Genesys EGM 12th March 2025 Transcript

GENESYS INTERNATIONAL CORPORATION LIMITED

EXTRAORDINARY GENERAL MEETING

HELD ON 12TH MARCH 2025

Company Secretary Good afternoon, ladies and gentlemen. We are here for an

Extraordinary General Meeting of shareholders of Genesys International

Corporation Limited. Requisite quorum is present. May I request the

Chairman to proceed with the meeting.

Chairman I welcome all the members to the Extraordinary General Meeting of

Genesys International. Requisite quorum is present. I call the meeting to order. My colleagues on the board present here may please introduce themselves.

Company Secretary Manish Patel, sir.

Manish Patel Good afternoon. I am Manish Patel, independent director and chairman of the Audit Committee, Nomination and remuneration committee and stakeholder’s relationship committee joining from Mumbai.

Company Secretary Bharti madam please.

Bharti Sinha Good afternoon, I'm Bharti Sinha, Independent director, joining in from New Delhi.

Company Secretary Yogita madam please.

Yogita Shukla Good afternoon, I am Yogita Shukla. I am non-executive, non- independent director, joining from Delhi NCR.

Company Secretary Thank you madam. Also present with me Mr. Sanam Umbargikar, who is our scrutinizer for today's meeting from DSM and Associates,

Companies Secretaries. I would also like to inform that this meeting is being held through video conferencing in accordance with the relevant circulars of the Companies Act and the SEBI regulations. A remote e-voting facility is already provided to the members so that they can cast their vote.

If any other member who is participating in this meeting but not able to cast vote earlier, they have the opportunity, they can cast their vote during this meeting. The company has received a request from many speakers, they want to interact so, opportunity will be there.

Meanwhile, I also like to inform that, our independent director, Mr. Ajay

Aggarwal has also joined. I would request him to please introduce.

Ajay Agarwal I'm Ajay Aggarwal, Independent Director of Genesys International

Corporation Limited. I'm speaking from my office in Pune. Thank you.

Company Secretary Thank you, sir. Also I would like to inform that my colleague CFO,

Mr. Ravi Jatavallabha is also present in this meeting.

We can proceed over to chairman.

Chairman Yes, as the notice of EGM is already circulated to all the members,

I will take the notice convening the meeting as read. Vineet, may please inform the agenda items.

Company Secretary Agenda item for today's meeting is as a special business, raising of funds by issuance of equity shares and or any other instrument through qualified institutions placement and or any other permissible mode. This item is proposed to be passed as a special resolution and explanation to this resolution is already provided under the explanatory statement, which was there in the notice itself. Over to chairman.

Chairman The floor is open for discussion. I invite members to raise any queries.

Company Secretary So tech team you can please invite the speakers one by one.

Moderator The speaker shareholder number one, Lekha Shah and speaker shareholder number two, Manjit Singh sir has not joined the meeting. We can move to speaker number three, Aman Vij sir. So we have shared you the unmute request. We request you to kindly unmute and please ask your question.

Aman Vij Good afternoon, sir. This is Aman Vij. I had few questions regarding the EGM as well as on general business. So first on the fund raise part, if you can talk about what is the use of the QIP and what will be the promoter's stake after the QIP. If my understanding is correct, will it fall to less than

30%? And out of these funds, how much are we putting in additional investment for Wonobo and how much we are putting for Oyster? And if you can also talk about, we were targeting X amount of kilometers to be done. So what is the latest number that we have already done in terms of the

3D mapping? And that is the first question.

Second question is in the AGM, you were quite positive on bagging some auto deals. So, but we have not heard any update in the last few months. So, any timelines for the same.

My third, should I first, maybe you can answer this and then I can ask the remaining or do you want me to?

Chairman No, just go ahead with all your questions.

Aman Vij Sure, sure sir. Third question is on the MOEF, Ministry of

Environment, Forest and Climate. I believe we are one of the few companies who are in a way shortlisted for the same, but we have not seen any orders from the ministry. So do you expect any orders in coming months or there is no timeline as such?

