NIIT (NSE:NIITLTD) Q1 2027 Earnings Call

0:00 Ladies and gentlemen, good day and welcome to the NIIT Limited Q1 FY twenty seven Earnings Conference Call. As a reminder, all participant lines will be in the listen only mode And there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to mister Vijayadhani, vice chairman and managing director of NIIT Limited. Thank you, and over to you, sir. Thank you. Good afternoon.

0:46 Actually, good evening, and welcome to NIIT Limited's quarter one FY twenty seven earnings call. As usual, we thank you for your interest in NIIT Limited as well as your... The time that you're spending today with us amongst... In the middle of a busy result season and for joining the the call and giving us your support and suggestions. Today's agenda is to discuss with you the quarter one f I twenty seven performance highlights. Second, what is shaping f I twenty seven and the actions that we are taking, our priorities, and outlook.

1:34 I'm happy to share that you... Share with you as a start that we are starting off FY '27 on a strong note, definitely stronger than same period last year. And I think it is increasingly becoming stronger and... As we go forward. With both enterprise as well as consumer go to market engines showing growth in quarter one. While technology continued to grow well from AI led investments in skilling, We also have growth from banking financial services and others. Order intake continued to remain strong, vindicating our investments in the new AI programs as well as our go to market initiatives.

2:22 On the profitability front, our EBITDA is moving in the right direction with our operating costs growing slower than our revenue. Just to remind that certain parts of the business business have been in an investment cycle. And in quarter one, those investments are normally higher than other quarters. With that, I'll hand you over to Pankaj, CEO, to take you through the quarter one performance in detail, and then we'll open up for question marks. Pankaj? Thank you, Ajay, and good afternoon, everyone. I will cover the q one performance first, the revenue order intake and business trends, and then step back to talk about our priorities for the rest of FY twenty seven.

3:11 Do note that our business has seasonality, so we look at year on year trends rather than quarter on quarter. Revenue for q one FY twenty seven came in at 957,000,000, which is up 14% year on year. Enterprise revenue was at 618,000,000,000, which is up 8% year on year. This was driven by enterprise tech training, which grew 16% year on year to 498,000,000, which was as an outcome of our strategy to focus on upskilling and reskilling as well as our roles, even as pressure onboarding and training remained volatile. On the consumer side, the consumer revenue was at 339,000,000, which was up 27% year on year.

4:03 Within that, consumer tech continued to see momentum, growing 15% year on year to rupees $182,000,000. Our direct to college strategy is creating a pipeline of job ready talent, which university clients are increasingly valued. The recovery that we see in consumer business from BFSI and others in q four saw further pickup in volumes in q one as pressure hiring picked up pace at partner banks. The strong growth in the consumer business has led to a shift in the enterprise to consumer revenue mix from sixty eight thirty two in the same period last year to 65 is 35 in q one this year. View from a product lens, technology continued to grow well, talking revenue of $680,000,000, up 16% year on year.

4:52 Revenue from BFSI and other programs was at $277,000,000, which is up 9% year on year, driven by strong pressure hiring even a lateral training continued to be under pressure. Order intake in q one was at 953,000,000. I'll now invite Sanjeev, our chief financial officer, to provide an update on the financials. Over to you, Sanjeev. Thanks, Pankaj. I'll I'll take you through our financial results. EBITDA for q one was negative at 14,000,000. This is a significant improvement on the negative 63,000,000 in q one of last year. This is driven by improved productivity and operating leverage while we continue to invest in GTM capacity and new AI offerings.

5:37 As Vijay mentioned in his opening remarks, while our new top line grew by 14%, our operating expenses grew 7%, putting us back on the path to positive EBITDA margins. Below EBITDA, the appreciation was at 96,000,000 in q one. Net other income was 180,000,000. This is primarily comprising of treasury income of $175,000,000 and other miscellaneous income of 24,000,000. That is offset by net finance cost of 3,000,000, and there are some exceptional expenses of 15,000,000, primarily because of the legacy tax matter that has now been concluded in NIIT's cover. And some part of the post is pertaining to the scheme of arrangement for for amalgamation of RPS and IAP into NIIT Limited.

6:25 This resulted in a pack of 81,000,000 for the quarter, which is up 85% YUY, and EPS of 60 paisa that is up 84% on Y o Y basis. Now coming to balance sheet and cash flows. Cash and cash equivalents remain strong at $72.03 $1,702,100... 7,231 million. Underpinning our ability to invest through the cycle. CapEx was 68,000,000 for the quarter. We have passed the peak on capital investment in platform in the current investment cycle, and we expect capital expenditure to moderate from there. The also was at fifty three days in q one, which is same as last quarter. Employee count at the end of q one was 866,000,000, which is down 65 on q o q basis and 19 number of people on YOO basis.

