Saksoft Limited — Call Transcript 2024

Jun 4, 2024

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Sakso� Limited

Q4 FY24 Results Conference Call

Event Date / Time: 28/05/2024, 14:00 Hrs. Event Dura�on : 60 mins 40 secs

CORPORATE PARTICIPANTS:

Mr. Aditya Krishna Chairman and MD

Mr. Niraj Kumar Ganeriwal COO and CFO

Mr. Tushar Pendharkar Ventura Securi�es Limited

Q&A PARTICIPANTS:

1. Vikas Shrivatsav : RBC Financial

2. Hiloni Gandhi : Pi Square Investments

3. Sunil Gupta : Individual Investor 4. Simar : Individual Investor

4. Amit Jain : Monarch

Sakso� Limited Q4 FY24 Results Conference Call

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Moderator

Ladies and gentlemen, good day, and welcome to the Sakso� Limited Q4 and FY24 Earnings Conference Call hosted by Ventura Securi�es Limited. As a reminder, all par�cipant lines will be in the listen only mode and there will be an opportunity for you to ask ques�ons a�er the presenta�on concludes. Should you need assistance during the conference call, please signal an operator by pressing * and then 0 on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Tushar from Ventura Securi�es Limited. Thank you, and over to you, Tushar.

Tushar Pendharkar

Thank you. Good day, ladies and gentlemen. On behalf of Ventura Securi�es Limited, I welcome you all to Sakso� Limited Q4 and FY24 earnings conference Call. The company is today represented by Mr. Aditya Krishna, Chairman and MD; and Mr. Niraj Kumar Ganeriwal, COO and CFO.

I would now like to hand over the call to the Managing Director of the company, Mr. Aditya Krishna, for his opening remarks. Thank you, and over to you, sir.

Aditya Krishna

Hello, and good a�ernoon, everyone. Welcome, and thank you for joining our Q4 and FY24 earnings call today. Let me first give you a brief introduc�on of Sakso� for the sake of some of the par�cipants who may be new to the company. Sakso� is a digital transforma�on partner that assists its customers to automate, modernize and manage IT systems through a combina�on of domain specific technology solu�ons and solu�on accelerators from consul�ng to support. We have been in business for almost 2 decades now with offices across 16 loca�ons covering USA, Asia Pacific, UK and Europe. We have an associate strength of 2,000 plus.

In the recent reorganiza�on of our business, we have restructured our business into 4 business units, namely: Fintech, Hi-tech Media & U�li�es, Transporta�on & Logis�cs and Retail E- commerce. This will help us become more market facing and more responsive to the demand of our exis�ng customers and new logos.

The interconnected nature of the ver�cals men�oned address a huge market, which also facilitates us to cross sell and up sell service offerings to our clients. These ver�cals are supported by horizontal service offerings spanning analy�cs, cloud solu�ons, legacy moderniza�on, intelligent automa�on, applica�on engineering and quality assurance. As a company, we offer comprehensive suite of digital transforma�on services.

Now moving on to the quarter under review. Despite facing headwinds in the U.S. market, I'm pleased to report that we managed to grow our revenues on a YoY basis. Our EBITDA margins

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remained stable for the quarter as we chose to invest more in strengthening our sales edges. For the full financial year ending 2024 we are a healthy revenue growth of 14% YoY with the strong EBITDA and bo�om-line growth. As part of the go to market strategy, the company is further inves�ng in frameworks across ver�cals. Now I would request our group CFO and COO, Niraj, to give you the financial highlights for the quarter under review.

Niraj Kumar Ganeriwal

highlights followed by the opera�onal highlights. For the fourth quarter of the financial year 2024, the revenues were reported at around INR 195 crores, represen�ng a growth of 7% YoY. The EBITDA stood at INR 33 crores, which grew about 3% YoY with the reported EBITDA margins of around 17.14%. The net profit for the quarter was around INR 23 crores, which declined 7% YoY with PAT margin at 11.9%.

The decline in PAT is only on account of the increased tax ou�low in certain of our geographies. For the financial year 2024, revenues were reported at around INR 762 crores, represen�ng a growth of about 14% YoY. The EBITDA was almost INR 137 crores, which grew by around 26% YoY, with the EBITDA margins being at 17.95%. The net profit stood at INR 96 crores, which grew by 17% YoY with the PAT margins reported at 12.63 %.

