATEC ecosystem. It is influencing how consumers discover things, how audiences are understood, how content is created, how advertising inventory is valued, how campaigns are optimized, and how buying decisions are made.

M. Suresh Kumar Reddy: It is influencing how consumers discover things, how audiences are understood, how content is created, how advertising inventory is valued, how campaigns are optimized, and how buying decisions are made. Ultimately, it is changing how consumers choose what they see, consider, and buy. This is not another upgrade of technology. It is a change on how this time, this economy, this digital economy is working. Brightcom has spent more than 28 years operating at the intersection of technology, data, audiences, and digital media. So our question is not how we remain the company we are. The more important question is: How do we remain relevant to this changing new market and new technology cycle? So that is the more important and interesting question in my view. The four divisions and the philosophy of these four different horizons.

Suresh Reddy: It is influencing how consumers discover things, how audiences are understood, how content is created, how advertising inventory is valued, how campaigns are optimized, and how buying decisions are made. Ultimately, it is changing how consumers choose what they see, consider, and buy. This is not another upgrade of technology. It is a change on how this time, this economy, this digital economy is working. Brightcom has spent more than 28 years operating at the intersection of technology, data, audiences, and digital media. So our question is not how we remain the company we are. The more important question is: How do we remain relevant to this changing new market and new technology cycle? So that is the more important and interesting question in my view. The four divisions and the philosophy of these four different horizons.

Speaker #2: Ultimately, it's changing how consumers choose what they see, consider, and buy. This is not another upgrade of technology. It is a change in how, this time, this economy—this digital economy—is working.

Speaker #2: Brightcom has spent more than 28 years operating at the intersection of technology, data, audiences, and digital media. So, our question is not how we remain the company we are.

Speaker #2: The more important question is, how do we remain relevant to this changing, new market and new technology cycle? So that's the more important and interesting question in my view.

Speaker #2: So, the four divisions and the philosophy of this, you know, four different horizons. ATEC is the core, like we said again and again, and it will remain the principal financial engine of the company till others pick up.

M. Suresh Kumar Reddy: AdTech is the core, like we said again and again, and it will remain the principal financial engine of the company till others pick up. Our objective there is not simply to grow revenue but to improve the quality of revenue, which was beautifully put across by our CFO, through better technology, stronger monetization, better margins, and better cash conversion. Services gives us another technology and engineering capability. We see opportunities to build that capability around real customer requirements. So services gives us an insight into what the market is working upon, what our customers are dealing with, and how we can help improve as well as improve ourselves in the process. It also helps the synergies across the group. So it is a very important aspect of what we do. Now coming to Defense. Defense represents an emerging strategic opportunity.

Suresh Reddy: AdTech is the core, like we said again and again, and it will remain the principal financial engine of the company till others pick up. Our objective there is not simply to grow revenue but to improve the quality of revenue, which was beautifully put across by our CFO, through better technology, stronger monetization, better margins, and better cash conversion. Services gives us another technology and engineering capability. We see opportunities to build that capability around real customer requirements. So services gives us an insight into what the market is working upon, what our customers are dealing with, and how we can help improve as well as improve ourselves in the process. It also helps the synergies across the group. So it is a very important aspect of what we do. Now coming to Defense. Defense represents an emerging strategic opportunity.

Speaker #2: Our objective there is not simply to grow revenue, but to improve the quality of revenue, which was beautifully put across by our CFO. This will be achieved through better technology, stronger monetization, improved margins, and better cash conversion.

Speaker #2: Services give us another technology and engineering capability. We see opportunities to build that capability around real customer requirements. So, services give us insight into what the market is working on, what our customers are dealing with, and how we can help improve—as well as improve ourselves in the process.

Speaker #2: It also helps the synergies across the group, so it's a very important aspect of what we do. Now, coming to defense, defense represents an emerging strategic opportunity.

Speaker #2: I don't want to dwell too much, but we are building capabilities, we're building partnerships, and we are trying to sign up as exclusive vendors in some places.

M. Suresh Kumar Reddy: I don't want to dwell too much, but we are building capabilities. We are building partnerships. We are trying to sign up as exclusive vendors in some places. A lot is happening there. All this we are hoping to start coming out and start converting that into commercially relevant applications and commercially relevant revenues due to that division. NextGen gives us a longer optionality. It is more from a perspective of which direction is the tech taking. We don't want to be caught off guard suddenly an entire technology wave changes, and we expect one to change very soon in the next few years, maybe next 5 years. So it is important to be on top of it. AI advanced computing such as Quantum Computing, also looking at intelligent platforms. A lot of things are happening there, and we would like to be on top of that as well. So that keeps us nimble.

Suresh Reddy: I don't want to dwell too much, but we are building capabilities. We are building partnerships. We are trying to sign up as exclusive vendors in some places. A lot is happening there. All this we are hoping to start coming out and start converting that into commercially relevant applications and commercially relevant revenues due to that division. NextGen gives us a longer optionality. It is more from a perspective of which direction is the tech taking. We don't want to be caught off guard suddenly an entire technology wave changes, and we expect one to change very soon in the next few years, maybe next 5 years. So it is important to be on top of it. AI advanced computing such as Quantum Computing, also looking at intelligent platforms. A lot of things are happening there, and we would like to be on top of that as well. So that keeps us nimble.

Speaker #2: A lot happening there. And all these, we are hoping to start, you know, coming out and, you know, start converting that into commercially relevant applications and commercially relevant revenues.

Speaker #2: Due to that division, Next Gen gives us a longer optionality. It's more from a perspective of which direction the tech is taking. We don't want to be caught off guard if suddenly an entire technology wave changes, and we expect one to change very soon.

Speaker #2: In the next few years—maybe the next five years—so it's important to be on top of it. AI, advanced computing such as quantum computing, and also looking at intelligent platforms.

Speaker #2: A lot of things are happening there, and we'd like to be on top of that as well. So that keeps us nimble, and as we see commercially viable opportunities there, we'll immediately, you know, spin that off into a new division and start looking at how to make revenue out of that.

M. Suresh Kumar Reddy: As we see commercially viable opportunities there, we will immediately spin that off into a new division and start looking at how to make revenue out of that where we obviously have strength and try to build. Like we discussed earlier, 94% of our revenue today in Q1 has been from AdTech, 6% from services and others are still working on capability building. So we are not presenting future possibilities as though they are today's earnings. We are building them. We will allow each business to earn the right to receive greater investment by demonstrating capability, customer interest, and commercial traction. This is how we intend to approach growth in this company. So I don't want to talk more and more, but no, bottom line, AdTech, the core is the key. It is not yesterday's business. I want to talk about it remains the economic foundation.

Suresh Reddy: As we see commercially viable opportunities there, we will immediately spin that off into a new division and start looking at how to make revenue out of that where we obviously have strength and try to build. Like we discussed earlier, 94% of our revenue today in Q1 has been from AdTech, 6% from services and others are still working on capability building. So we are not presenting future possibilities as though they are today's earnings. We are building them. We will allow each business to earn the right to receive greater investment by demonstrating capability, customer interest, and commercial traction. This is how we intend to approach growth in this company. So I don't want to talk more and more, but no, bottom line, AdTech, the core is the key. It is not yesterday's business. I want to talk about it remains the economic foundation.

Speaker #2: Where we obviously have strength and try to build. And, like we discussed earlier, 94% of our revenue today in Q1 has been from ATEC; 6% from services and other are still working on capability building.

Speaker #2: So, we are not presenting future possibilities as though they are today's earnings. We are building them. We'll allow each business to earn the right to receive greater investment by demonstrating capability, customer interest, and commercial traction.

Speaker #2: This is how we intend to approach growth in this company. So I don't want to talk more and more, but you know, bottom line, ATEC—the core is the key.

Speaker #2: It is not yesterday's business. I want to talk about — it remains the economic foundation. Sometimes, there is a tendency to think digital advertising is a mature business.

M. Suresh Kumar Reddy: Sometimes there is a tendency to think digital advertising is a mature business. I don't agree. Look at what is happening across industry. New stuff is happening every day. Connected TV, Retail Media, audio, Digital Out-of-Home, programmatic infrastructure, audience intelligence. They are all creating new opportunities every day. So there is a lot to be discovered and a lot to be taken advantage of in terms of opportunity. At the same time, technologies-wise, server-side architecture, OpenRTB, Prebid, Amazon TAM, are also changing the ecosystem and how it operates. They are not separate islands. They are increasingly becoming part of connected digital media. So we need to be good at these pieces as we choose to own them. That is the philosophy. Better revenue quality, better technology, better monetization, better margins, and better cash conversion. This is kind of the mantra.

Suresh Reddy: Sometimes there is a tendency to think digital advertising is a mature business. I don't agree. Look at what is happening across industry. New stuff is happening every day. Connected TV, Retail Media, audio, Digital Out-of-Home, programmatic infrastructure, audience intelligence. They are all creating new opportunities every day. So there is a lot to be discovered and a lot to be taken advantage of in terms of opportunity. At the same time, technologies-wise, server-side architecture, OpenRTB, Prebid, Amazon TAM, are also changing the ecosystem and how it operates. They are not separate islands. They are increasingly becoming part of connected digital media. So we need to be good at these pieces as we choose to own them. That is the philosophy. Better revenue quality, better technology, better monetization, better margins, and better cash conversion. This is kind of the mantra.

Speaker #2: I don't agree. Look at what is happening across the industry. New things are happening every day—connected TV, retail media, audio, digital out-of-home, programmatic infrastructures, audience intelligence.

Speaker #2: They are all creating new opportunities every day. So, there is a lot to be discovered and a lot to be taken advantage of in terms of opportunity.

