Ksolves India (NSE:KSOLVES) Q2 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to KSOLVES India Q2 FY 'twenty seven Earnings Conference Call. Please note that this conference is being recorded. I now hand the conference over to Mr. Prateek Japtav from E and Y. Thank you, and over to you, Mr. Japtaat. Thank you, Siddant. Welcome, everyone, and thanks for joining Ksolves India Limited Q2 FY 'twenty seven earnings call. The results have been made to you along with the investor presentation, and it is also available at www.ksolves.com.

0:53 In case anyone does not have a copy of investor presentation, please do write to us, and we will be happy to share it with you. Joining us today from the management team, we have, chairman and managing director, Uman Soni, chief financial officer, Manish Gurnani, chief technology officer, Durpan Auditor, head business transformation and consulting. We will begin with the management's remarks covering the business updates and quarterly performance highlights and then move on to the q and a session. Before we start, I would like to remind you that anything that is said on this call that reflects any outlook for the future or which can be construed as a forward looking statement must be viewed in conjunction with the risks and uncertainties that we face.

1:44 These risks and uncertainties are included, but not limited to what we have mentioned in the prospectus filed with SEBI and subsequent annual report, which you can find on our website. Having said that, I will now hand over the call to Ratin, sir. Over to you, sir. Thank you. Thank you. Thank you, and welcome to our q two and h one f y twenty seven earning call. Before I talk about where we are headed, let me briefly update you all about the quarter gone by. It has been a mixed quarter for us. Our revenue was impacted by a cautious spending environment and rammed down at a couple of large enterprise clients.

2:36 At the same time, we maintained healthy profitability, secured several strategic wins also, strengthened our position in the banking sector especially, and made meaningful progress in embedding AI across the business. With that context, let me start with what define Ksolves today. It is IdentityAI. Over the last few months, KSOLVES has become a select partner in both a topic that is cloud partner network and the OpenAI AI partner network.

3:24 These are not just the badges. You can simply buy or apply for and receive. Reaching the selected tiers requires certain certified practitioners, means architects, live production deployments for customers, public client endorsement with the credentials reviewed periodically, Holding both certification confirms one thing. Ksolves is putting IdentityAI into production for paying clients, not just running pilots. This is changing how we sell and how we deliver.

4:12 AI at KSOLVES is not confined to a specialist team. It runs across the nation. 100% of our engineers are cloud certified. So every team is AI driven rather than just a few experts. Our in house agentic AI center of excellence based agents, accelerators, and governance framework that our delivery teams use across client engagement. First, how we sell. Two years ago, client conversations were about technology and headcount. How many people were required for Salesforce, who do data engineering, or whatever?

4:59 Today, almost every conversation includes IdentityAI, or it starts with IdentityAI, I can say. Clients are asking for Udoo with IdentityAI, or you can reverse it. IdentityAI with UDO. IdentityAI with Salesforce. IdentityAI with data engineering. Okay. The question has moved from how many people to what business outcome can you deliver. Second, how we deliver. We are moving towards a forward deployed engineering model. Our engineers work closely with the clients to understand the business problem, use AI to design and build solution, and take ownership of the outcome.

5:49 With AI, our engineers increasingly work across platform now. That gives us flexibility in deployment, faster ramp up, and better utilization. The progress we are making across AI and our core technology practice is also translating into the new business. During the quarter, we secured market wins across diversified sectors, and our key technology offerings include banking in South America, banking in UK, banking in Europe, global ports, education industry in Australia.

6:39 Three of our q two wins are in banking. That reinforce our BFSI story and provide us with a stronger foundation to pursue further opportunities in this segment. These opportunities are mainly in... Or you can say with IdentityAI and Salesforce or with IdentityAI and data engineering. Alongside our Anthropic and OpenAI Select partnership, we have been upgraded to SAPI branch partner in India. Coming to our financial performance, q two revenue stood at 37.8 crore, down to 4.7 percent year on year.

