GE Vernova T&D India Limited — Q3 FY26

GE Vernova T&D India Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=2cZ4YGYP_Sk Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to the conference call hosted by GE Vovati TND India Limited for quarter 3 of financial year 202526. 0:12 12 seconds As a 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 0:19 19 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. I now 0:27 27 seconds hand the conference over to Miss Mega Gupta from GE Vanova TND India Limited. 0:32 32 seconds Thank you and over to you Miss Mega Gupta. 0:35 35 seconds Good evening everyone. Welcome to the Gwanova TND India Limited earnings call for quarter 3 of financial year 2526. 0:42 42 seconds I Mega Gupta from investor relations team and I'm joined by Mr. Fandit Pantara CEO and MB of the company. Mr. 0:49 49 seconds Fushil Kumar director and CFO of the company. Mr. Abhishek Shabbashta head business operations. Miss Kaneka Rura, 0:56 56 seconds communications leader and Miss Wa Ma, company secretary of the company. During the call, we will discuss company's financial performance including 1:03 1 minute, 3 seconds operational highlights. After the presentation, we will have a dedicated question and answer session. Before we begin, I would like to highlight that today's discussion may contain few 1:12 1 minute, 12 seconds forward-looking statements which are subject to risk and uncertainties. These statements are based on our current expectations and actual results may differ materially from those expressed 1:20 1 minute, 20 seconds or implied. We encourage you to refer to our public filings and documents for comprehensive understanding of the factors that could impact our future performance. Now I'll turn the call to 1:29 1 minute, 29 seconds Mr. Sandep Zara to initiate the discussion. Thank you. 1:33 1 minute, 33 seconds Thank you Mega and thanks everyone for joining the call. 1:38 1 minute, 38 seconds India added nearly 38 gawatt of solar and 6.3 gawatt of wind capacity in calendar year 2025 1:45 1 minute, 45 seconds marking the country's highest ever annual renewable energy additions. 1:50 1 minute, 50 seconds now accounts for about 50% of India's installed power capacity underscoring the structural shift underway in the generation mix. 1:59 1 minute, 59 seconds What does that mean for transmission and distribution infrastructure? Every megawatt of renewable capacity added demands robust TND network to evacuate 2:08 2 minutes, 8 seconds power, ensure grid stability and deliver reliable electricity to homes and industries across this vast mission. The 2:16 2 minutes, 16 seconds draft NP 2026 sets a target of 2,000 kilowatt hour per cap capita electricity 2:23 2 minutes, 23 seconds consumption by 2030 rising to over 4,000 kwatt hour by 2047. A significant leap 2:31 2 minutes, 31 seconds from the current 1460 kilowatt hour. The peak power demand is projected to touch 446 gawatt by 2030. 2:40 2 minutes, 40 seconds These target reflect India's growing energy needs driven by industrialization, urbanization and economic development. 2:49 2 minutes, 49 seconds Renewable energy is increasingly being generated in remote locations. Solar power in Rajasthan deserts, wind farms 2:56 2 minutes, 56 seconds of Gujarat coast, hydro power in Himalayas, far from urban and industrial centers where power is consumed. 3:04 3 minutes, 4 seconds This is where HBDC transmission comes. 3:07 3 minutes, 7 seconds Not just useful but essential. With our HBDC solutions, we are well positioned to support India's renewable evacuation backbone. 3:16 3 minutes, 16 seconds Now turning to our financial performance, we had a productive strong quarter of robust demand, significant revenue growth and IBITA margin expansion. 3:27 3 minutes, 27 seconds Our order book remained strong in Q3 and we saw bookings of INR 29.4 billion up 3:34 3 minutes, 34 seconds by 41% yearonear compared to 20.8 8 billion in quarter ended December 2024. 3:43 3 minutes, 43 seconds The numbers exclude the Adani Kava HDC project which will be reported in subsequent quarters on achieving defined commercial milestones. 3:52 3 minutes, 52 seconds Our Q3 revenue stood at 17 billion versus 7 10.7 billion in Q3 FY 2425 up by 58% yearonear. 4:05 4 minutes, 5 seconds New orders outpaced revenue, further expanding the order backlog to 143.8 billion 4:12 4 minutes, 12 seconds as on December 2025 versus 131.1 billion as on September 25, up by 20 10%. 4:22 4 minutes, 22 seconds Our profit before tax and exceptional items for the quarter ended December 25 was at 4.6 6 billion compared to around 4:29 4 minutes, 29 seconds 1.9 billion in the corresponding quarter of the previous financial year growing by more than 2.4x. 4:38 4 minutes, 38 seconds The cash and cash equivalent balance was at 15.9 billion as on December 31st versus 15.2 billion as on September 4:46 4 minutes, 46 seconds 30th. The cash generated in Q3 was 7 billion. 4:52 4 minutes, 52 seconds This was our financial performance snapshot. I would like to convey that the board has recommended the appointment of Miss Rashmi Jooshi as an 5:01 5 minutes, 1 second independent director of the company for for a period of 5 years subject to shareholders approval. 5:07 5 minutes, 7 seconds In conclusion, as India races towards a target of 500 gawatt of non-fil non fuel capacity 5:16 5 minutes, 16 seconds by 2030, we are building the network through which this energy will flow. We are enabling grid modernization, 5:23 5 minutes, 23 seconds supporting renewable integration and ensuring that India's growth story has the power infrastructure it deserves. 5:30 5 minutes, 30 seconds Our strategy is clear. Execute with excellence. Pursue profitable growth and B is India's trusted partner in building the energy infrastructure of tomorrow. 5:41 5 minutes, 41 seconds On behalf of the leadership team at Garnova TND, our sincere thanks to our valued customer, our dedicated 5:49 5 minutes, 49 seconds investors, our exceptional teams and our partners. Now I'll request Abishek to share further insights. 5:57 5 minutes, 57 seconds Hi uh good evening. Uh so uh as Sund just mentioned our commitment towards uh strengthening of the transmission 6:06 6 minutes, 6 seconds infrastructure of the company uh of the country uh we uh had uh added uh some new uh strengthening projects to our 6:14 6 minutes, 14 seconds analytical network in the last quarter like for a customer renew we uh commissioned 4250 KVs uh strengthening 6:23 6 minutes, 23 seconds the evacuation of wind and solar power from the state of Karnataka. 6:29 6 minutes, 29 seconds For our customer JSNL we commission 132 KV along with 50 MA transformer. For our 6:36 6 minutes, 36 seconds customer WBSTCL we commission 132 KV GIS. Similarly the continued addition of 6:43 6 minutes, 43 seconds uh transformation capacity to commissioning of transformers shunt reactors. For our customer power grid at 6:50 6 minutes, 50 seconds BLA uh we commissioned uh six number 80 MVR singlephase 765 KV reactors. 6:57 6 minutes, 57 seconds Similarly for our customer razonia at atar we commission 400 KB uh singlephase trans reactor three numbers at power 7:05 7 minutes, 5 seconds grid dosa and power grid nar similarly we added three number 500 MBA 765 KV singlephase reactor and 10 number 110 MBR 765 KV singlephase reactors. 