During the year 2024, the Americas contributed 42% of our revenues, Europe contributed 24%, while the remaining 34% came from Asia Pacific and other regions. Few of our top customers having a global MSA have started Global Capacity Centres in India, and this has triggered the movement in revenue between Americas to Asia Pacific and other regions.

ver�cals for the financial year 2024 is as follows: Fintech contributed, 34%; Hi-Tech Media and U�li�es, 30%; Transporta�on and Logis�cs contributed to 13%, with Healthcare and Digital Commerce contribu�ng 10% and the balance 14% from the others. The repor�ng of the revenue contribu�on by the reorganized ver�cals will be commenced from the next earnings call update.

Now coming to some customer metrics. We have 15 customers of over $1 million revenue, and 9 customers of $500 million to $1 million. Our total employee count at the end of the quarter stood at 2,053, out of which, 1,838 were technical with the u�liza�on level of the employees, excluding trainees, being at 83% for the financial year 2024. The bank balance as of 31st March, 2024, stood at INR 207 crores. This concludes the updates for the quarter at for the financial year, and we can now open the floor for the Q&A session.

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Ques�ons & Answers

Moderator

Thank you, sir. Ladies and gentleman we will now begin the ques�on-and-answer session. If you have any ques�ons please press * and 1 on your telephone keypad and please wait for your turn to ask the ques�on. If you would like to withdraw your request you may do so by pressing * and 1 again.

Vikas Shrivatsav

presenta�on, which I was hoping to get along with the results. So, what is the prac�ce? Are we ge�ng it? Are we not ge�ng it? And, but it's not on the company's website �ll about 10 minutes back.

Niraj Kumar Ganeriwal Vikas, it just got set out probably 30 minutes back and the update would have been a li�le late, which is why you've not received it. We'll ensure that next �me onwards is given much earlier. But it's already been released and should be in your mailbox and on the company's website by now.

Vikas Shrivatsav

I haven't many of us on this call today may not have the privilege of going through this thing. So let us for a minute assume that we haven't seen it and many others may not have seen it. What are our, how is the coming year looking, we had a $500 million goal for 2030. Just a back off envelope calcula�on means that we need to do grow at a CAGR of about 30% per annum going forward. Like many other companies do, do we get some kind of guidance on EBITDA and the current year going forward and some light on the order book, client acquisi�ons, pipeline, I'm assuming some of it may be there, may not be there in the Investor's presenta�on, but any informa�on on these areas on this call will be very helpful.

Aditya Krishna

year, we are aiming for INR 1,000 crores. Now, we normally don't give guidance, but since you asked, this is what we are, this is our plan to move the business to INR 1,000 crores at the end of '24, '25. It's a difficult task because there are a lot of headwinds in the U.S. Secondly, we are inves�ng a lot in people and infrastructure so that we can scale to the $500 million or INR

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4,000 crore target by 2030. You're a very seasoned person, so you know that everything takes �me. And unless we put the building blocks in place, growth will always be a challenge. So, we are making those investments, number 1.

Number 2, the expense always comes before the revenue. So, we have to be careful because we have to live quarter by quarter. So, keeping everything in mind, we are very bullish that we will get to our goal of $500 million. I've always maintained that it won't be a straight-line growth, it won't be linear growth. There will be bumps along the way And there will be air pockets. But very clearly, the ambi�on is there. We are pu�ng the building blocks in place. We have reorganized the business into 4 business ver�cals.

So now instead of having a geography structure, we are going to be reorganized business ver�cal wise. So, each business ver�cal of Fintech, Transporta�on Logis�cs, Hi-Tech, Media & U�li�es and Retail E-commerce will have its own sort of CEO or business leader who will make sure that not only exis�ng customers business grows, but also new logos are prospected in these spaces.

Now, you men�oned about pipeline. The Investor presenta�on doesn't have pipeline, but what I can share with you is that approximately 90% of our INR 1,000 crores is targeted to come from exis�ng customers, exis�ng projects and exis�ng customers new projects and 10% from new customers new projects. So, the targets are in place, the targets are account wise, each account has an account manager and a delivery manager depending on the size of the account. And we are moving the company forward. So, rest assured, we are on the job number 1, and mo�vated and driven towards our goal.

Vikas Shrivatsav

Thank you, Aditya. Just throw 3 comments here and a few more follow-up ques�ons. 1, of course, was why do we live QoQ? That's not the message at least but as a shareholder, that's not what I want. So, I think, you know, when shareholders invested, he's invested for the long term. My issue is was not on the EBITDA margin you said was about 17 point something here. So, there will be economies of scale as you move from INR 761 to INR 1,000 crores, which is ambi�ous target. It is almost 30% growth in year and all, which is very encouraging and ambi�ous.

