I have 2 questions. Firstly, a follow-up on one of your other participant's questions where you said that we should take about a couple of quarters for the annuity revenue growth to come back to double-digit levels or mid-teens levels? So if the first half is going to be in single digits and annuity forms a bulk of your revenue portion, is it fair to expect that you would be able to grow 20% in FY '26? That's the first question. Secondly, when I look at the region-wise margins, India margins have gone down from mid-20 levels to 15% levels in FY '25 versus FY '24. What will be the key reasons for this? Those are the 2 questions.
Questions across 2 calls
Akshat Agarwal
Jefferies
Newgen Software Technologies Limited
SAGILITY LIMITED
Thanks a lot for the opportunity and congratulations on a great set of numbers, sir. I have a couple of questions. Firstly, I just wanted to understand the trajectory of your other expenses. So when I look at your revenues from operations, they've grown up at a healthy pace of 15%, but your other expenses have been flat year -on-year. So has there been a meaningful change in the trajectory? And is it not linked to revenues? And should we build this at a similar run rate going forward? Because that's contributed to a massive margin expansion this quarter. That's the first one. I'll ask my next one once you answer this.
That's great. Secondly, the receivables again, this time around are in the lower 70s. That is quite exceptional for any IT services company. Should we build a similar run rate going forward as well?