LATENTVIEW — earnings call
The transcript as filed. Every paragraph is addressable: its link names the page and the position it sits at in the call.
Prepared remarks
Moderator · Conference Operator
Ms. Asha Gupta, E&Y LLP - Investor Relations Latent View Analytics Limited January 24, 2023
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Confidential Contains PII: No
Moderator · Conference Operator
Ladies and gentlemen, good day and welcome to the Latent View Analytics Limited Q3 FY 23
Questions and answers
Moderator · Conference Operator
Thank you very much.
We will now begin the question-and-answer session.
The first question is from the line of Vimal Gohil from Alchemy Capital Management.
Please go ahead.
Vimal Gohil
Yes, thank you for your opportunity, sir.
So, my first question is on the large, some of the large accounts that you spoke about are sort of sluggish.
Firstly, just wanted to clarify, these are amongst the top ten accounts.
I'm sorry if you've already highlighted this, because I came in a bit late, but these are part of your top ten accounts, right?
Rajan Sethuraman
Yes, that's correct some sluggishness in terms of starting off new initiatives within these accounts.
We have renewed all of our ongoing work and there has been no issue with respect to the renewals.
Typically, the renewals happen in the November-December time frame, given that is the end of the financial year for most of these accounts.
So, all the renewals have been completed we don't have any issues on that front, but some of the newer initiatives that these organizations are contemplating, there is some amount of sluggishness on that.
Vimal Gohil
But there's no issue in terms of the work being shelved or a permanent business loss or anything like that.
You do expect the work to come back in subsequent quarters whenever?
Rajan Sethuraman
Yes correct.
There is no business loss at all at this time.
All the work that we currently contracted they've all been renewed for next year.
Where we sense some slowness is in signing up new initiatives, expanding the scope of work, adding to the managerial services contract.
That's where there is some sluggishness.
But as I mentioned, there are large opportunities in the pipeline as well, with many organizations many of these are new accounts.
We are sensing that the current ongoing economic uncertainty with the budget cuts and other constraints is propelling them to look offshore to a larger extent and set up capability centers in India if they already do not have one.
I mentioned five big, large opportunities.
Most of them are in the nature of creating and setting up an India capability.
So, we see some traction on that, but obviously these are large opportunities.
In some cases, this might be the first time that we might be doing.
So, we expect that this will take a little bit of time to close out.
Latent View Analytics Limited January 24, 2023
Classification
Confidential Contains PII: No
Vimal Gohil
Understood.
My next question was on your growth prospects that you are alluding to in the European region.
Given the fact that, most of the engagements that you will enter into will be new or fresh engagement.
There is a possibility that all these engagements might start onsite.
Do you expect your onsite ratio to continue to increase and that could have a momentary impact on profitability?
Rajan Sethuraman
Europe is still a very small operation for us at this time and we are perfectly fine with kicking off new engagements in Europe with a larger than normal onsite contingent.
In fact, it should be substantially offset by the large opportunities that I talked about right in the context of US.
One of these large opportunities is actually with a European prospect and even in that case we are talking about a large offshore contingent as well.
I'm not particularly worried about the onsite offshore ratio getting skewed.
In fact, I would expect that in the coming quarters the ratio should actually improve for us, so no concern on profitability because of that account.
Vimal Gohil
Understood, sir.
And sir if you could just quantify what is the attrition right now on absolute basis in percentage terms what would be the number?
Rajan Sethuraman
So, As of the last couple of months, it's come down to the 20% range.
Moderator · Conference Operator
Mr Gohil we may request that you return to the question queue for follow up questions.
We'll move on to the next question from the line of Krishna Thakker from Anand Rathi.
Please go ahead.
Krishna Thakker
Hello, sir.
Thank you for the opportunity and congratulations on the great set of numbers.
Sequentially I want to know what happened in the CPG retail vertical because it declined again, we saw some uptick in Q2, but then now it's back down in Q3 and relating to that only relating to verticals only, what happened in the industrial vertical, what is performing well out there?
Rajan Venkatesan
I'll take the question on retail, specifically CPG and retail.
