Danish Power Ltd — Q4 FY26

Danish Power Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=VvNMv0lAx0E Published: 2 days ago

0:01 1 second Good afternoon everyone and a very warm welcome to Banish Power Limited's earnings call for H2 and FY26. 0:10 10 seconds We are delighted to have with us today the senior leadership team to discuss the employees performance and key business highlights for the period. 0:20 20 seconds From the management we have with us Mr. Shivam Talwar, managing director and Mr. Anataridi, chief financial officer. 0:29 29 seconds Before we begin the call, I would like to mention that certain statements made during the call may be forward-looking 0:35 35 seconds in nature and could involve risk and uncertainties, including those related to the future financials and operating performance of the company. 0:46 46 seconds Further, in the event of any issues or call drops during the course of the conference call, we request your patience while we ensure the call is reconnected at the audiest. 0:57 57 seconds With that I would now like to hand the call over to Mr. Shivam Talvwar managing director for his opening remark. Thank you and over to you sir. 1:08 1 minute, 8 seconds Thank you so much. Good afternoon everyone. I hope I am audible. Yes you're audible sir. 1:16 1 minute, 16 seconds Right. Thank you everyone for joining us today. This is our uh second ever earnings call being our second year 1:24 1 minute, 24 seconds listing. Before I walk you through our H2 and FI26 performance, uh let me just share a perspective on the broader 1:31 1 minute, 31 seconds industry and the key trends are shaping the sector over the last few months. Uh as you all are aware well the global 1:39 1 minute, 39 seconds operating environment has remained volatile. Rising geopolitical tensions uh supply chain issues logistic disruptions and fluctuations in key 1:48 1 minute, 48 seconds commodity prices particularly transformer oil aluminium and copper along with the exchange rate of dollar to rupee has created uncertainty across 1:56 1 minute, 56 seconds the global transformer as well as the electrical equipment industry. Although despite these external disruptions uh 2:04 2 minutes, 4 seconds India's long-term electrical infrastructure story remains exceptionally strong. Great modernization, renewable energy buildout, the rapid expansion of data 2:12 2 minutes, 12 seconds centers driven by artificial intelligence adoption and a broader rise in the per capita electricity consumption are structural demand 2:20 2 minutes, 20 seconds drivers that we believe will sustain the transformer demand for at least next five to seven years if not more. While the external environment may create 2:28 2 minutes, 28 seconds near-time volatility, the underlying demand environment for our industry remains extremely healthy and we are well positioned to capture the demand 2:35 2 minutes, 35 seconds with the right quality of orders at the right margins with the right delivery commitments. 2:40 2 minutes, 40 seconds Since our previous learning calls, we have undergone a meaningful transformation phase of operational and strategic transformation. I'm pleased to 2:48 2 minutes, 48 seconds share that both phases of our capacity expansion which were planned post our IPO are now fully commissioned and operation in line with the timelines 2:56 2 minutes, 56 seconds committed during our previous trans interaction. With this, our transformer manufacturing capacity has increased to approximately 11,000 MBA on annual 3:05 3 minutes, 5 seconds basis. The new facility has been built with a strong focus on manufacturing excellence and long-term scalability including temperature controlled shop 3:13 3 minutes, 13 seconds floors, advanced testing infrastructure and an ESG compliant manufacturing process. 3:18 3 minutes, 18 seconds This the expansion is a significant upgrade in the quality processes capability and the technological readinesses positioning Danish power strongly for the next phase of the 3:27 3 minutes, 27 seconds growth. With the new facility, our power transformer division is also now activated. We have upgraded our capabilities to manufacture transforms 3:35 3 minutes, 35 seconds up to 100 MBA in rating and 245 KV voltage class. Prototype development and type testing processes have already 3:42 3 minutes, 42 seconds commenced and we expect formal customer qualifications progresses to happen throughout this financial year. The segment has naturally high entry 3:51 3 minutes, 51 seconds barriers including extensive testing requirements, audits, performance validation. We are well into that journey and we believe this segment will 3:58 3 minutes, 58 seconds become a meaningful contributor for our revenue in financial year 28 onwards. 4:04 4 minutes, 4 seconds Our backwood integration as well initiated through our subsey is progressing well. The sheet metal fabrication facility with a capital outlay of approximately 20 plus cr is 4:13 4 minutes, 13 seconds expected to be commissioned in the next 3 to four months. This will help us internalize a key manufacturing component that has usually been a 4:21 4 minutes, 21 seconds bottleneck for both lead time and quality consistency perspectives. The objective here is operational control and execution reliability and not only 4:30 4 minutes, 30 seconds margin enhancement which may happen over a period of time but not immediately. 4:34 4 minutes, 34 seconds Additionally, around 6 months ago, we also proactively acquired a land close to our existing facilities uh in the same industrial zone. The idea was to be 4:44 4 minutes, 44 seconds prepared for our next phase of expansion. We are not committing to a specific timeline for the next phase of expansion yet as we are evaluating carefully what and how it should be 4:53 4 minutes, 53 seconds done. But looking at the timeline, we wanted to make sure our secured land means we are ready to move quickly when the time is right. Another important 5:01 5 minutes, 1 second milestone has been strengthening our workforce with the growing company. Our we now have more than 550 people on our 5:08 5 minutes, 8 seconds direct role reflecting a conscious shift towards a more stable and a skilled employee base. 5:14 5 minutes, 14 seconds While renewables continue to remain a strong focus area for us, we are also consciously exploring multiple growth opportunities in related sectors as 5:23 5 minutes, 23 seconds well. So in terms of higher capacity and higher voltage transformers, as I mentioned, the new facility is fully ready operational and the prototypes and 5:32 5 minutes, 32 seconds type testing is in process. We have already also started supplying transformers for battery energy storage applications which is uh one of the most 5:41 5 minutes, 41 seconds upcoming most high demand growth segment we are seeing both within India and internationally as well. Next in terms 5:48 5 minutes, 48 seconds of the dry type transformers which has usually been our uh not so uh volume generator or revenue generator product line it's the demand is rising across 5:57 5 minutes, 57 seconds data centers and we are currently building capacities and certification pathways to increase this segment as well. 6:03 6 minutes, 3 seconds Further exports have been part of Danish power's journey since since a long time although postcoid our uh domestic sales 6:12 6 minutes, 12 seconds picked up at a very fast pace and hence exports weren't really contributing much. However, this year we've been having almost 8 to 9% of export revenue 6:21 6 minutes, 21 seconds which is a significant jump since the last financial year. Plus our focus remains on profitable export growth rather than a volume expansion. 