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Bls International Services Ltd
Earnings Call Analysis
Q3-2024 Analysis
Bls International Services Ltd
A key takeaway from the earnings call is the company's capability to maintain revenue, even though there was a significant drop in volume. Despite this downturn, they managed to deliver more than 50% CAGR growth over the last three to four years.
The company is strategically focused on expanding its margins across all verticals, including the newer E-services, fulfilling a critical business objective.
Through the recent strategic acquisition of iDATA, a niche player with operations in certain geographies like Germany and Italy, the company gains higher margin potential. The expectation is to recover the investment within 5 to 6 years due to the high-commission government contracts and the operational economies of scale after later integration.
Thanks to new contracts with higher service charges and an increase in additional services, such as biometrics and premium lounges, there has been an increase in profitability. The company plans to sustain this enhanced margin level going forward.
BLS International has seen its EBITDA margins jump from 15% to over 20%, citing this improvement as a point of consistency they aim to maintain.
The company raised around INR 300 crores, earmarked for growth avenues such as banking correspondent, e-governance, assisted E-services, and existing technology infrastructure. This fund will also support the launch of BLS stores within the network.
BLS International's R&D budget stands around INR 20 crores annually, with expectations to increase investments in technology parallel to revenue growth. Meanwhile, the company has a steady-state CapEx of approximately INR 15 crores per year, with additional CapEx stemming from new contract requirements.
Upcoming strategies include the consolidation of iDATA’s profitability into BLS’s financials and geographic expansion to leverage iDATA’s established market positions.
Significant market components, such as China and Russia, which make up about 20% of the company's global volume, have seen differing impacts. While China is showing signs of recovery, Russia remains stagnant.
Leadership has expressed confidence in sustaining strong financial metrics such as EBITDA and PAT. They have reassured the commitment to continued growth and encouraged investors to reach out for any further queries.
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Ladies and gentlemen, good day, and welcome to the BLS International Services Limited Q3 and 9 Months FY '24 Earnings Conference Call.
This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. The statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. [Operator Instructions]. Please note that this conference is being recorded.
I now hand the conference over to Mr. Shikhar Aggarwal, Joint Managing Director, BLS International Services. And over to you, Mr. Aggarwal.
Good afternoon, and good evening, everyone. Welcome to our earnings call for the quarter and 9 months ended 31st December 2023. I have on call with me today Mr. Nikhil Gupta, Managing Director; Mr. Amit Sudhakar, Chief Financial Officer of the company; Mr. Gaurav Chugh, Head of Investor Relations; and Adfactors, our IR team.
I'm glad to share with you all today what we all have done lately and what we aim to do in the near future. We have made good progress in the past few months, crossing significant milestones and have entered the last quarter of this fiscal on a strong note.
Talking about our strategy. We have been speaking to you regarding our strategy of focusing on both organic and inorganic growth opportunities and utilizing our cash in an efficient manner and generating significant returns. And in line with our strategy, we had acquired Zero Mass in 2022, which significantly expanded our operations. And in January 2024, we have announced signing of a definitive agreement for acquisition of 100% stake in iDATA for an enterprise valuation of EUR 50 million. iDATA is a prominent player in visa and consular services and is based out of Turkey.
Interestingly, iDATA has been the exclusive provider of visa and consular services to the Italian diplomatic mission since 2006 and German government since 2012 in certain geographies. The acquisition will be funded primarily through internal accruals of the company and would be EPS accretive from day 1 of the acquisition. We expect the acquisition to be concluded by end of the fiscal, subject to government and regulatory approvals.
iDATA operates more than 37 visa application centers across 50-plus countries, serving diplomatic missions of Germany, Italy and Czech Republic. We believe this acquisition will mark a significant milestone in BLS International journey. This strategic move underscores our commitment to becoming a global leader in tech-enabled services for government and citizens.
We believe that this acquisition will further expand our operational footfall as well as market share in the visa service segment. Post consummation of this transaction, we work towards integration of the business, keeping in new various synergistic aspects, including achieving operational efficiencies and exploring new opportunities.
On the operational front, let me highlight various awards we have won during the period. We have been re-awarded the contract for visa services for the High Commission of India and Canada. This includes operation at HCI in Ottawa and CGI in Toronto and Vancouver. We will continue to provide services like consular support, passport processing and visa consultation.
