Thank you so much, Nikhil. There are a couple of questions already waiting for us, and both of them are on the policy side. So, Satya, maybe I will throw them to you. Number one is, how is the rationalization of exams likely to impact our business? And can you share a little bit about the growth outlook for DEX in the near and medium term? Also from the same person, Mr. Rahul Bhansali, has asked — with so much public scrutiny and focus on the conduct of exams, how do we counter the risk that the NTA might develop in-house software and hardware to mitigate risks of malpractice?

So on the exam rationalization part, the multiplicity of exams in India, both at the undergrad and the postgrad levels, are actually far too many. And many of those are likely to get integrated — for instance, design, fashion, architecture, BBA, commerce, all of those. So there is a school of thought that the common exam might be more like a SAT at the UG level or a GMAT at the PG level or a GRE. So it can come down to three to four exams, which actually has already happened as far as engineering and medical is concerned, like I mentioned in the beginning. Now, what does it do to any player is that some parts of it will morph into another exam, some new opportunities will come. So those who will go and grab that new opportunity will be able to benefit a lot from it. The movement is more and more likely towar ds aptitude and cognitive skills, which are domain agnostic, which are geography agnostic. So I think that is the broad direction it will take. But it is too premature for us to say anything more than that, whether it happens in 12 months or 24 months, if three steps are taken in one go. I think those things are better watched and studied carefully than jumping the gun. That is where I would pause. The good thing is that the enrolments into higher education, from here where it is, have to grow by about 60% over the next nine years. So the addressable market is going to become large. That is the reason why a lot of these things are likely to happen, so that from a student's benefit point of view the exams will be on demand, any number of times, and digital, so that the cheating, the malpractices, etcetera, are all going to be minimized. For example, you would not have heard too much of it when it comes to a UPSC or an IIT or a CAT. So it is a lot about both technology and also the management of that examination. On the scrutiny part, internally we look at it as a good opportunity, because today, if harder scrutiny were to be applied, both on the assessment side — especially on the assessment side — not more than a couple of companies, including DEXIT, will figure with the kind of robust technology, security, AI - enabled proctoring, live real -time remote proctoring of all the centers which are controlled from a control room. These are the things very few players will cross the threshold on. So we say that it is a good opportunity if you are a good brand, a trustworthy player, who can not only do quality service but can also scale up. But at that stage I will pause, and also request Yatrik Sir to come in and make a point or two specifically about DEXIT's opportunity in this context.

Thanks, Satya. Just wanted to supplement what Satya very well articulated. The entire assessment business or the DEX business, moving forward from here to the next three to five years — two or three contours are very important. One is, as he alluded, the robust technology. And when we think of technology as required in the assessment space, more particularly with the kind of experiences in very recent months that India has actually had, is that we need to actually have a very robust and very, very foolproof proctoring system. And the way DEXIT technology today is, we are confident that it meets not only today's requirements, but it is very futuristic, because a lot of AI ingredient has been put into this remote proctoring element of our assessment. Having said that, when we slightly look at how do we scale up this DEX business in the next two to three years — one is obviously our technology needs complete robustness. We need to rewrite part of the technology. And members may kindly recall that when we had the earnings call ended March, sometime in the middle of May, I had alluded that there are a lot of technology projects which are underway in terms of their rollout and implementation. And I am happy to say that almost 60 to 70% of the projects that as a team for FY26-27 we had undertaken are almost complete. The entire examination engine, the way we organize our cyber and IT security, the way we organize our entire network layer, and expanding the nodes across the country, are the very high -level strategic meaty projects that we are undertaking in the current financial year. The second important aspect for the entire DEX business, or in general the education business, is how do we actually democratize the entire education pan India or pan globe. So our aspirations obviously do not end with India, but we have global aspirations also. And one important ingredient that we have actually rolled out is BYOD, which is Bring Your Own Device. And the moment that BYOD becomes a successful tool in the hands of both DEXIT and in the hands of the universities, colleges, schools and the candidate, then it is anywhere, anytime, any exams at the choice of the student, and it could be online, real-time, pan globe. So this is the way — if we democratize the entire assessment and education piece, then I think it will be a very important revenue lever.

I am sorry, I believe Yatrik Sir has dropped out of the call for some reason for a second. We are just trying to get him back. Yatrik Sir, the last word you said was “lever”, that was audible.