7:18 7 minutes, 18 seconds The network transmission network was further strengthened to commissioning of gas insulated substations. Uh some notable mentions for the last quarter 7:27 7 minutes, 27 seconds was uh get where we commissioned 15 number bays of 400 KV for KPTCL where we commissioned uh uh 66 KV GS 41 uh base. 7:39 7 minutes, 39 seconds Uh then we had a uh export project for Alnor Dominic Republic where 400 KVCBs 7:45 7 minutes, 45 seconds were commissioned and then for uh go uh power grid service we commissioned uh 10 7:52 7 minutes, 52 seconds numbers uh circuit breakers and CSVs. So our commitment towards the strengthening 7:59 7 minutes, 59 seconds continues and we will try to to keep up this performance and keep on adding to the electrical infrastructure of the country. So I hand over to Susil to take 8:08 8 minutes, 8 seconds the power. Uh thanks Aishek and good evening all. Uh we delivered a robust growth in venue and profitability due to 8:17 8 minutes, 17 seconds our strong operational performance during the quarter as well as for the 9 month period and as highlighted by separ 8:25 8 minutes, 25 seconds 9.3 billion in the quarter 3. This was the highest quarter for orders in this financial year. This uh quarter order 8:34 8 minutes, 34 seconds performance includes uh the refurbishment of Chandrau HDC order from Power and as Sundep mentioned in 8:41 8 minutes, 41 seconds addition we won HBC Kava South RDBSC order from Adi Group and the same is expected to book in subsequent uh 8:49 8 minutes, 49 seconds quarters this is the uh commercial condition commercial milestone uh achievement on a cumulative basis uh we 8:57 8 minutes, 57 seconds have booked orders of 61.6 6 billion in the financial year 2526. 9:03 9 minutes, 3 seconds Uh out of uh this 61.6 billion orders during the current financial year, 15% orders are from export market and about 85% orders from the domestic market. 9:14 9 minutes, 14 seconds uh new order continuously exceed the revenue execution and this has led to further improvement in our order in hand 9:21 9 minutes, 21 seconds position to 144 billion INR due to disciplined underwriting process at the company and phasing of the old low margin orders the margin on order in 9:30 9 minutes, 30 seconds hand has also improved over the last financial year 98% of the orders in hand are from private customer center 9:37 9 minutes, 37 seconds utilities and public center enterprises the exposure to state utilities is limited to less than 2% of our orders in 9:44 9 minutes, 44 seconds hand. Uh healthy order in hand gives us a strong visibility of continuing strength in our business. 9:51 9 minutes, 51 seconds Uh our our uh our execution has ramped up and this has led to the strong re uh revenue growth as well. We delivered 9:59 9 minutes, 59 seconds revenues of 17 billion INR representing a 58% growth during the quarter and on a 9-month basis the revenues were 46 10:07 10 minutes, 7 seconds billion INR representing a strong 46% growth uh versus the corresponding period in the previous financial year. 10:16 10 minutes, 16 seconds Uh in this quarter about 28% of the revenues were generated by execution of export contracts and whereas 72% 10:23 10 minutes, 23 seconds revenues were generated by execution of domestic contracts. 10:27 10 minutes, 27 seconds On profitability side, we delivered another strong profitable quarter with the IIDA of 26.7%. 10:34 10 minutes, 34 seconds On a 9-month basis, we delivered Eida of 27.1%. 10:39 10 minutes, 39 seconds This represents 80 basis point improvement over the last financial year. The significant increase in IIDA 10:46 10 minutes, 46 seconds was driven by increase in volume, price improvement, and execution productivity. 10:52 10 minutes, 52 seconds During the quarter we made a provision of uh 693 million uh on account of impact uh in the retire benefit due to 11:01 11 minutes, 1 second the new wage code and this was reflected or reported under the exceptional item in the profit and loss statement. We 11:08 11 minutes, 8 seconds continue to generate or convert our profits into cash and during the 9-month period we generated 6.7 billion INR cash 11:16 11 minutes, 16 seconds operationally and end of December we have healthy cash and cash equivalents of 15.9 billion with no debt. We are now happy to answer the questions. 11:27 11 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 star and one on the touchstone 11:36 11 minutes, 36 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a 11:45 11 minutes, 45 seconds question. Ladies and gentlemen, we will wait for a moment while the question cube assembles. 11:59 11 minutes, 59 seconds The first question is from the line of Mohit Kumar from ICA securities. Please go ahead. 12:05 12 minutes, 5 seconds Yeah, good evening sir and uh congratulations on a very strong quarter and the underlying month. My question is 12:14 12 minutes, 14 seconds first question is can you please can you help us with the reason for not including the HPTC orders for Adani in the current quarter and does the Adani 12:23 12 minutes, 23 seconds HPTC orders also include transformers for the project or is it only for the terminal? 12:34 12 minutes, 34 seconds So uh I thanks for it. So uh as per companies uh you know um processes there 12:42 12 minutes, 42 seconds are certain processes there are certain milestones defined on which the orders are booked. So once we reach that 12:50 12 minutes, 50 seconds milestone that order will be booked and uh and yes the transformer for the HDC are included as part of the order. 13:01 13 minutes, 1 second Understood. My second question, how do you think about the impact of the of the FDA with Europe? Does it make our 13:10 13 minutes, 10 seconds product more competitive in the in in for European reason thereby improving our export chances or does it anyway 13:17 13 minutes, 17 seconds reduce our cost of cost of raw materials since we I think import a significant part from the European. 13:25 13 minutes, 25 seconds So Mohit we are yet to get the details of FTA. Once we have the FDA details available with us then only we will be 13:33 13 minutes, 33 seconds able to make a judgment on uh what is the impact both on export side and also 13:40 13 minutes, 40 seconds on the cost side. So it will be too pre prematured for us to comment on but sir how much exported in last 9 13:49 13 minutes, 49 seconds month to the is that number available I don't think that that will be available that how much we have exported 13:56 13 minutes, 56 seconds to the European country but I don't think that from India the custom duty is so high that uh FTA is going to make a 14:05 14 minutes, 5 seconds meaningful impact in terms of increasing uh the exports numbers in a big 14:13 14 minutes, 13 seconds Understood sir. Thank you and all the best sir. Thank you. Thank you. Thank you. 14:20 14 minutes, 20 seconds Thank you. The next question is from the line of omera from Nomra India. Please go ahead. 14:28 14 minutes, 28 seconds Yeah. Hi sir. Uh and uh congratulations for very good set of numbers once again. 14:34 14 minutes, 34 seconds Uh sir uh my first question is uh pertaining to HBTC order that we uh had in last quarter. So uh assuming that we 14:42 14 minutes, 42 seconds will uh have commercial finalization by maybe next couple of months. Uh so what could be uh delivery timeline for this 14:51 14 minutes, 51 seconds particular project and uh how it uh it will span over a period of say uh multi-year in next uh uh few years. 