IndiGrid Infrastructure Trust — Q3 FY26

IndiGrid Infrastructure Trust Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=PrL17RXXuxE Published: 3 months ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to Integrated Infrastructure Trust Q3 FI26 earnings conference call hosted by Ambit Capital Private Limited. 0:10 10 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 concludes. Should you need assistance 0:18 18 seconds during this conference call, please signal an operator by pressing star then zero on a touchtone phone. Please note that this conference has been recorded. 0:25 25 seconds I now hand the conference over to Mr. 0:27 27 seconds Satyad Giant from Ambit Capital. Thank you and over to you sir. 0:32 32 seconds Uh good afternoon everyone and welcome to the Q3 earnings call for integrated infrastructure trust. Today from the management we have with us Mr. Harsh Sha 0:41 41 seconds managing director, Miss Magna Pandit, chief financial officer and Mr. Sanil Namudipad, chief operating officer. 0:50 50 seconds We'll begin the call with the opening remarks from the management after which we'll have the forum open for interactive Q&A session. I'll now hand over the call to the management. Thank you and over to you sir. 1:04 1 minute, 4 seconds Thank you. 1:07 1 minute, 7 seconds So I would walk through the presentation for quarter three and u me and team will discuss certain aspects of that and then 1:15 1 minute, 15 seconds subsequently we'll go for question answers. Start with in slide three I'll just reate our vision. Our vision is to admire the most uh to become the most 1:24 1 minute, 24 seconds admired vehicle uh focused uh with a focused business model value accreative growth predictive distribution and 1:32 1 minute, 32 seconds optimal capital structure. We believe we have been following these four principles over last several years. On the next slide, slide four just to 1:40 1 minute, 40 seconds reiterate ourselves today. Our aum is approximately 32,800 crores. We present in 20 states and two UP so almost entire 1:50 1 minute, 50 seconds country with about 90 different revenue generating elements which includes 53 lines, 16 substations, 1:58 1 minute, 58 seconds 1.5 gawatt of solar projects uh and several best projects. Our 2:05 2 minutes, 5 seconds transmission and solar assets have substantially longer life and average residual contracts over 20 years with 2:13 2 minutes, 13 seconds transmission most of the transmission assets are on perpetual ownership basis. 2:20 2 minutes, 20 seconds Going to uh slide number six with quarterly updates for 5.6. 2:26 2 minutes, 26 seconds uh we signed SBA to acquire gutter transmission limited from 2:33 2 minutes, 33 seconds it's uh 187 kilometers thousand NBA capacity uh an ISPs project in Karnataka 2:41 2 minutes, 41 seconds uh for approximately 372 crores. We are expecting to close this transaction in this quarter. 2:49 2 minutes, 49 seconds We also raised 1,500 crores of uh equity through institutional placement. Uh issue was subscribed overs subscribed by 2:57 2 minutes, 57 seconds 2x and we saw widespread participation across u new long and global institutional investor. 3:11 3 minutes, 11 seconds Ladies and gentlemen, we have the management line disconnected. Please stay on the call while we reconnect the management. 3:20 3 minutes, 20 seconds [music] 3:26 3 minutes, 26 seconds [music] 3:34 3 minutes, 34 seconds [music] 3:42 3 minutes, 42 seconds [music] 3:47 3 minutes, 47 seconds [music] 3:51 3 minutes, 51 seconds Ladies and gentlemen, we have the management line reconnected. 3:56 3 minutes, 56 seconds Um sorry uh sorry for the disruption. I would repeat I was talking about the QIP uh as institutional placement where we 4:04 4 minutes, 4 seconds rate 1500 crores uh and uh both are existing as well as new uh investors participated overwhelmingly in this 4:11 4 minutes, 11 seconds issue. We also signed definitive agreements with to acquire two of the under construction projects uh after one 4:19 4 minutes, 19 seconds year of commissioning uh which they won during the quarter. One of them was uh a battery project of 500 megawatt hour 4:27 4 minutes, 27 seconds capacity in BP uh with a counterparty as an EVN for an EV of approximately 957 4:34 4 minutes, 34 seconds crores and another ISC project in Madhya Pradesh with 180 circuit kilometers and 4500 in the year transformation capacity for an EV of approximately 1577 crores. 4:48 4 minutes, 48 seconds Um this is the project which energy won in this quarter which is uh located in MT and it will be end of time by in 4:56 4 minutes, 56 seconds transfer to us uh after operation after CO uh with this overall uh the latest 5:04 5 minutes, 4 seconds overall under construction portfolio across Indian grid stands at approximately 7500 crores which offers a 5:11 5 minutes, 11 seconds predictable pipeline that we see from our current AUM of 32,000 crores to approximately 40,000 crores. 5:19 5 minutes, 19 seconds On the financial performance for the quarter, uh our revenue growth was at 11.7% on year-on-year basis on the count of the new projects that we added in the 5:27 5 minutes, 27 seconds portfolio over the last year. Uh the same also flows through our AIDA with growing approximately 13%. Our AVM uh as I mentioned earlier is at 32,800 crores. 5:40 5 minutes, 40 seconds Uh if the quarter ended at 61% net debt to aum and post the institutional placement which happened in quarter 4, 5:48 5 minutes, 48 seconds our net debt to aum will be approximately 56.5%. 5:53 5 minutes, 53 seconds Collections in quarter 3 was 90% for transmission and 98% for solar assets. 5:59 5 minutes, 59 seconds Um yeah however the receivable days are substantially lower owing to the more collection that we have received by 6:09 6 minutes, 9 seconds on the distribution front we are maintaining our DPU at 4 rupees a unit which is 6.7% higher versus uh same 6:17 6 minutes, 17 seconds quarter last year and in line with our folio guidance our weighted average availability for entire portfolio remains at 99.7% 6:26 6 minutes, 26 seconds and CUF for our solar capacity is 6% with the industry update for quarter 6:34 6 minutes, 34 seconds three in slide number seven. I think the growth in the power sector remains on a good trajectory. You've seen um the peak 6:43 6 minutes, 43 seconds demand that we could meet as a country raised to about 241 gawatt uh which is sizably higher not just over 6:52 6 minutes, 52 seconds last few quarters but if one looks at a few years ago where the peak demand was 200. So we clearly seeing an uptrend in 6:59 6 minutes, 59 seconds terms of the ability to meet peak demand which will eventually translate into the overall consumption of electricity going up very high. 7:08 7 minutes, 8 seconds Overall install capacity also increase to approximately 514 and more than 50% is from the new capacity. 