7:28 For the half year, revenue stood at 79.2 crore, reflecting a growth of 2.5 year... 2.5% year on year. Across the industry, client remains selective and discretionary spending is is still under scrutiny. Our q two performance reflects that along the rundown at a couple of our large enterprise clients. We indicated... As we indicated last quarter, these are client specific rundown, not a structural change in our business or our client relationship.

8:16 We have also taken an important lesson from the period. When these accounts slowed, our pipeline was not deep enough to fully offset the impact within the quarter. We are now building a pipeline, even a strong pipeline. And of that, no client specific decision can move our quarter the way this one did. We are also pleased that Doon and Platte State has recognized Ksolves as one of the leading SMEs for 2026. To sum up, we expect f y twenty seven revenue will remain soft and to trail last year levels.

9:05 This reflects cautious client spending amid global microeconomic and geopolitical uncertainty. In s two f y twenty seven, our focus is on building a broader and stronger pipeline, scale our agent AI opportunities, support the recovery and expansion of our enterprise account. Thank you. I will hand over to Uman to take you through the financials in detail. Thank you. Thank you. Thank you, Ratin. Good day, everyone, and a very warm welcome. I hope you have an opportunity to review the earning presentation and the press release. Ratin has high... Outlined the business environment and our strategic progress.

9:54 I will take you through our financial performance with a focus on profitability, operating efficiency, and balance sheet strength. Our consolidated revenue for the quarter was INR 37.8 crores, a decline of 8.8% sequentially and 4.7% Y o Y. As Satin has mentioned, and we have also indicated in our previous calls that the sequential moderation was primarily driven by client specific ramp downs against a backdrop of cautious client spending. EBITDA for the quarter stood at 9.7 crores with a margin of 25.7% compared to 30.3% in last year and 30.4% in q two FY twenty six.

10:42 The moderation in margin was primarily attributable to lower revenue, offset by cost optimization and AI led productivity improvements. We have since rationalized headcount and deployed AI more extensively across delivery. As revenue recovers, this leaner structure should translate into stronger margins. So simply put, this was a revenue led dip. We absorbed the revenue decline of rupees 3.6 crore in a single quarter and still stayed within our guiding margin band of 25 to 30% EBITDA. Our focus remains on protecting profitability through disciplined cost management and operational efficiency while continuing to invest in our AI banking and enterprise technology capabilities.

11:31 Profit after tax for the quarter stood at 7.25 crores with a PAT margin of 19.2%. EPS for the quarter stood at 3.05 compared with 3.55 in same quarter last year. For the first half of FY 'twenty seven, revenue stood at INR79.2 crores, registering a year on year growth of 2.5%. For the first half, EBITDA stood at 22.3 crores, broadly in line with H1 last year at an EBITDA margin of 28.1 within our guided range. For the half year, Patch stood at 16.5 crore with a growth of 10.9% year on year. AI is changing the skill mix we need, and we are deploying AI wherever it can absorb work and focusing our talent on AI skilled roles.

12:26 Most... Many of our cost actions were taken during this quarter q two, so their full quarter benefit will be shown from the end of q three. In terms of business mix, IT services continue to be our core business, contributing 98.4% of revenue. Our geographical mix remained diversified with 80% of revenue coming from overseas markets. North America contributed 59% of total revenue, followed by India at 20%, Europe at 6%, Australia at 4%, and rest of the world at 11%. Our top 10 clients contributed 50% of the revenue. On cash and balance sheet, we continue to remain a debt free balance sheet, maintain a debt free balance sheet with a cash and bank balance of 17.6 crore rupees as of 09/30/2026.

13:19 Our focus remains on disciplined working capital management and cash conversion. The board has also declared a second interim dividend of rupees 1 per share, taking our total interim dividend for h 1 to rupees 5 per share, which is about 72% of our h one profit after tax. This reflects our continued commitment to shareholder returns while keeping a strong cash position. Going ahead, client specific ramp downs, macroeconomic uncertainty, and billing seasonality will continue to influence the near term performance. Our focus remains on navigating this environment while protecting profitability. A key priority for h two is to drive higher utilization and revenue per employee by deploying our engineers across platforms using AI to raise output per person and filling capacity from our existing team before adding new hires.

