Landmark Global Learning Ltd

Yes. So thank you, Jasmectji. Evening, everyone, all the participants, and thank you for joining us. So my name is Pankaj Darwar, Chicf Operating Officer with Landmark Global Learning Limited. Allow me to throw some light on the industry. India has emerged as one of the largest and fastest growing markets for international education, with over 1.3 million Indian students studying abroad in 2024, The country ranks among the top global sources of international students.

This number is expected to continue rising, driven by increasing disposable incomes, a growing middle class, and a strong aspiration among Indian familics for global academic cxposure and carcer opportunities. Key divers of the growth are India is witmessing a surging demand for higher education, driven by its youthful demographic.

Over 50% of the population is under the age of 25. International degrees are increasingly viewed as high-retum investments, offering global mobility, advanced leaming environments, and cnhanced career prospects, particularly in countries like Canada, Australia, UK, and Germany.

The attractiveness of these destinations s further amplified by favorable immigration policics, including relaxed visa rules and gencrous post-study work opportunitics. Page 3 of 19

Rising internct penetration, virtual counscling platforms, and digital marketing have significantly improved awareness and access to international education across India's Tier 2 and Tier 3 cities. As a result, the Indian outbound student market reached an estimated value of US330 billion in 2023, and is projected to grow at a CAGR of over 10% through 2030. Canada welcomed the highest number of Indian students, followed by the United States, the United Kingdom, and Australia.

This growth has fostered the rapid expansion of the supporting ccosystem that includes education, education consultants, financing institutions, test preparation providers, and edtech platforms. Additionally, strategic partmerships between India, Indian service providers, and international universities arc creating direct academic pathways and joint programs, further cnhancing access and integration into global education systems.

Now, let me take you through the financial highlights of the second half and the full financial year of financial year 25. For the sccond half of FY '25, we reported a total revenue of INR19.6 crores, reflecting a H-o-H growth of 9.3%. EBITDA stood at INR10.1 crores, marking an H-o- H increase of 51.1%, with an EBITDA margin of 51.3%, up 1419 basis points H-o-EL Profit after tax came in at INR7.8 crores, reflecting year-on-year growth of 45.8%, with a PAT margin of 39.7%, an improvement of 993 basis points H-o-EL For the full year of financial year 25, revenue reached INR37.76 crores, an year-on-year growth of 7.7%. EBITDA came in at INR16.7 crores, growing 12.4% year-on-year, and EBITDA ‘margin stood at 44.5%, an expansion of 185 basis points over FY '24. Net profit stood at INR13.1 crores, up 21.5% year-on-year, with a PAT margin of 35.9%, reflecting a margin improvement of 408 basis points year-on-year. Our three-year CAGR for revenue is 27%, EBITDA is 47%, and PAT is 49%. These results underscore our focus on operational efficiencies and sustainable financial performance.

With that, we would now like to open the floor for questions.

Thank you very much. Our first question comes from the line of Rohit Priyadarshi from MACL.

Thank you for the opportunity. I hope I am audible? So I want to know what will be the total percentage of our advertisement and marketing spends of the fotal revenuc? You want to know the existing one?

Yes, and going ahead like one, two years, how will the numbers be going to be?

Okay. So honestly, I do not have the acewate sumber right now, but going onwards, as you are aware that we have just opened three branches, and we arc opening like at least six to nine branches more within this year as well, right, and with a total of 18 branches. So advertisement is definitely going to be one of the major expenses for us, right, and that includes digital marketing and advertisements for conducting seminars. So if you are a regular in looking at the ads and all, we arc extensively doing seminars for students in various citics. Page 4 of 19

T do not think in the last three months there is any week which has gone where we have not conducted the seminars. Yes. Soit is one of the major expenses for us, rather the biggest cxpense you can say.

Okay. Sir, can you also quantify in terms of percentage, like will it form 5%, 10%, 20% of the revenue? Can you give some idea on that? 20%, close to 20%. 20% of the revenue, yes.

Okay. And sir, the next question would b, like, if we sce our majority of business is currently concentrated in the Canada region, how are we thinking about diversifying our geographical presence, o do we have any plans for, you know, entering other geographics? Tasmeet ji, do you want to answer this?

