IRIS RegTech Solutions Limited (540735) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Q2 FY '22 Earnings Conference Call of IRIS Business Services. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. [ Siddhesh Chauhan ] from Christensen Advisory Thank you and over to you, sir.

Thank you [ Steven ]. Good evening to all the participants on this call. Before we proceed to the call, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties and other factors. It must be viewed in conjunction with our business risk that could cause future result performance or achievements to differ significantly from what which is expressed or implied by such forward-looking statements. Please note that we have mailed the results and same are available on the company's website. In case if you have not received the same, you can write to us, and we will be happy to send the same over to you. To take us through the results and answer your questions today, we have the top management of IRIS Business Services Limited, representative by Swaminathan, CEO and Founder; Balachandran, Founder and CFO; and Deepta Rangarajan, Co-Founder. We will start the call with a brief overview of the quarter gone past and then conduct the Q&A session. With that said, I will now hand over the call to Mr. Swaminathan. Over to you, sir.

Thanks, Siddhesh. I am going to do it slightly differently. Some time ago, we uploaded the presentation that we're going to use. I first want to apologize to people for this not being a Zoom call like it was last time. That's basically because the people who are transcribing it last time made a mess of the transcription, and we had to do the work all over again. It took a long time. So we wanted to go with the vendor who could actually give us a reasonable quality transcription so that we could upload it quickly instead of wasting time. Which is the reason why we uploaded the presentation to the BSE and the NSE, and if you have the presentation with you, it might be useful for you to have it in front of you, because I'll go through some of the highlights of the slides -- some of the slides to get started. I think the big event in the last 6 months has been the migration to the main board of the BSE and NSE. I think it's been very -- development is very surprising. So while before we migrated, we had about 500 shareholders. Today, we have 1,400 shareholders. We have still got 415 shareholders who are holding the old 4,000 shares or more, which is what the market club was earlier. We've added 1,000 shares -- 1,000 shareholders. Significant number are holding 100 shares and less, but I'm glad that we have shareholders from [indiscernible] in Tripura, Agartala in Tripura from Guwahati and all those places, which basically increases our responsibility of the company towards them and ensure that we stay open, transparent and fully communicated so that investors know what's happening. I'm going to also have to take an apology to existing shareholders from before, who already know a lot about the company, and for whom some of the stuff I'm saying is actually sound very repetitive. So please bear with me, especial apology to them, because with the new people coming in, I think I have an obligation to share with them what the company is all about in as brief a way as possible. We call ourselves a Regtech SaaS company, so what is Regtech. Regtech basically is regulatory -- solutions for the regulatory regulators. They reinforce for regulation, it includes -- whether it includes your regulators as well as the enterprise monitory regulate. So that's why we call it -- especially the use of IT to enhance regulatory process, either within a company who's filing to a regulator or at the regulatory site. Typically, a lot of people will talk about Regtech only in the context of enterprises. We talk about both because -- but currently, people talk about the supervisory something called Suptech as being the technology being used by supervisors. We have clubbed the 2 because we are in both parts. And the benefits of Regtech are very well known, got it on the slide, take a look at it if you want to. And the opportunity is huge. The only reason I'm saying the opportunity is huge because, I mean, no matter what, targets we set -- are set for ourselves, the market is beginning to accommodate it as long as we have a good product, which we do, as long as we have good clients, which we do. And that's the only -- we have money, which we don't. But that's the way things are. So we divide the business into 3 parts, what we call Collect Create and Consume. Collect is helping regulators collect data. So the Reserve Bank of India collects data from all the banks in the country, they do so using our software, and all the banks file with RBI using our software. That's the Collect part of our business. We do this in about 30-odd -- 24-odd countries, is about 30 regulators. This business has completely slowed down to an almost stand still in the last 2 years because of COVID. We are hurting because of COVID, it's not been very pleasant. And it's only now that regulators are coming back to work and are beginning to draw up plans for going to the next phase of digital reporting. You may have seen a disclosure by us about a mandate that we won from Kuwait, and I'm hoping that's the beginning of a lot more to come. There are several other bids in the pipeline, so we are hoping that some good things will actually happen in the next 1 to 3 years as more and more regulators hurry up to catch up with the rest of the crowd in terms of digital reporting framework. Currently, 70 countries accounting for 95% of our GDP have already set up digital filing platforms of the kind that we are -- we can set up for them. We expect many more to do it through this head. Create is our business where we help enterprises create data for submission to the regulator. We do this for capital market filings, for the ROC filings, for banking filings. We also do this -- we also have a solution for GST filings used by some fairly leading companies in the country. We call the division Create, so Create -- and we given them colloquial names. Collect, helping regulators collect data. Create, helping enterprises create data for submission to the regulator. And Consume, so once the data is created, and generate has been submitted, it needs to be analyzed and that's what the Consume business is all about. We've invested a lot in Consume, not done much with Collect, but we see that as a huge growth opportunity going forward. This is the corporate journey. You would have seen the slide on Slide #8, is a corporate journey of the company, our evolution from being a services company to a product company, and now a SaaS company. Our global footprint, we are in over 41 countries and we added 42nd country some time ago. Today has been a good day -- or every time we do an earnings call, it's a good day for us. Today, we bagged 1 more client from a country called Estonia, and so we keep adding client by client, 1 day at a time. We are really grateful to -- grateful to our customers for reposing their faith in us. So the global map tells you where all will be located. Some of the marquee clients that we have all top-notch clients for -- among the regulators, we work from -- with customers with regulators in Singapore. That tells you how good we are. If people ask us, what are our credentials, I just say, we are working with Singapore, that more or less shuts them up. And we then work with RBI, who is one of the most outstanding regulators in the world, whether you like it or not. In fact, when you talk about the NPAs in the banking system, many of you, our staff market investors, will be aware that the banking sector is getting really integrated in some ways, especially the PSU banks. And basically because RBI has done some really good work in terms of improving its oversight of the banks using solutions provided by us. So the solution called CRILC, Credixo bankers, if you've heard of CRILC, CRILC is the solution that we created for our BI using our technology, and that has transformed Indian banking completely. It becomes difficult for banks to mislead RBI with the date -- with the wrong data, and that's been transformational for RBI. So we work at exchanges, we work with central banks, we work with ROCs. We also offer some big companies like Reliance, like BMW and [indiscernible] for a couple of countries, like [indiscernible], for GST filings, Tata Motors and so on and so forth. I mean we -- it's absolutely top-notch customers. What do we do for regulators? I genuinely -- we have some collect data that largely, in the information standard called XBRL. XBRL stand for Extensible Business Reporting Language, which is standard that I mentioned to you used by 70 countries in the world, accounting for about 95% of our GDP. And there's a certain consulting component of the revenues -- and there's certain product components of the revenues and there's certain system integration components of revenues. That's broadly what it's all about and that's we done, as I told you, it's about 30 paying regulators and a few nonpaying regulators as well. The regulator implementations, I mentioned in the slide that follows. I have tried to add a couple of new slides for people who've been with us for a long time, our shareholders and so that they're aware of some of these things because there are things they have not seen before. Because I can't -- otherwise, much would have actually been repetition for them. So we work with business industries, Malaysia, Mauritius, North Macedonia, Qatar. North Macedonia, for many of you -- beats some history, is the country where Mother Teresa came from. It's also where Alexander the Great came from. That's -- it's connection with India. So these are the regulatory implementation we actually done. Next question. So I keep saying that we are Regtech SaaS. So what is SaaS? And how is SaaS different from other IT companies, other -- other IT solutions? A lot of people end up confusing the whole range of IT possibilities, and I think it's important to put the product