Fourth question is on our Saudi business or what is the number of people do we have there today and what was our sales currently and what kind of growth do we expect in the next two to three years? I believe this this market has been doing quite well for us. So in the next two to three years, do you think 300, 400, 500 crore kind of numbers is possible?

Last two, three questions on Bharatnet. I believe a lot of orders have started coming for the industry, but I believe we have tied up with one player and that player has still not announced any order. So do you expect or will it take time?

Then my question is on final two questions. One is on the product revenue, sir. We have been very positive about scaling our product business. So what kind of product revenue do you expect in the next year, FY 26 and 27?

Chairman Right. So I think there are multiple questions. So let me try and address all of them. The primary usage of this money is to basically, you know, as you understand, we are in the content business, is to spruce up our

– and to add our infrastructure specifically on the data center side, because we are very – we are a very data-intensive business, and we are adding capacity on our mobile sensors, which are needed for a couple of the verticals that we are active in. As far as dilution goes, I mean, needless to say, it will be a function of pricing, but we are hopeful of overall 8 to 9 percent dilution in the overall company's equity, which would, you know, essentially for us it’s a question of trade of between companies growth and we are not too obsessed on in terms of compromising on what the company's requirements would be in terms of scaling as opposed to, you know, other considerations. So this is on the usage of the funds and dilution and on the

Saudi business, there is good traction. We have a very healthy pipeline there. It would not be, is there a possibility of Saudi doing, as you mentioned in two, three years from now, a couple of hundred crores of business, yes, it's indeed possible. If the current pace of investments that Saudi is doing in its infrastructure development continue. We, on the automotive side, we have got very good reception and given the normal otherwise long sales cycle in the automobile business, we've been, in fact, been getting a fairly enthusiastic response from the sector. We are hopeful of making some announcements over the next few weeks in terms of some prominent OEMs at whom we intend to engage with. And on the utility side, you know, if you are looking at BharatNet, as you rightly said, some of the POs are being now released to some of the folks who have been who are successful in the bids. And we are in active engagement with all of them so as the documentation and rest of the commercial process matures so we are hopeful of making some announcements in that direction. So, I guess that covers most of your questions.

Aman Vij Yeah, you just missed two, three points, sir. One on the Saudi, what is the current run rate in terms of number of people and say our revenue.

Chairman Then I think we have around 60 to 70 people in Saudi right now.

These tend to fluctuate based on project requirements. So we would be having a, you know, I would say a team just under 100 people at, you know, as things stand in Saudi.

Aman Vij And the revenue sir? Saudi side?

Chairman So, we are we are on a traction of doing around between 50 to 100 crores in revenue in Saudi.

Aman Vij Okay and you missed on the Ministry of Environment, Forest and as well as product.

Chairman Forest is a very large area you know actually in almost all aspects of the Indian economy there is a large geospatial requirement. There are, there is a CAMPA fund which has almost 2-3 thousand crores of funding which should primarily go towards forestry. So, we are expecting a lot of states to come with this requirement in time to come. So, in the coming financial year we are hopeful that there would be one or two states where forestry requirements will start coming in. I think it is inevitable. It is a matter of time and I do not say time in terms of multiple years, but within one or two years, we expect several states to come with this kind of requirements.

Aman Vij And the product revenue part, sir, and the order book, that is the last two, three questions. And for the submitted bids as of today, what is it?

Chairman So, we have a healthy pipeline of close to 2000 crores in terms of various opportunities that we are pursuing on a qualified level. We are hoping in the coming financial year, we would have a, you know, let me also tell you that whatever is the so-called non-product business that we're doing is also very much connected with the content that we are developing or our capabilities that we have. So we have, from a strictly technical standpoint, we would imagine that around 20%, 25% would be our product business, and around the rest would be quote unquote project. But all those projects are really related to the same kind of work that we do on the product business.

