Genesys AGM 2024-2025 Transcript

Ltd.

- So, I welcome the members to the 43rd AGM. The requisite quorum being present, I hereby call the meeting to order. May I request my colleagues present here to introduce themselves. Manish.

- Mr. Manish Patel - Independent Director, Genesys International Corporation Ltd.:

- Good afternoon. I am Manish Patel, Independent Director and Chairman of the Audit

Committee, Nomination and Remuneration Committee and the Stakeholders

Relationship Committee, joining from Mumbai.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Om. Has Om joined?

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- I can see Om Sir as a co-host.

- Mr. Omprakash Hemrajani - Non-Executive, Non-Independent Director, Genesys

International Corporation Ltd.

- Okay-okay. I am Omprakash Hemrajani, Non-Executive, Non-Independent Director, joining in from Bombay.

- Ms. Bharti Sinha - Independent Director, Genesys International Corporation Ltd.:

- Good afternoon. I am Bharti Sinha. I am Independent Director, joining in from Delhi.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Yogita is there?

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- Dr. Yogita Shukla - Non-Executive, Non-Independent Director, Genesys International

Corporation Ltd.

- Yeah. Good afternoon. I am Yogita Shukla, Non-Executive, Non-Independent Director, joining in from Lucknow.

- Mr. Ajay Aggarwal - Independent Director, Genesys International Corporation Ltd.:

- Hi, good afternoon. This is Ajay Aggarwal, Independent Director, also member of Audit

Committee and NRC, joining from my office in Pune.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Super. So, also present with me are our Statutory Auditors, MSKA & Associates, Partner

Mr. Amrish Vaidya, as well as the authorized representative, Mr. Taikhoom

Dawoodkhan.

- Also, present are our CFO, Mr. Ravi Jatavallabha, and our Company Secretary, Mr.

Kushal Jain.

- Mr. Ravi Jatavallabha – CFO, – , Genesys International Corporation Ltd.:

- Good afternoon.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Super. So, good afternoon, everybody. And I guess AGM is one platform where we can discuss as to where the company stands. One thing that perhaps I thought we'll take this platform to kind of update is where we stand as a company in terms of our overall objectives and in terms of business adoption, markets, etc.

- So, our goal was to create India's most location intelligence, advanced location intelligence platform. And I think we have made some very material progress in that.

Besides progress in terms of technology, we also have now got a lot of adoption, which we can showcase in terms of the work we have done. This pivot was largely due to the new geospatial policy, as some of you may be aware. And given the new policy in terms of what can be done in the mapping space in India, we believe there's a large opportunity for the adoption of location intelligence in many areas of the Indian economy.

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- So, we believe that the world is now becoming increasingly high definition and 3D in nature and, therefore, our whole goal was to build on a technology stack, which just took the entire current map experience from 2D to a very immersive 3D environment.

And we can see various formats coming in, which actually support this entire the ecosystem is supporting this transition to happen. And our kind of business model was very clear that we are creating not just geometry, which means essentially the map geometry, but we are also creating an informative twin, an interactive twin and ultimately leading to predictive twin.

- So, I'm happy to say that our company has been able to operate at level 4 and 5. And we'll show you some examples of that, which look very exciting. So, one of the things that we have done over the last three years is that we have not just built the technology stack or building the technology stack, the content, the adoption but we also won a lot of work, which kind of showcases the ROI associated with this. So, I'm proud to say that we finished the Phase-1 of the Bombay Municipal Corporation or the Bombay project.

- So, what you see on the screen is the digital twin of Mumbai. This is the first time that such a project was done for the city of Mumbai. This content and this platform that you can see, it has multiple other use cases associated with it. Mumbai happens to be one of the most difficult cities to do because of the fact that it's one of the busiest airports.

Mumbai and Delhi are the busiest airports in the country and, also, it has a lot of defense establishments.

- Can you just move around and show the content? So, this is a platform I've been asked by many people who wanted to see this kind of data and the functionalities which are associated with it. All that you see on the screen is really the platform that we have built. We currently kind of call it Oyster, the world as an oyster. So, everything here is measurable within 5 centimeter level accuracy. And there are multiple layers of data which are associated with it, which perhaps we'll show you moving ahead.

- Can you put on the LiDAR this thing also? So, this is going to be now start being used by the authorities as a kind of Central GIS system, you know, from which hopefully all the functions of the urban bodies will start, you know, working out of that.