clarification. Software-as-a-Service is, as I've mentioned in the slide, is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. So it's almost like your Microsoft Office 365. It's centrally hosted, you log in there and you use Microsoft Office 365. That's the SaaS model. You could also have Microsoft Office installed on your laptop and you could work on it, that's a software product model. Then there are people who create custom software for people, those are software services companies. The software SaaS market globally is growing very fast because of the cost benefit to the users. And in India itself, because of the deep penetration that we have in IT because of the huge amount of number of people that we have in IT in this country, all of whom have worked in services mostly, the Indian SaaS companies, according to McKinsey, could win 4% to 6% of the global market by the year 2030. And we hope that we play a small role in making that happen. Most of the Indian SaaS companies are in the area of providing solutions for the software industry. We are an exception. We provide software for the compliance sector across industries, literally. Today, I got a report from a company called Zinnov who've done a study along with a fairly large fund in Bangalore. And they basically say that the SaaS industry is well positioned to overtake the well-established IT services industry by 2030. So if you are interested in IT, you may want to make a choice in terms of where you want to be, whether you want to be in the services side, on the product side, or whether you're on the SaaS side. I mean, the major software services companies in the country, our TCS and Infosys, Wipro. Accenture is a global company as you know in the software services side. On the product side, you have used Oracle, you use Microsoft, we have Intellect Design, which is a fine company from Chennai, which is in the software product side. On the SaaS side, you reduce the Salesforce -- you're not in the Salesforce but you know of Salesforce. They are globally the largest CRM in the world. You have heard of Zoho, because Zoho advertises a lot in India and many of you will also be using the Zoho. Adobe is an example of a SaaS company. And IRIS, of course, is an example of a SaaS company. So we are a Regtech SaaS company. Regtech serving compliance requirements, SaaS selling software as the license -- selling Software-as-a-Service, getting people to use it, leave it there, let them come and start using it. These are our broad offerings in the area of SaaS. Our Carbon, which is used for enterprise filings for ROC or capital markets. We also have on-prem solutions like iDeal, which is not really a cloud solution. Banks don't like to operate in the cloud, and Reserve Bank of India also does not like to operate in the cloud. So there are markets where SaaS solution don't really work, and there are markets where SaaS solution will work. We have 2 flagship SaaS products. The reason I gave this slide about source of recurring revenues because we have recurring revenue which is SaaS, and we have recurring revenues which is not SaaS. That's the services. So when people file, and I'll show you. In every country, people make the regulatory filings only at the last minute, as we have found. And they often want assistance that accounts very small percent of our revenues, but we have to provide that -- especially if gets really complicated. So most people in most countries wake up to filings only close to the deadline and therefore seek assistance at that point in time. We get paid for it separately. Sometimes we bundle it along with the larger pricing, but that's the way it actually works. So the flagship product of ours is Carbon, which currently is used for capital market filing, ROC filings energy market filings in America, and very soon to be used for ESG filing and municipal bond filings in the U.S. Municipal corporations and local government, especially, and the market is fairly huge. U.S. SEC sole -- is alone is about 6,000 companies. Europe, capital market is about 5,000 companies. U.K. capital market, about 1200 companies. South Africa which is about 1 lakh companies. U.K. HMRC, there's a tax authority as well as the ROC, it's about 1 million firms and so on and so forth. It's a very, very large opportunity. How good are we? In a recent market -- in a market in America for the energy filings, you'll be surprised to know that our competitor, a very formidable competitor, against whom we are at -- the SEC filing has tied up with us for our product. So we basically architected our product in such a manner that from one product, multiple filings can happen and multiple geographies can be addressed, and that's a huge thing. And for Carbon users, there are people like BMW, it's a family name. Old Mutual, which is a company, you would have heard of [indiscernible]. Old Mutual used to have a partnership with [indiscernible], right. Big West [indiscernible], you would know from the cricket sponsorships in [indiscernible], South Africa. Reliance, of course, we all know. Enel, one of the biggest energy companies, we have -- so the biggest energy company in Italy is a client. The biggest energy company in Spain is a client. All these ultimately corroborate our point about how good we are. Most important thing we're going for us is the quality. Quarter after quarter, in independent assessments, our quality of software has been ranked to be the highest in independent filings. And today, when you go to Gartner Peer Insights, you will find comments by customers about how good we are. So these are all endorsements that have actually taken us to the next level. Our growth, we have a very strong growth focus in U.S. and Europe going forward. And that's where we want to go. That's where we want to be. We have not done very well in the U.S. so far. We had some reasonable success in Europe. We believe both are huge opportunities that we need to work on. Also, apart from the 70 countries, it's also expanded to other markets, but primarily focus will actually be the U.S. and the U.K. going forward. And we can't -- I talk to you about the quality chart. Our Gartner Peer Insights, I mentioned to you, we are on the recommended software list in Europe. We are on the Eurofiling Foundation's recommended software list as well, and we keep getting invited to come and speak. I'll now move to GST, where some of the top companies work with us. Finolex, Larsen and Toubro, Thermax, Tech Mahindra, Trent. Ultimately, the success of a company is a function of what sort of clients it has, paying clients that it actually has, and whether they trust the company to trust their compliance with them. Compliance is an area where if you go wrong, the customer can actually throw you out very quickly. You need to get it right every single time. It's like a batsman who can't afford to get out next ball. I think you need to be there getting it right every single quarter, quarter after quarter, every single month, month after month, every single year, year after year, and that's what we need to do. The GST market is a very fiercely competitive market. It started with 100 players, now it's only down to only 10. But there's some interesting possibilities awaiting from GST including adjacencies. I don't know how many of you have heard of our product in last call. IRIS Peridot, please, I request you to download it. It's a software which allows you to verify the GST compliance set of the companies in the country, and it's used by many people, including people on this call, to check out the company before they even invest in them. And it's actually worked really well. iDeal is our product for the banking sector. Again, it's an on-prem product and not a SaaS offering because banks don't like the cloud. Banks are scared of the cloud -- I mean, their own cloud, but we do an OpEx model by which we charge them on a monthly basis. It's used by banks like ICICI Bank and Axis Bank and Standard Chartered, and HDFC Bank and many others for their filing with RBI. Again, this one, this product infinitely is implemented by us with a lot of partners. Tech Mahindra is a partner, HCL is a partner, Mphasis is a partner, Fintellix is a partner. So we'll work with partners in terms of implementing this. We have tremendous confidence in our future. We have great clients, who are referenceable clients. We have great -- We have great products, which ultimately have won us customers in about more than 41 countries around the world. We are currently serving close to 7,000 enterprises across the world, and we are in a good position to be able to literally grow from where we are right now. It's a pity that COVID actually has affected us. It's affected us in 2 different ways. First, the regulatory plans to implement new regulatory filing platform has gone for a toss. I think it's got delayed. Hopefully in the next 1, 2 years, it actually will take off. And secondly, when you are -- we're still a bootstrap company. We may have gone public and all that stuff, it's a very, very bootstrap company. When you don't have the funds to basically go out and launch a significant digital campaign, when you don't have enough people on the ground, even though we've hired 1 person in the Europe and 1 -- 2 people in Europe, and 1 person in the U.S., it's still a completely bootstrap kind of a company. And therefore, the amount of marketing muscle that our competitors have far exceeds what we have. It's something that we need to fix, we're trying to fix it. And we are in a position, with the reference of the clients that we actually have, to build a successful cash rich multiyear business. Governance, we are second to none. From day 1, we've had a majority independent directors on our Board. We have an extraordinary share of bunch of people. A lawyer, an accountant, a marketing genius and gentleman who used to be a banker. They keep us, literally, they keep us [ safe ] in more ways than one. They ask very fundamental questions, our Board is truly independent. I will now hand over to Balu to take us through the finances. Balu, the financials of the company.

