Power and Instrumentation Ltd — Q3 FY26

Power and Instrumentation (Gujarat) Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=4UjsJkb6rB4 Published: 2 months ago

0:00 Ladies and gentlemen, good day and welcome to power and instrumentation goodshot limited Q3 and 9 months FYI26 0:09 9 seconds results conference call hosted by Kirin Advisers private limited. As a reminder, all participant lines will be in the 0:17 17 seconds listenonly mode and there will be an opportunity for you to ask questions after presentation concludes. Should you 0:24 24 seconds need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this 0:33 33 seconds conference is being recorded. I now hand the conference over to Mr. Karan Takur. Thank you and over to you sir. 0:43 43 seconds Uh yeah uh good afternoon participants. 0:46 46 seconds I on behalf of Kirin address is delighted to host power and instrumentation Gujarat limited for the 0:52 52 seconds quarter 3 financial year 26 conference call today we have 1:00 1 minute managing director Mr. Meshwari chief financial officer and without any further ado I would like to hand over the call to Mr. 1:11 1 minute, 11 seconds opening remarks over to you sir. 1:16 1 minute, 16 seconds Greetings to all and a very good afternoon and a very warm welcome to all of you for joining us today for quarter 1:22 1 minute, 22 seconds 3 and 9 month FI26 earning call of power instrumentation Gujarat Limited. 1:29 1 minute, 29 seconds I sincerely thank all our shareholders, analysts and stakeholders for taking the time to be with us today. 1:37 1 minute, 37 seconds Founded in 1975, we we have built up a strong legacy as a leading EPC company specializing in comprehensive 1:45 1 minute, 45 seconds engineering, procurement and construction solutions. Over the fa past five decades, we have developed deep expertise along the transmission and 1:53 1 minute, 53 seconds distribution spectrum along with post installation maintenance services. Our capabilities span the complete electrical ecosystem from construction 2:02 2 minutes, 2 seconds and maintenance of indoor and outdoor substations, laying of HDLT lines, providing alternate power backups through digits and UPS systems, power 2:11 2 minutes, 11 seconds distribution panels, lightning solutions, fire safety systems, extra low voltage works and building management systems. We have successfully 2:19 2 minutes, 19 seconds completed over 35 airport projects, electrified more than one lakh below poverty line households and laid over 20,000 kilometers of HT and LT lines. 2:30 2 minutes, 30 seconds Our repeat orders from industrial, commercial and government clients stand testimony to our execution capabilities and commitment to quality and timely 2:39 2 minutes, 39 seconds delivery. During this quarter, we significant contract aggregating to 2:44 2 minutes, 44 seconds 124.17 crores. This includes 102.78 crores Turkey electrician work from 2:51 2 minutes, 51 seconds Ajmar Vijuan Nigumam Limited across nine circles in Rajasthan under the RDSS framework to be executed within 15 2:58 2 minutes, 58 seconds months. We've also received a 12 21.39 cr order from ATS Techno Limited for execution of an industrial project in 3:06 3 minutes, 6 seconds Ahmedabad. A key milestone in this quarter was the CP approval received by the subsidiary Peton Electrical Company 3:14 3 minutes, 14 seconds Limited for its 11 KV 3000 ampere segregated phase BAK system branded as FEAR. Our busk systems are designed for 3:23 3 minutes, 23 seconds high load high reliability environments such as data centers, IT parks, airports, metros, renewable energy installations, hospitals, manufacturing 3:32 3 minutes, 32 seconds facility, commercial real estate and large infrastructure projects. The freebar platform offers multiple advantages including compact space 3:41 3 minutes, 41 seconds saving design, efficient heat dissipation, lower voltage loss, quick installation, scalability and safe standardized certified components with 3:50 3 minutes, 50 seconds rising investments infrastructure and digital economy projects. We believe this product line positions us well for 3:58 3 minutes, 58 seconds the next phase of growth. On a consolid basis of Q3 FI26, we reported a total income of 48.89 89 crores reflecting a year-on-year growth of 43.18%. 4:10 4 minutes, 10 seconds IITA stood at 16 6.16 crores up 37.83 yearon year with a IITA margin of 12.6%. 4:21 4 minutes, 21 seconds Net profit for the quarter was 3.57 crores registering a growth of 11.96% with a net profit margin of 7.31% and 4:31 4 minutes, 31 seconds EPS of 1.69 69. For the 9 months ended FI26, the total income stood at 161.35 4:40 4 minutes, 40 seconds crores, registering a year-on-year growth of 39.23%. 4:44 4 minutes, 44 seconds IITA was 17.68 crores, reflecting a growth of 24.86% with an IITA margin of 10.96%. 4:53 4 minutes, 53 seconds Net profit stood at 10.91 crores, up 21.85% 85% yearonear with a net profit margin of 6.76% and EPS of 5.55. 5:04 5 minutes, 4 seconds This performance reflects disciplined execution, operational efficiency and prudent cost management across the projects. Looking beyond our own 5:12 5 minutes, 12 seconds performance, the broader power and infrastructure sector continues to present strong structural opportunities. 