GE Power India Limited — Q4 FY26

Ge Power India Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=SfD1h6K6DrQ Published: 1 day ago

0:01 1 second Ladies and gentlemen, good day and welcome to the GE Power India Limited Q4 FI26 Investors Conference call. As a 0:10 10 seconds reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:19 19 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on 0:26 26 seconds your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Punit Bartla. Thank you and over to you sir. 0:38 38 seconds Thank you. Good morning, good evening all whosoever are there over the globe in case somebody is joining us from the other side of the world and thank you 0:47 47 seconds for joining us for the G Power India Limited Q4 and the full year FY26 earnings call. 0:54 54 seconds I would like to extend a warm welcome to our investors, analysts and all the stakeholders. 1:00 1 minute Our financial report for the quarter and the full year has been released and are available on the stock exchanges and on our website. 1:09 1 minute, 9 seconds Joining me on this call is our chief financial officer Mr. Ashish Gray who will take you through the financial performance in details after my remarks. 1:20 1 minute, 20 seconds Let me begin with a brief perspective on the business environment. 1:25 1 minute, 25 seconds India's power sector continues to be supported by structurally strong demand driven by industrial growth, urbanization and the need for reliable 1:34 1 minute, 34 seconds base load power. At the same time, customers are increasingly focused on plant availability, efficiency 1:42 1 minute, 42 seconds improvement, emission compliances, and life cycle cost optimization. 1:47 1 minute, 47 seconds This continues to create opportunity for the serviceled offerings, upgrades and the targeted performance improvement solutions. 1:56 1 minute, 56 seconds Coal based power generation remains critical for ensuring base load reliability and the grid stability even 2:04 2 minutes, 4 seconds as the renewable energy capacity continues to expand rapidly. 2:09 2 minutes, 9 seconds India's approach to energy transition is calibrated balancing sustainability goal with the energy security in the 2:17 2 minutes, 17 seconds environmental and the compliance landscape. There has been a recalibration of emission norms particularly around the flu gas 2:25 2 minutes, 25 seconds desolarization. The revised framework prioritizes the installation in the high impact area while excluding certain categories of plant thereby taking a 2:34 2 minutes, 34 seconds more practical and a phased implementation approach. 2:38 2 minutes, 38 seconds While this may impact the near-term ordering but for affordable, reliable and sustainable electricity need 2:45 2 minutes, 45 seconds such solutions would remain in the need for the upgrades perspective. 2:51 2 minutes, 51 seconds Against this backdrop, FY26 has been an year of steady operation and strategic progress for GE power India Limited. 2:59 2 minutes, 59 seconds Over the course of year, we remain focused on strengthening the company as more serviceled exe executiondriven and 3:07 3 minutes, 7 seconds financially disciplined business. Our emphasis continued to be higher margin, shorter cycle and lower working capital 3:16 3 minutes, 16 seconds intensive opportunities and selective approach to others that do not meet our return and the cash flow threshold. 3:27 3 minutes, 27 seconds This disciplined strategy has supported better business quality, improved execution consistency and the stronger cash flow visibility. 3:37 3 minutes, 37 seconds During the year, we saw encouraging momentum across our core services and upgrade portfolio, better project 3:45 3 minutes, 45 seconds selection, tighter execution and sustained cost discipline contributed to improved operating performance. 3:53 3 minutes, 53 seconds At the same time, we continue to expand our offerings across both GP power India and nonG power India installed thermal 4:01 4 minutes, 1 second basis supporting a healthy flow of service-led orders. 4:07 4 minutes, 7 seconds Core orders the backbone have risen by 32% from FY2425 with the revenue for the same period 4:15 4 minutes, 15 seconds witness 12% upside and for this year 15% above the budget for the core services. 4:22 4 minutes, 22 seconds As of March 31st 2026 our order book stood at,628 crores which remains healthy and 4:30 4 minutes, 30 seconds provides a visibility for close to two years of execution from continuing operations. 4:36 4 minutes, 36 seconds Importantly, this order book is now increasingly aligned with our strategic priorities with a higher share of serviceled margin accredited opportunities. 4:48 4 minutes, 48 seconds During FY26, we also made meaningful progress in strengthening our balance sheet. Resolution of legacy receivables 4:56 4 minutes, 56 seconds have been a key focus area and we have seen encouraging movements to the structured settlements and the improved 5:03 5 minutes, 3 seconds collection. The settlement of Bharat heavy electricals limited has significantly enhanced cash flow 5:10 5 minutes, 10 seconds visibility while the amicable closure of members with J Prakash Power Ventures Limited has reduced uncertaintities and strengthened our financial position. 5:22 5 minutes, 22 seconds This year on the portfolio front we have taken decisive steps to simplify and sharpen our business model. Following 5:29 5 minutes, 29 seconds the earlier exit from hydro and gas businesses, we are on track for the demmer of Gurapur manufacturing facility to JSW energy. 5:38 5 minutes, 38 seconds This transition marks a significant shift towards an asset light serviceled structure reducing fixed cost exposure 5:47 5 minutes, 47 seconds while ensuring continued access to manufacturing and the service capabilities through appropriate commercial arrangements. 5:55 5 minutes, 55 seconds As a result of these actions combined with disciplined cash management, our financial position has improved majorly. 6:02 6 minutes, 2 seconds Our network has strengthened and we are now operating with more efficient capital structure better aligned with the nature of our business going forward. 6:12 6 minutes, 12 seconds From a growth perspective, we have also made steady progress in diversifying our order inflows. During the year we have 6:19 6 minutes, 19 seconds expanded our presence across multiple international markets including Saudi, Turkey, Australia, UAE, Malaysia, 6:27 6 minutes, 27 seconds Indonesia and Morocco. These engagements support a service across a meaningful installed base and reinforce our 6:34 6 minutes, 34 seconds positioning as a reliable and preferred partner in thermal services and solutions. 6:40 6 minutes, 40 seconds Occasionally the year also saw several important milestones across the across the business. 6:47 6 minutes, 47 seconds In new build boiler we achieved contract closure with BHL which I just mentioned completed three PG test for the key 6:54 6 minutes, 54 seconds units and reach synchronization and the facility closure mileston across multiple projects in AQCS and FGD. We 7:02 7 minutes, 2 seconds have received seven operational acceptances and completed completion of facilities for four units. 