Genus Power Infrastructures Limited — Q1 FY26

Genus Power Infrastructures Ltd Q1 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=uQNoGI9yAkU Published: 9 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Genius Power Infrastructures Limited Q1 FI26 earnings conference call 0:11 11 seconds hosted by Kavirat Securities Private Limited. As a reminder, all participant lines will be in the listen only mode 0:20 20 seconds and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance 0:28 28 seconds during this conference call, please signal an operator by pressing star 10 on your Touchstone phone. Please note that this conference is being recorded. 0:41 41 seconds Please note this conference call may contain forward-looking statements about the company which are based on the 0:48 48 seconds beliefs, opinions and expectations of the company as on date of this call. 0:54 54 seconds This these statements are not the guarantees of future performance and involve risk and uncertainties that are 1:01 1 minute, 1 second difficult to predict. I now hand the conference over to Mr. Abijjit MKkesh Purohit from Kavirat Securities Private 1:10 1 minute, 10 seconds Limited. Thank you and over to you sir. 1:16 1 minute, 16 seconds Thank you. Good evening everyone. Kavira Securities welcomes you all for Q1 FY26 earnings conference call of Genus Power 1:25 1 minute, 25 seconds Infrastructures Limited. Today on the call we have with us Mr. Jendra Agarwal GI joint managing director. I now hand 1:33 1 minute, 33 seconds over the call to him for his opening remarks post which we will open the floor for Q&A. Thank you and over to you sir. 1:42 1 minute, 42 seconds Hello. Yes sir. 1:48 1 minute, 48 seconds My phone got disconnected. I just connected again. So hello. 1:55 1 minute, 55 seconds Yes sir, you're on the main call now sir. 1:58 1 minute, 58 seconds Okay. So thank you Abi. Uh good evening ladies and gentlemen. A very warm welcome to the Q1 FY26 earnings call of 2:08 2 minutes, 8 seconds Genus power infra limited. The results and press release are uploaded on the stock exchanges and company website. I 2:16 2 minutes, 16 seconds hope everybody had a chance to look at it. We have started 26 with exceptional momentum delivering another quarter of robust growth and operational progress. 2:26 2 minutes, 26 seconds The performance this quarter underscores the scalability of our business model, the strength of our execution 2:34 2 minutes, 34 seconds capabilities and the depth of opportunity within India's accelerating smart metering transformation. 2:41 2 minutes, 41 seconds Let me begin with an overview of our performance for the quarter ended 20 30th June 25. In Q1, our standalone 2:50 2 minutes, 50 seconds revenue stood at 942 cr, a sharp 128% increase over rupees 414 cr in FY25 Q1. 3:01 3 minutes, 1 second This growth was driven by accelerated execution across multiple projects, a substantial ramp up in installation 3:08 3 minutes, 8 seconds volumes and strong demand from both state utilities and private AMISPs. 3:14 3 minutes, 14 seconds A beta more than tripled yearonar to rupees 199 cr with margins improving 590 3:22 3 minutes, 22 seconds basis points to 21.2% aided by operating leverage and disciplined cost control. Profit after 3:30 3 minutes, 30 seconds tax from continuing operation surged over threefold to rupees 128 crlating into a pack margin of 13.6% 3:39 3 minutes, 39 seconds despite higher finance costs. Our total order book as of June 30th 2025 stands 3:46 3 minutes, 46 seconds at about 29,321 cr net of taxes across all SPVS and the GIC platform. These concessions span 8 3:55 3 minutes, 55 seconds to 10 years and provide long-term revenue visibility. Importantly, approximately 80% of AMISP revenue from 4:04 4 minutes, 4 seconds this order book will acrewue directly to genus power over the life cycle of these projects. This mix offers both near-term 4:12 4 minutes, 12 seconds execution scaleup and NVT like O andM income streams. 4:17 4 minutes, 17 seconds The industry backdrop remains highly favorable. India is targeting the installation of 30 to 31 cr smart meters 4:25 4 minutes, 25 seconds by financial year 203132 with only about 3 cr installed as on date and around 14 cr ordered. This 4:35 4 minutes, 35 seconds leaves a large sustained pipeline of opportunities supported by healthy tender flow from multiple states. 4:43 4 minutes, 43 seconds Based on current execution trends, we believe that the pace of installations will continue to accelerate 4:50 4 minutes, 50 seconds with some states already witnessing transformative benefits such as improved financial health of the electricity 4:57 4 minutes, 57 seconds board after largecale smart meter deployment. We acknowledge that 5:05 5 minutes, 5 seconds We acknowledge that working capital intensity remains elevated during pre-operational phases owing to upfront 5:12 5 minutes, 12 seconds investments in procurement, installation and system integration. However, as more and more projects are are going to 5:20 5 minutes, 20 seconds achieve OGL status, a critical inflection point that triggers recurring O andM revenues and faster cash flow 5:28 5 minutes, 28 seconds conversion. This is expected to ease meaningfully. 5:34 5 minutes, 34 seconds We remain confident in delivering our FY26 guidance of over 4,000 cr in revenue and 18% a bit margin. This 5:42 5 minutes, 42 seconds reflects both the scaling up of current projects and the operational maturity of those entering the O andM phase. The 5:50 5 minutes, 50 seconds upcoming tender pipeline is also encouraging with large opportunities emerging from many states expected to translate into meaningful order inflows 5:58 5 minutes, 58 seconds over the medium term with a proven execution record, deep technological capabilities and a robust pipeline. We 6:06 6 minutes, 6 seconds are well positioned to sustain our leadership in India smart metering revolution. We thank all our stakeholders, customers, partners, 6:14 6 minutes, 14 seconds investors and employees for their unwavering trust and support. We look forward to building on this momentum in subsequent quarters and beyond. We can now open the line for Q&A. 6:27 6 minutes, 27 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 6:36 6 minutes, 36 seconds star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you 6:43 6 minutes, 43 seconds may press star and two. Participants are requested to use handsets while asking a question. 6:52 6 minutes, 52 seconds Ladies and gentlemen, we will wait for a moment while the question cue assembles. 7:01 7 minutes, 1 second The first question is from the line of Jinam Jen from ICICI security. Please go ahead. 7:08 7 minutes, 8 seconds Uh thank you for the opportunity. Uh congratulation on a great show of numbers. So my first question is uh what were the total number of smart meters we 7:16 7 minutes, 16 seconds have installed in Q1 genus power? Yes. 7:23 7 minutes, 23 seconds Yeah. We have installed around 16 lakh smart meters in Q1. 