Aman Vij Sure, sir. And order books are you missed? What is it?

Chairman It is close to 500 crores.

Aman Vij Okay. And product revenues are you were expecting it to scale in the next two, three years to 40, 50%? Can it happen?

Chairman That's the goal actually, because if you were to look at our industry worldwide, anyone who's following a content program in the manner that we are, ultimately the revenue model is always a licensed model. The 3D market is of course, and you know, is a market which has emerged just after the geospatial policy. And we are one of the first few players who are come with some sizable content. So we expect over the next four to six quarters that market to kind of pivot in largely on the government side to be on the

OEM side. But having said that most of the other verticals that we would be launching or have launched would tend to be on the licensing mode.

Aman Vij Sure, sir. Sure sir, that 2000 crore number which you have said qualified pipelines are how much actually bids have happened for the same, whether we have been win or not a separate.

Chairman Aman we are at a very evolving stage as far as the geospatial industry goes to give the same kind of metrics as comes in other areas where you know similar way to track the market would exist. For example, in highways, and we would tend to say that National Highway Authority expects that so much of things would be bid this year. And we are at a very early stage now.

So most of this that we are talking about are opportunities which have been curated by us, conversations that we are having with the market based on our capability and our contents.

Aman Vij And so on Oyster and Wonobo you had missed that question that how much have we invested till today? How much more are we planning to invest and when do we see revenue from Oyster?

Chairman We are already seeing revenue from Oyster when you see Oyster and Wonobo are basically two brand names, but they both represent the same map stack and in the map stack 2D is a layer, 2D vector maps are a layer. There are multiple layers which come in our map stack. So, we really do not view the market as Wonobo and Oyster. I mean, Wonobo happened to be our old brand name for our earlier platform. We have tentatively named the new platform as Oyster.

So, but clearly the goal is to basically address the market based upon the layers which are important for that particular vertical. So, take a clear case in point if you were to take automotive, then you can argue that it is largely

2D content when you look at standard definition maps. But when you were to look at ADAS or when you look at high definition mapping then automatically your 3D comes into the picture.

So, which means it is a combination of both 3D and 2D. So it's not possible to, and it's not correct to kind of bifurcate the market as Oyster and Wonobo.

It's a function of the product and the solution or the content that we license.

Aman Vij So sir, as a combined entity, how much investment is done till today?

Chairman We have invested in terms of all our, in terms of our aircrafts, in terms of our sensors, in the whatever is our current, the existing constellation of sensors as we call it, along with the content, the content that you have developed is, number one, we have finished the entire all India navigation map of eight and a half million kilometers covering the entire country, which is a very sizable IP. I think not many people are aware that

India has got the second largest road network in the world. Second is we have done one and a half million kilometers of street imaging covering

1,500 towns and cities. This happens to be the largest imaging exercise ever done in India. So that is also a very important library that we have, which is helping us in our AI pursuit. You know, no AI is possible unless there is a library of content and if you are able to train models around learning from that library of content. Since we have a rich library of content, we are using automation in a very aggressive manner. And lastly, on the 3D side, we have covered multiple cities, which we use our aircrafts to cover. So this is the content and given the amount of content developed and the kind of capacity that we have built, we have only invested up to a little over 200 crores in all of this.

Aman Vij And further investments required sir?

Chairman The further investments are in the data center which is the, we are collecting petabytes of data. So we would need and also this data is very sensitive. So we need to have control on the data center. So which is where further investments would be done. Second would be on some additional sensors that we are we are looking to. So basically on the engineering and on the sensor side is what our further investments would be largely in that direction.

Aman Vij Sure Sajid sir. Thank you for answering all the questions.

Moderator Thank you so much sir. Moving to the next speaker shareholder. The speaker shareholder number four, five, six and seven has not joined the meeting yet. We move to speaker number eight, Rupesh Tatiya sir. So, we have shared you the unmute request. We request you to kindly unmute and ask your question.