Speaker #2: At the same time, technology-wise, server-side architecture, open RTB, re-bid, and Amazon TAM are also changing the ecosystem and how it operates. They are not separate islands.

Speaker #2: They're increasingly becoming part of connected digital media. So we need to be good at these pieces as we choose to own them. That is the philosophy.

Speaker #2: Better revenue quality, better technology, better monetization, better margins, and better cash conversion — this is kind of the mantra. I think the important point for shareholders to understand is that our ATEC opportunity is simply not doing more of the same.

M. Suresh Kumar Reddy: I think the important point for shareholders to understand our AdTech opportunity is simply not doing more of the same. It is actually evolving and growing, about using our existing capabilities to participate where digital media is going next. I would like to come to another very interesting part about Brightcom. Here is where we think Brightcom has an interesting advantage. We are not a startup that has begun with some idea looking for business models. We are an established operating business. We have customers, technology, great relationships globally, engineering capability, ability to have doors open for us in various places. We are now using these foundations to build new divisions. So the perspective has to be, no, you just entered the Brightcom defense city, will be like another different startup. No, it is different because it is expansion of an existing business with all relationships in place.

Suresh Reddy: I think the important point for shareholders to understand our AdTech opportunity is simply not doing more of the same. It is actually evolving and growing, about using our existing capabilities to participate where digital media is going next. I would like to come to another very interesting part about Brightcom. Here is where we think Brightcom has an interesting advantage. We are not a startup that has begun with some idea looking for business models. We are an established operating business. We have customers, technology, great relationships globally, engineering capability, ability to have doors open for us in various places. We are now using these foundations to build new divisions. So the perspective has to be, no, you just entered the Brightcom defense city, will be like another different startup. No, it is different because it is expansion of an existing business with all relationships in place.

Speaker #2: It is actually evolving and growing—about using our existing capabilities to participate in where digital media is going next. Then, I'd like to come to another very interesting part about Brightcom.

Speaker #2: Here's where we think Brightcom has an interesting advantage. We are not a startup that is beginning with some idea, looking for a business model. We are an established, operating business.

Speaker #2: We have customers, technology, great relationships globally, engineering capabilities, and the ability to have doors open for us in various places. We are now using these foundations to build new divisions.

Speaker #2: So the perspective has to be, you know, you just entered Brightcom Defense. It'll be like another different startup. No, it is different, because it is an expansion of an existing business with all relationships in place.

Speaker #2: So, we can build today and tomorrow at the same time, and that is the opportunity that we have. Now, finally, I would also like to talk about cash.

M. Suresh Kumar Reddy: So we can build today and tomorrow at the same time, and that is the opportunity that we have. Finally, I also like to talk about cash. It may not be as technologically exciting, but it is a very important part of our existence today and of our growth. So we do want to reemphasize that it is important to watch and be disciplined about cash. The company can report profits. Ultimately, those profits need to become cash. That is why we are putting greater emphasis on receivables management, working capital, and operating cash flow, and dividending from the subsidiaries back to the parents. These are all things that are happening as we speak. The equation is very simple.

Suresh Reddy: So we can build today and tomorrow at the same time, and that is the opportunity that we have. Finally, I also like to talk about cash. It may not be as technologically exciting, but it is a very important part of our existence today and of our growth. So we do want to reemphasize that it is important to watch and be disciplined about cash. The company can report profits. Ultimately, those profits need to become cash. That is why we are putting greater emphasis on receivables management, working capital, and operating cash flow, and dividending from the subsidiaries back to the parents. These are all things that are happening as we speak. The equation is very simple.

Speaker #2: It may not be as technologically, you know, exciting, but it is a very important part of our existence today and of our growth. So we do want to reemphasize that it is important to watch and be disciplined about cash.

Speaker #2: The company can report profits; ultimately, those profits need to become cash. That is why we are putting greater emphasis on decisions, management, working capital, and operating cash flow.

Speaker #2: And dividend-ing from the subsidiaries back to the parents. So these are all things that are happening as we speak. The equation is very simple.

Speaker #2: Lower debt days should lead to higher operating cash flow and, ultimately, stronger free cash flow, which is the ultimate goal of the, you know, of the entire cash flow structure that we have built.

M. Suresh Kumar Reddy: Lower debt days should lead to higher operating cash flow and ultimately stronger free cash flow, which is the ultimate goal of the entire cash flow structure that we have built. This is one of the priorities of FY 2026-27, and I want shareholders to watch this metric. We will report more on quality of earnings and such next quarter, and you should be able to see some of that on paper. It is not the finance department's objective or the CFO's objective, it is a company-wide discipline that we want to bring in across all the subsidies as well. Because sustainable value creation ultimately requires all these different things, which is revenue, profit, and cash. That said, I also want to put out a small, different angle here, different message for the new generation of investors. I am learning a lot about new generation of investors.

Suresh Reddy: Lower debt days should lead to higher operating cash flow and ultimately stronger free cash flow, which is the ultimate goal of the entire cash flow structure that we have built. This is one of the priorities of FY 2026-27, and I want shareholders to watch this metric. We will report more on quality of earnings and such next quarter, and you should be able to see some of that on paper. It is not the finance department's objective or the CFO's objective, it is a company-wide discipline that we want to bring in across all the subsidies as well. Because sustainable value creation ultimately requires all these different things, which is revenue, profit, and cash. That said, I also want to put out a small, different angle here, different message for the new generation of investors. I am learning a lot about new generation of investors.

Speaker #2: So this is one of the priorities for financial year 2026–27, and I want shareholders to watch this metric. We will report more on quality of earnings and such next quarter, and you should be able to see some of that.

Speaker #2: On paper, it is not the finance department's objective or the CFO's objective. It is the company-wide discipline that we want to bring in across all the subsidiaries as well.

Speaker #2: Because sustainable value creation ultimately requires all these different things, which are revenue, profit, and cash. That said, I also want to bring a slightly different angle here—a different message.

Speaker #2: For the new generation of investors, I'm learning a lot about, you know, the new generation of investors. The company is learning a lot about the new generation of investors.

M. Suresh Kumar Reddy: The company is learning a lot about new generational investors. This is an interesting change that is taking place, which we find very interesting. Investor today is very different, particularly the younger and the more tech-savvy investor, information-savvy investor. The information moves instantly. People compare companies globally. They analyze financial statements using technology and AI. They challenge management. They look at numbers, technology, and execution. They do not want management team to simply tell them, "Trust us." Frankly, that is actually very healthy. I do not want shareholders to blindly believe us or trust us, but there is no harm in challenging us. It is all right, and we are open to that.

Suresh Reddy: The company is learning a lot about new generational investors. This is an interesting change that is taking place, which we find very interesting. Investor today is very different, particularly the younger and the more tech-savvy investor, information-savvy investor. The information moves instantly. People compare companies globally. They analyze financial statements using technology and AI. They challenge management. They look at numbers, technology, and execution. They do not want management team to simply tell them, "Trust us." Frankly, that is actually very healthy. I do not want shareholders to blindly believe us or trust us, but there is no harm in challenging us. It is all right, and we are open to that.

Speaker #2: So, this is an interesting change that is taking place, which we find very interesting. The investor today is very different, particularly the younger and more tech-savvy investor.

Speaker #2: Today's investors are information-savvy, and information moves instantly. People compare companies globally. They analyze financial statements using technology and AI. They challenge management. They look at numbers, technology, and execution.

Speaker #2: They don't want the management team to simply tell them, you know, "Trust us." And frankly, that's actually very healthy. So I don't want shareholders to blindly believe us or trust us, but they should.

Speaker #2: There is no harm in challenging us, so it is all right and we are open to that. I would encourage shareholders to feel free to do what they do best and send us whatever is, you know, wherever we are slipping, and we will absolutely work on things that we can improve.

M. Suresh Kumar Reddy: I would encourage shareholders to feel free and do what they do best and send us whatever, where we are slipping, and we will absolutely work upon things that we can improve. That is one part. Then there is another aspect I wanted to talk about today, which is about the philosophy and the spirit of Brightcom. This brings me to something very personal. As you are all aware, I am also the original founder promoter of the company. After more than 28 years, I think every company develops something beyond its balance sheet, and it develops a character, a spirit. I do believe Brightcom has one. If I had to describe that in short, it is adaptation to change. We have never survived by standing still. We have moved through multiple technology cycles, multiple market cycles, multiple changes in the ecosystem that we are in.

Suresh Reddy: I would encourage shareholders to feel free and do what they do best and send us whatever, where we are slipping, and we will absolutely work upon things that we can improve. That is one part. Then there is another aspect I wanted to talk about today, which is about the philosophy and the spirit of Brightcom. This brings me to something very personal. As you are all aware, I am also the original founder promoter of the company. After more than 28 years, I think every company develops something beyond its balance sheet, and it develops a character, a spirit. I do believe Brightcom has one. If I had to describe that in short, it is adaptation to change. We have never survived by standing still. We have moved through multiple technology cycles, multiple market cycles, multiple changes in the ecosystem that we are in.

Speaker #2: That is one part. Then there is another aspect I wanted to talk about today, which is about the philosophy and the spirit of Brightcom.

Speaker #2: This brings me to something very personal—as you're all aware, I'm also the original founder and promoter of the company. After more than 28 years, I think every company develops something beyond its balance sheet; it develops a character.

Speaker #2: A spirit. And I do believe Brightcom has one. If I had to describe that in short, it is adaptation to change. We have never survived by standing still.

Speaker #2: We have moved through multiple technology cycles, multiple market cycles, and multiple changes in the ecosystem that we are in. So we've built new capabilities, learned, and adapted along the way.