On Digital Service front, we secured several contracts from State Health Agency-Ayushman Bharat-Pradhanmantri Jan Arogya Yojana in Uttar Pradesh. This partnership involves handling Ayushman cards on behalf of National Health Authority IT Platform being chosen as a [indiscernible] liability in delivering crucial government services.
Company was awarded another significant contract from UIDAI to conduct a comprehensive data quality check for Aadhaar information. The project spanning over 3 years and is extendable by 2 years.
Last but not the least, it is a momentous milestone. We recently completed the IPO of our subsidiary, BLS E-Services successfully. As BLSE makes a debut in the public market, it provides an opportunity for us to participate in the company's growth trajectory, while enabling BLSE to expand its operations and enhance its offering in the business segments. The proceeds will be utilized towards growing our E-service business, both organically and inorganically.
We see tremendous headroom for growth in this business in the coming years. Our endeavor is to continue to expand our operations through both organic as well as inorganic growth of initiatives and serve people across the globe. Technology and process-oriented approach will remain a key focus area, and we will continue to innovate and strengthen our business operations for the government and serving them in the best possible manner.
Thank you for your continued trust and support. I would now like to hand over the call to Mr. Amit Sudhakar, our CFO, for an update on our financial performance. Thank you.
Good afternoon, everyone. I am pleased to present the consolidated financial performance for the third quarter and 9 months ended December 31, 2023.
In Q3 FY '24, we recorded a revenue of INR 437.9 crores or 7.4% Q-on-Q rise primarily driven by continuous recovery in visa and consular services. During this quarter, our EBITDA reached INR 806 crores compared to INR 66.3 crores in the corresponding quarter last year and INR 86.7 crore in Q2 FY '24.
Notably, the EBITDA margin for the quarter stood at 20.23%, reflecting a substantial increase of 509 basis points compared to the same quarter last year. This improvement can be attributed to our cost optimization initiatives and the positive impact of value-added services.
In Q3 FY '24, our profit after tax amounted to INR 87.18 crores, a significant increase from INR 45.85 crores in previous corresponding quarter and INR 82 crores in Q2 FY '24. Additionally, the EPS for the quarter stood at INR 2.05 compared to INR 1.23 in Q3 FY '23.
Now shifting to 9 months' performance. The 9 months revenue reached INR 1,229 crores, showing a robust 15.13% Y-o-Y increase. This growth was primarily driven by the strong recovery in visa volumes, along with higher revenue from Digital Service business.
The EBITDA for 9 months FY '24 amounted to INR 255 crores compared to INR 154 crores in the corresponding 9 months last year. The EBITDA margin for this period stood at INR 20.78 crores -- sorry, 20.78%, reflecting an increase of 631 basis points compared to 9 months FY '23.
In 9 months FY '24, the profit after tax stood at INR 240 crores, a substantial improvement from INR 127 crores in the previous corresponding 9 months. The EPS for this quarter is INR 5.64 compared to INR 3.2 reported in FY -- reported in 9 months FY '23.
Additionally, I'm pleased to highlight that the Board has recommended a dividend of 50% to the shareholders of the company. This translates into INR 0.50 per share as dividend.
That's all from our end. We would like -- be happy to take any questions that you may have. Thank you.
[Operator Instructions] The first question is from the line of [ Mayur Pabadosa ], who is an investor.
Congratulations for the good set of numbers. Actually, my question...
[ Mayur ], may I request you to use your handset, please?
Yes. is it clear now?
No. Sir, your audio is slightly muffled, sir.
Wait a minute. Hello?
Yes. Sir, please go ahead.
Am I audible?
Yes. Sir, please go ahead.
Hello? Am I audible now?
Yes, sir, you are audible. Please go ahead.
So my question was regarding Visa segment of our business. So in Visa segment, how much we are going to grow in the future? We said we are going to grow 20% year-over-year. And for 9 months, it is actually 11% growth 9 months over 9 months. So it is slightly slowing down. So what we must expect going forward? Without the acquisitions we highlighted, and we did visa, how much we are expecting in visa segment growth?
See, if you see from a profitability point of view, from a PAT level, we have grown more that 90% if you compare the same quarter last year. Even if you see that from an EBITDA level, we have grown more than 66%, so definitely, there is a major growth.