15:00 15 minutes So uh omesh order is order is already with us zero date has already started 15:09 15 minutes, 9 seconds and uh it's only that once we reach certain commercial milestones we are going to book it into the system and declare it to the market 15:17 15 minutes, 17 seconds timeline uh execution timeline 15:24 15 minutes, 24 seconds execution timeline is very near to what has been defined by the by the TBC 15:33 15 minutes, 33 seconds development uh requirement it is very near to that about 4 years. 15:40 15 minutes, 40 seconds Okay. Okay. And uh uh if I look at uh sorry to interrupt you Mr. Ra but we can hear dist from your line. May we request you to please mute your line 15:49 15 minutes, 49 seconds when management is answering your question. Okay understood. 15:55 15 minutes, 55 seconds uh in terms of uh HVDC project. So uh if I if I look at our current capacity uh 16:03 16 minutes, 3 seconds on the basis of existing capacity uh are we in a position to execute this this project immediately or will we require 16:11 16 minutes, 11 seconds to add more capacity and then we are thinking about execution. 16:17 16 minutes, 17 seconds No. So, uh, as a good government process, we don't take orders when we don't have the capacity and thinking 16:25 16 minutes, 25 seconds that we're going to add the future capacity and then execute the project. 16:29 16 minutes, 29 seconds So, whatever capacity is required to execute this order is already available with the company. 16:36 16 minutes, 36 seconds Understood sir. Thank you. And a last question on the uh HODC project between Barmer and South Kum. Uh so you 16:44 16 minutes, 44 seconds mentioned during last interaction that probably that order of finalization might happen by the end of fiscal year 16:50 16 minutes, 50 seconds FI26. So any color on uh updated status of that project. 16:57 16 minutes, 57 seconds So we expect that order to get finalized in uh Q2 of uh 2627 17:05 17 minutes, 5 seconds for the developers and then whatever time additional it require for the OEM to take 17:13 17 minutes, 13 seconds this as of eligibility but it might change depending upon the extensions and 17:20 17 minutes, 20 seconds things like that which is not in our control. 17:25 17 minutes, 25 seconds Understood sir. Thank you so much. All the very best. Thank you. 17:33 17 minutes, 33 seconds Thank you. The next question is from the line of Amit Anwani from Prada Silad. Please go ahead. 17:41 17 minutes, 41 seconds Hi sir, thank you. Uh uh uh first question sir on the base order inflow uh 17:48 17 minutes, 48 seconds for 9 months uh which is about 6,100 versus 7700 and we understand that there 17:55 17 minutes, 55 seconds was an export order. Uh so just wanted to understand uh uh uh the status of one 18:03 18 minutes, 3 seconds export order we were expecting from the parent is it expected in 4Q and uh on 18:09 18 minutes, 9 seconds the base order side uh what are the opportunities with still there you know 18:16 18 minutes, 16 seconds in term of pipeline or uh areas and what is uh our kind of estimate or confidence 18:23 18 minutes, 23 seconds on the base order growth uh for FQ and even for next year if you could highlight the pipeline there. 18:32 18 minutes, 32 seconds Okay. Uh thanks Amit. Uh so on the export order that uh was in the pipeline, it is still in the pipeline 18:40 18 minutes, 40 seconds but there has been some delay from the customer side in terms of uh uh the decision and now we expect the order to 18:48 18 minutes, 48 seconds move to quarter two of the next uh sorry H second half of the next financial year. it will be from let's say September to March uh of the next 18:56 18 minutes, 56 seconds financial year then we expect the order to be decided and I request to this order. 19:03 19 minutes, 3 seconds So uh Amit u we are not seeing any major major what any slowdown in the market. 19:09 19 minutes, 9 seconds So we have today a number of TBC opportunities coming up. uh I don't think that we are seeing any slowdown in 19:17 19 minutes, 17 seconds the ordering and now with states also going for TBCB for example we have seen Maharashtra and Karnataka going and few 19:25 19 minutes, 25 seconds more states thinking of going or moving their pipeline towards TBCB I think uh we are pretty confident on 19:33 19 minutes, 33 seconds achieving the growth in orders in the base order this year as well as next year 19:41 19 minutes, 41 seconds right so so next question on this the Chinese news news which was circulating. 19:47 19 minutes, 47 seconds Uh are you seeing any impact to you any assessment you guys have done uh if at all the government uh reverses uh 19:56 19 minutes, 56 seconds relaxes that uh uh you know order which was there four five years back for Chinese players to beat for uh HBDC or 20:04 20 minutes, 4 seconds TND orders. So any any color on that uh any impact or any assessment? 20:12 20 minutes, 12 seconds So Amit one thing is there it's a media reporting so the government has not issued any clarification on that. I 20:19 20 minutes, 19 seconds think uh without any government uh clarification uh if we try to do anything or if we try to do anything on 20:26 20 minutes, 26 seconds that it is purely a speculation but uh we don't we don't we don't think that government is going to dilute its 20:33 20 minutes, 33 seconds make in India criteria and uh for example we have built a very strong uh you know since we have put up the 20:41 20 minutes, 41 seconds manufacturing capacities the teams have worked together in developing lot of u supply chain in the country So I don't 20:49 20 minutes, 49 seconds see a major impact coming in terms of even if the the existing factories which are based in India are approved uh of 20:59 20 minutes, 59 seconds the Chinese make which are approved I think to reach that maturity level it's going to take them a lot of time 21:08 21 minutes, 8 seconds right so [clears throat] lastly on the export opportunity we saw a few companies getting orders uh for the US data centers on transformers and uh 21:16 21 minutes, 16 seconds stuff like that wanted to understand uh I think Global also has been focusing there. So any um uh strong traction you 21:26 21 minutes, 26 seconds guys are looking uh which will be directly indirectly related to the data center space in uh global markets and uh 21:35 21 minutes, 35 seconds uh also in India. So just more color on on the data center opportunity and what we are actually eyeing on that space here. 21:44 21 minutes, 44 seconds I think yes definitely we are working with the global teams uh and uh India being a strong manufacturing base so 21:51 21 minutes, 51 seconds whenever a capacity is required and it is not available obviously Indian factories would be available depending upon obviously the delivery slots etc. 22:00 22 minutes But I think uh if you look at the data center or the IT companies announcement of close to about $80 billion dollars of 22:07 22 minutes, 7 seconds data center and AI factories by four major US companies uh uh to be invested in next four to five years. I think that 22:16 22 minutes, 16 seconds itself is going to present a huge opportunity in terms of data center and AI for the Indian market as well. So 22:25 22 minutes, 25 seconds we'll be concentrating on those opportunities as well. 22:29 22 minutes, 29 seconds Right. So lastly on the margin so for 9 months we had 27% margin already. So are we reiding revising that upward for the 22:38 22 minutes, 38 seconds full year and after this order win of VSC HVDC uh what is the margin 22:46 22 minutes, 46 seconds expectation at uh firm level for the upcoming years? Will it dilute to certain level or some understanding with 22:54 22 minutes, 54 seconds the execution of HVDC coming in for the subsequent years? 