5:19 5 minutes, 19 seconds India has set a ambitious target of achieving 500 mega gaw of renewable 5:25 5 minutes, 25 seconds energy capacity by 2030 while the peak power demand is projected to cost 800 gawatt during the same period. This 5:33 5 minutes, 33 seconds requires substantial investments in transmission substation and distribution network strengthening. Under the revamped distribution sector scheme with 5:41 5 minutes, 41 seconds a total outlay of over three lakh crores, the government accelerating smart metering, feeder segregation and control and and loss in ATNC losses. 5:52 5 minutes, 52 seconds This directly aligns with our core strength in electrification and distribution infrastructure. On the infrastructure front, India plans to add 6:00 6 minutes 50 new airports over next 5 years with a long-term vision of developing 350 airports by 2047. Additionally, more 6:07 6 minutes, 7 seconds than thousand kilometers of metro rail projects have been approved across multiple cities, further driving the demand for electrical EPC execution and 6:15 6 minutes, 15 seconds advanced power distribution systems. The continued Cape push in transmission expansion, renewable integration, and 6:22 6 minutes, 22 seconds urban infrastructure reinforces long-term growth visibility for companies like ours. Going forward, we remain focused on discipline bidding, 6:30 6 minutes, 30 seconds timely project execution, and improving operating efficiencies. We will continue to strengthen our order book quality while scaling our manufacturing 6:38 6 minutes, 38 seconds capabilities under the FIBA brand with a healthy order pipeline, strong sector tailwinds, and expanding technical capabilities. Remain confident in our 6:47 6 minutes, 47 seconds growth trajectory and committed to delivering sustainable long-term value to our stakeholders. I'd like to thank all our employees, partners, and 6:55 6 minutes, 55 seconds shareholders for their continued trust and support. With that, I now leave the floor open for any questions. Thank you. 7:06 7 minutes, 6 seconds Thank you very much. We will now begin with the question and answer session. 7:10 7 minutes, 10 seconds Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove 7:17 7 minutes, 17 seconds yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a 7:25 7 minutes, 25 seconds question. Ladies and gentlemen, we will wait for a moment while the question cue assembles. The first question is from 7:33 7 minutes, 33 seconds the line of Dak Sharma from Oakland Capital. Please go ahead. 7:39 7 minutes, 39 seconds Yeah. Uh thank you for the opportunity sir. Uh I just uh wanted to know uh like what is the current executable order 7:47 7 minutes, 47 seconds book and uh how much of FY26 revenue is already secured from existing orders? 7:56 7 minutes, 56 seconds Yeah, good morning D. D I would uh uh as on date we are sitting on an order book aggregating about 450 crores uh and what 8:05 8 minutes, 5 seconds we are expecting I mean the the growth is as we all we we are uh you can see the last three quarters I mean so we 8:13 8 minutes, 13 seconds look at the last quarter also being um in the same lines with it so I think we'll be we'll be we'll be able to close 8:19 8 minutes, 19 seconds the year at very good figures basically okay answer uh uh what would be the uh 8:26 8 minutes, 26 seconds sector wise breakups for uh of these order books. So like across is it across airports uh RDSS electrification? 8:35 8 minutes, 35 seconds Yeah. So so it's a it's a it's a mixed bag. It's a mixed bag. Uh mixed bag out of which around 60% or 65% of the order 8:44 8 minutes, 44 seconds book is uh with the RDSS and the distribution segment uh around the balance 30 35% would be coming from the 8:51 8 minutes, 51 seconds infra space uh that is industries, airports and everything put together. So I mean so it's a mixed bag of things right now. 9:00 9 minutes Okay. And sir uh uh what is uh what is our current bid pipeline and success rate uh in tender conversion. 9:09 9 minutes, 9 seconds So the bid tenders right now I mean already which have been bidded is around 200 cr plus is around 200 cr plus and we 9:17 9 minutes, 17 seconds are uh uh participating another 200 250 crores of tender in this coming week. uh hopefully I think at the year end we 9:26 9 minutes, 26 seconds should have uh whatever the closing would be I think we'll be at 1.5 or 2x of uh the closing of FI26 that will be our order book at the end of the year. 9:38 9 minutes, 38 seconds Okay. Also uh sir if you could just uh uh se segregate in terms of government versus private uh like what proportion 9:47 9 minutes, 47 seconds of a order book is so basically Yeah. Yeah. So basically uh right now the entire order book is backed by the government government only 9:55 9 minutes, 55 seconds right now the private job is I think hardly about 2% or 3% of the total booking as on date. So uh so the maximum 10:02 10 minutes, 2 seconds orders directly from the government only basically okay and sir uh given that uh our 10:10 10 minutes, 10 seconds average uh uh project execution timeline line is around 12 to 15 months. So how 10:18 10 minutes, 18 seconds should we uh expect revenue conversion to play out over the next uh four to six quarters? 