The sluggishness that you see is all attributable to one fairly large project.
This is in fact, a data engineering project that we are doing for a fairly large retail account in the US.
As far as the project is concerned, there is while we went through we started this project in Q2 of FY 23 the project itself went through some bit of scoping changes as well as there was overall rethink on what the project requirements were.
Therefore, what happened, essentially in Q3 was we had to go back and sit with the client and really rescope and redo some of the contours of the contract itself.
What that meant was delivery to some extent on this particular project was put on hold and we started reengaging them with them towards the end of the fiscal.
So, we started work on this project again towards the end of December.
For bulk of Q3, we had put the project on hold because we were rescoping and as well as re-contracting with the client.
That's the reason why you see this sluggishness in CPG Latent View Analytics Limited January 24, 2023
Classification
Confidential Contains PII: No and retail.
Just to update you, the contract is back on track and we are on track to deliver the project in Q4 of FY 23.
Krishna Thakker
And on the industrial vertical?
Rajan Venkatesan
On the industrials, of course there are a couple of accounts.
There is a food distribution company in the US where we've seen increased volumes.
Again, there is a fairly large automobile manufacturer where there's a client that we've been engaging for fairly extended period of time.
There, again, we've seen additional volumes, additional work that has been coming our way and that is what has led to the growth in industrial practice.
Rajan Sethuraman
So, Krishna, it's on the back of work that we're doing with existing clients that's driving the action.
Krishna Thakker
Understood.
Thank you for the color.
Regarding attrition, you call out 20%.
Is that on an LTM basis?
Rajan Sethuraman
No, it is not, on an LTM basis it will probably be in the 25-26% range.
I was referring to the last two to three months.
It's trending down significantly.
Most of you will also be hearing similar commentary from others.
Right.
In general, the supply demand situation seems to be moderating quite well on the back of some of the hard news that you've been hearing in the market.
Krishna Thakker
Yes.
Regarding the utilization, I believe our utilization had dipped a little bit last quarter.
Has it moved up again this quarter to the 78-80% range that we intend to operate at?
Rajan Sethuraman
Yes, we are at the 80% range.
I mean, in fact, this morning when I took a look at it, our unbilled has come down to under 20%.
Our preference in the past has been to operate at 15% unbilled or 85% utilization kind of levels.
We are expecting some of these big ticket items that I talked about.
I mean, even if a couple of them come through, even if one of them comes through, we will be in need of a good number of people.
We are not worried about carrying a little extra buffer at this point in time.
We are currently at the 80% mark.
Krishna Thakker
Understood.
And Raj, this one's more for you.
The ETR, I believe you said it's going to continue to stay around 15% for the next two or three quarters.
And then where should it move to?
Should move to like 24%, 25%?
Rajan Venkatesan
That is correct.
Yes.
You will see the benefit of this ESOP exercise that happened, and there will be another round of ESOP exercise that might happen in March of next year, March of this fiscal.
Again, that will result in a further tax benefit that will come in the US geography predominantly and therefore we expect that at least for the next two to three quarters, we will have similar ETRs.
Although, just to let you know, for our SEZ unit in Chennai, which is the larger one, we have two SEZ units, SEZ 1 and 2, the tax benefit for the first SEZ unit will come to an end in Latent View Analytics Limited January 24, 2023
Classification
Confidential Contains PII: No March of ‘23.
So, this will be the last fiscal year where we'll be eligible for the section 10 benefits for the SEZ unit for 1, there will still be an SEZ 2 where we will continue to get the tax benefits and that will accrue for another year.
But SEZ 1 was the larger amongst the two units.
Therefore, like I mentioned, we will have this benefit of a lower ETR for the next couple of quarters.
Thereafter we'll start seeing the ETR inching up back to the normal levels of 24%, 25%.
Krishna Thakker
Sure.
Thank you so much for that.
Moderator · Conference Operator
Thank you.
The next question is from the line of Hitesh Malla from Steinberg India Advisors.
Please go ahead.
Hitesh Malla
My first question was on bill rates.