7:16 Now back to Pankaj. Thank you, Sandeep. Let me talk about what we are doing right now and through the rest of FY twenty seven. We will be accelerating what is working. Right? On the tech trading front, AI and new logos is working. We are continuing to scale AI programs and workflow offerings, which showed strong growth in FY twenty six, and that's where we see demand signals being the healthiest. We are continuing to expand coverage of GCCs and India enterprise companies and positioning reskilling around role evolution, particularly AI enabled role redesign through outcome led programs. On the BFSI side, we have been recovering. That's the plan. Our strategy of diversifying beyond the top four private banks to a broader set of financial service players, including NBFCs and insurance companies, is progressing well.

8:13 In q one FY twenty seven, NIIT moved beyond its banking anchor to activate four new solution lines across insurance, NBFC, wealth, and GenAI. These are not pilots. These are live commercial engagements with more than 15 clients outside of traditional bank induction kind of programs, which is generating new revenue for us. As we accelerate this transformation, we hope to further reduce concentration risk and drive growth through the cycles. In terms of the road ahead, our investment thesis is showing up in new logos, digital engagement, order intake, and a pipeline that's been... We are seeing improved consumption of our differentiated outcome oriented offerings across the technology landscape with working professionals and job seekers both contributing to growth.

9:00 In BFSI, the picture is too speed right now. Onboarding demands showing early signs of recovery while upskilling and l and d budget for large private banks remain constrained. We are positioned to capture the onboarding recovery and are actively broadening the customer base and shifting the makes to be less dependent on l and d cycles of any individual customer. With merger of RPS Consulting and IFBI into NIIT, we have strengthened our offerings to address the reskilling and retooling agenda, including deep transformative programs for existing talent. The AI opportunity. AI represents one of the most significant demand opportunities in front of us, and it is happening now, not at some point in the future. AI is now embedded across a larger share of our portfolio, and revenue from AI programs has grown 9% of total revenue.

9:53 Our OAI story is becoming sharply refined, and nowhere is this more visible than our... Than in our work with GSIs and GCCs. AI augmented engineering teams are already running 40 to 70% smaller than their conventional equivalents. One engagement we are aware of compressed the plan 150% team down to 42. Across GSIs broadly, analysis suggests that more than half of current task content roles face displacement over the next thirty six months in ways that have already begun. GSIs and GCCs are positioning themselves as the change agents for their clients' AI transformation. But the transformation they are driving externally will need to be mirrored internally. A number of current roles are becoming redundant and must transition into new AI era ones, and that creates a three part talent opportunity for us.

10:46 Reskilling existing employees whose roles are evolving, retooling staff displayed by productivity gains into new AI era roles, and onboarding new early career talent into roles that require accelerated outcome based programs rather than traditional induction. In house L and D teams will struggle to scale at the pace this transformation demands, and the existing response internal AI academies built around course completion and certification is structurally inadequate. Training is moving from skilling to capability orchestration. Completion rates do not prove judgment under uncertainty, AI output verification, or agentic workflow design. That is precisely the opportunity for NIIT. During the quarter, we deepened our AI curriculum with the launch of training programs for forward deployed engineers, site reliability engineers, AI auditors, and also the AI Prism.

11:45 These complement our established offerings in AI engineering and agentic AI. And together, they address the full life cycle of enterprise AI adoption, building, deploying, operating, and governing AI solutions at scale. What distinguishes these programs is their design philosophy, applied use case led learning journeys built around higher value, AI augmented roles that enterprises are actively hiring and upskilling for. Beyond broad AI fluency and Gen AI capability building, we are now winning specific need based client engagements, covering AI economics, CapEx planning, token optimization, and AI audit, areas where the demand signal is sharp and client willingness to invent is high.

12:31 A structurally similar dynamic is playing out across BFSI and India enterprise companies, and our AI programs are well positioned to serve that opportunity. On the early career side, IIM Neo directly addresses the onboarding opportunities. Through its university partnerships and college to corporate bridge, IIM Neo enables early career talent to take on roles that previously required years of experience. Our synthetic work platform and the architect on graduation product are purpose built for exactly this transition. Let me quickly take you through the guidance for q two FY twenty seven. We expect double digit revenue growth year on year in q two FY twenty seven. On margins, we expect breakeven even at we expect near breakeven at the EBITDA level in q two, positioning us for positive margins in the second half of the year.