10:25 10 minutes, 25 seconds So basically u I I think all these projects are in the range of about 12 months to 24 months not 15 months. So 10:32 10 minutes, 32 seconds the largest size of RDSS projects I mean they are all uh pip piped between 15 to 24 months basically and uh uh as as far 10:41 10 minutes, 41 seconds as the execution part is concerned on uh as on date I mean like uh the plan is to uh you know not take any extension or 10:49 10 minutes, 49 seconds anything and just complete the jobs in the given uh time frame. So I think all this will be executed in the given time frame of uh the uh uh tenders or 10:59 10 minutes, 59 seconds whatever is the tender time frames we'll being by them. So I think we'll be having the revenues coming in I mean uh of all the projects in next four to six quarters. 11:10 11 minutes, 10 seconds And sir lastly uh so do you have some kind of visibility beyond FY27 11:20 11 minutes, 20 seconds obviously this is a like this is a 5year plan that we've made uh for ourselves wherein we are looking at to grow 11:26 11 minutes, 26 seconds ourselves at the pace of about 30 35% year on year. that's that's what is our expectation. So I think I think uh that 11:36 11 minutes, 36 seconds we already we'll be achieving this year and I think probably all the next coming four years uh we'll be looking at the same. 11:44 11 minutes, 44 seconds Okay. Okay. Okay sir. Uh thank you. 11:46 11 minutes, 46 seconds That's it from my side. I'll I'll join back with you if if I have any more. Yeah. 11:50 11 minutes, 50 seconds Yeah. Thank you Shaji. Thank you. Thank you D. Thank you so much. 11:57 11 minutes, 57 seconds Thank you. A reminder to all participants to press star and one to ask a question. The next question is 12:04 12 minutes, 4 seconds from the line of Dhrashani from Kubar Advisors. Please go ahead. 12:12 12 minutes, 12 seconds You may unmute your lines. I'm audible. No. Yeah, you are audible. 12:18 12 minutes, 18 seconds Okay. Okay. Uh so I just wanted to know like what is the current uh capity utilization? 12:25 12 minutes, 25 seconds current capacity uh and capacity. Yeah. 12:32 12 minutes, 32 seconds In terms of EPC uh like I was just wanted to know like what is the current execution capacity and what would be the peak value potential out of that. 12:42 12 minutes, 42 seconds See the point is in case when we're talking about capability basically see as far as EPC business is concerned there something uh which comes into play 12:51 12 minutes, 51 seconds is basically your bidding capacity. So right now considering what we closed last year uh we have enough bidding 12:58 12 minutes, 58 seconds capacity left to I mean uh you know like uh uh push our uh growth uh in terms of what we are targeting. I mean year on 13:06 13 minutes, 6 seconds year 30 35% on let's say if if if things uh turn out to be the way the uh industry tailwind is blowing I mean 13:13 13 minutes, 13 seconds let's see we can even do better. So I mean cap I mean in in terms of uh capacity and capability that is how uh 13:20 13 minutes, 20 seconds EPC would be judged as. So I I I don't see any issues in that. I mean we have enough capacity and we are already scaling up in terms of uh manpower also. 13:31 13 minutes, 31 seconds So I mean that is the two key strengths that is required. So so we are going we we definitely planning the next five years. 13:38 13 minutes, 38 seconds Okay. Okay. So like uh if you're talking like specifically if I talk about the investment part so how much is the uh 13:46 13 minutes, 46 seconds like are we made in manpower or technology or even project management system like what investment are being made. 13:55 13 minutes, 55 seconds So basically uh EPC EPC the biggest investment that goes in is in definitely is into the manpower because you know 14:02 14 minutes, 2 seconds you need a you need a large large team and you also uh need a a specialized uh technical uh team to execute these kind 14:10 14 minutes, 10 seconds of projects. So basically the major is is definitely into that. Coming back to the tech part obviously as we are growing uh as I had earlier also stated 14:19 14 minutes, 19 seconds like you know we are also uh we've also started using tools of importance like you know ERP project management tools and you know a 14:27 14 minutes, 27 seconds little bit of AI here and there I mean like you know so we are also trying to push ourselves to uh analyze to make sure that you know there are no last 14:35 14 minutes, 35 seconds minute surprises and the project goes on I mean like in the time span you know so everything I mean together so we this is this is the part where the entire 14:43 14 minutes, 43 seconds investment goes goes into in terms of like you know apart from that whatever uh infrastructure upgradation in terms of you know part machineries and all 14:52 14 minutes, 52 seconds that that obviously that keeps on going as and when required and as the project goes on so I mean so that's that's how 14:59 14 minutes, 59 seconds about it it is what is the expected payback period out of that 15:05 15 minutes, 5 seconds payback period no I think EPC in terms of like if 15:12 15 minutes, 12 seconds you're talking about payback I I mean I mean um 15:19 