Inox Green Energy Services Ltd — Q3 FY26

Inox Green Energy Services Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=mE51VFUeB2c Published: 3 months ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to Inox Wind and Inox Green Q3 FI26 earnings conference call hosted by 0:09 9 seconds GM Financial Institution Securities Limited. This conference call may contain forward-looking statements about the company which are based on beliefs, 0:17 17 seconds opinions, and expectations of the company as on date of this call. These statements are not guaranteed for future performance and involves risk and 0:24 24 seconds assertities that are difficult to predict. As a reminder, all participants line will be in listen only mode and there will be an opportunity for you to 0:32 32 seconds ask question after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then 0:40 40 seconds zero on your touchstone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Sudan Shu Bansil from JM 0:48 48 seconds Financial. Thank you and over to you sir. 0:52 52 seconds Yeah. Uh thank you pi. Good evening everybody. On behalf of JM Financial, I welcome you all to the third uh 3 QFI26 1:01 1 minute, 1 second gardening call of Inox Wind and Inox Green Energy Services. For today's call, we have with us the leadership team of 1:08 1 minute, 8 seconds both the companies led by Mr. Kalash Tech Tarandani group CEO Renewable Business, Mr. Akil Jindel, group CFO 1:16 1 minute, 16 seconds Inox uh GFL Group and Mr. SK Matu Sudhana CEO Anoxin along with the senior 1:24 1 minute, 24 seconds management team. I will now hand over the call to the management for their initial remarks after which we will open the floor for the Q&A session. Thank you 1:31 1 minute, 31 seconds so much sir for your kind presence and giving us the opportunity to host the call. With this I would like to hand over to Anuman uh for taking it call forward. Over to you Anuman. Thank you. 1:43 1 minute, 43 seconds Thanks Sudanchu. Uh so we'll start with uh the uh brief presentation uh from uh Mr. uh Kashtara Chandani uh who's the uh 1:52 1 minute, 52 seconds group CEO of the renewables business and the Inox GFL group and then uh move to the briefing on INOX green by Mr. SK 2:01 2 minutes, 1 second Matu Suzana and then we'll open the floor for the Q&A. Uh sir uh Kalasha we'll start with your briefing. 2:08 2 minutes, 8 seconds Yes, thanks Suzanu. Thanks Anuan. Good evening everyone and thank you for joining the quarter 3 FY26 earnings 2:16 2 minutes, 16 seconds conference call of Anox Limited and Anox Green Energy Service Limited. I will first brief brief you on the financial 2:24 2 minutes, 24 seconds and operational achievement of Anox wind for the quarter under review as well as other key developments and future road map before handing over to Matu for his briefing on the development of Anox 3. 2:37 2 minutes, 37 seconds We are pleased to inform you that we have been able to deliver yet another quarter of growth in quarter 3 despite substantial onground challenges in 2:46 2 minutes, 46 seconds particular from some of the customer where there are delays in site readiness impacting wind turbine uptake. I'll 2:53 2 minutes, 53 seconds briefly take you through some of the key details of Anox wind financial performance for quarter 3 FI26. 3:00 3 minutes On consolidated basis, Anox wind has reported revenue of rupes 1238 crores, 3:07 3 minutes, 7 seconds an increase of 24% yida of rups 313 cr and increase of 39% y 3:17 3 minutes, 17 seconds excluding one-time gain in quarter 3 fi25 profit before tax of rupees 209 cr and 3:26 3 minutes, 26 seconds increase of 62% y excluding one-time gain. in in quarter 3 FY25 3:33 3 minutes, 33 seconds profit after tax of rupees 127 cr and increase of 14% y 3:40 3 minutes, 40 seconds cash profit of rups 262 cr and increase of 38% y excluding one-time gains in 3:48 3 minutes, 48 seconds quarter 3 FY25 we continue to deliver strong margins supported by the various initiative 3:57 3 minutes, 57 seconds which we have been undertaking in the past quarters incling including our successful backward integration into cranes and transformer manufacturing. 4:06 4 minutes, 6 seconds Coming to the order book, we continue to have a large and very well diversified order book of 3.2 gawatt having added 4:15 4 minutes, 15 seconds almost 600 megawatt in this financial year including orders from marquee customers like Adita, M plus, Jackson 4:24 4 minutes, 24 seconds and first energy. We expect to further add to this order book given that multiple customer negotiation are 4:31 4 minutes, 31 seconds nearing closure. We are confident of closing FY26 with a strong net order book which will provide execution 4:39 4 minutes, 39 seconds visibility for the subsequent 18 to 24 months. 4:43 4 minutes, 43 seconds We are progressing well on the launch of our new 4x 4.45 megawatt turbine and expect to receive all approvals and 4:51 4 minutes, 51 seconds subsequently commercial launch the product within this calendar year. 4:58 4 minutes, 58 seconds Ourm subsidiary Anox green continues its strong growth trajectory reaching 13.3 5:04 5 minutes, 4 seconds gawatt power of wind and solar portfolio diversified across India with its strong growth prospects and green is on course 5:14 5 minutes, 14 seconds to becomes India's largest renewable O&M company. Further the scheme of de merger of anox green substation business and 5:22 5 minutes, 22 seconds its merger into anox renewable solution is in the final stages of hearing at on honorable NCT Amdabad post receipt of 5:32 5 minutes, 32 seconds approval from NCT and the merger of the asset IRSL which is INOX renewable solutions will be automatically listed on the stock exchanges. 5:41 5 minutes, 41 seconds Additionally, I believe both Anox wind and Inox green will be the beneficiaries of the rapid growth across IP and solar 5:50 5 minutes, 50 seconds manufacturing businesses under INOX clean energy, our group company which has large scale expansion plan across 5:57 5 minutes, 57 seconds India and has recently announced its joint venture for in Africa as well. 6:02 6 minutes, 2 seconds INOVcle Clean has ambitious plan to set up 3 gawatt of hybrid renewable IP projects annually which provides large 6:11 6 minutes, 11 seconds recurring annual order visibility for IWLOX wind limited and strong portfolio addition for INOV green. As we near the 6:20 6 minutes, 20 seconds close of financial year 26, we are recalibrating our guidance for both financial year 26 and financial year 27. 6:30 6 minutes, 30 seconds Going ahead, we'll be providing revenue and ITA margin figures and growth thereof, resulting in more certainty for 6:38 6 minutes, 38 seconds investors and analyst on the annual numbers instead of the megawatt numbers. 6:44 6 minutes, 44 seconds For FY26, we expect to achieve a consolidated revenue of over rupees 5,000 crlating to over 35% Y growth. 