7:28 7 minutes, 28 seconds What is the total cumulative installation we have done uh till date against the total order we have received? 7:35 7 minutes, 35 seconds I mean we have total order. Yeah. 7:37 7 minutes, 37 seconds Yeah. So they uh the total order is around 3.5 cr smart meters out of the 7:44 7 minutes, 44 seconds 3.5 cr smart meters we have instal as on date I'm talking of uh so this is April 7:51 7 minutes, 51 seconds May June I have to my conclusion always rise I'm sitting in August but I have to say the numbers of what we did in the 7:59 7 minutes, 59 seconds quarter one any anything would be so of uh quarter one and the Last 8:08 8 minutes, 8 seconds financial year we have installed at an approximate of 45 lakh smart meters. 8:15 8 minutes, 15 seconds 45 lakhs. So there are still 3.5 K smart meter pending orders are pending to be installed. Right? 8:24 8 minutes, 24 seconds Can you repeat? 8:26 8 minutes, 26 seconds Uh so as of now there are roughly three K smart me orders which are yet to be installed right. Okay. So what is the target? So sir what is the target for installation in F26 and F27? 8:38 8 minutes, 38 seconds What is the target for uh installation of smart meters in FI26 and FI27? 8:47 8 minutes, 47 seconds Next financial year uh both financial year in this and in the next fiscal so this financial year our target is to 8:55 8 minutes, 55 seconds install around 80 to 90 lakh smart meters. Okay. 9:02 9 minutes, 2 seconds And financial year we'll we'll do around uh 1.2 to 1.1 to 1.2 cr me mters. 9:10 9 minutes, 10 seconds Okay sir. Sir the last question is can you tell us the total number of meters with operational go live status? 9:18 9 minutes, 18 seconds Total number of meters is operational go live status. Yeah. As on date as on date around 9:26 9 minutes, 26 seconds I have to just uh just give me one second around around 21 lakh m operation. 9:36 9 minutes, 36 seconds Okay sir that answers my question. Thank you so much and thank you sir. Now 9:42 9 minutes, 42 seconds I just want to uh clarify one thing to Mr. Jan. When I say 21 lakh meters are operational right this is the meters where we have received the payments 9:51 9 minutes, 51 seconds there are more meters which are already OGL but till we receive the payments the first installment from the electricity board at genus we don't call them ogl 10:01 10 minutes, 1 second though for the port perspective it is already ogl just want to clarify Mr. Yeah. 10:10 10 minutes, 10 seconds Okay sir. Thank you sir. The next question is from the line of Adita from Access Securities. Please go ahead. 10:20 10 minutes, 20 seconds Yeah. Thanks for the opportunity and congrats sir for the great set of numbers sir. As you described uh by FI32 10:27 10 minutes, 27 seconds we are means uh almost 30 to 31 cr smart meters are expected to be installed and 10:34 10 minutes, 34 seconds out of that 14.3 cr smart meters are awarded. So for the remaining 16 core smart meters yet to be awarded what will 10:43 10 minutes, 43 seconds be the total addressable market value in terms of value and what will be our share with that. 10:50 10 minutes, 50 seconds So we will definitely try to maintain our market share. So it is very difficult to say out of the remaining 16 crores how 11:00 11 minutes much we will win. But uh what we have to understand two things here is key this is the addressable market and you can 11:07 11 minutes, 7 seconds take an average of around 8,000 uh rupees per point. So that is the total size of the addressable market and when 11:15 11 minutes, 15 seconds we say by 2020 by 2031 16 cr more meters will be installed. There are lot of new service connections also part of it. 11:25 11 minutes, 25 seconds Okay. And currently what is our market shares or any ballpark? Uh so we have been maintaining around uh 25 11:34 11 minutes, 34 seconds to 30% market share and we continue to we continue to maintain that. 11:41 11 minutes, 41 seconds Understood. And just related to that sir in the last call uh you mentioned that the total tender pipeline amount is 11:48 11 minutes, 48 seconds rupes 27,300 crores which is open and expected to be quoted in the next 3 to four months. So any update on that figure? 11:58 11 minutes, 58 seconds So yes the the 3 cr me m t t t t t t t t t t t t t t t t t t t t t tender of Tamin Nadu is already quoted which we expect to get decided in next 3 to four 12:06 12 minutes, 6 seconds months. So and remaining uh 55 lakh tenders which are which is from to from 12:14 12 minutes, 14 seconds Delhi and that we expect to uh to be quoted in this month. 12:21 12 minutes, 21 seconds Understood sir. And last question sir uh any any figures on working capital in terms of number of days uh inventory and 12:28 12 minutes, 28 seconds receivable days for this. 12:31 12 minutes, 31 seconds So in terms of so if you'll see in Q1 if you say the data days of Gina if you compare the inventory days from last 12:39 12 minutes, 39 seconds financial year and the data days from last financial year it has it has already started coming down considerably. So if you'll see last year 12:47 12 minutes, 47 seconds we were hovering around anywhere from 195 to 205 days. Now we are hovering anywhere from 120 to 130 days in the 12:55 12 minutes, 55 seconds data days. Same way in inventory we were hovering around anywhere from 170 to 180 days in the last financial year which 13:02 13 minutes, 2 seconds has already come to 160 to 165 days in the current year. So we'll continuously see improvement in the working capital cycle and the data days. 13:13 13 minutes, 13 seconds Underscore sir. Thanks a lot. I I'll get back in the queue. Thank you. Thank you, sir. 13:20 13 minutes, 20 seconds The next question is from the line of Franjil Mukija from Growsper Ventures LLP. Please go ahead. 13:30 13 minutes, 30 seconds Growth Spear. Hello. Yes sir. Please go ahead. Hi sir. Uh am I audible? 13:38 13 minutes, 38 seconds Yeah. Yeah, please. 13:39 13 minutes, 39 seconds Yes sir. So thank you for giving me this opportunity and so congratulation on the brilliant set of numbers. Uh sir I have 13:46 13 minutes, 46 seconds two questions. Uh one is on the uh on the Tamil Nadu tender that has just recently come out. It's a three cr tender. So sir I just wanted to 13:54 13 minutes, 54 seconds understand like the process uh uh that we have to go through for for applying in this tender and generally like what are the like the uh the qualifications 14:04 14 minutes, 4 seconds that the uh qualifications that that are being asked in the tender. Can you just like give a little details on the tender and the process of applying this tender? 