Intellect Design Arena Ltd

Investors Meeting Transcript Collection stood at ₹ 586 Cr. Our cash and cash equivalents remained robust at ₹ 976 Cr, giving us the confidence to continue investing in growth and innovation. Our license-linked revenues (LLR), comprising license platform and AMC revenue stood at ₹ 389 Cr for the quarter. The LLR is now more than 50% of our overall revenue, creating a predictable and recurring engine. And our ARR (Annual Recurring Revenue) now stands at ₹ 1,041 Cr. This is a strong indicator of how our business is maturing towards long-term, committed, high-quality engagements. On the deal wins and go-lives front, we won 17 new deals and went live with 15 digital transformations in Q1. Let me highlight three strategic wins in the US, with two global banks marking the entry of eMACH.ai into the US market. A Tier One Canadian multinational bank has chosen both eMACH.ai Core Banking and eMACH.ai Payments for their US expansion. This engagement spans their corporate and investment banking operations and sets the stage for future expansions in Europe and Asia. This win is significant not just in size but on strategic depth. It reinforces our relevance for Tier One banks operating in complex global environments. In parallel, a San Francisco-based global financial services firm operating across 35 countries selected eMACH.ai Liquidity Management. This solution will provide them with real-time visibility, control, and compliance over global liquidity positions, a vital capability in today's volatile market. These deals are part of a deep-growing funnel now valued at ₹ 11,300 Cr, with over ₹ 9,200 Cr already a part of the active opportunities. Let me shift gears to Purple Fabric, our open business impact AI platform. In just sixty (60) days since its launch, Purple Fabric has conducted over fifty (50) boot camps, engaged with over five thousand (5,000) participants through our business impact AI masterclasses, and sparked deep strategic interest among global banks and insurers. More importantly, this platform is aligned to enterprise-wide AI deployments which generate business impact, and not mere experiments. The market is clearly signalling that it is ready for AI that is auditable, traceable, governable, and most importantly, impactful. We are building a strong pipeline of engagements that we expect to convert into high-impact AI transformations in the quarters ahead. I would like to talk about the continued validity global analysts. The growing adoption of eMACH.ai is also reflected in the industry analyst community. Gartner continues to rate us highly in its critical capabilities for retail core banking systems. Chartis has positioned our credit lending operations as leaders in five different quadrants. Celent has identified our eMACH.ai Digital Engagement Platform (DEP) as a standout in terms of functionality in its retail and SME digital banking platforms across APAC, EMEA, and North America. These recognitions affirm that eMACH.ai is not just a visionary platform, but a proven execution engine.

Investors Meeting Transcript On the leadership capital, to support our global scale-up, we have made some key leadership additions. Dave Thomas has joined us as EVP and Business Head, Credit Union and Small Market Financial Institutions. He brings three decades of experience from Central 1, ATB, and Accenture, and will lead the transition of Canadian Credit Unions to our Digital Engagement Platform. John Turner has joined as the President and Business Head for Purple Fabric. Rajesh Makhija has been instrumental in shaping eMACH.ai cloud architecture and was pivotal in launching Purple Fabric. He has been appointed Chief Marketing Officer to lead enterprise-wide marketing. Eshmael has joined as SVP and Country Manager for South Africa, and Conor has joined as Chief Marketing Officer at Intellect Wholesale Banking. Vivek Patil has joined us as EVP and Chief Growth Officer for Intellect Consumer Banking. He will lead large transformation deals in India and adjacent markets. These appointments reflect our conviction not only to build world-class products, but also to support them with global talent, strong governance, and high-touch customer engagement. To summarise, quarter one has delivered strong growth across all key metrics: top line, margins, profitability, and pipeline progression. eMACH.ai continues to gain traction with Tier One banks and analysts alike. Purple Fabric is assuring a new era of auditable, governed, and business impact-focused AI adoption. We are backed by a growing base of referenceable clients and a leadership team built for global scale. As we move into the rest of the financial year 2026, we are confident of building on this momentum. We are operating from a position of strength with conviction in our strategy, confidence in our products, and clarity in our execution. Thank you again for your time, your trust, and your continued partnership in our growth journey. Thank you. Arun Jain: Thank you, Vasudha, for the brief. The presentation has been sent to all of you; as analysts, you have likely reviewed the deck, where all the numbers are in line with what we are presenting here. You had expected 15% growth, and I think we are in line with that. We are growing despite the industry slowdown, and we have a good pipeline of close to ₹11,000 crore. That's a significant validation of our eMACH.ai strategy. Intellect winning three (3) deals in the US in a single quarter for digital transformation on eMACH.ai core is significant validation. This was a core concern, and we had prepared a strategy to enter the US market with our eMACH.ai Core Banking, eMACH.ai Payments, the eMACH.ai Liquidity Management solutions. Therefore, it's very significant for us that, in a single quarter, we have entered the US market