6:56 6 minutes, 56 seconds Further, we are substantially upgrading our full year FI26 Ivida margin guidance 7:02 7 minutes, 2 seconds to 20 to 22 22 22% versus 18 to 19% earlier. For FI27, we 7:11 7 minutes, 11 seconds expect our consolidated revenue to grow by around 75% over FYI 26 with aida margin of 22 22%. 7:21 7 minutes, 21 seconds The shift in our guidance from megawattage to financial number is on account of the complexities of the nature of the business that we are in 7:30 7 minutes, 30 seconds today. Today we are working across more than 25 sites with over 15 customers all of whom have different scopes in the 7:38 7 minutes, 38 seconds contract. This may include plane equipment supply with no EPC, equipment supply with limited scope, EPC which may 7:46 7 minutes, 46 seconds include foundation erection with cranes without cranes apart from N2 and end tungi. In the recent quarters, we have 7:53 7 minutes, 53 seconds witnessed delay at the customer site resulting in postponement of uptake of win turbines which is beyond our control. This is something which most of the industry participant are facing. 8:04 8 minutes, 4 seconds Currently, our order book has changed substantially over the past year from being largely tunky to 50/50 dunky and 8:13 8 minutes, 13 seconds equipment supply. Currently, consequently, delays at the customer end on equipment supply projects are tough to make up with increase in tanky 8:22 8 minutes, 22 seconds execution during the year as tank involves a lot of advanced planning. 8:26 8 minutes, 26 seconds However, we have been able to make up for the lower offtake by undertaking certain other activities thereby ensuring that we deliver on our annual business plan. 8:37 8 minutes, 37 seconds Wind continues to be integral to India's renewable growth story with India's power sector po to deliver it best ever 8:44 8 minutes, 44 seconds annual capacity addition figure in financial year 26 and moving towards 10 gawatt annual capacity addition in the 8:52 8 minutes, 52 seconds coming years. Anox wind is well placed to deliver tailormade wind solution for the ever evolving customer requirements. 9:00 9 minutes I would now hand over to Mr. SK Madus Sudana, CEO of Anox Green for his remarks after which we will open the floor for Q&A. Thanks. 9:12 9 minutes, 12 seconds Thanks Katy. Good evening everyone. 9:16 9 minutes, 16 seconds I will first brief you on the financial achievements of Inox Green during the quarter before moving to other aspects. 9:24 9 minutes, 24 seconds During Q3 FY26, Inox Green reported total income of rupes 112 crores up by 9:32 9 minutes, 32 seconds 51% yearon year. A beta of rupes 53 crores up by 80% yearon year. Profit 9:40 9 minutes, 40 seconds before tax of rups 40 crores up by 261 percentage yearon year. 9:47 9 minutes, 47 seconds Profit after tax of rups 25 crores up by 375% 9:53 9 minutes, 53 seconds yearon year. Cash pack of rups 51 crores up by 116%age 10:00 10 minutes year on year. Mission availability for entire portfolio averaged around 96.5%age. 10:08 10 minutes, 8 seconds As we have maintained a significant part of our profitability is currently being reported as other income as per the 10:16 10 minutes, 16 seconds accounting norms. However, these are operating in nature. 10:22 10 minutes, 22 seconds Inox Green's portfolio stands at 13.3 gawatt comprising of around 10 gawatt of 10:29 10 minutes, 29 seconds wind assets and 3.3 gawatt peak of solar assets. This also includes the investments which we have made to 10:38 10 minutes, 38 seconds acquire 6.5 gawatt of operational windom assets of two major companies. 10:44 10 minutes, 44 seconds We expect to complete the acquisition process soon. Consequent to which the consolidation of financials into green 10:53 10 minutes, 53 seconds will result in a multiffold increase in consolidated AITA and PAT for FY27 over FY26. 11:04 11 minutes, 4 seconds Inox Green has witnessed strong portfolio growth adding solar projects from K International and group company 11:13 11 minutes, 13 seconds Inox Clean. We continue to work on unlocking further synergies amongst our 11:19 11 minutes, 19 seconds existing and recently taken over assets to improve the performance and margins from the assets. With all our 11:28 11 minutes, 28 seconds investments formally folding into INOX Green's balance sheet along with organic growth, we expect the AITA for FY27 to be upwards of rupees 600 crores. 11:41 11 minutes, 41 seconds We have recently seen success in offering WTG overhauling packages to customers which will aid in increasing 11:48 11 minutes, 48 seconds the life of the turbines and enhancing output. This business team has substantial potential for growth going ahead. 11:58 11 minutes, 58 seconds At INOV Green, as part of our digital initiatives, we are also exploring the development and deployment of specific 12:07 12 minutes, 7 seconds agent AIS across low value ad job profiles to enhance the speed of executions and increasing margins and reducing the manual dependencies. 12:19 12 minutes, 19 seconds Finally, I would like to inform our investors that the scheme of de merger of substation business from INOX green 12:26 12 minutes, 26 seconds and its subsequent merger into INOX renewable solutions is in the final stages of hearing at Hornable NT 12:35 12 minutes, 35 seconds Ahmedabad. Once this scheme receives the final approval from the NCT, gross block of around 1,000 crores will be 12:43 12 minutes, 43 seconds eliminated from Inox Green's balance sheet and subsequently the annual depreciation of around 50 to 55 crores 12:51 12 minutes, 51 seconds will be eliminated thereby increasing the profitability. It will also lead to significant improvement in the ROE and ROCE of INOVs green. 13:02 13 minutes, 2 seconds We will now open the floor for the Q&A. Thank you. 13:11 13 minutes, 11 seconds Thank you very much sir. We will now begin the question and answer session. 13:14 13 minutes, 14 seconds Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you 13:22 13 minutes, 22 seconds may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will 13:30 13 minutes, 30 seconds wait for a moment while the question assembles. 13:48 13 minutes, 48 seconds The first question is from the line of Nidisha from ICSA securities. Please proceed. 13:54 13 minutes, 54 seconds Yes, thank you so much for taking my question. Uh you have withdrawn the guidance in megawatt terms. Uh how are 14:04 14 minutes, 4 seconds we looking at Q4? Are we seeing any uh uh any recovery in terms of the fact that uh as you mentioned there were 14:12 14 minutes, 12 seconds delays. These are the issues in these projects getting sorted out. What do we think that uh Q4 installation could look like? 14:24 14 minutes, 24 seconds Um hi uh thanks for the question. U so obviously uh we've given a revenue guidance this time uh for FI26 and FI27 14:32 14 minutes, 32 seconds as well. Uh FI27 being 75% growth over FI26. So uh given that 9 months have 14:39 14 minutes, 39 seconds passed you can uh make out on on uh broadly what the revenues will be uh for Q4 uh and uh you can in fact infer on 14:49 14 minutes, 49 seconds the megawatt side as well. We've been consistently giving uh the per megawatt revenue uh figures uh over the last uh 14:56 14 minutes, 56 seconds quarters. So there can be inference. Now on on the uh issues uh so uh as you are well aware uh it is not a company 15:05 15 minutes, 5 seconds specific issue. It's it's there across the industry. U what we've been seeing is uh that a lot of customers that we 15:12 15 minutes, 12 seconds have especially on the equipment supply side uh with the contracts which we've taken over the last one one and a half 15:19 15 minutes, 19 seconds years uh many of the sites are not ready to the extent that uh it was planned. Um so the offtake uh so some of the uh 15:28 15 minutes, 28 seconds customers uh may have taken let's say some components not all components which is why there is a lot of variabilities. 