13:26 We expect stronger revenue growth, improving margin, and continued order intake momentum for FY twenty seven as compared to FY twenty six. Medium to long term, the structural opportunity in skilling remains substantial, and we are fully committed to our strategic objectives. With that, Vijay, I hand it back to you. Thank you, Pankaj. Just summarizing, we started the FY twenty seven with a robust growth, a strong order book, broader customer base, and a clear sense of what and where are we winning. We are responding to the areas of pressure by widening the demand base, accelerating the parts of the portfolio that are working, especially technology and AI, and maintaining cost discipline while continuing targeted investments.

14:19 Our investment cycle continues. However, our focus has more become on AI and AI programs and usage of AI in every program that we have surveyed our customers with. What gives us confidence is that the portfolio is becoming more resilient, strengthening of our product portfolio for working professionals, rollout of new AI programs, go to market expansion, and the IMU initiative are all showing early results. We remain confident of the longer term structural growth opportunity and are committed to making the investments needed to capture that opportunity.

15:05 So in order to... In addition to investing in new programs and stronger go to market initiatives, we continue to follow a disciplined approach to evaluating in... Inorganic opportunities that enhance capabilities, channels, and or intellectual property, and which offer a clear path to returns and cash. So I want to pause here and open this line for questions, and then we can take the discussion for. Operator? Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then 1 on the touch tone telephone.

15:53 If you wish to remove yourself from the question queue, you may press star and then 2. Participants you are requested to use handsets while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assemble. A reminder to all, you may press star and then 1 to ask a question. We have the first question from the line of from Dollar Capital Markets Private Limited. Please go ahead. Hi. A very good evening to you. Am I audible? Sorry to interrupt, Harsh. You're not audible. Please use your handset mode and speak.

16:42 Hi. A very good evening to you. Am I audible now? Yes. Very audible. Yeah. Alright. So my first question is, basically in the presentation, you highlighted that AI led programs now contribute about 9% of overall revenue. Given that enterprise clients compressing the traditional team sizes, how are pricing realizations and ARPU trending for AI led capability building compared to legacy I... IT training? I mean, you know, you said first question. So is there another question that you can ask? Yes. There there are a few more questions I have.

17:30 Why don't you answer the right Okay. Let me answer it. Yeah. So... I mean, the the direction you are hinting at is true. AI led training does have a higher realization than traditional training. But batch sizes will tend to be smaller for AI less AI training than the more traditional training, especially for some of the advanced concepts like agentic AI, etcetera. There is a going in requirement of knowing how to code, knowing Python. So those those entry criteria need to be met. So the average realization will be higher, but typically, batch sizes would end up being a little smaller.

18:18 Okay. My next question is... So consumer posted robust growth of 27% year over year even though your total enrollment saw a quarter over quarter dip by around 150,000. Could you provide some color on the split between early career and virtual learners this quarter? So we we used to track early career work pro, but those lines have become so fuzzy that Mhmm. But when we are talking of consumer, the consumers also have work pros built into them. So we are not, at this point of time, breaking that.

19:08 Sufficient to say that the early career part, if we were to take IMU's offerings, for example, they service a large number of universities, and those will all in the early career part of the business. And I think that part has done well. And and overall, the mix in early career is increasing, but not at the level at which you would have expected given that the hiring is very, very muted. Mhmm. Yeah. So just to follow-up on that, as we have seen that top five IT services firms continue to curtail their fresher hiring.

19:56 So within consumer, has growth primarily been driven by experienced working professionals that are up skilling in AI? And, also, I just wanted to know how StackRoot and DPaaS are performing in this environment. Sorry. I I heard the first part, which I'll answer. The second part, I'll ask you to repeat, if you don't mind. Okay. So there is so there is a... Now let me further subdivide early career into parts. One is measured, and the other is two to four years experience. So early career actually includes the two to three years experience or not four. Two to three. Two zero to three. Yeah. Two to three years experience.

20:44 I think that segment, because people are reskilling themselves, like our agent AI programs. For example, the the the pool for those is higher because the current people who have been hired or are working in organizations need to reskill themselves very quickly, a, to retain their jobs, and b, to find growth opportunities. So I think that's where the real push is. The pressure is largely driven by the onboarding requirement of of corporates, which have not started yet. But there are... We have... When when we look at IT hiring, we look at at the top 10 or top 20 IT services companies.