See last year although our revenue from, like, Canada was maximum, but we are getting revenue from Germany, UK, Australia. So we arc already, we have already had more than, Iwill tell you, 32 tie-ups in these countries.

Okay. And sir, who would be our competitors in the listed space?

Listed space ther is, as of now, there s yes, Pankaii.

No. As of now, there is no one, actually. There is onc company by the name of Winny Immigration in Gujarat space, but those are not comparable in terms of numbers and all.

Okay. And sir, we have to look at our, Yes, Yes. Sir, the next question would be on the receivables number, as we sce in the March balance sheet. It was, it jumped to INR13 crores. T just wanted to know why this number, you know, saw this big jump?

If you see, these numbers are always there because there is an intake which happens in the month of January. There are majorly, internationally, there are three intakes, right. So one of the major intake is January, January numbers. So all those commissions are basically, you can say, in the kind of a process. So that is why those are reccivables. These arc almost every year, these are there.

Okay. So this cycle keeps on, it will keep repeating cvery year, right? Yes.

So the data days which we arc seeing increase, that is also because of the, this particular cycle, right? Right, right.

And sir your guidance for like, FY26 in terms of revenue or EBITDA margin? Page 5 of 19

Sce as far as the percentage is concerned, from the margin, we will continue to be on the same umbers, like, same percentages and all, right. And revenue, we arc expecting o cross anything between 60 to 65. That is what we are targeting. INR60, INR6S crores, right?

Yes. We are targeting to reach INRGS crores, yes. And we arc quite confident that we will be able to cross 60, 65.

Okay and the last question would be, like, you know, after September 24, when the DRHP was published, do we, you know, have we onboarded some new colleges or institutions after that?

Yes. There have been a lot of colleges which have been onboard, specifically in the UK and USA, right. And even European countrics as well, right. And just to share with you, we have taken a few initiatives as well. We were one of the major, you can say, diamond sponsors for one of the biggest events of universities, APAIE, which has happened in Delhi. We have participated in almost all the ISEF, right. These are one of the prestigious cvents for immigration consultants across the world, right. So yes, we are. We arc expanding a lot.

Okay. Thank you so much, sir. That s all from my side. And all the best. Thank you.

Thank you. Our next question comes from the line of Nupur Karnani from AARTH AIF. Please go ahead.

Yes. So firstly, I would like to congratulate the management for a good set of mumbers. My first question s that we raised somewhere around INR4O crores in for this IPO. And apart from issue expenses, no amount has been deployed in any of the objectives. So till what time period we can expect the deployment of IPO proceeds?

So as mentioned in the DRHP, it will take approximately 18 months for us to deploy the entire funds, because most of these funds would be deployed in opening the branches, as well as advertisements and branding exercises. There is one object which is in the acquisition. We are in very advanced stage of basically acquiring acquisition of colleges and one of the broker is one of the immigration consultant as well.

So apart from that, so that you can say acquisition will be a on time activity, basically spending the entirc amount. The balance amount would be spent in over a period of 18 months from the date of issue.

Okay, so the acquisition that we ar thinking of, soit is some organization, some forcign institute organization, or we are considering some Indian entity?

No, no Indian entity only. We are looking at two spaces, basically one acquisition of the college, Indian college, domestic college, and acquisition of a regional player like us. So the consultant.

So in these two spaces, we are basically you can say, having a lot of conversations, though we have not yet finalized, but we arc in the very advanced stage of discovary. Page 6 of 19

[andark Nupur Karnaniz Okay so you alrcady, the previous participant asked about the reccivables and you xplained the thing also. So got to know, understanding with respect to the receivable thing. Just want to ask, just want to add one thing that if I look at the debtors to salcs ratio, so that was 14.57% in the financial year 23-24. But in the previous financial year 24-25, the ratio went up to 35.94%. So just want to understand one thing that as our top line increases, accordingly, this ratio will also increase or there is some exception and because of that, our debtors to sales ratio in the previous financial year went up somewhere around 2.5 times as compared to 23-247 So, it will definitely increase because the number, the volume would get increased, but not in the same ratio, right. So since we are expanding the numbers, so if you arc aware of our cycle of collections, right, we close a particular student now. So for example, right now we are sitting on 23rd of June.