7:17 7 minutes, 17 seconds Do you feel [clears throat] that this both overall consumption of electricity as well as focus on renewable is going to put an impetus in transmission 7:26 7 minutes, 26 seconds capacity uh that uh needs to be added and augmented including battery capacity over next 5 to 10 years 7:36 7 minutes, 36 seconds ne 2026 which is at consultation level if is focused on more transmission 7:43 7 minutes, 43 seconds planning incentive the grid reliability for the coming decades. 7:48 7 minutes, 48 seconds I think that uh the importance of energy storage uh is consistently going up. For last few years starting from the first 7:56 7 minutes, 56 seconds bit till now there have been sizable amounts of bid almost 13 gawatt bids under EGF and otherwise have come up and 8:05 8 minutes, 5 seconds India is already targeting more than 100 gawatt of pump storage. So we think that overall storage market is going to be on a trajectory to grow over the over next 10 years. 8:16 8 minutes, 16 seconds We feel that uh the RPOS and and the grid uh and the battery capacity will consistently going up and that would 8:24 8 minutes, 24 seconds throw uh reasonably good opportunities for us to continue to participate and grow our portfolio and increase. 8:33 8 minutes, 33 seconds On slide eight, um we've seen um very active bid activity in uh the 8:41 8 minutes, 41 seconds transmission and best sector. Uh we've seen overall 1 lakh 57,000 crores of transmission in best bids 8:49 8 minutes, 49 seconds over a period of next few quarters um which which includes a few HBDC bids as well as uh small state bids and 8:58 8 minutes, 58 seconds battery bids. So we hopeful that we will continue to able to participate in this bid by Emirate and grow the portfolio. 9:08 9 minutes, 8 seconds On slide number nine uh we have a quarterly uh operational performance. I would request Sunil chief operating officer to take you through this. 9:20 9 minutes, 20 seconds Thank you Hash. Good evening everyone. 9:22 9 minutes, 22 seconds We are on slide number nine. Uh regarding the quarter performance the first is the safety updates. We had zero 9:30 9 minutes, 30 seconds medical treatment cases, first state cases and low time incidents. Maintaining our health and well-being. 9:36 9 minutes, 36 seconds Uh performance-wise, the power transmission business operated with a availability of 99.77% 9:44 9 minutes, 44 seconds maintaining a stable availabilities and the solar generation the Q3 was uh 551.5 9:51 9 minutes, 51 seconds million units at 21.6% CV. Uh with regards to the reliability the trips per line uh we have maintained at 0.07 10:01 10 minutes, 1 second maintaining uh a steady uh reliable performance. Major of the trippings that happened were due to foreign materials 10:09 10 minutes, 9 seconds lightning and thunderstorm which were beyond our control. Substation trips per element outages were at 0.01 trips per 10:16 10 minutes, 16 seconds element which is uh better than the average benchmarks. 10:21 10 minutes, 21 seconds uh and the solar availability uh was 98.5% the plant availability and some of 10:28 10 minutes, 28 seconds this was due to um various uh breakdowns and which were recovered some of them were recovered under insurance coverage. 10:37 10 minutes, 37 seconds If you look at the right side the Q3 availability was of the uh transmission assets were beyond the normatives. Most 10:45 10 minutes, 45 seconds of them except one except we operated much well beyond the uh normative availability as per the transmission service agreements. And if you look at 10:53 10 minutes, 53 seconds the key indicators we uh we are better or as far with regard to the Q3 of the last year. Number of trips per line last 11:01 11 minutes, 1 second year was 09 in the same quarter. Today we were this quarter we were at 0.07. 11:06 11 minutes, 6 seconds Training man hours remain steady. Uh loss of time incidents were uh better this year. unsafe conditions reporting 11:14 11 minutes, 14 seconds we we encourage always uh that the reports should be there so that we are able to take preventive and uh corrective actions. So this has improved 11:23 11 minutes, 23 seconds and year reporting also has been uh in a steady uh way. The utility solar generation was 551 11:31 11 minutes, 31 seconds uh million units. So slightly better than last year's and the plant availability remains steady with 21.6% CUF and 98.5% 11:40 11 minutes, 40 seconds availability. Uh for the next slide, may I request Magna to take over? 11:46 11 minutes, 46 seconds Yeah, thanks. Thanks, Anil. Uh good afternoon everyone. I'm on slide number 10 on the Q3 FI26 financial performance. 11:54 11 minutes, 54 seconds Starting from the reported revenue where we clocked an increase of 11.7% over Q3 11:59 11 minutes, 59 seconds FI25 and recorded the revenue at 862.2 crores. on the IBITA side consequently 12:07 12 minutes, 7 seconds uh clocked an increase of 13% at 784.3 crores. Both these increases were on the 12:14 12 minutes, 14 seconds back of the acquisitions that we did in Q1 of this fiscal. the renew assets that we acquired on the transmission and 12:21 12 minutes, 21 seconds solar side almost about 21 2200 odd crores of acquisitions that came through. NDC have generated for the quarter u showed a muted uh performance 12:30 12 minutes, 30 seconds at around 328 crores largely on the back of changes in the working capital uh on on the collections bit because Q2 of 12:40 12 minutes, 40 seconds FI26 we had much larger collection so comparatively on Q3 uh there has been an adjustment that happened BPU for the 12:48 12 minutes, 48 seconds quarter is declared at 4 rupees in line with the guidance for the CiscoL of 16 rupees on the collection and receivable 12:55 12 minutes, 55 seconds days the transmission assets portfolio uh had collections of 90% in Q3 uh FI26 13:02 13 minutes, 2 seconds versus 100% year-on-year basis but the days outstanding the SO days uh stood at a very healthy of 38 days as on December 13:11 13 minutes, 11 seconds 2025 compared to 48 in December 24 on the solar side collections remained very robust at 98% with the DSO days again at 13:21 13 minutes, 21 seconds 32 uh compared to 50 days in December 4 a marked improvement on the collections and DSO days which we have seen in the sector itself. 13:32 13 minutes, 32 seconds Moving on on the distribution update on slide number 11 as I said the distribution per unit stands at 4 rupees for Q3 break up of which between 13:41 13 minutes, 41 seconds interest dividend capital repayment and other income stands uh in line with the trend every quarter. The total 13:47 13 minutes, 47 seconds outstanding units for the uh as on date at 95.26 26 crores. This is after the institutional placement where we raised 13:56 13 minutes, 56 seconds 1500 odd crores uh in the beginning of January. The gross distribution for this quarter stands at 381 crores with a 14:05 14 minutes, 5 seconds record date of Feb 17th and tentative distribution um around Feb 24th. 14:11 14 minutes, 11 seconds The NAV per unit stands at 146.4 bases the diluted capital after taking into account the institutional 14:19 14 minutes, 19 seconds placement. So the total distribution uh stands at 113.32 per unit uh amounting 14:26 14 minutes, 26 seconds to 72.67 billion uh which is being distributed to the investors since the time we got listed in 2020 uh in 2017. 