Regarding revenue, also, we grew. There was some seasonality in the business. Some countries didn't open up this quarter. That is why there was a material drop in the volume. But still, if you see the revenue, we have achieved similar. So that is why there is an increase in the revenue, actually.
And whatever numbers we have achieved, we wish to maintain that. If you have seen in the last 3, 4 years, we have given more than 50% CAGR growth. And next years also and coming years, our objective is obviously to grow the company. We cannot give you any firm number or percentages where we look the target to grow. But definitely, we have aggressive growth internally within the company.
Okay, sir. And sir, next question was regarding our Digital Service segment. So on the margin front, can we put if margin improvement in Digital Service segment going forward?
See the margins that we have achieved, obviously, this is a volume driven business spanning across the length and depth of the company -- of the country, where we are 4 lakh people coming in to our centers every day.
Margin is a little less than the Visa business, around 14.5% margin. Whereas in our Visa business, we are doing upwards of 20% margin. Definitely, our -- even margin from Visa business was less. It grew with time. So definitely, our objective and agenda is always to grow the margin in whatever business we get into, and that will be the same objective even in E-services.
Okay, sir. And sir, what is our thought process behind acquiring the iDATA? And how is the margin profile that we have in iDATA? And can we expect the margin -- similar margin profile in that acquisition also once we go through this -- once we have fully accommodated the company in our system?
See, first of all, it took us 15 years to acquire such a big company. The money that we have generated are hard earned money. First, we invested in Starfin, then Zero Mass, and now this EUR 50 million, it translates to INR 450 crore acquisition. We expect the money to be recovered within 5 to 6 years. This is a niche player based in certain geography of the world, wherein they are operating only for Germany, Italy, these governments, Czech Republic also for many in 2006. They have been in business.
Definitely, margins in this company is a little higher than BLS International because it's a niche player, or even certain geographies only with certain governments at higher service charges than us. So that was also the objective of buying this company to learn from them and, obviously, adding new client base in this geography because we can use economies of scale, combine our offices.
It will lead to further growth, reduction of our expenses, we get qualified for more tenders. So definitely, there are multiple advantages. That is all added advantages other than the fact that we will recover our money within 5 to 6 years. And these are all extra advantages that we will get.
The next question is from the line of Ravi Naredi from Naredi Investments.
First of all, Nikhil-ji and Shikhar-ji, congratulations to you and your team, along with us, for good listing of BLS E-Services because you have given the quota for shareholder of BLS, and we get the allotment. And sir, 100%, you acquired fully this visa company. So how much net profit in last year, calendar year 2023?
So see, we have acquired iDATA. We have signed a definitive agreement. Certain CPs are still to be done. And after getting those approvals, we will be able to buy it out. But the audited numbers of their -- they have a calendar year was around EUR 20 million was the revenue, and they had the EBITDA of EUR 10.2 million. This is all in euros.
Very nice, very nice. Yes. Okay. And our quarter 3 top line revenue could not grow. Any reason for INR 437 border?
I think we just answered this question previous -- we just answered this question.
Okay. So I will listen in the system, is it? And this Digital Services, it will be staying with us or it will transfer to BLS E-services?
No. Digital BLS E-services, which a subsidiary of BLS International, will continue to remain a subsidiary of BLS International. And all the revenue profitability will get consolidated into BLS International. But definitely, the E-service arm will handle all the Digital Service business, everything.
Okay, okay. So this Digital Services will also transfer to BLS E-services, right?
Our next question is from the line of [ Anirudh Dhakre ], who is an investor.
Just want to ask, in the current visibility of having the...
[Operator Instructions] Our next question is from the line of Avnish Khara from Investec.
Am I audible?
Yes.
Yes.
So I just have 2 questions. The first one is on the visa services. I just wanted to understand whether the quarter-on-quarter increases primarily. Is it led by volumes? Or do you also see some kind of a price jump over there? And secondly, on the Digital Services, it's -- quarter-on-quarter, it's fallen a little bit. So maybe you could throw some light over there as well on what exactly happened.
So I think on the visa service front, definitely, there has been a good growth in the revenue mix. The revenue mix has changed. We have definitely gotten some additional service charges -- our service charges also increased. If you see in the last year, even the Spanish contract that we won or the new contracts for Germany, Italy, whatever we have done is at higher service charges.