22:59 22 minutes, 59 seconds Uh okay Amit so uh we talked about this year uh expectation of delivering uh 23:06 23 minutes, 6 seconds mid20s kind of [clears throat] so now we expect with the first three quarters of good performance that we'll be kind of 23:14 23 minutes, 14 seconds delivering at the higher end of this range and uh it's difficult to uh talk about individual orders. Of course the 23:21 23 minutes, 21 seconds endeavor of the management is to continue to perform like this and to deliver good dividend in the coming years. 23:31 23 minutes, 31 seconds So yeah, I think uh you would have seen that uh 23:37 23 minutes, 37 seconds we have been constantly saying that uh improvement of commercial terms and conditions, better cash conditions, 23:45 23 minutes, 45 seconds better margin, these have been the focus of the of the company in the in the turnaround what has achieved and uh this 23:54 23 minutes, 54 seconds is the area we'll be constantly keep on working. So 24:00 24 minutes I think uh we we don't expect a major dilution or things like that happening on the margin front in the foreseeable time. 24:12 24 minutes, 12 seconds Understood sir. Thank you so much sir and all the best. Yeah. 24:19 24 minutes, 19 seconds Thank you. The next question is from the line of Punit Galadi from HSBC. Please go ahead. 24:25 24 minutes, 25 seconds Uh yeah, thank you so much and you know great performance here. If you can talk a bit about how are you really mitigating the negative impact of 24:33 24 minutes, 33 seconds commodity inflation in in your costs will be very helpful. 24:39 24 minutes, 39 seconds So Pune uh for many of the products what we supply in the market they are variable price that means if there's an 24:47 24 minutes, 47 seconds increase or decrease of the raw material cost the impact is directly passed on to the customer. Second for for orders 24:55 24 minutes, 55 seconds which are on firm price based on our uh global assessment uh we take depending upon the delivery timelines etc suitable 25:05 25 minutes, 5 seconds uh provisions are built into the costing uh to take care of any material movement and also looking into the order book 25:15 25 minutes, 15 seconds order backlog situation etc. So we keep on working with our supply chains to improve the cost on one side and to 25:22 25 minutes, 22 seconds mitigate such risk if they at any point of time if they emerge into the business there there is no hedging of commodity 25:31 25 minutes, 31 seconds that you do there. It's not required because we don't buy commodities per se because uh for example transformer etc 25:40 25 minutes, 40 seconds where the commodity are very high where variable prices are there other places the components come into small forms only so you don't require 25:49 25 minutes, 49 seconds you cannot actually hedge into that form okay and if you can also give some sense 25:56 25 minutes, 56 seconds of how much of your order book would be under variable price and how much would be firm 26:03 26 minutes, 3 seconds We don't give these details. So okay uh on just hopping on back to Adani 26:12 26 minutes, 12 seconds Khara you talked about once you hit milestone you'll book the orders. What are these milestone that we are looking at? 26:20 26 minutes, 20 seconds So these are all commercial process wise internal to the company. So I think you'll have to wait for it for 26:27 26 minutes, 27 seconds declaration when we are when the Uh okay and also if you can talk a bit about the scope of the project 26:36 26 minutes, 36 seconds what all will be a part and will right of way be your responsibility or will that be their responsibility? 26:44 26 minutes, 44 seconds So pur we are not doing the transmission line we are just building the HUDC stations at both the ends at Kavara and 26:51 26 minutes, 51 seconds South old part we are not doing the civil civil work is being done by the customer themselves obviously the right 26:59 26 minutes, 59 seconds of way for the terminal land etc everything is in customers perfect thank you so much and all the best 27:06 27 minutes, 6 seconds thank you thank you the next question is from the line of parakit kpal from HDS securities please go ahead. 27:16 27 minutes, 16 seconds Yeah. Hi Sep congratulations on a great quarter. So first question is is this power grid order of 3500 MBA included in this uh uh current order? 27:27 27 minutes, 27 seconds Yes. 27:28 27 minutes, 28 seconds Okay. Okay. Just on the export this quarter we have seen a substantial jump and if I see the first nine months numbers the exports have picked up uh 27:36 27 minutes, 36 seconds third party exports. any color on like so what has driven this improvement in exports export order booking of 420 crores? 27:45 27 minutes, 45 seconds Yeah. So overall uh export orders are at 15% of uh the total back total orders 27:54 27 minutes, 54 seconds for the yeah I think these are of the regular quarter also it is around 14% of the 28:00 28 minutes order booking and uh see earlier u we had higher order share as well when we booked the large opportunity. So these 28:08 28 minutes, 8 seconds are the regular order and as the domestic as well as export market are growing uh in our industry. So that's the reason of significant growth in the 28:15 28 minutes, 15 seconds order in value terms though percentage wise it looks little less compared to past because the domestic order booking has been very strong due to large PGCL and HDC refurbishment order. 28:26 28 minutes, 26 seconds No I'm saying for 9 months we have 918 crores and in this quarter we have booked 420 crores. any particular reason why our exports is ordered for the 28:33 28 minutes, 33 seconds higher risk order is it like yeah there's no there's no specific trigger on this it's just the regular orders what we are getting sometimes it is hard 28:42 28 minutes, 42 seconds sometimes it is normal okay so just on I mean the parent has been highlighting strong order wins in Asia 28:50 28 minutes, 50 seconds and I think we have been posting on social media and other places that uh our FDC current expansion will supply to 28:57 28 minutes, 57 seconds whole of Asia so just wanted to get a sense and color on how's certification going around Europe and now I think Europe is also signed that FDA may come 29:06 29 minutes, 6 seconds into effect next year but how are you progressing with the certification across these geographies and earlier there was a mantle I think in UK that 29:14 29 minutes, 14 seconds there has to be a localization so how how do you think now with FDA in UK and Europe how the export opportunity 29:21 29 minutes, 21 seconds unfolds for us so uh I think you have to understand one thing is that uh HDC is a big market in 29:30 29 minutes, 30 seconds Europe and Today we have European facilities which are catering to that HDC market specifically in Europe. So I 29:38 29 minutes, 38 seconds don't see any big role what India can play in Europe market 29:51 29 minutes, 51 seconds I'm sorry to interrupt you Mr. Kapal but we are unable to hear you sir. 29:58 29 minutes, 58 seconds Hello Mr. Kandapal we are unable to hear you 30:08 30 minutes, 8 seconds as there is no response we'll move to the next question which is from the line of GVID goal from Sereni Alpha please go ahead 30:19 30 minutes, 19 seconds uh hi I'm audible yes you are please go ahead uh uh actually my question is already answered so thank you very much 30:28 30 minutes, 28 seconds thank you thank you the next question is from the line of Netan Aurora from G securities please go ahead. 