14:13 14 minutes, 13 seconds The qualifications I don't remember hands on the but genus qualifies. So we have quoted all six projects uh six 14:20 14 minutes, 20 seconds packages of Tamil Nadu. So we have we qualify in all six packages the process is key once you bid that 14:28 14 minutes, 28 seconds tender there will be a evaluation done by the electricity board. So there are multiple people who projects who quote 14:35 14 minutes, 35 seconds for multiple projects. So there will be they will take according to me at least two to three months in evaluating all the bids. If there's any confusions or 14:44 14 minutes, 44 seconds if there's any doubts there will be some correspondence between the electricity board and the bidder. And then finally 14:50 14 minutes, 50 seconds electricity boards uh uh declares these are the qualified companies and once the 14:58 14 minutes, 58 seconds qualified companies declared package wise they will they open the price bit and after the opening of the private they go for the reverse auction and when 15:07 15 minutes, 7 seconds the uh after the reverse auction L1 L2 is decided. So this is generally the process and this is the process in Tamil Nadu. 15:16 15 minutes, 16 seconds Okay. And sir, how many players uh will cater to this demand of three kometers? 15:20 15 minutes, 20 seconds Like uh is it going to be one person or like there there are multiple companies who 15:27 15 minutes, 27 seconds are quoted and there is no restriction even a single party can take two projects or three projects. So there's 15:34 15 minutes, 34 seconds no restrictions on the electricity boot if you qualify. 15:38 15 minutes, 38 seconds This is a uh given that this is a slightly larger order. I think the large one of the largest orders from India right in India right now. So just wanted 15:46 15 minutes, 46 seconds to understand like is there some some sort of like pre uh like conditions or requirements for for someone to bid in an order like this. 15:54 15 minutes, 54 seconds Yes, there are preconditions. So that is why there are companies who have quoted only one project. There are companies who have quoted two projects. There are companies who have quoted all six 16:03 16 minutes, 3 seconds projects and there may be many qualification criteria for such large projects. 16:13 16 minutes, 13 seconds Okay. And so the second question that I had was uh I mean given that uh H1 is generally a slightly slower relative to 16:22 16 minutes, 22 seconds the H2 in in terms of execution. So uh do you see any challenges there on ground happening because of rains or you 16:30 16 minutes, 30 seconds know shortage of uh like people who would assemble all of these meters for us on ground any chances? 16:36 16 minutes, 36 seconds Yeah yeah you're absolutely right generally quarter one and quarter two are relatively slow because of the summer time because of the rains and you get less shutdown uh from the customers. 16:48 16 minutes, 48 seconds So these these are practical challenges which is being faced. So generally quarter 1, quarter two is relatively 16:55 16 minutes, 55 seconds little slower than quarter three and quarter four right but incrementally we we we see 17:03 17 minutes, 3 seconds quarter and quartarter improvement in terms of installation and and on the production side as well. Yeah I expect that to happen. 17:12 17 minutes, 12 seconds All right sir and sir one small request sir I think we discussed this when we visited the plant as well but whenever possible sir please we'd love to visit 17:20 17 minutes, 20 seconds the Harido facility as well please you're most welcome talk to SG and they will organize it 17:29 17 minutes, 29 seconds sure sir thank you and uh sir congratulations once again on the good numbers and good luck sir thank you 17:36 17 minutes, 36 seconds thank you sir the next question is from the line of mah Mahesh Patil from ICICI securities please go ahead. 17:46 17 minutes, 46 seconds Yeah. Hi sir. Uh sir u couple of clarifications. Uh so Tamil Nadu you said you have applied for all six projects right? 17:55 17 minutes, 55 seconds Mhm. 17:57 17 minutes, 57 seconds Okay. And another one was the number of meters installed. You said 45 lakhs. 45 lakh is as of Q1 or is it as of today? 18:08 18 minutes, 8 seconds 45 lakh as of Q1. 18:11 18 minutes, 11 seconds Okay. So 16 lakh in this quarter and quarter correct. 18:21 18 minutes, 21 seconds Okay. Uh and for my margin uh so you have guided for 18% 18:29 18 minutes, 29 seconds margin but in this quarter you have around 21. Last quarter also it was around 22%. 18:34 18 minutes, 34 seconds So um so on a full year basis you are saying 18% would be the sustainable margin going forward. Is that correct? 18:44 18 minutes, 44 seconds 18% is definitely sustainable and we should do better than okay but since given in Q1 it's on the 18:52 18 minutes, 52 seconds higher side you are still going with it guidance. 18:57 18 minutes, 57 seconds Yeah we have we are not changing the guidance. So we are confident of achieving the what we have guided here. 19:04 19 minutes, 4 seconds Okay. Okay. Okay sir. Thank you. Thank you so much. Thank you. 19:09 19 minutes, 9 seconds Thank you sir. The next question is from the line of Abilasha Satali from Quantum AMC. Please go ahead. 19:19 19 minutes, 19 seconds Uh yeah thank you for uh taking my question and congratulations for a good set of numbers. So uh basically I I have 19:26 19 minutes, 26 seconds a question on the cash flow. So in FI25 if we see uh to generate that additional seeds of around uh 1250 crores our 19:36 19 minutes, 36 seconds working capital requirement has gone up almost by 850 crores uh which is partly funded through internal approvals and 19:43 19 minutes, 43 seconds partly through debt. Uh so going forward uh how do we see this number uh when we reach that uh you know installations of 19:51 19 minutes, 51 seconds 1 1.5 crores on an annual basis and uh uh how is our balance sheet supporting 19:58 19 minutes, 58 seconds uh that kind of working capital requirement you want to answer that. 20:07 20 minutes, 7 seconds So uh basic basically uh as JK told earlier also that there is a good 20:14 20 minutes, 14 seconds improvement in the working capital cycle. So if you compare that that okay uh so going forward uh the number of 20:22 20 minutes, 22 seconds days for the working capital the dattors day will also reduce the inventories will also reduce and company is making a reasonable internal approvals and so I 20:32 20 minutes, 32 seconds think the debt will go up once once the revenue will go up but you will see a sizable improvement in the working capital cycle so that will that will be 20:39 20 minutes, 39 seconds self- sustainable with some amount of the debt adding in it. 20:45 20 minutes, 45 seconds Okay. So can you just give any directional incre directional figure in terms of you know even if you talk about 20:52 20 minutes, 52 seconds say percentage of sales because now almost like if we see it is like 50 60% of sales we require as our working 21:00 21 minutes capital requirement. So do we see this uh number going down to say 30 40% of sales? 21:08 21 minutes, 8 seconds So no right right now if you right now if you see it is not 50 60% it is even more than 50 60% of the total revenues 21:16 21 minutes, 16 seconds that is happening. Yeah. So the best level we can see will be around 40% of the sales will be required as a working capital. 