M. Suresh Kumar Reddy: We have built new capabilities, learned, adapted along the way. Our adaption is not simply changing direction whenever something becomes difficult. It is about having curiosity to learn. That is also one of the core characteristics that is important in our spirit, the discipline to improve and the resilience to keep building. That is what I mean by spirit of Brightcom. It is the curiosity, resilience, and adaptability. Above all, it is willingness to build and willingness to listen and learn. Today, there is another element of spirit that I think is equally important, willingness to learn from our mistakes, to put systems in place so that we do not repeat our past mistakes. To me, that shows when the company is beginning to mature, and I think that is important. We do not claim that we have completed the journey. We acknowledge there is still work to be done.

Suresh Reddy: We have built new capabilities, learned, adapted along the way. Our adaption is not simply changing direction whenever something becomes difficult. It is about having curiosity to learn. That is also one of the core characteristics that is important in our spirit, the discipline to improve and the resilience to keep building. That is what I mean by spirit of Brightcom. It is the curiosity, resilience, and adaptability. Above all, it is willingness to build and willingness to listen and learn. Today, there is another element of spirit that I think is equally important, willingness to learn from our mistakes, to put systems in place so that we do not repeat our past mistakes. To me, that shows when the company is beginning to mature, and I think that is important. We do not claim that we have completed the journey. We acknowledge there is still work to be done.

Speaker #2: But our adaptation is not simply changing direction whenever something becomes difficult. It is about having curiosity to learn. That's also one of the, you know, core characteristics that is important in our spirit.

Speaker #2: The discipline to improve and the resilience to keep building—that's what I mean by the spirit of Brightcom. It's the curiosity, resilience, and adaptability; above all, it is the willingness to build.

Speaker #2: And willingness to listen and learn. Today, there is another element to that spirit that I think is equally important: willingness to learn from our mistakes.

Speaker #2: To put systems in place so that we don't repeat our past mistakes—to me, that shows when the company is beginning to mature. And I think that is important.

Speaker #2: We don't claim that we have completed the journey. We acknowledge there is still work to be done, so please be with us. But we know the direction.

M. Suresh Kumar Reddy: Please be with us. We know the direction. We are doing the work, and that is the Brightcom we want to build. Now here comes the next question about what is it that Brightcom should look like? What should Brightcom look like in 3 to 5 years from now? We do not want a larger version of just today's company with greater revenue and such. That will happen naturally. We want it to be a better company, a tech company with established core deep engineering capabilities, strong operating cash flows, and disciplined governance. Also a company with multiple avenues for growth and the ability to participate in new technology markets as they emerge. AdTech has given us the foundation and will continue to give core foundation, but we have to see what other divisions will take forefront as we go into the future.

Suresh Reddy: Please be with us. We know the direction. We are doing the work, and that is the Brightcom we want to build. Now here comes the next question about what is it that Brightcom should look like? What should Brightcom look like in 3 to 5 years from now? We do not want a larger version of just today's company with greater revenue and such. That will happen naturally. We want it to be a better company, a tech company with established core deep engineering capabilities, strong operating cash flows, and disciplined governance. Also a company with multiple avenues for growth and the ability to participate in new technology markets as they emerge. AdTech has given us the foundation and will continue to give core foundation, but we have to see what other divisions will take forefront as we go into the future.

Speaker #2: We are doing the work, and that is the Brightcom we want to build. So, here comes the next question: What is it that Brightcom should look like?

Speaker #2: What should Brightcom look like in three to five years from now? We don't want a, you know, a larger version of just today's version, today's company with, you know, greater revenues such that it is that will happen next year.

Speaker #2: We want it to be a better company—a tech company with an established core, deep engineering capabilities, strong operating cash flows, and disciplined governance. And also, a company with multiple avenues for growth and the ability to participate in new technology markets as they emerge.

Speaker #2: Adtech has given us the foundation, and we'll continue to provide the core foundation. But we have to see what other divisions will take the forefront as we go into the future.

Speaker #2: And we will let it take whatever direction. In terms of whichever division starts to grow faster, we will allow that to happen and that team to emerge.

M. Suresh Kumar Reddy: We will let it take whatever direction in terms of whatever division starts to grow faster. We will allow that to happen and that team to emerge. On our culture, our spirit gives us the clarity and ability to adapt to the change that is coming up in the future. We pride ourselves that we will be able to work through these changes in technology and market. All said and done, we have to earn our future. We do not get it because we have four boxes on a presentation. We get it because this business has become stronger, more capable, and more commercially relevant. That is the journey. Finally, I would like to close with this. Brightcom has been around for more than 28 years. We have seen technology cycles come and go. We have seen markets change. We have reinvented ourselves, so we will do it again.

Suresh Reddy: We will let it take whatever direction in terms of whatever division starts to grow faster. We will allow that to happen and that team to emerge. On our culture, our spirit gives us the clarity and ability to adapt to the change that is coming up in the future. We pride ourselves that we will be able to work through these changes in technology and market. All said and done, we have to earn our future. We do not get it because we have four boxes on a presentation. We get it because this business has become stronger, more capable, and more commercially relevant. That is the journey. Finally, I would like to close with this. Brightcom has been around for more than 28 years. We have seen technology cycles come and go. We have seen markets change. We have reinvented ourselves, so we will do it again.

Speaker #2: So, our culture and our spirit give us the clarity and ability to adapt to the changes that are coming up in the future. We pride ourselves on being able to work through these changes in technology and the market.

Speaker #2: All said and done, we have to earn our future. We don't get it because we have four boxes on a presentation. We get it because this business becomes stronger, more capable, and more commercially relevant.

Speaker #2: That is the journey. Finally, I'd like to close with this: Brightcom has been around for more than 28 years. We have seen technology cycles come and go.

Speaker #2: We have seen markets change. We have reinvented ourselves. So we'll do it again. I don't want the next chapter of Brightcom to be explaining what Brightcom was.

M. Suresh Kumar Reddy: I do not want next chapter of Brightcom to be explaining what Brightcom was. I want that we demonstrate what Brightcom can become and grow. Bottom line, the Q1 numbers give us momentum. Four-division structure gives us focus. Our tech capabilities give us opportunity. Our governance and process requires and continues to give discipline to us, and our willingness to learn gives us resilience. We know there is work to be done, and we promise you we will do it and will continue to do it. Do point out if we are slipping somewhere. We know that value is not created by one speech, one talk, or one announcement. It is built quarter after quarter. We are not asking market for any favors. We want to build a company that deserves to be valued on the strength of its business, its earnings, its cash generation, and its future potential.

Suresh Reddy: I do not want next chapter of Brightcom to be explaining what Brightcom was. I want that we demonstrate what Brightcom can become and grow. Bottom line, the Q1 numbers give us momentum. Four-division structure gives us focus. Our tech capabilities give us opportunity. Our governance and process requires and continues to give discipline to us, and our willingness to learn gives us resilience. We know there is work to be done, and we promise you we will do it and will continue to do it. Do point out if we are slipping somewhere. We know that value is not created by one speech, one talk, or one announcement. It is built quarter after quarter. We are not asking market for any favors. We want to build a company that deserves to be valued on the strength of its business, its earnings, its cash generation, and its future potential.

Speaker #2: I want us to demonstrate what Brightcom can become—and grow. So, bottom line: the Q1 numbers give us momentum. The four-division structure gives us focus.

Speaker #2: Our tech capabilities give us opportunity. Our governance and processes require, and continue to give, discipline to us. And our willingness to learn gives us resilience.

Speaker #2: We know there is work to be done, and we promise you we will do it, and we'll continue to do it. Please do point out if we are slipping somewhere.

Speaker #2: We know that value is not created by one speech, one talk, or one announcement. It is built quarter after quarter. So, we are not asking the market for any favors.

Speaker #2: We want to build a company that deserves to be valued on the strength of its business, its earnings, its cash generation, and its future potential.

Speaker #2: Because the next chapter of Brightcom should not be about recovering the past; it should be about earning the future. We will learn from our experience.

M. Suresh Kumar Reddy: Because next chapter of Brightcom should not be about recovering the past. It should be about earning the future. We will learn from our experience. We will adapt to change. We will build the future, and we will move forward. Thank you very much. With this, I think we will open up for questions.

Suresh Reddy: Because next chapter of Brightcom should not be about recovering the past. It should be about earning the future. We will learn from our experience. We will adapt to change. We will build the future, and we will move forward. Thank you very much. With this, I think we will open up for questions.

Speaker #2: We will adapt to change. We will build the future. And we will move forward. Thank you very much. With this, I think we'll open up for questions.

Speaker #1: Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session. If you have a question, please press star and one on your telephone keypad.

Moderator: Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. The first question comes from the line of Mr. Prashant Pathak, an individual investor. Please go ahead. Mr. Prashant Pathak, please go ahead with the question, sir.

Operator: Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. The first question comes from the line of Mr. Prashant Pathak, an individual investor. Please go ahead. Mr. Prashant Pathak, please go ahead with the question, sir.

Speaker #1: And wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again.

Speaker #1: The first question comes from the line of Mr. Prashant Pathak, an individual investor. Please go ahead now. Mr. Prashant Pathak, please go ahead with your question, sir.

Speaker #2: Okay, sir. Just hold on. We have one question. You asked for one year to complete pending things after, realistically. It is now more than one year.

Prashant Pathak: Okay, sir. You have one question. You have asked one year to complete pending things after investing. It is now more than one year. Company has not improved basic things also. That is compliances, same delay. How to trust you and which are you all steps taken to regain trust. Hello.

Prashant Pathak: Okay, sir. You have one question. You have asked one year to complete pending things after investing. It is now more than one year. Company has not improved basic things also. That is compliances, same delay. How to trust you and which are you all steps taken to regain trust. Hello.

