Inox Wind Limited — Q3 FY26

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

0:01 1 second Ladies and gentlemen, good day and welcome to Inox Wind and Inox Green Q3 FI26 earnings conference call hosted by 0:08 8 seconds GM Financial Institutions Securities Limited. This conference call may contain forward-looking statements about the company which are based on beliefs, 0:16 16 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 0:31 31 seconds ask question after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then 0:39 39 seconds zero on your touchstone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Sudhanuil from JM Financial. 0:48 48 seconds 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 governing 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. Kalashik Tar Chandani Group CEO Renewable Business, Mr. Akil Jindel Group CFO Inox 1:17 1 minute, 17 seconds uh GFL Group and Mr. SK Matu Sudhana CEO Anoxin along with the senior management team. I will now hand over the call to 1:26 1 minute, 26 seconds the management for their initial remarks after which we will open the floor for the Q&A session. Thank you so much sir for your kind presence and giving us the 1:33 1 minute, 33 seconds 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 Suzanu. Uh so we'll start with uh the uh brief presentation uh from uh Mr. 1:49 1 minute, 49 seconds uh Kashtara Chandani uh who's the uh group CEO of the renewables business under the Inox GFL group and then uh 1:57 1 minute, 57 seconds move to the briefing on Inox Green by Mr. SK Matu Sudana and then we'll open the floor for the Q&A. Uh sir Kalasha we'll start with your briefing. 2:08 2 minutes, 8 seconds Thanks Sansu. Thanks Anuman. 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 2:33 2 minutes, 33 seconds briefing on the development of Anox Green. 2:36 2 minutes, 36 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 2:45 2 minutes, 45 seconds particular from some of the customer where there are delays in site readiness impacting wind turbine uptake. I'll 2:52 2 minutes, 52 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 3:25 3 minutes, 25 seconds increase of 62% y excluding one-time gain. In quarter 3 FYI25 3:32 3 minutes, 32 seconds profit after tax of rupees 127 cr and increase of 14% y cash profit of rups 3:41 3 minutes, 41 seconds 262 cr an increase of 38% y excluding one-time gains in quarter 3 3:49 3 minutes, 49 seconds fy 25 we continue to deliver strong margins supported by the various initiative which we have been undertaking in the 3:58 3 minutes, 58 seconds past quarters including 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 4:14 4 minutes, 14 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 4:30 4 minutes, 30 seconds nearing closure. We are confident of closing FY26 with a strong net order book which will provide execution 4:38 4 minutes, 38 seconds visibility for the subsequent 18 to 24 months. 4:42 4 minutes, 42 seconds We are progressing well on the launch of our new 4x 4.45 megawatt turbine and expect to receive all approvals and 4:50 4 minutes, 50 seconds subsequently commercial launch the product within this calendar year. Ourm 4:58 4 minutes, 58 seconds subsidiary Anox green continues its strong growth trajectory reaching 13.3 gawatt hour of wind and solar portfolio 5:07 5 minutes, 7 seconds diversified across India with its strong growth prospects and green is on course to becomes India's largest renewable O&M 5:16 5 minutes, 16 seconds company. Further the scheme of de merger of INOX green substation business and its merger into INOX renewable solution 5:25 5 minutes, 25 seconds is in the final stages of hearing at on honorable NCT Ahmedabad post receipt of approval from NCT and the merger of the 5:33 5 minutes, 33 seconds 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 Inox 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. of clean has ambitious plan to set up 3 6:05 6 minutes, 5 seconds gawatt of hybrid renewable IP projects annually which provides large recurring annual order visibility for IWL Inox 6:14 6 minutes, 14 seconds Limited and a strong portfolio addition for INOVX green. As we near the close of financial year 26, we are recalibrating 6:24 6 minutes, 24 seconds our guidance for both financial year 26 and financial year 27. Going ahead, we'll be providing revenue and ITA 6:32 6 minutes, 32 seconds margin figures and growth thereof, resulting in more certainty for investors and analyst on the annual numbers instead of the megawatt numbers. 6:43 6 minutes, 43 seconds For FY26, we expect to achieve a consolidated revenue of over rupees 5,000 crlating to over 35% y growth. 