15 minutes, 19 seconds uh sorry to interrupt. Uh so basically we are into the EPC segment wherein there is no capex involved as such with regards to the project like generally 15:27 15 minutes, 27 seconds what we have in terms of the manufacturing unit. As far as capex you considered what we considered the capex as is the one is the towards the 15:35 15 minutes, 35 seconds issuance of the bank guarantee uh bank guarantees and another one is the working capital deployed for the project. So working capital deployed for the project is hardly for large project 15:43 15 minutes, 43 seconds it is about 10 to 15% of the contract value. So and at the same peak we expect a pat of 7 8%. So on an average you 15:51 15 minutes, 51 seconds considered in a one and a half year or two years time we get a average return of equivalent working capital deployed on the project. 16:00 16 minutes Got it. 16:02 16 minutes, 2 seconds So the point the payback which you are asking is uh mainly applicable for the places wherein you invest into a manufacturing plant then like 3 years 4 16:10 16 minutes, 10 seconds years or 5 years is your timeline by which you will get your plan free from the revenues 16:17 16 minutes, 17 seconds like payment cycle differ between the government government and private sector line. 16:23 16 minutes, 23 seconds Uh yes sir definitely for a private it may it may differ sometime for government it may differ but on an average we try to keep the receivables 16:30 16 minutes, 30 seconds in between a days of 90 to 100 days okay okay also I was looking at the 16:37 16 minutes, 37 seconds financial part so I just wanted to know like um gradually the other income part is growing so I just wanted to know this 16:44 16 minutes, 44 seconds like where this part is coming from like can you explain this uh term sorry sir f25 it was uh 2.43 43 crores and in F23 16:54 16 minutes, 54 seconds it was like other income was 1 cr so it has grown uh uh so uh the main reason for other 17:01 17 minutes, 1 second incomes are uh first is the uh the interest income on the fixed deposit that we kept with the that we kept with 17:09 17 minutes, 9 seconds the bank for the issuance of bank guarantees. The another incomes include that other income is the uh like uh we 17:16 17 minutes, 16 seconds won the arbitation award last year wherein we realize some uh other income in terms of the delayed payment interest and over and above that other income we 17:24 17 minutes, 24 seconds recognize as a royalty income wherein we get contra uh where we wherein we have certain contracts on royalty basis so we get royalty on those orders. 17:34 17 minutes, 34 seconds Got it. work and uh what current cap working capital cycle and how do you like current working capital cycle is about 17:42 17 minutes, 42 seconds uh 100 days 95 to 100 days are we planning to reduce receivable days for yes sir we if you see on year-to-year 17:51 17 minutes, 51 seconds basis we are improving and uh we are trying to keep it below 90 or up to 90 days 17:58 17 minutes, 58 seconds okay uh okay that that that's all from my 18:07 18 minutes, 7 seconds Thank you. Participants may press star and one to ask a question. The next question is from the line of Vidhi Jan 18:15 18 minutes, 15 seconds from Phoenix Capital. Please go ahead. Hello. 18:23 18 minutes, 23 seconds Yeah, please please go ahead. 18:25 18 minutes, 25 seconds Uh hi sir actually I just wanted to understand a bit more about the bus and manufacturing business like uh like how 18:34 18 minutes, 34 seconds do you see this segment becoming over the next uh 3 to 5 years in terms of revenue contribution. 18:43 18 minutes, 43 seconds Yeah. So basically basically when I talk about a manufactur manufacturing unit that uh we have recently acquired. So basically the company is into 18:51 18 minutes, 51 seconds manufacturing of low voltage and high voltage panels and uh uh uh cable phase and a lot of electrical uh um products 19:01 19 minutes, 1 second along along the lines. uh and recently recently I mean uh uh they have also added and we've also added the uh 19:08 19 minutes, 8 seconds bazduct to the thing out of which uh I mean the entire range consist of like 33 to 415 volt buds out of which the 11 KB 19:17 19 minutes, 17 seconds buzz have already been tested and uh successfully and it the product has also been launched and now parallelly we are also working parallelly we are also 19:25 19 minutes, 25 seconds working on the low voltage buzz which I think should go into testing somewhere in the uh month of uh end of March or or 19:33 19 minutes, 33 seconds something around and I think the full full scale production should be starting somewhere by uh May May uh uh May 26. So 19:41 19 minutes, 41 seconds that is what the target is and the contribution that would come come from that would uh be in the range of about 19:49 19 minutes, 49 seconds uh uh presumably I mean the first year we would be targeting the 20 uh FI 20 26 19:56 19 minutes, 56 seconds 27 we would be probably targeting around uh uh at least bare minimum 20 to 30% of 20:03 20 minutes, 3 seconds uh the uh 20% of the uh current top lines you know so I think I think uh and then year on year we keep on adding it 20:11 20 minutes, 11 seconds uh So I mean like so um I think I think uh if I would put it in terms uh uh if I look at it uh there's going to be a uh 20:19 20 minutes, 19 seconds by I maybe in 2 years time there's going to be a major major uh contribution coming in from the manufacturing uh side also. 20:30 20 minutes, 30 seconds Okay. And how would you position products against some of the established players in this segment and in terms of technology pricing and quality? 