7:08 7 minutes, 8 seconds In the services we continue to invest in capability building and deliver first time products generator referrals turbine upgrade control system 7:16 7 minutes, 16 seconds solutions. This year we have had a pleasure of receiving orders for 80 new first of its kind products which is remarkable. 7:26 7 minutes, 26 seconds Our automation and control business also secured and executed multiple others across the domestic and the international market. The team is highly 7:34 7 minutes, 34 seconds skilled in executing the projects for BCS, turbine controls, generator excitation, generator health monitoring 7:41 7 minutes, 41 seconds with various product lines like Alpha, Mark 6, etc. 7:46 7 minutes, 46 seconds Looking ahead, our priority remains clear, driving discipline execution, accelerating cash conversion and sustaining profit profitability. 7:56 7 minutes, 56 seconds We will continue to focus on strengthening our core service franchise, improving margins and maintaining financial disciplines with a 8:04 8 minutes, 4 seconds streamlined portfolio, improved profitability and order book position. 8:08 8 minutes, 8 seconds We have closed 20 2026 on a positive note and are well positioned to build on this momentum as we move forward. 8:16 8 minutes, 16 seconds We are pleased to also announce that the board has recommended dividends payout of 70% of the face value which is subject to the approval of the 8:24 8 minutes, 24 seconds shareholders of the company at the ending and annual general meeting. 8:28 8 minutes, 28 seconds Thanks for your patience and belief in us for last four years. Your company could not declare the dividend in those tough periods. 8:35 8 minutes, 35 seconds With that I will now hand it over to Ashish who will walk you through the financial performance in much more detailed details. Thank you. 8:44 8 minutes, 44 seconds Over to Ashish. Thank you Punit. 8:48 8 minutes, 48 seconds Good morning everyone. Thank you for taking time to join today's call and once again congratulations to all the investors for a strong financial 8:57 8 minutes, 57 seconds performance for the quarter and year ended March 31st 2026. 9:01 9 minutes, 1 second I would share a few insights from that context. Starting with the commercial update during the quarter your company 9:08 9 minutes, 8 seconds 600 orders were 254 crores to 285 crores in the corresponding period of the previous year. Please note 9:16 9 minutes, 16 seconds prior year figure include zero and order orders worth 52 crores but notably your company's pivot to margin and cash 9:24 9 minutes, 24 seconds accredited core services business is on the right track with orders increasing by 22% quarter over quarter from 207 crores to 253 crores. 9:35 9 minutes, 35 seconds And for the complete financial year, your company has booked orders worth 877 crores in compared to 2183 crores in the 9:44 9 minutes, 44 seconds previous financial years. There is a steep decline which is contributed by FG 9:50 9 minutes, 50 seconds EP orders of GPA and NIGRI worth 775 crores which we booked last year and 9:57 9 minutes, 57 seconds also two large complex upgrade orders of Vindraal and Banapuri worth 591 crores 10:04 10 minutes, 4 seconds again booked in the previous financial year. 10:09 10 minutes, 9 seconds But again on the core services which as Punit mentioned rightly is the backbone of the current and the future strategy of the company. 10:18 10 minutes, 18 seconds We have successfully delivered a strong year-over-year 32% growth which reflects the continued strength of our strategy 10:26 10 minutes, 26 seconds execution and market positioning in that portfolio. 10:30 10 minutes, 30 seconds As of March 31st, 2026, your company has an order backlog of 1628 crores down 10:38 10 minutes, 38 seconds from 2,662 crores 12 months back as on March 31st, 2025. This reduction is driven by the 10:46 10 minutes, 46 seconds termination of two FGD contracts of JPB93 which we declared or disclosed in the due course. 10:56 10 minutes, 56 seconds Coming to the financial performance now revenue for the quarter ended March 2026 stood at 315 crores driven by upgrade 11:06 11 minutes, 6 seconds volumes in the quarter which is up from 266 crores in the corresponding quarter last year. This marks a 19% quarter over 11:14 11 minutes, 14 seconds quarterarter increase. Revenue for the full financial year stood at 1269 crores 11:20 11 minutes, 20 seconds which is up from 147 crores. This marks an impressive 21% increase in year-over-year performance 11:28 11 minutes, 28 seconds which is driven by core services and upgrades and it grew by 14 and 24% respectively. 11:36 11 minutes, 36 seconds Profit before tax and exceptional items from continuing operations for the quarters to that 119 crores 11:44 11 minutes, 44 seconds compared to loss of 15 crores in the quarter ended 31st March 2025. This reflects the sustained efforts in 11:51 11 minutes, 51 seconds improving the operating performance across the business and transition to a healthier project and portfolio mix. The 11:59 11 minutes, 59 seconds steep quarter overquarter profitability increase is also complemented by certain one-up items like reversal of ECL 12:07 12 minutes, 7 seconds provision for BHL collection which is around 44 crores. I would also like to update our investors that pursuant to 12:15 12 minutes, 15 seconds the settlement agreement signed with BHL earlier this year, the company has successfully received 343 crores in the 12:25 12 minutes, 25 seconds financial year 2526 with receipt of the above stated amount. 12:30 12 minutes, 30 seconds All the obligation from your company in respect to the project covered under the settlement agreement stand closed and 12:38 12 minutes, 38 seconds both parties have fully released and discharged each other against any and all future claims. 12:46 12 minutes, 46 seconds Profit before tax and exceptional items from continuing operations for the full year stood at rupees 340 crores compared 12:54 12 minutes, 54 seconds to 22 crores in the previous financial year. This substantial increase also comes from operational excellence 13:01 13 minutes, 1 second excellence but at the same time complemented by certain one-off items like reverser of ECL provision for BHL 13:10 13 minutes, 10 seconds which was around 116 crores extension of time and LD settlement around 22 crores and insurance claims 13:18 13 minutes, 18 seconds from Sulapur and Sepire which was around 18 crores. There have been a certain one-off gain in the financial year which augmented the strong performance. 13:29 13 minutes, 29 seconds However, I'm happy to share that excluding the one-offs, your company delivered 11% AIA at the entity level in 13:37 13 minutes, 37 seconds the current financial year reflected solely by the operational performance. 13:42 13 minutes, 42 seconds With an with an exceptional performance in the financial year, your company has recommended an exceptional dividend of 13:50 13 minutes, 50 seconds rupees 7 per equity share which is 70% of the face value subject to approval of the shareholders at the ending AGM 13:59 13 minutes, 59 seconds which is the highest dividend recommended in the last 10 years at least of the company. 