Speaker #2: The company has not improved basic things either. There are still delays in compliances. How can we trust you, and what steps have you taken to regain our trust?

Speaker #2: Hello.

Speaker #1: Yeah, Mr. Pathak, please continue.

M. Suresh Kumar Reddy: Yeah, Mr. Pathak, please continue.

Suresh Reddy: Yeah, Mr. Pathak, please continue.

Prashant Pathak: Sir हम कैसे आपको पर विश्वास करें? आपने अभी जो कुछ भी कहा उसके ऊपर। क्योंकि मेरा खुद का share का value relisting के बाद 60% down हो चुका है। मुझे पता है कि revenue quarter on quarter बढ़ रहा है लेकिन अगर share value down हो रहा है तो इसके लिए कोई ना कोई problem है। वह problem का solution कैसे निकलेगा?

Prashant Pathak: Sir हम कैसे आपको पर विश्वास करें? आपने अभी जो कुछ भी कहा उसके ऊपर। क्योंकि मेरा खुद का share का value relisting के बाद 60% down हो चुका है। मुझे पता है कि revenue quarter on quarter बढ़ रहा है लेकिन अगर share value down हो रहा है तो इसके लिए कोई ना कोई problem है। वह problem का solution कैसे निकलेगा?

Speaker #2: Sir, I'm जैसे विश्वास करूं आपके ऊपर, आपने जितना अभी कहा, इसके ऊपर, क्योंकि मेरा खुद का जो शेयर का वैल्यू है, ये रिलीज़िंग के बाद 60% डाउन हो चुका है.

Speaker #2: Revenue — आज मुझे पता है कि revenue quarter-on-quarter बढ़ रहा है, लेकिन अगर share value डाउन हो रहा है, उसके लिए कुछ न कुछ तो problem है.

Speaker #2: वो प्रॉब्लम सॉल्यूशन कैसे निकलेगा?

Speaker #1: Correct, correct. हाँ, ठीक है, ठीक है. ठीक है, I take your point. Yes, we did say एक साल दीजिए, we will fix these things.

M. Suresh Kumar Reddy: Correct. हां ठीक है। I take your point.

Suresh Reddy: Correct. हां ठीक है। I take your point. Yes, we did say एक साल दीजिए, we will fix these things and it has taken more than a year. The value recognition is still in the process, it has not happened yet. I agree to but just like what I talked about, I think value will come as we are fixing, cleaning up things and you mentioned few things that we have to do and we are doing them and thanks for acknowledging that the revenue generation is also an important part of the business and thanks for acknowledging that. I appreciate that and then beyond that, how will market give us value? How will we get value?

M. Suresh Kumar Reddy: Yes, we did say एक साल दीजिए, we will fix these things and it has taken more than a year. The value recognition is still in the process, it has not happened yet. I agree to but just like what I talked about, I think value will come as we are fixing, cleaning up things and you mentioned few things that we have to do and we are doing them and thanks for acknowledging that the revenue generation is also an important part of the business and thanks for acknowledging that. I appreciate that and then beyond that, how will market give us value? How will we get value? There are still few things that are pending which need to be done not from us but depending upon other institutions in the world. Those have taken some time. I am not blaming anyone so that could also be one of the reasons. Few other things will happen as coming few months or coming few quarters. All I can tell you is there is no lack of effort sir. We are doing the best we can and I can honestly tell you can trust us. We will do everything there is to bring that value to the company we love and we have built with lot of care and love in the past. That said, that is the best answer I can give you at this time.

Speaker #1: And it has taken more than a year, and the value recognition is still in process; it hasn't happened yet. I agree with you. But just like I mentioned before, I think value will come as we are fixing and cleaning up things.

Speaker #1: And you mentioned a few things that we have to do, and we are doing them. And thanks for acknowledging that revenue generation is also an important part of the business.

Speaker #1: And thanks for acknowledging that. I appreciate it. Beyond that, how will the market give us value? How will we get value? There are still a few things that are pending, you know, which need to be done.

Suresh Reddy: There are still few things that are pending which need to be done not from us but depending upon other institutions in the world. Those have taken some time. I am not blaming anyone so that could also be one of the reasons. Few other things will happen as coming few months or coming few quarters. All I can tell you is there is no lack of effort sir. We are doing the best we can and I can honestly tell you can trust us. We will do everything there is to bring that value to the company we love and we have built with lot of care and love in the past. That said, that is the best answer I can give you at this time.

Speaker #1: Not from us, but depending upon other institutions in the world. So, those have taken some time. I'm not blaming anyone, so that could also be one of the reasons.

Speaker #1: And a few other things will happen in the coming few months and for the coming few quarters. So all I can tell you is, there is no lack of effort, sir.

Speaker #1: We are doing the best we can, and I can honestly tell you that you can trust us. We will do everything possible to bring that value to the company we love.

Speaker #1: And we have built with a lot of care and and, you know, love in the past. And. That said, you know, that is the best answer I can give you at that time, at this time rather.

Prashant Pathak: लेकिन last चार साल से dividend भी नहीं दिया है। Company revenue बढ़ रहा है, company ka value बढ़ रहा है लेकिन share owner ka सब down हो चुका है। मैं अभी hospital में admit हूँ। मेरा value 80% down है। यह सिर्फ आप लोगों की वजह से है।

Prashant Pathak: लेकिन last चार साल से dividend भी नहीं दिया है। Company revenue बढ़ रहा है, company ka value बढ़ रहा है लेकिन share owner ka सब down हो चुका है। मैं अभी hospital में admit हूँ। मेरा value 80% down है। यह सिर्फ आप लोगों की वजह से है।

Speaker #2: Then last year, अब चार साल से डिविडेंड भी नहीं दिया है। कंपनी का रेवेन्यू बढ़ रहा है, कंपनी का वैल्यू बढ़ रहा है, लेकिन शेयर वैल्यू, शेयरहोल्डर का सब डाउन हो चुका है।

Speaker #2: मैं अभी हॉस्पिटल में एडमिट हूँ। मेरा वैल्यू 80% डाउन है। ये सिर्फ आप लोगों की वजह से है। आप ऑडिटर्स भी चेंज नहीं कर रहे हैं।

M. Suresh Kumar Reddy: ठीक है।

Suresh Reddy: ठीक है।

Prashant Pathak: आप auditors भी change नहीं कर रहे हैं। Big 4 का auditor आप क्यों नहीं ले पा रहे हैं?

Prashant Pathak: आप auditors भी change नहीं कर रहे हैं। Big 4 का auditor आप क्यों नहीं ले पा रहे हैं?

Speaker #2: Nifty 100 का ऑडिटर्स आप क्यों नहीं अटेंड कर पा रहे हैं?

Speaker #1: सर, आप एक क्वेश्चन आप आप क्वेश्चन पूरा बोल दीजिए एक ही साथ. हम एक ही साथ आंसर दे देंगे. You have answered your point.

M. Suresh Kumar Reddy: Sir, आप question पूरा बोल दिए एक ही साथ, हम एक ही साथ answer दे देंगे। We have answered your points. बाकी हो रहा है. We will do it. आपसे इससे ज़्यादा मैं क्या बोलूं। We are working on all these hundred Auditor वो सब. It will happen once these few things that are no subject. ज़्यादा बात नहीं कर सकते. Once these are done, तो थोड़ा सा wait करके things will turn.

Suresh Reddy: Sir, आप question पूरा बोल दिए एक ही साथ, हम एक ही साथ answer दे देंगे। We have answered your points. बाकी हो रहा है. We will do it. आपसे इससे ज़्यादा मैं क्या बोलूं। We are working on all these hundred Auditor वो सब. It will happen once these few things that are no subject. ज़्यादा बात नहीं कर सकते. Once these are done, तो थोड़ा सा wait करके things will turn.

Speaker #1: बाकी हो रहा है. We will do it. आपसे इससे ज्यादा मैं क्या बोलूँ? We are working on all this. वो निफ्टी 100 ऑडिटर, वो सब.

Speaker #1: It will happen. Once this—the few things that are, you know, sub judice—so ज्यादा बात नहीं कर सकते. Once these are done, तो थोड़ा सा.

Speaker #1: Things will turn.

Speaker #2: How many times? ये सब पिछले साल, चार सालों से चेंज है.

Prashant Pathak: How many times ये सब पिछले चार सालों से चल रहा है।

Prashant Pathak: How many times ये सब पिछले चार सालों से चल रहा है।

Speaker #1: चार साल नहीं, सर. I'm talking about after realistic. बीच में जो हुआ, मालूम है. I don't want to talk about that.

M. Suresh Kumar Reddy: चार साल नहीं sir. I am talking about after relisting. बीच में जो हुआ मालूम है. I do not want to talk about that.

Suresh Reddy: चार साल नहीं sir. I am talking about after relisting. बीच में जो हुआ मालूम है. I do not want to talk about that.

Prashant Pathak: लेकिन अभी कितना और time? How many times?

Prashant Pathak: लेकिन अभी कितना और time? How many times?

Speaker #2: नहीं, लेकिन अभी-अभी कितना और टाइम? How many times?

Speaker #1: No, no, no. I'm not talking about that. See, these are things that are happening. A lot of things have already happened since we started. Revenues are on a proper track.