Investors Meeting Transcript One crucial piece of feedback from customers is how simple Purple Fabric is to use, especially when compared to alternatives like Palantir. While it's still early, we plan to invest a total of ₹ 100 Cr in Purple Fabric this year, with ₹ 10 Cr already invested in the first quarter. Our current profit in this quarter stands at ₹ 94 Cr. With the ₹10 crore already invested in Purple Fabric, we anticipate investing an additional ₹20-30 Cr over the coming three quarters, incrementally increasing our total investment from ₹ 100 Cr to ₹ 130 Cr over the entire year. Our EBITDA margins are projected to be between 22% and 25%, though this band might fluctuate depending on license deals and market scenarios. This AI investment is fully on our balance sheet without external funding as a bootstrap model. This is a first for us. This contrasts sharply with global AI investments, which typically range from $150 million to $200 million (₹1,000 Cr to ₹2,000 Cr). Our research team has done a phenomenal job understanding the needs of enterprises and responding appropriately to the needs of the enterprises where we have deployed our technologies. They have been working on this for over two (2) years and have been in constant communication with various enterprises, addressing their questions and doubts over enterprise implementation of AI. This is the beauty of holistic planning. From last year to this year, we have proactively addressed all market objections and then created market-leading messaging for this global launch. We are really excited to move forward with Purple Fabric. Every day has been busy for all of us. On another front, Purple Fabric is also significantly boosting lead generation for eMACH.ai because Purple Fabric can be consumed as an API directly on our eMACH.ai platform. This applies across our entire suite of products, including core banking, lending, wealth, custody, capital markets, payments, liquidity, trade finance, trade operation, and supply chain finance. We have developed digital experts that enhance our existing offerings, creating truly AI-native products for the market. In the banking industry, it is the first time we are launching these AI-native banking products with Purple Fabric providing the ability to consume them at an API level. The complete eMACH.ai platform, which we initially launched in February 2023, began its AI journey over the last two years. Now, AI has become a forefront conversation with our customers. For example, when they are looking for a trading application, we are not just offering a traditional trading application. Instead, we provide a complete trade operation solution where we promise them 20/20 benefits, i.e. we can help increase customer revenue by 20% and decrease operational costs by 20%, by leveraging Purple Fabric alongside our trade, payment, core, or wealth platforms. This is the promise we are making to our customers right now.