6:55 6 minutes, 55 seconds Further, we are substantially upgrading our full year FI26 IIDA margin guidance 7:01 7 minutes, 1 second to 20 to 22 22 22% versus 18 to 19% earlier. For FI27, we 7:10 7 minutes, 10 seconds expect our consolidated revenue to grow by around 75% over FY26 with epida 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 7:29 7 minutes, 29 seconds today. Today we are working across more than 25 sites with over 15 customers all of whom have different scopes in the 7:37 7 minutes, 37 seconds contract. This may include plane equipment supply with no EPC, equipment supply with limited scope, EPC which may 7:45 7 minutes, 45 seconds include foundation erection with cranes without cranes apart from N2 and end TI. 7:51 7 minutes, 51 seconds In the recent quarters, we have witnessed delay at the customer site resulting in postponement of uptake of win turbines which is beyond our 8:00 8 minutes control. This is something which most of the industry participant are facing currently. Our order book has changed substantially over the past year from 8:09 8 minutes, 9 seconds being largely tunky to 50/50 dunky and equipment supply currently. 8:14 8 minutes, 14 seconds Consequently, delays at the customer end on equipment supply projects are tough to make up with increase in TUNI 8:21 8 minutes, 21 seconds execution during the year as TUNI 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. 8:36 8 minutes, 36 seconds Wind continues to be integral to India's renewable growth story with India's power sector coils to deliver it best 8:43 8 minutes, 43 seconds ever annual capacity addition figure in financial year 26 and moving towards 10 gawatt annual capacity addition in the 8:51 8 minutes, 51 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 Madu Sudhana, 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. 9:15 9 minutes, 15 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 51% yearonear. 9:34 9 minutes, 34 seconds A beta of rups 53 crores up by 80% yearonear. 9:39 9 minutes, 39 seconds Profit before tax of rups 40 crores up by 261%age yearon year. Profit after tax of rups 25 9:49 9 minutes, 49 seconds crores up by 375% yearonear. 9:54 9 minutes, 54 seconds Cash pad of rups 51 crores up by 116%age year on year. Mission availability for 10:02 10 minutes, 2 seconds entire portfolio averaged around 96.5%age. 10:07 10 minutes, 7 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. 10:21 10 minutes, 21 seconds Inox green's portfolio stands at 13.3 gawatt comprising of around 10 gawatt of 10:28 10 minutes, 28 seconds wind assets and 3.3 gawatt peak of solar assets. This also includes the investments which we have made to 10:37 10 minutes, 37 seconds acquire 6.5 gawatt of operational wind OEM 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 10:52 10 minutes, 52 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 KC International and group company 11:12 11 minutes, 12 seconds Inox Cle. 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 11:27 11 minutes, 27 seconds investments formally folding into green's balance sheet along with organic growth, we expect the EITA for FY27 to be upwards of rupees 600 crores. 11:40 11 minutes, 40 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 Inos green, as part of our digital initiatives, we are also exploring the development and deployment of specific 12:06 12 minutes, 6 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 NCT 12:34 12 minutes, 34 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 12:58 12 minutes, 58 seconds ROC of INF greens. We will now open the floor for the Q&A. Thank you. 13:10 13 minutes, 10 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 13:29 13 minutes, 29 seconds wait for a moment while the question Q assembles. 13:47 13 minutes, 47 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 guys, you have withdrawn the guidance in megawatt terms. Uh how 14:03 14 minutes, 3 seconds are we looking at Q4? Are we seeing any uh uh any recovery in terms of the fact that uh as you mentioned there were 14:11 14 minutes, 11 seconds delays? uh these are the issues in these projects getting sorted out. What do we think that Q4 installation could look like? 14:23 14 minutes, 23 seconds Um hi uh thanks for the question. Um 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 14:48 14 minutes, 48 seconds the megawattage side as well. We've been consistently giving uh the per megawatt revenue uh figures uh over the last uh 14:55 14 minutes, 55 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 15:04 15 minutes, 4 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 15:11 15 minutes, 11 seconds have especially on the equipment supply side u 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. 15:40 15 minutes, 40 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 at how many days of working capital are we 15:58 15 minutes, 58 seconds currently and what are some of the things that we're doing to reduce this further? Yeah. U so um uh by this 16:06 16 minutes, 6 seconds financial year end uh we are targeting uh 200 days of working capital days. 16:13 16 minutes, 13 seconds Uh I think in the earlier call I think you had mentioned 120 days. So why by why by why by why by why by why by why by why by why by why by why by why 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 16:28 16 minutes, 28 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. 