14:35 14 minutes, 35 seconds The annual distribution trend again looks very healthy with the 6% keer uh over the last 5 years and we are on track on delivering the guidance for the year at 16 rupees. 14:47 14 minutes, 47 seconds Moving on to slide number 12 on the consolidated IBITA to NDCS waterfall. 14:52 14 minutes, 52 seconds The IBITA generated at SPV level stood at 756 odd crores and with all the adjustment in terms of the working 14:59 14 minutes, 59 seconds capital movements capex. The NDCS consolidated at SPV level stood at 678 15:06 15 minutes, 6 seconds crores. After that adjusting the debt servicing requirements of finance cost, DERA working capital movement the NDC 15:14 15 minutes, 14 seconds have generated during the quarter stood at 328 crores and the distribution for the quarter stands at 381. 15:22 15 minutes, 22 seconds So to the extent of about 52.7 crores we will be utilizing it from the reserve 15:28 15 minutes, 28 seconds and after the utilization of this 53 odd crores from the reserve the reserve balance st will stand at 520.7 odd 15:37 15 minutes, 37 seconds crores which is almost 1 one and a half quarters of distribution on the diluted capital as we speak. 15:45 15 minutes, 45 seconds Moving forward on slide number 13 on the balance sheet position we continue to remain AAA rated by all the three rating 15:52 15 minutes, 52 seconds agencies we the average cost of debt uh stands at 7.41% as on December 31st with 15:59 15 minutes, 59 seconds net debt to AUM leverage ratio at 61% in December and after the institutional placement it is at 56.5% 16:08 16 minutes, 8 seconds um leaving a significantly healthy debt headroom for future acquisitions. On the borrowing front, the total fixed rate 16:15 16 minutes, 15 seconds borrowing uh between the overall book stands at about 88 odd% with floating rate floating borrowings at about 12 odd%. Cash balance again including 16:24 16 minutes, 24 seconds deathra including the distribution for the quarter stands at around 16.59 billion and an interest coverage ratio 16:31 16 minutes, 31 seconds of 1.92 times on the gross borrowing of around 21,000 odd crores. The mix 16:38 16 minutes, 38 seconds between NCDS and bank loans stands at 72 and 28 odd percent with a diversified uh debt investor across mutual funds, 16:47 16 minutes, 47 seconds banks, corporates, dividend funds and a mix of uh PSUs as well as private banks. 16:53 16 minutes, 53 seconds The refinancing schedule that we see at the bottom of the chart shows a diversified and termed out borrowing profile ensuring that we do not bunch up 17:01 17 minutes, 1 second any maturities in any particular year and do not cross more than 12 13% of gross borrowing which comes up for refinancing in any particular year and 17:11 17 minutes, 11 seconds for the for this for the remainder of quarter in this fiscal almost everything is already refinanced uh barring about 17:18 17 minutes, 18 seconds 200 odd crores of refinancing which will come up Moving on to slide number 14 on the 17:26 17 minutes, 26 seconds total returns to investors. Total returns detected by the distribution till date and the price change. As you 17:33 17 minutes, 33 seconds can see uh Indigrid has clocked a total return of 181% and an annualized return of 13% since the time we got listed. And 17:41 17 minutes, 41 seconds if we compare this with pure debt on one hand which is depicted by the 10-year and 30-year GC bond and with pure equity 17:49 17 minutes, 49 seconds which is depicted by various indices you can see that on a risk adjusted basis integr has outperformed both pure debt 17:56 17 minutes, 56 seconds and pure equity indices uh risk being depicted through the beta which is very close to zero at 06. 18:05 18 minutes, 5 seconds Moving on to the business outlook on slide number 15. So on the portfolio strategy we continue to ensure that our 18:12 18 minutes, 12 seconds focus remains on ensuring the operations remain stable with predictable and sustainable distribution while at the 18:19 18 minutes, 19 seconds same time looking at value accreative acquisitions. The green field development projects which are there between Indigrid and inner grid. Our 18:26 18 minutes, 26 seconds focus is ensuring that that execution of the augmentation work as well as the under construction projects of 7,500 18:34 18 minutes, 34 seconds continue to remain on track and we deliver on time. In addition to that uh through energ grid we will proactively participate in further green field 18:43 18 minutes, 43 seconds opportunities on battery and uh transmission projects. Similarly ensure that we deliver the DPU guidance of 16 18:50 18 minutes, 50 seconds rupees for FI26 supported by discipline capital employment. On the balance sheet side, again our focus remains on how to 18:59 18 minutes, 59 seconds optimize the interest cost and ensure how we can elongate the tenor profile through the upcoming acquisitions and 19:06 19 minutes, 6 seconds refinancing opportunities that come about and with the kind of leverage ratio that we have achieved um ensure that the prudent leverage is also 19:15 19 minutes, 15 seconds maintained uh when we look at acquisitions. Resilient asset management again remains an important pillar where 19:21 19 minutes, 21 seconds we uh focus on sustaining at least 99.5% of availability from the operational 19:28 19 minutes, 28 seconds transmission portfolio. In addition to that, try and strengthened on uh OM capabilities um basis digital and 19:37 19 minutes, 37 seconds predictive analytics analytics both on the transmission side as well as on the solar side. Underpinning that ensure 19:44 19 minutes, 44 seconds that EHS and ESG practices remain at the forefront. Industry stewardship again continues to be on the forefront wherein 19:52 19 minutes, 52 seconds we participate actively uh on policy shaping industry dialogues through ministry of power CRC etc on the power 20:00 20 minutes sector side and on the other hand on the init side uh through various forums and through the association also that is formed. 20:09 20 minutes, 9 seconds I'll take a pause here and we can get into the Q&A session for any specific queries. 20:16 20 minutes, 16 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press char and one on the touchstone telephone. If 20:24 20 minutes, 24 seconds you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question assembles. 20:47 20 minutes, 47 seconds The first question is from the line of Shishit Shingana Sing from Singana Technical Services Private Limited. Please go ahead. 20:54 20 minutes, 54 seconds Hello. Good evening. Am I audible? Hello. Yes, you are audible. 21:02 21 minutes, 2 seconds Yes, you are audible. 