And definitely, there has been a good increase in different additional services like biometric, biometric premium lounges, et cetera. So that is why also, the margin -- the profitability has increased, and we expect to maintain that.
Regarding digital services, I think from quarter 2 to quarter 3, there could be a minute change. But going forward, we see good growth coming in.
The next question is from the line of Omkar Kamtekar from Bonanza Portfolio.
Congratulations on good set of numbers. So just a clarification to understand if the thought process is right. As you said, the iDATA acquisition that you have done, the entity has a -- is a niche player and it has higher margins, like what BLS has.
So I think, by what time you will be able to complete the acquisition? Because if it is a higher margin business, once that becomes incorporated in the numbers of BLS, the margin from the visa services should increase. And if you are saying that the visa margins, they are currently at 20, they could jump higher. So would that be a material jump or a normal jump?
So as I explained in the earlier question that this -- iDATA has a much better EBITDA margin percentages compared to us because they are in fact niche market and the most lucrative market in which they work on. So obviously, once we acquire, our margins will go up overall.
And we see value coming from synergies that we have, that they and we both have operations in more than 5 countries, which we are looking at how we can synergize those operations and improve the margin further in the consolidated financials. So those are the potential EBITDA improvements, which we are looking at.
Understood, sir. But would the margins then materially have or would be incremental marginal gain? So would it be -- say, for example, if the margin is currently at 20%, would it grow 25%, 26%, 27%? Or would be like 1% or 2% higher? Is that -- would it be a material jump or a normal jump?
See, actually, we cannot give any substantial numbers right now because we are also not aware. But as you have seen in the past, BLS International EBITDA margins have jumped from 15% to 20%. Now we are seeing upwards of 20%.
And our endeavor is definitely to grow the margins always, even with this acquisition. Other than this acquisition also, our endeavor is to grow the margin. So definitely, we will be focusing on that. But we do not have any visibility on exact numbers.
And final question is with respect to the length of the contracts that you also have with respect to your awards that you have -- you get for visa and [indiscernible] I mean, what iDATA, do they have the similar length of contracts? Or is this -- or do they have a higher or a shorter length of contracts? And what is our length of contact for the current...
If you recall from the history of the company, maybe if you have seen that we have renewed our major contracts recently. We recently won a contract again with the Indian Embassy in Canada. Last year, we won again the Spanish local contract at a higher service charge.
So every government has different topographies. Germany typically works on a 7-year period. Even the new contract that we work on with German government in U.S.A. is for 7 years. Accordingly, all the contracts with this company also are there for the next few years. And whenever they come for bidding, then there will be a tender.
[Operator Instructions] Our next question is from the line of [ Anirudh Dhakre ], who is an investor.
And congratulations for the good set of numbers. Two questions. Can we expect this to happen in FY 2024, the iDATA completion -- complete acquisition? Also is there any probability or chance with our synergies to have a new business of foreign exchanges with the customer?
Sorry. I understood your first question. That answer is yes, you can expect this transaction to close soon after the approval. I did not understand your second question. Can you please repeat?
So what I'm trying to understand, we are in visa services and we are providing a lot of digital services. So in case, can we have a new business line for the exchange of the currencies? Can we make available the currencies to our customers, the ForEx exchanges?
See, we are not averse to any value addition that can come to our existing customer base. So in some countries, we have tie-up already with certain banks, wherein we are offering ForEx card services at our centers. And already, this is happening.
So we don't want to invest in any new line of business. Where -- we want to utilize the customer base that we have. So definitely, we are very open on any business that can lead to incremental revenue from our existing customer base.
[Operator Instructions] The next question is from the line of [ Nihar Mehta ], who is an investor.
If you could reiterate -- I've noticed recently the revenue growth was not significant. So if you could highlight or give a color on the reason for the change.
Certain geographies that have not fully opened up or there were some seasonality in certain geographies, that is why volume was a little less compared to similar quarter last year. But in fact, our revenue has increased. Because our revenue has gone up from the existing applications that we are getting. And going forward also, we see the volumes going up. So the volume should grow more. So that is why there should be a further increase in revenue.
Understood. And given the recent IPO that we had, if you could elaborate on how much funding was raised. Or where are we going to use that fund?
We can reiterate that, but we have also explained this a lot of times in the last 2 weeks to all the investor's interview. But I can tell you that we have raised around INR 300-odd crores. Funding will primarily use for 4 verticals, which is growing of all the 3 verticals of our banking correspondent, our e-governance and assisted E-services.