6:31 6 minutes, 31 seconds Uh next our panel and automation division as well is uh which is currently contributing about 7 to 9% of our revenue. The continuous growth in 6:39 6 minutes, 39 seconds the substation automation requirements and great modernization initiatives are creating incremental opportunities in this segment as well. Coming to our 6:48 6 minutes, 48 seconds order pipeline, uh the demand momentum continues to remain healthy across segments. As of today, our confirmed order book stands at over 500 kores 6:57 6 minutes, 57 seconds compared to about 450 kores at the time of our last call. The deliveries for these orders are spread in next six to nine months. 7:04 7 minutes, 4 seconds Importantly, the order mix is becoming more diversified with contributions now emerging from battery storage, export products as well as the power transfer 7:12 7 minutes, 12 seconds facilities coming along along with our key revenue driver of inverted duty transformers. At the same time, we 7:19 7 minutes, 19 seconds continue to remain disciplined in our order selection approach, which has always been a a key focus areas for us. 7:26 7 minutes, 26 seconds A strong focus remains on execution, customer quality and sustain sustaining the profitability of the company. 7:34 7 minutes, 34 seconds Some additional uh key developments as well in the year. Uh the crystal ratings upgraded us to a minus from triple B. 7:42 7 minutes, 42 seconds That was a valuable step forward. Our IPO proceeds utilization is 100% completed now as in 31st March 2026. Uh 7:50 7 minutes, 50 seconds plus as a company we have voluntarily adopted India's financial reporting. uh this was a step to ensure uh more 7:58 7 minutes, 58 seconds efficient a more uh more systematic financial reporting going forward. 8:04 8 minutes, 4 seconds Further uh almost 90% of our revenues come from the private sector which provides stronger payment discipline, relatively better margins and faster 8:13 8 minutes, 13 seconds execution cycles thereby supporting both our profitability and the working capital efficiency. Now let me take you through the key financial highlights for uh H2 FI26. H2 and FI26. 8:25 8 minutes, 25 seconds As a reminder, as you are all were aware, our business remains structurally H2A heavy as it has been seen in the previous years. For FI26, the company 8:33 8 minutes, 33 seconds delivered a consolidated revenue of rupes 521 crores with a growth of approximately 22% on a year-on-year 8:40 8 minutes, 40 seconds basis, supported by healthy execution across our core business segments and contribution from the expanded manufacturing capacity as well. While 8:48 8 minutes, 48 seconds the phase 2 expansion benefits will be more visible in this financial year and beyond. Despite the commissioning and the ramp up costs associated with the 8:56 8 minutes, 56 seconds new facility, we've been still able to maintain a healthy beta margins of approximately 19% reflecting strong operational disciplines and a prudent 9:04 9 minutes, 4 seconds auto selection. Margin preservation as I've always mentioned remains a key strategic priority for the company. In terms of PAT profit after tax, the 9:13 9 minutes, 13 seconds company achieved approximately 69 kores of PAT with a growth of 26% on a year-on-year basis. Overall, B at Danish 9:20 9 minutes, 20 seconds Power remain well positioned to capitalize in a strong industry opportunity while continuing to maintain a disciplined approach towards growth 9:28 9 minutes, 28 seconds margins and capital efficiency. Our guidance for the ongoing financial year FI27 based on our current order 9:36 9 minutes, 36 seconds visibility the capacity ramp up and the market outlook we expect FI27 revenue to be more than 700 kores plus we remain 9:44 9 minutes, 44 seconds committed to sustaining our ITA margins which remains a key focus both IITA and PAT as well in the range IATA in the range of 19% as we've been achieving 9:53 9 minutes, 53 seconds last couple of years as we scale the power transfer business and the exports there could be some impact temporary coming in. However, on a long-term 10:02 10 minutes, 2 seconds objective, our margin improvement will remain our key focus areas. 10:07 10 minutes, 7 seconds With that, I will now hand over back to the moderator to open the session for your question and answer. 10:14 10 minutes, 14 seconds Thank you. 10:17 10 minutes, 17 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 10:24 10 minutes, 24 seconds star and one on the touchstone telephone. 10:28 10 minutes, 28 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants, you are requested to use hand clip while asking a question. 10:40 10 minutes, 40 seconds Ladies and gentlemen, we will wait for a moment while the questions. 10:49 10 minutes, 49 seconds A reminder to all, you may press star and one to ask a question. 11:01 11 minutes, 1 second We will take the first question from the line of CA Koshul Sharma from Equinox Capital Venture Private Limited. Please go ahead. 11:10 11 minutes, 10 seconds Hello. Hi sir. Very good afternoon. Am I audible? Yes, you're audible. Good afternoon. 11:16 11 minutes, 16 seconds Yeah, I just want to understand about our current capacity flight like we have expanded our capacity 11,000 MBA. So 11:24 11 minutes, 24 seconds what kind of peak potential uh can we get from out of this and what is current level and sir as you 11:33 11 minutes, 33 seconds given that our export expanded this year. So which geographies are we targeting and what kind of mix uh going 11:40 11 minutes, 40 seconds forward are we targeting and the last question on our type testing like we are expanding our capacity in higher KV 11:47 11 minutes, 47 seconds class. So uh so what kind of timelines is there to get uh the orders after the test is done? Like earlier call you were 11:55 11 minutes, 55 seconds saying that it would take around 7 to 8 months to uh do the type testing and then another one year would take to get 12:02 12 minutes, 2 seconds the order. So what is the timeline to get the order? 