30:38 30 minutes, 38 seconds Hi uh this is Nitan from Access Mutual Fund. Uh am I audible? Yeah, you're audible Nitan. 30:44 30 minutes, 44 seconds Hi. Hi Sep. Good evening. Hi team. Uh Sep just first question um on your international opportunities. I know you 30:51 30 minutes, 51 seconds said that the order has been moved in the second half. Um u so if you can highlight is it more of a capacity constraint issue that it moved to second 31:00 31 minutes half or not? But um just a oneliner on that but giving the opportunity um on the on the international side from the 31:08 31 minutes, 8 seconds last quarter to the this quarter uh how you are looking at it I mean from the inquiry perspective and also you I know 31:16 31 minutes, 16 seconds you stated in the in the starting of the call that even states are looking on the domestic side I'm saying uh but can you elaborate a little bit you know how the 31:24 31 minutes, 24 seconds opportunity pipeline are because and why I'm asking you this because street is getting very nervous uh and a lot of narratives are being 31:32 31 minutes, 32 seconds doing round like for example the first narrative which came that China is coming to India uh you know a lot of Chinese companies will suddenly start 31:40 31 minutes, 40 seconds and India will welcome them that was the first narrative the second is you know because solar edition has been lowered for the rightly reason you know I mean 31:48 31 minutes, 48 seconds you know much better um how government is now working on the battery aspect uh which also get you know eventually lit 31:56 31 minutes, 56 seconds up by solar only uh uh eventually So just if you can articulate on the domestic side you know how's the inquiry 32:03 32 minutes, 3 seconds pipeline how you're looking at it because I remember times when you used to announce an order size of 400 crores 32:10 32 minutes, 10 seconds or 500 or 600 used to announce to exchange but today we are winning more than 1,000 cr a single order you're not announcing so it looks like the ordering 32:20 32 minutes, 20 seconds is is strong but if you can articulate a little bit on on the domestic and as well as on the international side that's my first 32:27 32 minutes, 27 seconds so Nathan uh on your First question that the large order on which we took the RT approval that is not a capacity issue 32:35 32 minutes, 35 seconds but that is primarily the delay at the customer end. So uh that is just one clarification which Sil talked about 32:43 32 minutes, 43 seconds that we expect it to get deferred to the second half of next year. That is one thing I think. Second on Nan on the 32:52 32 minutes, 52 seconds on the domestic market at least I'm not seeing a slowdown happening. So uh when 32:59 32 minutes, 59 seconds I'm saying that there is a huge uh not huge but there is a sustainable pipeline of projects even if you go to like PFC 33:07 33 minutes, 7 seconds website you see the number of TDCB opportunities which are there and uh even states are coming up. So and 33:15 33 minutes, 15 seconds also as I said at the start of course China policy needs to be clarified by the government because till the time there is no government qualif 33:24 33 minutes, 24 seconds clarification everything is a speculation but you know for us to reach whatever 33:32 33 minutes, 32 seconds position we have reached under make in India of like 60% 70% in different products etc. It has taken a lot of time 33:40 33 minutes, 40 seconds where we have spent effort energy to build the local supply chain qualifying vendors because we are talking about 33:47 33 minutes, 47 seconds these components being used in 400 765 KV. 33:50 33 minutes, 50 seconds So it is not that just you develop into two months and then you are able to use it. It requires a rigorous process of 33:57 33 minutes, 57 seconds testing and then uh then it is goes under the implementation first on a um on a smaller scale and then it is scaled up on a bigger scale. 34:09 34 minutes, 9 seconds So it's not a very small process. So even when if even the Chinese factories get locally qualified, they would still 34:17 34 minutes, 17 seconds take a lot of time to reach those maturity levels. So I expect that uh and 34:25 34 minutes, 25 seconds also we are expecting the market to grow. So today for example for example TBA. So whatever is the TBA 34:33 34 minutes, 33 seconds TBA is today uh a large part of the TVA factories are are blocked by Indian developers only who would be supplying 34:42 34 minutes, 42 seconds to solar and all those things. So suppose tomorrow if TVA gets qualified and he takes one order in power grid then obviously the the renewable 34:51 34 minutes, 51 seconds capacity which he was earlier supplying in XY developer that will be available for third party. So what's the challenge that 34:58 34 minutes, 58 seconds got it is not going anywhere. No got it got it and and how you think about international opportunity. 35:10 35 minutes, 10 seconds So international opportunities we are seeing a I think uh there's a lot of traction which is happening uh globally. 35:19 35 minutes, 19 seconds Uh so we've seen some you would have seen that this quarter the order numbers are better on export sites. uh so but we 35:28 35 minutes, 28 seconds are constantly working towards improving the pipeline and also improving the order intake but uh globally the 35:35 35 minutes, 35 seconds decision making processes in many geographies are slower than what we see in Indian market 35:44 35 minutes, 44 seconds got it got it so just one comment of yours um where you said that look um you don't see issues to profitability or 35:53 35 minutes, 53 seconds margins in the foreseeable future uh so I can assume that the ordering 36:00 36 minutes which has done in the last 9 months for you or let's say for the industry uh still no pricing pressure has come and 36:08 36 minutes, 8 seconds rather given the commodity has increased um there would be you know adjustment in pricing or rather sustainability how how 36:16 36 minutes, 16 seconds one should think about that yeah so Nitin Sundep talked about uh the pricing aspect as well as the costing. 