21:03 21 minutes, 3 seconds Yeah. So, uh good evening sir. Uh I'm Shay Singha from Singhana Technical Services Private Limited. I had you two 21:11 21 minutes, 11 seconds questions. Firstly, why have the collections in the trans transmission business reached 90% from 100% last year 21:17 21 minutes, 17 seconds considering like we had some collections in the previous quarter as well, but we've constantly like observed a dip in 21:25 21 minutes, 25 seconds the reserves. So, what have you like got to say about that? And secondly, uh we've observed falling tariffs across 21:32 21 minutes, 32 seconds the renewable sector as uh you know the technology improves. So companies like JSW energy with the initial project that 21:40 21 minutes, 40 seconds these companies had uh are facing a little bit of legal issues as well. So how are we prepared to face similar situations? Thank you. 21:51 21 minutes, 51 seconds Yes. I think on your first question uh on slide number 10 if you can have a 21:58 21 minutes, 58 seconds look at it you have to average uh on an annual basis. So the last quarter was 108%. 22:06 22 minutes, 6 seconds Before before quarter before that was 93% and before that was 115%. 22:10 22 minutes, 10 seconds So if you really look at last 12 months we honestly collected more than 100%. I think so. So so on a quarterly basis uh 22:19 22 minutes, 19 seconds the collections fluctuate between 90 to 115%. 22:24 22 minutes, 24 seconds Uh that's how we we monitored I think if when he looks at the balance sheet which is a DSO base is an easier way to figure 22:32 22 minutes, 32 seconds out. So we have 38 days uh which was 48 days in December 24 which practically 22:39 22 minutes, 39 seconds shows you that the receivable days have improved or rather we have collected more uh cash flows from the last year. 22:46 22 minutes, 46 seconds So I think it's just the quarterly changes that keeps happening. I we don't see there is anything negative or materially wrong in that. It's rather we 22:55 22 minutes, 55 seconds seeing it's receivable days are substantially lower than history which means that the collections are very well uh done till now. 23:05 23 minutes, 5 seconds uh on the on the uh draw of the DPU I think we raised uh two uh capital ground this year 23:13 23 minutes, 13 seconds approximately 1,900 crores which means that we are diluted uh and deployment of those capital immediately goes towards 23:22 23 minutes, 22 seconds repayment of debt and then when we acquire assets with that uh headroom is where the DPU grows. So immediately uh 23:32 23 minutes, 32 seconds the next quarter for example even this quarter when we raise the capital uh the dilution impact is one which 23:39 23 minutes, 39 seconds reduce the NDCF and therefore we draw on our reserve uh as we deploy that on the assets and acquire that will that will come back to 23:47 23 minutes, 47 seconds normal is what we feel so we don't see uh again negative on that the question on JW I'm not sure which 23:56 23 minutes, 56 seconds one you refer but uh none of projects have been renegotiated down. Um, all of 24:03 24 minutes, 3 seconds them are consistently paid and we do not see any um I would say we haven't felt or even 24:10 24 minutes, 10 seconds even slightly felt any of our projects in coming near any kind of dispute or issues on this front. 24:18 24 minutes, 18 seconds Most of the at least renewable projects are operating for over a year to 10 years. So I think they are more stabilized ones. 24:27 24 minutes, 27 seconds Um right and uh if there is any color that you could uh give me on like when the equity proceeds raised will be 24:34 24 minutes, 34 seconds realized as project cash flows which I believe shall support NDCF as you're mentioning 24:43 24 minutes, 43 seconds it it's I mean it depends on the acquisition and as as the schedule goes immediately is a proceed to repayment of debt which you already done 24:52 24 minutes, 52 seconds and um we have a pipeline as I mentioned earlier of 7,500 crores which we'll be acquiring over next starting from 3 25:00 25 minutes months to two years time frame or 3 months to three year time frame which is known. So clearly those cash flows will add into the NGCF over the period of 25:09 25 minutes, 9 seconds next 3 months to 3 years. Right? There's a different cycle for each project. 25:16 25 minutes, 16 seconds I'm right thank you and uh congratulations on the great results. Thank you. 25:22 25 minutes, 22 seconds Thank you. The next question is from the line of Deep Bakil from Bandan AMC. Please go ahead. 25:28 25 minutes, 28 seconds Uh, thank you for the opportunity. Uh, good evening all. Am I audible? Yeah. 25:35 25 minutes, 35 seconds Yeah. Sir, you used to give the DPU slide uh in Q1 and FI26 and you have been giving that historically but since 25:43 25 minutes, 43 seconds last quarter and this quarter, I think it has been stopped. So, can you please uh give that slide? It helps us understand you know what the existing 25:51 25 minutes, 51 seconds asset will give and what is the expansion plan. It was a chart multiple uh indicative DPU profile. 26:02 26 minutes, 2 seconds Understood. Yeah. 26:05 26 minutes, 5 seconds Sure. Sure. We'll start with quarter four and yeah go on. Sure. Sure. Thank you. Congratulations on the good set of 26:12 26 minutes, 12 seconds numbers. But uh one thing I mean the DPU guidance stays intact 3 to 5% growth that you have been mentioning. 26:20 26 minutes, 20 seconds So we don't give growth guidance we give DPU guidance which is intact for 16. So that will continue. 26:27 26 minutes, 27 seconds Uh okay growth that that comes in the quarter 4 annual board meeting is when we do and even the DPU projection 26:34 26 minutes, 34 seconds typically we have done annually. So if you look at our last DPU slide we regular in quarter four of 25. uh now we 26:42 26 minutes, 42 seconds will rein quarter for a 26 so just it doesn't change quarter on quarter but we'll add that in the next quarter okay and sir I I think there's one asset 26:51 26 minutes, 51 seconds which was nonoperational Gdavi green uh due to some transformer and generator failure so I mean we have recognized the 26:58 26 minutes, 58 seconds revenue for that I mean we have not recognized the revenue loss for that uh if I'm not mistaken there was similar asset uh where there was some generator 27:06 27 minutes, 6 seconds failure last quarter or last last quarter so where ideally I think we we did not recognize the revenue. So is 27:13 27 minutes, 13 seconds there some change in the policy in the revenue recognition because there also I think there was a 40 50 odd cr revenue 27:20 27 minutes, 20 seconds loss and a 30 35 to reita loss and for which we had filed insurance and the second question is that I mean uh any 27:27 27 minutes, 27 seconds update on that insurance claim so I don't know where you're seeing this 27:34 27 minutes, 34 seconds quarter the good project is operational there is no disruption on that and we only recognize revenue when the 27:42 27 minutes, 42 seconds electricity is generated and sold. So if the