12:07 12 minutes, 7 seconds Right. Uh thank you uh for your question Mr. Koshel. Uh first thing you mentioned was uh the peak level or the utilization 12:15 12 minutes, 15 seconds that we are doing. So um the financial year that just ended I think uh since our capacities got expanded in a in a 12:22 12 minutes, 22 seconds two-phase manner and whenever capacity goes live uh getting revenue out of that capacity is is at least a 3 to four 12:30 12 minutes, 30 seconds month period if not more. So uh the overall capacity calculation for last year is is a little mixed. However, 12:38 12 minutes, 38 seconds still we feel we were considering our phase one expansion getting live in the middle of the year. I think we were at 12:44 12 minutes, 44 seconds roughly 80% utilization. Uh but we can't consider complete 11,000 in the previous year because the second phase came in 12:53 12 minutes, 53 seconds live only after January and therefore that revenue output will only come in this financial year. In terms of your question was on export geography. Uh so 13:02 13 minutes, 2 seconds we are targeting or we are already working in uh three or four continents where we continue to grow. Middle East, 13:10 13 minutes, 10 seconds Europe, uh Africa and Australasia. These are the four continents where we have a good hold and uh things will continue to 13:17 13 minutes, 17 seconds prosper from these areas. And uh your last bit was the type testing. Uh so yes 7 8 9 months it can definitely take once 13:26 13 minutes, 26 seconds we start manufacturing and then the process to get the testing done there after validation supplying on a trial 13:34 13 minutes, 34 seconds basis for some time. So the revenue real revenue from the higher voltage power transformers would come in in the next financial year FI28 only and uh that's 13:43 13 minutes, 43 seconds that's our expectations on that and so margin in S2 has also fallen just because of the raw material. So will 13:50 13 minutes, 50 seconds will this margin like you said 19% is in this kind of environment is it sustainable going forward? 13:59 13 minutes, 59 seconds We that's been always a focus area. uh we we do feel that this is uh something which we can sustain over a period of 14:06 14 minutes, 6 seconds time. Obviously incidents like the West Asia war and all that they do impact your planning and uh your further views. 14:13 14 minutes, 13 seconds However, still I think we are quite confident with the kind of inquiry inflow the kind of orders that we've been able to final even in last say one 14:21 14 minutes, 21 seconds two months as well while the war has been on. So we still feel that we should be able to maintain this that will remain a key focus uh while we take any order uh going forward as well. 14:33 14 minutes, 33 seconds And do you feel that there is any kind of challenges in uh in competitive and intensity in this uh IT transformer like 14:43 14 minutes, 43 seconds many of the companies are going on manufacturing. So is there any chance for decreasing the margin due to comp 14:51 14 minutes, 51 seconds competition intensity or do you think that the demand is there? 14:55 14 minutes, 55 seconds See competition will always uh come in wherever uh um other manufacturers feel there is there is some potential everyone would want to take a high of 15:04 15 minutes, 4 seconds that. So um that's something we cannot control. How we control our uh is that the customer quality the level of uh 15:12 15 minutes, 12 seconds quality product that we can offer to our clients and therefore our client can provide that has the right value is will remain our focus and has been our focus. 15:20 15 minutes, 20 seconds Fortunately our clients are very mature if price is not the only factor they go for and uh our reliability in the market 15:27 15 minutes, 27 seconds is proven enough. So I think as as a company uh be it IDP or any other product line we'll make sure that uh we 15:34 15 minutes, 34 seconds can maintain these margins that will remain the key focus area and uh therefore uh as as I've already mentioned it's not just IDT there are 15:42 15 minutes, 42 seconds other products as well we do and some are on the increase as well so thank you and what about yeah 15:51 15 minutes, 51 seconds okay thank you thank you we will take the Next question 15:58 15 minutes, 58 seconds from the line of Hazel Ratford from Philip Capital. Please go ahead. Uh hello. 16:08 16 minutes, 8 seconds Congratulations on the great set of numbers. 16:11 16 minutes, 11 seconds Thank you very uh uh primarily my question arises from the fact that you know given the current global scenario 16:18 16 minutes, 18 seconds how do we uh look at uh you know expansion in terms of uh capacity utilization you know given the 16:25 16 minutes, 25 seconds facilities and the capacity that we've installed uh both the phases and uh going ahead in terms of uh margins what 16:33 16 minutes, 33 seconds kind of impact we might you know expect from u again the raw material prices and the orders that we've already intake. 16:43 16 minutes, 43 seconds Sorry. The first question you are asking capacity utilization you mean the orders in happening? Uh yeah in terms of ramping 16:51 16 minutes, 51 seconds up how do we see that happening? Uh can we expect you know us to reach an optimal utilization in H1 itself or somewhere around H2? 17:03 17 minutes, 3 seconds See um optimum utilization or is a very uh typical word. I mean there is no optimum figure to be honest and 17:10 17 minutes, 10 seconds typically how as we've already mentioned H1 is usually much lighter than H2. So uh definitely H1 we will not be able to 17:17 17 minutes, 17 seconds reach that plus we have this uh still the war impact is ongoing where some of the other things obviously slow down. So 17:25 17 minutes, 25 seconds uh the the good utilization would probably definitely come in H2 and therefore the financial year after that as well where we feel that we will have 17:35 17 minutes, 35 seconds uh more than a peak utilization is is where our targets are. Uh in terms of margins definitely see the war is 17:41 17 minutes, 41 seconds impacting u Q1 for this year will somewhere be impacted although u as a company we do try to make sure our all 17:49 17 minutes, 49 seconds our interests are covered whenever we secure an order. We don't like to leave many things open but in this in this difficult situation a lot of uh backing 17:58 17 minutes, 58 seconds out from the suppliers also does happen and then some materials like transformer oil in particular uh has to be purchased only after a certain time which it can't 18:06 18 minutes, 6 seconds be purchased uh 6 months or four months in advance. So that will definitely impact. We are in active discussions with our clients of the existing orders 18:14 18 minutes, 14 seconds to see how we can mitigate and find a midway solution that even we are impacted to a limited point and uh the client can also take some hit on that. 18:25 18 minutes, 25 seconds Understood sir. Thank you so much. 18:31 18 minutes, 31 seconds Thank you. We will take the next question from the line of Naman Parmar from Nvesha Investments. Please go ahead. 18:39 18 minutes, 39 seconds Yeah, good afternoon sir. Thank you so much for the opportunity and congratulation on great set number. So firstly I wanted to understand on the 18:47 18 minutes, 47 seconds industry perspective specific to the best. So currently how is the whole setup is getting played out like we have 18:55 18 minutes, 55 seconds already a uh various solar uh solar grids and all getting connected and lots of IDT have already been installed right 19:03 19 minutes, 3 seconds but with the best coming in you will require additional demand for the IDT or the older one IDT can handle that load 19:11 19 minutes, 11 seconds and any new type of transformer specific for the best is required and how we are preparing particularly for the best Okay. 19:20 19 minutes, 20 seconds Well, we've been preparing uh quite from uh last I think on more than 12 to 18 months we've been in that process and uh 19:28 19 minutes, 28 seconds we have already secured and executed orders for best applications. So the best application is is slightly different than a typical IDT where it is 19:36 19 minutes, 36 seconds installed only for a uh solar plant. And uh in terms of the requirements will definitely increase best coming in especially if it is a new project there 19:45 19 minutes, 45 seconds is uh a combined way of uh applying both solar and best at the same time and the transformer requirement. But if it is an 19:52 19 minutes, 52 seconds existing project where best is being implemented, there is an additional requirement of transformers also coming in and the application or the way a best 20:00 20 minutes transformer is utilized on on that site is also slightly different from how an ID uh loadability is is maintained. So 20:07 20 minutes, 7 seconds we are well prepared already executing and uh based on what we have done so far and how we see the inquiry coming in for best we see there is a substantial potential in this segment. 