Investors Meeting Transcript I am ready to take as many questions as possible on our strategy. For financial numbers, I believe most of you are already aware and familiar with. Vasudha will handle any tactical financial questions one-on-one outside this session, via email or other means. We have one hour, and I think we can make good use of it to help you understand where we stand on this journey. If you have questions for Manish, Rajesh, Banesh, or I; the four of us are here to respond to business questions. Please use your time effectively. The financial numbers are readily available. Praveen Malik: Thanks, Arun. The forum is now open for Q&A. In case you want to ask a question, please click on “Raise Hand”. I repeat, please click on “Raise Hand” and we shall unmute you and everybody will be able to listen to you. So first we have Mr Rahul Jain from Dolat Capital. Rahul, please unmute yourself. Rahul Jain: Yes, hi. Hope my line is clear. Praveen Malik: Yes, please go ahead. Rahul Jain: Thanks for the colour that you shared around the product. I just have a couple of questions. Firstly, regarding the funnel we discussed for Purple Fabric: how do you typically see this culminating into business for us over time? Also, what are the top use cases that enterprises are looking for from us on this platform? That's my first question, and I will likely have a follow-up. Arun Jain: Banesh, would you like to answer? Banesh Prabhu: Yeah. So, thanks, Rahul. As you know, we have been working, and you have seen from our regular results that we are continuously closing Purple Fabric deals in the US on the insurance side. We have garnered several leads, and as of this point, we have already moved forward with the large numbers that Arun had mentioned. We started analysing them, reached out to all of them, and received a good response. We already have 87 leads who have responded, and we are continually scheduling boot-camps for them. Additionally, we are in advanced-stage discussions with several Tier 1 clients in the UK. So, to answer your question, we are moving forward with the pipeline opportunity that has significantly emerged after the launch of Purple Fabric, in continuation of our existing business that is already gaining good momentum with Purple Fabric.

Investors Meeting Transcript delays in collections. Our account management team is working very hard to collect these at the earliest possible time. Another reason for the DSO is that many projects are run on a milestone basis. We can only raise an invoice and collect payment once we complete a milestone. So, there are multiple reasons for the higher DSO. Sushovan Nayak: Thank you. And regarding the change in the currency mix, other than the Central1 acquisition, is there anything else? Because the UK proportion has significantly reduced, and the US has significantly increased from a currency mix standpoint. ​ Vasudha Subramaniam: There's been a significant increase in CAD, which is why you are seeing a consequential impact in the UK and US figures. Otherwise, the absolute numbers for what we have been generating in GBP and USD remain the same in quantum. Sushovan Nayak: Okay. Because what I see is that 29% of GBP has now become 14%, while USD has increased from 33% to 45%. Vasudha Subramaniam: And the CAD would have increased significantly. Sushovan Nayak: The CAD is from 6% to 13%, right? Vasudha Subramaniam: Yes, CAD is separately shown as 13% here. Sushovan Nayak: Yes. Vasudha Subramaniam: Okay. Arun Jain: Some contracts are denominated in dollars, even though they are operating from different countries. That's why we have 45% USD; it's not exclusively US business, but rather USD-denominated business.

Investors Meeting Transcript platform. And wherever it's embedded into our products, we also charge similarly for the usage of the AI element of that license. Amar Bakth:​ So, if my understanding is correct, that means there's a part of the revenue which is a kind of annuity-based stream. That means that once I have a customer who has purchased my product, a portion of the revenue, whether it's AMC-based, license-based, or platform-based, will continue as long as the customer is using it. Probably a part of it is a one-time expenditure at the time of implementation itself, and now you are also adding that there is something that depends on the output-based model. So, if our customer achieves a certain efficiency level by using our product, there will be a kind of profit sharing or a fixed arrangement, with the company receiving a share. I am just trying to understand, for longevity, if I get a customer today, how long will I be able to monetise that particular customer? Banesh Prabhu: So, the subscription deals that we do typically range from three (3) to five (5) years. And they are, like you said, an annuity with a minimum volume, which then grows as the volume grows. So, there is volume pricing as well. There is a separate implementation cost. Very often, for certain projects, we do pilots, and there is normally a charge for those pilots. When we implement, we start with the subscription, which normally runs, as I said, for three (3) to five (5) years thereafter. Additionally, several change requests are made throughout those three to five years to upgrade the platform. Arun Jain: So, if it's an annual contract - ●​ A1 revenue is the pilot cost ●​ A2 revenue is from implementation ●​ A3 revenue is subscription / transaction-based, often a percentage—for example, thirty basis points on the insurance premium paid, or a per-transaction basis, like twelve dollars per transaction, or ninety-nine dollars per 'work packet' produced, such as per complaint resolution. ●​ A4 revenue is platform licensing, which is on an annualised basis and is also subscription-based, and dependent on the number of cores my AI platform will use. So, it is similar to how Oracle does it, with the number of cores-based licenses. We have a similar policy for platform-based outsourcing. ●​ A5 revenue is from licence pricing ●​ A6 revenue is long-term licence with AMC (Annual Maintenance Contract) So, these are the six different types of revenue streams in the company.