- So, like Mumbai, we have now done several urban bodies. I'm proud to say that

Varanasi, which is the oldest city in the world, which we had done a similar digital twin platform for, is getting a huge adoption. And, in fact, was recently nominated, publicly nominated, for the SKOCH Innovation Award. And we'll be seeing more of this kind of work moving ahead.

- Ultimately, you know, 67% of entire urban India has got no master plan, none of these urban bodies have got a proper GIS system. So, we are hoping that we are going to lead the way in terms of adoption in all the major and to some degree minor urban bodies of this country.

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- Now, what we will see is that we have now gone on and we have used Agentic AI to really change the way in which interactions happen. Now, this is a small example, which we will show you of our Agentic AI platform. And this is a section of the city, which we have identified. Can you go from the 2D to the transition to the 3D, Madhav? Can you zoom out and go from 2D to 3D to this thing? So, you will find that the functionalities that we have put on this kind of platform is that we can do analysis, which take normally

So, here, for example, can you ask the query about what would happen in the So, here the question was, what would be the road impact analysis on a particular road with a 50 meter kind of road widening project. Now, this analysis is done in a matter of seconds by the Agentic AI or the AI system that we have built. Now, this typically would involve a similar engineering exercise or a survey exercise would have gone on for a couple of months in a very manual intervention, which has now been done, and you can see the data analysis. Can you, Madhav, show the data analysis tables? All this has been done in a matter of minutes, this analysis.

- Now, this has the potential to change the entire manner in which engineering works or urban governance works or infrastructure work is done in the country today. So, we can manipulate data and we can use map data in an entirely different manner. We have begun now implementing this platform and we also have, along with this, built location intelligence platforms, which go to a different level.

- Madhav, can you open the location intelligence? So, the location intelligence platform basically is in a position to embed a lot of other data like footfall data, traffic data and the whole other relevant demographic census data in order to really bring alive what is the underlying analysis that can be done on top of our platform itself. So, this is, for example, an example of what could be site selection for, say, a bank branch and so on and so forth. So, the principles of this can be used in multiple areas.

- So, we have done this on an All-India level. Can you show the All-India? So, we have now, I'm proud to say, the company has completed this entire exercise for the whole country. So, this is similar to some of the other large platforms that you see in the market, except that we have done something beyond that. So, this is the entire country's 2D map data, 8.5 million kilometers of navigable roads, 40-50 million, almost

150 million different kinds of POI attributes. All this has been now the IP belongs to your company, Genesys. So, we are kind of parlaying this in multiple areas. And we would like to imagine that this map data that we have, even the 2D data, is one of the richest in the country.

- Can you zoom in and show the map data, Madhav? So, we are creating a tech stack which has now got every possible layer from geometric, as I mentioned, to predictive analysis. A small example of that is what we have shown with the previous exercise of road widening or flood modeling or for that matter site selection or multiple areas. So, the vision here, if you can move ahead, Madhav? is really parlay this into multiple areas.

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If we can go back to the slide, we spent the initial part of the last 3 years, when you see the input portion, in terms of getting what we call the Genesys constellation of sensors.

We got our own aircrafts, we got our own sensors, our mobile systems, which helped us create data, which we now have got a Platform as a service. Examples of which we just saw, which will now end up into addressing specific verticals.

- So, this is truly an Atmanirbhar tech stack, going right from data origination to being applicable for several areas. So, the platform vision, if you move ahead, Madhav, can you go ahead? So, we have now created this entire engine, which creates this data, which you can see on the left-hand side. From mesh models to DEM models to whatever, every possible data which is relevant from location intelligence or from engineering work standpoint, we have built the entire functionalities which go behind this. For example, line of sight analysis, flood risk modeling, how to create an entire data ingestion and processing pipeline for this kind of data leading to Use cases, which are across the board.

- Now, these Use cases, we have primarily been focused on 4 major areas - in urban, in utility, in automotive and in kind of the private sector location intelligence market. Can you go ahead? So, this is something that is interoperable. We use same building blocks to go to multiple markets in question. So, the idea here is how do you build something which is modular in nature and which can be kind of used like for almost like a Lego block for various Use cases that are, for example, mentioned in this right-hand side.