36:25 36 minutes, 25 seconds So in terms of costing uh there are a lot of on which the price escalation is passed through the passed to the customer and also the cases where we 36:34 36 minutes, 34 seconds have a firm price contract we mentioned that we build in the cost uh assumptions in our uh working basis our internal 36:43 36 minutes, 43 seconds forecast which is a very robust process and seps also mentioned earlier that the pricing is stable it's not detrating 36:50 36 minutes, 50 seconds it's uh kind of the same range as we had few quarters ago Got it. Got it. Thank you. Thank you 36:59 36 minutes, 59 seconds Sundep and the team and thanks for clarifying on the outlook. Thanks a lot. All the best. Thank you. Thank you. 37:07 37 minutes, 7 seconds The next question is from the line of Mahesh Patil from ICS securities. Please go ahead. 37:13 37 minutes, 13 seconds Uh yeah. Hi sir. Uh so my first question is on the export order book. So uh export order book around 30% of our 37:21 37 minutes, 21 seconds overall order uh it will be in the range of uh 24 to 37:29 37 minutes, 29 seconds 27%. Uh this see this mix keeps changing depending on what kind of order. 37:36 37 minutes, 36 seconds So the overall theme is that the domestic market is strong. The international market is also strong. We continue to see the overall order 37:45 37 minutes, 45 seconds booking growing. Uh in few quarters it could be the larger orders from the domestic and in the other it could be the export market. 37:53 37 minutes, 53 seconds Okay. So my second question is on the HDC project right side. So for KAPAD uh and the upcoming one right South Cola uh 38:02 38 minutes, 2 seconds what is typically the local content requirement for this HDC project. 38:08 38 minutes, 8 seconds So for a part there was no local requirement which was defined in the okay. 38:20 38 minutes, 20 seconds Okay. And sir uh my last question is on the execution we see the sales numbers 38:27 38 minutes, 27 seconds right. So for in 9 months this year compared to 9 months last year there's a sharp increase in the uh export uh 38:34 38 minutes, 34 seconds revenue around 75%. So uh is this because the large export orders that we 38:40 38 minutes, 40 seconds received in Q2 FY 25 and uh Q3 of 24 uh is this execution belonging to that 38:48 38 minutes, 48 seconds order and uh related question is is the uh margin improvement partly uh because of these export orders. 38:59 38 minutes, 59 seconds Yes. Uh you're right Mah. Uh the the export order uh related revenue in the 39:06 39 minutes, 6 seconds execution also includes the large order that is booked in the last year. And u as we mentioned in the earlier calls the 39:13 39 minutes, 13 seconds export uh volume gives us better margins. Those are the better price deals. So that is also one of the reason uh of the improvement in profitability. 39:22 39 minutes, 22 seconds Of course other reason as I mentioned earlier which is the overall increase in volume gives the operating leverage and also significant operational uh 39:31 39 minutes, 31 seconds execution that we are having as a team gives us uh execution improvements. 39:38 39 minutes, 38 seconds Okay and this export order will continue for uh throughout the next year. 39:43 39 minutes, 43 seconds So the large order that last year had a timeline of five years of execution. 39:50 39 minutes, 50 seconds Okay. Okay. 39:53 39 minutes, 53 seconds And sir uh anything on the capex that we had announced uh earlier this fiscal update. 40:00 40 minutes So we uh announced a capex of uh close to 1,000 cr uh all put together uh they 40:08 40 minutes, 8 seconds have respective uh timelines of implementation uh which will go up to uh financial year 40:16 40 minutes, 16 seconds 26 27 in some cases and 2728 in the other cases. 40:22 40 minutes, 22 seconds Okay, thank you. Thank you so much. 40:26 40 minutes, 26 seconds Thank you. The next question is from the line of Mahesh Pendra from LIC mutual fund. Please go ahead. 40:34 40 minutes, 34 seconds Uh hi sir, thank you so much for the opportunity. uh sir government of India has released I mean the draft national 40:41 40 minutes, 41 seconds electricity policy 2026 where they have given lot of um I mean targets for example like uh per capita 40:50 40 minutes, 50 seconds electric consumption to go up to 2,000 kilowatt hour by 2030 and 4,000 by 20 40:56 40 minutes, 56 seconds for 20 47 and for the same plant u plan they have invisaged I think uh 41:05 41 minutes, 5 seconds investments about 50 lakh crores by 2032. 41:09 41 minutes, 9 seconds So just one thing I mean uh from your viewpoint out of this 50 lakh cr what kind of investments you anticipate that 41:16 41 minutes, 16 seconds will go into transmission side m we will have to make an assessment I 41:27 41 minutes, 27 seconds don't think that we'll be able to give this number off okay okay and sir given this new target 41:35 41 minutes, 35 seconds I mean earlier there was opportunity talked about was a 9 lakh cr investment in transmission. But this because of 41:42 41 minutes, 42 seconds this broad number 50 lakh cr does that change the uh uh the opportunity uh in a in a in a larger manner compared to what we anticipated earlier? 41:53 41 minutes, 53 seconds Yeah, it will change definitely it will change but then it also requires there will be a lot of investment has to come in the generation side as well because 42:02 42 minutes, 2 seconds obviously when you are generating then only you're transmitting so generation capex has also to match the transmission 42:09 42 minutes, 9 seconds capex yeah yeah I'm I'm not looking for any number as such I'm just wanted 42:16 42 minutes, 16 seconds qualitative input on this I mean given the such a large scale investment u government is looking to you 42:23 42 minutes, 23 seconds look out for next 15 20 years does that u our plan for dealing with in terms of 42:31 42 minutes, 31 seconds increasing capacity and adding new products and so on. So are there any uh internally discussions about the all 42:38 42 minutes, 38 seconds this opportunity and how we are going to focus? 42:42 42 minutes, 42 seconds We are already investing as Susil said we are already investing into a capex of,000 crores and uh this is something which we always keep on our radar and 42:52 42 minutes, 52 seconds there are always internal discussions which keep on happening as a part of the strategy and whenever we require that whenever we think that we are ready for 43:00 43 minutes another round of capex we will go ahead with that. Sure. Thank you. Thank you so much, sir. 43:07 43 minutes, 7 seconds Thank you. 43:10 43 minutes, 10 seconds Thank you. The next question is from the line of Viren Desh Pandi from Alpha Pic Investments. Please go ahead. 43:18 43 minutes, 18 seconds Hello. Congratulations for the excellent uh growth which the company has achieved 43:24 43 minutes, 24 seconds consistently over the last one year and uh the order book also 14,000 cr plus 43:32 43 minutes, 32 seconds plus the HBDC order of adanis which will also be quite substantial I hope where the company with the has the order book 43:40 43 minutes, 40 seconds full for u maybe next 2 years if you consider the reasonable growth of about 20 25% 43:48 43 minutes, 48 seconds and uh uh so as you mentioned that Chinese competition also is just a speculation 43:56 43 minutes, 56 seconds and even if it comes it is likely to face uh the issues like uh testing and various other things and it will take a 44:03 44 minutes, 3 seconds lot of time. So our um growth projections and all those 44:10 44 minutes, 10 seconds things and the order booking continues to be good. So it is good. Uh I I would like to wish 44:18 44 minutes, 18 seconds only the best for the company. I don't have any questions. Thank you. 44:23 44 minutes, 23 seconds Thank you Vin. But I'm saying that Chinese competition is not speculation. 