15:34 15 minutes, 34 seconds Uh so in terms of megawattage number giving you a particular uh megawattage may not give you the right picture. 15:41 15 minutes, 41 seconds Also it is much easier for us to give you a guidance on the revenue which is in our control then the megawattage and hence the shift. 15:50 15 minutes, 50 seconds Right. Uh thank you. So my next question is on uh on working capital. What at how many days of working capital are we 15:59 15 minutes, 59 seconds currently and what are some of the things that we're doing to reduce this further? 16:04 16 minutes, 4 seconds Yeah. U so um uh by this financial year end uh we are targeting uh 200 days of working capital days. 16:14 16 minutes, 14 seconds Uh I think in the earlier call I think you might mention 120 days. So why by why by the shift? 16:20 16 minutes, 20 seconds So broadly we are in the longer run we are looking for a working capital cycle of 120 to 150 days by but this year end 16:29 16 minutes, 29 seconds it would be 200 and by FY27 hopefully it would be somewhere in the range of 150 odd days. 16:35 16 minutes, 35 seconds All right and what is it at the end of Q3 the working capital days 16:42 16 minutes, 42 seconds so broadly in the range of 200 to 210 days. All right. 16:49 16 minutes, 49 seconds Lastly, as you can appreciate uh the there is a lot of execution happening. We are ramping up uh revenues are increasing 16:57 16 minutes, 57 seconds significantly over the last uh uh few years. So uh and u a lot of challenges on the ground uh customers as well. So 17:06 17 minutes, 6 seconds uh that is why uh on the working capital side uh as we had earlier maintained uh 120 uh we will be achieving that uh over 17:15 17 minutes, 15 seconds the next this is just a reflection of the of the of the ramp up that we have seen today but this will get normalized as we move ahead. 17:23 17 minutes, 23 seconds Yes. 17:25 17 minutes, 25 seconds Lastly could you just give me the revenue agenda and for clean energy for this quarter? 17:33 17 minutes, 33 seconds I know green I know I know that's a private company has nothing to do with this clean is completely at the 17:41 17 minutes, 41 seconds promoter level has nothing to do with this it is a strategic uh asset for us which provides a huge revenue vis visibility for both wind and green but 17:50 17 minutes, 50 seconds beyond that it has nothing to do with this all we can do we can discuss separately if you want 17:56 17 minutes, 56 seconds yes thank you so much thank you The next question is from the line of Deepak Podar from Sapphire Capital. 18:06 18 minutes, 6 seconds Please proceed. Yeah, I'm audible. Yes, you are. 18:12 18 minutes, 12 seconds Yeah. Okay. Thank you very much for this opportunity, sir. So, just I wanted to touch upon your debt levels um debt 18:18 18 minutes, 18 seconds part. I mean uh so so so what's the your current gross debt level as a 3Q and how do we uh see the debt level in next 1 to two years? 18:29 18 minutes, 29 seconds No. So at the end of uh H1 uh we were netcash and we still continue to be a net cash company. 18:38 18 minutes, 38 seconds Okay. What is the um I mean do we do we have that figure separately the gross debt and and the cash level? 18:46 18 minutes, 46 seconds We'll uh in fact we'll keep it for the next quarter. We'll give you the uh net cash figure uh at the end of uh in the financial year. 18:54 18 minutes, 54 seconds Okay. Okay. 18:57 18 minutes, 57 seconds Okay. Okay. Yeah. That would it from my side. Thank you. Thank you. 19:06 19 minutes, 6 seconds The next question is from the line of Utkash Somaya from Eeko Quantum Solutions Private Limited. 19:14 19 minutes, 14 seconds Please proceed. 19:16 19 minutes, 16 seconds Thank you for the opportunity. Uh I have a couple of questions. The 600 cr eeta guidance that you have given for fi27 19:25 19 minutes, 25 seconds will be on the entire portfolio of 13.3 gawatt. 19:32 19 minutes, 32 seconds Yes, this is what would be on the entire portfolio that we agree. It's for uh just to clarify for the larger audience this he's referring to for I know green 19:40 19 minutes, 40 seconds ebitita guidance and this is on the entire portfolio of 13 gaw. 19:44 19 minutes, 44 seconds So I just needed some help with the math. Uh we have uh assumed a 10 cr 19:51 19 minutes, 51 seconds revenue per gawatt for wind and uh 10 lakh 10 lakh per yeah yeah so 10 20:00 20 minutes it's 10 10 lakh per me 100 crores not 10 yeah it's revenue is around 100 odd crores yeah not per gawatt not 10 20:08 20 minutes, 8 seconds yeah yes yeah sorry 10 cr aa right no no no no it's a actually let me come in [clears throat] so out of 13.3 gawatt 20:18 20 minutes, 18 seconds 10 gawatt belongs to wind O&M services and 3.3 belongs to solar and roughly we give a ballpark figure of 50% ebitter 20:26 20 minutes, 26 seconds margin for the wind business and uh and solar is uh is around 15 to 20% margin okay so what we have given 20:35 20 minutes, 35 seconds and even in the wind also there are different classification substations and wind turbine there are uh several uh breakups which I which I'm not uh 20:43 20 minutes, 43 seconds explaining right now and out of which after the integration of merger of three companies. Yes. So the AIA will be 20:51 20 minutes, 51 seconds around 600 crores and there will be more synergies we are looking into it and like merging 84 substations across India 20:59 20 minutes, 59 seconds it will be a huge exercise and that will unlock a synergy value which we will uh reveal in the future. 21:06 21 minutes, 6 seconds Okay. So right now if we assume a 100 cr revenue per gawatt on a 10 uh gawatt 21:14 21 minutes, 14 seconds wind portfolio we can assume a,000 cr revenue on a 500 critar and 21:20 21 minutes, 20 seconds on a right and we have 3.3 gawatt of solar so 20 cr per gawatt gives us 66 21:28 21 minutes, 28 seconds crores of revenue and 20% so around 13 crore raita so out of the 600 is my understanding of this 513 cr correct And 21:37 21 minutes, 37 seconds the balance may come from synergies. Is that a fair understanding? 21:40 21 minutes, 40 seconds Yes. And there is a possibility to get north of 600. 