But what I'm saying is that you will make more investments, but there has to be a �me where we or you should be expec�ng a �me where we at least won even if you're 17, I'm not saying it will jump to 20, but is there a range, is there a guidance on where are we looking at the EBITDA going forward, are we looking at? And surely, with that kind of growth on the top line, even if we invest, we are not looking at the dip in EBITDA is what I would presume, but just common mental calcula�on tells me that one should be looking at a dip. So, is there a range and why doesn't the company consider going forward for the benefit of its shareholders to

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give a range of what you feel is growth, a range of EBITDA, and it could be conserva�ve, it could be cau�ous, But, is it something which you would like to consider going that was ques�on number 1.

B, would you throw some light on your client? What I can see is that we are growing massively from exis�ng clients and 10%. What is your outlook on client concentra�on risk? So, two ques�ons there.

Aditya Krishna

Yeah. So, on EBITDA margin, Vikas, the current EBITDA margin is around 18%, 17.9% to be precise. And for this year, we are aiming to keep it around the same level. There will be a dip of - maybe dip or increase by maybe 25 basis points up in there, but I mean down or up, but I can't see us bea�ng this 18% significantly.

Vikas Shrivatsav

Got it.

Aditya Krishna

Okay. Because few things: 1, salary increments are there. We make a lot every year from rupee deprecia�on. I think that's a li�le bit -- there's a lot of uncertainty around that. So, the headwinds are there in the U.S, which prevent us from increasing pricing significantly. And as we grow, and I know a lot of investors don't like this, but as we grow, we might have to accept business at lower margins in the hope that we will improve margins over �me with that customer. So, all this accelera�on towards growth, we want to make sure that we are not so much margin driven as we are growth driven. So, all these factors would probably keep us in this 18% range.

Now coming to your second ques�on on client concentra�on, we have roughly 80% of our revenue coming from our top 25 accounts. So, there is client concentra�on to that extent. I'm not concerned about it because no one client is more than 25% or 20%, so there's no huge customer which will impact us, if we lose that customer. But yes, there is the 80-20 rule for sure. The only way to beat that is to get out of this, to become a significantly larger player, which is the goal.

Vikas Shrivatsav

Thank you, I will come back in queue.

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Aditya Krishna

Yes. And you men�oned about QoQ. See, Vikas, everybody is not as an evolved investor as you are. Most of the market doesn't understand that you have to invest to grow. So, it's a �ghtrope, which we have to always live with and believe it, it really keeps me up, how do we invest in what we have to do to grow the business and s�ll have decent results, which is why you've seen in the last 3, 4 quarters, we've been very tepid growth because we are trying to write that balance.

Vikas Shrivatsav

Alright, but, Aditya, we would agree to disagree there. At the end of the day, living quarter by quarter puts a new pressure on the management. And you also compromise on long term growth some�mes and you miss opportuni�es. So, I guess, that's a call management needs to take, that's your call and the management needs to take that. Is it pressure which is due to the detriment of the long-term investor? If that is not the case, it is okay. But if you're compromising long term goals for short term higher 1% margin, then I at least principally would not agree with that. But, anyway, that's a call you need to take. I understand, you know, you have a larger, audience to look a�er thank you so much. I'll come back in the queue.

Aditya Krishna

Thank you, Vikas

Moderator

Thank you, sir. Our next ques�on comes from the line of Hiloni Gandhi from Pi Square Investments. Please go ahead.

Hiloni Gandhi

Hello

Niraj Kumar Ganeriwal

Yes, Hiloni

Hiloni Gandhi

So just wanted to know what's the specific reason behind it?

Niraj Kumar Ganeriwal

Hiloni, there is a interest component, which is in rela�on to some of the leases which get counted under the Ind-AS. We had a couple of new lease renewals which had happened. And

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it's more of an accoun�ng -- yes it's more of an accoun�ng and lack of an actual interest ou�low, because our loans are limited, -- we don't have any borrowing or interest...

Hiloni Gandhi

We don't have any loan, we have a lot of cash also on hand. So yes, got it. Got it. Okay. Thank you.

Moderator

Thank you, sir. Ladies and gentleman if you have any ques�ons please press * and 1 on your telephone keypad. I repeat ladies and gentleman If you have any ques�ons please press * and 1 on your telephone keypad. We will wait for a moment while the ques�on queue assembles.