We are hearing a lot of chatter around Hi-tech clients requesting for reduction in bill rates given their own cost savings initiatives, is that something that you are seeing with your contracts as well?
Rajan Venkatesan
Not really so like I mentioned a lot of our large customers we just went through around extensions and renewals and we have not heard of any negotiations on billing rates.
In fact, we have been able to renew an extent on the same rate as last year.
In fact, we have been right through the whole of last year we were actually pushing for 3%, 4%, 5% increases across most of our clients and that is what we have witnessed within our client set we have not had any instances where the customers come back or the clients come back and ask for lowering the billing rates.
We are not witnessing any billing pressures at least or billing rate pressure at this point in time.
Rajan Sethuraman
Hitesh to add to that I mean in general when I look around the industry the data analytics space and the other few of the companies and we get market intelligence on that we see that the billing rates continue to be fairly strong even with other organizations.
So, we are not an exception, but I believe that data analytics that way continues to command premium and we are witnessing that as well.
Hitesh Malla
And then wanted clarification on the statement that you have made in your opening remarks and you said you are getting invited to this RFP based contracts, I just want to understand were these contracts always happening in RFP based and like you did not have the scale to sort of bid for them, is it that a lot of the analytics project themselves are moving away from a source contracting to a RFP based contracting?
Rajan Sethuraman
It is more of the latter however I would not say that whole lot it is moving away I have been mentioning this in the past that data analytics in general is moving from being fringe initiatives to becoming more mainstream and obviously the more mature organization are starting to do that.
We also see that in the context of first-time movers so I mentioned these large opportunities and a couple of them are about organizations that had a fledgling onsite in-house analytics capability earlier, but now they realize that they need to get a lot of things done and they have Latent View Analytics Limited January 24, 2023
Classification
Confidential Contains PII: No impending budget cuts and other challenges and they believe that going the offshore route, partnering with somebody who knows how to do this for them is probably the best.
So, we are seeing this at both ends of the spectrum.
Mature organizations looking at consolidating their analytics initiatives and deriving the benefits of working with few partners, but who understand the entire spectrum all the way from consulting to data engineering to look back to advance analytics that is one kind of trend.
The other trend being first timers and early adopters saying that let us leave leapfrog and that directly go to an offshore capability center kind of a model and at both ends of the spectrum there are opportunities.
However, having said that I would say that this is still only a small percentage of all the analytics work that is happening.
The bulk of the analytics work at least in our context and in the context of many other pure play data analytics companies 70% of that would still be in the co-creation model that I have talked about earlier.
In the coming quarters I am expecting those and this trend will continue because of the factors that I have talked about.
Moderator · Conference Operator
Thank you.
The next question is from the line of Pankaj Murarka from Renaissance.
Please go ahead.
Pankaj Murarka
Can you give me some more insights for me to get a better understanding that when you reach out to clients whom do you compete against, is it large companies which are into consulting or is it niche data analytics focus companies and what is the competitive landscape for your business?
Rajan Sethuraman
Pankaj is a mix of both, but we see competition from other pure play niche data analytics companies like us that is one segment.
We see competition from some of the large strategy consulting firm including the likes of BCG or McKinsey for example and many of them are talking about their analytics capabilities that they are building.
So, we see them in the context of some of the opportunities.
We see competition also from traditional large IT system integrators and IT services organization like Accenture and Infosys and TCS for example.
So, it is a mix of all three and then sometimes we also have product companies with very niche products or platform that they have built.
So, it is a mix of all of them.
As I have said in the past all of them, they have their advantage points large system integration firms comes from a very strong technology orientation and an infrastructure advantage point.
Strategy consulting firms come with a very strong business and domain understanding as their advantage point and analytics companies could come with a very deep mass specialization and statistical skills.
The niche area or the sweet spot for us this is the ability to bring in all the three in good measures to the problem at hand and see whether we can grab value propositions that hit hard on the particular pain points, trends and opportunities that the client might be experiencing and as I mentioned in many instances these have been about co-creating those opportunities, sitting down with the prospects with the clients and then understanding what is the data ecosystem they have, what problems are they trying to solve and what is the art of the possible with the use of data analytics so that has been the kind of construct, but this will evolve in the coming quarters, coming year because all Latent View Analytics Limited January 24, 2023
Classification
Confidential Contains PII: No of these type of segment they are looking to build muscles which they might currently lack or which they may not be their best exercise muscle in some sense.