Yes, okay. So the third important lever, and as Nikhil mentioned, Q1 has been a mixed bag. But if you carefully notice that while some of the businesses, or especially one business, has its own headwinds in terms of Q1 revenues and the profits, the good and the encouraging piece is that as a team we have ensured that our costs remain completely and tightly controlled. And therefore, in all the businesses we are actually closing the quarter with positive EBITDA, even the one which had significant headwinds. Also, the MarTech and the DEX business es operate at 25 to 30% of EBITDA margin, which itself is a very, very encouraging sign. And as Nikhil explained, there is cyclicality in all the businesses. Q2 and Q3 would look encouraging for the MarTech and DEX business es for sure, and that would actually cope up and bring on line both the revenue growth and the profit growth. So when we look at the year as a whole, and when we look at the next two years or three years, we are very confident as a team that we will be able to deliver very robust financial and business growth, and we would have expanded to multiple areas and multiple geographies for sure.

Thank you, Yatrik Sir. I will next take the question from Mr. Aditya Deora, where he has asked for an explanation on the difference between the EBIT, that is the segment results, and the EBITDA that we have shown in our presentation, with specific reference to DEX. Aditya, in DEX our other income in Q1 of last year was about ₹ 3 crores; it is about ₹ 4.5 crores this year. And of course, as you are aware, the depreciation last year in the first quarter was about ₹ 2.3 crores versus about ₹ 3.5 crores this year, which is why you see the difference in the numbers in terms of the segment results versus the EBITDA that is used in the results that are published versus our presentation. I will now move on to a quick question on the test prep business. Gautam, maybe I can throw this to you. How is the BBA and IPM business doing specifically this year? And what is the impact of brands like PhysicsWallah, who have done a lot of pilot work in AI in terms of content creation, impacting the test prep business specifically? This question is from Mr. Henil Bagadia.

First of all, BBA and IPM — the segment is doing fairly well. It has been a growth segment for us, and we expect this to grow further, given that a larger number of institutes have started offering five-year MBA kind of programmes, and a large number of MBA institutes, if they are not offering IPM, if they are not offering a five -year programme, have started looking at a three -year or four -year programme also. So this will be a growth segment. And if you look at the previous quarter also, this number has only grown, and we expect it to grow further. Regarding the use of AI, we are already using AI for content generation. It has been a part of what we do, I will say, maybe for about a year and a half or two years. So it has been a regular part of our business; it is not a new item for us as such. Now, the impact of PhysicsWallah, from our point of view, is not in terms of content. I am sure everyone today is using AI for content generation. The key thing is what is the quality of content you are creating and how is it being accepted in the market, and there I think we are doing fairly well. Secondly, PhysicsWallah by nature, from a business perspective, has been targeting the lower end of the market. And while we are in the middle to top — while we are offering programmes at the lower end also, the focus by and large has been on the middle and the upper end of the segment. Arjun, over to you.

Thank you, GP. Yatrik Sir, if I may throw another question your way, Henil has also inquired about our DEX business in terms of how we are using proctoring, and specifically AI in proctoring development going forward, and does DEX have a suite available to deal with how technology can impact proctoring of exams, especially in the context of what all is happening currently with the NTA and the NEET fiasco?