Whoever the student will come, whoever student we will recruit would be for the month of September. So though we will have those confirmation and everything today only, right, the admission, the visa process, everything is finalized, but that particular student will go in the month of September. And our commission, the first part of our commission would get, you can say, acerued in the month of, starting from November onwards, right.

And there are colleges which who pays us in two installments, there arc colleges who pays us in three installments. So the way we are growing, so this ratio would definitely grow, Yes, but it will not be at the same level. Nupur Karnaniz So won't that affect the cash management of your organization? Because if I look at the balance shect, we are not having any long-temm or short-term debt because you repaid everything in the financial year 24-25. So it is a debt-free company.

Yes, yes, it is a purcly debt-free company. And if you see the margins are also quite good. So T don't think there would be any kind of a cash flow issuc. At least we are not expecting it with the mumber which we arc targeting this year at least. Yes.

Okay. So in the previous financial year, we had an EBITDA margin of somewhere around 45%, along with PAT margin of 34.9%. So what will be the sustainability of EBITDA and PAT margin? Because moving forward, right now, we have not utilized the IPO proceeds. We have to do capex. We are into pursuing inorganic growth also. So what will be the sustainability? T mean, we will be able to sustain this EBITDA PAT margin or there will be a downside? And if yes, then to what extent?

See, honestly speaking, we expect it to be retaining this level, right? And cven ifit gets reduced, we are very, very confident that it will not be less than 30%, the PAT margin I am talking about.

So 40% EBITDA and 30% PAT is definitely sustainable.

Though we are going to sustain, right. We are making swe that we are spending the amounts very diligently, right. So we will be able to sustain this margin as well. But even if it reduces with the expansion of revenue and all, it will not be less than 30%. Page 7 of 19

Okay. So right now, if I look at we arc catering to clients actoss North and West India. So are we planning to expand our operations in East and South area also?

Yes. So if you recollect what we mentioned in DRHP, we would like to be Pan-India. So we have already opencd branches in Gujarat, Ahmedabad and Surat, that is already opened. Delhi is alrcady opened. We will definitely be going towards East and South rather the next two, three branches are going to be there only.

Plus, we have also - we are also initiating an idea of video counseling. So in this space what we are going to target is, we are going to target the entire India's students. And we will serve them from our basically counseling sessions through video conferencing only. So we are not waiting for the even branches fo get opened.

So I'm sure like within the next 60 days, we will be having a successful launch of this video conferencing facility. And then with the help of branding and advertisements, we will be able to target East and South India as well.

Okay. So like currently, we are having two verticals, where we are providing global education consultancy, immigration consultancy. So arc we thinking of adding some other vertical in our company that will help us in adding some volume to our top line, something like that?

See, you must be aware that we have changed our name from Landmark Immigration Consultants to Landmatk Global Learning Limited. The very particular reason of changing this name is that we want to expand vertically. We want to add a lot of verticals. Education is something we would definitely get into. Are we going for Pathway Programs?

Yes, as Jasmeet ji has already mentioned in his speech basically that we will be having a tic up with forcign universities. We will be acquiring domestic colleges too. And the purpose of acquiring domestic colleges is to create those pathway programs also. As we have mentioned in our DRHP as well, that we have dircot contracts with more than 100 universities. So we would like to leverage on those relationships.

And we are going to get into some visa processing with, basically, tie ups with embassics. We are getting into assessments as well. So there arc a lot of things which arc happening.

Okay. So there are companics where companies are providing services like they are planning travel assistance, something loan sanctioning meaning they are providing a number of services.

So are we thinking in that dircction also?

We arc already there. Loan servicing and all, we are already there. Yes, those were not the major focus areas carlier, but now we are. Travel and all, honestly speaking, we get it through our conncets only, but yes loan servicing is something we are already having a tic up with Credelia.

We arc having already a tic up with SBI and Axis Bank. So there are three banks we are already tied up with, and we arc focusing on that. So not only this... Page 8 of 19

Sorty, please contine.