So, it will be a question of how we can also play upright on the advantages points that we have built and how we can continue to stay relevant in the context of evolving scenario.
When I said earlier that we are getting invited to the large RFP processes that are coming about in the data analytics space I believe and this is my theory in hypothesis that this is because of the very strong combination of the domain expertise, analytical capabilities and the technologies expertise that we are able to bring to the table, much of a statistical, mathematical, analytical orientation as well as our technology progress and design architecting skills are business led and business first.
I have said this in the past in the last 15 years of our existence much of the work that we have done has been in working with business stakeholders in the CMO, on the CFO and the chief supply chain officer and the chief HR officer organization their direct reports, solving very specific decision making and optimization problems that they experience in a day-to-day basis.
So, it is that orientation that gives us the edge at this point in time and this is the edge that we will want to continue to own in the coming quarters as well.
Pankaj Murarka
Just one more question I have related if you can throw some more light you talked about acquisitions so what kind of these acquisitions, are these adjacencies or capabilities or geographical expansions in terms of whatever add to our this thing and secondly obviously all of this is to accelerate our favorable growth the question I understand is how transition from being small company to be a midsized companies and as you understand that better that landscape itself is evolving, over a medium term would you also consider getting into SI because given the relationships that you have with client level those are some of the low-hanging fruits to build scale from a slightly more medium-term to longer-term perspective?
Rajan Sethuraman
Let me address first question in terms of the type of targets that we are interested in, we are interested in opportunities that are very aligned with the main strategic pillars that we have for driving organic growth because we believe that in our inorganic strategy has to be aligned with the organic growth strategy.
So, on the three dimensions that you mentioned from a geographic standpoint were very clear that we will focus on the US, Europe and within Europe very specifically the three geographies where we are active UK, Germany and Netherlands and in India at this point in time so that is really the geographic perspective.
From a vertical perspective at this point in time given the additional focus that we are putting on BFSI, retail and CPG those would be the sweet spots for us from an acquisition standpoint as well and from a horizontal type of work capability standpoint we are really looking at supply chain, data engineering and advance analytics these are the three areas, within advance analytics we are particularly looking at image analytics, grab an NLP and NLG these are the specific areas of focus.
So, an ideal acquisition front can be there for us would be something that can tick on more than one of these dimensions.
So, for example, if we find a company that has built a very strong data engineering and modeling capabilities for retail supply chain problems in Europe then it will tick a lot of these boxes then we would be particularly interested in that kind of a capabilities.
So, we are Latent View Analytics Limited January 24, 2023
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Confidential Contains PII: No evaluating these dimensions and obviously we do not expect that all candidates will tick on all these dimensions, but the more that they tick on the better aligned they would be with our organic growth strategy as well.
So, that is the plan from an acquisition standpoint.
With respect to your second question, we believe that there is enough headroom for growth within the data analytics space itself for the next 3 to 5 years at least.
In fact, in response to an earlier question I had mentioned that organizations also they are ticked in a spectrum from very mature to organizations that are just getting started on their data analytics journey and even with the most mature of organizations if you scratch the surface and you dig deep you will find that there is so much more that they can do even with the data that they already have access to within their own organization.
Most organizations are still only doing what would be called low hanging fruit and getting the easier things done.
So, with that we believe that there is a lot of runway ahead of us and there is enough headroom for growth and our intention is to stay close to our meeting at this point in time maybe we will add a few adjacencies.
In fact, the entire data engineering space for something that we have gotten into in the last two, three years in a serious fashion before that most of the work that we did it is pre to post that the data was already in place and we just had to come and do the analytics, but as we do the more complex initiatives we find that the data that is needed might be scattered across the organization within and without and it might be structured unstructured.
So, we got into the data engineering field.