21:45 21 minutes, 45 seconds Yes. And one uh and uh since we will have zero depreciation post de merger and your finance cost is virtually nil 21:53 21 minutes, 53 seconds your PBT should be equal to your AITA give or take. So over PBT would be equivalent to AITA. 21:59 21 minutes, 59 seconds Further as we have mentioned in the earlier call as well there is a tax shield. So there would be a no tax outflow in the upcoming years as well. 22:09 22 minutes, 9 seconds Uh though there would be a might there would be a defer tax liability but there would be a no tax outgo. So in terms of 22:16 22 minutes, 16 seconds the cash profit myita would be equivalent to my cash profit as well. So this deferred tax how do I kind of uh 22:23 22 minutes, 23 seconds can you help me understand how do I calculate it on the 600 cr of pbt how much and deferred tax will we have in our P&L 22:32 22 minutes, 32 seconds income tax rate you know we are following 25% corporate tax rate so you can cash 25% but it would be as I 22:39 22 minutes, 39 seconds clarified it is an accounting entry nothing to relate with the cash outflow as such yeah so accounting patter will 22:46 22 minutes, 46 seconds be 450 crores understood and uh Okay, that's about it. Thank you so much and best of luck. 22:56 22 minutes, 56 seconds Thank you. 22:58 22 minutes, 58 seconds The next question is from the line of Pri Nagar from Wealthf Inzer. Please proceed. 23:07 23 minutes, 7 seconds Yes. Hi. Uh so I want to understand again on Inox Green post the de merger how much revenue will come off? 23:16 23 minutes, 16 seconds So the de merger as we have clarified on the multiple codes there would be a very uh limited amount of revenue in in the 23:24 23 minutes, 24 seconds range of 10 odd cr rupes will be get out of the balance sheet and around 50 odd cr rupes of depreization will be go out from the balance sheet. 23:33 23 minutes, 33 seconds So what you're saying is that there will not be any material impact and the mathematics that the previous question previous person asked that is excluding 23:41 23 minutes, 41 seconds or assuming material and as Mr. Matu has clarified in their opening remarks that you know this 50 K deprecation will go 23:49 23 minutes, 49 seconds away and accordingly our profitability will get increased to that extent reported imported back and adding to the previous 23:58 23 minutes, 58 seconds question and your question see we will be commissioning new pro new turbines in this current year also so those 24:05 24 minutes, 5 seconds profitability also will be added so that gives the solidity of 600 crores so when you say you have a 10 gawatt 24:13 24 minutes, 13 seconds wind portfolio that doesn't ex that is excluded till the quarter three of uh uh execution. Is that an understanding correct? 24:22 24 minutes, 22 seconds Yes. Yeah. 24:23 24 minutes, 23 seconds Right. So whatever gets executed in quarter 4 gets added to that mix and then subsequently from quarter 1 2 and three for the next year. 24:30 24 minutes, 30 seconds Yes. Absolutely. Right. 24:35 24 minutes, 35 seconds Okay. Great. Um all right. Great. Thank you. Thank you. 24:43 24 minutes, 43 seconds The next question is from the line of Dashit Cha from Nirvana. Please proceed. 24:50 24 minutes, 50 seconds Hi sir. So sir I I mean my question is put the guidance. So I mean I don't find any logic changing the guidance from me 24:59 24 minutes, 59 seconds to kind of numbers know in spite of saying that we are lowering our execution guidance you kind of changed 25:05 25 minutes, 5 seconds the methodology of giving the guidance and look at your numbers what you are quoting right now. So it roughly points 25:12 25 minutes, 12 seconds out that probably you know next year what you are guiding at 2 gawatt if it will end up doing somewhere around 1 to 25:20 25 minutes, 20 seconds 1.4 gawatt u so can you highlight what has changed in last two three months 25:27 25 minutes, 27 seconds that know we are kind of lowering this execution guidance which we gave 3 months back. 25:35 25 minutes, 35 seconds uh I we we definitely see a lot of logic in moving to this because as we have explained earlier in our comments too we 25:42 25 minutes, 42 seconds have a much greater control on the numbers the financial numbers and the profitability and whatever we are 25:49 25 minutes, 49 seconds governed by is the profitability as uh Mr. Sachanali had mentioned in his opening comments that there are lot of 25:56 25 minutes, 56 seconds onground challenges at times which is beyond our control largely on the turnkey largely on the equipment supply 26:03 26 minutes, 3 seconds projects where the infra is not in my control and has to be provided for by the buyers. 26:12 26 minutes, 12 seconds Hence there is certain delays mismatches but what I do in that time is if I'm not able to deliver the equipments I can do 26:20 26 minutes, 20 seconds some other projects some other activities setting up towers setting up infra which can compensate for the loss 26:27 26 minutes, 27 seconds of the supply through this additional activities and hence meet my revenue guidance which I have a greater control on. So that is the logic of giving you 26:36 26 minutes, 36 seconds these numbers. Just to add on that actually you know if you see we have now almost reached 50/50 kind of thing 26:43 26 minutes, 43 seconds between tunk and equipment supply and earlier it was very easy to give on megawatt basis because largely it was done tunk and it was the same more or 26:51 26 minutes, 51 seconds less same pricing for all of them today when we are dealing with so many customers and equipment supply every customer has a different kind of a 26:58 26 minutes, 58 seconds scope. So you know it's not making sense that in some places we are giving only turbine, some places we are giving foundation, some places we are giving 27:07 27 minutes, 7 seconds you know combination of that. So it's making more sense that in terms of holistically we give our guidance based on revenues. 27:15 27 minutes, 15 seconds So got your point on this thing what you're trying to say but effectively know there has been delays that's okay for this quarter and all but do you 27:23 27 minutes, 23 seconds foresee these delays continuing till FI27 and hence even the execution of FI27 what we were guiding 3 months back 27:30 27 minutes, 30 seconds is also almost kind of 30% lower looking at your numbers for FI27 so if you look at it uh clearly said we 27:40 27 minutes, 40 seconds recalibrating it and then when you look at while you're stuck on these uh broader numbers because of uh the execution megawattages but if you look 27:48 27 minutes, 48 seconds at any of the estimates that anyone carries on the profitability we are in fact beating those numbers through these 27:55 27 minutes, 55 seconds guidances as well. So whatever I I I I believe the financial market is governed by the profitability numbers and so is 28:03 28 minutes, 3 seconds the company execution is just one of the parameters for internal uh evaluation. 