Thank you very much, Swaminathan. I hope all of you can hear me. I will now drill a bit on the -- more mundane moment in terms of financial numbers, among other things. Before I do that, let me also mention that the kind of business that we have and are building does not lend easily to a quarterly based financial analysis. We do focus on acquiring customers, cultivating them and building long-term financially profitable relationships. So what happens is such a business tends to give a clearer picture when seen to the prism of a longer time interval. So that is a bit of a caveat I want to mention. The second point, which I mentioned in the past as well, is that we are taught, discovered in the past that our business tends to be a bit seasonal. With the result that revenues typically increase in the second half, due to a combination of factors, including that of regulatory filing patterns among other things, but that is one significant factor as well. Now let me go to the numbers per se. And this time, I'll -- this time around, at least this time around I'll mostly restrict my commentary on the 6-month movements of the financials. Our top line has moved by about 10% compared to the corresponding period. This growth percentage, though rather [indiscernible], is better than the growth we showed in the first half of FY '21 versus the -- for the corresponding half of FY '20. But that is, however, presented on an in-GAAP basis, and we all know that was during the COVID pandemic. That was during the initial peak of the COVID pandemic. Now while the revenue moved by about 10% overall expenses, keeping us a depreciation and interest costs, our finance costs increased by nearly 21%, within which employee cost moved up by about 13%. Now this increase certainly looks rather high especially compared to the corresponding period, which is also the onset of the COVID pandemic, and we were very, very careful about spending and really paranoid about preserving liquidity as well. But on a sequential basis, if you look at it, employee expenses have been nearly static. While we have started spending more on things such as cloud hosting, sales and marketing, EBITDA on legal expenses, et cetera. And Cloud hosting is understandable given the number of customers are increasing in India, invoicing, in Europe. We have the ESMA mandate in FERC, we have energy clients, et cetera. The point I want to essentially leave it you is that we have continued to spend in trajectory that we moved into during the previous half that ended on March 31, 2021. Let me now come to the segmental revenues. And you could see that the Collect segment revenues had dipped by about 8%, which was because the previous corresponding period, we had some tailwind coming from the previous half before COVID hit. And this time around, we drew a blank in terms of mandates and even -- even incremental changes because people just clammed up and are waiting for the whole thing to blow away, the pandemic-induced excavation to blow away. Now coming to the Create segment, you can see the growth is quite robust at about 27%. The Collect segment was, of course, coming out of freeze in our pre-activity. And we witnessed that during the fall of FY '21. And I would say, to some extent, during the initial months of the FY '22 as well, which Swami also mentioned in his initial observations. Even in the Create segment, even though we grew 27%, in the Carbon segment we saw, for example, the U.K. HMRC mandate, which we have been serving for many years now, there was some deferment of the files because the last year was extended by about 3 months, and now we expect this to spill out to the second half. So there is those kind of movements as well. If I look from a balance sheet perspective, we are seeing a further drop in receivables. We have paid some more pending liabilities as well. [ With refer that ] our cash levels are really static compared to what we were in March 31. Mobility increased, but not that significant as well. Now the other very important indicator I want to talk about is our annual recurring revenue, which has moved up sequentially, a little over 15% from the point of March 31, 2021. And at the same time, happily, our recurring revenues also have moved up as well. And, now is at about 81% of the revenue for the year -- for the first 6 months. Before I close, I can perhaps give you a couple of observations on the Ind AS transition aspect, which we completed. Now we are on the Ind AS accounting framework. This Ind AS transition has primarily some effect on our revenue regulation policy. So if you look at it, especially in case of Carbon, we have now moved to the revenue recognition framework for access fees from a key point of time to the over-the-period model. This has been what we have seen in other internationally-recognized SaaS companies as well. So we have moved to this particular model. And the over-the-period approach is also adopted in for a number of Collect implementations. Compared to a point of time, when it comes to license fee recognition because some of these are considered as a composite contract. And it's a technical term, I also learned it while we went into it. So we have made a couple of these changes. In the medium term, these changes would not matter at all. Though in the short term, there could be some impact. We need to wait and watch. But I would -- certainly, all the participants look at our ARR as the most appropriate indicator to understand the trajectory of the business. With this, I'll close my short speech. Thank you so much.

Thank you, Balu. Siddhesh, I think we are now open to questions.