Our next ques�on comes from Sunil Gupta, an Individual Investor. Please go ahead. Sunil, sir, please go ahead, sir.

There is no response from Sunil's line. We have a follow-up ques�on from Vikas Shrivatsav from RBC Financial. Please go ahead.

Vikas Shrivatsav

Aditya, how has been our experience on the new hiring on the sales front? Have we lost some people who we hired in the last 2 years? Is there been any a�ri�on there? How has been our experience on the new sales team, which you have hired in the last 2, 3 years? That was 1.

employees in India and abroad? And what is the value, I'm assuming, for the last 1.5-2 years, the stock's been in this range? Is the value of stock op�on then, therefore, as a considera�on compensa�on, is it losing its charm? Are you facing any resistance or frustra�on there?

Aditya Krishna

Sure, Vikas. As far as the sales team is concerned, we haven't lost anybody. Whoever we have hired has stayed-- is so far with us. We have one new salesperson joining in California on the 6th June, and we have another one joining in the New York area on the 17th June. So, we con�nue to build the sales team. We have one salesperson reloca�ng from our Singapore office to New York. We have a new sales guy joining our London office on the 3rd of June.

So, lots of ac�on on the sales team. And so far nobody has le� us. And honestly, Vikas, my biggest job is to make these guys successful. Because if I can get the sales guys to be successful, 1, the company will grow and second, they won't leave us. So, I spend a lot of my �me on that. And it's challenging because new people have high expecta�ons. They want everything to be there and pa�ence with younger people is also missing. So, it's a nice challenge to have. So, it's really keeping me busy.

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On the second ques�on on the stock op�on, what has become pre�y much standard is the sales people to a�ract them, especially senior sales talent. We have to offer them op�ons as part of their joining. So, they will get op�ons anywhere from 50,000 to 100,000 op�ons when they join. There is s�ll a lot of merit and value in that because they will get it at market price. And obviously, if they do their job and the company grows, those op�ons would be worth a lot of money. And that's how we sell it, and that aligns with the goals of growing the business, and they have to also align with that.

So, I don't think the op�on thing, the charm has gone away. In fact, I would say it's probably more favourable now. We have never shared this on earnings calls, but since you asked, our op�on plan is 25% of the op�on that is allo�ed to an individual vest every year. And we have a 10 year window to exercise it. So, it's an a�rac�ve op�on. From an accoun�ng perspec�ve, we use Black Scholes to account for it. And currently, the last allotment, the price that hit our P&L was INR 160 per op�on. So bo�om line, I think there's s�ll a lot of value in these op�ons.

Vikas Shrivatsav

That’s it from me, thank you.

Moderator

Thank you, sir. Our next ques�on comes from the line of Simar an Individual Investor. Please go ahead.

Simar

Sir, I'm very happy to hear that on the sales front, you haven't lost anyone. But just to give me a number on the a�ri�on on the overall company level?

Aditya Krishna

A�ri�on is down considerably we are currently running at 14%.

Simar

14%, that is considerably down from the 22%, I believe, in one of your previous calls, which I was a�ending. So yeah.

Aditya Krishna

Yes, correct.

Simar

All right. And sir going forward with the INR 1,000 crores that you men�oned for the next for the current financial, which where you men�oned 900 would be from the exis�ng clients,

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which is very, very, very op�mis�c. So, I'm pre�y sure that your reten�ons are very high. So which front do you see on the different segments that the revenue is going to be contributed from?

Aditya Krishna

Lot of growth will come from Hi-Tech Media & U�li�es and Fintech. Those are the big 2 segments. Transporta�on Logis�cs is struggling a bit because there's a lot of consolida�on post-COVID in the U.S. geography. So, because of that, there's uncertainty, customers are deferring spending. But it's temporary because by and large, Transporta�on & Logis�cs had under invested in technology over the past years and has to catch up. So, there's a temporary blip in terms of slowdown.

Our 4th segment of Retail E-commerce, that's a hot segment. Unfortunately, deals there take longer because they're larger deals and the buying cycle is probably the longest compared to Hi-Tech Media & U�li�es and Fintech. But to answer your ques�on, majority of the growth will come from the first 2, Fintech and Hi-Tech Media & U�li�es.

Simar

Got it. And one more ques�on. Since you recently hired a couple of new sales people abroad, pre�y much assuming that your revenue contribu�on from overseas would be a larger chunk, even more than 60%, would it be fair to assume that?