28:09 28 minutes, 9 seconds But uh I think as I I would reiterate that profitability numbers, revenue numbers is where I have a lot of control 28:17 28 minutes, 17 seconds where I can manage and that's why we are moving to this guidance and if you see even last 9 months sorry if 28:24 28 minutes, 24 seconds you see even the last 9 months we have meeting while there could be certain slippages in the execution my profitability numbers that I have guided for I'm meeting those numbers. 28:35 28 minutes, 35 seconds understand and overall on the you know second part to your question on the FI27 we see that very positive in the sense with you know many of these are new 28:44 28 minutes, 44 seconds customers Marco customers we have getting better and better in terms of understanding there because these are new states also in Tamil Nadu etc but as 28:51 28 minutes, 51 seconds you see that you know even in the wind sector till last year only you know Gujarat, Maharashtra, Karnataka and 28:59 28 minutes, 59 seconds possibly was doing but today lot more states are firing and next year again I see Rajasthan opening a big way Maharaj Andhra Pradesh opening big way uh you 29:07 29 minutes, 7 seconds know a lot of MPs lot of projects coming up so and many of these PGCL grid connectivities are getting ready what it means that lot more customers lot more 29:16 29 minutes, 16 seconds equipment supply so you'll be able to you know play much more between what you do in terms of megawatt but in general instead of explaining this it makes 29:24 29 minutes, 24 seconds sense that we continue to do it on revenue basis and we have so many legs to play between in terms of scope in terms of customer in terms of site in 29:32 29 minutes, 32 seconds terms of states Got your point but essentially the execution what you were quoting 3 months back is going to be lower. That's my point and you confirm that right. 29:44 29 minutes, 44 seconds It doesn't matter actually you know as long as we achieve the goal from that perspective it doesn't matter because ultimately that's what we should look forward to. 29:54 29 minutes, 54 seconds Okay. Thank you. Got your point. 29:59 29 minutes, 59 seconds Thank you ladies and gentlemen. In order to ensure that management is able to address question from the participants in this 30:08 30 minutes, 8 seconds conference, please restrict your question to two per participant. Should you have a follow-up question, please rejoin the queue. The next question is 30:16 30 minutes, 16 seconds from the line of Kathan Jen from Aventis Park. Please proceed. 30:21 30 minutes, 21 seconds Thank you. Thank you for your study. Um yes I I I just have a follow up on the previous participants question. U I just 30:29 30 minutes, 29 seconds want to understand from a strategic point of view uh uh what are the challenges uh which made made us revise the guidance like what are the exactly 30:38 30 minutes, 38 seconds uh exact challenges on the ground uh external challenges which which is not in our control uh which made us change our outlook uh from previous quarter to 30:46 30 minutes, 46 seconds this quarter. Uh so this question is uh just to understand what are the challenges you're facing exactly. 30:53 30 minutes, 53 seconds I think I mean these are very routine actually I won't say challenges is part and parcel of doing infrastructure development in this country you know 31:01 31 minutes, 1 second there are always issues can keep up at the ground level in terms of land in terms of connectivity or substation getting ready or getting 220 KV land I 31:10 31 minutes, 10 seconds mean these are usual things if you ask me very frankly my all tank projects are going more or less on time we are executing quite well but since the 31:17 31 minutes, 17 seconds business has moved from the structure has changed 50 50% I'm dependent and I of hold my an EPC project 50% I'm 31:25 31 minutes, 25 seconds dependent on my customers and in terms of as they keep catching up some of these IPs and all that we continue to do that so going forward we are anyway 31:33 31 minutes, 33 seconds planning that uh so that you know at the same time we have a judicial control over our working capital and inventory also so instead of looking at megawatt 31:42 31 minutes, 42 seconds we just focus on revenue side and also just to add if you see see uh while it is not that I'm not delivering on these 800 I would do it it the nature 31:50 31 minutes, 50 seconds of the business is such that You cannot hold on the quarterly basis. It's very tough for me to estimate on a quarterly basis. There will always be a slippage 31:58 31 minutes, 58 seconds here and there by quarter two and to remove those vagarities. I am coming to this revenue guidance where I can always guide you better. 32:09 32 minutes, 9 seconds Uh uh understood point taken like like it's a very fair fair point. I just want to understand one thing like how what what has changed our outlook in 3 32:17 32 minutes, 17 seconds months? That's it. I mean what is happening on the sector which made us change our outlook in 3 years nothing else. uh what you're saying is fair enough from the guidance 32:25 32 minutes, 25 seconds it's the only logical thing to do it if you ask me from sector point of view it's very very positive and as I said 32:32 32 minutes, 32 seconds that it's only increasing it's only that you know from my point of view we were too much tank based in fact 32:39 32 minutes, 39 seconds it is better today we are 50/50 between tank and equipment tank brings lot more risk at my side you know in terms of land in terms of substation in terms of 32:48 32 minutes, 48 seconds 220 we are fairly managed and balanced between both the And that's why you know I say it's better for wind sector also and it's 32:55 32 minutes, 55 seconds better for us because there are so many hands involved and we're talking in this country now five gawatt 6 gawatt plus kind of thing which country had never 33:03 33 minutes, 3 seconds delivered before so obviously it makes sense that you know a lot more people are developing together but in terms of understanding and just making sure that 33:11 33 minutes, 11 seconds we can do it quarter to quarter is becoming difficult and that's why I said you know we just go under I just wanted to understand if there is anything negative on the sector and 33:19 33 minutes, 19 seconds no not at all absolutely it's very very positive Understood. 33:26 33 minutes, 26 seconds Just just uh following up on that. So I'm sure everyone is aware that we've done 4 and a half uh gawatt of installations, wind installations in the 33:34 33 minutes, 34 seconds first 9 months and we are on course to do 6 gawatt as we've been guiding all across uh and this is uh set to grow only uh with more and more uh projects 33:43 33 minutes, 43 seconds coming in uh CNI sector is u so we are getting a lot of orders from the CNI sector as well. So u and and as you can 33:51 33 minutes, 51 seconds see uh we've grown a lot over the last 3 four years. Uh in 2022 we were uh delivering only a gawatt we installing 33:58 33 minutes, 58 seconds only a gigawatt. Now we are at six. So the sector evolves customers evolve and we've also evolved and also we are on track to achieve 10 34:06 34 minutes, 6 seconds gig that we have been guiding for. So the sector the sector is pretty robust and uh the demand is pretty robust there too. 34:13 34 minutes, 13 seconds It's only about shifting one quarter here and there. That's how it is always. 