16:40 16 minutes, 40 seconds Okay okay okay so broadly in the range of 200 to 210 days. All right. 16:48 16 minutes, 48 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. 17:24 17 minutes, 24 seconds Lastly could you give me the revenue agenda and path for green energy for this quarter? 17:32 17 minutes, 32 seconds I know green I love 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 17:49 17 minutes, 49 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. 18:11 18 minutes, 11 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. 18:37 18 minutes, 37 seconds Okay. What is the um I mean do we do we have that figure separately the gross debt and and the cash level? 18:45 18 minutes, 45 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 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. 19:13 19 minutes, 13 seconds Please proceed. 19:15 19 minutes, 15 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. 19:31 19 minutes, 31 seconds Yes, this is what would be on the entire portfolio that we it's for uh just to clarify for the large audience this he's referring to for I know green ebitita 19:40 19 minutes, 40 seconds 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 the 10 cr 19:51 19 minutes, 51 seconds revenue per gawatt for wind and uh 10 lakh 10 lakh per 19:58 19 minutes, 58 seconds yeah yeah so 10 it's 10 10 lakh per me 100 crores not 10 cr. Yeah, it's it 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? 20:11 20 minutes, 11 seconds No no no no no it's a 50 actually let me come in. So out of 13.3 gawatt 10 gawatt 20:18 20 minutes, 18 seconds belongs to windm services and 3.3 belongs to solar and roughly we give a ballpark figure of 50% a bit of margin for the wind 20:27 20 minutes, 27 seconds business and uh and solar is uh is around 15 to 20% margin. Okay. Okay. So what we have 20:34 20 minutes, 34 seconds given and even in the wind also there are different classification substations and wind turbine there are uh several breakups which which I'm not uh 20:43 20 minutes, 43 seconds explaining right now and out of which uh after the integration of merger of three companies. Yes. So the beta will be 20:50 20 minutes, 50 seconds around 600 crores and there will be more synergies we are looking into it and like merging 84 substations across 20:58 20 minutes, 58 seconds India. 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 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 criter 21:20 21 minutes, 20 seconds on a right and we have 3.3 gawatt of solar. 20 cr per gigawatt gives us 66 21:28 21 minutes, 28 seconds crores of revenue and 20% so around 13 crit. So out of the 600 is my understanding of this 513 cr correct and 21:36 21 minutes, 36 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. 21:44 21 minutes, 44 seconds Yes. and one uh and uh since we will have zero depreciation post de merger and your finance cost is virtually nil 21:52 21 minutes, 52 seconds your PBT should be equal to your AITA give or take so over PBT would be equivalent to ITA further as we have 22:00 22 minutes mentioned in the earlier call as well there is a tax shield so there would be a no tax outflow in the upcoming years 22:07 22 minutes, 7 seconds as well though there would be a might there would be a defer tax liability but there would be a no tax outgo. So in 22:15 22 minutes, 15 seconds terms of the cash profit, my IITA would be equivalent to my cash profit as well. 22:20 22 minutes, 20 seconds So this deferred tax how do I kind of uh can you help me understand how do I calculate it on the 600 cr of pbt how 22:28 22 minutes, 28 seconds much and deferred tax will we have in our P&L income tax rate you know we are following 25% corporate tax rate so you 22:36 22 minutes, 36 seconds can calculate 25%. But it would be as I clarified it is an accounting entry nothing to relate with the cash outflow as such. 22:44 22 minutes, 44 seconds Yeah. So accounting patter will 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 wealth in please proceed. 23:06 23 minutes, 6 seconds Yes. Hi. Uh so I wanted 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 23:23 23 minutes, 23 seconds range of 10 odd cr rupes will be get out of the balance sheet and around 50 odd cr rupes of depreciation will be go out from the balance sheet. 23:32 23 minutes, 32 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 no material impact and as Mr. Matur has clarified in their opening remarks that you know this 50 cr of your depreciation 23:48 23 minutes, 48 seconds will go away and accordingly our profitability will get increased to that extent reported 23:56 23 minutes, 56 seconds and adding to the previous question and your question see commissioning new turbines in this current year also so 24:04 24 minutes, 4 seconds those profitability also will be added so that gives the solidity of 600 crores. 