14:15 Hence, we expect the EBITDA margin to remain in our guidance range of 25 to 30% for FY twenty seven, which is scope for improvement in q four as the recent wins ramp up. So now with a leaner cost base, strong balance sheet and strong AI capabilities, we are well positioned for h two and return to a growth in FY twenty eight. Thank you. With this, I will hand over to the operator for q and a session. Thank you. Thank you. We will now begin the question and answer session. Participants are requested to use handsets while asking a question.

15:03 Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all the participants that you may press star and one to ask a question. A reminder to all the participants that you may press star and one to ask a question. The first question comes from the line of who is an individual investor.

16:08 Please go ahead, Mr. Yeah. Hi, sir. Thank you for the opportunity. Sir, I have one one question regarding the dividend. So, like, from the last couple of years, like, we are giving dividends of approximately the package we have. So we would be continuing this policy going forward, or they might... Only we can see some change here. The shareholder returns remains a priority. And since we are debt free with healthy cash, so we are well placed to continue on this. And the board will decide each payout based on the... Each year's profitability and cash needs. And we'll continue to review the further payouts. Okay.

16:55 Okay. And, sir, so my next question is on on the Australia side. So I think we have recently started our business in the Australia geography. So if you can throw some light on the response there. Sure. So in Australia, we have opened a sales office, particularly for local client contracts and billing purposes. The employees complete team is based out in India only. So we have just recently established that office, and we expect in coming few months or few quarters that we'll get some business. Okay. Okay. And From One second. One second. One second. Sorry. Sorry.

17:45 Mhmm. So we have already business. Even today, we have got one deal, okay, from one university. Okay? I cannot take the name. So we are already get... Getting business, and we have running business also. So that is, I think, answer for your question. Got it. Got it. And, sir, like, earlier, had our business in Middle East as well. So we have shut it down. Is my understanding right? Sorry. Sorry. Sorry. Can I can I We we have not had our own Yes, please? Yeah. Yeah. So we have... Yeah. We had a lot of business in Middle East as well maybe a few quarters back. So we... Do we have clients still from there, or, like, we have shut down that that have clients.

18:33 We have retained those customers. Okay. We have one one bank also there. Okay. Plus, we have increased the business in Middle East. But as compared to q four, q three last year, the number of acquisition in Middle East businesses is little less. Okay. But we have increased the business as well. I can... I cannot say we have... The business has stopped there. Okay. Okay. And, sir, one more thing. Let's suppose, like, this financial year would be... Like, we have got ahead because of fewer clients. So our f five twenty seven would be in in the similar range of f five twenty six. So... But going forward, maybe f five twenty eight and going forward, can we can we have a growth rate of around 20% and more than that? What are your views on that? See, first of all, I think I have given the guidelines last year that 20% I will make.

19:41 Okay. And that time, everything was good in terms of geopolitical and all. Okay? But we could not do due to geopolitical and few random surprises from the customer side side. Okay? Mhmm. Now if I will... If you will ask questions about the next year, I'm very optimistic, okay, that we will do this. Okay. But, again, condition is that geopolitical problem. All these things should not be there. Okay. Okay. Alright. Sir sir, do... Sir, are we seeing the the revenue from our customers increasing year on year from the same customer?

20:27 If you you can put some right there as well. Yes. Yes. Many customers we have... Okay. Even from The Middle East. Okay. One customer, we have from The Middle East. That customer has increased the business. Okay. From North America, many customers. Last two quarters, I mean, last, I can say this month is going on October. Right? Till... I can say September 10, everything was on hold. Okay. But now because of the... Mainly because of the AI, people were in wait and watch mode. But now they are coming to us for new requirement.