21:32 But there are a large number of startups and other companies which are also in the high end and GCCs. There, the numbers are not individually at very large level, but there are very large number of companies. So I think there is a momentum which is building up there. Okay. Alright. My second part of this question was actually, I just wanted to know how StackRoot and TPAs are performing in this environment. Okay. I think as... Maybe Pankaj would like to talk about all those terminologies have now got changed after Okay. We we merge RTS and IFI into NIIT. So he is now giving you the numbers.

22:18 The numbers are still the same, but I think that the comp... The businesses have got combined, simplified, and I think that's also reflective in how we have managed our cost. But maybe, Pankaj, you will talk about this and I can see it. Yeah. So we've combined our peers and the sac root entities, and we call that enterprise technology learning solutions. And Mhmm. That is the enterprise tech that I'm They are both from our house vendor NIIT, and therefore, you don't have those available separately. So and we actually integrated those things. So it's not that we can separate out either. It's it's actually integrated into one team. But once you have a question on how they're performing in this environment, they are performing very well. We are seeing robust growth on the tech side. Number that I spoke of as enterprise tech is actually those two teams combined together and a few other contributions, but that's the number.

23:19 So that Alright. Works really well. And the other side is where we've combined banking, PPAS, and service and excellence training, all that into BFSI and industry performance solutions. So EIPS as acronym. That has also performed well in this quarter. So both both these significant components of our business have performed well in the quarter. Just have a very qualitative question. Just wanted to shoot it.

24:05 So I've been noticing with the advent... So there's an advent of a lot of IIT and IIM offerings with with respect to online certification, degree programs, especially in this AI agentic application, FDE, etcetera. So how do we position ourselves in this environment, and what are we doing to create, like, an edge in terms of program structure or, like, an implementation point of view with this upcoming courses and programs from so many different educational institutions within the country and also outside, especially targeted to working professionals? I'm sorry. I will. Just give me one second to pull together exactly what he asked for.

24:51 So you're right. There is a lot of different programs that are coming in, which makes it difficult for a customer to actually understand what they're getting for. Right? So you have programs which promise agentic AI training from ten hours up to six hundred hours. And therefore, a customer will find it difficult to compare those two things and understand what they should get into. What what we are doing is, of course, trying to provide as much information as we can on the consumer side. And on the corporate side, of course, there are differentiators that we bring to the table, especially outcome orientation. Right? One of the things that we talk to customers about on the enterprise side of the business is on delivering outcomes through our training programs rather than completion.

25:49 Right? So therefore, it's not that we will just track how many attended, how many completed. We will work with customers to track outcomes of the programs we deliver. So those are the areas that we are able to differentiate how we provide this training. But you are right. It is becoming a very competitive market. And Mhmm. People are using buzzwords like FD, etcetera, to bring new offerings. And it's it's up to us to keep educating our customers and providing the differentiation we need to do. Okay. Thank you so much. No. I I... Let me add one line. Mhmm. I think we at least believe that in this... In the new world that we are in, it is the capability which counts rather than the credential.

26:42 So we are not running after credentials. We are running after building capability, and I think that success is very visible in our enterprise enterprise offerings. Our enterprise offerings are showing a clear differentiation because we are able to demonstrate outcomes in terms of capability, which leads to productivity and and and effectiveness of the workforce. So people are preferring that rather than allowing a credential program rather than adopting a credential based program. On the consumer side, that awareness is not yet there.

27:28 But wherever we have access, we would like to focus on that part. Because I think the long term lies in in... Not in credentialing, but in the capability which can be demonstrated. And employers will now hire for capability and not the credential. Yeah. Yeah. Okay. I agree, actually. Thank you so very much. These were my questions. Yeah. Thank you very much. You. We will take the next question from the line of, an individual investor. Please go ahead. Hi. Thank you for taking my question. And my question is for Pankaj. You mentioned about outcome based learning. Right? So I want to understand more about this because you're right, you know, that... I mean, if you use AI, it is in the end the outcome that counts. Right? And if you take this into account, then the umbrella of opportunity is far bigger. It is not just IT companies. Right? Eventually, it might percolate down to, like, other sectors as well. So I want to know more about how you're going about this outcome based learning right now and what are, like, the plans for the future?

28:44 Thank you. So, Amit, actually, forever NIIT has been talking about delivering outcomes through learning. Right? So it's not just now in the AI era that we are talking about outcome based learning. We've always believed that there's no point in doing a learning program unless we are able to deliver and demonstrate that outcome. Believe continues in how we approach training, and we build a fit for usage kind of training program. So depending on who it is and what it is being made for, we create training programs that will deliver specific outcomes. We are working across the organization.