Yes, not only this, but we are also having a very advanced conversation with the people who - the companies who are providing assessments, like Al-based assessments. We arc having a conversation with embassies where we can serve them in basically capturing or auditing their documents because one of the major pain areas for our customers are identifying those fraudulent documents.

Since we are there for the last 18 years in this industry, we do have certain kind of an expertise around that. So we would like to give these services as well to our customers.

Okay. Just one last question. Just want to ask, what was our employee count in 23-24 and 24- 25, if possible?

So 23-24, it was somewhere around 135. FY25, we were, so till march, we were somewhere around 160. We are already now 175 plus. So with the increase in branches and all, we are increasing in the headcounts as well.

So 135 in 23-24, and in 24-25, it was somewhere around 160, right?

Yes. No, 23-24, you're talking. Hold on. So see, I think when we filed our DRHP, at that time it ‘was 135. 23-24, it should be around 108 or 110, approximately 110. So in 23-24, if 1 Okay, let's make it simple. On 31st March, 24, it was 108 or 110 and on 31st March, 25, it was somewhere around 1602 Yes. So but if T look at the profit and loss account, so our cmployee benefit expenses declined from INRS 46 crores to INRS. 18 crores, even though our employee count increased. How this expense decreased?

Iwouldactually... Thisis a litle bit technical question. Iwould need to get into detail about this.

Okay. Well message this query to you. We'll mail you this. Okay. Thank you sir very much. Good luck. You are welcome. Thank you so much.

Thank you. Our next question comes ffom the line of Devendra B., an Investor. Please go ahead.

So sir, I wanted to ask, we recently saw last year there were some issues with the Canadian government. They changed some law which was making it difficult for students to go there How has the situation improved from last year, o is it like the same?

Jasmeetji, would you like to answer this? Page 9 of 19

They have stringent laws, definitely. And they want only quality students as all other countries are looking at quality students, but as per the numbers, they're looking still at 400,000, like 4 Iakh students every year. Previously, they were taking about § lakh students all over the globe.

So the mumber we are looking to send s like 4,000 to 5,000 students a year or if we combine. .

Sorry to interrupt. Jasmeet sir, we have lost the audio from your line. Ladies and gentlemen, the line for the management has been disconnected. Please stay connected while we reconnect the line for the management.

Okay, let me just answer this particular question on behalf of Jasmeetji while he's back on the call. So basically, what Jasmeet ji wanted to tell was definitely there has been a stringent loss from the immigration perspective from Canada, but the number we are targeting, yes, there has been a reduction in the numbers as well.

But it was not that major reduction, the way it has been perceived through media and all. And st year also like almost 437,000 students have been taken by Canada govemment. And what we are targeting is somewhere around 5,000 to 6,000 or maybe 4,000 to 5,000 students only from 2,500 to like we want to increase it by say, 60%, 70%.

So our share in that particular, the entire kitty is very small. So we are quite hopeful and confident o retain our sharc and rather increase it. Because with these uncertaintics and all, there have been a lot of small players who have actually closed down their businesses as well.

Okay. So Canada is still remains like one of the largest contributors to the growth?

Yes, with those reduction as well, it is stll the rather by far the largest one. So if you sce the second would be UK or US. and those are not more than 150,000 to 200,000 students as against 437,000, 450,000.

Okay. So for us, like suppose if you are INR100, what is like top three, top four countrics contributing to us?

No, come again, I didn't get your question.

Top countrics. Parkaj ji, 'm back on the call. Yes.

So the top countries will be Canada, UK, Germany, U.S. Right now, these four countrics are contributing to our revenue.

And what is like that, like the trend suppose what is like how much is Canada contributing and how much like the next three partners are contributing?

See, I'l tell you Canada s still 60, 70% of our revermie. So rest all other are 30% of the revemue, 20% to 30% of the revenue. Page 10 of 19

Okay. And sir I wanted to know like what s like, what do we want to become like I had the call, like you said like we are acquiring a college as well. So that we can migrate a student, I think some migration can happen like from Indian University to the foreign university, because then you will own the wniversity, it will be casier than you are helping from like visa and migration, like embassies as well. So what do we want to become like, what is like, like our ideal vision is what?