21:25 21 minutes, 25 seconds So we it won't go up to a 20 30% but right now it is not uh even 50 60% even far higher than that. So there will be 21:32 21 minutes, 32 seconds almost a 20 30% improvement uh from these levels going up to a 40% levels. 21:38 21 minutes, 38 seconds uh of the revenue and what will drive this uh improvement because the so basically initial initial initial 21:45 21 minutes, 45 seconds startup takes a lot of time as Jitendra told earlier also we are in the phase of initial startups to different uh 21:53 21 minutes, 53 seconds projects and all once these all projects will be uh properly started so many of the projects have already properly started and you will see already uh a we 22:02 22 minutes, 2 seconds are seeing that there is improvement in working capital cycle from the last quarter the next quarter also you See when six months uh numbers we will provide as a balance sheet you will see 22:11 22 minutes, 11 seconds there is a good improvement from first quarter to second quarter. So every quarter as the projects will be uh well organized and running smoothly there 22:18 22 minutes, 18 seconds will be a benefit in working capital cycle and that is they will improve. 22:24 22 minutes, 24 seconds Okay. So do you have any uh targeted figure for debt uh by say FI 2627 22:31 22 minutes, 31 seconds sorry uh so internal purchase your debt uh you know borrowings target interneting. 22:40 22 minutes, 40 seconds So so uh right now basically it all depends how the working capital improves. So we we have our own targets 22:47 22 minutes, 47 seconds that by this uh number the working capital cycle will improve. But let us see for a one or two quarters more that 22:54 22 minutes, 54 seconds how it works and how it goes. Then it will be easier for us to give a target of the debt. Next quarter we will be surely giving a target that now we feel 23:02 23 minutes, 2 seconds that what we were expecting of the working capital and that is moving in the same direction and now we at that time we will be in a position to see that how our debt will also move. 23:14 23 minutes, 14 seconds Sure. Thank you. Thank you sir. 23:20 23 minutes, 20 seconds The next question is from the line of Nikil Abhank from UTIM MF. Please go ahead. 23:28 23 minutes, 28 seconds Uh thank you sir. Thanks for the opportunity sir. In the note the note number four you have mentioned that the order book is 29300 and the ader related to AMISP is 27500. 23:41 23 minutes, 41 seconds So is the difference between the two around 80 1900 or those uh third party orders that we are just supplying meters to them? 23:49 23 minutes, 49 seconds Yes, these are third party orders and the orders from the utilities which we have been doing historically all the private utilities which are our customer 23:58 23 minutes, 58 seconds and there are some utilities where who are still buying non AMI meters. So these are those orders. 24:05 24 minutes, 5 seconds A so are these recent orders I mean they have come or uh have they been on our books uh since last I mean several 24:13 24 minutes, 13 seconds quarters they have been booked in last several quarters because a lot of times the nonI orders go on till 9 months 12 months so 24:22 24 minutes, 22 seconds few are current few are 6 months back 9 months back I don't have the exact breakup but they are not very recent or immediate or 24:31 24 minutes, 31 seconds okay and obviously the margins on these projects will These uh orders will be far higher than AMISP orders our own 24:39 24 minutes, 39 seconds platform orders. Is that assumption correct? Can you repeat? 24:45 24 minutes, 45 seconds The margins on these are similar to what we execute for our own platform. 24:51 24 minutes, 51 seconds So the non AMI orders definitely the margins are little less. Historically that has been always the case. When it 24:58 24 minutes, 58 seconds comes to smart meters being supplied to our own platform onto the AMISPS the margins are almost similar. 25:07 25 minutes, 7 seconds Okay. Okay. And sir uh till date you mentioned that we have 45 lakh meters operation right they all have started uh 25:15 25 minutes, 15 seconds generating revenue for the platform Aandre. 25:19 25 minutes, 19 seconds So as I said out of 45 lakh mters which are installed 25 one lakh meters are already operation go live where we have 25:27 25 minutes, 27 seconds started receiving the O andM from the electricity board. So that has started generating the revenue from the platform 25:34 25 minutes, 34 seconds only one lakh have started 21 lakh 21 lakh okay understood uh and the share 25:41 25 minutes, 41 seconds of profit in the associates of 8.8 8 cr is largely related to the platform. There's nothing else in it. Yeah. Yeah. Absolutely. Yeah. Yeah. 25:49 25 minutes, 49 seconds Absolutely. 25:51 25 minutes, 51 seconds Okay. Sure. And sir, uh just last question. How much equity infusion have we done the platform till date? 25:58 25 minutes, 58 seconds How much equity infusion? We we were to we were supposed to do somewhere around 1,700 calls. 26:07 26 minutes, 7 seconds That that number that number we have to come back. I exactly don't remember the number but it it's It is it will be around uh it will be lesser than 100 26:16 26 minutes, 16 seconds crores till date less than 100 crores we have yeah exact number we can provide 26:23 26 minutes, 23 seconds we'll provide you exact number sure sure thank you and all the best 26:30 26 minutes, 30 seconds thank you sir the next question is from the line of Sharma from MK Global Financial Services Limited please go 26:39 26 minutes, 39 seconds ahead yeah good afternoon gentlemen and congratulations for stellar set of performance. 26:46 26 minutes, 46 seconds Uh so my just one question on the guidance uh we guided for 4,000 C of top lines for this year. So looking at the 26:54 26 minutes, 54 seconds Q1 and then Cuban as you mentioned is slightly you know where you feel where you face certain challenges is there a 27:02 27 minutes, 2 seconds probability of you know revising our guidance upwards uh for the current year and the next year as well. 27:10 27 minutes, 10 seconds So we we yeah I can ask you we will be surely doing that Ashonyi uh we are just waiting for one more quarter 27:19 27 minutes, 19 seconds to happen because second quarter normally because of rains and some things uh sometimes is not very good. 27:25 27 minutes, 25 seconds So, so we are just uh we are very hopeful that we will be doing uh the better in uh the coming quarters and 27:32 27 minutes, 32 seconds surely after once the 6 months are uh finished uh we will be revising our uh guidance for the revenue also and for the profits also. 27:42 27 minutes, 42 seconds Great. Thank you very much and all the best. Thank you. Thank you sir. 27:48 27 minutes, 48 seconds The next question is from the line of Chandar Malbani from Nisha. Please go ahead. 