20:19 20 minutes, 19 seconds Okay, understood. So, currently in our current order book, how much would be the best projects contributing? 20:28 20 minutes, 28 seconds I think uh it should be about 20 25% roughly. 20:33 20 minutes, 33 seconds Okay. 2025 and in the current order book only how much uh orders are having a price 20:40 20 minutes, 40 seconds variation clause and how much are fixed because out of this 500 plus kores what I 20:49 20 minutes, 49 seconds mentioned uh some orders have are of last six four to six weeks uh which are all on firm but if you are talking the 20:58 20 minutes, 58 seconds total makes I think again around uh around 30% of the orders should be on price variation Okay. 20% is with the price range 30%. 21:09 21 minutes, 9 seconds Oh, 30%. Okay, understood. 21:12 21 minutes, 12 seconds And also similarly like we have tab very good for the best market. So similarly on the data center like any dry type 21:19 21 minutes, 19 seconds transform that we are tapping very bigly for the data center type. So and anybody my opening remarks I 21:28 21 minutes, 28 seconds informed about that decision. We've been manufacturing dry type transformers for the last 14 years. However, it's it's been a very small revenue for us 21:37 21 minutes, 37 seconds primarily because even we had we were full with our capacity. So now with our uh some expansion coming in, we have 21:44 21 minutes, 44 seconds some space allocation for that segment as well and with the data center demand coming in. So we are actively working in that direction as to how we can um capture some part of that market. 21:56 21 minutes, 56 seconds Okay. Yeah, understood. Yeah. Thank you so much. Thank you. 22:02 22 minutes, 2 seconds Thank you. We will take the next question from the line of Jetin Parmar from Orurum Capital. Please go ahead. 22:10 22 minutes, 10 seconds Yeah. Uh good afternoon. Uh congratulations on a good set of results uh considering the situation uh currently. 22:19 22 minutes, 19 seconds Uh my my first question is basically in one of the slides you talked about backward integration. Uh uh can you 22:27 22 minutes, 27 seconds throw some more light on it? I mean I across the companies we are seeing that you know there is there is issue of uh 22:34 22 minutes, 34 seconds you know uh different uh input materials. So are we how are we trying to mitigate that and what is what is 22:41 22 minutes, 41 seconds this backward integration what will it entail? 22:45 22 minutes, 45 seconds So this backward integration one of our biggest bottlenecks is uh the sheet metal fabrication equipment such as the outer bodies and the cooling equipment that are required in the transformers. 22:56 22 minutes, 56 seconds uh we feel in terms of lead time uh usually we our supply chain falters on that and hence we falter on our client 23:04 23 minutes, 4 seconds commitments which is something which is the worst thing that probably we feel we can do. So we like to honor our commitments to our customers and uh this 23:12 23 minutes, 12 seconds is one of the uh items that is uh the longest lead time as well as quality issues as well are an issue. So we are 23:20 23 minutes, 20 seconds wanting to make sure we can do this uh within our premises within our uh uh setup itself to make sure we can control 23:27 23 minutes, 27 seconds the lead times. We can prioritize our need as in when based on specific projects and plus quality remains uh a 23:34 23 minutes, 34 seconds priority on that side that we can maintain the same level of quality that the rest of our transformer has. 23:41 23 minutes, 41 seconds Okay. So we did around 5,500 MBA in FI26, right? uh FI27 and FI28 what is it 23:50 23 minutes, 50 seconds that uh we can do or what is our projection for the next two years. So FI27 23:57 23 minutes, 57 seconds we we are expecting at least 7 to 8,000 MBA uh that's uh where we are uh targeting that we should be able to 24:06 24 minutes, 6 seconds comfortably achieve this and FI28 uh somewhere more than 10,000 MBA would be our uh expectation that we should be 24:14 24 minutes, 14 seconds able to do. Okay. And uh I can understand you know that the the margin 24:20 24 minutes, 20 seconds I think in FY25 was 21%. Uh and it went down to 19% last year maybe because of expansion and all. Now with the 24:29 24 minutes, 29 seconds expansion in place uh why uh we can't move back to our older margins or do you see uh challenges in that? 24:40 24 minutes, 40 seconds See uh in terms of uh I think even in FI25 if I remember I think it's the H2 margin 24:48 24 minutes, 48 seconds was probably what you were talking about as as the uh the 21 or the entire year 24:54 24 minutes, 54 seconds as well but uh if you really see on a on a overall basis with our power transformer segment also coming in when 25:01 25 minutes, 1 second we take a new entry in a in a particular segment there might be some cases some strategic calls we'll need to take so I feel somewhere between 19 and 20% % is 25:10 25 minutes, 10 seconds is something that is sustainable that we can continue to do in spite of this new product lines as well which come in. But 25:18 25 minutes, 18 seconds uh the objective will definitely remain if we can go back to 20 plus 21 that will definitely remain. But you know 25:25 25 minutes, 25 seconds where we are in the current phase of the world there is too much uncertainty and uh it's better that uh we we plan in the 25:32 25 minutes, 32 seconds best possible way to see if we can continue to maintain what we are doing. 25:37 25 minutes, 37 seconds If anything additional over it, it's a bonus for everyone. 25:40 25 minutes, 40 seconds Perfectly perfect. Uh yeah, I mean in these times one needs to be conservative in their uh approach also. Uh so my uh 25:50 25 minutes, 50 seconds final question is basically we we have moved to like at run rate of 8% in exports. Now I I'm sure exports must be 25:58 25 minutes, 58 seconds giving us higher margin. What are we trying to do so that you know the whole percentage can go up meaningfully uh 26:07 26 minutes, 7 seconds over the next two years like FI28 what would be the target and first so in that I would want you to answer what is the differential you get uh when you do 26:15 26 minutes, 15 seconds exports higher margin wise so differential is varies from project to project country to country uh 26:24 26 minutes, 24 seconds somewhere probably it is um up to three or 4% extra somewhere is about 1 1 to 2% extra uh some cases it also goes up to 26:32 26 minutes, 32 seconds five. So to be honest it varies and it's difficult to phase out an average figure as well because you will not always get 26:38 26 minutes, 38 seconds a four or 5% uh extra on any particular project. It might be some special cases. 