Investors Meeting Transcript pie into our business? Because, probably, the margins there are comparatively better, as we have understood from other IT product-related companies. Arun Jain: There are not too many product companies from India getting significant revenue from the US market. Intellect is still performing better than most in that regard. Regarding margins, they are almost equal in the US, Canada, and Europe, and share a similar nature. In fact, we sometimes see margins in the UK and Europe being even better than those in the US, from that perspective. Our approach was to go to Europe first, then Canada, and finally the US; that has been our strategy and roadmap. This quarter, we are pleased to announce that the financial year has commenced with three deals in the US. So, now we will definitely be expanding our US portfolio. Amar Bakth: Thank you very much. I may be re-joining the queue. Thank you! Praveen Malik: Thanks, Amar. Next, we have Mr. Mihir Manohar from Carnelian Asset Management. Mihir Manohar: Yes, Hi! Thank you for giving me the opportunity, and congratulations on a strong set of numbers. Sir, I would like to learn more about Palantir, C3.ai, and Purple Fabric. You mentioned these are the three enterprise-grade AIs. Could you provide any colour or feedback from clients or industry analysts on the competitive positioning of Purple Fabric vis-à-vis Palantir and C3.ai? Could you elaborate on who is strong in which areas and how things might eventually unfold? Arun Jain: That's a beautiful question for understanding the market. Palantir is a company that started in 2005, making it a twenty (20) year-old company in the AI space, originally focused on commerce. Their major revenue still comes from the US government. After 2018, they began moving beyond government clients and looking at commercial sector. They are still using their older platform, Foundry, to support this, so they have a large, legacy Foundry platform built using AI technologies that were available between 2010 and 2012. Intellect started investing in AI in 2016. C3.ai also began investing around the same time. However, we launched Purple Fabric as a platform only in 2025, after thoroughly understanding the implementation pain points of AI. When you look at it, four key elements are differentiating AI in Intellect: ●​ Enterprise Knowledge Garden (EKG) is our first value proposition. Intellect is the first to trademark that. We believe that alongside a Data Lake, you need an Enterprise Knowledge Garden because the true moat of enterprise value is the knowledge residing within an