27:57 27 minutes, 57 seconds Hello. Yes sir. Please go ahead. 28:01 28 minutes, 1 second Uh yeah, thank you for the opportunity sir. So in our opening remarks you mentioned that 80% of the you know total order book at the uh at our platform 28:10 28 minutes, 10 seconds level close back to genet. So can you just break it up into let's say the installation phase and the on andm phase 28:17 28 minutes, 17 seconds when you are installing the meters how much of this revenue will get book and rest with which is the onm period of 8 28:24 28 minutes, 24 seconds to 10 years how much would that be so just to give you a uh to make it up 28:32 28 minutes, 32 seconds simple for everyone so around 55 to 57% of the revenue will come in the first three years that is where the 28:39 28 minutes, 39 seconds installation meter supply installation and the system integration will happen and remaining around uh 20 to 22% will happen in the O andM in a 6 to 8 years. 28:54 28 minutes, 54 seconds So if you'll break up like the total order book as on date is take a round figure of 29,000 crores out of 29,000 29:02 29 minutes, 2 seconds 2,000 is the direct business or seen as so 27,000 comes from the platform. So out of that 27,000 29:11 29 minutes, 11 seconds 88% to 85% comes as a revenue to genus out of that 55 50 55 to 58% will be in 29:21 29 minutes, 21 seconds first 3 years. So you can take a approximate figure of around uh 12,500 crores if like supply and around 4,000 29:29 29 minutes, 29 seconds crores in installation. So almost 16,000 cr revenue will come in next 3 years in supplying and installation and around 29:37 29 minutes, 37 seconds 7,000 crores remaining as in OM in uh remaining six to seven years. So this is how you can break up the whole order book. 29:47 29 minutes, 47 seconds Okay, got it sir. Then uh secondly is like what would be our offerings like if I have to understand it right we supply meters communication as well as handed 29:56 29 minutes, 56 seconds head and system and also do the installation for our platform and uh on tom we are already doing it. So is it 30:04 30 minutes, 4 seconds the right way to understand? So the right way to understand is genus is doing the complete end to end solution 30:12 30 minutes, 12 seconds providing genus meters installed by genusend system is also belongs to genus installed by genus then the data goes to 30:21 30 minutes, 21 seconds MDMS again belongs to genus installed by genus and m is also done by genus. So everything is completely the complete 30:29 30 minutes, 29 seconds gamut of the solution is also designed and developed by genus and maintained by genus. 30:36 30 minutes, 36 seconds Okay, got it sir. And sir, largely this is about a news article. I need I would need a clarification from you here. 30:42 30 minutes, 42 seconds There is a article that uh uh in our Goa project we genius was blacklisted for uh you know some technical reasons and uh 30:51 30 minutes, 51 seconds even we participated in Rajasthan tender. So any clarification on that side like what is there there's absolute 30:59 30 minutes, 59 seconds clarification on this the uh whatever uh in Goa in the website they mentioned last year these two 31:08 31 minutes, 8 seconds companies has been blacklisted by us never any notice or anything was given to Jesus almost after one and a half 31:16 31 minutes, 16 seconds months of this uh uploading them by the Goa board came to our notice immediately we went to the high court was it was 31:25 31 minutes, 25 seconds absolutely illogical and just injustified and in the first hearing high court cost that uh uploading from 31:33 31 minutes, 33 seconds the Goa government and really gave them a strong message key this is absolutely injustified and wrong. So genus was 31:41 31 minutes, 41 seconds never blacklisted logically in the past also and whatever the tender decided by Rajasthan is absolutely as 31:49 31 minutes, 49 seconds per the terms and conditions of the RDSS and terms and conditions of the electricity board. So whatever has come 31:57 31 minutes, 57 seconds in the news we are today only it came to our knowledge also which is very surprising and we have already given our 32:04 32 minutes, 4 seconds written clarification to the media and I'm pretty hopeful that media will also clarif uh will clarify this very very 32:12 32 minutes, 12 seconds soon. It is quite unfortunate that without taking our uh version without even asking us the report has come in 32:20 32 minutes, 20 seconds the media but yes we have given them the clarification. 32:25 32 minutes, 25 seconds Okay, got it sir. Thank you and all the best. Thank you. 32:29 32 minutes, 29 seconds Thank you sir. The next question is from the line of Yoshuardan Agraal from IFL 32:36 32 minutes, 36 seconds Capital Services Limited. Please go ahead. Yeah. Hi sir. Am I audible? Yes sir. 32:44 32 minutes, 44 seconds Yeah. Thank you sir. Congratulations on good number and thanks for this opportunity. Um I had a couple of question. So the first question is that 32:52 32 minutes, 52 seconds what is the risk to our supply chain in terms of whatever is happening globally. 32:57 32 minutes, 57 seconds Do we face any uncertainty in terms of sourcing our products from China? 33:05 33 minutes, 5 seconds So just to give you a heads up on that smart meters comes in category one. So smart meters is completely designed and 33:13 33 minutes, 13 seconds developed in India, manufactured in India with more than 60 65% of the value addition in happens in India. So we are 33:21 33 minutes, 21 seconds already in category one as a industry as a product. Gen is even higher than that but I want to speak about the industry. 33:29 33 minutes, 29 seconds So we are category one and there are lot of uh components which comes from Korea, China, Taiwan, US and we face no uh 33:38 33 minutes, 38 seconds absolutely no problem in the supply chain. It is absolutely smooth in the current uh state of the affairs. 33:49 33 minutes, 49 seconds Got it. And uh so in terms of manufacturing communication system and relay these two are very important parts 33:58 33 minutes, 58 seconds while making a smart. So are we sourcing it domestically or we are dependent upon other 34:04 34 minutes, 4 seconds and what is the proportion so just to continue it. So compared to earlier versus now has the increase of sourcing 34:14 34 minutes, 14 seconds from India or has it been constant our dependence upon food countries. So we are continuously building the Indian uh 34:23 34 minutes, 23 seconds supplier base and uh when it comes to relay we are importing it also and we are getting it done in India also. When 34:31 34 minutes, 31 seconds it comes to communication radio frequency communication RS Genus has designed and developed its own RF. So in 34:39 34 minutes, 39 seconds all the projects wherever we are using the RS as a communication it is genus designed and developed and uh genus make 34:47 34 minutes, 47 seconds only and when it comes to uh cellular communication cellular also the nickard 34:54 34 minutes, 54 seconds is uh designed and assembled by a and the components are as we are sourcing components for different product 35:01 35 minutes, 1 second electricity meter also from different parts of the world and the semiconductor giants like excess instruments renaissance same thing we are doing for the communication semiconductor also. 35:13 35 minutes, 13 seconds Got it. So pretty much clear on the communication part. We must just uh continue on the relay sale. You told that we are sourcing it from India as 35:21 35 minutes, 21 seconds well as importing it. So has the Indian component increased over time and if you could share the percentage what part of it we are sourcing from India. 