Rupesh Tatiya Sir, first question, Sajid, is whatever this 200 crore investment we have done in, you know, creating this content for Wonobo Oyster plus maybe another, let's say, 50, 100 crore will do. How, I mean, can you give some idea about how the monetization will happen? Would it happen over let us say 3 to 5 year period or it will be much more back-ended affair?

Maybe if you can comment on that first.

Chairman So clearly, you know, if you are creating a content platform, needless to say, you have to have the content first. And secondly, you need to have the capability and the comfort to the market that you have the capacity to keep this content updated. So, you should be, there are three things which determine success in the mapping industry. Number one, do you have the ability to create map data at scale, which means you should not be just restricted to a few cities, but you should have the ability to do something at a large enough level compared to the market that you are addressing. So, you have to remember that India is a very large country,

Maharashtra is bigger than UK. So, and the population in our urban centers is equal to the United States of America. So, the mapping of this continent is a very large endeavor by conventional mapping standards. So, one is you need to have the capacity and the capability.

Second is your data model should be such that it addresses multiple markets.

So, today most people associate maps with 2D maps or navigation maps, because that is the consumer facing application. But many parts of the economy require different survey, you know, engineering grade data, which is what we are making with our digital twin or with our 3D data and capacity. So in terms of the heavy lifting, in terms of putting up the capacity,

I mean, we have the capacity in some layers to map entire urban India once a year. So that's the kind of capacity we've built. In terms of capability, recently IIT Bombay did a study on us and they found that on a random basis we have been able to consistently maintain a 5 centimeter level accuracy across our data which is a feed by itself. So, in terms of monetizing, we are happy to say that we are already monetizing this content, we already began it and in fact, in some layers we already monetizing it as we build the content.

Specifically on the 3D side, you know, we are following wherever there is a revenue visibility or a very strategic visibility. So we clearly are building this with the idea of building a very active content program. It takes a few quarters for these to, for this to get developed, which is where we are.

Rupesh Tatiya Yeah I understand the quality of the data and the challenges and what you're trying to do Sajid I mean I understand all of that I understand the bigger picture. The worry for me is that we are creating this very large asset on our balance sheet relative to our size right I mean we're at a 3000 crore market cap 300 crore revenue and then we are creating this 350 crore asset. So, some idea on the monetization, I mean, is it like?

Chairman So, that is a reasonable question, Rupesh. See, we have to take a call basis the addressable market, right. So, we, market is not going to see whether we are 300 crores in size or what is our what what we have an opportunity is the capability that we have and the addressable market which there is.

So the if you were to ask the company two years back, what is it that needed to be done or what was the biggest challenge we had? It was execution you know, can we bring together all the elements to build a platform? And which

I think we have largely done so. And if you were to ask what is our current, you know, need of the hour is scalability.

You know, how is it that you build yourself in a manner that you can scale?

Now then the then that begs the question that if you scale is there a market so now that is fair to assume that the market in India is runs into several thousand crores. So if we are in a position as a company to have a first mover advantage in many areas, then it becomes incumbent on us to be ready for that.

Rupesh Tatiya So, so maybe let me ask you another way, let us say very conservatively, right, in the worst case scenario, will we be able to recoup this investment in let us say 5 years?

Chairman Oh, easily, I mean, we would be failing ourselves if we do not right.

Easily, Rupesh, I mean, that goes without saying, 5 years is a fairly conservative estimate.

Rupesh Tatiya Okay, okay. And then the other worry sort of I have is I went to, you know, several land record, land monetization tenders, you know, utility repairing tenders and I see that 70-80% of the tenders are serviced by drones. Okay. So, there are two questions based on this kind of like observation I have.

One is what is the usage of drone in our data collection? That is one. And second to me, at a very top level, 10,000 feet level, it feels like to me that

70, 80 percent of the market will be addressed by drones and there will only be this 20 percent market which will require you know 5 centimeter resolution, very high accuracy, high quality data. So, is that a fair assumption? And if this you know 1 and 2 are same, then the third question is are we at a risk of a write-off of this you know 300 crore of content that you are creating that you know maybe we will not be able to find you know very broad applications of this, this will be limited into some you know high end applications.

