Hi. So my question on the regulatory has been answered and well covered. So I'll just move on from that. Your revenue guidance was low- to mid-teens. I just had a couple of questions on that statement. Is that in INR terms or constant currency?
That is clear. Got it. When you guide incrementally on an organic basis, low- to mid-teen, even beyond, let's say FY '26. Do you include inorganic growth in that as well, or you feel that technically you can do a low- to mid-teen growth?
Great. Thank you. Good evening to everyone. So my first question is essentially trying to understand the revenue model. So, I think we had about ₹4,800 crores of revenue in FY '24. Is it possible to break that down into how much is coming basis transactions happening? How much is a fixed subscription based revenue? And how much would we, let's say one- off implementation costs or those sort of revenue? I'm just trying to understand.
Got it. Another question I had, and I had this before the IPO as well. Is that obviously, because of the transaction that happened in 2021, this entity was incorporated. Is it possible to share the revenue data of probably couple of older years just to see or assess what can be the growth profile of a company in the sector. Because right now, the only data we have is 12%, 13% for the last year. So maybe FY '19 or FY '14, if you can share some figures?
Sir my first question is on IT hardware again, and this is more qualitative in nature. Firstly, how do you see the overall environment, number one in terms of demand growth in the IT hardware currently. And secondly, from a tendency to outsource, because if I recall when the P LI participant list came out, like those who were awarded the PLI there were more than 10 , 15 players including a couple of brands, the top brands, but Dixon has done a brilliant job in converting four of the top five, and probably the only player to announce any sort of partnership, and which can give meaningful numbers . So, how is the outsourcing environment, and do you see some of the other competitors becoming active. Do you see incrementally winning business being harder, easier, just sort of your thought process there?
Got it sir. Link to this, there was more than a year back, the government had sort of to give a push to fill it to this outsourcing. They had sort of started import restriction on laptops. And then later after probably the industry push back, they moved to a import licensing system where practically everyone got the license. And recently it was extended as well for a few months. So, do you see significant traction happening and further order wins, before this import system goes away, because at least my understanding is, unless there is a regulatory nudge, even the brands will not even consider outsourcing in a big way.
Thank you for allowing me to speak. Good evening. Am I audible?
Sir, this is the first time I'm interacting with your business. So if you could just help me -- and my first question is basically trying to understand your business, I've gone through all the public filings, but if you could just in simple words, for someone who doesn't belong to the sector, help me understand what is the type of client you are trying to serve and what is the exact problem you are serving for them, right? And I've seen your R&D is also high on you have various patents, so what is the IP that differentiates the business. If you could just help me understand in simple words?
Sir, next year you mentioned the number of INR65 crores to INR70 crores of total incentives. My question is how much of these incentives are you building into the INR200 crores package?
So that implies ex-PLI actually, there would be a very marginal bottom line expansion. Is that a fair statement and any specific reason why that is so, despite strong revenue growth?
Hi. Good evening, everyone. Am I audible?
I have only one question. Beyo nd what you have already mention ed, are you able to disclose anything regarding the new off-highway businesses that y o u w i l l s t a r t f r o m 2026, and you mentioned that you have visibility till 2028? Because I am looking at your business today, your powertrain, the annual numbers you have di sclosed, where commercial vehicle is INR880 crore s, let us say INR900 crores r ounded off, and your off-highway is INR270 crores, right? So if I look from the next two-y ear perspective, we might not see a lot of growth in trucks. In fact, we might actually see a decline. So how large would be the quantum of these off-highway orders, number one? How many clients would they be? Is it like only one client or multiple clients that you are working on? And are the se orders which have already come in or is it that you develop and then you might get the order?