14:06 14 minutes, 6 seconds Your company took certain critical actions in this financial year such as signing of settlements with BHL and GP 14:14 14 minutes, 14 seconds plus signing of the merger transaction for Durapur with JW. These actions are decisive and reflect our commitment to 14:23 14 minutes, 23 seconds continue to reduce financial exposure, optimize operational cost and march towards sustained profitability at the 14:30 14 minutes, 30 seconds back of core services business and disciplined execution. 14:34 14 minutes, 34 seconds and the quarter over quarter profitability in this financial year is a testament to the effectiveness of this strategy. 14:42 14 minutes, 42 seconds Despite the challenges posed by the limitations on FG installations, we have managed to maintain a solid financial footing from operations. Our ability to 14:52 14 minutes, 52 seconds secure ecore orders positions as well for the year ahead. Before I open the 14:59 14 minutes, 59 seconds forum for Q&A, I humbly want to convey to you all that Jeff's management remains fully committed to drive 15:06 15 minutes, 6 seconds sustainable growth in strategic areas like core services, focusing on generating consistent profits and cash flow. 15:14 15 minutes, 14 seconds We have made a significant significant progress in our financial turnaround journey over the course of this year and the results delivered reflect the strength of our execution. 15:25 15 minutes, 25 seconds As we enter the new financial year, we remain focused on sustaining this momentum and continuing to strengthen 15:32 15 minutes, 32 seconds the business across key operating and financial parameters. 15:36 15 minutes, 36 seconds I on personal note would also like to thank all our investors for their continued support and trust that you have shown in us during the last few 15:45 15 minutes, 45 seconds years. Your trust motivates the management to drive the results and turnaround like the one we are witnessing in the company. 15:53 15 minutes, 53 seconds I enjoyed every opportunity of engaging with you all through the quarterly calls and I wish you all the very best. Thank you for joining the call once again and I now now open the forum for Q&A. 16:06 16 minutes, 6 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. 16:17 16 minutes, 17 seconds If you wish to remove yourself from the question queue, you may press star and two. 16:23 16 minutes, 23 seconds Participants, you are requested to use handsets while asking a question. 16:29 16 minutes, 29 seconds Ladies and gentlemen, we will wait for a moment while the question assembles. 16:36 16 minutes, 36 seconds A reminder to all you may press star N1 to ask a question. 16:45 16 minutes, 45 seconds We will take the first question from the line of Rahul Dani from MAPL. Please go ahead. Yeah, I'm audible. 16:53 16 minutes, 53 seconds Yes. Yes sir, you're audible. 16:55 16 minutes, 55 seconds Yeah. Good morning, sir. First of all, congrats on consistently showing such strong numbers. I'm a bit new to the company. So just some basic questions to 17:03 17 minutes, 3 seconds begin with. Uh we are seeing that all the gas turbine manufacturers are having these large orders and these turbines 17:10 17 minutes, 10 seconds also need the HRSD systems and we have mentioned about these systems a few times over the years. So if you can please share more on the same and what 17:19 17 minutes, 19 seconds do we do here exactly? I believe G used to manufacture for the same in the Djahood facility. So if you can just 17:26 17 minutes, 26 seconds give me a broad outline as to what are we doing here. 17:31 17 minutes, 31 seconds Thanks thanks Rahim for taking time and connecting onto the earnings call. uh with respect yes you are right that the 17:38 17 minutes, 38 seconds there is a sort of a sp and there is a spike of the gas gas plants in the 17:44 17 minutes, 44 seconds global arena but as per the uh as per the uh business objects for the jet 17:52 17 minutes, 52 seconds today we are not in the gas turbines first second you are asking for a followup which is on the uh tail side of 18:00 18 minutes a gas plant when you are talking of the HRSGS and others so that also belongs to as business weapil is focused only on 18:08 18 minutes, 8 seconds the team for the thermal business. So that's not it's not your company which is at this point of time working on that. 18:16 18 minutes, 16 seconds Okay. Okay. 18:19 18 minutes, 19 seconds But I believe the h systems are also used in thermal as a part of the combined cycle turbine right along with the normal steam turbine. 18:29 18 minutes, 29 seconds So uh a gas plant normally has a gas turbine if it is a combined cycle a gas turbine an HRSG and a steam. This all 18:38 18 minutes, 38 seconds entails the gas business of Ga and it is not in the objects for Jill at this point. 18:49 18 minutes, 49 seconds Got it. Got it. And if I were to ask this as to how much of the core services order book uh is executable for us in FI27. 19:00 19 minutes Ashish maybe if you can give me this number. So uh typically these are short cycle within 12 months we execute the 19:07 19 minutes, 7 seconds orders for core services portfolio. So the order in hand that you see as on say 19:14 19 minutes, 14 seconds 31st March 26 uh expect around 85% to 90% of that to be executed in67. 19:25 19 minutes, 25 seconds Got it. Got it. And uh a much broader question regarding the maintenance upgrades the cararbonization and on-site repair of coal plants. How should we 19:34 19 minutes, 34 seconds understand the overall market size or demand for that as of date considering if I look at the pay order book we have seen the last three years what kind of 19:42 19 minutes, 42 seconds uh rise they have seen for the thermal plants after the long 10 years of waiting. So as of date according to you how is this market shaping up? how big 19:50 19 minutes, 50 seconds of a demand are we seeing here annually for our sort of services and uh yes so uh Rahul I it's a it's a good 20:00 20 minutes observation which you have made and I think there is lot of focus which is coming on the thermal power stations and when you're talking of the power station 20:08 20 minutes, 8 seconds it's reliability it's the pl and it availability all becoming very very important better to the need of the economy 20:17 20 minutes, 17 seconds that means when the pls are increasing I'm putting a simple logic. It means there are doing a heavy more duties and 20:24 20 minutes, 24 seconds when they are going doing the more duties the requirement for the services business will keep on increasing. 20:31 20 minutes, 31 seconds Unfortunately, you cannot predict when going when you're going to fail. But if you have seen the you have observed the 20:40 20 minutes, 40 seconds order book position for the core for last many years. I think we have been consistently improving it out uh year 20:49 20 minutes, 49 seconds after year and this year also I think we have improved it to 32% or something like that. Uh so that's I think I hope 20:56 20 minutes, 56 seconds this uh your questions answered and you said 32% of the market share I 21:04 21 minutes, 4 seconds didn't hear you clearly 32% from the previous year growth and more or less 21:11 21 minutes, 11 seconds and the market size if you if you are talking of the market size also I think it will be about 3,500 4,000 crores as a 21:18 21 minutes, 18 seconds whole when I say as a whole it means both the jet both the jet as well as nonjet H 21:27 21 minutes, 27 seconds got ahead. Okay. Yeah, I have a few more questions but I'll get back in the queue. Thank you and congratulations again. 