20:39 20 minutes, 39 seconds Yeah. So the point is uh uh if I'm if I'm putting myself against the uh players who are already established here 20:46 20 minutes, 46 seconds uh I I would look at myself in a very comfortable position because we've been dealing with this product from 2001 in 20:54 20 minutes, 54 seconds fact from the time this product had been launched in this country by a few manufacturers. uh it was just that uh you know only about a year and a half 21:03 21 minutes, 3 seconds two years back uh due to major uh overhauling of the infrastructure that this product has been made mandatory and 21:10 21 minutes, 10 seconds uh uh so that is where we uh also thought about getting into this product. 21:14 21 minutes, 14 seconds It took us almost like about 3 years of hardcore R&D and what we've developed is a very beautiful piece of uh equipment 21:23 21 minutes, 23 seconds uh in terms of aesthetics in terms of costing and we had to actually I mean redesign the stuff because the 21:31 21 minutes, 31 seconds earlier version that we work out was turning out to be a little expensive as compared to the current market requirement. So we have two versions available right now. One is the uh 21:40 21 minutes, 40 seconds economically friendly and the other is technically a much superior product. So it depend upon the client choice which it wants to select but but we'll be 21:47 21 minutes, 47 seconds placing ourselves very strongly against both the sides I mean like in terms of economy also and in terms of the technicality also. 21:58 21 minutes, 58 seconds Uh and finally what kind of capacity expansion or capex would be required to scale up this business. 22:05 22 minutes, 5 seconds Uh so there is uh uh uh there are there is an investment that has already been planned and already being executed uh 22:13 22 minutes, 13 seconds which is uh some uh specialized machinery that is required for automation. So that has already been already been planned and uh the orders 22:22 22 minutes, 22 seconds have also been played. So we would be looking at getting the delivery somewhere in end of April or early March. So that has already been done. 22:29 22 minutes, 29 seconds That's already been done. The uh the planning has already been taken. 22:36 22 minutes, 36 seconds Uh thank you sir. That's all from my side. 22:42 22 minutes, 42 seconds Thank you. The next question is from the line of Puja Mashra from JK Capital. Please go ahead. 22:49 22 minutes, 49 seconds Uh hello. Yes Puja please. 22:55 22 minutes, 55 seconds Uh my first question is how much revenue comes from the government infrastructure work? 23:03 23 minutes, 3 seconds uh see whatever we are doing as all all are part of the government infrastructure. Basically you can only segment it by saying that uh what what 23:12 23 minutes, 12 seconds comes from the distribution segment and what comes from the building infra like metros and the airports and uh the other uh uh uh possible infra projects. So I 23:21 23 minutes, 21 seconds would put it this way as I said 65% would be coming from the distribution transmission segment and 35% would be from the infra and other spaces. 23:32 23 minutes, 32 seconds Okay. And uh how much incremental opportunity do you see from IDSS and uh 23:38 23 minutes, 38 seconds IPDS and airport electrification programs? 23:43 23 minutes, 43 seconds I I would I would put it right now that I think for next two decades there is no stopping this industry. I mean not even I'm not even saying one decade. I'm in 23:51 23 minutes, 51 seconds fact saying two decades to be very clear that the way uh things have been moving and the kind of uh investments that have been coming into this country and the uh 24:01 24 minutes, 1 second way uh the requirement of the complete infra space that is being developed to get India into the league of the 10 24:09 24 minutes, 9 seconds trillion or 15 trillion I mean size of GDP I think I think I mean it's it's 24:16 24 minutes, 16 seconds like I mean it's it just depends upon uh how much growth you can uh uh sustain or you know 24:25 24 minutes, 25 seconds how much it can be organically grown you know so I mean there is nothing no der of orders or there's no d of the new 24:33 24 minutes, 33 seconds projects that are there and I think that that'll continue for next at least two decades okay and uh what role will renewable 24:41 24 minutes, 41 seconds energy electrification play in our future growth so basically see renewable renewable is 24:48 24 minutes, 48 seconds just adding up to the capacity of the production uh of generation of the electricity. So as we are ramping up uh 24:57 24 minutes, 57 seconds the uh uh generation part it is very automatic that once you're producing something I mean like you know you will need a uh I mean the transmission and 25:05 25 minutes, 5 