Investors Meeting Transcript organisation. We have technology to vectorise that knowledge into a 'garden' and nurture it so customers can use both data from their Data Lake and knowledge from the Garden, thereby creating expertise for the organisation. This is very unique and not provided by C3.ai or Palantir. ●​ We don't talk about 'agents.' We believe business impact happens via experts. Agents can solve smaller issues, just as an executive can handle basic problems or call centre inquiries, but if you want to address complex finance or wealth management issues, you need experts. So, we have an expert orchestration system with Socrates dialogue, creating immense value through our digital expert methodology. Most global companies, including C3.ai or Palantir, primarily focus on agents. We believe it's a business of experts; that's a significant difference. ●​ We allow for open technology. Any LLM (Large Language Model) can be used. LLM costs are continually falling, so customers shouldn't be locked into one LLM. We enable customers to benchmark and select LLMs appropriately This flexibility is currently not offered by any of the main player These are our three core differentiators besides this, in enterprise governance, specifically entitlements and controls, all three of us (ourselves, C3.ai, and Palantir) provide strong governance. Enterprise governance might be considered equal among us. But on EKG (Enterprise Knowledge Garden), digital experts, and LLM flexibility, we are distinctly differentiated. Banesh Prabhu: I think just to add to that, Arun, speaking to clients in Europe including some large banks, the orchestration of flow through EKG (Enterprise Knowledge Garden) and the digital workforce, setting up multiple agents or digital experts as a digital workforce, is easier and more governable with us. Because the clients who come to us are finding that they cannot scale, and some of them are using our competitors, they would like to scale. I think the governance part of managing multiple workforces, we are better positioned in some sense, and we are also more flexible and easier to consume those services compared to their models. So, that's the feedback we are getting, and we are obviously learning along the way. Mihir Manohar: Sure, understood. Is there any more colour around whether people are looking to replace or change from their C3.ai or Palantir offerings to our offerings? Arun Jain: I am saying that it is a co-existence model. We are not replacing Palantir right now; we are still a young player to battle it. Palantir is a $ 300 Bn company. Even if we take a 10% slice of the total market share, that will be good for us.

Investors Meeting Transcript our goal is to achieve ₹ 4,000 Cr revenue and ₹ 1,000 Cr PBT (Profit before Tax) going forward. This is what we are designing the company for. From your investment perspective, a PBT of ₹ 1,000 Cr and ₹ 4,000 Cr as a top-line number in three years is very much possible. It is not guidance, but this is what we are striving for. Rohit Balakrishnan: Got it, that's helpful. Two smaller bits - of the pipeline you mentioned, specifically the ₹ 9,000 Cr active pipeline, could you share roughly how much is US-related? Has the consolidation of Central1's acquisition led to a margin drag this quarter or this financial year? Arun Jain: The acquisition is profitable, but not as profitable as other businesses, so there may be a dip in percentage margin. More importantly, the acquisition has given us a big acceleration in the Canadian market. Rajesh can brief you about this. Rajesh Saxena: Yes, we announced the acquisition in March. Along with this, we gained approximately 170 new customers, and 140 people joined us. Our first-quarter results are better than expected. Both from a culture, sales, and relationships' perspective, the business is growing. As we delve into a new segment of these 150 credit unions, we are seeing numerous new opportunities emerge. So, this acquisition is primarily for the Digital Engagement Platform (DEP). But we are now seeing opportunities coming up in core banking, lending, commercial banking, and payments. It's still early, but the Central1 acquisition is very good, significantly improving our Canadian footprint, client base and providing good cross-sell/upsell opportunities. From that perspective, it is a very good acquisition. Rohit Balakrishnan: For clarification, do you view Central1 separately in terms of operation, or are you fully consolidating it? Numbers are one thing. But from your own lens, as you sort of integrate, how do you see the margins of that business? Or do you look at everything together? Arun Jain: We look at it as a merger: culture, people, thinking, not just numbers. We don't separate it. Rajesh Saxena: We have made significant progress over the last quarter, Rohit. Yes, it's now One Intellect operations. Manish Maakan: It's a strategic intent. It gives access to over 150 banks, lots of cross-sell opportunities, and competence in running a large-scale cloud SaaS business, extending our reach further. There are a lot of strategic