21:35 21 minutes, 35 seconds Thank you. We will take the next question from the line of Tushar Deepak Bhai Bhavar from Cognizance 4D. Please go ahead. 21:46 21 minutes, 46 seconds Uh good morning sir. Good morning. I have a couple question. Yeah, I have a couple questions right like you know our order backlogs have declined right 21:54 21 minutes, 54 seconds because of 200 I would say like uh 1627 22:00 22 minutes crores so when you say like you know 85% like you know we'll be clearing off in 22:07 22 minutes, 7 seconds the year so are we expecting like revenues of around 1,300 crores for the year 27 that's one question. 22:19 22 minutes, 19 seconds Yes, we can also question join. 22:27 22 minutes, 27 seconds Correct. Correct. The the other question is like you know you I see like you know that we generated like around 40 469 22:34 22 minutes, 34 seconds crores in operating cash from a continued operation but we have deployed like 450 crores as a loan to some party. 22:44 22 minutes, 44 seconds What is this loan about? can just explain it to Mr. Tushar. 22:53 22 minutes, 53 seconds Yeah. Uh Mr. Tushar, I think uh you had a followup. Maybe you can complete. You said RV. 23:03 23 minutes, 3 seconds Yeah. Yeah. I didn't get it, sir. Sorry. So, uh is are your questions complete? Shall we answer? 23:11 23 minutes, 11 seconds Yeah, sure. Or like you know one small question is Yeah. One small other question is like you know so once we exhaust this backlog like you know how 23:19 23 minutes, 19 seconds quickly we anticipate like you know for the backlog to grow and are we increasing like you know the core sector 23:27 23 minutes, 27 seconds that we have to only coal or like you know we are expanding it to other areas too sure the services to 23:36 23 minutes, 36 seconds sure sure thank you thanks for that uh so I would I would answer it one by one your first and the third question are 23:44 23 minutes, 44 seconds very interlin. I'm going to take them together and then we'll talk about the operating cash and the loan uh which you have. So uh yes the order in hand have 23:54 23 minutes, 54 seconds declined from previous year and like I said in the beginning there are uh two reasons to it. One we have terminated 24:01 24 minutes, 1 second one of the FGD contract which was worth 770 crores. So that we have terminated for reasons which we disclosed. So 24:09 24 minutes, 9 seconds that's one big driver of it. Number two, if you see the journey of the company, 24:16 24 minutes, 16 seconds we are in a project close out or a ramp down mode on the new build side while we are endeavoring to grow our core 24:23 24 minutes, 23 seconds services on the services side. That is the strategy of the company which we launched in July 2024 and that is what 24:32 24 minutes, 32 seconds we are implementing for the last two years. As a result of that at least for this year growth need mentioned 32% in 24:40 24 minutes, 40 seconds core orders in particular but also over four years the kagar is 25%. So I think that strategy is proving to be quite 24:48 24 minutes, 48 seconds effective in terms of the growth but at the same time there is new build which when I say new build I'm talking about 24:55 24 minutes, 55 seconds the green field projects or HD installation projects those are on the project closing mode meaning that it would consistently go down and down and 25:04 25 minutes, 4 seconds down and down because we are closing out those projects so you will see reduction in order in hand that's the nature of or 25:12 25 minutes, 12 seconds that's the effect that's the strategy itself What remains important is that in the portfolio where we are spending the 25:20 25 minutes, 20 seconds commercial efforts where we are going to continue our business and our future performance is at the at the back of 25:28 25 minutes, 28 seconds those that portfolio which is core services how are we doing there and I can tell you that in order in hand for 25:35 25 minutes, 35 seconds core services alone have increased by around 40% year-over-year so what is 25:42 25 minutes, 42 seconds declining is the new build orders backlog which is the steady of the company anyways but what is increasing 25:49 25 minutes, 49 seconds is the core orders backlog. So that message is important I want you to you know take away from this call. Now why 25:56 25 minutes, 56 seconds that order in hand is increasing for core is because our orders are also increasing. So your to your third point 26:04 26 minutes, 4 seconds yes we expect and we are working towards growth in core services at this point of 26:11 26 minutes, 11 seconds the time the I think there is uh punit in the previous question to Mr. 26:16 26 minutes, 16 seconds answered that there is around 4,000 crores of targeted fleet which we are working on and currently uh we have uh roughly 18% of the market share there. 26:28 26 minutes, 28 seconds Our endeavor is to grow that market share stabilize for the next year or so and then think of expanding if we have 26:36 26 minutes, 36 seconds to in other areas. So for now we remain committed on the strategy we had uh announced and we are delivering on that 26:45 26 minutes, 45 seconds one. Coming to the last point which you said about the operating cash and the loan 26:51 26 minutes, 51 seconds the 450 crores loan that you see is a loan or lending to our cash pool account 27:00 27 minutes which is any surplus cash. uh we either we have two option we we have uh taken a kind of a diversification we have 27:09 27 minutes, 9 seconds invested in FDS uh for the working capital surplus with the commercial banks and we have also 27:16 27 minutes, 16 seconds benchmarked our uh internal cash pool uh VNOVA cash pool uh uh you know entity 27:23 27 minutes, 23 seconds which is benchmarked with HSBC and we lend that money and earn interest on that which is reflected in the other 27:30 27 minutes, 30 seconds income of the financials so that is the surplus working capital cash which is lended to be used as and when we require 27:39 27 minutes, 39 seconds uh you know by the by the company. So that is the 450 crores that you see uh in the in the deployment. I hope you you have received your answers. 