asset is not working, we cannot recognize revenue. So I'm not sure where 27:49 27 minutes, 49 seconds there is a business coming. Uh can you check that? 27:56 27 minutes, 56 seconds Uh yeah, it's in the it's in your note note number three of your unodudited console financial result. I mean December and the latest result only I'm 28:05 28 minutes, 5 seconds talking note number three point bullet point number four uh where I think the project was not updating from 21st March 28:11 28 minutes, 11 seconds 21st July and I think uh I mean there it is mentioned that management has not recognized the revenue loss so I'm just 28:20 28 minutes, 20 seconds trying to exactly it is a matter of fact yeah so it is a factoring position that is shared and subsequently in July the asset has started uh back on tax so 28:29 28 minutes, 29 seconds there is no second case it is the same case which is repeated in balance sheet for uh the matter of fact yeah there's nothing else that has happened uh and on 28:38 28 minutes, 38 seconds insurance I think it's an ongoing proceed we are confident that we'll receive uh and there are positive developments as and when we receive 28:46 28 minutes, 46 seconds fully we'll be recognizing that in the books of account so you will get to realize that okay and sir one last point I mean we 28:54 28 minutes, 54 seconds have been seeing there have been I mean grid availability issues in multiple states including Rajasthan Gujarat so any sense on uh where I mean uh the 29:03 29 minutes, 3 seconds sector nuance or how can indigrate benefit out of this or there the transmission charges might increase in new projects. Any sense around that? 29:13 29 minutes, 13 seconds So I I don't first I don't call it grid availability issue. It is grid connectivity issue. Grid availability issues are only on assets once they are 29:21 29 minutes, 21 seconds available. So that is about grid connectivity for new projects. I think fundamentally the uh the gap is coming 29:29 29 minutes, 29 seconds because the transmission capacity takes time to build two to three years and 29:35 29 minutes, 35 seconds solar PPAs takes probably much much lesser to announce and sign right so what happens is that it's easier to sign 29:43 29 minutes, 43 seconds a PP and announce and unfortunately a planning works that we can put in a plant anywhere so connectivity is always 29:49 29 minutes, 49 seconds going to be slower it takes time so I won't say they are short or they delayed. It's just that the way the country has been planning we plan 29:58 29 minutes, 58 seconds generation first, connectivity later which needs to reverse and having connectivity first, generation PCs 30:04 30 minutes, 4 seconds later. So and I think there's a lot of appreciation of this fact now and you see uh that's the reason we are seeing 30:12 30 minutes, 12 seconds new bids coming in uh and new pipeline for transmission assets coming in more. 30:18 30 minutes, 18 seconds I don't think that has anything to do with transmission rates because that is a competitively bid but we are seeing a lot more bids on account of this. So we 30:26 30 minutes, 26 seconds that's that's what the whole 1 lakh 50,000 K frame that we showed that we see that new assets will come. 30:34 30 minutes, 34 seconds Okay. Thank you. Thank you sir. 30:36 30 minutes, 36 seconds Congratulations on a wonderful set. All the best. 30:41 30 minutes, 41 seconds Thank you. The next question is from the line of Sachin Jo and individual investor. Please go ahead. 30:48 30 minutes, 48 seconds Hello. Good evening. Can all of you hear me? Yes. 30:56 30 minutes, 56 seconds Uh good evening uh Mr. Han team and congrats on another quarter of performance. Uh my 31:04 31 minutes, 4 seconds first question relates to uh the acquisition of GR infraet. So we had 31:11 31 minutes, 11 seconds some kind of aou with them a few years back but haven't heard anything on that. 31:21 31 minutes, 21 seconds They decided not to sell assets to us. 31:24 31 minutes, 24 seconds Uh uh so theou got expired. That did not translate into a uh an acquisition or a signed 31:32 31 minutes, 32 seconds definitive agreement. MOU was a agreement on good faith to work towards closure. However, subsequently we could 31:41 31 minutes, 41 seconds not reach an alignment on key terms. So, it did not take place. 31:46 31 minutes, 46 seconds And what about the transmission asset that you were supposed to acquire from them? 31:53 31 minutes, 53 seconds It is their asset. It belongs to them. They they still own the asset. 32:00 32 minutes No. So, uh from our end, has there been any followup? 32:06 32 minutes, 6 seconds No. the agreement expired because if if the the the it was an MOU it was not a binding agreement so if somebody does 32:14 32 minutes, 14 seconds not monetize he cannot really do anything about it right so okay fair fair enough Mr. Uh but then you know we didn't hear about this 32:21 32 minutes, 21 seconds agreement expiring and so maybe that is something that was was a necessary communication to be sent out to stakeholders 32:30 32 minutes, 30 seconds because you did amount to yeah I mean we'll have to consider that because these the framework agreements 32:38 32 minutes, 38 seconds are typically non-binding agreements and a non-binding agreement uh I think we we'll think about it if it 32:45 32 minutes, 45 seconds makes sense to really announce uh we we'll take we take note of this. 32:50 32 minutes, 50 seconds No, because as I look at it, you know, once you, you know, announce that you have an MOU and there is specific asset that you're going to acquire once it is 32:58 32 minutes, 58 seconds commissioned and if that is not happening, uh I would say, you know, it to me at least as an individual investor, I felt I should have heard 33:06 33 minutes, 6 seconds about this from any fair enough. I think it's it's a point of view. We we respect that. We we'll 33:15 33 minutes, 15 seconds consider obviously the disclosures are typically we have to see in line with the terms of the agreement. So we'll we'll we'll [clears throat] go back and see if we we are able to do it. 33:26 33 minutes, 26 seconds Okay. Uh the second point was also about I think it has already been raised about this DPU active uh you know uh that slide I think someone have already 33:34 33 minutes, 34 seconds mentioned it before. Uh so should we get it from the next quarter in the presentation? 33:40 33 minutes, 40 seconds We no we we do it if you check last couple of years of slides we only share this slide in quarter four of the year 33:47 33 minutes, 47 seconds so you can look at I mean next quarter you will obviously see that slide and and an annual presentation and then subsequently you can refer back the same 33:55 33 minutes, 55 seconds slide because honestly quarteron quarter things don't change in that slide so we anytime you can go to last quarter four slide of 25 you'll get the same slide 34:03 34 minutes, 3 seconds quarter three of 25 you'll get 24 you'll get the same slide So next quarter you will see it and then again you'll see it in 12 months from then. 34:13 34 minutes, 13 seconds Oh okay. So you're making it a yearly you know maybe end of the year annual. Yeah exactly. Okay. Yes. 34:20 34 minutes, 20 seconds Okay. Uh I wanted to understand you know we have know as per your presentation close to 7,500 crores of projects in the 34:28 34 minutes, 28 seconds pipeline as capex. Um and our uh net uh aum is about 32,000 crores. Am I right? 