So, we might do a few adjacencies like that, but we are not at this point in time planning to stay very far from the warehouse.
Pankaj Murarka
This is very insightful if I can squeeze one more, so how susceptible are clients spends on what you are doing to the economic environment I am saying because data is just emerging as the core and client who just started spending you understand some of the other verticals when client spend on in terms of discretionary and keep the lights on kind of thing or on the product engineering side and so on and so forth, so in terms of your understanding, your discussion and with your clients in terms of what part of business that you do with clients is like is a must need for clients to keep their show on kind of thing and what part of his discretionary which are susceptible to economic environment?
Rajan Sethuraman
Again, this is an interesting question because what you constitute as lights on and basic operational stuff will have a specific definition depending on which organization you are talking about.
If you talk to a company like Netflix, for example, I mean Netflix is not a client of ours at this time, but if you talk to them or if you talk to a company like Capital One, data analytics is their mainstay because that is what they use day in and day out in order to drive market share, in order to drive action, growth, customer experience, cost reduction all of those things.
For them data analytics can be very core and important.
So, it depends on where the organization is in terms of their digital evolution or transformation journey and how much they are able to use data and digital channels to connect with their customers, with their employees, with their ecosystem so it is dependent on that, but having said that in general Pankaj one point I would note is that it is typically in resource constraint scenarios when budgets are being cut, when there is a lot of Latent View Analytics Limited January 24, 2023
Classification
Confidential Contains PII: No uncertainty on the horizon that you need to use the power of data and analytics to take halve even on prioritizing which initiatives you want to undertake and which initiatives you want to sell.
Marketing budgets are being cut in the light of what is happening and Chief Marketing Officer and their organization will need to decide where do they want to spend the money, which campaigns to run, which of them to shut down, which media to advertise and which of them not to and those are exactly the kind of questions that the data analytics can help answer in a very structured and scientific fashion.
So, it is our hypothesis and belief that even in a tough economic scenario data analytics will be a fairly important aspect of how organizations makes decisions, majority of the organization will however determine whether they would want to go into the dark with guns firing right from their hips or whether they would want to take a more targeted approach to what they want to do.
At this point in time at least the organizations that we are working with we do hear from our stakeholders and how this is very important, but obviously they do need to navigate what is happening on the economic front and I believe personally that when some of the uncertainty resolves and dust starts settling down at least in terms of the uncertainty coming down, data analytics will be a fairly strong contender for budgets that are available.
Moderator · Conference Operator
Thank you.
The next question is from the line of Karan Uppal from PhillipCapital.
Please go ahead.
Karan Uppal
Couple of questions from my side firstly on the order book which I had spoken about you mentioned that order book expanded significantly and also you mentioned that there are five large deals in the pipeline, so any quantification in terms of the order book or deal wins or anything you can share in terms of deal ratio which will help us understand and forecast growth rate better?
Rajan Venkatesan
Karan, as a number we are not giving out order book numbers at this point in time.
All that I can say is like I mentioned typically a lot of the extensions that happened within our clientele happen in the December and January timeframe which will typically give us revenue visibility for the next three to four quarters.
So, all the extensions that we have within our clientele has come through and that is what is resulting in a fairly healthy order book.
We will not be able to give you an exact number at this point in time, but coming to your question on the pipeline each of these deals is greater than $2 million and from the largest deals amongst these RFP can go to almost $8 million.
So, historically if you see and Rajan also spoke about this the initiatives that we would typically start with used to be in 500 to 800 K type buckets but what we are witnessing this the newer deals that we are participating in, the starting size itself is $2 million and goes up to $8 million.
So, that is the raise that we are talking about.
Karan Uppal
So, are these deals you expect them to close maybe in Q4 or it may take time?
Rajan Venkatesan
Yes the decision-making itself on these deals should happen in Q4 and if we land a few of these deals then we should start revenue or start seeing revenue booking from Q1 of next year.
Latent View Analytics Limited January 24, 2023
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Confidential Contains PII: No
Karan Uppal
So, given these deals as well as the ordering book which you have and also you spoke about some sluggishness in your top 10 accounts, 2 of the top 10 accounts, so given everything do you think that you will be able to maintain the 25% to 30% kind of a growth rates in even FY24?