M. Suresh Kumar Reddy: नहींI am Not Talking about see theseAre thingsThat are happeningLot of thingShave already Happened sinceWe startedRevenuesare ona proper trackAndcompliancesarehappeninghere sometimesThey haveslippedHereand theremaybeonceortwiceAndtherearethingsThatwecoulddoFasterWeworkingOnitwhichiswhatImostofmyspeechWasaboutthatTodaySoweWillworkonItwewillcontinueTo dothat

Suresh Reddy: नहींI am Not Talking about see theseAre thingsThat are happeningLot of thingShave already Happened sinceWe startedRevenuesare ona proper trackAndcompliancesarehappeninghere sometimesThey haveslippedHereand theremaybeonceortwiceAndtherearethingsThatwecoulddoFasterWeworkingOnitwhichiswhatImostofmyspeechWasaboutthatTodaySoweWillworkonItwewillcontinueTo dothat

Speaker #1: And you know, compliances are happening. Yes, sometimes they have slipped here and there—maybe once or twice. And there are things that we could do faster.

Speaker #1: We are working on it, which is what most of my speech was about today. So we will work on it. We will continue to do that.

Speaker #1: Thank you, sir. We'll take up the next caller. The next question comes from the line of Ambly Rajan. Please go ahead.

Moderator: Thank you, sir. Take up the next caller. The next question comes from the line of Ambili Rajan. Please go ahead.

Operator: Thank you, sir. Take up the next caller. The next question comes from the line of Ambili Rajan. Please go ahead.

Speaker #2: Yeah.

Speaker #3: Good afternoon, sir. How are you?

Ambili Rajan: Good afternoon, sir. How are you?

[Analyst 1]: Good afternoon, sir. How are you?

Speaker #1: Good, sir. How are you?

M. Suresh Kumar Reddy: GoodsirhowareYou?

Suresh Reddy: GoodsirhowareYou?

Speaker #3: Yeah. We are not that great, as you really know. What is happening is, you know, I know market investments are subject to risk.

Ambili Rajan: We arenotthatgreatasyoureallyknowWhatishappeningIs IknowmarketInvestmentsaresubjecttoriskWeall knowthatButthisisnotaMarketriskthatweareunderstandingItisAboutlegalRiskThatThecompany IsgoingThroughAndwedontHaveanyclarityOnAnyoftheseItemsSoManyinvestorsAfewInvestorHav diedIpayhomagetoAllofthemandIprayfortheirfamiliesmany ofthemtothe investorThatpreviouslyHavediscussedHe ishavingamedicalcasehedoesnthavemoneyforthatEducationformanyoftheStudentsChildrenareaffectedWeareGoingthroughhellForthepastthreeorfourYearsafterInvestingInThisCompany SomyQuestion IhavesixQuestionsOneisAboutthePWsharesandTheutilizationoffundsWhereitisBeingusedSecondisAbouttheOverseaSubsidiariesinNetApartFromtwoorthreecompaniesThereismomentionOfanyaOfThesubsidiaryCompaniesWorldwideWetalkAboutAtechnicallyAdvancedcompanyandaDresTisNotGivenEvenARoadsideTeashophaveapropriateAddressThirdThingisoverseasCashandReserveswhereisthecashReservePartHowcanitbebroughtTotheparentCompanyandhowlongwillittakeFourthisaboutDOMmatterSuddenlyThishaspopedupWhichwasspendingforyearsTogetherandNowEverytimeitisgettingpostponedPostponedWithoutalineofsightFirstSebiandsatproceedings We are ending at nowhere. We are getting postponed every time. And how long the investors have to wait? Sixth is the restoring of investor confidence. We are not compliant yet. We talk about a technology advanced company, and we cannot have a system for maintaining the compliance part. Right? So this is where the conclusion comes, whether this is a proper tech company or when the basics are not being met, this is where the dilemma comes for the investors. So these are the questions which I wanted to ask. I need a proper answer for all these six questions so you can proceed-

[Analyst 1]: We arenotthatgreatasyoureallyknowWhatishappeningIs IknowmarketInvestmentsaresubjecttoriskWeall knowthatButthisisnotaMarketriskthatweareunderstandingItisAboutlegalRiskThatThecompany IsgoingThroughAndwedontHaveanyclarityOnAnyoftheseItemsSoManyinvestorsAfewInvestorHav diedIpayhomagetoAllofthemandIprayfortheirfamiliesmany ofthemtothe investorThatpreviouslyHavediscussedHe ishavingamedicalcasehedoesnthavemoneyforthatEducationformanyoftheStudentsChildrenareaffectedWeareGoingthroughhellForthepastthreeorfourYearsafterInvestingInThisCompany SomyQuestion IhavesixQuestionsOneisAboutthePWsharesandTheutilizationoffundsWhereitisBeingusedSecondisAbouttheOverseaSubsidiariesinNetApartFromtwoorthreecompaniesThereismomentionOfanyaOfThesubsidiaryCompaniesWorldwideWetalkAboutAtechnicallyAdvancedcompanyandaDresTisNotGivenEvenARoadsideTeashophaveapropriateAddressThirdThingisoverseasCashandReserveswhereisthecashReservePartHowcanitbebroughtTotheparentCompanyandhowlongwillittakeFourthisaboutDOMmatterSuddenlyThishaspopedupWhichwasspendingforyearsTogetherandNowEverytimeitisgettingpostponedPostponedWithoutalineofsightFirstSebiandsatproceedings

Speaker #3: You all know that. But this is not a market risk that we are talking about; it is about the legal risk that the company is going through.

Speaker #3: And we don't have any clarity on any of these items. Some investors—a few investors—have died. I pay homage to all of them.

Speaker #3: And we have, I pray for their families. Many of them, just as an investor that we have previously discussed, he's having a medical case.

Speaker #3: He doesn't have money for that. Education for many of the students' children is, you know, affected. We are going through hell for the past three or four years.

Speaker #3: After investing in this company—so, my question—I have six questions for you. One is about the PW shares and the utilization of funds.

Speaker #3: Where it is being used. Second is about the overseas subsidiaries. On the net, apart from two or three companies, there is no mention of any of the subsidiary companies worldwide.

Speaker #3: We talk about a technically advanced company, and yet the address is not given. Even a roadside tea shop has a proper address. Third thing is overseas cash and reserves.

Speaker #3: Where is the cash reserve part? How can it be brought to the parent company? And how long will it take? Fourth is about the dorm matter.

Speaker #3: Suddenly, this has popped up. It was pending for years together, and now every time it is getting postponed, postponed, postponed without a line of sight.

Speaker #3: First is the SEBI and SAT proceedings. We are ending up nowhere. We are getting postponed every time. And how long do the investors have to wait?

[Analyst 1]: We are ending at nowhere. We are getting postponed every time. And how long the investors have to wait? Sixth is the restoring of investor confidence. We are not compliant yet. We talk about a technology advanced company, and we cannot have a system for maintaining the compliance part. Right? So this is where the conclusion comes, whether this is a proper tech company or when the basics are not being met, this is where the dilemma comes for the investors. So these are the questions which I wanted to ask. I need a proper answer for all these six questions so you can proceed-

Speaker #3: Sixth is the restoring of invested confidence. We are not compliant yet. We talk about a technology-advanced company, and we cannot have a system for maintaining the compliance path.

Speaker #3: Right? So this is where the confusion comes—whether this is a proper tech company, or when the basics are not being met. This is where the dilemma comes for the investors.

Speaker #3: So, these are the questions that I wanted to ask. I need proper answers for all these six questions, so you can proceed.

Speaker #1: Yeah, you'll get there. Thank you. Let me go through one by one and explain. I've written down your questions. So, based on your questions, let me see how best we can respond to some, and some we may not be able to give you complete answers.

M. Suresh Kumar Reddy: You will get them. Yeah. Thank you. Let me go through one by one and explain. Have you written down your questions? Based on your questions, let me see how best we can respond to some, and some we may not be able to give you complete answers. We will try our best. Coming to PW shares and utilization of funds. The funds were raised through preferential warrant piece and the shares issue that were intended for purposes stated at that time, including strengthening the company's financial position and supporting its business and strategic initiatives. The company has been going through detailed reconciliation as we are working with SEBI and clarifying all those things. Once it is all done and dusted, we will present that matter in full and full disclosure to the market. We are going through that.

Suresh Reddy: You will get them. Yeah. Thank you. Let me go through one by one and explain. Have you written down your questions? Based on your questions, let me see how best we can respond to some, and some we may not be able to give you complete answers. We will try our best. Coming to PW shares and utilization of funds. The funds were raised through preferential warrant piece and the shares issue that were intended for purposes stated at that time, including strengthening the company's financial position and supporting its business and strategic initiatives. The company has been going through detailed reconciliation as we are working with SEBI and clarifying all those things. Once it is all done and dusted, we will present that matter in full and full disclosure to the market. We are going through that.

Speaker #1: We will try our best. Coming to PW shares and utilization of funds. The funds were raised through preferential warrants, as you know, and the shares issued were intended for the purposes stated at that time.

Speaker #1: Including, you know, strengthening the company's financial position and supporting its business and strategic initiatives. So, the company has been going through detailed reconciliation as we are working with SEBI and clarifying all those things.

Speaker #1: And once it's all done and dusted, we will present that matter in full, and with full disclosure, to the market. So we are going through that.

Speaker #1: We, in fact, instituted a subcommittee to put together these things, and we have submitted the same to the SEBI officials. Given the regulatory and legal proceedings surrounding this issue, we think it is important that the final position is presented only after reconciliation.

M. Suresh Kumar Reddy: We, in fact, instituted a subcommittee to put together these things, and we have submitted the same to the SEBI officials. Given the regulatory and legal proceedings surrounding the SEBI, we think it is important that the final position is presented only after-

Suresh Reddy: We, in fact, instituted a subcommittee to put together these things, and we have submitted the same to the SEBI officials. Given the regulatory and legal proceedings surrounding the SEBI, we think it is important that the final position is presented only after-

Ambili Rajan: Sir, if I may ask you-

[Analyst 1]: Sir, if I may ask you-

M. Suresh Kumar Reddy: Reconciliation. Sir, sir, let me finish my answer.

Suresh Reddy: Reconciliation. Sir, sir, let me finish my answer.

