SYMBOL: NPST Dated:05th February, 2024

ISIN: INE0FFK01017

To,
The Manager-Listing Department,
The National Stock Exchange of India Limited,
Exchange Plaza, NSE Building, Bandra Kurla
Complex, Bandra East, Mumbai-400 0513
Fax: 022-26598237, 022-26598238

Subject: Transcript of the Earnings Conference Call for Quarter ended 31st December, 2023.

Dear Sir/Madam,

Pursuant to the provision of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015, please find enclosed herewith the transcript of the earnings conference call for Quarter
ended 31st December, 2023.

The same will also be available on the website of the Company.

Kindly take the same on your record.

Thanking You,

Yours Faithfully,

For Network People Services Technologies Limited

Ashish Digitally
by Ashish
signed

Aggarw Date: 2024.02.05

al 10:24:00 +05'30'

Ashish Aggarwal
(Joint Managing Director)
DIN: 06986812
 “Network People Services Technologies Limited
Q3 FY ’24 Earnings Conference Call”
January 30, 2024

MANAGEMENT: MR. DEEPAK THAKUR – CHAIRMAN AND MANAGING

MODERATOR: MR. KAUSHAL SHINDE – KIRIN ADVISORS

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 Network People Services Technologies Limited
January 30, 2024
Moderator: Good evening, ladies and gentlemen, good day and welcome to the Q3 FY24 Earnings
Conference Call of Network People Services Technologies Limited. As a reminder, all
participants' lines will be in the listened-only mode and there will be an opportunity for you to
ask questions after the presentation concludes. Should you need assistance during the
conference call, please signal an operator by pressing star, then zero on your touch-tone
phones. Please note that this conference has been recorded.

I now hand the conference over to Mr. Kaushal Shinde from Kirin Advisors. Thank you and
over to you, sir.

Kaushal Shinde: Thank you. On behalf of Kirin Advisors, I welcome you all to NPST Limited Q3 FY24
Earnings Conference Call. From management side, we have Mr. Deepak Thakur, Chairman
and Managing Director, and Mr. Ashish Aggarwal, Joint Managing Director.

Now I hand over the call to Mr. Deepak Thakur. Over to you, sir.

Deepak Thakur: Thanks, Kaushal. Thanks for the introduction. First of all, to all our shareholders, I wish you
all a very happy and a progressive New Year. We intend to continue the same growth story as
we did in 2023 and in 2024 as well. I believe that last quarter, there was a really good number
of shareholders and I wish them that whatever responsibilities you have entrusted on us, we
continue to work further on that.

So before I declare the result, what I will do is I will start this call for them who have come for
the first time, a very short introduction about what exactly we do. Then I will also take you
through quick updates of the organization in the last three months or so, and then let you know
about the results and the rationale behind it, how we have grown. And maybe after these
[inaudible], we can take Q&A.

So just for all to know, again, that NPST is into payment technology space where we have
been working relentlessly to build the technology processing engine for payments. We provide
this solution to banking industry wherein they can do the real-time payments just like your
IMPS, UPI, and the allied services like ODR, Online Dispute Resolution. We have Bharat Bill
payment services, and then we also have mobile banking services.

So these are some digital products which banks require as on today in order to be digitally
present amongst the consumers. And that is what we do. We provide the solution to banks.
Beyond this, what we also do is we bridge the gap between banks and fintech by providing the
API and the technology solution to fintech on the banking experience that they can get.

Now, this is a very unique value proposition which we have brought in the market. By this,
what happens is fintechs are able to connect to banking ecosystem, and they are able to derive
the value of digital payments for their businesses.

So there are companies like payment aggregators, merchant aggregators, you know, those
segments where you need a digital payment. They can actually take products and services from
us, and they can drive the core value, focus on those areas, and completely absolve the
payment requirement to NPST. Now, this is where NPST stands in the industry.

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January 30, 2024
Over the last three months, a lot of updates about the organization, and, you know, my team
has always ensured to bring those updates regularly to everyone, and there are a few things that
I want to touch base on. As a commitment towards continuously building the horizontal stack
of the organization by bringing in more and more products, we were able to crack our first deal
in Bharat Bill Payment Solution. So we got our first order in last quarter.