seconds the distribution both to come come in lines because um if you can if you generate and if you don't have a transmission and distribution network 25:12 25 minutes, 12 seconds ready I mean there's no use of that is going to all be go wastage so that way if you say that definitely the renewable is going to contribute a lot uh because 25:22 25 minutes, 22 seconds of the generation but alternatively alter Alternatively as we are ramping up I think even the nuclear capacities are being expanded even thermal capacities 25:31 25 minutes, 31 seconds are being expanded. So I think all this thing put together I mean like you know that's what I said I mean two decades of uh work right in front of us and I think 25:40 25 minutes, 40 seconds year on year we'll see a good growth in this uh dire market. 25:45 25 minutes, 45 seconds Okay and so uh what are the key growth driver for the next three to five years? 25:51 25 minutes, 51 seconds The key growth drivers for this industry as as as as we put it is because the first thing is that there will be a lot of uh uh investment there will be a lot 26:01 26 minutes, 1 second of investment in terms of the uh highspeed rails that you will see a lot of expansion that is happening the metros that is happening the urban 26:08 26 minutes, 8 seconds development that is happening because more and more rural more and more semi-ural is being now converted into semi-urban and semi-urban becoming 26:17 26 minutes, 17 seconds urban. If you see the the cities which we used to call two second tire cities are now becoming the first tire cities. 26:23 26 minutes, 23 seconds The first tire cities are moving into the metro status. So with this kind of thing that is happening I mean like you know I mean the population increase I 26:31 26 minutes, 31 seconds mean the people moving the shift um I mean AI making a big play. I mean like you know uh the world looking towards 26:39 26 minutes, 39 seconds India as the next uh hub for manufacturing. I mean like with data centers I mean the list is endless. I mean the list is endless. So with all of 26:47 26 minutes, 47 seconds this so with all of this with all of this uh you know going on I think I think we are in the right position to 26:55 26 minutes, 55 seconds and cash on this whole uh spectrum of things that's happening. Okay from my side thank you. 27:07 27 minutes, 7 seconds Thank you. Participants who wish to ask a question may press star and one. A reminder to all participants to press 27:15 27 minutes, 15 seconds star and one to ask a question. The next question is from the line of Yash Rat from Unix solutions. Please go ahead. 27:27 27 minutes, 27 seconds Hello sir. Am I audible? Yeah please. 27:31 27 minutes, 31 seconds Okay. So so my question was what are the key risk in executing the current order book? Could you repeat your question please? 27:40 27 minutes, 40 seconds My question was what are the key risks in executing the current order book? 27:46 27 minutes, 46 seconds Uh I I don't see absence there is any risk uh risk involved as far as the execution part is concerned. Uh the 27:53 27 minutes, 53 seconds reason being that I mean um u we have our I mean if you talk about the instability in the market in in the 28:02 28 minutes, 2 seconds global market I think India is in quite in a stable position right now. So I mean as far as that that thing is that 28:09 28 minutes, 9 seconds uh you know the factor is concerned I think we can be I mean we can just on that factor because I mean the overall 28:16 28 minutes, 16 seconds uh overall way I mean the things have been planned or the way things are happening I don't I don't see any risk except for that portion is that 28:24 28 minutes, 24 seconds definitely there there is a there is a kind of uh um uh what do you call it a 28:31 28 minutes, 31 seconds dirt of the or or you know there is the number of technical people or you know the sudden scale up that has happened in 28:39 28 minutes, 39 seconds the market has you know actually created a little bit of uh a shortage of the manpower kind of a position but I think 28:48 28 minutes, 48 seconds that would be probably addressed very soon I mean with the kind of you know people getting back into the core engineering and you know things happening now I think I think apart from 28:56 28 minutes, 56 seconds that I don't see any risk happening okay so the other question I wanted to 29:03 29 minutes, 3 seconds ask was uh how do to plan to fund the expansion like in debt or in equity. So 29:11 29 minutes, 11 seconds basically uh as on date what we are do as on date what we are doing is we are working on with the internal acrals itself and probably if required we'll be 29:20 29 minutes, 20 seconds going for some uh debt or something I mean to I mean like to to bridge fund it for the time being I mean if if that is required and that also on the project to 29:28 29 minutes, 28 seconds project basis not exactly I mean a long-term debt planning but it probably I mean a project finance or something in 29:35 29 minutes, 35 seconds case the interlocal falls short or something like that but otherwise right now the entire is based on the interlocks itself. 