Investors Meeting Transcript decisions behind why we pursued these acquisitions, beyond just bringing in a certain revenue. The scale we gain in Canada is hugely important; we are becoming a dominant force there. Rohit Balakrishnan: Did this acquisition help in clinching recent deals? Manish Maakan: The Canadians have started feeling very comfortable with the size of our operation. Our intent is, we are calling this as one of our three home markets. India is a home market, the UK is a home market, and Canada is now becoming that home market. And the intent is to scale each one of these to a $ 100 Mn business in the near future. So it's on the right path. Rajesh Saxena: If I can just add to that, Manish. Another important piece is that we gained 140 Canadian employees with the deal. I think that will significantly help us as we implement these deals that we are winning. So, it's as if a Canadian team has now reached that critical mass, which should enable us to implement better, and that gives confidence to clients as they look to us for large deals. Rohit:​ Got it. Thank you very much and all the very best. Praveen Malik: Thanks, Rohit. Next, we have Mr. Aditya Trivedi from Nepean Capital. Aditya. Aditya Trivedi: So, the question I have is, is there a roadmap for expanding Purple Fabric’s adoption beyond BFSI into sectors like manufacturing or retail, where we could see AI-driven workflow automation and procurement optimisation also critical? Or is Purple Fabric’s architecture and components restricted to BFSI? What I'm trying to understand is, could there be an expansion in TAM for Purple Fabric? Arun Jain: Yes, Aditya, we are already expanding to procurement and e-commerce solutions. The DTC business is already there. Additionally, we are seeking partners in other sectors to expand into the pharmaceutical and retail industries. We are currently exploring potential partners in these areas. Banesh Prabhu: And we have some pipeline in the non-BFSI space, we are already working on.

Investors Meeting Transcript years to contribute substantially. It generally takes five (5) years for incubation to start generating a big number. To sustain a product company year-on-year and to create a robust pipeline, you need those kinds of upfront investments. Jyoti Singh: Thank you, Sir. Praveen Malik: Thanks, Jyoti. Next, we have Mr. Srinivasu K from TIA. Srinivasu: Hi, Sir. Thanks for the opportunity. Congratulations on the solid set of Q1 numbers. My question is: with the new AI laws coming, and you said the regulation is very tight, how is Purple Fabric guaranteeing governance and explainability in those markets? Are you pursuing any certifications to accelerate? Arun Jain: There is no specific certification available yet for this, but we have full traceability and auditability and that's why we have won clients in Europe. A large wealth bank in Europe is using our Purple Fabric platform, and their risk department has certified it. However, there is no formal global certification department worldwide to say this is traceable. It's about the company's own risk department's validation. However, we maintain all ethical, traceability, auditable, dialoguing, and questioning recorded to ensure AI responses, where the AI agent provides the accuracy level, such as 92%, 98%, or 97%. So, we have built a very solid enterprise governance model into it. Banesh Prabhu: Additionally, digital experts ensure that everything they do has an audit trail, just as a human would. That is clearly available in the process where you can see how the digital expert works in collaboration with humans. Srinivasu: Okay. Thank you for that. And a follow-up to the previous question about projects beyond the BFSI sector: what are the likely ticket sizes? Are they similar to mid-tier bank deals, or smaller? Arun Jain: As of now, we are saying as a platform it can go out to the market. We have to look with partners how deals will work, how consulting companies or SIs will take this platform to non-BFSI sectors, which is still to be evaluated. But for large non-BFSI clients, deal values will not be different because pricing is based on the number of cores being consumed for the platform. So, the cores consumed by banks and cores consumed by non-banks should be similar.

Investors Meeting Transcript it in operational processes. Most banks have adopted some form of AI. The question is whether the initiative is scalable, platform-based or particular use case based. Our offering from Intellect is a platform-based, scalable solution within the enterprise, where every employee can use the same platform and every manager can build their own agents and experts to deliver better value in operational processes and reimagine workflows. That is our key differentiation. Acceptance of AI in advanced markets is already established; everyone has implemented appropriate processes. Samir Dosani: Thanks. Praveen Malik: Thanks, Samir. Next, we have Mr. Pravesh Kocher from FourLion Capital. Pravesh? Pravesh Kocher: Hi, thank you for taking my question. I just want to understand if you could bring together what you talk about with the experts rather than the agents into a sort of procurement product that you are selling to some of the non-BFSI customers? Thank you. Arun Jain: Yes. So, in the procurement area, there are a lot of digital experts specialising in areas such as vendor management, vendor qualification, and vendor due diligence. We have experts for these domains; price parity agents are also present, as well as other digital experts who support necessary procurement documentation tasks. In terms of tenders or RFPs, especially when large RFP analysis is required, we have additional experts dedicated to this area within procurement. Banesh Prabhu: Extraction, comparisons, everything are all handled by digital agents for procurement activities. Pravesh Kochar: And how is the Knowledge Garden created for such use cases? Arun Jain: The Enterprise Knowledge Garden is founded on the company's policies and processes. Whenever a comparison or decision is made, the Knowledge Garden ensures the enforcement of all relevant knowledge. Specifically, it is a part of the broader Enterprise Knowledge Garden. It consists of: ●​ Product Knowledge Garden ●​ Talent Knowledge Garden ●​ Customer Knowledge Garden ●​ Policies and Process Knowledge Garden