27:52 27 minutes, 52 seconds Yeah, maybe I do. I do. Thank you. Maybe I can onto this Mr. Kashar. uh I'll just remind you with respect to the strategy 28:00 28 minutes which we have changed or we onto which we have pivoted about a year and a half back wherein we got into our serviceled 28:07 28 minutes, 7 seconds strategy and uh we are we are we really understand that the headline for the 28:15 28 minutes, 15 seconds order intake is remaining muted but I think this is in line with the strategy which we have taken and this was taken because we always believe that the 28:23 28 minutes, 23 seconds relevant metrics at this stage for us is the earnings quality rather than the order backlog. And uh I would even uh 28:33 28 minutes, 33 seconds like to extend it that historically we have seen in the industries there are several examples which were largely focusing focusing on the EPC but 28:42 28 minutes, 42 seconds they could not translate into back into the shareholders value because of the weak margins or the longestation cycles and the uncertaintity and for that just 28:52 28 minutes, 52 seconds to remind everybody that we took a conscious call about an year year and a half back or two years back and get into 28:59 28 minutes, 59 seconds a quick short cycle highly accurative margin uh uh opportunities on which we 29:06 29 minutes, 6 seconds are working and I think we have been uh consistent on on that part so far 29:15 29 minutes, 15 seconds thank you thank you sir thank you will take the next question 29:22 29 minutes, 22 seconds from the line of milink kamar from Dalalan broadcha portfolio managers please go ahead Hi, thank you very much for taking my question. I had a couple of questions. 29:34 29 minutes, 34 seconds Uh basically wanted to understand how large is the opportunity for you in core services globally and uh while uh you 29:43 29 minutes, 43 seconds know trying for this opportunity do we get help from our parent. That was my first question. The second question was 29:51 29 minutes, 51 seconds that also wanted to understand more about uh this 450 crores being lent via 29:57 29 minutes, 57 seconds HSBC. Uh what kind of aid do we get on this and how uh safe is this type of 30:06 30 minutes, 6 seconds lending? So these were the two questions which I have. 30:09 30 minutes, 9 seconds Thank you Mr. Milland. Uh I could not take the last line when you mentioned with respect to the uh pro uh promoters. 30:16 30 minutes, 16 seconds What was that question? What was that line? So, so what I was saying was that um in your endeavor to uh basically uh 30:24 30 minutes, 24 seconds focus on core services globally uh do we get uh some kind of a help from our parent? 30:32 30 minutes, 32 seconds Okay. So, uh we are uh a part of the big janova and the jil as a legal entity has 30:41 30 minutes, 41 seconds got a mandate or a parimeter for the India region. So we are not uh for for a larger perspective we are only focuses 30:49 30 minutes, 49 seconds focused on the India perspective but then we are also focusing on 13 countries for specifically for the boilers 30:58 30 minutes, 58 seconds where in or Saudi or uh Turkey or Indonesia. 31:03 31 minutes, 3 seconds So that that gives you the first answer with respect to the uh with respect to the global or the promoters support. 31:12 31 minutes, 12 seconds Yes, we have we have got these supports uh with respect to the IPS and uh but 31:20 31 minutes, 20 seconds you you should also take a pride into this that your company within the overall global uh GNOVA uh perspective 31:28 31 minutes, 28 seconds is the only company which is working on the G as well as nonGS normally GNOVA works on GSX. So this is one of the 31:38 31 minutes, 38 seconds in the overall global perspective which we are carrying at this point. I hope that that satisfies your your 31:45 31 minutes, 45 seconds Yeah. the only only one more addition here was that when it comes to nonG uh then are we restricted to Urasia or we 31:53 31 minutes, 53 seconds can sort of service anywhere in the world. 31:56 31 minutes, 56 seconds Now when it is non G we are our parimeter remains only the India for nonG only India. Okay. Only okay got it. 32:05 32 minutes, 5 seconds Thank you. 32:06 32 minutes, 6 seconds Your second question maybe I'll hand it over to Ashish. Sure. Uh yes Mr. So your second question was to throw more light 32:14 32 minutes, 14 seconds on the 450 groups. So uh yes uh so what we have what we do and we have been 32:21 32 minutes, 21 seconds doing for ever almost is that all our working capital surplus cash we have a common 32:31 32 minutes, 31 seconds pool entity within the promoter group and we lend or we borrow. So in our in our testing times we borrowed 32:40 32 minutes, 40 seconds significant money from that pool and now when we are a cash surplus we are lending to that entity. So we have from 32:48 32 minutes, 48 seconds our shareholders we have an approval for both lending as well as borrowing from that entity and that lending and 32:55 32 minutes, 55 seconds borrowing rates are competitive and benchmarked within nationalized commercial bank. In this case, we have 33:03 33 minutes, 3 seconds benchmarked it with HSBC which is also mentioned. Uh we we kind of uh disclose it in the AGM every year. Uh the range 33:13 33 minutes, 13 seconds then your two points was one on rate and two on the safety of this lending. So the rates vary of course uh between uh 33:23 33 minutes, 23 seconds you know as the time goes as also the the the benchmark rates change but it remains in the for the year it has 33:31 33 minutes, 31 seconds remained in the range of 5.5 to 6.35% during the year and uh it it is it is 33:39 33 minutes, 39 seconds like I said if it is benchmarked we typically get.25% 25% higher typically higher than what we get in the in the 33:48 33 minutes, 48 seconds commercial banks. Uh that's what we get here. Now in terms of the safety this 33:53 33 minutes, 53 seconds these uh lending is reviewed approved by uh not just the management but by the 34:00 34 minutes board of the company and well audited by the auditors also when they come and we at our end we do a thorough financial 34:08 34 minutes, 8 seconds health check of this company uh every year. So this is uh this is also the entity where do they uh do other 34:16 34 minutes, 16 seconds businesses also the balance sheet of that company is very healthy uh the net worth and the cash position of that company is healthy so uh from a safety 34:25 34 minutes, 25 seconds standpoint uh I think it's a very healthy company and year every year we perform the financial health of the of 34:32 34 minutes, 32 seconds the entity uh we have been doing it for for decades now and uh I mean for since beginning let's say when we took for uh 34:42 34 minutes, 42 seconds and we have operational benefits of that and also financially very competitive horizon with a safe uh house when we 34:50 34 minutes, 50 seconds when we need it. So so that's what uh is the is the working or surplus cash uh positioning that we do in the company. 35:01 35 minutes, 1 second Okay. Thank you very much and all the best. Thank you. Thank you. 35:08 35 minutes, 8 seconds Thank you. We will take the next question from the line of Sanisha, an individual investor. Please go ahead. 