[Operator Instructions] The first question is from the line of Zaid Motorwala from DAM Capital.

Just wanted to check one thing. Who would be the typical guys that we compete within the market?

It's a great question, but a very complicated question. Each segment, each product has got its own sort of competitors. When you look at the Collect segment where we work with regulators, we have 4 global competitors, but the biggest competitor is very often the tendency of a regulator to go for a bespoke solution. So the 4 global competitors that our company calls; CoreFiling in the U.K., a company called [ Wiser ], which recently got sold to BearingPoint, a company called Invoke in France and a company called -- CoreFiling, Wiser, Invoke and Fujitsu in Japan. In the case of the Create segment, there are different competitors. The biggest competitor in the world, an outstanding company, the company that we all want to emulate is a company called Workiva, which is listed in America. They are phenomenal. And in the middle of pandemic, with all the world in crisis, they managed to increase the price. I mean, that is audacity. That's the kind of company we all want to be at the end of the day. Huge -- in terms of -- I think they're almost like a -- Balu $4 billion market? $5 billion market capital? Balu?

Yes, a little short of $4 million -- $4 billion, if I remember? I need to double check, yes.

And [ Kading ] is almost 18 to 20x revenue, so that's the biggest competitor in the world. But we have local competitors in every country, usually mom-and-pop shops of local -- with local strings. For GST, [ Klatex ] is a competitor, [ Signal ] is a competitor, and there are several others like that in the country who are competing with the GST front. On iDeal, there aren't too many competitors. People go for bespoke solutions and that's why the whole thing is about 45-odd banks work with us already, and we've done well there. In the case of the Consume segment, most of the products are pre-revenue, so there's not much to talk about. So I think it's important to look at each segment separately in terms of competition. Did we answer your question?

Sure. Understand. And sorry, you mentioned quite a lot of global companies. Are all of these companies operational in India?

None operational in India, these are -- we, by the way, win 55% of every project we've done globally for XBRL implementation. 55% have been a success rate. And 45% is lost not only because we were more expensive, but also because their government is backing them to do certain things. There are no local Indian companies. Whenever local Indian companies have tried to do something, it's actually been for reasons -- with often the vendor preferred are -- very often the customer preferred bespoke solution. For example, we lost an IRDA project to somebody else where the customer wanted a bespoke solution. They don't understand the significance of having a product. Some people do some people don't.

And last question, how much of our revenues will be coming from India vis-a-vis other geographies?

Because we are currently working with RBI, that has skewed the revenues towards India to some extent, but even though -- even then it's less -- about less than 1/3. But in steady state, our India revenues will be less than 20%, at steady state when we hit that. Once the RBI project goes away, our revenues from India will actually drop as proportion to rest of the world. Because our biggest focus going forward is going to be U.S. and U.K. and Europe.

Sure. Got it. And these are all subscription-based, right?

Absolutely right.

Okay. And do we have long-term contracts to these guys? Or these are all PO based?

Even if we do a long-term contract with you, it's very difficult to celebrate that. Because if you make 1 mistake, they throw you out. Fortunately, we have not made a single mistake. In the compliance space, you can't afford to make mistakes. So even people do 3-year and 5-year contracts with us, we behave internally as if it's only a 1-year contract. Fortunately, [Foreign Language] we've not lost anybody, but we live in perennial feeling of losing people because of some stupidity somewhere.

Got it. Got it. And do you -- sorry, last question from my end. Do you track the ARRs?

We do. We do. We do.

What would that be currently?

Balu, what are the [ 46 ]?

Our ARR is at about INR 46 crores as on September 30, 2021, which we've mentioned in our presentation as well.

That's a lot of SaaS metrics. In fact, one of these in the next couple of months, we'll actually do a reasonable intensive SaaS workshop for investors who want to look at SaaS and we will share with you the metrics that we track. So we track a lot of SaaS metrics internally within company. We did not expose all the metrics, to all the investors at this point in time because many of them would be meaningless for investors until they prepared for it. But we do track actively SaaS metrics in the company, including customer acquisition costs, customer lifetime value and so on and so forth.

[Operator Instructions] The next question is from the line of [ Rohit Potti ] from Marshmallow Capital.

And first, congratulations on getting registered on both BSE and NSE main Board and. It was nice to see the listing ceremony where the team was gratitude. I have few questions. My first question is on the Create business, given that is the major driver.

Rohit, can I interrupt for a second?

Yes.

If you had been there, we would have had a little thing for you in gratitude as well because your questions at every meet have actually been very insightful, and we are grateful to you for that. So please accept my open expression of gratitude for the homework that you do and the questions that you ask. So thank you very much, Rohit.

Yes. Thank you for the compliment, sir, I appreciate it. So I'll get right down to it then and hopefully impress you again. But Create is the first segment I have questions on. Maybe if you could -- I mean, my set of questions here are maybe if you could start off with the client count in Europe right now? It will be helpful because I believe this year onwards, there are going to be -- the implementation of ESEF is mandatory. Next, on the implement -- ESEF implementation, again, I believe that the notes to accounts are also supposed to be in XBRL from FY '23. So what does this mean for our realization per customer? Does it help? Or does it not? Also, my next question for Europe is the U.K. business. I understand the requirements for U.K. implementation of the standard -- the XBRL implementation is of higher -- it has higher requirements as compared to the [ SMI ] ESEF implementation. So if you could give us a U.K. client count and what the -- are the realizations higher there? That would also be helpful. So this is on Europe, and I have similar questions for U.S. in both SEC and FERC, how the traction is, how many clients do we have, et cetera, et cetera.

So Rohit, on the footnote implementation, which I think was your second question because I missed the first one, I'll ask you to repeat that. On the footnote, yes, it will lead to a high realization of revenues from the customers. The '24 will actually get pushed to '25, FY '24. Because with the pushing back of the mandate here, we don't know whether everything gets pushed back even one more year. It's quite possible. We don't know yet. But it will lead to a disproportionate increase in revenues compared to the increase in costs. That's one thing that you need to know on that front. In terms of numbers, Balu, do we have numbers for different countries in Europe?

See, if you look at the -- Can you hear me? You can hear me, right?

Yes, we can.

Yes.

So I was saying that if you look at Europe, for example, the first half where typically, the traction is lower than the second half, we would have done about 35% growth compared to the base we had in March 31.

And do we have numbers for the total Europe? In fact, one more thing -- Rohit is our freemium offer in Europe turned out to be a mixed bag. So we had a freemium offer in Europe for the small caps, and we basically said -- you know freemium model right? Rohit?