Sure. So thanks. Just a very quick summarization is that even before NEET could happen, the moment you talk about computer -based exams — CBT, as we call it, computer -based testing — the proctoring and remote proctoring both become very important elements to it. So, as Mr. Satya was alluding, we have both very robust proctoring when actually on ground when the examinations are getting conducted, which is an element of technology -enabled, technology -based proctoring at the desk of the child who actually takes that particular examination, through our software and through our network and through our computer. Also at the entry gates and entry points, we have a very tight physical security of frisking and other elements to deal with the proctoring part on the c enters. In addition to that, the second and the important layer is that regardless of the robustness of the physical proctoring that we have at the center, we also have centralized monitoring — NOC and SOC. This NOC-SOC is one at a network layer and the other one is at a security layer, and we have added a third layer which is at the center layer. And there is a group of people who, in our headquarters in Mumbai, Andheri, actually have a very large screen — very similar to how typically a capital market or a stock exchange does the surveillance for all the market participants. Very similar technology we have developed, which sits as a top layer to our matching engine, and every time an examination is going on you can zoom in and zoom out to every center, and within a center to every desk. So sitting in Mumbai, we can go and monitor a child who is in Guwahati; if she or he is trying to do something inappropriate, it gets captured by us. Not only captured by us, it gets recorded. Also, not only does it get recorded, we have the authority to go and kill that particular student's computer if the activities persist beyond a particular number of seconds. The AI layer that we have added on top of it has the capacity to capture the iris, the facial movement, even the smallest of the sound bite. So if somebody walks into the room, or if somebody whispers, even that gets captured through our AI engine, and the warning signal goes on that particular student's desktop. And if things do not resolve, we just kill that particular student's session. So there is a very, very sophisticated layer that we have created for our remote proctoring and AI-based proctoring, which is very similar to that you can imagine can happen in a capital market business. And as Satya mentioned, very few institutions in this country or in the world have this kind of solution available for their digital assessment needs. Over to you, Arjun.

Thank you so much, Yatrik Sir. I am sure that would have addressed any concerns that the investors had in terms of how we leverage technology with regards to the major exams that we conduct. There are also follow-up questions on the NTA specifically, in terms of how the impact of the postponement of several exams which the NTA was handling previously is likely to impact us specifically, given that the Nilekani Committee has been set up and the global environmental changes that are happening in the marketplace right now. Yatrik Sir or Satya, if either of you would like to take this. Yatrik Sir, you want to go?

Yeah, okay, sure. So, I mean, thank you for that very important question, and I must summarize or mention that every incident and every context creates both opportunity — opportunity to do something more and better in your business — and it also gives up some opportunity as to how you mitigate the risk. So this entire NTA experience, whatever has happened, it only has further put that much more stress on why the robustness in conducting the exam and the ultimate students' interest is at the core of the assessment business. And this is what potentially for the last more than two decades DEXIT is having in their overall vision statement — that ultimately, regardless of the revenue, regardless of the profit, regardless of who is the client, for us the end cus tomer, end client is the student. And the career of that student is most important and dear to us when we are into this particular business. So we have all possible technology, all possible precautions, all possible skills, all possible wherewithal to ensure that student interest is protected. So the way I look at it, this entire NEET issue, or the entire committee that is appointed under Mr. Nilekani, are the ones which are going to open the doors for DEXIT as we move forward, and in the near term these are going to only help us in terms of galvanizing our business. The only thing is, yes, it is not that easy a business, it is a risky business. But if you do your things well, if you put your acts in a proper shape, I think you definitely come out to be a winner. So over to you, Satya, if you hav e something to add to this.

No sir, I think you have covered it, both on the BYOD which Yatrik Sir was mentioning earlier, and also the on -device app -based testing — those are the two things that are getting rolled out, and those also will mean a lot in creating additional business modes for DEXIT. I will pause there.

Thank you, Yatrik Sir. Thank you, Satya. Nikhil, there is a question on our debt reduction plans over the next couple of years. Maybe you would like to take that.

Yes. So we had stated that we wanted to go back to a state of close to zero debt position in the next three years, and we continue to work towards that. We are also working towards — there are certain ongoing strategic discussions right now with large gl obal and Indian players, and we would share whenever there is an appropriate development and it is worthy of sharing. Maybe something would emerge over the next two quarters or something like that. Other than that, the current debt repayment plan is on sch edule and we will continue to follow that standard acceptable schedule. And if at any point there is extra cash on our balance sheet which we do not require in the short run for business acceleration or growth, we would evaluate and, if required, do an acc elerated repayment. But based on the growth plans of various businesses, especially MarTech and DEX, both of which will require cash for market expansion and market development — so at this stage there is nothing specific more than what we have outlined as a plan, that in the next 36 months we again wish to become a net zero debt company, and we are working towards that.

If I could just augment what Nikhil said — one is that obviously we are completely seized of the goal and very focused that we should come back to zero debt status; that is a very important goal for all of us. Having said that, the parallel goal that we are also pursuing is that we must focus on profitable growth. So as you have been observing, and you will see, that while we will grow the businesses, we also want to continuously keep our eye on profitability. This profitability has two important numbers. One is the EBITDA margin that we generate. The second one is the return on capital. So we are very focused on return on capital employed, and we want to, quarter on quarter, improvise on those two numbers, those two parameters. And as I said, repayment of debt, or always ensuring that the debts are within our limit, is also one of the important ones. So we are balancing the growth, the returns and the zero debt status — these three elements we are continuously balancing with each other.