- So, these are some examples of work that we have done in carbon infrastructure, in rooftop. So, we've spent like 2.5-3 years in building the entire tech stack, the data collection capability, the processing capability. And also, now largely we've been involved in the urban side, where we have done multiple and we are currently doing multiple cities. And now, I think, this year is going to be an important year for us as we take this as a platform matures and we are going towards other verticals that are there.

So, for example, one of the verticals that we launched recently over the last couple of quarters has been on the automotive side. We happen to have entered the market in a very interesting juncture where cars are going now from, you know, largely electric or they're becoming connected cars and we all have witnessed the kind of infotainment and the kind of formats, systems which are coming in into the recent cars. So, since we have launched, we have really taken our strength in terms of the high definition mapping that we are doing and parlaying it to the upcoming area that is there.

- And this is an example of our navigation map. We would like to imagine that we have now created perhaps India's best automotive navigation connected mobility solutions, which we have now began engaging with multiple automotive OEMs on. So, for example, this is the same Mumbai data that you saw earlier, which we were discussing from an urban governance standpoint but now we have parlayed it also to the automotive sector, we'll parlay it for other, you know, FMCG, retail, banking and all the

5 other Use cases which can be tweaked around based upon the requirements of the customer in question.

- Can you go ahead? So, we can build, you know, tremendous amount of functionalities around what we have built. Go ahead, So, where we are is, that we have parlayed this now successfully across the urban and automotive sectors. Over the next couple of quarters, we'll be adding vertical by vertical in terms of monetizing. One of the things that over the last couple of years we have been, you know, largely focused on the urban area, which is predominantly government related. I think this year is going to change in terms of, we are hoping that we will now have a very strong non-government also aspect to what we do as we pivot our model based on the technological developments that you saw earlier.

- So, we have completed various large, very well-known cities and, therefore, this has created a very strong pipeline of, you know, opportunities for us, across multiple states.

This is something that the country needs to do. I think if these technologies are used by the country well, we can add at least 2% to India's GDP growth. And as we have kind of launched over the last couple of quarters, we have been very enthused in terms of the sign-offs we have got, the technology sign-offs, because most of these are large OEMs, there is a process involved in terms of the technology evaluation. And we are happy to say that we have now been given the technology sign-offs from various large automotive players or automotive ecosystem players and we are hoping to get some business traction shortly.

- So, this is kind of a broad idea about what we have been doing. I think the significant part of what we have been, you know, able to achieve over the last 3 years is building out this entire stack from data collection to Software as a service. But we will be, you know, happy to discuss this more.

- I think in the interest of time, Kushal, please provide necessary details regarding member participation and e-voting process.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Thank you, Sir

- Good afternoon. This meeting is being held through video conferencing in accordance with the applicable circulars and provisions of the Companies Act, 2013 and SEBI regulation. The company has engaged NSDL to facilitate this meeting through video conferencing and enabling member participation, remote e-voting and e-voting during the AGM.

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- The notice of the 43rd AGM and the Annual Report for the financial year ended March

31, 2025 have been sent electronically to members whose email address are registered with the company or with the depository participants. Further, the company has sent letters to shareholders whose email address are not registered with the company or depository participants providing the web link to access the Annual Report on the company's website. Additionally, physical copies of the Annual Report have been sent to the members who have requested for the same.

- Remote e-voting facility has been provided to members to cast their vote electronically on all resolutions set forth in the notice of AGM. Shareholders who have not yet voted and are participating in this meeting can also cast their vote electronically during the meeting as per the instructions given in the notice. In case any difficulty, members may contact the helpline numbers given in the notice.

- Members may note that this AGM is being recorded.

- Mr. Sanam Umbargikar, Partner of DSM & Associates, Company Secretaries, is the scrutinizer for today's meeting.

- Since the AGM is being held through video conferencing, appointment of proxy is not applicable.

- The company has received requests from some members to register as speaker and will facilitate their participation once the Chairman opens the floor for Q&A.

- The Register of Directors and Key Managerial Personnel and their shareholding and the

Register of Contracts or Arrangements in which Directors are interested will remain accessible electronically to the members who wish to inspect the same.

- Sir, may I take the Auditor's report? The Statutory auditors, MSKA & Associates and the

Secretarial auditor, M/s Roy Jacob & Co., have expressed an unqualified opinion in the respective audit reports for the FY 2024-25. There were no material misstatements, qualification, observation or adverse comments on the financial statement or matters which materially affect the company's functioning. Accordingly, as per the Companies

Act, 2013 these reports are not required to be read out in the meeting.