21:13 Definitely, they are asking for the AI, which means they are saying that use AI, but start adding new features. Got it. And so just one one last question on the industry side, as you might know much better. So there was a very high risk on this industry software side in the industry that the clients would be using AI and might be developing their tools themselves, maybe having the in house team. So do you see is that happening or still the clients are outsourcing companies like us for for their product development? Initially, few customer, I can say they tried. Okay. Not sure. Maybe they were excited to know about the AI or maybe they were exploring. Okay. They have done some jobs on their side, but now what they have started that they have started outsourcing the projects, adding features, and they are focusing mainly on the business side. Okay.

22:15 But, yes, definitely, it's... In the starting few months, everyone was exploring AI. Maybe they were trying to understand the limitation of the AI. Got it. So so you are saying that initially people were trying, but Yeah. I mean, they understood that they understood that it is not something that AI will do everything AI will do, but we need humans expert, domain expert especially who will control the AI, who will validate the result of the AI. Okay. So they understood it. Okay. Initially, it was a kind of a rumor that everything will be done by the AI. It is not possible. Okay. Even in in beginning, I was thinking in that direction. But now we all are on the same page that AI will be our part of the life or even AI is part of the... Our life, but humans will be also there to control the AI.

23:17 Got it. Got it. So just just one last question. So if you can just throw some example, when you say that earlier people were having discussions on... Only on having an product on Google or Salesforce, now people are asking who do with agentic AI and Salesforce with the with the agentic AI. If you can share some examples. It is very obvious. If you are customer and you are reading in the newspaper and reading articles that AI is reducing the cost and increasing the efficiency and you are you have a vendor who is developing a software, who do ERP or Salesforce CRM, you will definitely ask your vendor to use AI to save your cost, or maybe you will be you will be interested to pay premium.

24:10 But in less time, you you may need more features. Okay. So same cases with everyone. Everyone is asking less time, sometimes less cost, or sometimes they are ready to pay more. Okay. But definitely, time is important for them. Mhmm. Okay. Okay, sir. That's it. Those are my questions from my end. Thank you, sir, and all the best, sir. Thank you. Thank you. Thank you. So the next question comes from the line of Nikhil Laxdar, who is an individual investor. So my first question is, do we have any numbers around the constant currency since I presume, you know, the deepening rupee would have quite a positive impact on the numbers?

25:14 Oman will No. For now, we are not calculating it on constant currency. Okay. And the the second question is, aren't you also exploring opportunities among the GCTs of foreign companies in India? I presume that could be probably a lower margin business, but I guess it could generate quite a bit of volumes over there. Honestly speaking, we are majorly focusing on North America or Europe, Australia, and Middle East. Okay. In India, somehow, we are not able to focus or we don't have that kind of a team.

26:09 Okay? So if they come to us, we definitely work with them, but we don't have a dedicated sales team or we are not doing a marketing for... In the domestic market. Okay. Yeah. That's the questions I had. Thank you and all the rest. The next question comes from the line of Priyanka Prashant, who is an investor. Hi. Good evening. I hope I'm all good. Yes. Yes.

26:54 Hi. So my question is, we saw three banking wins in the q two. So just wanted to know whether banking and BSSI is now becoming an important growth area for you, and how big can this business become over the next few years, if you would show some light on that? Definitely. See, for banking customers, we were working for a long time. Okay. But a small piece of the... A small piece of work. We have at least at least five customer or maybe 10 customer... Banking customer. Okay. But for a small piece of work. Okay. This year, we have one one South American...

27:44 We have one one contract with South American Bank. Okay? And we have delivered them their project successfully, and they were very happy. So they have given us more work. Okay, especially with the agent tech AI, Salesforce, okay, and a small amount in ERP also. Okay. And we had a meeting with them. Okay. However, they have not given the assurance in return and all, and we don't have anything in return. Okay. But what they have shared me... I'm sharing with you. They have a long vision with us, means a long vision. They have a long vision for their bank, and they want to execute that vision, or they want to execute those, all those things majorly with us. Okay? There are some work which we don't have expertise. For example, networking.