44:27 44 minutes, 27 seconds I said that the media news which has come in in that till the time we don't get a government clarification. This news and everything is a speculation. 44:38 44 minutes, 38 seconds Yeah. Yeah. So the government has not mentioned anything on that. It has this news has been appearing for last 15 days or 1 month 44:45 44 minutes, 45 seconds and uh but the the because there is some shortage in some transformer parts etc. 44:51 44 minutes, 51 seconds But as you mentioned um these things even if they are clarified there is only one manufacturing company which which has to produce it in India. No normally 45:00 45 minutes the things government is mentioning for China is that you should produce here in India. So if that is the case these 45:07 45 minutes, 7 seconds people have to put up a plant and all those things. So it will again be a matter which will be after 2 three years only. So is this understanding correct? 45:16 45 minutes, 16 seconds Yes. Yes. 45:18 45 minutes, 18 seconds Okay. So that is good. So thank you and all the best. 45:26 45 minutes, 26 seconds Thank you. The next question is from the line of Parakit Kandapal from HDFC Securities. Please go ahead. 45:32 45 minutes, 32 seconds Yes. Sorry I got dropped out. My question is on HBDC. Now we have an HBDC already in our team. So are we looking 45:40 45 minutes, 40 seconds to do we have capacity uh to take on more one or two more HDC projects? We be active in this market. 45:49 45 minutes, 49 seconds So we definitely have capacity for more HDC project but uh it will not be possible for us to disclose on a open 45:58 45 minutes, 58 seconds call that we have capacity for 1 2 3 4 HDCS because these are commercially sensitive information but yes we have capacity. 46:07 46 minutes, 7 seconds Okay so you're open and exploring more opportunities in this segment. Uh secondly that is what was part of my uh opening 46:14 46 minutes, 14 seconds statement as well that uh with the HDP opportunities we look forward towards growth with HDP more HD. 46:22 46 minutes, 22 seconds Okay. Uh the other question u is uh related to uh uh the I was talking 46:30 46 minutes, 30 seconds talking about US uh that time like I got dropped out and the opportunity in Asia. 46:35 46 minutes, 35 seconds So are there further discussions on the recent project which the parent has done I think in Iraq and in Middle East uh so 46:42 46 minutes, 42 seconds that we get a share of some component of related party for the next year. 46:48 46 minutes, 48 seconds So it's something which we keep on working and uh I think whenever there's an opportunity and if it is very large 46:55 46 minutes, 55 seconds in nature uh we will obviously go back to the shareholder for related party approval. 47:01 47 minutes, 1 second Okay. And so just lastly on this current HUDC which we won which is VFC project. 47:06 47 minutes, 6 seconds So so what kind of localization we have for this and what will be the import content or the parent share of insourcing uh for the parts or the equipments in this. 47:17 47 minutes, 17 seconds So these are very specific uh information uh parish and these are commercially sensitive information so we 47:25 47 minutes, 25 seconds don't share it uh these uh information but I can only tell you that the whole order has been taken by the Verova TMD 47:33 47 minutes, 33 seconds India Limited and uh we will deliver the order and so uh the cash equivalent in the 9 47:41 47 minutes, 41 seconds month is 15.9 uh so is there any reduction in cash equivalent 47:49 47 minutes, 49 seconds And uh there has been uh improvement prehis uh so last uh quarter we had I think 15.2 2 billion and this quarter we 47:57 47 minutes, 57 seconds are 15.9 and over the last 9 months we have generated 6 billion so I think uh starting March it used to be around uh 8 48:06 48 minutes, 6 seconds to 9 billion of cash which has now gone up to 15 billion 15.9 rather 16 billion 48:12 48 minutes, 12 seconds okay 6.7 for the 9 month period okay sure sir thank you and wish those are the questions thank you 48:21 48 minutes, 21 seconds thank you the next question is from the line of Anik mitt from SPI mutual fund. Please go ahead. 48:28 48 minutes, 28 seconds Yes, thank you. Um firstly, uh Sundep just a basic question. um you know while I understand there's no direct um impact 48:36 48 minutes, 36 seconds of um RO because a very large chunk of the issue is really coming on the transmission line front but let's say 48:44 48 minutes, 44 seconds because of that is there any indirect impact that comes through as in let's say the pooling substation or the grid 48:50 48 minutes, 50 seconds level substation supply gets deferred if if there are issues on the transmission line that continues or or um you know 48:58 48 minutes, 58 seconds irrespective of that uh they they would ask or or they will have to pick up the supply. 49:05 49 minutes, 5 seconds Yeah, definitely there is a sometimes there is a impact in terms of lifting the material but uh today the developers 49:14 49 minutes, 14 seconds uh or the EPC companies they make alternate provisions for example they might take a land somewhere to store the 49:21 49 minutes, 21 seconds material etc. So we might for a few cases we might see a delay of maybe a month or two months in terms of material getting discharged but nothing major. 49:33 49 minutes, 33 seconds Okay. So so fairly large is essentially being picked up and stored right now irrespective of the um ro at light is that fair? 49:43 49 minutes, 43 seconds No but I don't I am not saying that there's a large number of projects where it gets delayed. For few projects where it get delayed, yes, it gets stored and 49:52 49 minutes, 52 seconds then subsequently whenever it is required or whenever the land is available then automatically the the EPC 50:00 50 minutes and the developer speed up the process of of executing that project. So the gap is not so much 50:08 50 minutes, 8 seconds okay fair. The other one was was just to understand on the margin front right I mean it's it's now three quarters where 50:15 50 minutes, 15 seconds we've been delivering almost 27% and above and and while um you've partly given reasons could you maybe elaborate 50:23 50 minutes, 23 seconds on how much of this is really because of product mix and how much of this is because of some of the legacy orders getting um you know getting out of the 50:31 50 minutes, 31 seconds system and and we you know subsequently getting price hikes we got to understand you know just for us to think about how sustainable margins can 50:40 50 minutes, 40 seconds So I think it depends on what is the starting point uh and the numbers change depending on which period you are comparing to but overall as I mentioned 50:48 50 minutes, 48 seconds in my beginning uh statement there are three major reasons of this increase one is the volume because we have been 50:56 50 minutes, 56 seconds growing like uh 46% in this 9 month period and last year also we have grown the 35%. So a significant volume growth 51:04 51 minutes, 4 seconds has given us the operating leverage because we are keeping our fixed cost uh at a very minimum increase. And uh 51:11 51 minutes, 11 seconds besides volume the other one is uh the increase in pricing which has happened over last. 51:29 51 minutes, 29 seconds Uh sorry to interrupt sir we are unable to hear you. Hello. 