Investors Meeting Transcript Whenever you are writing any use case, you need to ensure compliance with the policies the company has for procurement or any other action, whether it's human-related policies or employee policies. The Knowledge Garden is the baseline from where all the knowledge emerges. Pravesh Kocher: And should we think about the value creation target in the non-BFSI, this procurement scenario as well, that 4x to 5x level that you talk about, or is it different in this scenario? Arun Jain: What is 4x to 5x? Sorry. Pravesh Kocher: What are the cost savings you can achieve compared to the traditional method they might be using for this process? Arun Jain: It will be 20%. I think the savings as of now are not fully quantified. First of all, it's about effectiveness, which is being given greater consideration by our customers, like with GeM. In Phase one of GeM, which we identified as being about transparency and the speed at which you can do the procurement. At Stage Two, you start looking at the cost savings, which can range from 8% to 15% of the absolute procurement price. But that comes in Phase two. Phase one is efficacy and transparency. Pravesh Kocher: Understood. Thank you, all the best. Praveen Malik: There are two more, I think. Puranic is hands down again. There is one repeat in case you want to take it. Sushovan from Anand Rathi is here again. Arun Jain: We will complete it and close it. Praveen Malik: Sushovan, please unmute yourself. Sushovan Nayak: I hope my voice is audible. Sir, just one question, Sir, on the Palantir thing that you had mentioned. So Palantir, as you mentioned, was first into US defence, then got into enterprise AI, and then gradually it's getting into BFSI. While the way you are going or evolving is that you have been very, very strong in BFSI and you are gradually moving towards the enterprise AI, by which I mean non-BFSI enterprise AI. So, in

Investors Meeting Transcript the process of this, do you believe or do you envisage that Palantir may cannibalise you, and you obviously did mention that Palantir being so big, it will be very difficult for you to cannibalise into Palantir, right? So, I just wanted to get your thoughts on this evolution as such. Arun Jain: What is the exact question? Will it be a difficult competition with Palantir? Obviously, it will be. Sushovan Nayak: No, so the other way around is what I was basically referring to: Palantir getting into the BFSI part of the AI business, right, because they are starting to get into that. Arun Jain: The market is too big, Sushovan. We are not looking for 100% market share; we are looking for 10% market share, which is good enough for us. We can coexist. A three-player market can coexist. A three-player market is a very good market to coexist in where we can compete, win, and fight it out. Remaining in the top 3 in the enterprise AI space is a great celebration for Intellect. Sushovan Nayak: Thank you. That answers the question. Praveen Malik: Mr. Tushar Verma from Big Shot Investment. Tushar, are you there? Tushar Verma: I just need one clarity on your guidance. Like you said, the AI-based revenue by the end of this year will be around ₹ 200 Cr. So, is this new AI Purple Fabric only, or will it include some other AI revenue as well? And is this ₹ 200 Cr for the whole year or a per-quarter figure? Arun Jain: No, it's for the whole year. Everything is Purple Fabric; every AI is Purple Fabric. There's no other thing called AI. Thank you! Tushar Verma: Thank you, Sir. Arun Jain: Thank you.