Yes. You mentioned that first year is free and next 2 years is chargeable, if I'm right?

Right. Absolutely right. So before the freemium model, it did not get the traction we thought it would get because I -- maybe the company did not think it was very worthwhile or whatever else. We have about 40, 50 companies. So I think between the 2 numbers of companies in Europe would be how much, Balu? All between the freemium and the paying companies?

We will be at about 165 customers as of March 31. Different pipeline as well.

As of today, it will be about 175, 180?

Yes, yes. Right now, I think it's definitely close to 180.

So Rohit, out of 2,000 companies in Europe, with 2 people on the ground in Europe, one whom joined us only 3, 4 months ago, and one was there earlier, and the rest of them calling from India. I think having 180 customers in a year in a continent of 2,000 customers with no marketing of any kind is not a bad job.

Yes, I mean, that's great. So the market share we have in Europe, so I believe the addressable market is 3,000 or is it 2,000, sir?

So it's currently -- in certain countries, certain countries -- let me restate here. In the ESEF filing, some of the companies have to file in XBRL. Some of the 5 companies are defined, let me call XHTML. Now many of the smaller companies are in HTML map , the total addressable market is 3,000 more than 3,000, but the number of companies only to file an XBRL is about 2,000. We have deliberately focused on these companies because the ability to charge them is much more and also they will reach out. And they are also much bigger companies compared to the companies who got the exemption on the other side. So we focus on them. So right now, we are focusing on the 2,000 where we have this kind of market share.

Perfect. That was helpful. Sir, could you speak about U.K. as well? I believe the implementation there is a little more -- the requirement is a little higher. So -- and even that beginning this year onwards, if I'm not mistaken?

In fact, U.K. decided that even though they're out of the EU, they will continue to respect the legislations in EU that we have signed on to. Like this issue of implementation, they call it by a different name. Balu, I don't have visibility on the U.K. numbers, do you have any visibility?

Right now, no. I think we are clearly making a beginning there. I think we'll have to get a much better picture once the second half winds down.

I don't have specific numbers partly because this has been [indiscernible] in Chennai, as you know. We are in 2 feet of water. And so I basically could not push her to get some of these things done while being surrounded by water.

Sure, sir. Sure, sir. And so am I right in thinking the high realization on average would be higher than Europe and U.K.?

No, it will be -- U.K., Europe will be about the same. It won't be very different.

Okay. So could you speak about the similar metrics for FERC, which we were very confident about in the last call? And are there any SEC and FERC client wins that we saw this quarter? And how do you see that pipeline over the next few months?

Great question, but let me, before that, share one thing else to you. So for example, there are companies in South Africa who are also listed in the European markets. So we've been able to convert those companies into users of Carbon. So I mean that's how BMW actually came to us. BMW came to us because their focus is on one market and therefore, they came to us with a different market. So there are other companies like that who've actually convert it to us. There are companies in Latin America who want to file in the U.S. and other markets, and so on and so forth. So the cross -- cross-selling has actually worked really well between Europe and South Africa and with Europe and the U.S. as well. That's one part. In the case of FERC, we have gone with the partner, as you know, and the partner and we together put on a reasonable fight in the marketplace. I think the price is falling in that market and that's affecting us, so we don't know how this will really pan out at the end of the day. We have not done too badly but then could we have done a lot better if we had significant marketing muscle, probably yes. But I don't know the exact number because the whole thing is not pan -- the whole thing is not kicked off yet. The live filing is starting even as we speak. It's only now that the live filing is starting, and once the live filing starts, we will know exactly what the numbers work out to be. The contracts have been signed in many cases, I think a significant number of contracts have actually been signed. I don't know the exact number again. The reason -- I'm not being difficult, Rohit. I'm basically saying that the visibility was not there to the extent that we normally have in other markets partly because there are -- I can tell you how many demos have happened. And many of the clients have beginning to sign up only now.

Okay. So no revenue has flown through this particular FERC mandate so far yet, right?

Revenue has flown through. Revenue has flown through.

Revenue has come. Revenue has flown through, revenue has also been booked. But the point is it is still -- so now there are 2, 3 kind of customers. Some people wanted to use this for test filing before we did the real filing next year, so they paid us some money for it. Some people wanted the test filing done for free. Some people wanted to sign up a contract only went they did the live filing. The live filing actually went live only about 2 weeks ago, but they're still not required to be live filing. We are well positioned, we think. Like in every market, the flurry of activity happens once the live filing starts. So we have done well in terms of the number of demos we've done, the number of customers we've talked to, but we will start looking at the numbers only around the first 2 weeks of January.

Okay. Understood. So that was helpful.

Rohit, after they come back from Christmas, is when the filing will start.

Okay. So again, sorry, one follow-up here before I get back into the queue, I'm really sorry. But the FERC, what is -- so when you said you booked revenues, has it been booked in the last quarter already or only once the live filing is done, the major revenue will flow through and that will -- I mean, you have seen most of the revenue flowing through only in the next half?

Let me answer that. The FERC contract, once you sign that, then we do the revenue accretion across the period of the contract. So it's an access fee, okay? So we have taken some revenue in the second quarter, first few companies we just signed, not all have signed, negotiations are going on.

Okay. Perfect. Perfect. And sir, is the revenue recognition smooth as you said, spread over the contract? Or is it -- I mean, when specific events like the live filing happened that's when majority...

Spread over contract.

Okay. Perfect.

So basically what an issue is deferment of revenues adjectively a over a period of time.

The next question is from the line of Satwik Jain from [ RK ] Perennial Fund.

If so, like this was my first investor call. So I was just wondering despite such marquee customers and huge addressable market, so say, over the last 9 years from say, INR 38 crores, we haven't been able to scale up our revenues a lot? So like, that was my initial observations. I was just wondering why.

We are a bootstrap company. No, I was doing a exercise a little while ago as to how much money is actually gone to build this company. So we took -- this a little exercise early today because I knew this question would come. In a world where -- I just -- l received a report this morning about companies in the SaaS space and how much money has gone into them to build a unicorn. Companies have received investments of $100 million and more to build unicorns. Today, we live in a world where it's series in investment itself is about $5 billion to $10 billion. Am I right? [indiscernible] investments like $35 million, $40 million. If you take a look at the total money that IRIS has raised so far in equity and debt. And if you net off the money we have repaid and the interest that we paid off, the total net investment in IRIS is to build products has been less than $2 million, that's how well we've used our capital. We are a bootstrap company. We were a bootstrap company then, we're still a bootstrap company. Could we have grown faster? Absolutely, yes. Could we have grown and got a significant share of the market in America? Absolutely, yes. I'm extremely grateful to the investors who came at the IPO, and I hope they are relatively happy to be given a 4.5x in the last 4 years. These investors who gave -- came at IPO ensured that we had some money to put feet on the street to grow our business. We've gone from INR 22 crores in the year of IPO to INR 55 crores today, which I think is what we've achieved. Could we have grown much faster? Absolutely, yes, if we had significant marketing muscle. The key to growing faster in the SaaS space is spending money to acquire customers. In fact, if we look at the McKinsey report that's come out on SaaS, it basically says: Indian companies don't spend enough on marketing to acquire customers. That's partly because companies like us don't get funded to be -- funded well enough to require to have the marketing muscle to fund marketing.