This particular deal allows us to enter into a completely new segment. It allows us to now
reach out to more banks and give them, you know, a solution around both license as well as
opex model, SaaS based model. This particular solution is, you know, if you look at Bharat
Bill Payment, this is majorly a biller aggregation at the NPCI end, which can be taken as a
service by banks and the other institutions, those who are into providing aggregated bill
payment services to customers.

Now, this is where we get the first entry in the market. At the same time, we have all continued
to grow in our API business, wherein we have added more accounts over the last three months.
At the same time, what we have also done is, I think, you know, last EGM, the results are
already out.

We have got the approval. We have issued bonus shares in the ratio of 2:1, which means two
new bonus equity shares will be issued for every one existing fully paid equity share of INR10
each. At the same time, you know, we have focused on leadership positions in the
organization.

We have got Mrs. Panchi on Board. She comes as an Independent Director, about 27 years of
experience, and she will strengthen the organization's, you know, security as well as the overall
technology space at the Board level. At the same time, we have got, you know, Mrs. Savita
Vashist, who has joined the Board as an Executive Director. She brings, you know, two
decades of experience in building businesses in software domain at the same time the
international presence.

Beyond leadership position, we have also got, you know, a lot of recognition from the
industry. We were honored by Economic Times MSME award as the top performing Indian-
listed SME of the year 2023, and we were also honored by Navbharat for our, you know,
innovation in fintech space.

Now, all this taken together, we have been, like, obviously, it has to, reflect on the results of
the organization. So, December end, FY23, sorry, FY24, I am just reading out my, the results
that has been declared by the organization. I think it is already there on NSE.

For everyone to know, we have been able to grow about 210% year-on-year, which was just
about INR10.3 crores in Q3 FY23 as a total income of the organization, has gone up to about
INR32 crores in Q3 FY24. At the same time, it is not just about the revenue, but also when you
see the EBITDA and the net margin. Our EBITDA has grown by about, from 3.4 crores to
about INR10.9 crores, which was earlier 33.2%. Now, it is about 34.24%.

Net profit is something that further reflects the non-linear model of the business, which has
grown by about 261%. So, it is not just about the revenue about the EBITDA, but also the net

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January 30, 2024
margin. If you look at, it has gone from INR1.8 crores to about INR6.5 crores from the last
year. Our earning per share has gone from INR2.8 to about INR10.11 year-on-year 261%
growth overall. When we consolidate nine months reserves for FY24 versus nine months
FY23, our total revenue has gone from 19.7%. Now, this is three months, three quarters
consolidated from INR19.7 crores to about INR85.4 crores. And our EBITDA has gone from
INR5.7 crores to about INR28 crores, which is almost about 400% growth.

And our net margin stands at INR16.69 crores as against INR2.68 crores, last year. Again, I
think you should be happy about the EPS. The organization number is about 25.83 as against
4.15 last year. I hope this results excites you. And if you really want to understand how this
has happened, let me tell you that our consistent focus on bridging the digital divide between
banking and fintech world is where we operate. We have been continuously focusing for the
last 10 years in building the processing engine.

And today we are taking that not just to bank, but also to the aggregation world. At the same
time, we have been blessed with the tremendous increase in the industry numbers, which has
gone where I think you might have known that in UPI volume now is almost about 11 billion
per month. And the overall trend of the industry, if you look at, you must also understand that
the consumer spending pattern is changing tremendously.

There are more and more applications, which is bringing a habit of online conviction and
people are more confident about security aspect of the digital payments, thanks to a lot of
robust and a lot of decisions that were taken at the regulatory side.

Furthermore, we are also seeing that there is a huge penetration happening in regional market
where we have offline payment growth coming in from QR and the similar set of required at
the emergency. All of this, along with our consistent investment into R&D lab and new
product strategy has been the reason why we have been able to drive this particular number.