Rajan Sethuraman
So, at this point in time the billion-term perspective remains fairly strong as I mentioned there are few of these large deals in the pipeline that was the fact that our frontend investment are starting to work and they will start kicking in.
I am optimistic about the growth rates that we can have in the next year.
I do not want to put an exact fix on what the percentage would be I mean this year you would see that the general industry growth percentage if we take IT services as a whole and even data analytics would have moderated downwards because of the economic uncertainty and we have done better than.
So, as in the past my guidance would be that we will continue to do much better than what the industry growth rate would be, but personally I believe that the growth rate will start coming back in a quarter or two as some of those uncertainty resolves or alternatively even if there is uncertainty as I said earlier that they will start looking at how they can better make use of the data analytics ecosystem or offshoring capabilities centers to drive more of the actions, budgets are being cut uncertainty is there, but the stakeholders are still being demanded to deliver on their initiatives and their promise to their internal clients.
So, definitely they will want to make use of the skills and capabilities there are partner like one can bring to the table.
So, I am expecting that the growth rates will remain fairly strong.
Karan Uppal
The other question was on M&A so you spoke about the areas which we will focus on to for the candidates I want to ask about the size of the M&A in terms of your scale right now you are at around $80 million run rate, so would your scale is there some bottleneck for you in terms of the size for acquiring candidates?
Rajan Sethuraman
Not really Karan this is a very fragmented space and the 30 odd opportunities that we have evaluated in the last 12 months or so.
We see a fairly broad spectrum I mean there are companies with a revenue of even a million dollar right that might be in the market and wherein there are obviously organizations that are even at a 30, 35 and then there are some which are even larger that are looking for either investment, funding or other kind of merger acquisition opportunity.
So, there is a very broad spectrum it is also a very fragmented space with many players take that all these different levels in the spectrum, all sweet spot will be organizations with $5 to $20, $25 million kind of revenue it is around two standpoint if one is what does it mean for us in terms of the cash outflow that we will need to have for that acquisition, but more importantly given that this will be a first acquisition we also want to take on something that manage you and integrate and realize the synergies.
So, that will be a sweet spot, but within the spectrum we are fairly flexible.
Right now for example out of the three, four candidates that we are evaluating at the second, third level of scrutiny I mean we do have the spectrum and there is one which is at a $4 million kind of annual revenue and there is another one which is at a $15 million revenue point.
So, that will be the kind of spectrum that we will be looking at.
Latent View Analytics Limited January 24, 2023
Classification
Confidential Contains PII: No
Moderator · Conference Operator
Thank you.
The next question is from the line of Hitesh Malla from Steinberg India Advisors.
Please go ahead.
Hitesh Malla
I just had a quick follow up for Raj can you give us some guidance in terms of your CAPEX requirements in the medium term I understand that right now you guys are operating from a single location in Chennai so as you scale up would you be leading a newer facility and how would that put pressure on your balance sheet?
Rajan Venkatesan
To be honest with you we never had CAPEX while yes it is true that we have been operating out of the single facility.
We also have a co-working facility in Bangalore apart from our own premises that we have or our own lease premises that we have in Chennai.
Given our growth ambitions and targets for the next year if assuming there is a situation where 50% of our workforce starts coming back to work.
At present we are still following a hybrid model where about on average 25% of 30% of our workforce comes into the office on any given date.
Now if that were to materially change where we have about 50% of our folks coming in it is only at that point in time we will be evaluating if there is a need for us to rent further space.
At this point in time we believe that our current space in Chennai plus the new space that we are looking for in Bangalore.
Bangalore we might look for some bit of additional capacity both of these should be enough for us to serve the increase in demand for the next year.
However, if the remote working situation changes and there is higher footfall in the office that is when we will look to evaluate and even then on an average based on the rentals that we manage to negotiate just to let you know we renegotiated our current lease in the Chennai office.
We have also got a clause which would enable us to lease any additional new space within the GIFT City at the same rates for the next one year.