[Operator Instructions] The next question is from the line of Vikas Kasturi from Focus Capital.

Congratulations on migrating to the main board. So I also watched your ceremony. So -- So sir, I had a couple of questions. My first question is, what is your strategy for acquiring clients, especially given that you are SaaS and the product that you're selling is sticky kind of a product. So how are you acquiring clients? Number two, see now if you miss this time window in terms of signing up U.K. clients, for example. So does it mean that it will become harder for you to acquire new clients next year because they would have signed up with, let's say, somebody else? So is that how it works? Just these 2 questions for now, sir.

Excellent question. Let me answer the second question first. If the buses left the station, you have to wait for a next bus, no other, no other option. We lost the bus in America when it comes to SEC filings. But the good news, you said your name is Vikas, right? The good news Vikas, is that the churn of customers in the U.S. market, can I say customers looking for a new vendor every quarter, looking for -- looking for vendor quarter is about 5%. So there will always be a churn in the market. But I think it's always easier to acquire the customer early on than later. Currently, our entire cycle of acquiring customers is feet on street. So we have 1 colleague based in Barcelona, within some parts of Europe. We have a colleague based in France, who's based in France. We have 2, 3 colleagues in India who are dealing with rest of Europe, and we have 1 colleague in Chennai who's dealing with U.K. We're doing the best that we can, we have go through partners. If I had a significant money in the bank, I would also add significant digital muscle, which will allow me to acquire more customers sooner than later. We also have a good relationship with the regulators, and because of our ability to understand the complications of this whole compliance space, we're also attracting a lot of people to our webinars. So we use the webinars as a means to attract customers, we do all kinds of events like that which basically brings companies to us and therefore use that to convert them. But if I had a significant bank balance, I could do a lot more. I could do more. Now I'm going to answer the question slightly -- this is a very important point to make here. In South Africa, we have a 7% market share because we had somebody on the ground and we are a good partner, and we went hell for leather in South Africa. In Europe, with 4, 5 people, we've done really well in terms of the market share. Could we have done more? We would have done more. Can we do the same thing in every other market? Absolutely, yes, if we had the resources. So the scrabble that we constantly keep having is resources. So that one we need to fix in order to go forward.

So I have attended a couple of your webinars just to understand the products a little better. So I have -- just a follow-up question because you -- at this point, you keep raising again and again regarding the marketing -- regarding having money to sell better or to market better. So sir, would you -- now that you've crossed one hurdle of getting to the main board, would you consider, let's say, a rights issue or something like that, just to get more money into the company?

We could do a rights issue, but you should also know that for the last 5 years, I'm not putting in my salary if I have no money to subscribe to a rights issue. I also have to be mindful of the signal that we sent to the market in order to be able to raise money. So we need to raise money. We need to raise money at the right price. We need raise money in the right valuation. As said this in previous calls as well. I think now earlier, people said, it's difficult to raise money because we have a small Exchange. Now people we are -- we are in the process of trying to figure out whether it makes sense to raise money at this current valuation level or whether we can come on to premium or whether we will have to go at a discount, these are all questions that are being asked internally. Even if we did not raise money, we've not done too badly in terms of growth. Given the resources that we've had, we've done okay. I mean, having 175, 180 customers in the market of 2,000 customers is not bad by any yardstick. I mean, sitting out of India literally. I mean, having the kind of traction that we are getting in terms of demos and FERC, we're not doing too badly. We're getting demos, we're not converting to customers. It will happen just before filing actually starts. Looking at what we've done in South Africa, where we have added so many customers in the last 1 year, we added more than 500 customers, SaaS customers in the last 6 months. That's fabulous. I mean, the kind of resources we have and with the kind of -- no, I don't know how better we'd have done in terms of capital utilization. We have done extraordinarily well. So we need to figure these things out. We are in the process of discussing it internally whether we are happy with the current levels of growth or whether we need to raise capital to do that. Rights won't work for the things -- reasons I mentioned to you, but something that could actually work, we don't know the answer yet, but we are in discussion right now internally. As we have been for the last 2 years with no resolution insight. So at the right time, we'll make all the right announcements, I promise you that.

Sure, sir. Sir, if I may, as an investor, right, so if I may -- so since you're selling a product, which is a sticky in nature. So the more customers you acquire today, so the pain will be shown in your, let's say, in your P&L and in your balance sheet today. But because these are sticky in nature and because they bring you annual recurring revenue, so you will be that much better off in the future. So whatever you can do in terms of raising money to get more clients, I think, it would help the business, sir? Just my 2 cents.

If you can help us do that, happy to talk to you as well.

I'm not a VC, sir.

It's okay. I mean, I would say, see you would be surprised in how people can actually help us. The kind of people who actually help me get, for example, the person actually help me get out of my problems in 2011 was not a VC either, he used to be with somebody who can vouch for me and therefore, they give me money, not a lot of money, INR 7.5 crores, but it took us an extra little growth. We use capital well. I mean, how many companies do you know with the presence in 41 countries with an ARR of INR 46 crores today, with a net investment going to the company of less than $2 million -- of $2 million? I mean, we've done well. So we need to do better. If we add the capital, we would do. We would grow faster, and that's what we need to do. Listen, you'd be a good -- we're getting old, I mean, we're getting old and we also have to have a clock ticking on us, so we need to figure out how soon we can scale it up to a level where the next level of people can actually take over and run the company and we then transition into whatever. I'll be turning 60 next year. So everybody has his life.

The next question is from the line of [ Anmol Garg ] from DAM Capital.

So I just wanted to ask 2 questions. One is that if you can tell us what has been the churn in our customers year-on-year, if you can give that number for past 2 to 3 years? I wanted that. And secondly, sir, on a longer-term perspective, just wanted to know that if you can discuss the future plans of the company in terms of where we want to be -- if we want to be on the regulatory side only or we also want to build up more SaaS products into the newer industries, given that we have so many customers. So are we planning to leverage these customers by building up newer products than selling it to them? Or are we currently want to be in the regulatory side of it only?