I believe that we will continue the same strategy going forward. Our focus now will shift
towards capacity building of the organization, creating more and more leaders, investing into
capability and skill set and remain focused on new product and R&D lab. So this is the overall
picture of your organization as on today.

I believe this should be good enough to begin with. Kaushal, if you can open the Q&A, I can
take it forward.

Kaushal Shinde: Yes. Hello.

Moderator: Yes. Thank you very much. We will now begin the question-and-answer session. Our first
question is from the line of Prateek Chaudhary from Samarthay Capital. Please go ahead.

Deepak Thakur: Hi, Prateek.

Prateek Chaudhary: Am I audible, sir?

Deepak Thakur: Yes.

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January 30, 2024
Prateek Chaudhary: Hello, sir. So in the EGM transcript, there was some very interesting comments that were
discussed and things like non-linear growth in FY'25 and beyond were talked about. So could
you give us some like info? What are the levers where we can see that from, because there are
multiple things happening. There is an API rollout roadmap that we have. There is an
international piece that we are looking at. There is a banking TSP side.

So if you could -- and there are these new products coming for us, ODR, BBPS. So if you
could integrate all of that into our understanding as to where and you also talk about that the
organization will transform in FY'25. So if you could give your thoughts on this.

Deepak Thakur: Prateek, right?

Prateek Chaudhary: Yes.

Deepak Thakur: Yes, sure, Prateek. So let us understand that we as an organization have taken a lot of effort in
building the overall value chain, which is not just between building the solution inside banking
ecosystem. But how do we take the solution out of banking ecosystem and cater to merchant
and payment aggregators in the market?

Now, this is where non-linear aspect comes into picture, wherein what we are building as an IP
around the processing engine, we are able to take that forward in the market. And this has
taken almost two to three years of consistent effort in technology and operations that we have
so far invested. Now, when I say non-linear, what we are trying to do is we are creating
products, not just remain on services.

So although we are on service segment, wherein every incremental cost has certain revenue
added to it, at the same time, we are trying to also focus and shift ourselves towards the
product strategy, wherein we have built a product once and without having further cost
escalation to it, we should be able to generate more revenue on that. That is what I mean by
non-linear model. So we should be able to continuously scale that.

It happens that over a period of time in the product curve, the revenue per transaction, or I
would say the overall revenue starts going down. Then in that case, you're supposed to keep
launching new products and new solution. And that is what we do.

So it is an ever evolving curve, wherein this non-linearity actually pushes the EBITDA and the
net margin. That's where you're seeing that the growth is not just coming around revenue. It is
also coming around the EBITDA and the margin. That is what it is.

Prateek Chaudhary: So first thing if you could talk about our Evok business and the opportunity side we have.
What was the bifurcation of revenues that we got from Evok business in this quarter?

Deepak Thakur: See, we split it into 35-65 odd usually. So all the service business, or I would say the license
and SaaS-based model, which we have for the banking segment, contributes to about 35% odd.
Ashish, just correct me wherever numbers are…

Ashish Aggarwal: Between you can say 30% to 35%, Prateek, and Evok is somewhere about 65% to 70%.

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January 30, 2024
Deepak Thakur: Yes.

Prateek Chaudhary: Okay. And sir, where are we in terms of our API rollout? So we have heard about AutoPay,
which was there in the transcript. So is it rolled out in FY'25 or other than that are we…?

Deepak Thakur: So technically and operationally, we have to build the stacks. So somewhere technically we are
there for AutoPay and Payout. And we are in the midst of building the operational capability.
This is completely a different stack altogether. Our existing operations capability does not
support the as-is model of AutoPay and Payout. So as an organization, we did not consider this
difference.

Again, we are trying to make the right use of our knowledge and the industry benchmarking
that we are doing. So we are on track, but maybe behind by a month or so, which we should be
able to catch up. Somewhere this quarter itself, we should be able to launch it. And like rightly
said, we should be able to generate revenue in FY'25. No doubt about it.

Prateek Chaudhary: And this is for both Payout as well as AutoPay?

Deepak Thakur: Yes.