And we are going to spend the money on strengthening our existing technology infrastructure to develop new capabilities, invest in inorganic growth, opening of different kind of BLS stores within our network. So couple of things that we've already mentioned in our RSP also. And we have reiterated in our responses and interviews that we did in the last 1 week 10 days.
Understood, sir. And we had our subsidiary in the U.S. So correct me if I'm wrong, we have recently stepped down that subsidiary, which were in the U.S. So if you could tell me what were the reasons behind that and how we plan to work on our growth prospects even in the U.S.
See, we have a presence in U.S. currently. We have created this company with $200 of equity. More for the operations point of view, nothing else. So it will just to streamline the operations in U.S.
[Operator Instructions] The next question is from the line of Omkar Kamtekar from Bonanza Portfolio.
The question is with respect to the gross margin. So in the 9 months, we can see that there is a good jump in the gross margins go up close to 42% on a rounded basis. So my question was with respect to what is this attributed to? So approximately a 10% jump in the gross margin, what is the breakup of this in terms of -- how much is it with respect to increasing prices? And what is the breakdown of it?
So it's a mix of all what we just talked about. There have been new contracts where the revenue per application is higher. We have added new value-added services, which have been there, and they all are higher margin, say, business mix, which is improving our gross margin over the years. You can see that changing over the last year quarter-on-quarter. The 5% overall EBITDA margins have been improved, and we are now maintaining those.
Understood. And the cash on the books that is on the presentation, approximately INR 750-odd crores, so once the acquisition of iDATA is complete that would go down. The -- that would be the correct understanding.
Yes. That's right. But we are generating around INR 80 crores a quarter also. So that will also [indiscernible].
Understood, understood. And finally, one question with respect to the E-services business. So from what I've characterized from another previous con call, you had said that we were experimenting and exploring with respect to last mile cash delivery system cash delivery in the E-services business. How -- what is the status of that? And are we seeing any traction with respect to that?
Sorry. Just one second. Nikhil, if you can add on this.
Yes. Let me answer that. So we have entered into an agreement with the Public Sector Banks Alliance where there are 12 Public Sector Banks that have given us nearly 58% of the transactions across India, whereby in the last mile, we are going to be -- we are -- we started doing various services to the residents at their homes, including, for example, picking up cash, giving them cash and even any kind of check books that they want, they want bank accounts to be opened. We've already started many of these services in the last 3 months.
Understood. So this would fall under the bank corresponding services, Or would it be different from the existing verticals?
It's a separate contract, but within the BLS E-services.
No, no. So -- but would it fall under the bank corresponding segment -- subsegment?
No, no, no. It will be in the same segment, but it's a part of -- it's a separate agreement.
Okay. Understood, understood. And are you seeing traction or it still making stage? Do you see it ramping up very quickly?
It's in the earlier stage, but with -- the banks expect it to be ramped up very rapidly over the next couple of months.
Next couple of months. So maybe 12 months down the line, it will be a much significant contributor to the revenues of this E-services business.
It would be a contributor. We'll have to see how significant it is over time.
[Operator Instructions] Our next question is from the line of [ Mohit Doshi ], who is an Investor.
Sir, just 2 questions. And the first one being a tech-enabled service providers, so what is our budget on R&D or innovation?
Are you talking about BLS International?
Yes, sir.
The budget for R&D, I think what we have been spending is INR 20-odd crores every year. And definitely now, with the new things in place and no new kind of business that we're targeting in visa or consular services across the world, we are going to maybe have a little bit more investment going forward in the technology space, as our revenue and profits increase.
So sir, what would be approximate scale-up in this, if you could provide a number?
No. It is not defined, the percentage. As and when we get new contracts, accordingly, we have to invest in technology for each contract, some different kind of technology. So probably that. But I think it will be utilized from the internal accruals of the company.
Certainly. And sir, in the future, if one was to assess the company -- I mean, measure the company's success, any particular indicator or something that we should look out for?
I think EBITDA revenue -- I think EBITDA and PAT, that is the indicator that we internally look at. And definitely sustained growth, that is what we are looking at.
[Operator Instructions] The next question is from the line of [ Supan Parekh ], who is an investor.