34:38 34 minutes, 38 seconds Yes, I'm going by your side. So, you know, typically, you know, are we sort of getting into too much of a risk zone where uh you know, my understanding was 34:46 34 minutes, 46 seconds that only 10% of our, you know, uh projects would be of the total asset value would be under construction. So, I 34:54 34 minutes, 54 seconds think this is far in excess of that. So, is there a risk that we are taking on? 35:02 35 minutes, 2 seconds No, good point. So first we this 7,500 K includes inner grid assets. So we do not 35:09 35 minutes, 9 seconds have this entirely is not our assets right. So in grid builds these assets and subsequently sells to us after it is revenue generating and operation. 35:21 35 minutes, 21 seconds So under init regulation we are not allowed to cross 10%. We will not cross 10%. 35:30 35 minutes, 30 seconds 7,500 crores is over a period of three years and indicate buys it when it is completed revenue generating. So we do 35:38 35 minutes, 38 seconds not see reaching closer to 10% or reaching 10% in the future. We are not adding 7,500 crores 35:47 35 minutes, 47 seconds of under construction risk. This portfolio is with grid and we will acquire when it's operational. It we are sharing it to showcase that we have 35:54 35 minutes, 54 seconds signed the agreement. For example, uh we signed two agreements this quarter for one for NVBN for 957 crores and 36:02 36 minutes, 2 seconds other for NP which is 1577 crores which is put together approximately 2600 crores. This is included in 7500 crores. 36:11 36 minutes, 11 seconds This 2600 crores will come to indigree when assets are revenue generating and for one year right. So it is probably going to come three years from now. 36:21 36 minutes, 21 seconds Right? And for these there are binding agreements and that's why that definitive agreements are signed. So this is not a 2600 cr risk per indig. I hope I'm able to explain that. 36:32 36 minutes, 32 seconds No I understand that because energy asset is a I mean technically it's a it's a separate entity but I guess we still own 33% of energy right am I right in that? 36:42 36 minutes, 42 seconds Correct. Correct. So we will have oneird of it which is less than much less than 10%. 36:49 36 minutes, 49 seconds Okay. So, so uh you know it's an indirect risk anyways. I mean because we have to buy those assets we have to buy those assets. 36:58 36 minutes, 58 seconds That's it. That's it. 37:00 37 minutes No no so we want to buy those assets not have to. That's why we are signing agreements but we buy those assets when they are completed. 37:06 37 minutes, 6 seconds I understand but I mean you know as an investor we should keep it in mind that you know those assets are supposed to come to integrate and then if I look at that as a percentage then I think we 37:15 37 minutes, 15 seconds close to somewhere around 20% of assets under construction. Okay. 37:20 37 minutes, 20 seconds But why when they when they come to India they are completed then you're calculating the percentage is wrong. 37:27 37 minutes, 27 seconds Okay. Again completed project did not count. 37:33 37 minutes, 33 seconds Okay. Okay. uh look uh previously whenever there was an acquisition uh because I have been invested in integrates for a long long time there 37:42 37 minutes, 42 seconds always used to be a very clear figure as to how much the acquisition will be DPU agreed so why is it that we don't have 37:51 37 minutes, 51 seconds that figure in in the later acquisitions the past few acquisitions that you had 37:59 37 minutes, 59 seconds I think a few reasons right one uh we They found it sometimes an asset 38:07 38 minutes, 7 seconds specific accretion misleading because an individual asset uh whether 38:13 38 minutes, 13 seconds we show we show as uh for funded in what manner right so what net equity u so it 38:21 38 minutes, 21 seconds becomes I I would say extremely complicated for unit holders to make interpretation however in the press 38:29 38 minutes, 29 seconds release we still mention how much is the NDCF coming for that acquisition so that data is still available So you can report in the press. 38:39 38 minutes, 39 seconds So Mr. H I think that is exactly the point. I remember that in the press release previously there used to be a very clear number that this is so many 38:46 38 minutes, 46 seconds criter which see these are not the acquisition which are done. 38:57 38 minutes, 57 seconds The NL acquisition are signed when we come. 39:00 39 minutes I'm not talking I'm not talking of these. I'm talking about the renew or you know those acquisitions also which I I maybe I'll check renew acquisition is please please check 39:08 39 minutes, 8 seconds please check we still disclose NBC for the acquisition so we do mention when we acquired the NDC when we acquired the 39:17 39 minutes, 17 seconds new asset uh in in this financial year we mentioned over 100 cr in RSPL and K&L asset that we acquired which was the 39:25 39 minutes, 25 seconds last asset that we acquired these are the agreements that we are signed so when we acquire we mentioned Okay. No, maybe my bad. I'll check once 39:33 39 minutes, 33 seconds again. Uh, no. Whenever we make an acquisition, are our acquisitions in some way related to the prevailing interest cost? 39:42 39 minutes, 42 seconds I mean, because the NA keeps varying as per the prevailing interest cost, right? Or maybe a triple related asset. Yes. 39:49 39 minutes, 49 seconds Yes. So, so uh in that case you know this techno electric asset is it uh why is it that we have signed an agreement 39:58 39 minutes, 58 seconds so much well in advance or is it that at the time of the actual signing of the agreement there will be a consideration if there are interestations. 40:07 40 minutes, 7 seconds Uh so there is no variation there are different types of agreements we sign. 40:12 40 minutes, 12 seconds Uh this agreement is such that where we have fixed the value of the agreement and we have synergies on that asset. So 40:19 40 minutes, 19 seconds sometimes we find framework and if you find framework as you yourself mentioned uh you know GR infra did not sell the 40:27 40 minutes, 27 seconds asset to us u where the value was open right so we prefer to lock in the asset wherever you sign the agreement and for 40:35 40 minutes, 35 seconds that we lock in the value as well so that's the way we have uh transacted on techno electric 40:44 40 minutes, 44 seconds so so if there is a uh change in interest rate at that point of time that could actually go against us as well. 40:53 40 minutes, 53 seconds Yes, it can go against us, it can go for us as well. It can go either ways. 40:58 40 minutes, 58 seconds Okay. Uh you know, previously I think until 2018 2019 uh one of the things that Indig 41:06 41 minutes, 6 seconds was bestin-class corporate government uh and this used to be specifically mentioned as a part of the presentation. 