29:33 Right? So at the entry level, we deliver boot camp oriented programs to help new joiners become productive from day one. So we deliver that count as an outcome. At the most senior level, we deliver architecture programs which help seasoned architects become even better at their job at managing large teams and delivering outcomes. And we also do some leadership training programs where the final outcome is a change in behavior. So the the way we do this is by tracking before and after training related metrics and looking... And working with our customers to track the outcomes of our training. Vijay, is anything to add to that?

30:24 Yeah. I I guess outcome depends as Pankaj rightly pointed out. Outcome depends on what is the outcome that you came for. If you came for... I... We are firm believers of the fact not getting a job is not the problem. Getting the job is the real challenge. When people join a course, they're not joining it for a job. A job you can get, but the job. Job which is consistent with the investment that you made in that course, And that you will get only to demonstrate that capability in terms of being able to do and create a live application. And I think there are enough and more ways by which employers test you for whether you have that capability.

31:18 Hackathon being one of them. Hackathons is a very... Becoming a very, very standard way by which people hire, especially tech professionals. So if you are able to build and solve that problem that is given in the hackathon, then you have a reason. So I'm giving you that as an example. An agentic AI, for example, program, a person who's doing, he may have an agent that he... Or a bunch of agents that he has to create to solve a workflow problem in his organization. In which case, was he able to do that? In this program, by the end of the program, you could actually have an early part or an early version of that agent ready for deployment.

32:10 So I think that is not something which any credential based program typically offers. Okay. All right. Yeah. Thank you for the support. Just one last question regarding this outcome based. Right? What is the outcome at the first of all, the individual level? Right? But we see in India a lot of, like, these legacy companies, right, which eventually will have to, like... Or will move towards AI. So then there is... Because a big part of our business, I think, I'm not... More than 60% is now b to b enterprise level. So is there, like, a, like, a thing, let's say, an organization approaches NIIT and then the outcome based AI, like, how do you say learning or the transformation can happen? Anything of that sort, like, is is going on, or is it in the pipeline?

33:02 Yeah. Yeah. So I I was... I gave you some examples of an an early career person. But in in organizations who are deploying, for example, GSIs or DCCs, they have specific initiatives happening where their people have to be billable. How long are the people billable after they join the... They join that organization is an outcome that is very important to them. We would like them to be billable in day one r one. And if we are able to deliver that, then the organization would prefer that. So I I think that's also an example. How do their realizations improve?

33:48 How do their deliverables improve? So although, actually, in a... In an enterprise program, in a running enterprise, when you introduce AI, outcomes are more easily defined. Okay. Okay. Yeah. Alright. Thank you. That's all from my side, and all the best. Thank you. Thank you,. Thank you. Before we take the next question, a reminder to all the participants, you may press star and one to ask a question. Have the next question from the line of, an individual investor. Please go ahead. Good evening, sir, and thank you very much for taking my question.

34:33 My question is regarding the integration of StackRoot and IT enterprise business and also RPS Consulting. So after this integration of these businesses, whether we have fine tuned our go to market strategy and whether this will also result in easier processes for the company and market improvement. Can you please throw some light up? Sure. Thanks, Ganesh, for taking the time to join the conference and for the question. In one word, yes, integrating StackRoot and RPS together improves our go to market. They are both very complementary offerings in many ways. One does...

35:21 One used to do OEM specific training. The other builds long term solutions for customers based on what they want specifically. So both of those are complementary offerings, and that that makes our go to market that much stronger. They also had the reasonably complementary customer basis. One was GSI heavy, the other GCC heavy. So that also helps us build stronger a market presence for that business. So definitely, that that... The integration has improved our ability to go to market with their offerings. And in terms of easier process, etcetera, that's an ongoing work that we've been doing, which is to simplify parts of the organization and simplify things on how we work.

36:16 And, yes, this this integration, of course, helps us simplify some of those things, but it's an ongoing NIIT wide initiative anyway that we are working on to improve our ways of working and simplifying things. I hope that answers your question, Yeah. It's nice to hear. Net net, I think, yeah, I... What Pankaj is trying to say is that the combination in... Has has has got integrated in the last few months. Right? Even though, officially, it has happened from July 1, but it has it has been in the in the works before that. And I think the the combination has got going as you can see from the enterprise tech results also.