Iwill tell you. Definitely. So if you if you sce, we have changed the name to Landmatk Global Learning from Landmark Immigration Consultants. So we want to be leaders in global leaming.

So if we are by acquiring nursing college and engincaring college, we want to make global pathways on all around the world, not just Canada.

Like if a student studies with us, we make a pathway with Canada, UK, U.S., Australia, any other country they want to travel. Even we want to come up with campuses in like lucrative destinations like UAE also, because right now UAE is very, very lucrative destination. And we want to see tight now the there s like if you see, USA also stopped appointments for three weeks, approximately, so because of the frauds happening.

So we've already started approaching high commissions and embassics that we can help them judge the student if he's submitting genuine documents or not. So we want to become leaders in this global learning phase where if a student is looking forward to studying in, so he has best options.

Secondly, if you see in this space, when this cmbassy or high commission takes some decisions, not only bad students, but good students are also affected. But Il tell you like in three last three weeks, it's like you students going to USA, they ware all not you know, not all students submitting fraudulent documents or something like that. So, most of them going to USA. - are very, very genuine students because they have to appear for an interview.

So when you're appearing for an interview, they are mostly genuine students. But if you can say there are 10% to 15% some students who are guided by wrong agents to appear in those interviews are not that capable or submit some fraudulent documents. So by submitting, by aradicating this fraudulent documents or by pushing cmbassics to choose that students with genuine documents will only come to you, I think they'll improve the overall acceptance of Indian students.

Got it, got it. And you have said like we are - we will do one acquisition as well. So are you, like the number which you have said that you have INR6S crores, docs that include that acquisition as well?

Yes, that will include acquisition as well. Yes. Revenucs from the acquisition as well.

Okay, okay. And we have opencd like 3 branches and you have said like we've been trying to open in 8, 9 as well in like different parts of the country by this year-end, starting like March 2026. Page 11 of 19

Yes, yes. So we've already opened up 3 and we are looking at Hyderabad. Hyderabad, we've already hired one person and then we are looking at Kerala and then we are looking at UP because UP is very, very unstructured. Like Lucknow is the base we are looking at. So, we've already shortlisted a few places and we're going to open many branches in the next 5, 6 months.

Got i, got it. Thank you, thank you. Best of luck for the journey. Yes, thank you so much.

Thank you. Our next question comes from the line of Tushar Sarda from Athena Investments.

Yes, thank you for the opportunity. I wanted to understand how do you charge fec? Is it charged to the student or you get commission from universities?

We get the commission from the universities. We don't charge it to the students. Yes.

Okay. And is it only on the first year fec or if student is studying for more than lyear, you get commission every year?

Normally it is for the first year only. There are very rare colleges who give it for the second semester or second year fecs as well. But 99% it s first year fecs only.

Okay, okay. Okay, I follow. Okay, thanks. I have more questions, I1l come back. Sure. Thank you.

Thank you. Our next question comes from the line of Kushal Kasliwal from InVed Rescarch. Hello. Firstly, congras. Secondly, am I audible?

Yes, yes. Thank you so much and you're audible.

Al right, T have two questions for you. One, there are 15 new branches that are going to be opening across India, right? So could you just give us a somewhat of a breakup of what particular regions you are going to be tapping into? Because I can see Maharashtra has not been tapped into yet, as like a franchisce location yet. So any assistance on that front?

So basically, we will be opening in all the regions, right. Yes, the number of branches in East would be lesser. It would be covering only Calcutta and most likely Guwahati, right? And so, Maharashtra, we are definitely coming up with Bombay. I think the next three to four branches would definitely include, one of them would be Mumbai. Yes. So Mumbai, Pune and in MP also Indore is one of the branch we are looking at.

Yes. So basically, what we arc doing is we arc focusing on developing the mastery over a particular state. Sot, as you sce that we arc already strong in Punjab, right. Out of the three Page 12 of 19

I think we will open one more branch in Rajkot so that we are considered as a strong player of Gujarat. And then we will move to, say, Maharashtra. And as Jasmeet ji has already pointed out that we have already hired a person in Hyderabad. So we arc looking at opening a branch in Hyderabad as well. Have I been able to answer your question?