28:47 Okay. InfraSite. Okay. That we will not. Okay. But that bank bank is actually a small bank. Okay. And they are going very fast. Okay. And they have a very limited budget, so they cannot go with the big companies. Okay? And their technologies are latest technology. And they found us... Basically, they have chosen us because we are cost efficient. We are very quick, and we can deliver those complex technologies, what they are expecting. Okay? Means as per their expectation, we are delivering everything. Okay? So we are hoping that this year... Because if everything goes well, I'm adding this line. If everything goes well, our team delivers everything as per their expectation.

29:41 And so that business may become bigger. And because of that, we can get other banking customers also because we are getting to learn, you can say, or we are getting to develop so many things, which is very demanding in the industry, in the BFSI sector. And very less people have that kind of a skill. So we are facing challenge even, okay, because skills are rare, very less people are available. So we are putting extra time hard... We are doing hard work to deliver those things. But once it will be done, for that bank, I think other banks will collect us. But, again, I'm saying this is my, you can say, expectation with my team.

30:46 Okay. I hope... I don't know. But this is what we are thinking. It may happen. Just a follow-up question. So how many banking clients do we have right now with us? Exact number, Uman can give you. I told you. But, Uman, do you have any number in your mind? Yes. So for BFSI, I think we have somewhere around 11, 12 plus clients we have. Oh, okay. Alright. Just a last question. So since we can see some deals in in q two, so when will they start actually meaningfully contributing to the revenue?

31:41 So some light on that. And what is the typical ramp up profile? Okay. So first of all, whatever we have one till now, those projects are started. Okay? And projects are not a small project, so it will take few months to complete or maybe a few quarters. Okay? And it will increase if we will deliver as per their expectation, means quantity of the work, first thing. Second thing, we have lost a few customers, but one customer was reducing the headcount because of the AI and all. But now they have...

32:29 They came to us again, and they are... You can say they are ramping up the team size again. Okay. But with AI now. Only condition is that they are now asking to use AI without AI. No. Okay. Thank you so much, and all the very best. Thank you. Thank you. The next question comes from the line of Nitin Grover from Landmark Group. Please go ahead.

33:17 Yes. Hi. Good afternoon, everyone. See, the margins that you have reported this time, think, 5.7%. It's it's a considerable reduction from what we saw in the previous quarter. Right? And rupee has been falling. So any color you can throw on the change in the margin between the last quarter and this quarter? So on profitability side, if you see, this was a revenue line. Okay. So against the backdrop of 3.6 crores in revenue, if that would have not happened, then we would cross or maybe in the... We would be in the upper end of our guided range.

34:03 Right? So that's the revenue led dip, and we have maintained it through the disciplined cost management, and AI has absorbed more of our cost, you would say. And how do you see the... So the margin would typically be dependent on the sales traction that we see in the coming quarters. Right? So whether it is at the lower end of the band guidance or higher end, that is how it is going to play out. Just understanding. Right? Correct. Margins would be in the upper end of the guidance range, Pana. Any any guidance you would want to give for the Sorry?

34:52 For the revenue growth for the balance of the year. For the We have already we have already told that this year would be soft and would trail the last year revenue. So due to the ramp downs that have happened and the environment... Macroeconomic environment we are facing, so we have not reaffirmed the guidance in our last sending calls. And still, we are sure that it could be soft for this financial year. Okay. Thank you. Thank you. A gentle reminder to all the participants, the IT may press star and one to ask a question. The next question comes from the line of who is an individual investor.

35:46 Please go ahead. Yeah. Hi, sir. Just a follow-up question. Yeah. Sir, how much revenue did we lost from the two clients? Hello? Can you repeat? Yes, sir. Sir, how much revenue did we lose from the two clients? So I don't know if we can give a specific number or not, but but that number was large enough. And because if you see in q one, q two, we have added more of key deal wins. Right? So that have absorbed much of that, but still there was a deficit.