26:43 26 minutes, 43 seconds So that is where it varies. U what we have done to increase our exports is definitely our capacity we were lacking. 26:50 26 minutes, 50 seconds We were always getting inquiries but we were full with what we had in orders uh with us already. So we couldn't really take much of export orders and could not 26:58 26 minutes, 58 seconds commit because the clients we are associated with are regular clients and that's how we like to do our business with we don't prefer one-time order and 27:06 27 minutes, 6 seconds then it's the end of the story. So if we have to commit to a new client in export we have to make sure that we have capacities available for them which now 27:14 27 minutes, 14 seconds we have and we have already signed some long time uh long-term framework agreements with our clients in the international segment as well. So this 27:21 27 minutes, 21 seconds year we are hopeful that at least we should be touching 15 to 20% somewhere in between that is is is our uh is our 27:28 27 minutes, 28 seconds faith in this perfect and I wish you all the best for that uh that sounds thank you 27:38 27 minutes, 38 seconds thank you we will take the next question from the line of pars data from purple one vortex ventures LLP please go ahead 27:47 27 minutes, 47 seconds yeah good afternoon sir uh thank you for this opportunity and congratulations for the strong set of results sir. Thank you. 27:55 27 minutes, 55 seconds Yeah. I just wanted to understand now we have this 11,000 you know MBA capacity and I just heard you're planning to achieve probably 10,000 MBA uh in FI28. 28:07 28 minutes, 7 seconds So that presumably is from the same existing capacity is what we are intending to take the capacity utilization higher. Yes. 28:14 28 minutes, 14 seconds Is that correct? Okay. So I mean in general sir I mean it's difficult to put a number but what kind of ballpark approx revenue range does this indicate 28:24 28 minutes, 24 seconds is greater than 10,000 MBA uh where could it lead us to I mean ballpark range I mean there's no 28:32 28 minutes, 32 seconds pinpoint number somewhere between 900 to a,000 crores okay so that out of the peak revenue for 28:39 28 minutes, 39 seconds this existing current capacity uh sir uh current capacity See once a new facility 28:48 28 minutes, 48 seconds is ready then it runs for say 6 months to one year and then see transformers is a very complicated process in terms of 28:55 28 minutes, 55 seconds manufacturing. It's not that we have one machine and it will give an output and we can calculate the capacity. There are multiple processes that are coming in. 29:02 29 minutes, 2 seconds So after 6 months 12 months of running in we find out okay there is a certain bottleneck where we can do some debottling and probably increase the 29:09 29 minutes, 9 seconds capacity a bit more. So in next 12 months that's the evaluation that happens even like in our existing facility also we were able to do some 29:18 29 minutes, 18 seconds rebottling and and increase some. So that process keeps on going on on a regular basis. 29:23 29 minutes, 23 seconds Therefore it could go definitely with the existing capacity it go could go higher as well. It's not that this is the last point but um this is 29:31 29 minutes, 31 seconds comfortable but if we can able to debottle maybe next 12 months or something it could go higher as well. 29:37 29 minutes, 37 seconds Yeah. So comfortable to at the moment guide let's say for a thousand cr kind of a revenue and then maybe there could be something more if you are able to extract more out of this 29:46 29 minutes, 46 seconds in terms of debottlenecking right okay sir and u by I mean we've got this land also I heard that so uh is there a sort 29:53 29 minutes, 53 seconds of a you know and the industry tailwind seems to be okay in terms of demand is there a timeline by which we sort of take you know a decision in terms of 30:01 30 minutes, 1 second next level of expansion and uh hopefully hopefully next three months 30:08 30 minutes, 8 seconds in next 3 months and if we do decide and it may be premature to ask that but what like I mean 30 40 50% capacity utilization or 30:17 30 minutes, 17 seconds mean expensive you know meaning yeah yeah yeah sure if we do the same setup uh with the land 30:25 30 minutes, 25 seconds that you have available we should be able to further at least increase by 80% or maybe double up as well 30:33 30 minutes, 33 seconds okay if we do decide in the next 3 months time span potentially 80% to 100% of the current capacity uh we can sort 30:42 30 minutes, 42 seconds of look to expand given the land that is available. 30:45 30 minutes, 45 seconds Yeah, the land has that potential to do uh that level of expansion but this could be a phased one again like what we did last time. 30:54 30 minutes, 54 seconds Yes, definitely. Would it be that way? 30:56 30 minutes, 56 seconds It could be phased because we want to make sure we start getting out something as soon as possible and not wait for the entire plan. So it could be in two 31:04 31 minutes, 4 seconds phases but uh based on our experience in last couple of years we would still want to continue work and and plan both 31:13 31 minutes, 13 seconds phases together only a lot of things get easier. Uh otherwise if you do it in part sometimes you you do end up uh 31:20 31 minutes, 20 seconds losing some valuable time and space of the available land. 31:24 31 minutes, 24 seconds Right. Right. And in case I mean we do reset at the end of three months typically how much time does it take? 31:28 31 minutes, 28 seconds because I think last time around it took a little bit of you know more time than we had probably anticipated I guess. 31:36 31 minutes, 36 seconds So just to taking a cue from that I mean how much time do you now anticipate? 31:41 31 minutes, 41 seconds We should be slightly better prepared this time having recently gone through that phase but still the timeline would be anywhere between 12 to 18 months uh 31:49 31 minutes, 49 seconds for it to start coming live getting output of this. So basically uh by the time this capacity utilization 31:57 31 minutes, 57 seconds comes to near about the peak this other you know expansion will be more or less ready to be utilized. 32:02 32 minutes, 2 seconds That is the idea behind uh the next three months if you've been waiting. 32:06 32 minutes, 6 seconds Understood sir. And now I also in terms of our you know export share we are targeting to reach 15 20% of our revenues this year. We are we've entered 32:15 32 minutes, 15 seconds into higher value added you know transformer segment etc. Does that mean although there are cost pressures but I mean in general does that mean that 32:23 32 minutes, 23 seconds we'll be able to bare minimum probably maintain the margins and if anything structurally probably move a little bit 32:29 32 minutes, 29 seconds higher u one or two years down the line see bare minimum will remain the focus. 