34:17 34 minutes, 17 seconds Understood. But just one more question I have. Uh I understand CNI is increasingly becoming a uh a very good 34:26 34 minutes, 26 seconds uh segment uh in in in the sector. Uh uh do you have any uh numbers on uh like can can you give me a flavor on uh what 34:34 34 minutes, 34 seconds is the CNI order inflow like or the uh uh the target market like annually? 34:43 34 minutes, 43 seconds I think if you see largely even today the all the customers I have apart from one or two PSU customers I think all of them are CNI business only and as I see 34:51 34 minutes, 51 seconds that even you know in the sector today almost well lots of you know siki has bid a lot of those things have come up 34:59 34 minutes, 59 seconds but still there could be some challenges of PP and all but mostly what projects are being executed today on the ground many of them almost more than 50% will 35:08 35 minutes, 8 seconds be of CNI only so that's how we are also there understood out out four around two 1.5 to two will be CNI. Is is that a right number to assume sir? 35:17 35 minutes, 17 seconds Yes. Yes. It will be more than that actually. Okay. Okay. Thank you sir. 35:25 35 minutes, 25 seconds Thank you. 35:27 35 minutes, 27 seconds The next question is from the line of Radhumina Chri from GM Financial Group Investments. Please proceed. 35:34 35 minutes, 34 seconds Yeah. Hi just uh on ionox renewable solutions uh do we have any specific timeline in 35:42 35 minutes, 42 seconds terms of the de merger when are we uh expecting the same any update on that like I know uh you've mentioned that 35:51 35 minutes, 51 seconds it's in the final stages and all but any particular timeline you're looking at internally so it is very difficult to comment on 35:59 35 minutes, 59 seconds the particular timelines but as we have explained that you know it is in the final stages NCLT approval should come 36:06 36 minutes, 6 seconds you know in a month or so but you know we cannot comment on the specific timelines post receiving of the MLT 36:15 36 minutes, 15 seconds approval it is a 1 one and a half month process for the listing of the company so yeah in all likelihood if you know if 36:23 36 minutes, 23 seconds uh if everything goes well within 3 odd months 2 to 3 months it should get on the bus 36:31 36 minutes, 31 seconds but don't take it as a commitment from because things are not in our country. 36:34 36 minutes, 34 seconds Of course, it's yeah NC which is uh which we are expecting the order to come soon. 36:41 36 minutes, 41 seconds I'm sure thank you. 36:46 36 minutes, 46 seconds Thank you. The next question is from the line of cable bott. 36:54 36 minutes, 54 seconds Yeah. Um hello sir. Uh so my first question is as given that u India targets 122 gawatt of installed wind 37:03 37 minutes, 3 seconds capacity by FI32 versus currently it has been 55 gawatt of installed capacity. So 37:10 37 minutes, 10 seconds there is a long growth runway in the sector and uh uh and your execution guidance for FY28 is 2,000 megawatt. Now 37:20 37 minutes, 20 seconds considering uh land acquisition issues, power demand slowdown and competitive landscape especially Chinese players uh 37:30 37 minutes, 30 seconds I wanted to know your view on the run rate regarding 2,000 megawatt execution as you have mentioned it earlier that uh 37:38 37 minutes, 38 seconds you have changed the parameters of uh of recognizing it into you know revenue terms but I I just wanted you to shed 37:46 37 minutes, 46 seconds light that will that be maintained or sustainable able for the next four to 5 years after FY28. 37:55 37 minutes, 55 seconds two parts to this because as I see that you know still country is looking for almost 100 g to reach 100 gawatt by 2030 38:02 38 minutes, 2 seconds or you said whatever you know the 2030 and we are at 55 gawatt obviously you know the it almost involve 8 to 10 38:10 38 minutes, 10 seconds gawatt I'll not comment because the execution is a challenge and it is there for all the player as such but still if 38:17 38 minutes, 17 seconds you see the way we are growing from 2 3 megawatt to now four four and this year almost reaching six so I see the story 38:24 38 minutes, 24 seconds remains is very very positive and as I said earlier in my discussion now in fact all states customers are working 38:31 38 minutes, 31 seconds and uh you know in all states I see that uh you know lot of visibility in terms of win turbines and projects are coming up which was not the case just a year or 38:39 38 minutes, 39 seconds two years back because not all states were working and there were some policy issues here and there and number two if you see that PGCL started building up 38:47 38 minutes, 47 seconds lots of infrastructure and connectivity only after 2021 when the design change uh you know the it came to auction based 38:55 38 minutes, 55 seconds and all that. So a lot of CTU connectivities are getting commissioned between different estate from 26 to 30. 39:01 39 minutes, 1 second So to cut it short I say you know the challenges are there and it will remain in this country from execution point on 39:08 39 minutes, 8 seconds the ground but it is still not very negative it's still very positive and from our side it's just as I said different scope and different you know 39:16 39 minutes, 16 seconds so our whole approach is now to go more on revenue focus instead of going on megawatt but at the same time nowhere I'm saying in future from that point of 39:25 39 minutes, 25 seconds view it will mean that lowering the execution we'll continue to see that what best we can do in terms of execution to achieve our goals. 39:33 39 minutes, 33 seconds Okay sir. Uh got it. Uh my second question is uh uh on the basis of guidance. So could you please share your 39:41 39 minutes, 41 seconds capeex guidance for uh FYI 27 and uh FYI 28 also how much capeex has been incurred in 9 month FI26 and what is the 39:50 39 minutes, 50 seconds fullear FY26 capex target and uh additionally uh what AIA margin guidance 39:58 39 minutes, 58 seconds are you giving for FY27 and FY28 and sorry to stretch it out but also respectively 40:06 40 minutes, 6 seconds uh what kind of realization per megawatt for FI27 and FI28 on a blended basis 40:14 40 minutes, 14 seconds considering 4 megawatt turbines has been launched and is operational. 