Prateek Chaudhary: And in terms of opportunity, as you said that these are two different stacks. PayIn, which is our
current primary Evok business. And these other APIs, the next ones being Payout and
AutoPay. So is there any -- is the opportunity much bigger…?

Deepak Thakur: No. So that we are yet to dig further. See, let us understand this. The overall UPI is about 11
billion transactions a month. Almost about 40%, 45% odd should be P2M transactions. Now,
that is the entire industry. Okay. Out of that, there may be certain transitions which would be
coming in the aggregation business.

We are not the aggregators. We are the technology partner sitting between bank and the
payment aggregator, providing them the solution. Now, there will be certain portion which
we'll be getting. So we estimate that we should be just about 0.1% of the market share or 0.1%
to 1.5% of the market share. It is only with the scale and overall wherein we will have to take
certain business decisions. And strategic roadmap that will scale further beyond this.

When it comes to AutoPay, obviously, AutoPay is completely new product, which will --
which is more of eNACH nature. If you see that whenever you go for a subscription-based
model or I think being one of the best example for you all to understand is mutual funds,
wherein there are subscriptions for which you require products like NACH. Now, this is where
AutoPay will start entering this space. So we feel that this is absolutely new area to venture in,
but very exciting. And that's why we have kept the numbers estimated in FY'25. We don't want
to overcommit this particular quarter.

Prateek Chaudhary: And sir last, you have spoken about cash free. Have we onboarded that at all?

Deepak Thakur: No, not yet.

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January 30, 2024
Prateek Chaudhary: Okay. And in your financial statements, there is a line item by the name of project expenses for
almost about INR10 crores.

Deepak Thakur: Ashish, you can...

Ashish Aggarwal: Yes.

Deepak Thakur: There is a line item project expenses. Can you explain that?

Ashish Aggarwal: It's basically a part. As for Evok sharing with bank and other merchants. That's the major
nature of this expense. There's a major portion of this expense, sharing with banks.

Deepak Thakur: There are multiple parties involved into it, so you'll have the overall top line coming in, and
there will be cost associated with sharing and then third parties involved, merchants and all of
that. So it's a direct expense without -- that does not...

Ashish Aggarwal: That's for TSP business. We have taken manpower from the third party. This expense will also
cover that part also. Yes. Okay, so it includes TSP part as well and it includes the payment that
we share with Cosmos and other -- any kind of direct expenses related to our revenue, it
majorly comes under project expenses.

Prateek Chaudhary: And in the international piece, any opportunity on the angle, Like you spoke about Asia,
Middle East and -- have you budgeted for any country?

Deepak Thakur: We have. We are investing into these areas, but the cycle is much lengthier. So it will take
time, Prateek. We haven't arrived there yet.

Prateek Chaudhary: Okay. And in the EGM transcript, Bank of Baroda was mentioned, some six to seven large
master merchants, even new opportunities for Canara Bank, if you could talk about...

Deepak Thakur: So, Yes. So I'll explain that. In TSP business, like I said, the sales funnel takes a lot of time,
but then it is a very robust and very strong revenue model, which plays in for a very long term.
So as per the approach, what happens is first you should get eligible and empaneled to deliver
as per the bank requirement. So we were able to empanel into Bank of Baroda. We were able
to empanel into Canara, Bank of Maharashtra. And Yes, I think these were three banks which I
named, which we were able to do so in last quarter.

Now, beyond this, as and when the opportunity comes in, we'll go for the bid and then it will
open the opportunity for the organization. And when it comes to six to seven large merchants,
like I said earlier in the call itself, that as a consistent, whatever businesses we are bringing in,
in TSP, we were able to add a completely new product altogether. And in Evok, we were able
to add the new large merchants.

Prateek Chaudhary: So for your three year vision, any document that you've been working on, any numbers you
could give out as to what is your revenue target you are possibly in investment?

Deepak Thakur: Yes, I can continue to give the guidance on how you should look at the market. I think if you
have gone through transcripts, I have consistently maintained that, you should now start

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looking at the -- because see, this quarter we were very -- and as a management, we were
really looking at how they should, pan out. Because what is going to happen now is we are
going to work on the higher base, which started from Q3 last year.