29:44 29 minutes, 44 seconds Okay. So that was it from my side. Thank you sir. 29:52 29 minutes, 52 seconds Thank you. The next question is from the line of Paras Cher from Vortex Ventures LLP. Please go ahead. 30:02 30 minutes, 2 seconds Yeah. Uh thank you for this opportunity sir. Uh sir first thing um what is uh the revenue guidance for FY27 30:12 30 minutes, 12 seconds in general and 26 what likely growth is expected? 30:16 30 minutes, 16 seconds So as I said as I said I said as I had said earlier also and today also we are targeting a growth of about 30 30 to 35% 30:25 30 minutes, 25 seconds year on year. uh that's the target uh for next uh five years and considering the current market position and 30:33 30 minutes, 33 seconds considering the jobs available I think uh it is quite achievable and uh I think we should we should be able to do it I mean so that's that's what is the 30:41 30 minutes, 41 seconds planning actually okay so sir I mean if you're looking at let's say that kind of growth for FI27 30:48 30 minutes, 48 seconds um what do you expect in terms of working capital or debt levels for the next year I mean can we manage it internally 30:56 30 minutes, 56 seconds yeah That's what are right now to manage it internally with the internal approvals that we have or what we are anticipating and also if required we 31:05 31 minutes, 5 seconds will be uh going for some uh debt which would be a bridge funding and that would be based on the project uh the project 31:12 31 minutes, 12 seconds uh for a particular project. So it uh the debt would be opened with the project and closed with the project instead of taking long-term or something 31:20 31 minutes, 20 seconds like that. So in coming future what we're planning is that uh even if the debt is being raised that would be I mean like you know limited to the 31:27 31 minutes, 27 seconds project that is going where the funding is going to happen or otherwise till the time you can manage it. Huh. 31:34 31 minutes, 34 seconds Yeah. So most likely there will at the moment at least as it stands there is no plan for equity dilution for F2. 31:41 31 minutes, 41 seconds No no no no no not at all. 31:44 31 minutes, 44 seconds And that's okay. Sir what kind of sustainable AIA margins would you put for F27 and you know going forward 31:52 31 minutes, 52 seconds I think I I I think uh I beta margin should be anywhere between u uh 12 to 14 31:59 31 minutes, 59 seconds 15% would be what we are looking at right but for December specifically at least the last quarter it's been sub 32:08 32 minutes, 8 seconds south of 12 and you know the page is of course also because the interest has suffered so how do you look back sir. 32:17 32 minutes, 17 seconds Yeah. So that's what I said the pad margins also we are looking at um I mean like you know pushing it if I mean like you know we making all our efforts that 32:25 32 minutes, 25 seconds maybe another year or two we'll be pushing it to maybe 9 10% as a bad margin and a beta about 15%. So that is what's what we are all working towards. 32:34 32 minutes, 34 seconds I mean so how fast we can execute the project get the turnaround reduce the uh uh outstanding uh time periods you know 32:42 32 minutes, 42 seconds and like you know get better rotation out of the uh funding that we have or the intern approvals that we have. So 32:49 32 minutes, 49 seconds that's that's what the plan is all about right. So at least for the uh and that may be a medium-term plan but for 32:56 32 minutes, 56 seconds immediate FI27 most likely 12 13% is what realistically we can achieve. 33:01 33 minutes, 1 second Yeah. Yeah. Yeah. Yeah. Yeah. That is definitely that is definitely right. Okay sir. And just uh one more thing on this uh you know bus 33:10 33 minutes, 10 seconds manufacturing systems uh when do you expect you know this uh you know product line to start meaningfully contributing in terms of revenue? 33:19 33 minutes, 19 seconds Uh maybe maybe uh by uh after the second half of uh FI 26 27. 33:27 33 minutes, 27 seconds Okay. in the second half of maybe the third quarter. 33:32 33 minutes, 32 seconds Okay. Third quarter. And I mean in general you know when it you know scales up I mean what kind of revenue share do you expect out of uh this division? 33:42 33 minutes, 42 seconds So uh I think I think we would be looking on at least uh getting in the I mean the first uh once we start the 33:50 33 minutes, 50 seconds productions are we looking at full-fledged uh in a single year at least 20 25% coming in from uh uh the 33:57 33 minutes, 57 seconds manufacturing units okay and what kind of margin will you have on that? 34:05 34 minutes, 5 seconds Um I think should be better. So let's let's see let's see let's let's keep something for tomorrow. 34:12 34 minutes, 12 seconds Right sir. Okay. No problem sir. Thank you so much. 34:19 34 minutes, 19 seconds Thank you. The next question is from the line of Sakshi Shandai from Shaha Consultancy. Please go ahead. 34:30 34 minutes, 30 seconds Hello sir. Yeah please go ahead. 34:34 34 minutes, 34 seconds I have couple of questions. So my first question is have you faced any delay in government tender approvals or receivables? 