40:20 40 minutes, 20 seconds Yeah. Hi. So in terms of the IITA guidance for FYI 26 and FI 27 we have 40:27 40 minutes, 27 seconds upgraded our guidance to 20 to 22% uh as against the earlier of 18 to 19% which has been emphasized by the Mr. 40:36 40 minutes, 36 seconds Tarachani in the opening remarks as well. 40:39 40 minutes, 39 seconds In terms of the per megawatt realization, it is you know as we it as we have explained various multiple times on this call it is very hard to give 40:48 40 minutes, 48 seconds because keeping you the different scope different uh you know components supply and so on and so forth. So we are so 40:56 40 minutes, 56 seconds there's been no guidance which no specific per megawattization we are giving in terms of Yeah. 41:04 41 minutes, 4 seconds Yeah. Uh so just um to the earlier comment uh so uh what we've actually uh made your life life 41:12 41 minutes, 12 seconds easier by giving you a revenue guidance in instead of giving you uh I'm breaking it it up into megawattage and revenue 41:19 41 minutes, 19 seconds per megawatt which you use to calculate the revenue itself. So we are making lives easier uh for everyone down there. 41:26 41 minutes, 26 seconds Um and on the capeex guidance side uh so it will be around 200 odd crores for FI27. At this point of time we are refraining from giving FI28 guidances. 41:37 41 minutes, 37 seconds Okay. And how much capeex has been incurred in 9 month FY26 and what will be the full year target for the 41:44 41 minutes, 44 seconds so this year's target is also around 200 odd crores. 41:48 41 minutes, 48 seconds Okay. Okay. And is there any accountability for 9 month FY 26? 41:52 41 minutes, 52 seconds Uh around 150 odd crores have been expended. 41:56 41 minutes, 56 seconds Okay. Okay. Got it. That's it from my side. Thank you. 42:01 42 minutes, 1 second Thank you. The next question is from the line of Adita from access security. Please proceed. 42:10 42 minutes, 10 seconds Yeah, thank you for the opportunity. Uh so I understand uh the discussion on the call that you have changed from gigawatt 42:18 42 minutes, 18 seconds to revenue and that that is well understood but uh means earlier in the 42:24 42 minutes, 24 seconds slides we had guidance of 2 gawatt from 28 onwards which kind of giving us the kind of sustain sustainability of our 42:34 42 minutes, 34 seconds business and the kind of maximum capacity which we can reach earlier but now you have said that 75% growth in 27 42:41 42 minutes, 41 seconds 7. So post that what will be our outlook? How should we look at revenue growth post FY27? 42:48 42 minutes, 48 seconds Can we assume that our 2 GBT capacity to execute will be intact or there is some 42:56 42 minutes, 56 seconds challenges and we can expect that revenue growth will taper down post FY27. How should we look at? 43:05 43 minutes, 5 seconds Steve as we have recently communicated and over the call over several times you have stated that why we are moving from 43:12 43 minutes, 12 seconds megawattages to revenue it's not because of the challenges we don't see any challenge whatsoever 2 gawatt we'll 43:20 43 minutes, 20 seconds definitely reach there it is only to move away from the volatilities on a quarterly basis and to have a firm 43:28 43 minutes, 28 seconds guidance for you and that is how we work internally we work on the revenue the numbers for the the business plan is always built on the numbers. If you look 43:36 43 minutes, 36 seconds at whatever numbers that we shared with you guys and the entire community for this year and next year and the revenue numbers that we had built on it or the 43:44 43 minutes, 44 seconds profitability numbers that we build on it, we are beating all those numbers. 43:48 43 minutes, 48 seconds There are certain Yes, there are certain challenges in terms of the equipment supply orders. They are on ground challenges which shifts on a quarterly 43:56 43 minutes, 56 seconds basis. It's not that I will not achieve 2 GZ. I will definitely achieve 2 GZ and I will surpass that. when we said we are 44:03 44 minutes, 3 seconds at 6 G and we are moving to 10 GW. Yes, I will do more than 2 G. Would it be fi 27? Would it be fi 28? It's tough for me 44:11 44 minutes, 11 seconds to give you exact timelines but yes I can give you a firm view on the revenue and the profitability. So yes to answer 44:20 44 minutes, 20 seconds we are definitely on track to achieve more than 2 GZ annually but I will shy away from giving you the exact timeline for that. 44:31 44 minutes, 31 seconds If I if I can add a few points on that just to give more confidence on the growth. Uh we always maintain a large 44:39 44 minutes, 39 seconds pipeline and also we have a group company called Inox Clean which is also adding more pipelines for the group and the substations are getting merged. 44:50 44 minutes, 50 seconds Several comp uh three major companies are getting merged in of green which has which we own substations across India 44:58 44 minutes, 58 seconds which unlocks lot of connectivity and future capacity which no competitor have currently in India. Right now customers 45:06 45 minutes, 6 seconds may be struggling that side but inox will not struggle anything in that area which gives a additional competitive advantage which will help us to see that 45:15 45 minutes, 15 seconds 2 gawatt is not a challenge not only from an green point of view but also from an green point of view where we are 45:23 45 minutes, 23 seconds continuously developing our own pipeline. So there will be lot of opportunities within the group also to keep executing. So you know not only 45:31 45 minutes, 31 seconds external PSU market lot of bits are coming up we are participating actively everywhere. So all all in all I think 45:39 45 minutes, 39 seconds wind is here absolutely positive both uh you know from a sector point of view. So don't see any issue or challenge whatever number we are talking about but 45:47 45 minutes, 47 seconds as I said let's maintain going forward on the revenue basis. 45:53 45 minutes, 53 seconds Okay fair enough sir that's it from my side. Thank you. 46:00 46 minutes The next question is from the line of Vicas Agraal, an individual investor. Please proceed. 46:07 46 minutes, 7 seconds Uh no sir, my question. Thank you. 46:14 46 minutes, 14 seconds The next question is from the line of Hersh Mortika from SKP Securities. Please proceed. Hello. 46:22 46 minutes, 22 seconds Hi, good evening sir. Thank you for taking my question. uh just wanted to understand uh that the realizations have 46:29 46 minutes, 29 seconds dropped both Q1Q and YI. So can you please uh explain why this has happened? 46:39 46 minutes, 39 seconds Could you come again please? Uh yeah uh hello sir is it better now? 46:46 46 minutes, 46 seconds Yeah yeah yeah please. 46:48 46 minutes, 48 seconds Yeah sir I was asking that the realizations have gone down both QQ and Y. So can you please tell me what is 46:56 46 minutes, 56 seconds tell us what has happened why the redempions have fallen by 10 odd%. 