And that's why I tell everyone that if you see the growth pattern from Q1 of, or I would say Q4
of last year until now, I think you will get, average growth rate of the organization. And that is
what I have committed so far. I don't want to change any trend for now, whatever the amount
of opportunities or, road map that we are building in, we want to first build on it, ensure it's
rightly done. And then I can, if at all there are any changes, I will share that with you guys. But
for now, it remains the same.

Prateek Chaudhary: Okay. This, you also support some revenue generation through current accounts with banks,
some model, some product or model that you in the…

Deepak Thakur: Currently …

Prateek Chaudhary: In the EGM transcript? Okay. In the time frame, it speaks of payment system, prepaid
instruments, and payment aggregator.

Deepak Thakur: Payment systems. Go ahead. What is the second one?

Prateek Chaudhary: Prepaid instruments, issue of prepaid instruments and payment aggregator is what has come
out in the presentation today?

Deepak Thakur: I mean, it remains the same. I think when it comes to aggregation, we are providing technology
and the overall solutions for them to, operate as a technology partner to them. What we were
doing for bank, we have come out and we are doing it for the payment industry, I mean,
FinTech industry.

As in, when we go further, there will be more and more value-added services that we'll keep on
adding. And wherever we see the opportunity that, let's say, there is a revenue of, let's say,
INR1 paise on a particular transaction, which gets added by bringing in, more VAS service.
That is what we will be doing. So, in what context are you referring to this? I'm not able to
recollect that. If you can maybe give me more detail about this. What do you mean by...

Prateek Chaudhary: My understanding was that TimePay was since we are a TPAP...

Deepak Thakur: Oh, you are referring to the mobile app.

Prateek Chaudhary: Yes, the TimePay thing...

Deepak Thakur: There is a payer fees that we earn, usually. So, like I said earlier also, as a mandate, we have to
invest into the payer transactions as well, as a TPAP, because we are holding the mobile
application, which should be operational in market, and that is what we are investing into it.
But when we invest into it, there is always an opportunity to generate revenue out of it.

And this revenue can be in form of payer fees. It can be in form of bringing in merchants in the
ecosystem whenever we bring more users into space. So, these are certain areas where we will

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January 30, 2024
be generating more revenue when we launch the app as well. But then it will also, require
investment into bringing in users in this space.

So, I think this was related to the TimePay mobile app, if I am not wrong. So, when we do the
investment in the app, we also see the opportunity to generate revenue through some other
sources.

Prateek Chaudhary: Okay. Now, in the incorporation of the subsidiary slide, where you have incorporated TimePay
Digital Infotech Pvt Ltd etcetera, the line says that the subsidiary's goal is to also act as a
payment aggregator and issue prepaid instruments…

Deepak Thakur: So, I will tell you the use case.

Prateek Chaudhary: In the sense that, will we be going ahead to apply for a license, a payment aggregator license?

Deepak Thakur: No, no, no. So, I will tell you what. When there is a need, we have not taken that decision.
Okay. I will tell you when, what happens, like I can say, okay, I have understood what you are
asking. So, there are more and more ways to generate revenue when you launch a certain
product. Again, there are value-added services which can be brought in.

So, when you are bringing in a user in the application, what happens is like prepaid instrument.
So, if we are able to tie up with the right party who can actually provide the wallet-based
services to the same user base, it actually generates business for them and revenue for us. At
the same time, if you are able to tie up with the aggregators, payment aggregators, when we
have more and more user base, we are able to generate certain revenue from that sources as
well because we are bringing in business for them.

So, as a user, since I hold a user base who will be spending through TimePay, there is an
opportunity to make money from the merchants and those who will be utilizing our platform to
sell their services to the users on the platform. So, it can be through prepaid instruments, it can
be through payment aggregators.

Moderator: Hello, sir. Sorry to interrupt. Please limit your question to two per participant. You should
have a follow-up question. We request you to rejoin the queue. Several participants are
waiting. Okay.