36:31 So it was a big hit to us, but we have maintained it and absorbed it with it, deal wins, which we have won in q one and this quarter. Okay. Okay. And sir, you mentioned that one of the client reduced your team sales earlier, and now they are expanding again. So is this one client among these two clients, and we can expect the revenue coming from them again in future or is something else? Yes. That's one of the clients that have started scaling back, and we can see... Or we can see more revenue from that client given what was earlier because they were testing with AI and all.

37:18 Got it. Got it. And, sir, you were mentioning in the presentation, we are entering into cybersecurity as well. So if you can mention what exactly we would be doing that... We would be doing doing there. For cyber for cybersecurity, We are still in exploring... We are still exploring. Okay. So we will update, what we are planning or what we are going to do in cybersecurity. But, definitely, we are exploring cybersecurity because AI need guardrails. Okay? And everyone is asking now AI, and they are also... They have also concerned about the security. So we thought that it is a good time to start a new vertical.

38:04 Okay. But we are still exploring that what we need to do or how we can do. Okay. Got it, sir. Thank you, sir. Thank you. The next question comes from the line of Dheeraj Dhaweh who is from Samvar Financials. One question I have is basically, we see a significant improvement in number of clients from BFI five segment. But if we look at the Slide 23, which has been shared on presentation, this is BFI account for almost it was like last H1 FY 'twenty six, it was 7%, increased to 8%.

39:04 So how exactly we see? Basically, we got three clients. Is it like we will be seeing significant jump in next few quarters? Exactly how you see? So, Dheeraj, that jump would come from the h two onwards because we have secured this lens in late September. Work has started now. So in this half of the year, second half of the year, you will see BFSI to improve. Yes. And basically, you are giving a very good insight about industry wise revenue. And what we see is basically telecom, actually, we lost a significant it's the largest segment. And there, we see some slowdown. So how do management see do they see recording in the telecom? Because if we look at last year, it was 27%.

39:53 This year, it is 25%. And that's the largest segment as per company. So how do you see telecom kind of it? Is it some some clients which are kind of facing problem, and that's why we are not growing on... And any thought on that? Any color on that? Few minutes before we... I told that one customer... Two of them... Okay. That customer said that they are going to close the business, and that customer was in the telecom domain. Okay? Okay. But they are again asking for the help. Okay. So I hope that in future, you will see those numbers back to the track.

40:43 Okay. And the number of employees, we see almost 10% decline from five fifty to around 500, four ninety five. So any specific... Is it a capacity, the adjustment, or, like If or it wasn't base... You can say adjustment plus few resources they left because they got other opportunity. And we have... We were able to manage those losses with the help of AI. So this year, even we have not done recruitment even. I can say compared to last year, five, 10% maximum, and our productivity is same. Still, we have people to deliver more work.

41:32 So this AI this AI has helped us to increase the output drastically. One person is now able to deliver at least two to three times what they were doing earlier. Okay. And one more suggestion while you give a good presentation details. Have basically on the background slides, get two twenty five plus customer. I would suggest if you can classify something like the active or how many customers we have booked revenue or something like a small amount also whatever is kind of disclosure you can give. But that will assist because two twenty five would be, say, over the last three, four years. Let's say, 80 are major contributor with whom company is kind of it. So if you can add some slides or some information on, that would be helpful.

42:25 Sure. Sure. Note down note down. Not quite. We will do this. Yeah. Wish you all the best. Thanks. Thank you for providing me the opportunity. Thank you. A reminder to all the participants that you may press star and one to ask a question. As there are no further questions, we have reached the end of question and answer session. But I now hand the conference over to management for closing comments.

43:10 Okay? Okay. So thank you. So, Pratik, I have my CTO, my friend Manish Gounani. Actually, I was thinking that we will have a question regarding that what we are doing in AI. Okay. So we have prepared. Okay. And this call recording and script goes to everyone. So I will request Manish to speak that what we are doing in AI. Okay? And then after, we can close the call. Manish, over to you. Alright. Thank you for that, Arun. Again, thank you for every... You know, to everyone who's on this call. So I'll be very brief. Right? And because we have, I think, limited time only. But in that, I'd like to say that, you know, some of... I'm, again, talking about only a specific aspect that we are doing okay.

