Varun Subramanian

Just a couple of things on the consular services business. I see that if I just compare the 9-month numbers for FY '25 versus '26 , I think the revenue has come from around INR440 crores to INR280 crores. There's actually degrowth in that piece, right, ex of visa revenue essentially. So if you could just talk about that business, Is the number correct? Secondly, what is the revenue model there?

Okay. Let me explain. In your visa and consular business, you have the net revenue that's coming from visa applications. That number has been steadily going up, right? So if I take your total visa and consular revenue and subtract that, you understood it now?

Okay. I'm saying that if you take the total visa and consular services revenue, right? And you subtract the visa revenue, which is your net revenue per application revenue, right? That is the consular revenue, correct? Now that consular revenue has been coming down.

Just a couple of quick book-keeping questions. So on revenue, the net revenue seems to be essentially your net revenue per application into a number of applications. Is the delta between revenue on the Visa & Consular services business? So the delta between revenue and net revenue, is that also partially what is being passed on to the embassy and secondly, consular services? Is that correct?

So essentially, the cost of services is being counted as revenue in the consolidated revenue, right, top line? Net revenue will exclude that…

Got it. So of the INR 150-odd crores, which is basically revenue minus net revenue, how much would be roughly the Consular services?