Prateek Chaudhary: Yes.

Moderator: Our next question is from the line of Suman from Techfin consultancy. Please go ahead.

Deepak Thakur: Hello, Suman. Hello.

Moderator: Hello. Should I go for the next?

Deepak Thakur: Yes.

Moderator: Okay. Our next question is from the line of Parikshit Kabra from Advisor LLP. Please go
ahead.

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Parikshit Kabra: Hi, Deepak. Hi, Ashish. First of all, congratulations on a fantastic set of results. It's remarkable
how on point you guys are with your guidance and that's really confidence building for us. So,
thanks a lot for that.

Deepak Thakur: Thanks, Parikshit.

Parikshit Kabra: So, just a quick data point first. What was the gross transaction value of the Evok business this
quarter?

Ashish Aggarwal: It's somewhere around INR5000 crores.

Parikshit Kabra: INR5,000 crores. Okay, got it. And just trying to understand the growth here. Is it coming
because you mentioned that you've added, I don't know the number, maybe you said three new
customers for the Evok business. So, is the growth primarily coming from existing customers
giving us higher volumes or new customers being added?

Deepak Thakur: Both, Parikshit. It is coming from both, Parikshit. New as well as existing. There is an
incremental number coming in from the existing, some increment. And at the same time, there
are about six more accounts that we added last quarter.

Parikshit Kabra: Six more accounts, fantastic. And so, just from our existing customers, since it's an
incremental number, I'm just again just trying to gauge how much depth we have with those
customers. Is there a lot more that we can mine from these customers? Is there a lot more
transaction value that they are processing but not sending to us as of now?

Deepak Thakur: Yes, so that remains the same, Parikshit, no change. So, what will happen is not the entire
traffic will come to us. There are certain percentage of traffic which will come to us. Now, it is
very difficult to get that number per account. But for sure, there is still a scope to get more
volume from them. But like I earlier said, it will purely depend on the kind of success rate,
kind of tech, and the kind of services that we are building over this layer. So, it will be a
consistent effort to arrive there.

Parikshit Kabra: Sure, but I'm guessing that since we are relatively new in this space, these guys would also be,
based on our performance, as they gain confidence, will be willing to give us a slightly larger
portion of their volumes. So, are we seeing that kind of confidence building up and that
excitement from our customers?

Deepak Thakur: More so, we are getting more and more insights from them about what are their problem
statements, exactly. Like it's not just plain vanilla. Now, the industry is not just about plain
vanilla payment API. But it's also what more can be done around it. I mean, can I help them
identify the challenges in their solution, in their API? Can I give them certain more insight via
which they are able to improve their own success rate.

So, these are certain areas that we are working closely with them. I believe it will take some
time because it's not a basic development, but it's about the entire cycle of problem statement
to getting it executed and monitoring. So, we will have to see quarter on quarter how we are
able to arrive at this.

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Parikshit Kabra: Great. And lastly, in this time's presentation, you have mentioned the roadmap for the next
year. And you have mentioned four different lines, like super app, Evoke, UPI switch, and I
can't pronounce it, but I'm guessing it's Qynx. So, will it be possible for you to break down
your growth guidance by these four different revenue sources of revenue?

Deepak Thakur: See, if you're going product specific, I don't think we have so far given that. But for sure, what
I can say is that the ratio which we have been able to maintain over the last one year that will
remain. Like Qynx is part of our TSP stack, which is about providing the merchant acquiring
solution to banks so that they can actually compete with overall fintech space around offline
transactions like QR, Soundbox, mobile app, and all of that.

Now, this is something which will contribute more and more to the TSP space. So, I believe
that whatever incremental volume we are getting on the Evok business, Qynx, BBPS, the more
product that we add on TSP space, that will ensure that the ratio remains around 30%, 35% on.

Parikshit Kabra: Okay. So, you're not foreseeing the TPAP versus TSP revenue mix to go towards TPAP more?

Deepak Thakur: Not entirely.

Deepak Thakur: Okay. Clear. I'll come back in the queue. Thank you so much.