Speaker #2: If I may ask, what happened?

Speaker #1: Sir, let me finish my answer.

Ambili Rajan: What was next actually?

[Analyst 1]: What was next actually?

Speaker #2: Can I call that?

M. Suresh Kumar Reddy: Can I take call there? No, kindly, please wait. I waited for all your questions. Let me finish my answer, then you can ask questions. Otherwise, this will not go anywhere.

Suresh Reddy: Can I take call there? No, kindly, please wait. I waited for all your questions. Let me finish my answer, then you can ask questions. Otherwise, this will not go anywhere.

Speaker #1: No, kindly please wait. I waited for all your questions. Let me finish my answer, then you can ask questions. Otherwise, this will not go anywhere.

Speaker #1: Right? Okay. The present status of these shares and warrants, including any cancellations and others, will be disclosed based on, you know, legally and accountably relevant positions.

Ambili Rajan: Sure, sure.

[Analyst 1]: Sure, sure.

M. Suresh Kumar Reddy: Right? Okay. The present status of these shares and warrants, including any cancellations and others, will be disclosed based on legally and accountably relevant positions. The corresponding accounting treatment will be aligned with applicable accounting standards, which is one of the points that previous caller had asked about. Our commitment to provide clear reconciliation is there with the shareholders, and you will get that sooner than later. That will happen very soon. I am not trying to dodge a question, this is the fact. The next point is coming to overseas subsidiaries. See, some of these companies, they are just structures in various countries for the core company to operate in and to take money to have a legal structure. It is not like each of these countries that we are present in, we do have teams that are working upon it.

Suresh Reddy: Right? Okay. The present status of these shares and warrants, including any cancellations and others, will be disclosed based on legally and accountably relevant positions. The corresponding accounting treatment will be aligned with applicable accounting standards, which is one of the points that previous caller had asked about. Our commitment to provide clear reconciliation is there with the shareholders, and you will get that sooner than later. That will happen very soon. I am not trying to dodge a question, this is the fact. The next point is coming to overseas subsidiaries. See, some of these companies, they are just structures in various countries for the core company to operate in and to take money to have a legal structure. It is not like each of these countries that we are present in, we do have teams that are working upon it.

Speaker #1: The corresponding accounting treatment will be aligned with the applicable accounting standards, which is one of the points that, you know, the previous caller had asked about.

Speaker #1: So our commitment to provide clear reconciliation is there with the shareholders, and you will get that sooner rather than later. So that will happen very soon.

Speaker #1: And this is not—I'm not trying to dodge your question. This is the fact. So, the next point is, coming to overseas subsidiaries. So, we do—I know, see some of these companies, they are just structures in various countries for the core company to operate in.

Speaker #1: And to take money, to have a legal structure. So it is not like, you know, each of these countries that we are present in, we do have teams that are working upon it.

Speaker #1: We have offices where people are working. And these are not something that we created overnight. These companies have all been acquired, and the offices are from those people, from those acquisitions.

M. Suresh Kumar Reddy: We have offices that people are working there. These are not something that we created overnight. These companies have all been acquired, and the officers are from those acquisitions. All these companies have gone through full due diligence through EY when it was acquired, and these are all existing companies. I feel the accusation is unwarranted. Yes, we do not want to give all the detailed addresses. We do not want shareholders to go to all these places and disturb the operations. You can talk to us. We are here. We are an Indian company. We will answer all your questions to the best we can. These are all already there. There is nothing that we have not done. It is there in our balance sheet. It is there in our annual report. Okay, that is number 2. Talking about reserves and surplus.

Suresh Reddy: We have offices that people are working there. These are not something that we created overnight. These companies have all been acquired, and the officers are from those acquisitions. All these companies have gone through full due diligence through EY when it was acquired, and these are all existing companies. I feel the accusation is unwarranted. Yes, we do not want to give all the detailed addresses. We do not want shareholders to go to all these places and disturb the operations. You can talk to us. We are here. We are an Indian company. We will answer all your questions to the best we can. These are all already there. There is nothing that we have not done. It is there in our balance sheet. It is there in our annual report. Okay, that is number 2. Talking about reserves and surplus.

Speaker #1: All these companies have gone through full due diligence by EY when they were acquired, and these are all existing companies. So, I feel the acquisition is unwarranted.

Speaker #1: Yes, we do not want to give all the detailed addresses. We don't want shareholders to go to all these places and disturb the operations.

Speaker #1: You can talk to us. We are here. We are an Indian company. We will answer all your questions, and to the best we can.

Speaker #1: So you know, these are all already there. There is nothing that we have done; it is there in our balance sheet, it is there in our annual report.

Speaker #1: Okay, that is number two, talking about reserves and surplus. It is important to distinguish between accounting reserves and immediate, immediately transferable cash. It doesn't mean that this cash is sitting or hiding somewhere and we are not using it.

M. Suresh Kumar Reddy: It is important to distinguish between accounting reserves and immediately transferable cash. It does not mean that this cash is sitting or hiding somewhere and we are not using it. It is not that. Reserves and surplus, and for an accounting person can clearly understand, these are things that investments have happened upon, and these are results that are sitting in product that is being built in various places that is there. It is not pre-float cash. If that was the case, then a lot of our issues will not be there. Do understand this is a recovering company from being almost non-operational and almost being shut down for 3 years, and we are returning everything back to normalcy now. You have to give us some credit for trying our best to clean this up and set this all right. This is important to understand.

Suresh Reddy: It is important to distinguish between accounting reserves and immediately transferable cash. It does not mean that this cash is sitting or hiding somewhere and we are not using it. It is not that. Reserves and surplus, and for an accounting person can clearly understand, these are things that investments have happened upon, and these are results that are sitting in product that is being built in various places that is there. It is not pre-float cash. If that was the case, then a lot of our issues will not be there. Do understand this is a recovering company from being almost non-operational and almost being shut down for 3 years, and we are returning everything back to normalcy now. You have to give us some credit for trying our best to clean this up and set this all right. This is important to understand.

Speaker #1: It's not that. So, reserves and surplus — and for an accounting person, they can clearly understand — these are, you know, things that investments have happened upon.

Speaker #1: And these are reserves that are sitting in product that is being built in various places. That is there. It is not, you know, free-float cash.

Speaker #1: If that was the case, then a lot of our issues wouldn't be there. And do understand, this is a recovering company from being, you know, almost non-operational and nearly shut down for three years.

Speaker #1: And we are returning everything back to normalcy now. So, you know, you have to give us, you know, some credit for trying our best to clean this up and set this all right.

Speaker #1: So, you know, this is important to understand. You know, cash reserves doesn't mean it is sitting in one bank account and we are not having access.

M. Suresh Kumar Reddy: Cash reserve does not mean it is sitting in one bank account and we are not having access. It is not that. They will be in receivables. There will be so many places in how it gets accounted for. We will try to put out a note on this because I think there is a lot of confusion on that part. Now coming to Dom matter, it is 100% sub judice. This popped up to our surprise as well. This was a dead matter. We were already addressed that in a different jurisdiction. We are tackling it legally the right way, and you will know once it is happening. I do not think there is any reason for worry on that. It is all absolutely under control, and we will inform you once we reach a final conclusion there. There is nothing to be concerned about.

Suresh Reddy: Cash reserve does not mean it is sitting in one bank account and we are not having access. It is not that. They will be in receivables. There will be so many places in how it gets accounted for. We will try to put out a note on this because I think there is a lot of confusion on that part. Now coming to Dom matter, it is 100% sub judice. This popped up to our surprise as well. This was a dead matter. We were already addressed that in a different jurisdiction. We are tackling it legally the right way, and you will know once it is happening. I do not think there is any reason for worry on that. It is all absolutely under control, and we will inform you once we reach a final conclusion there. There is nothing to be concerned about.

Speaker #1: It's not that. They'll be in receivables. There'll be so many places, and how it gets accounted for. We will try to put out a note on this.

Speaker #1: Because I think there is a lot of confusion on that part. Now, coming to the DOM matter, it is 100% sub judice. This popped up to our surprise as well.

Speaker #1: This was a dead matter. We have already addressed that in a different jurisdiction. So, we are tackling it legally the right way, and you will know once it is happening.

Speaker #1: I don't think there is any reason to worry about that. It is all absolutely under control, and we will inform you once we reach a final conclusion there.

Speaker #1: There is nothing to be concerned about. See, what has happened is DOM has filed this outcome from the, what do you call, the Singapore—you know, the Singapore outcome from the court situation in the Singapore arbitration court.

M. Suresh Kumar Reddy: See, what has happened is Dom has filed this outcome from the Singapore, the Singapore outcome from Court situation in Singapore, arbitration court. They have filed it outside of India, for which we have given Lycos. This whole thing of coming to India and trying to ask for the whole amount again is very surprising and unexpected. We are working on it. We have already informed the courts about it, and we will work through it. There is nothing to be concerned or panicky about it. It is a done deal, and these are things that happen in the course of business for companies, and we will address that. Kindly do not blow it out of proportion. We will handle it. There are some things we cannot publicly talk about because it will give undue advantage to the other party. That is number 5 of your questions.