35:16 35 minutes, 16 seconds Hello. Uh first of all, congratulations to the management uh for walking the talk and uh delivering good numbers. Uh 35:23 35 minutes, 23 seconds so I have a set of three questions if I may ask one by one. Sure. Sure. 35:29 35 minutes, 29 seconds All right. So as per what I've read about the government mandate uh regarding the FGD that any coal plant 35:37 35 minutes, 37 seconds having 250 plus gawatt capacity must install the FGD. So in that sense in terms of deculerization what scale do we 35:45 35 minutes, 45 seconds see at uh GE power uh given the fact that we have a technology backing from 35:52 35 minutes, 52 seconds the parent and if the opportunity is so what is the broad range or a ballpark range of a margin expectation in such 36:01 36 minutes, 1 second kind of orders I'll uh I'll hand it over to my commercial leader for MGD uh Roshan Singh so Hi. 36:12 36 minutes, 12 seconds Uh good morning. So uh like your question is uh what is the business uh currently as per the government mandate 36:20 36 minutes, 20 seconds on the FGD part. But uh if you see uh uh the the recent notification what government has notified last year July 36:29 36 minutes, 29 seconds uh 25 that says uh they have categorized there was already a category of uh 36:36 36 minutes, 36 seconds installation of SDDD which was category A uh and category B and category C. It was with respect to the population of 36:44 36 minutes, 44 seconds the cities. Okay. and uh going be till uh 11th of July notification it was 36:52 36 minutes, 52 seconds mandated that all three categories will be uh will have to compulsively install the FGD however post this 37:01 37 minutes, 1 second notification what has happened category C which is more than 50% of the uh 37:08 37 minutes, 8 seconds installed base that is more than uh 200 gawatt which was supposed to be uh uh 37:15 37 minutes, 15 seconds like FGD be ready uh by uh certain dates. So that was taken out. So first of all that specific segment is out. 37:24 37 minutes, 24 seconds Then the government said category A has to necessarily install which was uh like 37:31 37 minutes, 31 seconds 10% of the total install base and category B has an option. So that's how category B has an option means they have 37:39 37 minutes, 39 seconds to review the applicability then submit to the government. fine this is what we 37:46 37 minutes, 46 seconds have found and we require we don't require and if they if they go ahead for FBD 37:53 37 minutes, 53 seconds then there is not a pass through of tariff under certain condition so that's how category B portion has also come out 38:02 38 minutes, 2 seconds only category A has left and primary if we see in totality it is hardly uh 8 38:09 38 minutes, 9 seconds gawatt so far has been left which is supposed to install the FGD with respect to the notification of 11 June uh uh 38:18 38 minutes, 18 seconds 2025 and which the progress is quite slow. Uh majorly plants are from Tamil Nadu and 38:26 38 minutes, 26 seconds Maharashtra and uh one or two plants in central India. Uh am I answering? 38:33 38 minutes, 33 seconds Yeah. Yeah. Fair enough. So you you're saying that mandate effectively has uh not much of weightage in in in the business sense for us. uh unless 38:41 38 minutes, 41 seconds obviously it is being done uh proactively by the power bank itself. 38:47 38 minutes, 47 seconds Yeah. Yeah. Right. Right. So so I'll come to the uh second question. We have a net cash of 880 crores in the uh books. So I mean what are we planning? 38:56 38 minutes, 56 seconds Are we planning to use it in terms of working capital but at the same time we have moved from a high capital intensive 39:03 39 minutes, 3 seconds to a low capital intensive and high margin business is what I would understand as per the last one one and a half year talk which we are having with 39:11 39 minutes, 11 seconds the management. So what are we trying to plan with this grows? 39:16 39 minutes, 16 seconds So Sunonny I think a good observation and I was expecting this thing probably but let me be very uh uh honest and 39:24 39 minutes, 24 seconds transparent with you that company is fully aware of this situation and continue to evaluate the effective and 39:32 39 minutes, 32 seconds the efficient employment of this this growth. Our parimeter for the growth would still be towards the focus area for us. 39:44 39 minutes, 44 seconds Turn around. 39:46 39 minutes, 46 seconds Sorry to interrupt in between sir. Your voice is breaking. Is it is it audible now? Yes sir. Please proceed. Thank you. 39:55 39 minutes, 55 seconds Maybe I start with I start uh from the start. uh si I uh thanks for this this question and probably I think this is 40:03 40 minutes, 3 seconds something uh which I would like to answer and try to give you an understanding onto the onto this aspect. Right. Right. 40:10 40 minutes, 10 seconds This this cash is into our continued evaluation so that we can effectively 40:17 40 minutes, 17 seconds deploy it towards our business growth and the operational strengthening while also creating the shareholders value. 40:26 40 minutes, 26 seconds But our strategy still remains the same wherein which we have been saying for last uh many many quarters that we would 40:34 40 minutes, 34 seconds be focused on the service which is high margin short cycle and cash accurative 40:41 40 minutes, 41 seconds uh parimeter and as we develop further onto this we will keep you updated onto the development which are taking place 40:48 40 minutes, 48 seconds onto this so that we also uh share it out with you and most important for us is the share value share holders value 40:57 40 minutes, 57 seconds creation if you would like to use it to that anything you like to add to this 41:03 41 minutes, 3 seconds no I think you have answer something right so uh I'll come to the last question I could uh I mean get I could 41:12 41 minutes, 12 seconds understand that the shareholders value in terms of either in the growth of the company or in whatever way is is the focus so I'll come to my last and third 41:19 41 minutes, 19 seconds question is if I if if I were to ask you about you know G powers swap SW analysis 41:27 41 minutes, 27 seconds in terms of and more focus would be in terms of the opportunity and threats and these opportunities and threats uh let's say could be highly probable and it 41:36 41 minutes, 36 seconds could be a low probable thing but if you can define something in terms of what opportunities lack and what are the threats if maybe you know if you can 41:44 41 minutes, 44 seconds dwell on that maybe I I'll start with the uh the easier one the opportunities 41:52 41 minutes, 52 seconds we are focused on the thermal business of the installed And as you would have been seeing in the 41:59 41 minutes, 59 seconds in the whatsoever in the media etc. the demand is constantly increasing as the economy is rising. So and we are in the 42:08 42 minutes, 8 seconds part of the service the sales after sales services business. 