Deepak Thakur: Thanks, Parikshit.

Moderator: Thank you. Our next question is from the line of Yashwanti from Kojin Finvest. Thank you.
Please go ahead.

Yashwanti: Yes. Thank you for the opportunity and congratulations for a great set of numbers.

Deepak Thakur: Thanks, Yashwanti.

Yashwanti: Our margins are improving day by day. That is really very pleasing things. So, I wanted to
understand what are the main challenge NPST would be facing in the current scenario, the
current market scenario? And how are we addressing this challenge? In case…

Deepak Thakur: So, like, yes, absolutely. So, like I said, that our entire focus earlier in the call, what I
mentioned was an entire focus is going to be on the capability and skillset building, the
leadership team, which we need now to diversify and have more and more focused approach
towards each of the accounts and each of the products and each of the stack that we're trying to
build. So, skillsets, your leadership position, and the overall capacity to deliver.

These are the most challenging points for us right now internally, which we are working on,
and that will remain focused for another at least three to four quarters. And that is where, I
think the first question wherein came in about transformation. This is what the transformation
for us is, where we behave more and more of a midsize organization, because now the time has
come where we start focusing more on the process, culture, capability, capacity all of those
areas. So, this is what we are trying to address right now.

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Now, we are empowered with the existing business to do so and invest into these areas.
Second, what we see is from the outside perspective, we perceive that, I mean, we believe that
although we have the first mover advantage on the areas that we have built, but for sure, there
will be certain competition, which will come in over a period of time. That's why as an
organization, we are looking at consistently on new products, new solutions, new market,
which we have so far addressed overall questions that I have taken so far.

Yashwanti: Thank you, sir. And one thing is, I just wanted to understand, we recently expanded our team.
So, whatever the revenue, we are seeing it almost double from whatever FY2023 levels in the
first line. So, all these samples have been put to operational or we are still going to go for the
full utilization of them?

Deepak Thakur: No, no. So, we are already well utilized, technical and operational capability of the
organization. And now we are looking beyond certain skillsets, as in, how do we look at more
on the productivity side? How we look at bringing in more industry veterans and brains in the
organization. So, there is a huge scope to build in more and more capacity. So, I think, when it
comes to driving numbers, so our existing funnels and the future road map is very, I would say
as an organization, we are very confident on that.

So, that will continuously drive our business. And parallelly, it will give us enough space to
build these areas. So, yes, our capacity is full. I would say not full, but enough for now to start
adding more to the organization.

Yashwanti: Okay. And so that we can see in the current market as well as the next quarter, things will keep
adding the talent pool to your company.

Deepak Thakur: Absolutely.

Yashwanti: And are we planning any new business center in other than where we are currently present in?

Deepak Thakur: We are actually in the midst of scaling our existing offices. So, Mumbai, Bangalore, and no, I
think Bangalore will take some time more because that was added recently. But Mumbai and
Noida will go through complete upgrade. In fact, we have added one more office, a very small
sales center in BKC as well now, where we'll be shifting our sales team. And right at the center
of the overall actions. So, yes, we are actually upgrading our offices.

Yashwanti: That is great. And if I may ask one more question, any products launches in pipeline?

Deepak Thakur: I already mentioned about BBPS. I have already on the TSP side. On API side, I already
mentioned about payout and auto pay. Rest, let us wait for how Q4 turns out. Maybe then I can
share further more.

Yashwanti: Thank you so much. Sir I will rejoin in queue.

Deepak Thakur: All, right.

Moderator: Thank you. Our next question is from the line of Ananya Swaminath from T Squares. Please
go ahead.

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Ananya Swaminath: Hi, sir. Congratulations with the numbers.

Deepak Thakur: Thanks, Ananya.

Ananya Swaminath: Yes. So, I just have one question. If there are any international expansion plans?

Deepak Thakur: Yes, we do have on which as an organization we have invested. Since it's an international
territory, we will have to see how our product is designed to be absorbed in international
territories. Again, we need to understand that each region is different. Your Middle East, your
Asian countries, your African countries. So, these are slightly different in nature, but they
derive a lot from India's digital landscape. So, somewhere in between, we'll have to create the
right mix.