44:02 We are work with that bank that I mentioned earlier. Right? For them, we are building a complete agent AI platform, which will be used for intelligent assistance to customers, to banks, operation staff, and to their leadership. We are in session with them to also build, you can say, a compliance and monitoring system, which means for fraud detection, active monitoring, all of that. Okay? All AI based. They didn't decay. Okay. Okay. Second, we are we are working with, you know, a telecom telecom company. We have built, you can say, a very...

44:49 Our own low code, low code platform, which the provider can use on their own to build their own agents. So the challenge was if nontechnical person has to, you know, do a regular work continuously every time. Right? That was a lot of, you know, time taking operation. Okay? So we have built for them a low code, low code platform, what we call, which will allow any particular person to develop their own agency easily. Okay? This is being used by almost 500 plus of their operations team, you know, operations team. Okay? We have also done... You know, this is for another client. It's a US based client again.

45:35 For them, what we have done is they were looking to migrate from an old legacy code base, which was very vulnerable to, you can say, security issues. Okay? Now they were running this platform for quite long, but they wanted to migrate to a more latest technology. Doing that would have been almost, you know, a year and a half worth of project, okay, if you do it manually. Right? We suggested that we will do it for them using complete AI, agentic AI. Right? We have built eight agents for them. Okay? This entire, you you can say agent... The agent that we have done. Right? They look at their existing code. They create inventory of the code, right, which functions are there. Then they look into dependencies and migrate the code into a newer version, a new technology.

46:25 And after that, it does the validation also. That the existing code, which was the new legacy code, and the new code, they are giving the exact same output as was expected earlier. Like I said, this would have been at least, you know, it's doing manually, but it's been very long, you know, 1.5, almost one, two and a half years project, which we are doing for them within almost seven to eight months, almost 50% of the time. And with even, you know, with very good quality. The client has been very happy and, you know, this gives us, you know, I would say, even client more confidence that you mentioned earlier. Right? That now that AI capability has been tested, they are ready to... You know, there there is a good chance that they will give us something else also to bid. Okay?

47:14 Then for, you know, another client, we have it's into marketing, into marketing intelligence. Okay? We have built them complete new from scratch automated, let's say, product product launch and product review and, you you can say, when you do the market research. Right? That entire system has been created all using agents by us. Okay? Now these are some of the examples for agent that we have, you know, that we have been doing. Right? The most important aspect that we have been focusing on is the security. I'm sure all of us would have been hearing about. Right? Agents going over here, you know, you know, hallucinating or, you know, going rogue. Right?

48:05 We have ensured that, you know, number one, I think we probably mentioned that we have people who are classified and we are promoting it very extensively within the team also. We already asked, like, partners of cloud opening all of these sites. So we understand what security guardrails we need to put and how we need to ensure that the agents are only able to do what they are asked to do. They cannot go beyond what, you know, what was expected. Okay? For the bank, there can be no compromise in terms of, let's say, data leakage or PII. Right? So all of those things, we take care when we are building those systems. This is, you know, this is again what comes with experience and what is our expertise. Okay. We have...

48:52 You know, we create agents keeping in mind that the task that they are going to do, right, they should be completely under, you know, under a manual, you can say, you know, under a complete monitoring system. Okay? And where required, the human can also jump in. Okay? So we have put in all those, I would say, very secure guardrails whenever we have built any of these agents. And that has helped get us the confidence of the clients that they have been giving us, you more more similar work. Right? I can talk more, but, you know, I think I'll pause now. Let me know if anybody has any questions or anything else need to be added.

49:46 So should we close the Yes, Prateek. We can close, and I will say thanks to you, first of all, for scheduling and organizing this meeting, and thanks to all the investors who are trusting on us. Okay. Thank you, everyone. Thank you. Thank you. On behalf of Ksolves India, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.