32:38 32 minutes, 38 seconds uh we would not compromise uh okay we leave apart one or two orders which could be strategic cost but on a regular basis we would not compromise any 32:46 32 minutes, 46 seconds particular type of uh we would not compromise the margin to get into any particular type of transformers power 32:55 32 minutes, 55 seconds compromise yeah this just an example so we would not want to do that this is the failure we would want to maintain but yes as a company if you can get higher 33:04 33 minutes, 4 seconds it's always a bonus ever fed yeah mean I was just asking from perspective that uh now that we're getting into a higher you know uh category of you know transformer does 33:13 33 minutes, 13 seconds that offer a little bit better margin than what we do currently now see uh one thing I've always mentioned u the product type or the the type of 33:22 33 minutes, 22 seconds transformer does not determine the margin the margin is determined by the type of customer the type of value you are offering to the customer this the 33:30 33 minutes, 30 seconds the product that you are making for the customer see a distribution transformer also in certain markets will give an extremely low margin and in certain 33:38 33 minutes, 38 seconds markets will give you a very good margin. So it is not the product that distribution has lower margin or power has higher. I think that uh that myth 33:47 33 minutes, 47 seconds has to go away. I believe it's how you position yourselves, what's your product um that's that's what matters. 33:56 33 minutes, 56 seconds Understood. So this probably has nothing to do with that way the product thing. 34:00 34 minutes Yeah. I mean definitely see higher voltages will have some more level of complexities and hence it is a slightly 34:07 34 minutes, 7 seconds less populated market um less populated competitive landscape out there that complexities are definitely there but 34:14 34 minutes, 14 seconds even in a distribution transformer I'm just coming down to the lowest level as as a comparison there are certain markets where the clients are extremely 34:21 34 minutes, 21 seconds critical of what they want to buy what kind of product and can have a good level of uh um specialities requiring in 34:29 34 minutes, 29 seconds the transformer as well. So that's overall it is what the client needs what level of sophistication it requires and 34:36 34 minutes, 36 seconds how you can uh make the right product to get a good value for that. 34:41 34 minutes, 41 seconds Understood. And just final question for mine. I mean of course our capacity expansion clients do indicate some sort of a demand you know scenario out there 34:50 34 minutes, 50 seconds but I mean broadly uh with the mark of this uh you know geopolitical scenario other than that uh 34:59 34 minutes, 59 seconds how do you see the demand scenario is it fairly strong enough for the next probably let's say 3 to five years or at least up to three years 35:06 35 minutes, 6 seconds very promising um as I said that is why the next expansion is is on the card we will definitely in next three months take a decision and take it forward. 35:16 35 minutes, 16 seconds Overall the demand the inquiry inflow is is equally good even in spite of the war uh we've not seen that the demand has 35:24 35 minutes, 24 seconds pushed down or the inquiries have reduced everything is going going at fast good to hear thank you so much for your 35:31 35 minutes, 31 seconds time thank you thank you we will take the next question 35:38 35 minutes, 38 seconds from the line of yogani from analytics please go ahead uh thank you for the opportunity. 35:46 35 minutes, 46 seconds Congratulations on a good set of numbers sir. Uh sir uh yeah so s wanted to ask in comparing 35:53 35 minutes, 53 seconds your numbers with the peers what we see that interestingly we've been able to safeguard our margins while uh other players have got a hit on the margins. 36:02 36 minutes, 2 seconds So if you could just broadly uh share with us how we've been able to uh you know safeguard our margins. 36:12 36 minutes, 12 seconds See I mean what others are doing is very difficult for me to comment on. Uh what we are doing is purely u making sure uh right from the 36:21 36 minutes, 21 seconds beginning we keep on saying the the quality of order matters. Getting an order right at in the today's last two years or in today's time is not very 36:29 36 minutes, 29 seconds difficult but getting a good quality order is will remain always a bit of a challenge and we keep on making sure 36:36 36 minutes, 36 seconds that the order quality is good and by a good quality order means the right client who has the right capabilities to lift the transformer to support you in 36:45 36 minutes, 45 seconds difficult times to make sure he's paying on time. So all of that matters the execution capabilities come into play. 36:52 36 minutes, 52 seconds Our planning of making sure that u how we can make sure whatever commodity fluctuations are there we can make sure we can cover them up uh the basis as 37:01 37 minutes, 1 second much as possible. 100% is never possible but uh whatever is in our hands whatever we need to take even though in certain 37:09 37 minutes, 9 seconds cases some of the other things in our in our books might get disturbed like the inventory level might be too high at sometimes something but we have to take 37:17 37 minutes, 17 seconds certain calls at times to make sure how we can protect our margins because we feel that when uh uh see as a industry 37:25 37 minutes, 25 seconds all industries are cyclical there could be a low time as well going forward and we want to make sure our margins remain healthy enough in in these present good 37:33 37 minutes, 33 seconds times that that can keep us afloat very nicely even when the times are not good. 37:38 37 minutes, 38 seconds So the focus is out there and uh just wanting to make sure we do our work honestly and uh making sure our clients 37:46 37 minutes, 46 seconds are uh satisfied with us. I think that's all we are doing. Uh I'm sure other companies would also be doing the same thing. It's nothing uh no rocket science 37:54 37 minutes, 54 seconds that we are doing anything uh differently. 37:58 37 minutes, 58 seconds Right. Fair enough. So sir uh do you think uh this commodity prices that have gone up will uh show some impact on the 38:06 38 minutes, 6 seconds pricing and the margins going forward or you feel that uh with the kind of orders the kind of discussions you're having with your clients you'll be able to 38:14 38 minutes, 14 seconds maintain the spread or the margin uh that you have seen now with the new orders um that we have 38:21 38 minutes, 21 seconds finalized post this rise uh I think we are more or less there plus minus not much obviously the orders that were 38:29 38 minutes, 29 seconds already taken before this impact came in and those some of them as I said are farm priced orders they are having some impact uh because as I mentioned not all 38:38 38 minutes, 38 seconds all commodities or material can be uh secured at the time of securing our transfer order. So we are in active 38:44 38 minutes, 44 seconds discussions with our clients to see how they can support us. Uh contractually if we talk we are bounded. Uh we have 38:52 38 minutes, 52 seconds signed an order on a firm price. Uh and ideally we have to execute it at the price we have agreed on. But we are trying to see what can be done and 39:00 39 minutes that's where I said the client maturity the quality of clients come into play who are mature enough do understand the situation. uh if they might not support 39:08 39 minutes, 8 seconds in this order they might support me in the next order but something or the other would happen and uh this Q1 orders would be uh a bit under uh more pressure 39:17 39 minutes, 17 seconds but uh we are finding our ways to see how we can see what where we can cut down our cost where we can see that u 39:25 39 minutes, 25 seconds this impact is as minimum as possible but uh only next two three months will tell how soon this war can end or it 39:33 39 minutes, 33 seconds doesn't end let's see we'll know in next two or three months Right. So if I understand right, I think 39:40 39 minutes, 40 seconds what you're trying to say is that maybe few older orders which will now hit the uh P&L might see some margin pressure. 