We are exactly into that process. So, it is time consuming, but we are committed to do so. It
will not happen immediately.

Ananya Swaminath: Okay. Sir just an idea, how much approximate time it could take?

Deepak Thakur: I think that's a difficult question because I don't think we have a benchmark there. But
anything as such takes about 12 months or 18 months. Anything which is earlier is a great
boost to the organization. So, let's wait quarter-on-quarter. You can keep that question next
quarter as well. Let's see where we are at.

Ananya Swaminath: Right, sir. Got it. Thank you. That's it from me.

Deepak Thakur: Thanks.

Moderator: Thank you. Our next question is from the line of Parikshit from KBD Advisor LLP. Please go
ahead.

Parikshit: Hi, Deepak. I'm back. Just wanted to ask a couple more questions. One was on the Bharat Pay.
I think we are obviously quite excited by launching this. I just wanted to understand, is there
anyone else who's providing this as a plug and play to third party applications or are we going
to be the only ones doing so?

Deepak Thakur: Bharat Pay. Can you, which one is that?

Parikshit: Bharat Bill Payment. Sir…

Deepak Thakur: Bharat Bill Payment. No, no. So, we are not the, I mean, Bharat Bill Payment as a product is
well matured in the market, but we were not present in that space. However, now there is a lot
of demand coming in industry wherein all those who have never gone for this particular
solution have started asking for it. So, it opens up the opportunity for TSPs like us. So, we
decided to look at this product very seriously and we were able to crack one deal last quarter.

Now, this helps us enter this space and just like ODR, we have new entry. So, this, what
happens is in our business, if you are able to get an account in the banking space, you are an

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incumbent and then you get an opportunity to do more with the same account. That is how we
see that, BBPS will allow us that entry in new accounts.

So, it opens more avenue for the organization.

Parikshit: Got it. And next, okay, now I am going to first make an assumption is that the TPAP business
for us currently is the higher margin business compared to the TSP business. I could be wrong.
But can you, you have given us a very strong revenue guidance. What should we expect in
terms of margins going forward?

Deepak Thakur: Okay. Now, that is a very good question. We need to understand that when I say that our focus
will remain on capacity and capability building and bringing more and more leaders in the
organization. We personally feel that now we have to start looking at it from the long-term
perspective to build a larger organization. For that, this particular decision will take the
extremely incremental margin, which we may get from the nonlinear model.

In that case, I would say that, you know, we will continue to deliver on the similar margins.
However, beyond this, the overall growth strategy and so what has happened, we have also
seen that there is a lot of cumulative decisions the organization has taken over the last few
quarters. So, it is not just about the incremental accounts, but also incremental product stacks.
Now, all those will help us to invest into these areas.

So, I believe that our margin will remain at the same level going forward. And whatever
incremental margin we will have, that we will be able to spend into capacity and leadership
positions.

Parikshit: Got it. Perfect. Makes sense. And lastly, I know this question was already asked in terms of
what kind of GTV, sorry, gross transactions you may be expecting from the new APIs that
we're launching. And you said that it's too early to tell. But in terms of interest, do we already
have some customers waiting for us to product launch this and they're already ready to sign up
or after we build it, then we will go into the market and finish?

Deepak Thakur: So, we are already in the POC stage right now. So, there are some customers with which
whom we are working directly.

Parikshit: Okay. Got it. Perfect. All, right. Thank you. Thanks a lot Deepak.

Deepak Thakur: Thanks.

Moderator: Thank you. As there are no further questions from the participants, I now hand the conference
over to Mr. Kaushal Shinde for closing comments.

Kaushal Shinde: Again, for joining the conference call of NPST Limited, if you have any queries, you can write
to us at research@kirinadvisors.com. Once again, thank you everyone for joining the
conference.

Deepak Thakur: Thanks. Thanks, everybody.

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Moderator: On behalf of Kirin Advisors that concludes this conference, thank you for joining us. And now
you may disconnect your lines.

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