Chairman Okay, so, first is to answer the question of drones. Drones are a collection mechanism like any other. So, depending upon the outcome that you wish to achieve, you can either use a satellite or you can use a aircraft or you can use a drone. So I like to give the example that if you are a transport company and if you are transporting goods from Bombay to Delhi, would you use a rickshaw to do it or would you use a truck to do it?

You would use a truck, but if you are transporting cargo from one neighborhood to the other, you would tend to use a tempo or a smaller vehicle. So, a drone is just a collection mechanism. A lot will also depend upon the payloads and the sensors on top of the drone and that is something that in the case of some of the sensors that we have, they cannot be hosted on any drone.

Having said that, we use drones ourselves. So, wherever there is a smaller area that we need to do or wherever there is a specific corridor that we need to do, then we also use drones. So, we do not see drones as a competition, we see all collection formats as symbiotic to each other based upon the outcomes that you wish to achieve. When you want to do large scale urban flying, then aircrafts tend to be the most tend to be the most apt collection platform. We are we are not wedded to any one particular collection mechanism. So, we use a combination of various collection mechanisms to do what is needed. Number so, that is on the drone front.

On the second there is a fascination with drones by the way. So everyone thinks that everything can get solved with a drone. But if you really need the answers for that, then you should look to develop markets where you will find, you know, very clearly where drones can be used and where drones cannot be used. We are in the stage where we are learning, you know, where people will soon realize that some areas drones do not work in a scalable manner. In terms of accuracy, 5 centimeter data, our ability to dumb down something is always dumb down data is always there, but our ability to upgrade data is not there, right? I mean, am I making sense?

Rupesh Tatiya Yeah.

Chairman Also I think 5 centimeter data is something that if you want to achieve very high contours or very high surface models, that kind of data or for example, the ADAS that we are doing for automotive, these things would are something that is required. It depends on the benchmarks that you that you set. And the question of whether all this whether all this content or this platform would get, would have to be written off at some point.

And I would not imagine that be the case. We already have customers who are taking the data, as you can understand. So it's not something that we are trying to make a product market fit. These markets or this content is used in other markets. So, it is not that we are doing something new here. We are only doing something which was not allowed to be done earlier here.

Rupesh Tatiya Okay, okay. And then maybe last question on products before I go to other area is, I mean this whatever fundraise we are doing, is this now enough for us to realize this product vision or you feel maybe some more funds might be needed after two, three years?

Chairman We do not have any other plans to raise any further capital as it stands. So that is the current thinking.

Rupesh Tatiya So, this is the final one for the medium term. That's a fair assumption.

Chairman That's right.

Rupesh Tatiya Okay. Then moving to Saudi, right. So Saudi, maybe you can, you know, give a sense of the opportunity. I mean, there are these, you know, bunch of these airports and stuff we have talked about in the past. Then

NEOM, I think is a very mega city, Saudi government is trying to build. So, maybe if you can give some some sense of opportunity there and then what is our you know competitive advantage why why are we able to win because in India there is clearly a regulatory you know barrier for the MNCs but in

Saudi it will be you know a fairly even field. So, what is our right to win in

Saudi?

Chairman So, the right to win is on two, rests on two planks. One is that we have the latest technology, which our map stack is, it represents what the best that the mapping industry has to offer. So, whatever we have done in

Saudi has been cutting edge in its nature.

And second is that we are at we are needless to say cost competitive compared to some of the other Western counterparts who may be there. The opportunity that the Indian mapping industry or players like us may have is that a lot of countries will want to build their own capability in or on their own content as they want to increasingly perhaps shift their reliance from foreign companies providing this kind of data to them. So, as national security concerns take over and that is also one good thing in India is that the national security concern has been taken over in a positive way that they are allowing you to do this to create this data, but by having a regulatory mode which says only local companies can do it. So, we will we will have opportunity in licensing the technology or our ability to build this technology build this data to other countries. That is where the opportunity lies for companies like us. But does that answer your question?