39:48 39 minutes, 48 seconds So maybe next quarter could be a little lower but then uh as the new orders kick in uh the margins will uh will be 39:55 39 minutes, 55 seconds new orders are already on the right the older one can can definitely give an impact. 40:02 40 minutes, 2 seconds And broadly do you have in mind how much kind of impact can it have? Will it be one or two% kind of impact or it could be even more? 40:11 40 minutes, 11 seconds Difficult to answer now because right now we are waiting and to see how and when this war will end and by when the 40:19 40 minutes, 19 seconds pricing impact would would gradually come down. It will not happen that today war ends and tomorrow the pricing will be back to normal and it may be possible 40:27 40 minutes, 27 seconds then that not all raw material also get back to normal but certain prices where we have seen an abnormal rise in like in transformer oil there isn't 100% plus 40:35 40 minutes, 35 seconds rise and hopefully with the war ending and next two or three months we might see some uh it might go back to uh 40:42 40 minutes, 42 seconds levels where it was or maybe maybe 10 or 15% rise not not the 100%. So we have also slowed down in in this month uh 40:51 40 minutes, 51 seconds April and May even our clients have we've come to a a conclusion with some of our clients okay if they have time let us wait let us wait for things to 40:58 40 minutes, 58 seconds normalize so giving a number right now would be very difficult uh maybe the next call we should be having some some answers on that 41:07 41 minutes, 7 seconds right and uh just one last question if I can squeeze in uh and pardon me if uh this was asked before I got dropped in 41:14 41 minutes, 14 seconds between so any guidance that you can share on the volume growth for FI27. 41:20 41 minutes, 20 seconds So FI27 volume wise we we mentioned rough somewhere between 7 to 8,000 MVA we should be able to achieve. 41:28 41 minutes, 28 seconds Okay, got it. Thank you. 41:31 41 minutes, 31 seconds That's it from my side. I will get back in the queue. Thank you. Thank you. 41:36 41 minutes, 36 seconds Thank you. We will take the next question from the line of Mandra from Invesco. Please go ahead. 41:43 41 minutes, 43 seconds Um thank you for the opportunity. Uh if you could help me with what proportion of FY27 revenue visibility supported by 41:52 41 minutes, 52 seconds your current executable out order book by our current executable order book you 41:59 41 minutes, 59 seconds mean 500 crores of orders that we have out of that you are asking yeah yeah so that 500 cr plus most of it I think 42:07 42 minutes, 7 seconds almost 90% of it is supposed to be executed in next 6 to9 months so out of that 90% will definitely be executed in this financial 42:16 42 minutes, 16 seconds There could be 10% contract where anyhow we keep that buffer always because some projects sometimes get delayed for some 42:23 42 minutes, 23 seconds of the other reason. Some one of them which we recently secured is a longer period contract but 90% would be executed in this financial year. 42:30 42 minutes, 30 seconds Uh got it sir. And secondly how do you plan to mitigate your potential order losses from your worry uh which is the 42:39 42 minutes, 39 seconds recent competitor acquisition. So are you witnessing any demand softness in the 132 KV segment? 42:49 42 minutes, 49 seconds I'm sorry I guess there are two questions you were asking. Uh V question you are asking and then 132 KV. 42:54 42 minutes, 54 seconds Uh uh are you witnessing any demand softness in the 132 KV segment? 43:01 43 minutes, 1 second No. So 132 and 220 is new for us and uh whatever since we have announced that we have we we are ready our capacities are 43:09 43 minutes, 9 seconds live there is a huge inflow of inquiries uh I really can't compare uh this to a previous time because that time we were 43:17 43 minutes, 17 seconds not really ready with this kind of facility for higher voltages but uh we are getting a very good inquiry volume and uh hopefully some good closure will also happen. 43:27 43 minutes, 27 seconds Got it sir. And how do you plan to mitigate the potential order losses from worry? 43:34 43 minutes, 34 seconds No, so it's been a while. We um we were always prepared uh although most of our orders come from our repeat clients. That's how we like to do our business. 43:42 43 minutes, 42 seconds But uh already we have added two or three new clients and have already secured big uh orders from them as well and executed as well. So um we we are 43:52 43 minutes, 52 seconds not facing any challenge whatsoever with regard to any inquiry loss or order loss because of the uh v entry into transformers. 44:00 44 minutes Oh got it. Got it. That was really helpful. Thank you. Thank you ma. Thank you. 44:06 44 minutes, 6 seconds Thank you. We will take the next question from the line of dire from Alpha Squared. Please go ahead. 44:15 44 minutes, 15 seconds Uh am I audible? 44:18 44 minutes, 18 seconds Yes. G you're a yeah sir thanks a lot for the opportunity I just wanted to uh understand what is the uh beyond this 44:26 44 minutes, 26 seconds IDT I'm I'm new to this company so I just wanted to understand where are the what are the new areas companies working 44:33 44 minutes, 33 seconds on and uh what are they how how I mean what is the kind of product cycle we are at did we test out those products and uh 44:41 44 minutes, 41 seconds and how is the traction in the market today so um beyond on IDT is I mean uh I would 44:50 44 minutes, 50 seconds say unfortunately or fortunately whatever you want to call it IDT has becomes none with our name but uh that's not the only thing we've been doing it's 44:59 44 minutes, 59 seconds just a matter of um our early start in IDT that we started ids back in 2011 when nobody was doing IDTS and uh 45:07 45 minutes, 7 seconds because of our long history we've been having a good performance on the field we have a large quantity of transformers installed on the field and hence we have 45:16 45 minutes, 16 seconds a large inquiry base and Automatically the renewable energy uh boom that happened in last five seven eight years has increased our volume from this 45:24 45 minutes, 24 seconds particular product segment but we've been always doing um other type of transformers as well. So distribution dry types uh small power transformers 45:32 45 minutes, 32 seconds all of them were already there and then some special application transformers as well. uh those all are all on the pipeline still continuing to grow at at 45:41 45 minutes, 41 seconds some of the other pace plus the power transport segment has come in live uh as we've already mentioned that will give the good revenue in FI28 is what we 45:50 45 minutes, 50 seconds believe and our other panel and automation division is also uh growing at a decent pace so uh we have um a few 45:58 45 minutes, 58 seconds options with us which uh are a priority to us including the ID and we'll continue to focus on all of these 46:06 46 minutes, 6 seconds Got it sir. So that's what is the transformer application which we have today. 