Suresh Reddy: See, what has happened is Dom has filed this outcome from the Singapore, the Singapore outcome from Court situation in Singapore, arbitration court. They have filed it outside of India, for which we have given Lycos. This whole thing of coming to India and trying to ask for the whole amount again is very surprising and unexpected. We are working on it. We have already informed the courts about it, and we will work through it. There is nothing to be concerned or panicky about it. It is a done deal, and these are things that happen in the course of business for companies, and we will address that. Kindly do not blow it out of proportion. We will handle it. There are some things we cannot publicly talk about because it will give undue advantage to the other party. That is number 5 of your questions.

Speaker #1: And they have filed it outside of India, for which we have given LICOS. So this whole thing of coming to India and trying to ask for the whole amount again is very surprising and unexpected.

Speaker #1: So, we are working on it. We have already informed the courts about it. We'll work through it. There is nothing to be, you know, concerned or panicky about.

Speaker #1: It is a done deal, and these are things that happen in the course of business for companies. We will address that, so kindly do not blow it out of proportion.

Speaker #1: We will handle it. There are some things we cannot publicly talk about because it would give undue advantage to the other party.

Speaker #1: So, that is number five of your question. Number six—you talked about SEBI SAT. I think you know the answer to this; you just wanted to bring it up.

M. Suresh Kumar Reddy: Number 6, you talked about SEBI SAT. I think you know the answer to this. You just want to bring it up. That is fine. These are all not in our control. They are at work. We are working with SAT, we are working with SEBI, we are working with all the other proceedings. The objective is to get the right hearing to get justice for the company. That is the objective. We cannot do it in a hurry and make mistakes. Legally, the lawyers work their way; they do it. It gets postponed. What can we do? We are not asking for postponement or sometimes we are not ready. The legal team says we are going to do it. In terms of SEBI, we have submitted everything.

Suresh Reddy: Number 6, you talked about SEBI SAT. I think you know the answer to this. You just want to bring it up. That is fine. These are all not in our control. They are at work. We are working with SAT, we are working with SEBI, we are working with all the other proceedings. The objective is to get the right hearing to get justice for the company. That is the objective. We cannot do it in a hurry and make mistakes. Legally, the lawyers work their way; they do it. It gets postponed. What can we do? We are not asking for postponement or sometimes we are not ready. The legal team says we are going to do it. In terms of SEBI, we have submitted everything.

Speaker #1: That's fine. These are all not in our control. They are work—we are working with SAT, we are working with SEBI, and we are working with all the other proceedings.

Speaker #1: The objective is to get the right hearing to get justice for the company. That's the objective. So we cannot do it in a hurry and make mistakes.

Speaker #1: So, legally, the lawyers work their way. They do it; it gets postponed, it gets postponed. What can we do? We are not asking for postponement.

Speaker #1: Or you know, sometimes you're not ready. The legal team says we're going to do it. And in terms of SEBI, we have submitted everything.

Speaker #1: No further questions have come to us for the last several months. We have already completely clarified this and explained it to our shareholders.

M. Suresh Kumar Reddy: No further questions have come to us for the last so many months, and we have already completely clarified this and explained this to our shareholders. I do not think why there is We are not trying to create uncertainty. This is part of the journey that we are going through along with you. We also want this to be completed. Do you think we want to delay it? No. We want to get it completed, but it needs to be completed right where justice is served. That is the point, and we want our point to be put across like any other litigating or fighting party in the world. We do not want to be rushed into things because we have to give something to the shareholder. It is not that. It is about making sure the right outcome comes out of this.

Suresh Reddy: No further questions have come to us for the last so many months, and we have already completely clarified this and explained this to our shareholders. I do not think why there is We are not trying to create uncertainty. This is part of the journey that we are going through along with you. We also want this to be completed. Do you think we want to delay it? No. We want to get it completed, but it needs to be completed right where justice is served. That is the point, and we want our point to be put across like any other litigating or fighting party in the world. We do not want to be rushed into things because we have to give something to the shareholder. It is not that. It is about making sure the right outcome comes out of this.

Speaker #1: And I don't think—why there is, you know... we are not trying to create uncertainty. This is part of the journey that we are going through along with you.

Speaker #1: We also want this to be completed. Do you think we want to delay it? No. We want to get it completed, but it needs to be completed right.

Speaker #1: Where justice is served. So that's the point. And we want our point to be put across, like any other litigating or, you know, fighting party in the world.

Speaker #1: So we don't want to be rushed into things, because, you know, "Oh, we have to give something to the shareholder." It is not that.

Speaker #1: It is about making sure the right outcome comes out of these. So we are trying to work on that. Now, coming to the investor conference.

M. Suresh Kumar Reddy: We are trying to work on that. Coming to investor conference, that is a good question. I talked about some of the things we are trying to do. I know shareholders are not satisfied with assurances alone. Our intention is to focus on very specific areas. We are looking at subsidiary disclosure details where we have greater clarity. I think once some of these things come to conclusion, the PW issue and other legacy matters, we will immediately inform. We may inform sooner than later. Then we are looking at stronger compliance and governance systems. I think this year we met all compliances in spite of what all the shareholders have been complaining about. Sometimes it is a week above or later, sometimes a week before. All compliances are met. Yes, there have been issues here.

Suresh Reddy: We are trying to work on that. Coming to investor conference, that is a good question. I talked about some of the things we are trying to do. I know shareholders are not satisfied with assurances alone. Our intention is to focus on very specific areas. We are looking at subsidiary disclosure details where we have greater clarity. I think once some of these things come to conclusion, the PW issue and other legacy matters, we will immediately inform. We may inform sooner than later. Then we are looking at stronger compliance and governance systems. I think this year we met all compliances in spite of what all the shareholders have been complaining about. Sometimes it is a week above or later, sometimes a week before. All compliances are met. Yes, there have been issues here.

Speaker #1: That's a good question. I talked about some of the things we are trying to do. We—I know shareholders just are not satisfied with assurances alone.

Speaker #1: Now our intention is to focus on very specific areas. So we are looking at, you know, subsidy disclosure details—that is, we are aiming for greater clarity.

Speaker #1: And I think once some of these things come to a conclusion—the, you know, the PW issue and other legacy matters—we will immediately inform.

Speaker #1: We may inform sooner than later. And then we are looking at stronger compliance and governance systems. I think you know, this year we've met all compliances in spite of what all the shareholders are you know, some of the shareholders have been complaining about.

Speaker #1: We've met sometimes, you know, a week after or later, sometimes a week before. All compliances are met. So yes, there have been issues here.

Speaker #1: You have to expect that from a company that's recovering from a blow, which is what we are doing right now. You will see better improvements as we go forward.

M. Suresh Kumar Reddy: You have to expect that from a company that is recovering from a blow, which is what we are doing right now. You will see better improvements as we go forward, which is what I harped upon, again, trying to build stronger systems so that it does happen before deadlines. You will see some of that going forward. We are also focused on having larger teams in our disclosures and measurable governance standards of the company. We believe end of the day, these are things that you start seeing very soon. This is all I can tell you right now, and I cannot change anything overnight for anyone right now. All I can tell you is these are things the company is doing, has been doing, and a few things have already kicked in. You are seeing results. Other things, you will see results as we go. Right.

Suresh Reddy: You have to expect that from a company that is recovering from a blow, which is what we are doing right now. You will see better improvements as we go forward, which is what I harped upon, again, trying to build stronger systems so that it does happen before deadlines. You will see some of that going forward. We are also focused on having larger teams in our disclosures and measurable governance standards of the company. We believe end of the day, these are things that you start seeing very soon. This is all I can tell you right now, and I cannot change anything overnight for anyone right now. All I can tell you is these are things the company is doing, has been doing, and a few things have already kicked in. You are seeing results. Other things, you will see results as we go. Right.

Speaker #1: Which is what I again harped upon. Again, trying to build stronger systems so that it doesn't — it does happen before time, before deadlines. So, and you will see some of that going forward.

Speaker #1: And we are also focused on, you know, having larger teams in our disclosures and measurable, you know, governance standards of the company. So we believe, you know, end of the day, these are things that you will start seeing very soon.

Speaker #1: This is all I can tell you right now. And I can't change anything overnight for anyone at this moment. But all I can tell you is these are the things the company is doing.

Speaker #1: ...has been doing. And a few things have already, you know, kicked in. You're seeing results. Other things you'll see results as we go.

Speaker #2: Right, yeah. Can I ask you for clarity on one or two questions? Do you mind if I comment? Yeah.

M. Suresh Kumar Reddy: Can I ask you clarity on one or two questions? Do you mind how much? Yes, please, sir. Go ahead. Regarding the PW shares. What led SEBI involved in these PW shares? If everything was perfect, we wouldn't have come to a scenario, right? Correct. So what do you want me to tell you? What led SEBI interfere in the PW shares issue? You'll have to ask SEBI about it. You'll have to ask SEBI what led them to come to those conclusions. We are addressing all of them one by one. We have put a committee to address that fact very fast. It has disrupted operations, it has disrupted leadership, it has disrupted the company. We didn't want that to happen, but it happened. So now we have to deal with it. We'll work with it. That's what we are doing.

Suresh Reddy: Can I ask you clarity on one or two questions? Do you mind how much? Yes, please, sir. Go ahead. Regarding the PW shares. What led SEBI involved in these PW shares? If everything was perfect, we wouldn't have come to a scenario, right? Correct. So what do you want me to tell you? What led SEBI interfere in the PW shares issue? You'll have to ask SEBI about it. You'll have to ask SEBI what led them to come to those conclusions. We are addressing all of them one by one. We have put a committee to address that fact very fast. It has disrupted operations, it has disrupted leadership, it has disrupted the company. We didn't want that to happen, but it happened. So now we have to deal with it. We'll work with it. That's what we are doing.

Speaker #1: Yes. Please. Please. Go ahead.