- So, with the permission of Chairman, as the notice of AGM has already circulated to all the members, I shall take it as read.

- Sir, can we go ahead with the agenda? Sir, you are on mute.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

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- Kushal, please inform the members about the agenda items for today.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Okay. The agenda items for today's meeting are as follows.

Ordinary Business

1. Adoption of accounts, standalone and consolidated, report of the auditors and

Directors thereon for financial year ended on 31st March, 2025 by way of an ordinary resolution.

2. Retirement by rotation of Mr. Omprakash Hemrajani, Non-Executive Director, and being eligible of himself for reappointment by way of ordinary resolution.

Special Business

3. Appointment of M/s Roy Jacob & Co., Company Secretaries, as Secretarial auditor of the company by way of ordinary resolution.

4. Reappointment of Mr. Sajid Malik as Chairman and Managing Director of the company by way of special resolution.

5. Alteration of Object clause in the Memorandum of Association of the company by way of special resolution.

- The text of the resolution along with the explanatory statement is provided in the notice circulated to the members. We have 10 shareholders registered as speaker. Members are requested to ensure that questions are concise and to the point. Please note that depending on the time available during this AGM, the company reserves the right to limit the number of speakers. The question will be answered once all the speakers have raised their questions. The floor will be open for discussion and I invite members to raise their queries.

- Moderator, announce the names of the registered speakers one by one. I kindly ask all the speakers to keep the question within the limit of 3 minutes. Rohit.

- Moderator:

- First two speakers’ shareholders have not joined the meeting.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

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- First two speakers! Can you announce the name for first speaker?

- Moderator:

- speaker, Lekha Shah, and Bimal Agarwal has not joined the meeting.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Okay, go ahead for the Speaker no. 3.

- Moderator:

- Even Speaker no. 3 hasn't joined the meeting.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Speaker no. 3 has not joined?

- Moderator:

- We have Speaker no. 4.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Okay.

- Moderator:

- Yashvee Ma'am, you have been placed in the meeting. Kindly unmute yourself and talk.

- Ms. Yashvee Kothari – Shareholder:

- Yeah, thanks for the opportunity. So, I have a few sets of questions.

 So, first one is like how do you plan to scale Oyster across other Indian cities? Will the rollout be privately SAAS led or project driven in execution?

 And could you share an update on the Autobots? Autobots specifically like how much is in the pipeline and what proportion is in the advanced stage?

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 And the third one is like how are you positioning to integrate with upcoming national frameworks such as DIGIPIN? Could this enable recurring platform based revenue beyond one of projects?

 And beyond the current wins, are you actively bidding for additional packages in

Saudi or Neom? And what share of your FY26 inflow target is expected to come from

Middle East contracts?

 And since joining the European Association of Aerial Surveying Industries, what tangible opportunities have emerged? Are there any active collaboration or RFPs with EU government?

 And sixth one is like with partnership like HERE and NNG, are Indian OEMs moving from pilot to production, adoption of your HD maps?

 With Tesla entry into India and domestic players like Tata and Mahindra advancing their ADAS program, so do you see concrete opportunities to participate? And how do you assess MapmyIndia as a potential competitor in this space?

 And the last question…

- Yeah, so this was all.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Yashvee, can you repeat first three because you are very fast and we are not able to get to you on these questions? Can you repeat?

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- I have noted down the questions. Let everybody finish the question.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Okay, fine. So, we can go ahead with the 5th speaker. Rohit.

-

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- What we are doing is, we are basically collating all the questions so that they can be answered.

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- Moderator:

- Jayesh Sir, you have been placed in the meeting. Kindly unmute yourself and talk. Jayesh

Sir?

- Mr. Jayesh Gandhi – Shareholder:

- Am I audible?

- Moderator:

- Yes, Sir.

- Mr. Jayesh Gandhi – Shareholder:

- Sir, I have 2 bookkeeping questions.

 First is, the company has created ₹40 crores of GIS database last year and we are probably creating ₹150 crores of GIS this year. It means the intangibles will probably turn, I mean, GIS database would probably become like ₹300 or ₹350 crores by the end of this year. And by our policy, we have, I mean, we are depreciating them within 3 years. So, it will be like a hundred crore plus of depreciation every year.

Does the management see it as a concern if we are not able to, you know, get large orders? This is one.