24:10 24 minutes, 10 seconds So when you say you have a 10 gawatt wind portfolio that doesn't ex that is excluded till the quarter three of uh uh 24:18 24 minutes, 18 seconds execution is that an understanding correct? 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 Sha from Nirvana. Please proceed. 24:50 24 minutes, 50 seconds Hi sir. So sir I I my question put it the guidance. So I mean I don't find any logic changing the guidance from meawatt 24:58 24 minutes, 58 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 guiding at 2 gawatt end up doing somewhere around 1 to 1.4 25:20 25 minutes, 20 seconds before gigawatt. Um so can you highlight what has changed in last two three months uh that know we are kind of 25:28 25 minutes, 28 seconds lowering this execution guidance which we gave 3 months back. 25:34 25 minutes, 34 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. Satashani 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 turn key 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. 26:11 26 minutes, 11 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 some other 26:20 26 minutes, 20 seconds projects, some other activities, setting up towers, setting up intra which can compensate for the loss of the supply 26:28 26 minutes, 28 seconds 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 these numbers. 26:38 26 minutes, 38 seconds Just to add on that actually you know if you see we have now almost reached 50/50 kind of thing between tank and equipment supply and earlier it was very easy to 26:46 26 minutes, 46 seconds give on megawatt basis because largely it was done tunky and it was the same more or less same pricing for all of them today when we are dealing with so 26:54 26 minutes, 54 seconds many customers and equipment supply every customer has a different kind of a scope so you know it's not making sense that in some places we are giving only 27:03 27 minutes, 3 seconds turbine some places we are giving foundation some places we are giving you know combination of that so it's making more sense that in terms of holistically 27:11 27 minutes, 11 seconds we give our guidance based on revenues no got your point on this thing what you're trying to say but effectively 27:19 27 minutes, 19 seconds know there has been delays that's okay for this quarter and all but do you foresee these delays continuing till FI27 and hence even the execution FI 27 27:28 27 minutes, 28 seconds what we were guiding 3 months back is also almost kind of 30% lower looking at your numbers for FI27 so if you look 27:37 27 minutes, 37 seconds read it uh clearly said we are reccalibrating it and then when you look at while you're stuck on these uh 27:44 27 minutes, 44 seconds broader numbers of uh the execution megawattages but if you look at any of the estimates that anyone carries on the 27:51 27 minutes, 51 seconds profitability we are in fact beating those numbers through these guidances as well. So whatever I I I believe the financial market is governed by the 28:00 28 minutes profitability numbers and so is the company execution is just one of the parameters for internal uh evaluation 28:08 28 minutes, 8 seconds but uh I think as I I would reiterate that profitability numbers revenue numbers is where I have a lot of control 28:16 28 minutes, 16 seconds where I can manage and that's why we are moving to this guidance and if you see even last 9 months sorry 28:23 28 minutes, 23 seconds if 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 28:31 28 minutes, 31 seconds for I'm meeting those numbers understand overall on the you know second part to your question on the FI27 28:39 28 minutes, 39 seconds we see that very positive in the sense with you know many of these are new customers Marquy customers we are getting better and better in terms of 28:46 28 minutes, 46 seconds understanding there because these are new states also in Tamil Nadu etc but as you see that you know even in the wind 28:54 28 minutes, 54 seconds sector till last year only you know Gujarat, Maharashtra, Karnataka and possibly was doing but today lot more states are firing and next year again I 29:02 29 minutes, 2 seconds see Rajasthan opening up big way, Maharash, Andhra Pradesh opening big way uh you know a lot of MPs lot of projects coming up so and many of this PGCL grid 29:11 29 minutes, 11 seconds connectivities are getting ready what it means that lot more customers lot more equipment supply so you'll be able to you know play much more between what you 29:20 29 minutes, 20 seconds do in terms of megawatt but in general instead of explaining this it makes sense that we continue to do it on revenue basis and we have so many legs 29:28 29 minutes, 28 seconds to play between in terms of a scope in terms of customer in terms of site in terms of states. 