Speaker #2: Regarding the PW shares, what led SEBI to get involved with these PW shares? If everything was perfect, we wouldn't have come to this scenario, right?

Speaker #1: Correct.

Speaker #2: So, what do you want me to tell you? What led SEBI to interfere in the PW shares?

Speaker #1: You have asked SEBI about this.

Speaker #2: Because you have to ask SEBI what it is that led them to come to those conclusions. And we are addressing all of them.

Speaker #2: One by one, we have put a committee to address that— that very fact. It has disrupted the operations. It has disrupted leadership. It has disrupted the company.

Speaker #2: We did not want that to happen, but it happened. So now we have to deal with it. We'll work with it. That's what we are doing.

Speaker #1: Thank you, sir. We'll take up the next caller. The next question is from Mr. Srinivas, Senthil Nadu. Please go ahead.

Moderator: Thank you, sir. We'll take up the next caller. The next question is from Mr. Srinivas Sentilnathan. Please go ahead.

Operator: Thank you, sir. We'll take up the next caller. The next question is from Mr. Srinivas Sentilnathan. Please go ahead.

Speaker #3: Hello. Am I audible? Am I audible?

Srinivas Sentilnathan: Hello? Am I audible? Are you able to hear me? Yes, please. Please go ahead. Good afternoon, sir. Recently, I have seen news that we are pouring into defense.

[Analyst 2]: Hello? Am I audible? Are you able to hear me? Yes, please. Please go ahead. Good afternoon, sir. Recently, I have seen news that we are pouring into defense.

Speaker #2: Yes, please. Yes, please. Please go ahead.

Speaker #3: Good afternoon, sir. Good afternoon. Recently, I have seen news that we are pouring into defense. So...

Speaker #2: Yes, sir.

M. Suresh Kumar Reddy: Yes

Suresh Reddy: Yes

Srinivas Sentilnathan: So what kind of updates can you give us? When will we be seeing the revenues added to us? As you know, right now the whole world is in war. So can we monetize this or do we have some more time where we can add to our revenues? I just wanted to have the forecast or the numbers where it

[Analyst 2]: So what kind of updates can you give us? When will we be seeing the revenues added to us? As you know, right now the whole world is in war. So can we monetize this or do we have some more time where we can add to our revenues? I just wanted to have the forecast or the numbers where it

Speaker #3: What kind of update can you give us? Like, when are we—when will we be seeing the revenues added to us?

Speaker #3: And as you know, right now the whole world is at war. So can we monetize this, or do we have some more time where we can add to our revenues?

Speaker #3: So I just want to have the forecast, or the numbers where they are.

M. Suresh Kumar Reddy: I think some of it. I didn't want to repeat it, so I'll talk about that, no problem, sir. I think I talked about some of this in my previous earnings call last quarter.

Suresh Reddy: I think some of it. I didn't want to repeat it, so I'll talk about that, no problem, sir. I think I talked about some of this in my previous earnings call last quarter.

Speaker #2: I think some of it, I didn't want to repeat. So I'll talk about that. No problem, sir. I repeat things. I think I talked about some of this in my previous, you know, earnings call last quarter.

Speaker #3: Yes, so is there any update on that, or?

Srinivas Sentilnathan: Yes. Is there any update on that?

[Analyst 2]: Yes. Is there any update on that?

Speaker #2: I will, I will talk about it. I will talk about it.

M. Suresh Kumar Reddy: I will talk about it.

Suresh Reddy: I will talk about it.

Srinivas Sentilnathan: Please.

[Analyst 2]: Please.

Speaker #3: Okay. Please.

Speaker #2: So, like we said last time, you know, we have formed a partnership with the US-based, Detroit-based manufacturing company. And then we are bidding together in a lot of places.

M. Suresh Kumar Reddy: Like we said last time, we have formed partnership with a US-based, Detroit-based manufacturing company. We are bidding together in a lot of places, and a lot of these proposals are at a very advanced stage. Any of them, as soon as it converts, I think we'll inform the market immediately. We have also found out that these orders take time in terms of conversion. There are various stages. Simultaneously, we are looking at individually ourselves trying to establish vendorships with some of the large army companies across the world. That is also happening parallelly. In terms of technology, we do have the core base in place, then those have to be customized as per need of the end customer. That is also in place. More importantly, relationship building is very much on. It's very critical.

Suresh Reddy: Like we said last time, we have formed partnership with a US-based, Detroit-based manufacturing company. We are bidding together in a lot of places, and a lot of these proposals are at a very advanced stage. Any of them, as soon as it converts, I think we'll inform the market immediately. We have also found out that these orders take time in terms of conversion. There are various stages. Simultaneously, we are looking at individually ourselves trying to establish vendorships with some of the large army companies across the world. That is also happening parallelly. In terms of technology, we do have the core base in place, then those have to be customized as per need of the end customer. That is also in place. More importantly, relationship building is very much on. It's very critical.

Speaker #2: And a lot of these proposals are at a very advanced stage, and as soon as any of them converts, I think we'll inform the market immediately.

Speaker #2: And we have also found out that these orders take time. In terms of conversion, there are various stages. And then, simultaneously, we are looking at, individually ourselves, trying to establish, you know, vendorships with some of the large, you know, army—the names of the world—across the world.

Speaker #2: So that is also happening in parallel. And in terms of technology, we do have the core base in place. Then those have to be customized.

Speaker #2: As per the need of the end customer, so that is also in place. And then, more importantly, relationship building is very much on. It's very critical.

Speaker #2: This business requires a relationships at various levels. In you know, these organizations are some of them are all of them are government. So there is a different way of approaching this business.

M. Suresh Kumar Reddy: This business requires relationships at various levels in these organizations. All of them are government. There is a different way of approaching this business that we have learned, and we are working through that. These are all in the process. If you need timelines, I am unable to give you timelines, but I can tell you that work is happening, and you will see results much sooner than expected. You would be surprised sometimes when suddenly something converts, and we immediately inform the market. That is the update I can give you at this point, sir.

Suresh Reddy: This business requires relationships at various levels in these organizations. All of them are government. There is a different way of approaching this business that we have learned, and we are working through that. These are all in the process. If you need timelines, I am unable to give you timelines, but I can tell you that work is happening, and you will see results much sooner than expected. You would be surprised sometimes when suddenly something converts, and we immediately inform the market. That is the update I can give you at this point, sir.

Speaker #2: So that we have learned, and we are working through that. These are all in process now. If you need timelines, I'm unable to give you timelines.

Speaker #2: But I can tell you that work is happening, and you will see results much sooner than expected. You would be surprised, sometimes, and suddenly something converts and we'll immediately inform the market.

Speaker #2: That's the update I can give you at this point, sir.

Speaker #3: Okay, I have one more question. Since our offices are in the US, are we pitching for US markets as well, or only in India for defense?

Srinivas Sentilnathan: I have one more question. Since our offices are in US, are we pitching for US markets as well or only in India for defense?

[Analyst 2]: I have one more question. Since our offices are in US, are we pitching for US markets as well or only in India for defense?

Speaker #2: All over, sir. All over the world. All over the world. So, which is where our US partner is helping us—all over the world.

M. Suresh Kumar Reddy: All over, sir. All over the world, which is where our US partner is helping us.

Suresh Reddy: All over, sir. All over the world, which is where our US partner is helping us.

Srinivas Sentilnathan: Oh!

[Analyst 2]: Oh!

M. Suresh Kumar Reddy: All over the world. Yes.

Suresh Reddy: All over the world. Yes.

Speaker #2: Yes, sir.

Speaker #3: So maybe we can expect it in the next three or four quarters, or sooner than that?

Srinivas Sentilnathan: Maybe we can expect in next three, four quarters or sooner than that?

[Analyst 2]: Maybe we can expect in next three, four quarters or sooner than that?

M. Suresh Kumar Reddy: Hopefully sooner than that.

Suresh Reddy: Hopefully sooner than that.

Speaker #2: Hopefully sooner than that.

Speaker #3: Okay. Thank you, sir.

Srinivas Sentilnathan: Okay. Thank you, sir, thank you.

[Analyst 2]: Okay. Thank you, sir, thank you.

Speaker #2: Thank you, sir.

Speaker #1: Thank you so much, sir. In the interest of time, that will be the last question for the day. Now I hand over the floor to the management for the closing comments.

Moderator: Thank you so much, sir. In the interest of time, that will be the last question for the day. Now I hand over the floor to the management for the closing comments.

Operator: Thank you so much, sir. In the interest of time, that will be the last question for the day. Now I hand over the floor to the management for the closing comments.

Speaker #2: Yeah. Thank you very much for being on the call, and patiently listening to what we have to say and how we have responded to some of the questions today.

M. Suresh Kumar Reddy: Yeah. Thank you very much for being on the call and patiently listen through what we have to say and how we have responded to some of the questions today. I am very grateful to all of you for being with us during this time of need of the company. We are really enthused and encouraged by your support. Have a great weekend. Thank you all.

Suresh Reddy: Yeah. Thank you very much for being on the call and patiently listen through what we have to say and how we have responded to some of the questions today. I am very grateful to all of you for being with us during this time of need of the company. We are really enthused and encouraged by your support. Have a great weekend. Thank you all.

Speaker #2: I am very grateful to all of you for being with us during this time of need for the company. We are really enthused and encouraged by your support.

Speaker #2: And have a great weekend. Thank you all.

Speaker #1: Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using our conference call service.

Moderator: Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Chorus Call Conference Call Service. You may disconnect your lines now. Thank you and have a pleasant evening.

Operator: Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Chorus Call Conference Call Service. You may disconnect your lines now. Thank you and have a pleasant evening.

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