42:14 42 minutes, 14 seconds So this is going to continuously be available to us. So I see that this is one of the uh one of the big strengths 42:22 42 minutes, 22 seconds for your company. Now coming onto the or the opportunity whatever you call it as on the threat. Yes, on the thread side 42:30 42 minutes, 30 seconds is as the as the renewable is coming in uh there could be a little bit of a slowness but at the same time let me 42:39 42 minutes, 39 seconds give you a back of the envelope calculation uh seam to even 100 gawatt of renewables you still require a 300 42:48 42 minutes, 48 seconds gawatt of the embedded energy and that embedded energy till the renewables comes in is only coming from the thermal 42:57 42 minutes, 57 seconds now at this point of a time you can like a threat but again within this threat there is an opportunity so I see it both 43:06 43 minutes, 6 seconds ways I hope uh I would have conveyed the matter all right thank you so much for patiently answering the questions you 43:14 43 minutes, 14 seconds may I mean I'm done with my questions thank you so much thank you we will take the next question 43:22 43 minutes, 22 seconds from the line of Pratik Shivastava from Nish wisdom please go ahead Uh yeah uh hello sir again thank you for 43:30 43 minutes, 30 seconds uh taking my question and again congratulations on a wonderful set of numbers. My question is on the durapur JSW demer so uh what are the specific 43:40 43 minutes, 40 seconds regulatory approvals are pending and uh what is the realistic timeline for these? 43:47 43 minutes, 47 seconds Yeah uh Mr. Shaka. So uh right now where we are in the process is that the we 43:55 43 minutes, 55 seconds have filed with NCT and in the due course there are certain approvals that are needed. Uh one there are creditors 44:04 44 minutes, 4 seconds and shareholders approval. Two, we need regulatory approvals from ADA which is 44:11 44 minutes, 11 seconds the uh real estate regulation in in Gapur which is again one of the most critical element in this. Uh so there 44:20 44 minutes, 20 seconds are certain approvals and then of course it's ultimately NCT and we also need NOC from the government uh institutions like 44:29 44 minutes, 29 seconds the tax institutions and the banks and all that. So all those are part of the procedure. The procedure 44:37 44 minutes, 37 seconds uh is is initiated after the filing of NCA filing uh the petition with NCT. The 44:44 44 minutes, 44 seconds realistic timelines uh well within 12 months is uh definitely there. The target is to close within this calendar. 44:55 44 minutes, 55 seconds Yes, that's the target. uh but uh I can say that within 12 months from you know 45:01 45 minutes, 1 second say 31st March of 26 is uh is definitely the expectation the target remains 3 months ahead of that. 45:12 45 minutes, 12 seconds Okay. And so uh what do what does how does it benefit uh GE and like minority 45:20 45 minutes, 20 seconds shareholders like do merger s I can take that uh I see I see a couple 45:28 45 minutes, 28 seconds of benefits on the company's side and when I say company I I uh you know the the shareholders are part of the company 45:37 45 minutes, 37 seconds so I take uh you know all of us together. So one uh big benefit is I 45:44 45 minutes, 44 seconds believe it gives the flexibility to our shareholders to our investors to remain invested in a large power asset of the 45:52 45 minutes, 52 seconds com of the country. Gurugapur is an asset of 660 acres. Now this is no small 45:59 45 minutes, 59 seconds land. This is no small asset. However, the the the way we have you know 46:05 46 minutes, 5 seconds transformed over the last uh you know 65 years which is the aging of this of this asset 46:13 46 minutes, 13 seconds uh we are into services business now and we are ramping down on the Google business and hence the asset was underutilized. Now this is not just 46:21 46 minutes, 21 seconds unfortunate for the company this is also unfortunate for the country that a large asset is again underutilized. Now with 46:29 46 minutes, 29 seconds this de merger it remains it it gives you an opportunity that you can choose to remain invested in the asset because 46:37 46 minutes, 37 seconds it is going and you would get you know the the uh as the entitlement ratio the shares and the in the resulting company 46:45 46 minutes, 45 seconds and also the remaining business which is Jap's course strategy back so and it would unlock value in the 46:55 46 minutes, 55 seconds shareholders wealth which also uh punit talked about in the previous response. 46:59 46 minutes, 59 seconds So I think it gives you that flexibility which is one it gives you it unlocks value for that asset because it was 47:07 47 minutes, 7 seconds underutilized. We tried to kind of uh you know we tried a few things uh to to not only fail the factory but at least be some get some level of profits there. 47:18 47 minutes, 18 seconds But we could not succeed honestly and we have seen quarter over quarter we have reported losses in that uh from that uh 47:26 47 minutes, 26 seconds factory or from that business. So it goes to a partner or it goes to a 47:32 47 minutes, 32 seconds company uh which is uh uh you know very ambitious and which is growing on that 47:39 47 minutes, 39 seconds uh and which would be effectively utilizing that factory a lot and they have shared the plans for Dura. they 47:47 47 minutes, 47 seconds have shared the employment opportunities for Durapur. So I think it is good for the country, good for the people in Durkapur and also at the same time gives 47:55 47 minutes, 55 seconds gives uh the shareholders an opportunity to remain invested or not remain invested as you feel uh you know as you 48:04 48 minutes, 4 seconds feel like uh but definitely unlock a shareholders value. From our side like from management perspective 48:11 48 minutes, 11 seconds we are able to focus on the remainder business we are able to focus and grow on the core services business and in 48:20 48 minutes, 20 seconds turn deliver better growth and in turn deliver better results operationally more importantly and then of course as a 48:27 48 minutes, 27 seconds function of operation financially. So that is the whole idea behind or that was the whole intent behind this de 48:34 48 minutes, 34 seconds merger proposal which is uh you know uh put on the table. Uh and I'm actually I 48:42 48 minutes, 42 seconds thank you for this question because it's important that our investors understand the intent of this emerges so that they 48:49 48 minutes, 49 seconds can uh vote with uh you know with the right level of information and intent when it comes to you for approval. 48:58 48 minutes, 58 seconds Thank you sir. So now that we are getting into core services with this de merger are we going to lose any 49:05 49 minutes, 5 seconds manufacturing or fabrication capability which supports our core services contracts. 49:13 49 minutes, 13 seconds So again uh thank you for that question. 49:15 49 minutes, 15 seconds Good question. So uh the short answer is no. We will not. And the reason for that 49:23 49 minutes, 23 seconds is that as uh for boiler. So firstly what why do we need the factory for co services? Do we even need the factory 49:32 49 minutes, 32 seconds for co services? Uh we need manufacturing capabilities. Yes. For our boiler portfolio we need that there are 49:40 49 minutes, 40 seconds components well identified components for which we need these uh you know the the manufacturing capabilities. 