 Second is, the company has a subsidiary, A.N. Virtual, which is in Cyprus. And it has an assets worth ₹133 crores. I just want to know what are these assets and what would be the life of these assets? I mean, how are we going to, you know, write these off?

- That's it from my side.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Okay, super.

- Moderator:

- Our next shareholder is Shashwat Vijay. Shashwat Sir, you have been placed in the meeting. Kindly unmute yourself and talk.

- Mr. Shashwat Vijay – Shareholder:

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- Yeah, Sir. One of the shareholder has already asked my question, so thanks for the opportunity.

- Moderator:

- Thank you, Sir. Our next speaker is Mr. Bharat Shah. Mr. Bharat Shah is not present in the meeting.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Okay. Next.

- Moderator:

- We can move to the next shareholder. Even Ms. Smita Shah is not present in the meeting.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Next?

- Moderator:

- Even Ms. Vasudha has not joined the meeting. Saurabh Sir? You have been placed in the meeting. Kindly unmute yourself and talk. Saurabh Sir?

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- I can see Mehul Panjvani and Varun putting up their hands, maybe they want to ask a question.

- Moderator:

- Yes Sir. I will just link them. Varun Sir? We have shared unmute request with you. Please ask your question.

- Mr. Varun – Shareholder:

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- Thank you for the opportunity. I have two questions. The first one is that maybe for the next three years, which are the five verticals that would be contributing to our major revenues? We've talked about urban, so I just wanted the top five verticals which are looking for a revenue contribution.

- So, the second question is that what kind of growth rates are we looking over this financial year 26 as well as for the next three years? And also, if you can throw some colors on the EBITDA margins, are they sustainable or what are the ballpark range we can assume? Thank you.

- Moderator:

- Mehul sir.

- Mr. Mehul Panjvani– Shareholder:

- Yeah, thank you so much for this opportunity. I have only one question.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- You're not audible.

- Mr. Mehul Panjvani– Shareholder:

- Hello? Am I audible?

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Very faintly. Can anybody hear Mehul?

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- No, he's not audible. Can you go to the next, if it's not possible?

- Moderator:

- Nikhil sir, you have been placed in the meeting. Kindly unmute yourself.

- Mr. Nikhil Gupta – Shareholder:

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- Thank you for this. A very quick one from my side. The question is more about the team and management. So, are we looking to strengthen the senior to onboard, someone senior in the team? Like I don't see anyone really senior apart from Mr. Sajid. So just wanted thoughts on that. Thank you so much.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Rohit.

- Moderator:

- Yes sir.

- Mr. Ankush Agrawal – Shareholder:

- Hi, this is Ankush. Yeah, so just one question. So, I think last time, some of the TV interviews, we were sort of stating that we expect to reach say 1000 to 1500 kind of revenue in next three, four years. And that if we are not able to do that kind of revenue, you would assume that you have sort of failed in the opportunity. So, are we still on track in doing that? And what, what from here would drive that kind of number for you?

Like which of the following areas of monetization will drive that revenue? That's the only question. Thank you.

- Moderator:

- Anant sir? Anant sir.

- Mr. Anant – Shareholder:

- Can you hear me?

- Moderator:

- Yes, you're audible. You're audible? Yeah.

- Mr. Anant – Shareholder:

- So, thanks for this great presentation, Sajid. Just one or two questions. If you could like, explain what's the strategy in the, Saudi and Middle East, because from whatever I could gather, our revenues last year in this area has fallen, whereas we were expecting significant growth here. So how do you see this for the coming year? And... 34.03-34.05 no audio.

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-

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- You're gone on mute, Anant.

- Mr. Anant – Shareholder:

- Am I audible now?

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Yes.

- Mr. Anant – Shareholder:

- So, A, I wanted to understand our Middle East and Saudi strategy, because I think the revenues here have fallen last year. And B, what I want to know is that, we haven't seen any major wins in the government segment on the digital twin side or on the municipal side. Do we have any pipeline built up? If you can like, speak about the orders that, our order book and also the pipeline that we are on right now, in different areas. Thank you.

- Moderator:

- Naveen? Naveen sir.

- Mr. Naveen Kumar – Shareholder:

- Thank you, Sir, for giving this opportunity. I have one question. What is the management view on equity dilution over next two to three years, sir?

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Okay. Sayam and Mehul, I guess those are the last two, so.

- Moderator:

- We had Sayam sir also. Can we just unmute them?