Tushar sir, that answers your questions. Tushar sir, do you have any further questions? Hello.

Yes, Tushar sir. As there is no response from the line of the current participant, we will move on to the next question. Our next question comes from the line of Yash Shah from Shah Investment, Please go ahcad.

Hi, sir. Congratulations on a good sct of numbers. Sir, I have only two questions since all the questions have previously been asked and answered properly. What I wanted to understand is, sir, what is your main source of revenue? Is it coming from consultation or is it coming from processing charges or like partner commissions? Like, I wanted to understand, sir, what is the structure of your different streams of revenuc?

So, the major revenue income is the commissions from the universitics and colleges which we get for recruiting students for them. That is the highest, like you can say above 90% would be that only.

Okay, sir. Okay, sir. I think this was the only question that I had left. Thank you for arranging the call. Got it. You are most welcome, sir.

Thank you. Our next question comes from Smart Horizon Opportunity Fund. Please go ahead.

Thank you for the opportunity. Sir, what is the strategic rationale behind the mix of company- owned and franchisee branches and can you share the revenue mix between the two models?

So honestly speaking, franchisce is not something we are looking at very aggressively. We are ‘maintaining those franchises which were already thers, right? And so, the revenue is also ot very exciting. Like, it should not be more than 2% to 3%. So, though we are in the process of developing a strong franchisee module, right, and it is just by chance that around 2 days back only we have hired a person who would be taking care of the franchisce development only. So right now, we are not very strong in franchisce. But yes, we would definitely like to develop it.

Okay, sir. And the second question that T had was the employee benefit expense dropped in the second half of the year from INR4.87 crores to INR3.31 crores. It was a significant drop of 30%.

So could you clarify the factor behind the reduction in employee benefit expense? Page 13 of 19

So majorly, it was related to shifiing from fixed salarics to the variable commissions and all, right. We definitely have reduced or rather taken a call in trimming down those cxpenses. But I think now we are back on those mumbers. Yes. So those are basically majorly from the shifting from fixed cost to variable cost and trimming down those non-performers, you can say. Okay. Thank you, sir. You're welcome.

Thank you. Our next question comes from Kushal Kasliwal from InVed Rescarch. Please go ahead.

Hi. Sorry, I don't think I was audible last time. Am I audible now?

No, no, your question was audible. We were not sure whether you have listened to our answer or not. You were talking about the Maharashtra picce and I - am I correct, right?

Yes, yes. So basically, I have another question now. I thinik that was well answered. Ljust wanted to know what is the highest margin in the fact that you said most of your revemue comes from commissions. So is that also the highest margin that you all are making in your revenue mix?

Yes, yes. That s the highest margin. Yes, you're right. Since that is the major part of our revenue. All right. Perfect. Thank you. You're welcome. Thank you.

Thank you. Our next question comes from the line of Tushar Sarda from Athena Investments. Please go ahead, sir.

Yes thank you. Thank you for the opportunity again. You mentioned the size of the cducation industry s 30 billion, right? Thats the fecs that Indian students remit abroad. But what s the size of the consulting market, the market in which you operate? How many students actually go through consultants? And you know, what would that size be? And who are the major players?

And what is your market shar in that scgment?

See, honestly, we would not have those kinds of numbers available with us. But yes, the numbers are growing. And ifyou ask the players, the major players, the biggest player is IDP, right, who's having almost 125 branches across India. It is Australian govemment backed entity. Yes. And then there are companics like Canam, who arc bigger than us. And so I don't think we are - so as Jasmeet ji has said that our number is we send almost 3,000 to 3,500 students a year, right.

And so the number -- so we are not more than 2% to 3%.

Okay. Okay. And in temms of breakup, are these undergrad students who go or graduate students who go? Because US I believe is mostly post grad?

No, itis, it is both basically, itis equally, almost cqually divided, rather undergraduate students.

So basically, our major, you can say, business has come from Northem India part, and it is Page 14 of 19

majorly from the graduation. Rather both you can say. So, there is, there is equal amount of, you can say, demand for the courses.