29:35 29 minutes, 35 seconds 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. Thank you. 30:01 30 minutes, 1 second Ladies and gentlemen, in order to ensure that management is able to address question from the participants in this conference, please restrict your 30:08 30 minutes, 8 seconds question to two per participant. Should you have a follow-up question, please rejoin the queue. The next question is 30:15 30 minutes, 15 seconds from the line of Kathan Jen from Aventus Park. Please proceed. 30:21 30 minutes, 21 seconds Thank you. Thank you for the study. Um yes I I just have a follow up on the previous participant's 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 ma 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 uh 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 31:00 31 minutes 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 31:09 31 minutes, 9 seconds mean these are usual things if you ask me very frankly my all turnkey 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 have old my EPC project 50% I'm 31:24 31 minutes, 24 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 31:32 31 minutes, 32 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 31:41 31 minutes, 41 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 me 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 a quarter or two and to remove those vagarities I am coming to this revenue guidance where I can 32:05 32 minutes, 5 seconds always guide you better uh Understood. So point taken like like it's a very fair fair point. I just want 32:13 32 minutes, 13 seconds to understand one thing like how what what has changed our outlook in three months? That's it. I mean what is happening on the sector which made us change our outlook in 3 months? Nothing 32:21 32 minutes, 21 seconds else. Uh what you're saying is fair enough on 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 that it's only increasing. equipment. 32:34 32 minutes, 34 seconds It's only that you know from my point of view we were too much tanky based. In fact it is better today. We are 50/50 between tank and equipment. Tank brings 32:43 32 minutes, 43 seconds lot more risk at my side you know in terms of land in terms of substation in terms of 220. we are fairly managed and balanced between both the things and 32:52 32 minutes, 52 seconds that's why you know I say it's better for wind sector also and it's better for us because there are so many hands involved and we're talking in this 32:58 32 minutes, 58 seconds country now five gawatt 6 gawatt plus kind of thing which country had never delivered before so obviously it makes sense that you know a lot more people 33:06 33 minutes, 6 seconds are developing together but in terms of understanding and just making sure that we can do it quarter to quarter is becoming difficult and that's why I said 33:13 33 minutes, 13 seconds you know we just go under I just wanted to understand if there is anything negative on the sector No, not at all. Absolutely. It's very very 33:20 33 minutes, 20 seconds positive and understood. That was just just uh following up on that. So 33:28 33 minutes, 28 seconds I'm sure everyone is aware that we've done 4 and a half uh gawatt of installations, wind installations in the first 9 months and we are on course to 33:35 33 minutes, 35 seconds do 6 as we've been guiding all across uh and this is set to grow only uh with more and more uh projects coming in. uh 33:44 33 minutes, 44 seconds CNI sector is uh so we are getting a lot of orders from the CNI sector as well. 33:49 33 minutes, 49 seconds So um and and as you can see we've grown a lot over the last 3 four years. Uh in 2022 we were uh delivering only a 33:57 33 minutes, 57 seconds gigawatt we installing only a gawatt 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 gawatt 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 that. Uh but just one more question I have. Uh I understand CNI is increasingly becoming a uh a very good 34:25 34 minutes, 25 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. 34:42 34 minutes, 42 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 sei has bid a lot of those things have come up but 34:59 34 minutes, 59 seconds 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 be of 35:07 35 minutes, 7 seconds CNI only so that's how we are also there and out out four around two 1.5 to2 will be CNI. Is is that a right number to assume sir? 35:16 35 minutes, 16 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 Ianox renewable solutions uh do we have any specific timeline in 35:42 35 minutes, 42 seconds terms of the B merger when are we uh expecting the same any update on that like I know you've mentioned that it's 35:50 35 minutes, 50 seconds 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 36:14 36 minutes, 14 seconds approval it is a one one and a half month process for the listing of the company so yeah in all likelihood if you 36:21 36 minutes, 21 seconds know if uh if everything goes well within three odd months 2 to 3 months it should get on the bus 36:30 36 minutes, 30 seconds but don't take it as a commitment from our end because things are not there 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. 