46:13 46 minutes, 13 seconds What is the transformer application? See transformer application is same in every situation. Transformer needs to change the voltage either step it up or step it 46:20 46 minutes, 20 seconds down. I mean nine out of 10 cases a transformer where it is utilized whatever you may call it an IDT or a bus 46:27 46 minutes, 27 seconds or a power or a distribution will do the role of a stepping up or a stepping down of the power. Now an IDT or a B will 46:35 46 minutes, 35 seconds have different processes. What kind of input is coming in? What voltages are we talking about? What are the special features? So that varies but transformer 46:43 46 minutes, 43 seconds work will remain same. Transformer will only step up or step down the voltage. 46:48 46 minutes, 48 seconds Understood. But sir like what we have seen during 2011 when we actually uh you know entered into the solar and 46:55 46 minutes, 55 seconds renewable space. Do you see the same thing will also happen with BIS? I mean uh I mean do we do we I mean how do we 47:03 47 minutes, 3 seconds see the space growing in the next like four or five years? Do you think like uh we we we have to uh we need to build out 47:11 47 minutes, 11 seconds some talent here to really grow like how we have done it in the renewable space before. 47:16 47 minutes, 16 seconds Uh yes and uh we do see a lot of potential in this. Uh it's more logical not just what is coming in. We have all 47:24 47 minutes, 24 seconds seen how the renewable energy production generation is is coming at a very good pace in the country. But the whole issue 47:32 47 minutes, 32 seconds is that you don't need power just in the day, you need power at night as well. 47:35 47 minutes, 35 seconds And uh that's where the storage comes into play. Solar will only produce during the day. And uh so logically it 47:43 47 minutes, 43 seconds seems that we have to go either way either a pump storage or a battery energy storage but storage has to come in and therefore it seems there is a lot 47:52 47 minutes, 52 seconds of potential going forward. Uh fortunately uh the type of transformer has some similarity to what an IDT is 47:59 47 minutes, 59 seconds and uh we are able to making sure that we are well prepared for this and are already supplying in in this segment. So 48:07 48 minutes, 7 seconds overall we feel it it could be the next uh game changer like it had been in case of IDT. Uh there is a strong possibility. 48:17 48 minutes, 17 seconds Understood sir. And if I may ask one more question like what what is the vision of the company like how do you see yourself in the next like five seven 48:25 48 minutes, 25 seconds years or even beyond like what is the aspiration in terms of new product development or in terms of uh you know 48:33 48 minutes, 33 seconds uh capability building etc. How do you see Danish power going forward? 48:39 48 minutes, 39 seconds See uh being honest five to seven years uh with the way how dynamics are in the world nowadays um I think it's always 48:46 48 minutes, 46 seconds better to take u uh slightly smaller steps. So uh next two years where we've done our product expansion in terms of EHV as well as the capacity expansion. 48:56 48 minutes, 56 seconds Further to that we do look actively uh as we are we already mentioned in some earlier question someone answered that 49:04 49 minutes, 4 seconds what is the next level of expansion we are planning what kind of transmos will it be or we could also explore some related equipment as well on that line. 49:14 49 minutes, 14 seconds So um as a company uh the main vision is to making sure that uh we want to stay in the manufacturing space but uh we 49:22 49 minutes, 22 seconds want to diversify our product expertise but at the same time we want to make sure that whatever products we do we want to be known as amongst uh the most 49:31 49 minutes, 31 seconds reliable and good manufacturers. So we've tried to keep um our name in that segment for the kind of transformers we currently do and uh that focus will remain um forever for the company. 49:45 49 minutes, 45 seconds Thank you. Thank you. 49:50 49 minutes, 50 seconds Thank you. We will take the next follow-up question from the line of Yugash Jwani from Mal Analytics. Please go ahead. 49:58 49 minutes, 58 seconds Yeah. Uh thank you for opportunity. Once again sir uh just if you could help us understand what is the uh price increase 50:07 50 minutes, 7 seconds that we have taken uh for the transformers both in uh you know all all kinds of categories that you do if you 50:15 50 minutes, 15 seconds can share a broad figure for that the price increase uh in the new orders for the because of the commodity rise. 50:23 50 minutes, 23 seconds Yes. Yes. Yes. 50:27 50 minutes, 27 seconds So it is varying because see aluminium has increased at a different pace. 50:31 50 minutes, 31 seconds Copper has increased at a different base. The quantity volume of aluminium copper in a aluminium mound transformer or a copper wound transformer is is 50:38 50 minutes, 38 seconds different. So and since we do both types of transformer we do aluminium mount also we do copper wound also. Um and then the oil quantities also vary like 50:47 50 minutes, 47 seconds an aluminum wound will have more oil because it is a larger transformer as compared to a copper wound. So uh it is difficult to come to a figure and right 50:55 50 minutes, 55 seconds now as I said we've just started securing orders in last four to 6 weeks. 50:59 50 minutes, 59 seconds Uh those ranges are anywhere in the range from 5% to some are even going up to 15% or 18% as well. Uh so it is quite difficult to come to a figure right now. 51:11 51 minutes, 11 seconds I think once we complete this quarter or another month or so after that we will have some clarity as to what what we are able to achieve in that. 51:21 51 minutes, 21 seconds Got it. So I think this is helpful sir. 51:23 51 minutes, 23 seconds Uh and I understand the dynamics. So yeah, thank you. 51:30 51 minutes, 30 seconds Thank you very much ladies and gentlemen. We will take that as a last question. I now hand the conference back to Mr. Shivankalwar for closing comments. Thank you and over to you sir. 51:42 51 minutes, 42 seconds Well uh thank you everyone once again. 51:44 51 minutes, 44 seconds Thank you for joining the call. Thank you for keeping trust in us. uh as I mentioned as a company we are committed 51:51 51 minutes, 51 seconds to sustainable and uh good work with all possible transparency. So uh going forward uh with all your best wishes uh 51:59 51 minutes, 59 seconds we look forward uh for a good FI27 for Danish power as well. Uh thank you once again. 52:07 52 minutes, 7 seconds Thank you sir. On behalf of Danish Power Limited that concludes this conference. 52:12 52 minutes, 12 seconds Thank you all for joining with us today and you may not disconnect your