37:09 And I think we'll see more efficiency and and better performance as we go forward. Obviously, the tail... Tail wind of the environment is also helping. Yeah. So my second question is, like, continuation of earlier respondent. We are now serving mostly BFSI and technology sector. And as AI is now entering all the sectors and is a part of, you know, natural progress. So are we targeting any other sectors, you know, for giving them AI related training or we are preparing ourselves to market ourselves as a AI leader in training to access other sectors at all or any... Anything like that in this field where we can showcase our AI capabilities and make them or AI competent.

38:13 Can you throw some light on this? Sure, Ramesh. So we are actually already recognized as a leader in AI training. Right? And while... Yes. You're right. The largest part of our business come from these two areas, but we are working with customers in the auto, telecom, India enterprise side. And some of the work we are doing also involves AI. Like, we've developed some interesting new AI based tools, which we are deploying with some of customers from these industries and helping them improve their capability on sales, on service, etcetera. So we are working with customers beyond these two sectors as well and specifically with AI as the main thrust of our offering in these areas.

39:11 Okay, sir. My third question is regarding the opportunity in the university sector. As we... There are hundreds of universities in India, but they are lacking, I think, AI compatibility. And we are having IMU as a special division where we are collaborate... We can easily collaborate with with institutions or universities apart from placement services or giving them content for AI training for their... For in house capabilities. So are are we trying for these type of businesses right now? Is there anything like that in our pipeline, sir? So IIM Neo is focused on universities business, and they will continue to expand in that area.

40:05 And we will build our presence through the IIM Neo go to market that we have. AI is, of course, a large part of IIM Neo's tool set as well. And they launched a couple of new offerings in the last quarter, which are very AI centric for the university segment, and we are seeing good traction from that also. Would there anything you want to add to that the university segment? No. I think, yes, you are absolutely right. The universities are very hungry to add AI in their curriculum.

40:52 However, I think different universities have different level of commitment for that. The solution that we are offering from IIM Neo is a very, very superior solution and would be suitable only for maybe top 500 or so. And and then we are looking at solutions which the other universities would like to have. So for example, engineering colleges, the level of AI solutions that they need are very different. Our curriculum that they need is very different from what, let's say, our commerce or a liberal arts university would look at or a science university would look at. So I think defining a curriculum which is for each segment is the next issue.

41:48 AI is not a magic wand by itself. AI has to be used in specific situation in a specific manner for best results, and that's what I think our focus is. Sir, can I ask one more question if time comes? Sure. Yes. Yes. Yes, sir. The macro has been very challenging for last entire year. Coming back to our own business, whether we can see that... Whether the macro, they improved from the last quarter or it has deteriorated this quarter or whether we are in a same mode and there is no improvement in macros and the business is added, sir.

42:34 That's all from me. Thank you very much. I think you understand macros better than we do, and we all get spread by the macros by statements of one leader or the other and by some actions. I think the situation, I think, I would like to feel the situation remains the same. There are days when it looks about to be very, very bright enough a lot, but there are days when it it just goes back to... And nowadays, the current days that we are going through are not pointing in the right direction. So I think we have to we have to look at the opportunities ahead of us rather than we get concerned by the macros a lot. Of course, we have to be conscious of that. So for us, the AI opportunity and the role that AI has to play in education, AI has to play in the fundamental business of some of the organizations is an opportunity which will exist irrespective of the macro.

43:42 So we are focused on that, and I think that is delivering us results. There are parts of the business which are very dependent on how environment works. We will remain open to that. But how do we just spread our risk that we do not get caught on any... In any one particular direction is, I think, the challenge that we are all working on. We are also indoors for newer segments that we have not serviced, and we are also looking at inorganic growth, which I mentioned already. Thank you very much, sir, and all the best. Thanks. Thank you. Thank you very much. Ladies and gentlemen, that was the last question.

44:31 And with that concludes the question and answer session. I now hand the conference back to the management for the closing comments. Thank you, and over to you, sir. Okay. Thank you very much for joining us this afternoon or this evening for this session. This is the first time we have switched to the timing of the call to be such. We would love to receive your feedback on how you found it in terms of convenience. And, of course, on contents, your questions always educate us and open new new windows or doors in our mind of the opportunities ahead of us. And we remain grateful to you for giving us your time, for your support, and for your guidance from time from time to time. Thank you very much, and wishing you the best.

45:25 Thank you, members of the management. On behalf of NIIT Limited, we conclude this conference. Thank you everyone for joining with us today, and you may now disconnect your lines. Thank you.