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- Mr. Sayam Pokharna – Shareholder:

- Thanks for the opportunity. If you could please update on the auto side, I think we have been a little slow in terms of the monetization or any breakthroughs with any of the 2- wheeler or 4-wheeler OEMs, as opposed to, you know, our expectation last year. So where do we stand on that front?

- Also, I think we had the partnership with NNG, if anything has materialized on commercial business through that partnership, if you can talk about, that would be great. Another thing was on the utilities and Bharat net side. I think you, there was no mention of utilities business in today's presentation. So, is this something which is not a focus area anymore for this year? If you can please update on that, that would be great.

- And lastly, on the land record digitalization project that we had received, where do we stand on that front? If you can please update, that would be great.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Right.

- Moderator:

- Sir, we have Ashish Khurana sir. Ashish sir, you have been placed in the meeting. kindly unmute.

- Mr. Ashish Khurana – Shareholder:

- Sorry Kushalji, so I had mailed in a few questions. So, I'm not sure if they can be taken.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- We have taken note of that. Ashish ji, we have taken note of all your three questions.

- Mr. Ashish Khurana – Shareholder:

- The first one, rest maybe you can send later. So, this is a basic question. So, regarding our major dataset layers like ADS attributes, 3D city models, etc. So, once we capture it for a specific area and that is completed, also how frequently do we need to update that? So, is it like a standard yearly refresh or do we update when the client needs a specific data to be updated? So that was the question I wanted the answer to most. Rest

I think can be taken up later. Thank you.

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- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Okay. I think Kushal, we've got a handful of questions or are there any more?

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- No, sir. I think we can answer now one by one.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Okay. So, the first question was that whether we are going to be a project based model or it is going to be a SAS based model as we move ahead and whether we are going to have a platform based approach? And clearly, I think that our goal is to have a platform based, SAS based model and that's the pivot that we've been doing. The work that we've been doing has not been done in India before. And what we have spent on the first initial, I would say that we are almost three years, a little less than three years into this post, the geospatial policy. And in this period, what we have managed to do is to do a lot of work, which showcases the power of this technology and where it can impact the functioning of the cities in question or the businesses in question. And so much so that we've been fortunate that we've had some very landmark urban bodies and cities who are using us. And shortly over the next few weeks, you will see a lot of client testimonials or client kind of talk about what, how the impact of our work has been. So, we have gone right from helping in the Dharavi redevelopment program with the

Adanis, which has been a very large kind of social inclusion, social impact program, which was one of the most complex mapping projects that was done, to moving on to the oldest city, Varanasi, to the largest urban body, BMC, to doing some very interesting work for Pune and so on and so forth. So, the opportunity which we see in India and there is a dire need for this to be done in India, is that there are 5,000 urban bodies and they don't have a homogeneous map or GIS provider. So, this has been done in a very disparate manner. And when you look at the need of this market, the requirements are large.

- I think two things will perhaps make this into the addressable, into the kind of market size that it deserves to be. One is, of course, the policy is now allowing you to do it. And second is that, successful project execution where people see the value of this, is really going to drive the size of the market or the adoption in this. So, I'm kind of happy to say that the ROI of this is being felt and is being seen, because it's also a little bit of an intuitive advantage you have, by having something like what I just showed you in

Bombay. For example, what we showed, the road widening example, this was done in

Varanasi. And the commissioner said that if I had to do something similar, it would have

17 taken my people four months to do. We did it in 10 minutes. So, if we show real examples of this kind of power, of this technology, then we see the adoption to grow.

And if you were to then think of there are 5,000 urban bodies with a population of the size of North America, we have to then work towards creating the size of the market that it deserves to be.

- So many things, for example, it was also asked whether DIGIPIN is something. So, we have integrated DIGIPIN in everything that we do. And DIGIPIN is a very powerful public infrastructure that the government is making, which will help scale activities like ours because DIGIPIN is very much similar to an Aadhaar. What you're doing is you are solving the problem of addressing an identity through DIGIPIN. What we do in our digital twin is we are able to, in fact create multiple Digital twins sorry multiple DIGIPINS for even one structure. So, there is a lot of supporting policy initiatives, supporting requirements which are coming up. So, someone asked about land records. So, we did this project in Andhra. It was not an urban land record project, but we did it for a few couple of districts. And it was a powerful project. And the government keeps talking about it. And there's a need to do it on a countrywide basis. It's being done in the case of land records and spurts, bits and spurts. But if you were to look at, for example, the

Bombay platform that you saw, Municipal Corporation, what the corporation is using, but the same data can be used by land revenue to update the entire urban land records.

