Ann: Investor presentation, page-10

I think problem with paygroup is the cash flow and gross profit margin isn't great. Capex cost like eg payments to intangible is around 12 to 13 percent 2021 and 2022 excluding acquisition cost and one time cost. If they can grow 6.2m cash balance it will be a great company. They have good setup in India so cost of service can be driven down like most global companies have their back offices in Asia.But if they try to spin the same wool of positive Ebita without improving the cash balances no institutional investors will drive them up or take any interest in them.