Aditya Krishna

Yes. So, around 45% is from the U.S, around 35% is from Europe and the rest is from Asia Pacific, which is predominantly Singapore and India.

Simar

Got it. Thanks a lot sir. All the best going forward.

Moderator

Thank you, sir. Our next ques�on comes from the line of Amit Jain from Monarch. Please go ahead.

Aditya Krishna

Hi Amit. How are you?

Amit Jain

companies have given a very accurate growth outlook and very muted and even the campus

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hiring, the data that we are seeing, placement data on the campuses, that also suggests that things are not so good. So, in that backdrop, the growth outlook, the growth guidance of 30%. I assume that's the expedi�on, but given that, that's a very audacious one. So, what makes you so convinced to give this kind of outlook?

Secondly, on the capabili�es front, you men�oned about the inves�ng in the building blocks. So, I can understand one on the sales personnel. Besides that, what other things we are doing in terms of building, inves�ng in those capabili�es. So, I just want to get some sense about that. And there are couple 1 or 2 ques�ons, but maybe we can -- I can come again, but if you can just throw some light on this?

Aditya Krishna

Good ques�ons, Amit. INR 1,000 crores is an ambi�ous target, but if we don't aim high, we are not going to get to where we need to go. There is, being a 20-year old company, there is an element of lethargy in the organiza�on, which has to go away. We all have to sell and today one of my big challenges is to change the culture to a growth-oriented culture, where not only 1 downs to me, but 2 downs and 3 downs to me,need to sell. Everybody should be part of the selling community.

So, what we have done is we have broken up targets by delivery managers, by account managers, by sales people within each account. And this mindset has to change. And the mindset will not change if numbers are not ambi�ous and aggressive. Now that doesn't mean that we are ruthless in terms of firing people and all that. We can s�ll be a good work culture, a respec�ul work culture, but also expect a lot from our people. And that's the goal.

to aim high. That's our plan. And that's why the INR 1,000 crores. I was not wan�ng to share it actually, but since Vikas asked, and Vikas has always been a long-term investor and a wellwisher, I felt I should I owe it to him to share it and also with you, Amit.

So, coming to the next ques�on, which is a very good ques�on from a capability perspec�ve, because technology is changing so rapidly that unless we invest in capability. So, it's not only sales. These sales guys can only do so much. Finally, you have to have something to sell. Okay? Something to iden�fy. They can iden�fy a business need at a customer or a prospect. But then you need the team and the people to be able to translate that business need to a technology solu�on. And that is where capability comes in.

So, we are inves�ng in subject ma�er experts in these 4 ver�cals of Fintech, Hi-Tech Media U�li�es, Retail E-commerce and Transporta�on Logis�cs. So subject ma�er experts is a big investment. That's number 1.

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Number 2, we're inves�ng a lot in cybersecurity and infrastructure, in CloudOps, in FinOps. As you would have seen, cloud consump�on is increasing. The business model of Azure and AWS is to make sure customers it's like a drug. Once you get hooked on it, you have to consume it. So they want customers to consume more and more of cloud. Now we have to come in and say how can you ra�onalize that consump�on. So that's where FinOps and CloudOps comes in.

So, lot of new things we are doing in the infrastructure space, lot of new things we're doing in the cybersecurity space, which we feel are necessary today to address the business needs of our exis�ng customers as well as new prospects.

Amit Jain

Understood. Aditya, if I listen correctly, you men�oned that about the revenues break up. So, 90% business comes from the exis�ng customers, 10% from the new customers. Am I right on that, is that?

Aditya Krishna

That's correct. Yes.

Amit Jain

customer-- share of new customer to grow? What is the ideal scenario for you?

Aditya Krishna

This 90, 10 is pre�y much standard across the industry. So, if you ask the TCS or the Infosys, 90 might be 85, 15 or 90, 10, it'll be approximately the same. The reason why that is, Amit, is that when you acquire a new customer, he will not spend a lot of money in the 1st 12 months. First of all, if you acquire a customer, let's say we acquire a customer in quarter one, by the �me paperwork finishes, project starts, you're already talking, you've got 9 months le�. Now in 9 months, how much business will he give you?

we understand his business? Do we understand his business challenges? So that rela�onship building will take some �me. So, it's normally, at least, I would say, 18 months to 24 months before a customer starts to scale up, a new customer. So, it's pre�y much standard to have a 90:10 ra�o.