36:40 36 minutes, 40 seconds Understood. Thank you. 36:46 36 minutes, 46 seconds Thank you. The next question is from the line of cable Bar from Axo Security. Please proceed. 36:53 36 minutes, 53 seconds Yeah. Um hello sir. Uh so my first question is as given that India targets 37:00 37 minutes 122 gawatt of installed win capacity by FI32 versus currently it has been 55 37:07 37 minutes, 7 seconds gawatt of installed capacity. So there is a long growth runway in the sector and uh uh and your execution guidance 37:16 37 minutes, 16 seconds for FY28 is 2,000 megawatt. Now considering uh land acquisition issues, 37:23 37 minutes, 23 seconds power demand slowdown and competitive landscape especially Chinese players uh I wanted to know your view on the run 37:32 37 minutes, 32 seconds rate regarding 2,000 megawatt execution as you have mentioned it earlier that uh you have changed the parameters of uh of 37:40 37 minutes, 40 seconds recognizing it into you know revenue terms but I I just wanted you to shed light that will that be maintained or 37:49 37 minutes, 49 seconds sustainable able for the next four to 5 years after FY28. 37:54 37 minutes, 54 seconds two parts to this because as I see that you know still country is looking for almost 100 to reach 100 gawatt by 2030 38:01 38 minutes, 1 second or you said whatever you know the 2030 and we are at 55 gawatt obviously you know the it almost involve 38:08 38 minutes, 8 seconds 8 to 10 gawatt I'll not comment because the execution is a challenge and it is there for all the player as such but 38:16 38 minutes, 16 seconds still if you see the way we are growing from 2 3 megawatt to now four four and this year almost reaching six so I see 38:23 38 minutes, 23 seconds the story remains is very very positive and as I said earlier in my discussion now in fact all states customers are 38:30 38 minutes, 30 seconds working and uh you know in all states I see that uh you know lot of visibility in terms of wind turbines and projects are coming up which was not the case 38:38 38 minutes, 38 seconds just a year or 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 38:45 38 minutes, 45 seconds started building up lots of infrastructure and connectivity only after 2021 when the regime change uh you know the it came to auction based and 38:55 38 minutes, 55 seconds all that. So a lot of C2 connectivities are getting commissioned between different stateates from 26 to 30. So to cut it short, I say you know the 39:04 39 minutes, 4 seconds challenges are there and it will remain in this country from execution point on the ground but it is still not very negative. So it's still very positive 39:11 39 minutes, 11 seconds and from our side it's just as I said different scope and different you know so our whole approach is now to go more 39:18 39 minutes, 18 seconds on revenue focus instead of going on megawatt but at the same time nowhere I'm saying in future from that point of view it will mean that lowering the 39:26 39 minutes, 26 seconds 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 capeex 39:41 39 minutes, 41 seconds guidance for uh FI27 and FYI 28. Also, how much capeex has been incurred in 9 39:47 39 minutes, 47 seconds month FI26 and what is the fullear FY26 KEX target and uh additionally uh what 39:56 39 minutes, 56 seconds AITA margin guidance are you giving for FY27 and FY28 and sorry to stretch it 40:03 40 minutes, 3 seconds out but also respectively uh what kind of realization per megawatt 40:09 40 minutes, 9 seconds for FI27 and FI28 on a blended basis considering 4 megga our 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 upgraded our guidance to 20 to 22%. 40:30 40 minutes, 30 seconds Uh as against the earlier of 18 to 19% which has been emphasized by the Mr. 40:35 40 minutes, 35 seconds Tarachamani in the opening remarks as well. In terms of the per megawatt realization, it is you know as we it as 40:43 40 minutes, 43 seconds we have explained various multiple times on this call it is very hard to give because keeping you the different scope 40:50 40 minutes, 50 seconds different uh you know components supply and so on and so forth. So we are so there's been no guidance which no 40:57 40 minutes, 57 seconds specific per megawattization we are giving in terms of Yeah. 41:03 41 minutes, 3 seconds Yeah. Uh so just um to the earlier comment uh so uh what we've actually uh made your light life 41:11 41 minutes, 11 seconds easier by giving you a revenue guidance in instead of giving you uh I'm breaking it it up into megawattage and revenue 41:18 41 minutes, 18 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 kores for fi27. At this point of time we are refraining from giving fi28 guidances. 