35:30 35 minutes, 30 seconds So India is continuously growing in it. 35:33 35 minutes, 33 seconds Still the capacity has constraint in India. That is why we have to import it also. Exactly. I am not in a position to 35:40 35 minutes, 40 seconds tell you what is the percentage we source from India or we import it from outside but we we are getting it uh developed in India also. 35:52 35 minutes, 52 seconds Got it. Got it. Thank you. And so uh the point in the initial remarks you told that for FI 207 guidance that we are 36:01 36 minutes, 1 second giving 1.1 to 1.2 those routters installed that is under EMI or that includes servicing for providing smart meters to third parties as well. 36:12 36 minutes, 12 seconds So that I guess the number of meters to be installed by G. 36:19 36 minutes, 19 seconds Yes sir. Okay. So that includes the AMI speed part right not forgetting it is parties. 36:25 36 minutes, 25 seconds Got it. Got it. Thank you so much and good luck. Thank you. 36:30 36 minutes, 30 seconds Thank you sir. The next question is from the line of Daril Pandya from Fin interest capital. Please go ahead. 36:39 36 minutes, 39 seconds Hi, I'm Ari sir. Yes please. 36:42 36 minutes, 42 seconds Sir my questions is more of related to installation thing. So you know sir in cities like Mumbai and other other parts we are seeing some public push back you 36:50 36 minutes, 50 seconds know with regards to concerns and you know around installation practices uh billing and you know all these things. 36:56 36 minutes, 56 seconds Uh inside you know even in my own housing complexes the installations were halted. uh so just wanted to understand view from your side and uh how is it 37:05 37 minutes, 5 seconds beneficial for the consumers are they adequately safeguarded because you know this kind of risk are always uh there for our business and want to understand 37:13 37 minutes, 13 seconds how things are for us well just to and this I've been talking about this since long multiple times 37:22 37 minutes, 22 seconds that smart meter is not only for utilities it is for everyone a smart meter is no more a luxury it's a necessity 37:30 37 minutes, 30 seconds The way electricity consumption is going all across a smart meter is a must and the benefits to the consumer if you'll 37:38 37 minutes, 38 seconds feel there will be zero intervention of the human being. 37:42 37 minutes, 42 seconds The government is already offered three in some places even 5% rebate on the prepaid systems. There will be you will 37:50 37 minutes, 50 seconds have a complete control on the consumption of the electricity in your on your in your palm through your app. 37:57 37 minutes, 57 seconds You will get to know what is happening in your electricity consumption at home. 38:02 38 minutes, 2 seconds Plus, you get a free solar meter along with the smart meter. You don't need to practically you are getting a device 38:09 38 minutes, 9 seconds ranging anywhere from 3,000 to 4,000 rupees free of cost by the government and then it will be maintained for next 38:16 38 minutes, 16 seconds 10 years by the private company. So, you are getting something absolutely free of cost which has a solar meter inbuilt 38:23 38 minutes, 23 seconds into it. So you don't even if you do a solar installation you don't have to buy anything otherwise you will have to buy a solar meter and a net meter. So 38:31 38 minutes, 31 seconds practically you are getting a gift from the government of India free of cost plus whenever and already central 38:38 38 minutes, 38 seconds government has passed uh time of day use which is everywhere in the world is still not implemented in India. 38:45 38 minutes, 45 seconds has to happen over the period of time and the only way to do time of day use will be you need a smart meters for 38:53 38 minutes, 53 seconds that. That will be a huge advantage to every consumer where he will get time of day use he will get much cheaper 39:01 39 minutes, 1 second electricity then he's paying a standard price all across the 24 hours where the 39:07 39 minutes, 7 seconds electricity is purchased much cheaper at some times and much expensive at some times. So there are multi multi- 39:16 39 minutes, 16 seconds benefits to the consumers and there will be anything that new will come a government will we are a democratic 39:24 39 minutes, 24 seconds company country there will be some uh issues here and there but you the smart metering journey is flourishing uh very 39:33 39 minutes, 33 seconds very fast across the country you'll see every month if I talk of last month month of July which was raining very 39:41 39 minutes, 41 seconds badly all across the country it's Still to the best of my knowledge more than 3.5 million meters have been installed 39:48 39 minutes, 48 seconds across the country. 3 3.5 billion meters. So there's no stopping smart meters. 39:54 39 minutes, 54 seconds Correct. Correct. No no sir just I just asked regards to there were some outrages. So I was just concerned about the risk that that is associated with it 40:02 40 minutes, 2 seconds which is very Yeah. Yeah. 40:05 40 minutes, 5 seconds People get misguided very frankly. If I a consumer, I'm getting a gift from the government of 40:12 40 minutes, 12 seconds four 3 to 4,000 rupees device without paying a single penny from my pocket. 40:17 40 minutes, 17 seconds The latest technology with so many benefits and immediate benefit which I can see is 3 to 5% rebate on the 40:24 40 minutes, 24 seconds prepayment plus a free solar and net meters which otherwise have to buy from the market of for 1500 to 2,000 rupees 40:31 40 minutes, 31 seconds somewhere even 2500 rupees when it is in shortage. So I see only advantage to the consumer. 40:38 40 minutes, 38 seconds All right. Thank you sir. Thanks for clarifying a lot of things. Uh I wish you all the best for the next coming future. Thank you. Thank you. 40:46 40 minutes, 46 seconds Thank you sir. The next question is from the line of dash from access securityurities. Please go ahead. 40:54 40 minutes, 54 seconds Yeah. Hi sir. Uh congratulations on a good set of number. So I just had one question sir. easily just wanted to know your views and updates on the export 41:04 41 minutes, 4 seconds segment and the smart the water meters and gas meter segment. 