The customers that we have are good for several adjacent stuff. At the same time, the products that we have can be used to leverage and get more customers. See, the nature of the animal is like this, have we saturated the market? Absolutely not. What is the reasonable number to aspire to every market? Maybe a market share between 10% and 20%. So where we are close to 10%? I don't think we'll do much, much more. We see some adjacent possibilities in terms of additional revenues. We can't keep adding newer and newer products until we flock the existing products. In terms of churn of customers, it's not very significant. I think I don't -- every time we lose a customer, I normally get to hear about it, and I probably hear about a customer loss once a year or once in 7, 8 months. So the -- there's no significant customer loss to speak about at this point in time. That's also because it's early in the mandate. So only when the mandate settles down, for example, in America, the mandate has been there from 2008, and that's why churn is happening, but churn has been happening from day 1. In Europe, it's still very early days, so there's no possibility of churn. It's only people have not even done the first filing. Some people have done the first filing. So I think it's -- maybe that's the reason why we've not had a churn, but we've not had a churn problem until now.

Sure, sir. And if you can also tell just one more thing, if you can also tell what has been the average deal tenure that we have for our products?

So once customers get into bed with us, they stay with us. When you look at regulators, for example, Singapore sided with us in 2009 or '10 in October, they're still with us. RBS ended with us in 2007, '08, they're still with us. Most people stay with us for a long, long, long, time. And the nature of the beast, again, is such that it's very sticky, very sticky. The relationship once is built is based on trust. In fact, during the lockdown, of the 300 people from RBI who were in quarantine -- 3 of few of my colleagues were actually in quarantine with them because without our platform, without our solutions, very often, they were worried that with our bottom RBI's ability to collect data because it's become so central to RBI. And so in many, many markets, this is how it is. Very, very sticky. And the -- but in the enterprise, they stay with us. There's not been a churn. Contract can be for 3, 5 -- 1 year, 2 year, 3 years, 5 years. But we, as I told you earlier, we live in perennial fear of losing a customer because of one mistake. Fortunately, we've not made any mistakes, and therefore, customers still stay with us. We are known for our service. We did a little customer survey recently. And in fact, if there's one complaint that customers made is that we do more than what we're ask for, but don't send them a bill. But if we send them a bill, they probably won't even pay for it, but that's a different story altogether. But I think we have a bunch of happy customers. And you will see in the presentation as well we've quoted from customers. People keep thanking me for an opportunity for being on the call. Actually it should I, who should be thanking you for coming on the call. We're a small company of -- we have really a nanocap, micro nanocap. So each of you on the call, I want to thank you for being on the call and listening to us but I can tell you one thing. SaaS is the way to go. SaaS is where the money is being made. So whether you look at IRIS or some other company, please keep your eyes and ears open for SaaS. I think there's one SaaS company that's going public in the next month, if I recall right, in India. Some travel -- they're in the travel software business. I saw the prospective sometime ago. So you will see many, many more SaaS companies going public in India in coming days ahead. Sorry, go on.

The next question is from the line of Milan Shah from [ Urmil ] Research Consultancy.

Hello? Hello?

Yes, we can hear you.

Your line is in talk mode. Please proceed.

Okay. Congratulations for migration -- and very congratulations -- already won customers -- in XBRL, sir. And the most important thing is Swami is going to always disclose the competitor name. I am attending so many con calls, but no one go into and disclose the competitor name so boldly, Swami is disclosed. So very close to know the company, sir.

Sir, investors need to know who the competitors are. I can't live in a cocoon. [Foreign Language]

[Foreign Language] We are going to remain on top of the always in quality.

Thank you. [Foreign Language]. Thank you.

I only want to appreciate you why I attend the con. I am attending last 5, 6 call now. And every time, I'm very happy. But this time, I get chance to talk to you, sir.

Thank you, sir. Thank you very much, sir.

The next question is a follow-up from the line of Rohit Potti from Marshmallow Capital.

And so my follow-up question is on Collect business sir. So is the India project with TCS done? Revenue flowing from that? Or is it still left? And next, there is the Kuwait deal that we won with [ ENY ] recently, is it -- are you open to sharing the deal size there? And in general, if you could also share the outlook for Collect over the next 1, 2 years?

Rohit, outlook for Collect is not in my hands. It's a function of how well the regulator wakes up and wants to do certain things. So we are -- there is a bit that you've actually put in. And as you know from your previous interaction with us, many of the regulators take 1 to 1.5 years to decide or want a contract, it takes a long time. For example, I can give you examples of examples, you know about them. RBI, there is still 7 years of contract left, so they will keep flowing over 7 years. Some recognition happens, some more will happen going forward. I'll leave Balu answer the question about the revenue fully inflow from RBI and the other questions you asked. Balu, you want to take over?

Yes, yes, I can do that. The RBI part, of course, this is a spread over as a period of implementation and plus there is AMC as well as far as this platform is concerned. If I look at the implementation part, I would say maybe 34% to 40% is still left because the whole implementation happened not only our part for the holding to be commissioned. That's where we stand as on September 30. And in terms of the Kuwait deal, we got an award letter, but the contract has not been signed. So I will be a little -- a little wary about discussing the size of the contract at this point of time. And finally, as far as I felt, prospects are concerned, let me say that things are slowly changing. We do get now, encouraged to look at how to build an RFP and how to go about looking at the specifications required, et cetera. So things are moving. So my sense is the outlook, I'm cautiously optimistic about that.

And one more thing, one more thing, Rohit, in the context of what Balu said in case of Kuwait. The reason we are slightly, as I said, registering to disclose is not because the contract is not signed -- the order has actually come. The contract generally takes about a month, 2 months to get started. Now what we certainly want -- don't want to convey is to when -- until the contract actually comes, you wouldn't know which year the revenue will accrue through to. And I think if -- That information is more important than anything else. And that's a function of how soon the contract is signed. So please bear with us, the moment the contract is signed, we will share the information.

That's helpful. And my follow-up question is on Create actually now. So you mentioned that the focus going forward would be Europe and U.S. So in U.S., I guess the FERC and the intent to win customers in the SEC filings and perhaps the municipal governments when they come on stream is what you're focusing on. But in Europe, once the ESEF filing is -- ESEF filing -- I mean, part is done and you've win customers there and once the U.K. market is in, is there anything else, like a new market that is opening up in the European continent that you are focused on?