41:36 41 minutes, 36 seconds Okay. And how much capeex has been incurred in 9 month FY26. And what will be the full year target? 41:44 41 minutes, 44 seconds So this year's target is also around 200 odd crores. 41:47 41 minutes, 47 seconds Okay. Okay. And is there any accountability for 9 month FY26? 41:52 41 minutes, 52 seconds Uh around 150 odd crores have been expended. 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. 42:09 42 minutes, 9 seconds Yeah, thank you for the opportunity. Uh so I understand uh the discussion on the call that you have changed from gigawatt 42:17 42 minutes, 17 seconds to revenue and that that is well understood but uh means earlier in the 42:24 42 minutes, 24 seconds slides we had patterns of 2 gawatt from 28 onwards which kind of giving us the kind of sustain sustainability of our 42:33 42 minutes, 33 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 42:55 42 minutes, 55 seconds challenges and we can expect that revenue growth will taper down post FY27. 43:02 43 minutes, 2 seconds How should we look at? 43:05 43 minutes, 5 seconds See 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 will 43:19 43 minutes, 19 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 43:35 43 minutes, 35 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 there are certain yes there are certain challenges in terms of the equipment 43:51 43 minutes, 51 seconds supply orders they are on ground challenges which shifts on a quarterly basis it's not that I will not achieve 2 43:58 43 minutes, 58 seconds GZ I will definitely achieve 2 GZ and I will surpass that when we said we are at 6 G and we are going 10 GW. Yes, I will do more than 2 GHz. Would it be FI 27? 44:08 44 minutes, 8 seconds Would it be FI 28? It's tough for me to give you exact timelines, but yes, I can give you a firm view on the revenue and 44:17 44 minutes, 17 seconds the profitability. So, yes to answer, we are definitely on track to achieve more than 2 GZ annually, but I will shy away 44:26 44 minutes, 26 seconds from giving you the exact timeline for that. 44:30 44 minutes, 30 seconds If I if I can add a few points on that uh 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 green which has which we own substations across India 44:57 44 minutes, 57 seconds which unlocks lot of connectivity and future capacity which no competitors have currently in India. Right now 45:05 45 minutes, 5 seconds customers may be struggling that side but Inox will not struggle anything in that area which gives the additional competitive advantage which will help us 45:14 45 minutes, 14 seconds to see that 2 gawatt is not a challenge not only from an green point of view but also from an green point of view where 45:21 45 minutes, 21 seconds we are continuously developing our own pipeline. So there will be lot of opportunities within the group also to 45:28 45 minutes, 28 seconds keep executing. So you know not only external PSU market lot of bits are coming up we're part participating actively everywhere. So all all in all I 45:38 45 minutes, 38 seconds think 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 45:46 45 minutes, 46 seconds about but as I said let's maintain going forward on the revenue basis. 45:52 45 minutes, 52 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. 46:13 46 minutes, 13 seconds The next question is from the line of H Mortika from SKP Securities. Please proceed. Hello. 46:21 46 minutes, 21 seconds Hi, good evening sir. Thank you for taking my question. uh just wanted to understand uh that the realizations have 46:28 46 minutes, 28 seconds dropped both Q1Q and YI. So can you please uh explain why this has happened? 46:38 46 minutes, 38 seconds Could you come again please? Uh yeah uh hello sir. Is it better or not? 46:46 46 minutes, 46 seconds Yeah yeah yeah please. 46:47 46 minutes, 47 seconds Yeah sir I was asking that the realizations have gone down both QQ and Y. So can you please tell me what is 46:55 46 minutes, 55 seconds tell us what has happened why the redemptions have fallen by 10 odd% uh see um so um as we've been saying 47:03 47 minutes, 3 seconds throughout the call um so uh there were certain issues on the customer side certain delay of sites and all uh due to 47:10 47 minutes, 10 seconds which some of the component suppliers uh got disrupted u and also see uh sorry to interrupt but uh this is the exact nature why we are moving to revenue 47:19 47 minutes, 19 seconds guidance because of the complexities there are different businesses there are different deliveries that we do on a 47:26 47 minutes, 26 seconds quarterly basis. So per mega voltage number is something that differs on every contract that we execute. So it is 47:34 47 minutes, 34 seconds there's no comparison between each quarter and that is the reason we moved to this revenue guidance and the margin guidance. 