41:10 41 minutes, 10 seconds So uh we have been uh so water meter is currently if you'll see the water meter and the gas meter so water meter 41:18 41 minutes, 18 seconds currently have a higher potential than the gas meter for the export market. 41:22 41 minutes, 22 seconds This is what our understanding currently is from last 3 years whatever work we have done in the international market and we are seeing a good momentum of 41:30 41 minutes, 30 seconds water meters in the western and the ANZ markets but the meaningful revenue will however take at least two to three years 41:38 41 minutes, 38 seconds to metalize that is where you will start seeing a very meaningful revenue which is coming to the country to the company 41:46 41 minutes, 46 seconds same way water meters have a fairly good scope in India which is also building up if you'll see 41:53 41 minutes, 53 seconds Janjiman Jal Yojina almost I think 19 cr installations to be done and 12 crores are already done. So slowly and 42:02 42 minutes, 2 seconds gradually everything has to be metered by the government. So even in domestic we see water will have a significant 42:10 42 minutes, 10 seconds future. When it comes to gas meter segment we are more focused on expanding reach of our data loggers. So uh which 42:19 42 minutes, 19 seconds can be utilized by gas utilities to extract data from the existing installed gas meters. So yes it is slowly and 42:26 42 minutes, 26 seconds gradually it will pick pace. Gas meters currently we are not seeing as a very large uh business. It will be more like 42:33 42 minutes, 33 seconds a non AMI singlephase meter in business in India. So it will have a reasonable size but it's I currently we don't see 42:42 42 minutes, 42 seconds it exploding like the electricity meters. 42:47 42 minutes, 47 seconds Understood. and color on the export for the smart meters. Any uh color on export of smart meters? 42:56 42 minutes, 56 seconds Smart meters we already for electricity smart meters we are already working in uh two three major market especially AMZ 43:05 43 minutes, 5 seconds Middle East Southeast Asia and some of the African markets we are seeing a good traction there. This financial year I 43:12 43 minutes, 12 seconds would say the uh export business revenue will go little bit up from the last financial year. It there won't be a 43:20 43 minutes, 20 seconds major uh difference in this financial year but from next financial year you will see a much meaningful revenue growth in the export business from the markets we are already working upon. 43:32 43 minutes, 32 seconds Understood sir. Okay. Thank you and all the best. Thank you. Thank you sir. 43:38 43 minutes, 38 seconds Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in 43:45 43 minutes, 45 seconds the conference, please strictly limit your question to one per participant. 43:51 43 minutes, 51 seconds The next question is from the line of Yash from Shan Patil Asset Management. Please go ahead. 44:00 44 minutes Uh thank you. Congratulations sir on the great SO number sir. I wanted to ask you with respect to ED raid like is there 44:08 44 minutes, 8 seconds any finding that could you know result in future obligation with respect to genius power specifically? 44:17 44 minutes, 17 seconds So uh after after the search uh they they uh called us for uh one inter uh 44:27 44 minutes, 27 seconds uh we we we haven't after that we haven't received anything from the department yet. So it's almost it's 44:34 44 minutes, 34 seconds almost uh 7 months has passed and we haven't received anything from the department. So if anything will be received from the department uh then 44:43 44 minutes, 43 seconds only we can say that we will we don't see there is any uh impact on the company because of that the revenue or 44:51 44 minutes, 51 seconds the sales or the ordering or anything and uh uh last seven months we haven't received anything from the department. 44:58 44 minutes, 58 seconds Okay. Means you haven't got any clarification or notification from ED. Sorry. 45:03 45 minutes, 3 seconds You haven't got any clarification or any additional information from after after the search and inquiry we from last 7 8 45:12 45 minutes, 12 seconds months we haven't received anything from the department uh regarding this. Okay. Okay sir. 45:21 45 minutes, 21 seconds Thank you. Thank you sir. 45:26 45 minutes, 26 seconds The next question is from the line of Rohit from Intelligent Capital. Please go ahead. 45:32 45 minutes, 32 seconds Yeah. Hi sir. Uh my question is regarding working capital again. Uh so I understand again because of uh we 45:41 45 minutes, 41 seconds installing the smart meters aggressively now going forward. I think uh last year you did mention that uh uh this year 45:49 45 minutes, 49 seconds guidance and the next year guidance would be more like a 20% up than uh FI26 as well. So based on you know based on the aggressive installation of those 45:57 45 minutes, 57 seconds meters is it fair to assume that uh uh you know the working capital issue would remain a bit constrained on uh at least 46:07 46 minutes, 7 seconds for the next two years or 3 years until until the O andM revenue really uh you know kicks in majorly. 46:16 46 minutes, 16 seconds No no I don't think so. So basically here you have to understand that if you see the absolute numbers the absolute numbers will surely go up because the 46:24 46 minutes, 24 seconds revenue is going up. Last year uh company has made a revenue of uh before last year it was 1 1200 crores. Last 46:31 46 minutes, 31 seconds year it was 2400 crores. This year we are uh we have given a guidance of 4,000 crores and even we feel that we have to revise the guidance also. Next year also 46:40 46 minutes, 40 seconds there will be a good uh jump in revenues also. So once the revenue is growing absolutely you will see that there in absolute numbers there is increasing of 46:49 46 minutes, 49 seconds working capital but when you see the percentage or day wise it there will be surely it will be in financial year 26 it will be better than 25 in financial 46:58 46 minutes, 58 seconds year 27 it will be better than 26 in 28 it will be better than 27 every every time the number goes up you will see in 47:06 47 minutes, 6 seconds percentage wise in absolute days wise there there is an improvement in working capital. 47:10 47 minutes, 10 seconds Got it. Got it. So uh is it set to assume that maybe by FI27 ending the cash flows will be positive cash flow 47:18 47 minutes, 18 seconds from operations at least. Sorry, which FI you are saying? Sorry. What? You are saying FYI is 26? 47:27 47 minutes, 27 seconds Yeah, FYI 27. I'm saying FY 27 ending can be. 47:30 47 minutes, 30 seconds No, we we we feel that by FY 26 itself, we will be cash flow positive. Cash flow positive. Yeah, definitely. 47:38 47 minutes, 38 seconds Oh, perfect. Perfect. That looks good. 47:40 47 minutes, 40 seconds Sir, last one question from me. I think that was uh something that was written in investment presentation. A bit clarification on the de merger aspects. 