Yes. Sir, I just wanted to know about the way forward for the investors or the stakeholders to monitor the succes of BLS going forward? What are the main things that -- the indicators they should look upon?
See, you should look at this, last 3, 4 years how we have grown as a company. And this -- maybe definitely, next few years, the company that we acquired, iDATA, their profitability that is generated in that company will get consolidated into BLS.
We see growth coming in from that area, entering into new geographies. So I would say that, definitely, we, as a company, have now become little mature in terms of our entry into different geographies. Now we understand how to aggressively grow the company further. So definitely, they could be good growth coming in the next few years.
Okay. I want to ask again. Wanted to ask about this current visa volumes per annum or quarter. What are the current volumes for that?
We have not disclosed that number properly because we are working multiple territories and multiple countries or different governments. So I think we have to get back to you on that.
Okay, okay. So have you lost any contracts in last few months?
No. We have in fact won new contracts.
Okay. So I also wanted to ask the follow-up question for these volumes. Regarding -- what is the volume in China and Russia as well as the situation in the [indiscernible].
It is as around 20% of our global volume, the volume that we are generating. Any contract that we do, 20% of it come -- used to come from Russia and China. China is come -- is trying -- is starting looking at coming back now. Russia still has not started to come back.
Okay, okay. And the last question I wanted to ask is, any short-term roadmap for BLS E-services post IPO?
We have already announced our roadmap, the money that we will be utilizing for. It is our growth capital. This is all fresh issuance. Equity money has come into the company. And we will be -- our main objective will be whatever we have [indiscernible], we want to follow that, and our main objective will be to implement that.
[Operator Instructions] The next question is from the line of Omkar Kamtekar from Bonanza Portfolio.
Could we share the free cash flow generated for the 9 months, if it is available?
You can take on -- we have given the cash as on 31st March as well as now. I don't have the figure at me, but it was about, I believe, around 550. Now it is about 750.
It's free cash flow, so not the cash. Free cash flow.
Free cash flow from the business?
Yes, yes. Free cash flow.
So see, in our case, if you add the depreciation and the tax, you will get the free cash flow from the business. It's INR 200 crores, what we have generated in 9 months.
Sorry. I did not get that.
We have generated around INR 200 crores in 9 months free cash.
Understood. And with respect to CapEx, what is the steady-state CapEx that we would be required? I know it would be dependent more upon how we -- how many contracts do we get and where are the offices that are being opened in various reason. But an approximate steady state CapEx that we generally do on an ongoing basis, so that the operations are running.
Sure. So we have a normal CapEx in the range of around INR 15 crores every year, and additional comes from the new contracts that we win and how much we need to invest in those. But the normal is about INR 15 crores.
INR 15 crores, INR 15 crores is on an average. It could ebb and flow, depending on the contractings.
That's right. And it will be on account of new contracts.
Okay. And this is all generally funded by us only. Or is the -- sorry, on the counterpart -- the government also chipping in a bit? Or is it fully funded by us?
No. It is done by us only. No government supports on the CapEx.
Understood. And can we share what is the approximate market share if we can disclose that? What is the market BLS has in the Visa Services business domestically and globally?
[indiscernible] source available to give that.
Okay. The investor relations team could share the number with respect to the volumes, would that be, so I would separately ask them offline this question, the volume?
That we can discuss offline on this.
[Operator Instructions] The next question is from the line of Ravi Naredi from Naredi Investments.
Yes. With the higher margin we have get in this 9 months, will this margin stay for future years or future quarters?
Yes. Ravi, if you see our results over the last, I would say, 1 year, quarter-on-quarter, we have been able to maintain over 20% EBITDA margin. And we are quite positive of continuing and maintaining that.
Yes, we are. I'm shareholder since last 10 years, sir, so I am minutely studying everything. And sir, last, this digital services con call, this BLS E-services con call, you will make separately?
Yes. We will start doing that from next quarter.
[Operator Instructions] As there are no further questions, I would now hand the conference over to Mr. Shikhar Aggarwal from BLS International Services Limited for closing comments.
Thank you, everyone for taking time to participate in our Q3 and 9-month FY '24 earnings call. In case of any further queries, you may get in touch with Gaurav Chugh, our Head of Investor Relations or Adfactors PR. We look forward to interacting with you next quarter. Thank you.
Thank you.
On behalf of BLS International Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.