And what is the average fee, the universities charge the student? Just the tuition fee, I am not talking of?

Yes. It depends, it depends on the country-to-country and even colleges-to-colleges. It ranges from anywhere between § lakhs to even 30, 40 lakhs as well.

And your commission s based as percentage of fec or s it per student kind of?

So majorly it comes around a percentage only, but it is from the fee, from the first year fecs.

Right. And, but it s not always on a percentage. There are, there are colleges who give usa fixed kind of a commission as well. But obviously, their business model is surrounds from the percentages only.

Okay. And Imean, if want to look at the, since it's anew company, do you have any aspirational farget in 3 year, 5 year, how big this business can become? The is sky is the limit. .

Essentially, we want to know how scalable it is. Youre sctting up branches and all, but it's a new industry for us in the stock matket. So some idea if you can give how scalable it is and how big it can become, And if you have any aspirational target of what this could be? Tasmeet ji, you want to answer?

If you sce like the top partner, a top company in this industry, which is listed in Australia also, is doing close to INR1500 crores a year. So just from India, And if you tell me there is a company called Applyewood based in Canada and they were the major contributor there was India, but they are expanded globally. So we also want to expand globally.

Then feel that it can be, it can be like there will be doing INR5000 crores, INR6000 crores. It's already $8 billion company in Canada. And our vision is also to be the global leader in global learning only. And we aim to reach INRS00 crores in the next 3 years.

So if I'm a student, how would I -- how would I choose a consultant whether I should go to you or I should go to somebody clse? What is the distinguishing featurc?

It'svery, very unstructured market. I tell you, students arc caught in this, this web, Il tell you student doesn't know how to reach. So advertising is the only medium where we reach out to students and social media advertising we are doing very, very aggressively because all our students are on social media right now.

So we are doing influencer marketing, we are doing outdoor marketing, we are doing radio campaigning, we are doing theater marketing. So students basically go most of our businesses from reference because if I tell you like new business will be 50% and 50% will be reference Page 15 of 19

business. So students are basically what is visible is sold. So we want to be visible all across India to increase our revenues and we are...

But what do you communicate to student through this, because you should be able to communicate some strength which you have with a say or competitor.

We are not charging anything. So we arc not charging anything. One, that is we don't charge anything from the student that is one of our strength. Then scholarships are not made clear to the students. So we are looking at giving scholarships the universities.

We are already discussing with universities to give scholarships to our students and a lot of wniversities giving a lot of scholarships in all the countrics, US, Canada, Australia, UK. So we are communicating that we will get you better scholarships and will not charge you anything. So that is our strength if you tell me.

Okay. And now in this world of AL where one of the fear s that this structured education system will get disrupted, because Al will change a lot of things. So how would your business get impacted? I mean, it's possible that I don't...

There are a lot of courses in Al also have started actually...

So we are also looking at an Al portal, which will be like on our portal. If a student comes that way, we want to go to, suppose US and they want to study computer engineering. So when they put that, so we're looking at Al responses to their answers. And so students can go on ChatGPT, look for universities and questions and look for all the things.

So but we are also combining those Al formalities into our website and promoting, we are making an app, which will be helpful to the students. So definitely, so Al will impact our business also in future. And we are looking at an Al calling also.

So weare in talks with a lot of calling agencies because our major expense is call center, because we have 35 people in our call center and sometime call center cxcautives become bored of their job. And it's like a very repetitive, like you haveto call all day. And so we are looking at Al calling also that they can call 10,000 numbers in a day and theyll not get bored. So we are looking at that part also to develop an Albased call center in which like there arc a lot of companies have already implemented it like an India, like a humanized person calls you and they ask you a few questions.

So but the call is really expensive right now, like a call per minute is very expensive right now.

Sowe are working on it to how to embed those Al things in our company as well and for students as well.

So you're developing an app, you still don't have an app for a student to, go through and say, I want to select this cowrse and this is what is suitable for me and that kind of a thing, right?

T11 tell you, in this industry right now, if you sec a student wants to go abroad, right now that popularity hastit come right now, a student will use the app and will go abroad on its own. So Page 16 of 19

they need somebody to talk to them and they need to visit also to see the trust, because see, it is an expensive, it a bigger expense, like 20 lakh, 30 lakh student is spending to go abroad.