47:01 47 minutes, 1 second Uh see um so um as we've been saying throughout the call um so uh there were certain issues on the customer side 47:08 47 minutes, 8 seconds certain delay of sites and all uh due to which some of the component suppliers uh got disrupted uh and also see uh sorry 47:16 47 minutes, 16 seconds to interrupt but uh this is the exact nature why we are moving to revenue g because of the complexities there are 47:22 47 minutes, 22 seconds different businesses there are different deliveries that we do on a quarterly basis so per megawattage 47:30 47 minutes, 30 seconds number is something that differs on every contract that we execute. So it is there's no comparison between each 47:37 47 minutes, 37 seconds quarter and that is the reason we moved to this revenue guidance and the margin guidance. 47:43 47 minutes, 43 seconds So both because tanki to equipment supply will always be lesser and also since as execution is improving and we are executing more and more project 47:52 47 minutes, 52 seconds revenues will always be on the lower side. So that's the reason why you will see realization period quarter to quarter. So instead is better 48:00 48 minutes to look at the whole holistically at the annual basis. 48:06 48 minutes, 6 seconds Okay. Thank you sir. That was it. Thank you. Thanks a lot. Thank you. 48:12 48 minutes, 12 seconds The next question is from the line of Pratik Jen from ICA Predential. Please proceed. 48:18 48 minutes, 18 seconds Yeah thanks. Uh so sir just a couple of questions. So one is that uh since you mentioned that uh for the uh for the 48:26 48 minutes, 26 seconds sake of ease of investors you're moving from megawatt to revenue. So uh would that again be H2 heavy or uh would the 48:35 48 minutes, 35 seconds run rate be similar across the four quarters? How should we look at it? 48:41 48 minutes, 41 seconds It will be always little H2 heavy. H1 is many times leaner because of monsoon to be honest. So you know that remains the fact. So that I mean while quarter win 48:50 48 minutes, 50 seconds will be again very good but uh you know quarter 2 will definitely diminish the overall actually 48:56 48 minutes, 56 seconds understood and secondly uh that number you mentioned the 4 and a half gawatt in FI26 49:05 49 minutes, 5 seconds uh so what will be our market share in terms of commissioning in uh FI26 till now 49:16 49 minutes, 16 seconds 4 and a half megawatt But no no just uh sir clarify your question again please. 49:22 49 minutes, 22 seconds Yeah so I am just asking what is in wind uh commissioning number uh so at an all-India level in 9 months uh we did 4 49:30 49 minutes, 30 seconds and a half gawatt. So what is our share in that 4 and a half gaw? 49:39 49 minutes, 39 seconds Yeah. So um so over the past uh quarters we've uh have uh erected we have so a lot of our projects are at various 49:47 49 minutes, 47 seconds stages of uh commissioning um so uh some of the projects in fact are ready erected u but uh uh we've yet to receive 49:56 49 minutes, 56 seconds the commissioning or the or the customer has yet to receive the commissioning approval but uh um broadly uh on on the supplies that we've done uh a 50:04 50 minutes, 4 seconds significant percentage of it is is nearing the commissioning. We are not looking at all these uh percentage market shares and all that stuff. We are 50:12 50 minutes, 12 seconds driven by profitability only. So we don't look at uh the market share. But yes uh we have given what we have executed. 50:20 50 minutes, 20 seconds Understood. And so finally uh how are we looking at I mean how do we stand on the receivable front in terms of uh let's 50:27 50 minutes, 27 seconds say number of days of receivables uh that that is currently there. 50:33 50 minutes, 33 seconds No. So uh obviously if you see our uh um performance over the past few years uh the receivable days are continuously 50:41 50 minutes, 41 seconds improving uh and uh what we've guided um so 200 odd days of uh networking capital 50:48 50 minutes, 48 seconds days u by this uh financial year end u you'll see uh the receivable days improving uh substantially over uh FI25 50:57 50 minutes, 57 seconds as well and that will continue uh over FI27 uh also um because our target is to somewhere at around 120 odd days of uh 51:06 51 minutes, 6 seconds uh overall working capital, net working capital. Wonderful. Thank you. Thank you so much. 51:17 51 minutes, 17 seconds Thank you. The next question is from the line of Deepak Mutwani from MarQu Investment Managers. Please proceed. 51:26 51 minutes, 26 seconds Hi sir, good evening. 51:28 51 minutes, 28 seconds Uh what is the current visibility on additional order in slowox unlimited and can you provide any guidance on the expected order pipeline over the next 6 to 9 months 12 months? 51:40 51 minutes, 40 seconds No overall as on date we still have around 3.2 2 gawatt which gives a certainty of of next one and a half to two years if you ask from that point of 51:48 51 minutes, 48 seconds view but at the same time lots of orders are in advanced stage and very soon we should be announcing I think before end of this closure a lot of tenders have 51:57 51 minutes, 57 seconds come lot of internal discussions are going on I have internal pipeline many of those things I have not added on that so we have you know if you go quarter 52:05 52 minutes, 5 seconds wise quarter wise we will always be you know ahead of what we say in terms of execution and what we get in terms of order booking So we are live today. 52:14 52 minutes, 14 seconds Actually order booking is not a problem. 52:16 52 minutes, 16 seconds It's about how we deliver and how we continue to execute. Okay. Got your point. Thank you so much. 52:29 52 minutes, 29 seconds Thank you ladies and gentlemen. That was the last question for today. I now hand over the conference to the management for closing comments. Over to you sir. 52:40 52 minutes, 40 seconds Thank you. Thank you to all the investors and I assume that you should appreciate the the renewable behood that we have created at Anox GFL Group. Today 52:48 52 minutes, 48 seconds we are the largest integrated energy transition company. We have taken all steps to ensure that Inox Twin stands 52:56 52 minutes, 56 seconds tall and have ensured massive growth and profitability for the company. We are now massively ramping up Inox Green to 53:03 53 minutes, 3 seconds become one of the largest onm companies growing many fold over the next two years. Also the latest venture inox 53:10 53 minutes, 10 seconds clean that uh that we believe uh what what we believe will be uh one of the largest companies from the stable and 53:17 53 minutes, 17 seconds it's very strategic to the entire group providing a minimum 500 uh uh 500 53:25 53 minutes, 25 seconds megawatt orders for wind and also large portfolio addition for screen. Uh with that uh I would like to thank all the investors. 53:35 53 minutes, 35 seconds Thank you. 53:39 53 minutes, 39 seconds Thank you on behalf of GM Financial Institutional Securities Limited. That concludes this conference. Thank you for joining us and 53:46 53 minutes, 46 seconds you may now disconnect your lines. Thank you.