47:49 47 minutes, 49 seconds Basically what what percentage of revenue and the business of the entity that is getting demerged. Uh uh you know 47:56 47 minutes, 56 seconds that maybe a bit clarification on that what is the percentage of uh there is absolutely absolutely almost nil uh number of business or the profits 48:05 48 minutes, 5 seconds going out of this merger. These are mainly the investments that was in listed non-listed companies of the group 48:13 48 minutes, 13 seconds and uh other than group that is going out. Got it. Got it. Yeah, looks good sir. 48:20 48 minutes, 20 seconds Thank you so much sir for Thank you sir. 48:24 48 minutes, 24 seconds The next question is from the line of hersel from Titanium. Please go ahead. 48:32 48 minutes, 32 seconds Yeah, thank you for the opportunity first of all on congratulations for number. Uh so I had a question regarding u the data data days only. So like what 48:42 48 minutes, 42 seconds would be your future guidance regarding your data like is there any different practices from the industry you are following to increase the operational efficiency. 48:52 48 minutes, 52 seconds Your voice is not very clear but what I understand you are talking about the data days. Correct. 49:03 49 minutes, 3 seconds Can can can you please clarify your question? Your voice or not clear? Okay. Okay. So, am I audible now? 49:11 49 minutes, 11 seconds Yes sir. Not very well. Can you please use your handset sir? 49:17 49 minutes, 17 seconds Uh okay. Am I audible now? Yes sir. Yes. Better better. 49:22 49 minutes, 22 seconds Yes. So like what would be your future guidance regarding the day-to-day like is there any different practices you will be uh implementing from the 49:31 49 minutes, 31 seconds industry which increases your operational efficiency days as for for us we are supplying most 49:40 49 minutes, 40 seconds of the meters or most of all AMISP is being done through the platform and we we have certain certain uh agreements 49:46 49 minutes, 46 seconds with the platform uh about the data initially as I told earlier also it's the initial phase where we are starting 49:53 49 minutes, 53 seconds the projects that's why it is getting delayed in terms of inventories also and in terms of dattors day also the exact 50:01 50 minutes, 1 second proper numbers of dattors day we will be seeing another one quarter also and after second quarter as I told in earlier question also we will be in a 50:09 50 minutes, 9 seconds better position to give you a proper number where our we we we could see our data okay okay okay got it got it got it 50:19 50 minutes, 19 seconds thank you thank you for the opportunity thank you sir Sir the next question is from the line of Alo Sha from S PMS. 50:28 50 minutes, 28 seconds Please go ahead. Hello sir. Am I audible? Yes sir. Yes please. 50:37 50 minutes, 37 seconds Uh I just want to understand that uh in this current year uh are we expecting any uh fresh raise of funds through debt 50:44 50 minutes, 44 seconds or or can you guide me the debt level at the end of the year? 50:52 50 minutes, 52 seconds I I I I have answered the same thing for earlier question also that de that levels we are just working on our 51:00 51 minutes working capital that how it looks like we have our internal targets of debt and working capital. We will be more clear 51:07 51 minutes, 7 seconds after uh this quarter after quarter 2 H2 we in in the conference we will give you a proper number where we see that our 51:14 51 minutes, 14 seconds debt will lie in this financial year and how our working capital will start. Okay. Okay. Thank you. Thank you. Yeah. 51:24 51 minutes, 24 seconds Thank you, sir. The next question is from the line of Rahul Kotari from VRK Ventures. Please go ahead. 51:37 51 minutes, 37 seconds Mr. Rahul, your line is unmute. Please go ahead. 51:48 51 minutes, 48 seconds As there is no response, the next question is from the line of Prangjen Mukija from Growth Spear Ventures LLP. 51:58 51 minutes, 58 seconds Please go ahead. 52:00 52 minutes Oh, hi sir. Thank you for giving me this follow-up opportunity sir. So just one question uh could you please share some uh some data around the total capacity 52:09 52 minutes, 9 seconds of smart meters in India currently and uh do we like foresee this capacity to be sufficient to cater to the demand of 52:17 52 minutes, 17 seconds 31 radio meters? I'm only asking this because again there are new players who are trying to break into this market and 52:24 52 minutes, 24 seconds um I mean they're citing this lack of demand like the difference between demand and supply uh to be the reason why they're entering this market. Just 52:32 52 minutes, 32 seconds wanted to understand given that uh the government has also sort of uh extended the like uh deadline for this uh this 52:40 52 minutes, 40 seconds target uh is the current capacity what is the current capacity in India and will will it be sufficient to get it to the like 31 32 K meter demand. 52:49 52 minutes, 49 seconds So current capacity in terms of manufacturing of smart meters right right yeah it is more than sufficient. So current capacity is not a problem. 52:58 52 minutes, 58 seconds Rather I will suggest all the new players who want to enter into this market please do your survey before entering into the manufacturing. 53:09 53 minutes, 9 seconds Any idea on the number part of it like what will be the number approx number? 53:14 53 minutes, 14 seconds So in general what we understand from the manufacturing capability of the large player where country has a 53:22 53 minutes, 22 seconds comfortable capacity of I would say 7 to 8 cr me mters per 53:32 53 minutes, 32 seconds uh thank you sir. Thank you. This is really helpful. Thank you. Thank you sir. 53:40 53 minutes, 40 seconds Thank you ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to Mr. 53:47 53 minutes, 47 seconds Jitendra Agaral for closing comments. Over to you sir. 53:52 53 minutes, 52 seconds Thank you all for joining today's call and your continued engagement. Q1 FY26 has reinforced the strength of our 54:00 54 minutes integrated business model, our execution agility and the structural tailwinds driving India's smart metering 54:08 54 minutes, 8 seconds transformation. With over 29,000 cr order book, clear revenue visibility and projects steadily transitioning to the 54:16 54 minutes, 16 seconds operational phase, we are uniquely positioned to capitalize on this transformative national infrastructure upgrade. We remain focused on 54:25 54 minutes, 25 seconds disciplined exe execution, prudent capital allocations and delivering long-term value to all stakeholders. 54:33 54 minutes, 33 seconds Thank you once again. Thank you everybody. 54:37 54 minutes, 37 seconds Thank you sir. On behalf of Kavirat Securities Private Limited, that concludes this conference call. Thank you for joining us.