49:48 49 minutes, 48 seconds How are we making sure that as part of this de merger our core services is not getting impacted is by signing a 49:57 49 minutes, 57 seconds long-term service agreement with GSD energy. We have signed as part of the deal we have signed a 5-year contract 50:05 50 minutes, 5 seconds with them which can be extended as mutually convenient to both the parties but five-year contract with them. uh 50:12 50 minutes, 12 seconds under which we have uh reserved the right for you know at predetermined schedule and price uh the right for 50:21 50 minutes, 21 seconds manufacturing the the manufacturing will be done by BW itself and we will they will be our vendors for it but uh we have kind of 50:30 50 minutes, 30 seconds reserved the capacity so that our core services business is not impacted for the next five years. Now five years is a 50:37 50 minutes, 37 seconds long period where we will then develop an alternate supply chain. we have already started working on that even 50:44 50 minutes, 44 seconds before the de merger. uh we are in in uh you know making good progress there but 50:51 50 minutes, 51 seconds uh I think over the next 18 months I would say uh we would be in a very good shape to have developed an alternate 50:58 50 minutes, 58 seconds supply chain that uh you know post the completion of this long-term agreement uh we would be independent uh of by 51:08 51 minutes, 8 seconds oursel for core but for the next five years we have secured the order intake or or avoided any loss of order intake by signing this long-term. 51:19 51 minutes, 19 seconds Great, great sir. And one final question is on Aida margins. So you notice 37.6% 51:26 51 minutes, 26 seconds in Q4 aida margin and due to this PH reversal that loan passing roughly is around 14 percentage point it contributes to that. 51:36 51 minutes, 36 seconds So excluding all these you know one-time settlement related charges provision reversals and and anything other one 51:44 51 minutes, 44 seconds time what would be the underlying EIDA margin and what we can take that as uh for FY27 51:52 51 minutes, 52 seconds run sure uh so for 2526 52:00 52 minutes uh after after all these one-offs I said in the in my opening remark that the 52:06 52 minutes, 6 seconds normalized aida or the underlying after all these one-offs remain for at the entity level is at 11%. At the entity 52:15 52 minutes, 15 seconds level for full financial year I'm talking about uh the same at the quarter level is at 52:23 52 minutes, 23 seconds 18%. Okay. Because you mentioned 37% for the quarter so that remains at 18% for the full financial it is at 11%. This is 52:32 52 minutes, 32 seconds at the entity level including this continued operations of durapur uh parimeter. Now our efforts and our 52:42 52 minutes, 42 seconds optimization initiative both on cost side and then improving the uh you know the health of 52:49 52 minutes, 49 seconds our portfolio remains there. So I can safely say that the base is set and you 52:58 52 minutes, 58 seconds know the efforts uh it should be it should be you know at par if not more at least but at least at par for the for 53:06 53 minutes, 6 seconds the future years. So I would not I can't give you a range or something on the guidance for the future in terms of margin but I can say that at least the base is set in this year. 53:16 53 minutes, 16 seconds So when you say far should I take like around 18% or 11%. No 18 is for the quarter sir. We're talking about the 53:24 53 minutes, 24 seconds financial year which is 11,000 for 2526. 53:30 53 minutes, 30 seconds Okay. So you're getting more for from the year uh front. Yes. Yeah. 53:36 53 minutes, 36 seconds Okay. Thank you. Thank you sir. Thank you very much. 53:38 53 minutes, 38 seconds Thank Thank you. Before we take the next question, a final reminder to all the 53:46 53 minutes, 46 seconds participants. If you wish to ask a question, please press star and one. 53:52 53 minutes, 52 seconds We will take the next question from the line of Pratik Giri from Shuglab Research. Please go ahead. 54:00 54 minutes Hi. Uh good morning sir. Uh I hope I'm audible. Uh so most of the questions are answered. Uh I have just one 54:07 54 minutes, 7 seconds clarificatory uh uh point. So I just wanted to check uh in our reported revenue of probably 316 cr. If I have to 54:16 54 minutes, 16 seconds arrive at the right number, I'll have to deduct 44 cr, right? The ECL reversion. 54:23 54 minutes, 23 seconds Uh, sorry. Or is there more to it, sir? 54:28 54 minutes, 28 seconds Yes. I hope. No, no, I'm talking about a quarter Q426. Okay. 316. Yes. Yes. 54:35 54 minutes, 35 seconds So, so out of that 316, sir, I'll have to deduct 44, which is probably the ECL version, right? 54:42 54 minutes, 42 seconds Yeah. around 41 with other benefits but yes in that range got it ballpark understood sir I was 54:50 54 minutes, 50 seconds just wondering for how long it may continue further because probably for the last two three quarters we have been uh commenting about it but I was just 54:58 54 minutes, 58 seconds wondering uh can FI27 also will see these kind these uh introductions from previous uh ECL 55:07 55 minutes, 7 seconds so uh no uh you know I I kind of clarified this in my opening remark again uh Mr. Giri that uh with the last 55:16 55 minutes, 16 seconds grants in March with the amount that we have collected uh we have fully honored and executed 55:25 55 minutes, 25 seconds our settlement agreement with BHL and both the parties have duly discharged each other of uh all the other all the 55:34 55 minutes, 34 seconds obligations under the settlement agreement and the agreement stand closed as on date. So uh to your to your 55:42 55 minutes, 42 seconds question you know BHL agreement impact on ESL ECL is done as of 31st March 2026. 55:52 55 minutes, 52 seconds Understood. Understood. I'm sorry I missed it probably in the opening remarks but this is helpful. Thank you and congratulations again for the kind of performance you guys have delivered. 56:01 56 minutes, 1 second Thank you. Thank you. Thank you. 56:10 56 minutes, 10 seconds We will take the next question from the line of Aben from Zia. Please go ahead. 56:21 56 minutes, 21 seconds AB please proceed with the question. 56:28 56 minutes, 28 seconds AB please proceed with your question. 56:39 56 minutes, 39 seconds As there is no response. That was the last participant. 56:45 56 minutes, 45 seconds Ladies and gentlemen, this was the last question. I now hand the conference back to Mr. Ponid Bartla for the closing comments. Thank you and over to you sir. 56:54 56 minutes, 54 seconds Thanks everybody for uh sparing the time and uh being available on this earnings call and as Ashish and myself has said 57:03 57 minutes, 3 seconds thank you for your support to us and thank you for the uh the sort of a conviction which you have shown into 57:12 57 minutes, 12 seconds into the company. It has come back uh onto the track. 57:16 57 minutes, 16 seconds I would like to close it with saying this thing that we will continue to focus on the strengthening of our core services franchise improving the margins 57:26 57 minutes, 26 seconds and maintaining the financial discipline. Looking ahead our priority remains a clear driving discipline 57:34 57 minutes, 34 seconds execution accelerating cash conversion and sustaining the profit profitability. With this I thank you all once again. 57:42 57 minutes, 42 seconds Thank you. 57:44 57 minutes, 44 seconds Thank you members of the management. On behalf of GE Power India Limited, that concludes this conference. Thank you all 57:51 57 minutes, 51 seconds for joining with us today and you may now disconnect your lines. Thank you.