Rupesh Tatiya I mean, see the current revenue you said is 1500 crore and then you are saying that it will go to 200 crore in two, three years. And that doesn't sound like commensurate with the opportunity that only NEOM.

Chairman If you were to look at the size of what is happening in Saudi, you are right. It does not seem commensurate. But at the same time, we cannot, you know, say things which are totally out of whack or appear too ambitious.

Rupesh Tatiya So maybe you can give, so that is why I was asking on the opportunity or maybe you can give me some range that you know if everything goes well, if we are able to win contracts, if Neom execution, you know, picks up speed, then can Saudi business be let's say a 500 crore business in 3-4 years?

Chairman It can be Rupesh, right. I mean the size of the Saudi economy, the kind of investments that they are doing. It's not an impossible number. But would I want to give that as guidance to you? I may want to fight shy of it.

Rupesh Tatiya No, no, no, not guidance, but at least potential. I mean, if...

Chairman Potential, though, what is 500 crores also? I mean, at the end of the day, what is even 500 crores? It is nothing, right? I mean, if you were to look at the tens of billions of dollars which are being spent by by Saudi and in terms of it for all the mega projects that they're doing, the vision that they have, even find it grows what they're going for. It is around 70, 80 million US, right, which is not a big number so that's not that's not I mean, that's not a that's not at all some kind of a pipe dream or you know some kind of a futuristic projection. But then we have to we have to project from where we are today and and say something which we would rather do something and show it than to keep talking about what what can happen and things like that so.

Rupesh Tatiya Okay okay and then the other other thing is I don't know maybe this was an election year or whatever. But our order book has actually moved only by you know 200-300 crore. I think it was 350 maybe start of the year and now you know it is at 500. But some other players I think have gotten significantly you know larger orders. So FY26 maybe now that you know no state elections, no central election whatever. So at least FY26 you at least hope that you know we will win let us say 1000 crore kind of orders and then you know on the project side at least we are set for let us say 2-3 years.

Is that I mean how things timeline will play out at least in your from your vantage point?

Chairman So elections, as you rightly said, do play a role in terms of timing of, you know, conversion of the pipeline. Second thing is we don't want to chase numbers for the sake of numbers, you know, because then they tend to distract you. There's a lot of work which can be won, but which will not be germane to the strategy that we are doing. So we also have to be conscious of that because some of this work can suck up all your bandwidth and you would rather choose your battles. But yeah, we expect better traction moving ahead.

Rupesh Tatiya So maybe roughly you can, you know, give some range that, you know, forest can be, if things work out by March 26, let's say we'll have, let's say 400 crore order book from forest, maybe Bharatnet will have 200,

300 crore, I mean near term let us say next, next you know 6 to 8 quarters from land records how much, from digital twin how much, some, some ballpark number if you can give.

Chairman If you are giving a 6 to 8 quarters kind of time horizon, we already are engaged with opportunities which are close to 2000 crores. So, to that degree, I do not see within six to eight quarters a major challenge in terms of moving the needle from our order standpoint.

Rupesh Tatiya So, let us say March 26, let us say March 26, maybe we are at 500 and let us say maybe we are at 1100 maybe. So, out of that 1100, rough split of the end industries. What, how much would we? BharatNet will be how much opportunity? Potentially forest will be how much? Rough split. I am not asking for an exact kind of like guidance. I am not going to hold you to it, but just to get some idea of which sectors will move at least from your vantage point.

Chairman I think urban disaster management, utilities and infrastructure in these three areas, it would be fair to assume a traction of material traction from these three areas.

Rupesh Tatiya Okay, okay. And in any of these areas, are you kind of like a nominated player? I mean, in digital twin, at least 3D digital twin, I would expect you to be nominated. But are you in forest also? Are you sort of like a nominated player?