So, our goal is to showcase that how a unified platform can address multiple requirements of multiple customers. Instead of doing things in silos, so someone disaster management would do something else on its own, emergency response somewhere else, roads or PWD would do something else. So, we have tried to create a unified platform which can be used for multiple purposes. So, I think we have managed to do this successfully on the urban side. We are probably now the pioneers. We are also leaders in that right now in our own limited way.

- So, the question which came is that, and I'm trying to answer multiple questions in a logical manner, was whether someone asked whether we can be a 1000 crore company

2-3 years from now and what is our pipeline and is what is our, what kind of adoption is what we are seeing. And so, we believe that the addressable market, we are basically looking at four major markets that we've been trying to address - urban, utilities, automotive, and the broader private sector location intelligence market. And we've been trying to create an interoperable platform which we can kind of tweak in terms of addressing each of these, each of these verticals in question. We began with urban.

We've launched with automotive. We began with utilities too and as someone asked, we were addressing the BharatNet program, but we were unable to agree on the commercial terms and payment terms on the BharatNet program. So currently that is under review. We are still hopeful that we will re-engage with them, but we don't want to do it on terms which will anyway stretch us further. So, in terms of the, so if you were to look at the strategy in each of these four areas, we see in the case of urban, we increasingly going the platform route. We have a very active mature pipeline of around a thousand crores on the urban side, which is not a small number.

18

- In terms of the overall pipeline, it would be more in the 2500 --3000 thousand crore range of which we are expecting that we would have around 1000 crores, which are at a mature level. We are seeing multiple requirements coming from multiple cities. We will see this to be a growing market. Given the overall size and the requirement of our country, for a company like us, therefore to touch a 1000 crores in 2-3 years is not a very tall ambition to have. In fact, what we have gained some, if you were to go out of urban, and if you look at automotive, we've been at it for the last three quarters or so.

And I'm happy regarding the progress that we have made. First of all, I think unequivocally, I feel we have the best navigation offering in the market today. And that is being recognized by all the OEMs and the automotive ecosystem that we have in place. We are hopeful that we will have some very positive announcements over in the second half of this year. And this year, therefore represents the pivot from urban project, government kind of business to other verticals. Our partnerships with NNG and

HERE Maps. HERE Maps is a world leader in navigation mapping and where we are in discussions on the ADAS or using the ADAS or the high definition part of our data. So, in terms of investments, I think that we have invested for building all of this that you saw, the entire country's 8.5 million kilometers of navigable map, multiple cities, 3D data, our entire aviation aircraft capability, our multiple terrestrial mobile collection capability, and so on and so forth. We have been able to do this in a cost of 300 crores, which I think is a very, very cost efficient way to look at the amount of IP and content that we have made.

- One question was asked about our management bandwidth and our management team.

And I think I'm proud to say that we have probably one of the best teams in the industry, forget mapping industry, but in the technology space itself. At some point of time, perhaps in the next meeting that we have, we will get, instead of me talking, I'll get my people here to speak. We have a very strong team. Yes, we need to keep increasing it because given the scale of our endeavor, so we have to, and we continually are trying to attract more talent. But we have a 10 to 15 men senior leadership team, which we are proud of.

- One of the things that we want to do is to hold a kind of technology day or an investor day where we hope to invite people to our offices and get people to get a more first- hand feel of what we do.

- In terms of the, one question was on the depreciation on these 300 crores, if we are depreciating everything by one third and whether we can take the depreciation hit, which will be there. I don't think we depreciate everything by around one third, but there is a, I think Ravi will be in a better position to answer. What was the depreciation that we have now?

- Mr. Ravi Jatavallabha – CFO, Genesys International Corporation Ltd.:

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- Yeah, sorry. See, the intangible assets under development, which is our product and the database that we have developed right now by March 25 stands at 150 crores. And the database that we have in Cyprus is standing about 49 crores. So combined, we will have a 200 crores of database, which is an intangible asset under development.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Now Ravi, I'm sorry to interrupt you. The other question was about the Cyprus. This was the old, we had launched around 10, 12 years ago, we had launched a platform called

WoNoBo, which we had got into some policy level issues on that because the government was not very clear on the policy, which it has now clarified in this new geospatial policy. So, it's essentially that old database that we are writing off, which is currently the old data lying in virtual worlds.