Right. Thank you, Nikhil, and thank you, Yatrik Sir. Just in terms of numbers, investors will recall that we had taken a ₹ 210 crore loan for the acquisition financing of DEXIT. That quantum is now down to ₹ 174 crores, after our repayments are going as per schedule. Yatrik Sir, while I have you, there is a question from Mr. Manu Jindal on how the pricing strategy in DEX works and how do we charge the examination bodies. Do we charge on a per seat basis, a per center basis, and how sensitive is that business to price increases?

Yes. So, yes, we charge on a per seat or per candidate basis — that is the response to number one. The second response is that a large part of our business…

I have a feeling we have lost Yatrik Sir again at an inopportune time. I will just try and get him back at the earliest. It will probably just take a few seconds.

I am sorry, the network is, I think, coming and going. So I am back. Is that okay? Second, this thing is because more than 60% of our business is government, both central and state government. Those are by default tenders, and every time the tender gets opened up, we participate along with two, three, four other service providers. Tenders are techno -commercial in nature. And as Satya mentioned a couple of minutes back, in terms of technology I think we are there. We have the best of technology, cutting-edge technology, long credentials, proven track record. So we always score on technology as T1. L1 is something that sometimes we do not get qualified on, essentially because somebody may just want to put a number which is so low that large players like us o r somebody else may not be able to meet up to those expectations. But it is 60 to 65% tender business; 30 to 35% is not tender business, and I think that is quite a steady, predictable and sustained revenue to us.

Right. Thank you, Yatrik Sir. Nikhil, if you are there, there is a question on VIRSA. I just want to reconfirm — Nikhil, are you with us? Your video has gone for a second.

Maybe you can move to the next question, Arjun.

Yes, I will just move forward. Yatrik Sir, there are also questions in terms of how revenue is recognized in DEXIT. Maybe you would also like to take that.

Yes. So revenue recognition in DEXIT happens — A, as I said, it is on a per seat, per candidate basis. B, it is on an exam -to-exam basis, contract-to-contract basis. C, it is divided typically into two or three milestones. One is at the time of examinati on — so once you conduct the examination, you get certain money — and sometimes it is post declaration of the results. So either it is immediately after the examination, or it is examination plus actual announcement of the results. Generally, we do not get any money in advance.

Right. Thank you, Yatrik Sir. Last question, Nikhil — this is on VIRSA specifically. If you could share a little bit more in terms of how this is progressing in different markets, especially Singapore and North America.

Yes, as I shared, we launched VIRSA commercially about two to two and a half quarters back, and initially we started with pilots with Salesforce and Dell. Those pilots have gone pretty well, and we have scaled them up now to more or less recurring activa tions and campaigns across the year, integrating them with most of their outreach events. We did a pilot with Infosys in India, and Infosys was pretty impressed by what it delivered to them, and they are now scaling up from a pilot stage to multiple divisi on implementation starting in India. Our empanelment for Singapore and the US is currently underway. Usually empanelment processes are slightly longer and take about 90 to 150 days. So we are hopeful that by the end of Q2 or early Q3 that empanelment process should be done and we should be able to scale this up in a significant manner. We are also currently in the process of doing small pilots with a couple of other large organizations, including Deloitte, PwC, Elastic and AWS, for a small division of theirs, before they begin a large -scale adoption. So I think based on the success we have achieved in the pilots in the last six months, which have now scaled up to a larger deployment of the pilots which we are doing to a larger outreach consumer base, I think we are progressing in the right direction. And as I had shared, I think we should be able to achieve 45 to 50% overall revenue growth for this business during the whole of the year.

Right. Thank you so much, Nikhil. On that note of positive optimism, I would like to wrap up this session. Thank you, Satya Sir, Gautam Sir, Yatrik Sir and Nikhil Sir, for joining us today. And thank you so much to all our investors who logged in. We wil l see you in three months' time. Have a good day ahead. Thank you. Bye-bye.

Thank you.

Thank you. Bye. Thank you.

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