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Amit Jain

Higher client concentra�on. So, in that context, I was asking maybe to improve that part, maybe to reduce our dependence on top 20 to 25. In this context, I was asking that are we aiming for higher share form of new customers, but that's understood from what you've told.

Another thing on the just a confirma�on, as we grow, as we are targe�ng this $500 million by 2030, so are we going to -- are we also keep – will you be maintaining this ROE ROCE? Because I'm just slightly concerned maybe in that pursuit of achieving that maybe we may compromise on those metrics. So just want your affirma�on that we will be maintaining the same profile going forward as well.

Aditya Krishna

Over �me, medium to long term, Amit, EBITDA margins and margins should improve because of scale. We are not going to take business at a loss or do things which are going to be detrimental to the bo�om line. Yes, what I men�oned earlier, we have to be careful about our EBITDA margins live QoQ. But we are very hopeful that we will not go below the 18% EBITDA margin, which is there today.

Amit Jain

Thank you so much, Aditya and all the best.

Aditya Krishna

Thank you.

Moderator

Thank you, sir. Ladies and gentleman if you have any ques�ons please press * and 1 on your telephone keypad. We have a follow-up ques�on from Vikas Shrivatsav from RBC Financial. Please go ahead.

Vikas Shrivatsav

Hi Aditya, I’m back. Just give me your view on the challenges and opportuni�es which the general AI friendly would show up for the company? And are there any opportuni�es there? How do you look at it? Or are you-- or it doesn't touch you in your business?

Aditya Krishna

Vikas AI is everywhere. Every customer, every prospect wants to talk about AI. How many use cases actually are there? It's a handful. And the use cases, are they really AI or are they machine learning or a combina�on? It's a big ques�on mark. So, to answer your ques�on, you know, straight-off is whenever we are talking to a prospect today, he says, you know, can AI

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help me in this journey? Can AI help me in solving this business problem? And, we always say that, yes, we can explore that op�on. For example, can AI help in automa�on of tes�ng, in wri�ng test scripts? It sure can, but it also means that some human being has to vet that test script, that test case.

it for accuracy. So, AI is definitely contribu�ng to interes�ng conversa�ons. For us, it has no -- I mean, except for a very maybe a couple of cases, it's not translated to revenue yet, Vikas.

Vikas Shrivatsav

Any challenges you see?

Aditya Krishna

On the AI front or generally?

Vikas Shrivatsav

No. AI front. Anything we should worry about?

Aditya Krishna

No, I don't think we need to worry about it, because there's too much unknown, okay. And AI is just a new name in my opinion right now for machine learning, because the intelligence has s�ll not come in. One day intelligence will come in. When it does, we'll have to figure out how it affects our industry. But at this point, I don't see AI as a huge revenue challenger. I find it as probably a demand generator. Companies that probably were not wan�ng to talk are now interested to talk or have a conversa�on around AI. And that's a start because if you can start these conversa�ons with prospects and customers, eventually it translates into business.

Vikas Shrivatsav

And any produc�vity improvements or cost savings, internally, is there something you could feel or sense on that?

Aditya Krishna

recruitment. We can use AI in our knowledge and training modules, in document management. So, there is lot of produc�vity improvements that we can derive from AI, for sure. And we are doing that.

Vikas Shrivatsav

And therefore, some of it in the coming years, it could have a material impact on our margins?

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Aditya Krishna

Yes. It should. Over �me, we should see some improvement in margins. But like I said, it's not going to be like 1% or 2%. It will be basis points Vikas, and it probably get offset by something else, either rupee apprecia�on or some other headwind, who knows. I don't see it being a radical mover of the EBITDA margin.

Moderator

Thank you, sir. Ladies and gentleman if you have any ques�ons please press * and 1 on your telephone keypad. There are no further ques�ons. Now I hand over the floor to the management for closing comments.

Aditya Krishna

We thank everyone for taking out �me to par�cipate in this call and for their interest in Sakso�. I hope we've been able to answer your queries. In case of any other queries, please reach out to us or our Investor Rela�ons Advisors, Valorem Advisors. Thank you, everyone, for joining us.

Moderator

Thank you, members of the management. Ladies and gentlemen, on behalf of Ventura Securi�es, that concludes this conference. Thank you for joining us and you may all disconnect your lines now.

Note: 1 . This document has been edited to improve readability

1. Blanks in this transcript represent inaudible or incomprehensible words.

Sakso� Limited Q4 FY24 Results Conference Call

15

29.05.2024.