Ann: XTD to Trial Cross-Track System in India-XTD.AX, page-12

Simple calculus to be made: Cost of tech + technical skills to install (likely AUD), cost of labour (rupees) and most important, revenue (rupees and much lower value than AU because of the correspondingly lower advertising spend rates in India)

For those reasons and the fact it is only a trial for one site, the share price reaction is muted.

Also, how long before a clever Indian entrepreneur mimics the idea with local knowledge, networks and cost base? Some might say 'patented technology' (not sure of the strength of IP protection for XTD) to which you could respond 'Indian court system'