So, even if we do need additional space we will be able to contract it for the same current commercials and therefore we do not believe that there is going to be any significant outflow on account of either rentals or the CAPEX spent that we would have to take.
I think our balance sheet today, we are sitting on Rs 1,000 plus crores of cash so we are slightly well capitalized for us to be able to support any CAPEX requirement.
Hitesh Malla
So, then a follow up on that would be since you said you have Rs 1,000 crores plus in the balance sheet so that is around $120 million, $125 million and your asset that you are looking to acquire you said is in the range of $5 to $25 million, so what would still leave you with a great chunk of cash in the balance sheet, so how should we think about usage of that cash?
Rajan Sethuraman
I mean obviously while the intent is to obviously acquire one asset we will not stop it once.
So, we will look at a series of fairly small or small-to-mid sized acquisitions so there could be two to three potentially in the next 12 months to 18 months so that is the sort of target that we have intent we will not at one and also in terms of the multiple I think this is guidance that we have given in the past typically what we have seen is analytics companies depending on the IP that they owned quality of people, quality of management plus the quality of customer logos that they have and the billing rates that they are able to command in the market, the premiums or the valuation multiples tend to range between 3x to 5x of revenues.
So, the current cash that we have Latent View Analytics Limited January 24, 2023
Classification
Confidential Contains PII: No on our balance sheet should be sufficient for us to be able to accommodate two to three acquisitions.
Moderator · Conference Operator
Thank you.
Ladies and gentlemen that was the last question for today I would now like to hand the conference over to the management for closing comments.
Rajan Sethuraman
Thank you Faizan and thank you all for joining the session today.
I just wanted to leave you with a little bit of feel good, we are pretty excited about some of the actions that we are seeing on the CSR front as well while there are many initiatives that we are partnering with.
One of the flagship programs that we are driving is called as a Chennai Kaalpandhu League, Kaalpandhu stands for football in Tamil so you can equate it with Chennai Football League.
This is an initiative that we are kicked up prior to the pandemic, but which went into a pause mode because of all the challenges related to the pandemic.
We are very happy that we could revive it this quarter and we have partnered with a set of government institution schools in Chennai and identified it is a talent sprouting program for football.
We actually identified an initial cohort of 300 plus students split equally between boys and girls and we took them through a 6 week long training program as well as league matches and it culminated as an identifying 7 or 8 kids who have a natural talent for the game and we are now looking at partnership with them and helping nurture their talent both on the sport front as well as on the education front in the coming year with the intention that can we create a pool of football talent and players that can participate and play for the country in the coming years.
So, that is a bit of a long-term aspiration and ambition that we have.
It is an initiative that many of our young employees are particularly excited about and they have contributed to the design and the execution of the initiative as well and we believe that there will be more to come in the coming quarter we will keep you posted as this progresses, watch out for our updates on the social media on this Chennai Kaalpandhu League CKL right as we call it.
The other initiative that we have been partnering with again on the CSR front though it does not come under the formal CSR umbrella because we are an India registered company and CSR initiatives are limited to what we do in India, we have been partnering with the International Myeloma Foundation in the US, they are an NGO and they are focused on research related to treating and curing myeloma and this is a condition that affects many people known more so in the United States , but I am sure that there are people suffering from these conditions in India and other parts of the world as well.
We are helping them by bringing our data analytics capabilities to look at how they collect data and how they organize data to understand so many different aspects of the disease progress and the treatment protocol and what not.
So, this is again a matter of pride for our employees who are participating and for us as an organization that we are helping to solve a fairly critical health problem we face in the world today.
So, pretty exciting kind of things and opportunities for us as an organization, but also for our talent and our employee base so we are fairly kicked about it.
So, I will leave you with that and thank you all for joining Thank the call today and look forward to connecting in and when the next part of results are out, take care.
Latent View Analytics Limited January 24, 2023
Classification
Confidential Contains PII: No
Moderator · Conference Operator
Thank you.
Ladies and gentlemen, on behalf of Latent View Analytics Limited, that concludes this conference.
Thank you for joining us and you may now disconnect your lines.