51:57 51 minutes, 57 seconds Hello. 52:04 52 minutes, 4 seconds So Ruja we are disconnected on the landline number. 52:08 52 minutes, 8 seconds We can uh you okay I can still see the connection is there. Uh so you can can you please call back? 52:17 52 minutes, 17 seconds Yes doing that. This is already added. 52:27 52 minutes, 27 seconds [music] 52:49 52 minutes, 49 seconds Ladies and gentlemen, thank you for patiently who waiting. Sir, you may please go ahead. 52:54 52 minutes, 54 seconds Yeah. Uh so we got dropped. Uh sorry for that. Uh Anikette uh I'll repeat my answer. So this margin improvement is or 53:04 53 minutes, 4 seconds the battery in the range of 27% is a result of multiple factors. Increase in volume by 46% this financial year and 53:11 53 minutes, 11 seconds 35% in the last financial year. That is one of the primary reason. uh better uh improvement in pricing and execution of 53:19 53 minutes, 19 seconds the high margin contracts looked in the last uh couple of years is another factor and the third one is the execution improvement because the team 53:27 53 minutes, 27 seconds has been working very strongly to make a significant uh uh execution delivery difficult to give the breakup uh of uh 53:35 53 minutes, 35 seconds this improvement. It's a result of overall coordinated effort of the company uh and we continue to hope to work in these directions. 53:45 53 minutes, 45 seconds F if I can just ask you know one more question. Um the current order book that you have um how much of that would be 53:52 53 minutes, 52 seconds products and and how much would be projects? 53:57 53 minutes, 57 seconds So as of now the projects will be lower less than 30%, but as we are going to also book HBDC order this mix is going 54:05 54 minutes, 5 seconds to change significantly uh because HBDC is classified as a turnkey project and again I will say 54:12 54 minutes, 12 seconds that uh it's uh difficult uh for anyone to keep you know evaluating uh the 54:19 54 minutes, 19 seconds company basis these further niggities for us. We as a management team evaluate our company as the at the larger level 54:28 54 minutes, 28 seconds as one company without going into these uh breakups like export and domestic or you know one particular business line versus others. We have a very 54:37 54 minutes, 37 seconds disciplined commercial underwriting process. Wherever we get the opportunity to fill in the volume and book orders at a better deal whether it is domestic 54:44 54 minutes, 44 seconds market or export market or turnkey project or a specific product bases our commercial underwriting process with good deals 54:52 54 minutes, 52 seconds and as a result uh the overall uh uh order booking is at a healthy level and we are delivering a good result at 25 to 27%. 55:02 55 minutes, 2 seconds Got that. Hey, thank you for taking my questions. 55:06 55 minutes, 6 seconds Thank you. The next question is from the line of Subadep Netra from Noama. Please go ahead. 55:14 55 minutes, 14 seconds Good evening and thank you for the opportunity. Sorry I got uh cut off in between. So some of my questions might be a repeat. Uh so taking off from where 55:23 55 minutes, 23 seconds Anik left on the margin point. Uh just trying to get a little bit more color on this. uh I think in the previous calls 55:31 55 minutes, 31 seconds you had alluded to the fact that despite uh the operating leverage plays and all the other benefits that are there 55:39 55 minutes, 39 seconds maintaining a margin of you know 25% plus would be difficult however what we're hearing now is you are saying that 55:48 55 minutes, 48 seconds maintaining a 25 27% or somewhere in that range of margins is something that is sustainable is is that the right 55:56 55 minutes, 56 seconds understanding So sh I I'll start and then I'll have Sep to answer. So Shep there are two 56:04 56 minutes, 4 seconds parts of this question. First one of the uh uh question was that what is the 56:11 56 minutes, 11 seconds expected margin for this year and I answered that uh we have been talking about mid20 and now with the first three 56:19 56 minutes, 19 seconds quarter in uh a good uh you know the results have been very good. So we expect now to be the higher end of the mid20s for the full financial year. So 56:27 56 minutes, 27 seconds this financial year and the other related question was the expectations for the future and for that I and SAP we 56:35 56 minutes, 35 seconds answered that our end is to maintain this mid20s kind of margin and separation 56:45 56 minutes, 45 seconds in the foreseeable future a significant deteration in the foreseeable future. 56:48 56 minutes, 48 seconds Sep you would like to add anything? No I think you're right Sushi you have captured it well. 56:53 56 minutes, 53 seconds So I think Shoubadi so as we said clearly is that of course at that point of time as well we didn't mean it that 57:02 57 minutes, 2 seconds it would be a significant deterioration be but it was it was read or it was understood like that but uh so this is 57:10 57 minutes, 10 seconds the final position what we have perfect I think that makes it uh amply 57:17 57 minutes, 17 seconds clear. Um secondly I think if I have to look at the overall uh ordering in the 57:25 57 minutes, 25 seconds transmission space right now I think the current fiscal has been relatively slow. 57:29 57 minutes, 29 seconds I believe last fiscal uh ordering was in excess of one lakh cr we are significantly lower in this year so far. 57:37 57 minutes, 37 seconds So do you anticipate a large pickup uh you know in in the forthcoming quarters because there is a lot of tendering 57:44 57 minutes, 44 seconds activity. Is it possible to kind of articulate you know what is the size of overall pipeline of let's say TBCB projects that are in the tendering uh pipeline that that you are seeing? 57:58 57 minutes, 58 seconds Look I think uh I can I don't have the ready numbers with me about the pipeline but I expect that yes next year is going 58:07 58 minutes, 7 seconds to be a much stronger year than what we had this year. 58:14 58 minutes, 14 seconds Perfect. Perfect. Understood. Thank you so much sir. Thank you. 58:19 58 minutes, 19 seconds Thank you ladies and gentlemen. This was the last question for today. I now hand the conference over to Miss Mega Gupta for closing comments. 58:29 58 minutes, 29 seconds Thank you all for joining the call today. We hope the insights provided by our speakers have been informative and valuable to you. We value the trust and 58:37 58 minutes, 37 seconds support of our investors and analysts and ensure to remain committed to maintain transparent communication and fostering strong relationships. If you 58:44 58 minutes, 44 seconds have any further questions or require additional information, please do not hesitate to reach out to me or our communications leader. Thank you. 58:54 58 minutes, 54 seconds Thank you. On behalf of G Vanova TN India Limited, that concludes this conference. Thank you for joining us and may now disconnect your lines.