- Mr. Ravi Jatavallabha – CFO, Genesys International Corporation Ltd.:

- Yeah. And the intangible assets under development that we have currently capitalized is in work in progress in our books now, will have a life of more than seven years. We are undergoing a valuation of that, an independent valuation report, which will possibly be available in the next 1-1.5 month. So that minimum period will be 7 years to 10 years.

So, our depreciation of our amortization of this intangible asset under development is not three years. It will be in excess of seven years.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Yeah, there'll be certain assets, every, I think various assets have different years of depreciation. But also, the question which was asked by Mr. Khurana, I think was that, what is the actual life of the sensors and equipments that we have? And they are definitely way beyond three years. So typically, the life of a sensor or an aircraft is anywhere from 5 to 10 years is the life of this equipment. So, this equipment and the hardware and the systems that we have, have a life anywhere between 5 to 10 years, depending upon the usage.

- So, the other part was about the update strategy for the various layers of data that we have and that's a very interesting question because every layer of data that we have has a different strategy in terms of how we keep that layer updated. So, if you were to, for example, take the street network data. So, India has actually the largest street network in the world. I mean, we all keep complaining about Indian infrastructure, but not a lot of people are aware that the United States and India are neck to neck in terms of the street network. So, to maintain the street network is not a simple task. And we use probe data and a combination of probe data and satellite imagery and automation to really keep the street network data alive. Recently, Apple has started licensing the street

20 network data from us as we are now maintaining the most extensive street network data in this. In terms of when you were to look at points of interest, you look at addresses, you look at building footprints, you look at 3D mesh models, you look at aerial imagery, each of them have their own cadence in the manner in which the update program is done. Each of them have their own approaches. We use automation and computer vision as much as is possible in doing this. But we have also found agentic AIs to be a very good and effective emerging area to keep the maps updated. So, we are working on some cutting edge thing we have. Perhaps whenever we meet next, we'll show you examples of that. And it's pretty fascinating as to what agentic AIs can do in terms of keeping this entire maps updated.

- So, I think I've covered most of the questions. Kushal, anything that one has been unable to answer?

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Yes Sir, almost there. We have covered also Ashish Khurana data updation questions, which he asked at the last.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Yeah, so in terms of current year business outlook, I mean, we expect to grow. We had in the first half, two challenges that we lost around one and a half months of our peak collection time because of the fact that the conflict, the Operation Sindoor, the conflict that we had, had several airports and collections. Our collection was shut down for a few weeks. And also, we had the early monsoons coming in this time around almost three weeks. So, weather and the conflict took away some time. We are hoping that we'll make up in the second half. And our active pipeline, which we are hoping to close.

There were two large orders that we were hoping to close in the first half, which have got delayed. One of them, of course, was the BharatNet program. We haven't given up on it, but we don't want to work on terms which we are not comfortable with. But the pipeline remains strong and we are hoping that you will see some positive announcements from us in the coming few weeks.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Okay, so we have covered.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

21

- I think Anant had his hands up. Anant, you wanted to ask something?

- Mr. Anant – Shareholder:

- I just wanted to know the updates on Gulf and Saudi that...

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Oh, sorry. Yeah, that was Yes, We are on an advanced stage, almost closing around 150 crores of work in Saudi. And we are hoping that these closures will happen in the next quarter or so.

- I think Om, are you there?

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Om sir is there.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Okay.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- I think he left. He's not there.

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- The Saudi remains a very dynamic market. And we have done also some good work there.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Om sir is available. Om is there. I just saw.

22

- Mr. Sajid Malik – Chairman & Managing Director, Genesys International Corporation

Ltd.

- Okay. But anyway, you know, we can update later on that. So, okay. Thank you, everybody.

- Okay, so thank you all the shareholders for joining. And I now declare the meeting as concluded. Having said that, I think, you know, feel free to reach out to us. And I know that we need to better our outreach to investors. So, we're going to try and improve on that. But nevertheless, the results of the evoting will be declared after receipts of the report from the scrutinizers.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- The e-voting period for next 15 minutes will be open, who have not voted can vote now, after the conclusion of the meeting. Thank you, sir.

- Mr. Kushal Jain – Company Secretary & Compliance Officer, Genesys International

Corporation Ltd.

- Thank you. Rohit, we can conclude this and stop.