41:14 41 minutes, 14 seconds Uh somewhere around 2020 I think we removed that. So for any specific reason 41:20 41 minutes, 20 seconds we added more seg vehicles uh and we removed best-in-class corporate government any any thought that went into it at that point of time. 41:31 41 minutes, 31 seconds Yeah, I think it's I'll have to defer back six year old notes. I think I think uh what I can tell you we do follow 41:39 41 minutes, 39 seconds best-in-class corporate governance day in day out and therefore we don't need to mention it. I would say it is part of our ingrained nature. So we don't need 41:46 41 minutes, 46 seconds to mention as a strategy and I think all our unit holders are investment managers and sponsor expect us to do that uh as a matter of fact instead of as a strategy. 41:56 41 minutes, 56 seconds So I think that's the reason one can really take home to do it. I don't recolct sometimes what no so my point is that 42:04 42 minutes, 4 seconds you know sometimes when you put it there it makes you a little more conscious. Uh uh I understand I have know I have been a long-term investor. I think I'm 42:12 42 minutes, 12 seconds invested you know for more than seven eight years now. Um so I understand that but I sometimes feel that you know you put in the presentation every quarter 42:20 42 minutes, 20 seconds you have to look at it and you know maybe ask yourself some questions so it makes you more conscious 42:28 42 minutes, 28 seconds I think there are enough things to remind us to do that you don't need to put it in we have annual reports or semianual reports you can look at that 42:36 42 minutes, 36 seconds there are semicompliances regulations we follow I think there's enough but I think we take input we'll see if is it really 42:44 42 minutes, 44 seconds yeah why this uh bias towards institutional investors when you're raising funds and you know uh you know repeatingly when recently funds have 42:52 42 minutes, 52 seconds been raised uh have you ever thought of the rights issues so that retail investors also could benefit now that you know 30% of your investors which you 43:01 43 minutes, 1 second have proudly stated in the presentation are retail investors no there is no bias of retail uh versus 43:10 43 minutes, 10 seconds uh institution or otherwise I think it is a pure strategy for example We have done a rights issue uh if I'm not wrong 43:18 43 minutes, 18 seconds four years ago. So it's not that we have not done rights issue. We have done it in 2021. 43:26 43 minutes, 26 seconds uh however what happens is that for rights issue to succeed you need to have 90% subscription and that requires us to give discount to ensure that 90% 43:35 43 minutes, 35 seconds subscription happen which I don't think is in is the right uh business decision for the business 43:44 43 minutes, 44 seconds itself u so if if there are unit holders who are valuing the unit uh at say our 43:54 43 minutes, 54 seconds institutional placement was 163 uh we would rather do institutional placement at 163 rather than do a rights issue at 44:01 44 minutes, 1 second 155 for the business that is the right decision right so I think for us what is 44:08 44 minutes, 8 seconds right for the business is right for everyone so we try to follow that so that's that's uh the first rational of 44:15 44 minutes, 15 seconds doing institution placement and the second rational is that uh over a longer period of time we are an 44:24 44 minutes, 24 seconds acquisitionary business. We will continue to grow and it'll be important for both retail or shareholders that there are institutional shareholders who 44:33 44 minutes, 33 seconds have ability to contribute large capital. 44:36 44 minutes, 36 seconds Uh yes, the retail shareholders ability over last several years have increased massively. the liquidity has increased massively. Having said so if we were to 44:44 44 minutes, 44 seconds do a 1500 cr um or rather 1500 critic today but let's say we acquire larger projects and we want to do 3,000 crores of rights issue 44:53 44 minutes, 53 seconds with 3,000 crores of capital days I don't think the liquidity is reached to the extent that 45:00 45 minutes one can safely assume that 3,000 cr will come right just from retail market so I think we have to maintain a balance of 45:07 45 minutes, 7 seconds long-term large pocket investors uh as well as the first decision is that if the retail comes at substantial discount. Uh unit holders may feel that 45:16 45 minutes, 16 seconds they got a better deal but over a longer period of time for business it's a it's a raw deal. I think we have to balance both. That's why we take decision of institutional question this time. 45:26 45 minutes, 26 seconds But but the right issue. 45:29 45 minutes, 29 seconds Yeah. So right is anyway for existing investors, right? So I don't think there should be any reason for existing investors to feel short if if they have the right. 45:38 45 minutes, 38 seconds No no it's not about investors getting short chain. For example, 1500 cr capital gives us say 7,000 crores of 45:46 45 minutes, 46 seconds acquisition pipeline, right? Uh on a 7030 basis. If right tissue happen at a discount the accretive nature accretive 45:54 45 minutes, 54 seconds result goes out because now you don't now for those 7,500 crores you need a higher yield to make it accretive if you 46:01 46 minutes, 1 second acquire those asset if you so instead of issuing 5 cr units you'll have to raise six cr units which means you need to 46:08 46 minutes, 8 seconds deliver growth on six cr units so mathematically you expect the assets have to yield much higher to be accretive 46:17 46 minutes, 17 seconds so it's not it's not about one unit holder as a business when you raise capital dilutes. So the new project that 46:24 46 minutes, 24 seconds you win needs to be more profitable to meet the growth requirement for BPU right so it puts stress on the business if you dilute any for discount. 46:35 46 minutes, 35 seconds Okay. Uh so my next question is related to operational availability of the assets. So this JK uh you know ptl um 46:44 46 minutes, 44 seconds you know I see that you know again this quarter again it is you know not available. So, does that mean that we're going to lose some revenue this year on that asset? 46:56 46 minutes, 56 seconds We might lose some incentives on that asset. Yes, that asset is a very small percentage of 47:03 47 minutes, 3 seconds our overall asset. But, uh it's yeah, we have a issue on that asset. So, that's 47:10 47 minutes, 10 seconds we we restored the issue but I think it's a very small asset that will do and over currently we have taken applied planned outage. So it will be back to normal availability in quarter 4. 