47:42 47 minutes, 42 seconds So both because tanky to equipment supply will always be lesser and also since as execution is improving and we are executing more and more project 47:51 47 minutes, 51 seconds revenues will always be on the lower side. So that's the reason why you will see realization per method quarter to quarter. So instead is better to look at the holistically at the annual basis. 48:05 48 minutes, 5 seconds Okay. Thank you sir. That was it. Thank you. Thanks a lot. Thank you. 48:11 48 minutes, 11 seconds The next question is from the line of Pratik Jen from ICA Credential. Please proceed. 48:17 48 minutes, 17 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 48:25 48 minutes, 25 seconds sake of ease of investors, you're moving from megawatt to revenue. So uh would that again be H2 heavy or uh uh would 48:34 48 minutes, 34 seconds the run rate be similar across the four quarters? How should we look at it? 48:40 48 minutes, 40 seconds It will be always little S2 heavy. H1 is many times leaner because of monsoon to be honest. So you know that remains the 48:47 48 minutes, 47 seconds fact. So that I mean while quarter win will be again very good but uh you know quarter two will definitely diminish the overall 48:56 48 minutes, 56 seconds understood and secondly uh that number you mentioned the 4 and a half gawatt in FI26. 49:04 49 minutes, 4 seconds Uh so what will be your market share in terms of commissioning in uh FI26 till now? 49:15 49 minutes, 15 seconds 4 and a half megawatt. No no no just clarify your question again please. 49:22 49 minutes, 22 seconds Yeah so I am just asking what is INOX wind uh commissioning number? Uh so at an all India level in 9 months we did 4 49:30 49 minutes, 30 seconds and a half gawatt. So what is our share in that 4 and a half? 49:38 49 minutes, 38 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 49:46 49 minutes, 46 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 49:55 49 minutes, 55 seconds the commissioning or the or the customers yet to receive the commissioning approval. But uh broadly uh on on the supplies that we've done uh 50:03 50 minutes, 3 seconds uh a significant percentage of it is is nearing the commissioning. 50:07 50 minutes, 7 seconds We are not looking at all these uh percentage market shares and all that stuff. We are driven by profitability only. So we don't look at uh the market 50:14 50 minutes, 14 seconds share but yes uh we have given what we have executed. 50:19 50 minutes, 19 seconds Understood. And so finally uh how are we looking at I mean how do we stand on the receivables 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 50:40 50 minutes, 40 seconds improving. uh and uh what we've guided um so 200 odd days of uh networking capital days um by this uh financial 50:50 50 minutes, 50 seconds year end uh you'll see uh the receivable days improving uh substantially over uh FI25 as well and that will continue uh 50:58 50 minutes, 58 seconds over FI27 uh also um because our target is to be somewhere at around 120 odd days of uh uh overall working capital networking capital. 51:10 51 minutes, 10 seconds Wonderful. Thank you. Thank you so much. 51:17 51 minutes, 17 seconds Thank you. The next question is from the line of Deepak Motwani from MarQu Investment Managers. Please proceed. 51:25 51 minutes, 25 seconds Hi sir, good evening. 51:28 51 minutes, 28 seconds Uh what is the current visibility on additional order inflows 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 51:47 51 minutes, 47 seconds view but at the same time lots of orders are in advance stage and very soon we should be announcing I think before end of this closure a lot of tenders have 51:56 51 minutes, 56 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 52:04 52 minutes, 4 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. 52:39 52 minutes, 39 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 INOVGFL Group. Today 52:47 52 minutes, 47 seconds we are the largest integrated energy transition company. We have taken all steps to ensure that twin stands tall 52:56 52 minutes, 56 seconds and have ensured massive growth and profitability for the company. We are now massively ramping up in green to 53:03 53 minutes, 3 seconds become one of the largest onm companies growing manyold over the next two years. 53:08 53 minutes, 8 seconds Also the latest venture Inox Clean that uh that we believe uh what what we believe will be uh one of the largest 53:15 53 minutes, 15 seconds companies from this stable and it's very strategic to the entire group providing a minimum 500 uh uh 500 megawatt orders 53:25 53 minutes, 25 seconds for Inox and also large portfolio addition for Inox. Uh with that uh I would like to thank all the investors. 53:35 53 minutes, 35 seconds Thank you. 53:38 53 minutes, 38 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.