Chairman We are not nominated as it stands in forest. We have been nominated in some of the other areas but we are not yet reached the stage of being nominated on the forest side.

Rupesh Tatiya So which areas are you nominated in?

Chairman On the urban side, on the disaster management side, on the environment side.

Rupesh Tatiya Okay, okay and then maybe final two questions. One is on auto. So, auto, I mean, what kind of, you know, let us say, I mean, you, I understand your, our product is significantly superior and all of that and you know, street view and everything I understand, but what, from next six to eight quarters, what kind of contribution can come from auto that is one and then the second question is on on this I mean content cannot remain your mode forever right eventually somebody will get a will to you know spend

500,000 perod and figure out how to build this content over 5-10 years. So our really the journey has to be from content to a solution provider. So, in some sense you have to give in terms of, if you can give in terms of you know how many applications, how we developed in terms of numbers, how many applications have at least one customer, how many applications have multiple customers, some idea if you can give.

Chairman We have in fact a very clear product roadmap and as you rightly said that we need to, if you want quicker adoption and better realization, you need to provide solutions. And there are four broad buckets that we operate in. Government slash urban, utilities, automotive, and the broad marketer, location intelligence. So we have built solutions around each of these buckets.

I would suspect that our presentation that we may have on our website would have a couple of slides in terms of product road map, which goes beyond just making content or just geometry. So you know, and this is going to be a long answer to your question, but in principle we are solutions oriented.

And that we. We we believe that we have a differentiated approach and not solutions in terms of these are solutions built on built with actual customer examples. You know, these are not these are not untested solutions.

Rupesh Tatiya So maybe I mean just to be a little bit specific, let's say next four to six quarters outside of auto. Can you maybe give me, you know, top three applications where you know we will get some sort of one time service revenue or some sort of subscription revenue or some sort of

API led revenue. Maybe top applications you can give for next six quarters.

Chairman Utilities would be that besides automotive is where we are where we would expect that.

Rupesh Tatiya And that can be, let's say, a 50 crore ballpark range possible?

Chairman Yes, it should be.

Rupesh Tatiya Okay. Okay. And then maybe just final question, Sajid, is in, I think in some TV interview, you had said that if you don't reach, you know, four digit revenue in two, three years, you would be disappointed with that. So maybe now I think another year, I think eight, nine months have passed. So do you still hold on to, you know, that kind of optimism that every year we can go by 40, 50 percent and still this four digit number in three, four years is possible?

Chairman Yeah, very much so. Optimism remains and that's the reason we are doing what we are doing, Rupesh. And you can also take an informed guess based upon all the utterances that you see from the ecosystem. You have the finance minister talking about creating a National Geospatial Commission.

A few days back, the Prime Minister himself chaired a meeting with 800 bureaucrats and some select industry people where I was there, where they are reinforcing the need of all of this, right? I mean, clearly, of course, the need exists. That's the reason the policy came out and that's the reason the budget's also coming out. But then as it happens that as fast as we want all this to happen, there is always a lag, but I don't think that this is a mirage.

So.

Rupesh Tatiya Okay, okay, thank you, thank you so much for answering all my questions, Sajid, really helpful.

Chairman Okay, Vineet, are we done?

Company Secretary Yeah, any other, Rohit, any other speaker?

Moderator No, there are no other speakers, over to you sir.

Company Secretary So I think all the questions of shareholders have been answered adequately. Just want to correct that also with us, our representative of our statutory auditor Mr. Taikhoom is there. And also want to correct that I declared that someone is present from our internal auditor, but nobody is there. So, these with these correction. Over to you chairman for concluding this meeting.

Chairman Okay. Thank you all the shareholders for joining.

Company Secretary Thanks a lot. We can conclude. I would also like to inform that e- voting facilities is still open for next 15 minutes. If somebody wants to take opportunity, they can still do this. If somebody wants to take opportunity, they can still do this.

Thanks a lot. We can wind up.