47:21 47 minutes, 21 seconds No, but I think even before in Q1 uh there were a lot of assets uh which were well below the 98%. So you know now of course I I see that most of them are 47:30 47 minutes, 30 seconds well above the 98%. But this asset still continues to be. So any other asset where we will lose revenue this year because of small availability. 47:39 47 minutes, 39 seconds So you have to read our annual report for that. I'm not sure uh for this quarter. If you ask me last three quarter which assets have changed I 47:47 47 minutes, 47 seconds won't remember exactly you know we've got 50 lines but on this asset as I mentioned it's less than a percent of 47:54 47 minutes, 54 seconds our size or rather less than 75% of our size so I don't see this asset having a 48:01 48 minutes, 1 second material impact on our overall revenue for that uh second we calculate our year-to-ate availability so at least 48:09 48 minutes, 9 seconds this quarter as you can see none of the asset other than this is impacted uh for next quarter you will will share how it goes. 48:18 48 minutes, 18 seconds Okay. Uh thank you so much. U last question. Uh you know uh you mentioned that you started using AI. So uh you 48:27 48 minutes, 27 seconds know what are the domains in which this is being used and you know are we going to see impacts in the years ahead in terms of radius maintenance work? 48:38 48 minutes, 38 seconds I think for AI for us is more of a productivity increase in terms of uh ability to manage our shutdowns better, 48:46 48 minutes, 46 seconds ability to manage our productivity of labor on ground for inspection better, ability to predict calls uh 48:54 48 minutes, 54 seconds pretty much those kind of things and and we have been using it is not a really all I type of stuff. a very basic 49:02 49 minutes, 2 seconds fundamental digitization that has helped us to improve our productivity. We already seen that impact. I don't think that's going to materially change over 49:11 49 minutes, 11 seconds next 10 next five years. Uh since inception which is 10 years [clears throat] our percentage has remained in the range of 88 to 89% to 90%. 49:20 49 minutes, 20 seconds So our core goal is to beat inflation right so on availability on on cost and we have 49:28 49 minutes, 28 seconds been consistently done that over last 10 years. We would like to push the envelope and continue to do for next 10 years. But it's not suddenly next year 49:36 49 minutes, 36 seconds we will have 2% higher AIA because of AI. I don't see that kind of change or a material impact on our business today. 49:42 49 minutes, 42 seconds This is an incremental impact to ensure that we keep our productivity well. 49:49 49 minutes, 49 seconds Thank you. Thank you so much for being so patient and taking all the questions from. Thank you so much and once again congratulations for for the good work that is being done. 49:59 49 minutes, 59 seconds Thank you. Thank you. The next question is from the line of Sunil, an individual investor. Please go ahead. 50:07 50 minutes, 7 seconds Hi. Uh good afternoon. So I have two questions. Uh one is since uh most of the solar or probably even wind uh take 50:17 50 minutes, 17 seconds a lot less time than transmission assets to complete. uh have you considered even 50:25 50 minutes, 25 seconds you know bidding for solar projects in your through NF grid and uh my second 50:31 50 minutes, 31 seconds question is about when is your uh first transmission asset that would expire the 50:39 50 minutes, 39 seconds contract will expire because I'm more curious to know how the renegotiations happen. Uh that's all and one request is 50:47 50 minutes, 47 seconds if you could limit two plus one questions to the callers that would be helpful because we've been waiting for 25 minutes on the call. Thank you very much. 50:58 50 minutes, 58 seconds Thank you. 50:59 50 minutes, 59 seconds So uh to answer your second question first it's an asset called ENICL 51:07 51 minutes, 7 seconds uh which was one of the first asset that was built in by 2014. 51:15 51 minutes, 15 seconds Uh so that's that's November 2014 is a build of that asset. So we will see 51:23 51 minutes, 23 seconds somewhere extension discussion happening in 25 years from there because the first asset has a 25 year contract. Everything 51:31 51 minutes, 31 seconds else was 35. So maybe 2013 2029 2013. So very 51:38 51 minutes, 38 seconds few years away not 30 actually 2014 sorry. So it's quite far 2039. So at least 15 years from now. So fairly away. 51:51 51 minutes, 51 seconds Uh sorry I missed your first question. 51:53 51 minutes, 53 seconds If you can uh the first question is about whether you are open to bidding for solar or 52:04 52 minutes, 4 seconds yeah we we we uh in grid is uh exclusive arrangement between integrate the nor fund and vi for for transmission and 52:13 52 minutes, 13 seconds desk projects. We are not exclusive on solar. Uh and at this point in time we have not bid for any solar or wind 52:22 52 minutes, 22 seconds project and I don't think there is anything in plan that we will expand in next quarter or 52:30 52 minutes, 30 seconds two and start bidding for solar projects. Um many a times we have thought about it but uh we have not taken that initiative. 52:42 52 minutes, 42 seconds Thank you. Thank you very much. Thank you. Thank you sir. 52:46 52 minutes, 46 seconds Thank you. The next question is from the line of Deep Bakil from Bandan. Please go ahead. 52:58 52 minutes, 58 seconds Mr. Deep, your line has been unmuted. Please go ahead with your question. Yes sir, it has already been answered. 53:06 53 minutes, 6 seconds Sorry. So thank you. 53:09 53 minutes, 9 seconds Thank you ladies and gentlemen. As there are no further questions from the participants in the conference, that was the last question. I now hand the 53:17 53 minutes, 17 seconds conference over to the management for closing comments. 53:23 53 minutes, 23 seconds Thank you. Thank you everyone for joining on the quarterly call. This this quarter has been at least I mean a 53:30 53 minutes, 30 seconds fairly u transformative quarter. We have raised capital which gives us pipeline till 42 53:37 53 minutes, 37 seconds 45,000 crores of assets. We have uh our inog grid initiative has been yielding results. So we have signed agreements of 53:44 53 minutes, 44 seconds 2600 crores with inner grid. We've acquired assets from renew. So we are hopeful that the growth journey continues and we are able to deliver on 53:52 53 minutes, 52 seconds a promise of predictable DPU and growing that. So thank you for um investing in us and trusting us with the capital. 54:00 54 minutes Looking forward to see you next quarter. Thank you. 54:04 54 minutes, 4 seconds Thank you on behalf of Ambbit Capital Private Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines. 54:12 54 minutes, 12 seconds Thank you. Thank you.