Excellent question, but I'm going to answer the question at 2 different levels. One is the financial sector in Europe has looked at iDeal very favorably. iDeal is the solution used by banks, as you've seen. iDeal is one of a -- is an on-prem solution. It's one of customers in Cyprus recently. It's one of the customers in a couple of other markets. And we actually see the financial sector in Europe looking at iDeal as a possible solution. So we see some significant possibilities there. That's a huge thing. Secondly, Rohit, you invest in -- you invest in public companies, right?

Yes, sir.

Have you ever used XBRL data?

No, I have not.

That's an untapped opportunity. Companies -- so MiFID II, which actually came up last year, which requires -- do you know MiFID II?

No, I've not. I don't know what -- could you repeat that? Sorry, I've not heard of it.

So brokers, until now, were sending research reports to investors for free in the hope of getting business from the investors. Under MiFID II, brokers no longer send research reports to investors because investors have to pay for it. And the separation of research on transaction has happened in Europe in a very significant way. And we believe there's an opportunity from an XBRL point of view, data point of view, and we believe there are some opportunities there that we can probably tap into, which is the consumer part of the business. So there are adjacencies that we will tap into going forward.

Sir, there's a ESG part as well.

You want to talk about ESG? So the 50,000 companies, Rohit, in Europe. So if you take a look at the presentation Rohit, Rohit did you download the presentation by any chance?

Yes, yes.

So there's an ESG which is coming soon. If you see the Last -- one of the slides there, I said ESG coming soon. That's a significant number of companies in Europe. Again, it will start with larger companies and go to smaller companies. So we actually have significant traction happening in ESGs well from among the companies that we're currently serving and new companies as well.

But when is this ESG implementation supposed to be from? I thought it was from '24, '25.

I think it's going to be 2024, correct.

Okay. So you have both the notes to accounts as well as ESG coming in Europe from '24. Is that, right?

Correct.

Okay. But the ESG with the larger market because even private companies are expected to report. Is that right?

You said -- that's why for example, the number of listed companies in Europe was about 2,000. The number of ESG effective company will be of 50,000.

Understood. Understood. Understood. Okay. So that's a pretty large market. Understood. Got it. Yes. So that's it from me. Sorry, one last question is, do you -- would you be able to speak about attrition and employee addition over the last -- in this financial year? And that's it from me.

It's been tough. It's not been easy. I think we'll also got 45 people in the last 6 months, and there are huge salaries being paid by the services companies and other people. So we have lost people. We've also added people. It's not been easy. It's not been easy retaining people. And also the fact that we have been bootstrapped. So we finally increased our -- we have given some reasonable increments from the current year, which has led to an increase in costs, as you would have seen, but not very significantly. It will kick in next year. But retaining people has not been easy. I think we lost 45 people, Balu?

Overall, 45 and the attrition rate could be at about 12% for the first 6 months.

Okay. there you go, Rohit.

Okay. So any new ESOP plan to address this or any other strategy?

So this ESOP plan that we had earlier, which is expiring next year. Therefore, we need to cover the new ESOP plan. And we are -- so one more thing that's suddenly happening is we are now aggressively trying to find some key leader -- fill in, some key leadership positions in the company because that will then take away, see -- a lot of this work that we do is concept selling. But at the same time, if you have to do daily chores and concept selling, it's a heavy load on yourself. So we are looking at hiring some senior people to be able to take the load off us, Mr. Balu and I, to be able to go to the next level of growth because we believe -- I put obviously a, I think some time ago where the government of India is now decided to go into implementing data standards. The CAD's office has written a letter to Prime Minister and the President. I met the financial staff some time ago where she mentioned that some initiatives have actually been taken. We see that coming up over the next couple of years. So all these things will require some significant -- we need to free ourselves up to take advantage of those opportunities. So that's where bringing -- bringing in a stronger leadership team will actually make a huge difference.

The next question is from the line of Debanjan Neogi from Ratnabali Investments.

First of all, congratulations on migrating to the main board. I have just one thing to understand. So like do you all provide like any kind of guidance going forward, not like some short-term. Some midterm guidance, if you could just comment on the revenue part and on the margins going forward?

No, we don't provide guidance. But from the ARR and number of customers, you can draw reasonable inference for yourself. So when I say we have INR 46 crores through ARR and we have contacts with these people that automatically stays in the books for what, 3, 4, 5 years? And whatever time. So if you -- the ARR is the best possible guide of where the company is headed.

As there are no further questions, I would now like to hand the conference over to Mr. Swaminathan for closing comments. Over to you, sir.

So thank you very, very much for participating on the call. I want to thank my colleagues also on the call. And honestly, the kind of support we receive from our investors from our shareholders over the last 4 or 5 years is amazing. And we've also been very fortunate to have shareholders who've asked incisive questions, which has forced us to go back to the drawing board and ask some very fundamental questions. It's also forced -- preparing for Rohit putting interrogation is not very easy. I mean, if any of you saw the call last year, he went bang, bang, bang. And so we would actually -- we actually said -- so we actually have a meeting saying what could he ask this year? So it's -- I think people who participate in the call, keep us on our toes. So grateful to you for that. And at any point in time, you have a question to ask, please by all means ask as long as it's information that I can share with the whole world. I will share with the whole world. We are grateful that we went to the main board. We are grateful to BSE. We are grateful to NSE for making it happen. And I just hope we internally do the right things to be able to grow and get on to a faster growth path in the years ahead. So thank you. Balu, you want? Balu, [Foreign Language] because Balu is the CFO of the company.

No, I think you have said it all. So I also want to express our gratitude for the investors who come in for the call. A good number have come and asked very interesting questions. Thank you. That has helped us as well. So we'll be back very soon, thank you.

Thank you. And one last thing. I don't think we will do quarterly calls, we do half-yearly calls. I don't think things change quarter-on-quarter that frequently for us to do quarterly calls. I think we will do half-yearly calls. We will put up a release saying that we will do this. So we will do half-yearly calls in the first half and second half at end of -- the end of the year. I hope that's acceptable people because it's not like things change everyday for us. On that note, thank you very, very much. If you don't like my mentioning what I just said about quarterly calls, please tweet to me. I'm very active on Twitter. I talk about all kinds of things on Twitter. So please tweet to me, please write to me and we will certainly take a look at it, but there's a current view that we have as of now. Thank you very much. Have a good evening, and stay safe. Hopefully, the next wave of COVID will not come. Hopefully, we are over it. Thank you all. Bye now.

Thank you. Ladies and gentlemen, on behalf of IRIS Business Services, that concludes this conference. We thank you all for joining us, and you may now disconnect your lines.