Soitis not right now developed to a stage that student will go on an app and go abroad. But still, we are looking at, we fecl that in coming few years, it will be on app, nobody will be traveling:

Or sce, if you tell me North and West India, because we hold very strong reputation there, students apply with us online, like our 30%, 40% business is online only, because they know that landmark s established and they are there from so many years, and they're not going to go away.

But if you tell me that students will go on an app and go abroad, still not that maturity has come, but it will definitely come. So that is why we are developing that app.

What is the student’s typical joumey? How long does it last with you? If I want to go abroad, when do I contact you? And when does the admission take place? What i the total duration?

So it depends country-wise. So every country has a different structure of giving visa. So it depends actually country-wise. So it is not same for all the country. But if you tell me typically from 3 months to 6 months.

Okay. Thanks. So I have a lot more questions, but maybe when I try and seck a mesting with you personally. Thank you. Okay. Thank you so much.

Thank you. Our next question comes from Sahil Raj from Samdreeya Capital Ventures. Please g0 abead.

I have seen that you have uploaded quite a few announcements on the exchange regarding the branch opening and change in the name of the company. And you recently mentioned that you are active on social media, cte. So I was thinking that maybe you could, I mean, again, increase the scope of announcements that are passed through exchange, right? Quarterly business updates or something of that. Like what are the programs that must be conducted. So in that?

We will do that basically. So since we ar already doing all those things, we will definitely add up these things, these announcements as well.

And on thing, sir, I want to ask, which are the prime months apart fom quarter 4 of the last year? No, I didn't get your question actually.

No, I'wanted to ask, which are the prime months for student intake? I mean, the max number of students that are admitted into universities. Which are those months in the whole year?

So, itis basically May, September and January intake. Page 17 of 19

May, September and January intake. And the receivables that you mentioned are increased duc to the January intake?

It's a very common practice, like almost all the intakes have those things. But yes, since the business has increased and all, so the receivables in the balance sheet pertain to January intake and all those commissions have now been received also, right. So those are 31st March numbers.

So today we are sitting on say 231d June. Almost all the numbers are clear now.

And to say that literally our working capital cycles arc 60 days, 60 to 65 days?

No, no. The commission cycle ranges from like maybe 90 to 180 days.

Yes. All right. Slightly increased. And sir, the NOE expense, you have akready answered most of the questions. So are we looking to get back on the fixed pay structure or it will remain on the variable pay?

So, if's a major expense on the sales, So definitely it will be like it would attract more of the variable pay.

All right. And one thing on the branches, we are looking to scale up the franchise as you said that you have appointed some personnl also. So currently we are focusing more on COCO type or FOCO type. I mean company operated more or franchise operated more?

Right now, if you talk about today, we are majorly in COCO, right? But it would be a very, you can say, cautious call. Once we develop this particular model, we will get into a FOCO as well.

But right now, the next 15 branches, we are going to open in a COCO model only.

And the target for this year is around 18 branches in FY 267 Target for this year would be an additional 6 to § more branches. 3 we have alrcady opened, right, 6 to 8 is something we are going to open.

All right, Thank you. Those are my questions. Thank you very nuch. You're welcome.

Thank you. Your next question comes from Devendra B, an Investor. Please go ahead. Devendra, your line is wnmuted. Please proceed with your question. All right. As there is no response from the line of current participant. I now hand the conference over to Mr. Jasmest Singh Bhatia for closing comments.

Thank you, cveryone who joined this camings call. I hope we have addressed your question satisfactorily. And we welcome any suggestions you may have and are happy to provide further information about the company for additional querics. Please fecl frce to reach out to X-B4 Advisory on our Investor Relations Partner.

Thank you once again. Take care. So I was under the weather. So maybe my voice was low or I was coughing sometimes. So sorry for that. Page 18 of 19

lanmy\ark Thank you. On behalf of Landmark Global Leaming Limited, that concludes this conference.

Thank you for joining us, you may now disconnect your line. Page 19 of 19