34:45 34 minutes, 45 seconds No, I think all of these projects are fasttrack projects. So I mean in terms of um approval or I mean the award I 34:54 34 minutes, 54 seconds have not seen any much delay in the current times because there's a lot of thrust from the uh central government itself in push because all the projects are funded by the central government. 35:03 35 minutes, 3 seconds There's a lot of push from the central government to execute the projects on time. 35:09 35 minutes, 9 seconds Okay. Uh and uh what is your positioning in upcoming electrification modification projects? 35:20 35 minutes, 20 seconds Uh we have a quite a strong position right now because we have a good order book already in line. We have our credentials in order and uh uh so I I I 35:29 35 minutes, 29 seconds think we position ourselves in quite a good place. So in coming times um I think both of it will be taken care of. 35:36 35 minutes, 36 seconds So so okay. Okay. And uh 35:42 35 minutes, 42 seconds so uh what supply chain challenges are you currently facing? 35:49 35 minutes, 49 seconds as on date it has it has not started but we do anticipate in coming times with the kind of but then I think all the manufacturers everybody is also I mean 35:58 35 minutes, 58 seconds anticipating that so everybody's gone in for expansion so I think I think parallelly things should work out I mean like you know it's just there was there 36:07 36 minutes, 7 seconds was a little bit of u a correction that had happened in the last quarter end I mean in terms of you know the prices of an aluminium going up then all our 36:15 36 minutes, 15 seconds projects are PV backed they have price variation so the impact is not direct directly on us. So that way it is safe and taken care of. 36:25 36 minutes, 25 seconds And my last question is how do you manage client concentration risk? 36:35 36 minutes, 35 seconds How do you manage client concentration risk? 36:40 36 minutes, 40 seconds So basically uh I mean if you if you would have noticed that uh we've been working pan India basically. So I mean like you know we don't restrict 36:49 36 minutes, 49 seconds ourselves to a a set of geographical areas. So that's why we very open towards the execution skills that we've 36:56 36 minutes, 56 seconds got. So because of that I mean like but otherwise if you on the other side of it the good part is that yes the client retention has uh uh almost been uh 80% 37:06 37 minutes, 6 seconds 85% plus. So most of the clients that we've been working with for last decade or more I mean we've been continuously getting orders from them also. So it's 37:14 37 minutes, 14 seconds just that we keeping on adding new and then I mean retaining the old clients. 37:20 37 minutes, 20 seconds Okay. Okay. Thank you sir. 37:28 37 minutes, 28 seconds Thank you. The next question is from the line of Vhav Mashra from Investors. Please go ahead. 37:36 37 minutes, 36 seconds Uh hello sir. Uh congratulations for the numbers. Sir my question is regarding the cash flow. uh uh so uh do we expect 37:44 37 minutes, 44 seconds uh to be cash flow positive uh by the year end I mean 26 and uh beyond I mean 37:51 37 minutes, 51 seconds some color on the cash flow operating cash flow yeah I'll I'll let Rohit speak on this Rohit can you just take over please 37:59 37 minutes, 59 seconds yeah sir so if you can see the FI25 FI25 and the first half of FI26 uh FI25 the 38:06 38 minutes, 6 seconds operating gas flow were negative and the H126 was on a positive side so we are trying our level best to keep on the 38:14 38 minutes, 14 seconds same track only. So going forward also we are expecting the cash flow from operations to be on a positive sides only. 38:25 38 minutes, 25 seconds All right sir and sir another question is uh uh regarding the uh I mean order book uh if you see the bidding is uh 38:32 38 minutes, 32 seconds only just 200 cr uh in the PPT you have mentioned also in the call. So uh in pairing uh I mean problem in the bidding 38:40 38 minutes, 40 seconds because uh what I see is bidding pipeline is a bit small and uh what kind of order book can we expect the order book closing order book of 526 to be around 500 crores some kind of a number. 38:52 38 minutes, 52 seconds See the point is uh already see the point in EPC is that you have to ensure the execution of the project I mean the 38:59 38 minutes, 59 seconds booking of the project is equally important but the major concentration goes on completing the job. Now if you have jobs in hand you know and if you 39:07 39 minutes, 7 seconds take more job because the time frame for the jobs remain the same and considering the current scenario as as I was just saying I mean like you know there is 39:15 39 minutes, 15 seconds definitely a little bit of uh things that have uh I mean taken the market into the toll because of the aluminium 39:22 39 minutes, 22 seconds and the copper prices and also I mean like so much of infra going on. So the uh the the expansion the expansion of uh 39:30 39 minutes, 30 seconds the manufacturers is also going on parallelly. So you know we taking all that into consideration. So the 200 250 crores order is already been bidded and 39:38 39 minutes, 38 seconds we are bidding another 200 250 crores in next couple of uh days. So the bidding bidding pipeline would go up to about 39:47 39 minutes, 47 seconds 500 cr and see how much we can bag. But one thing is very clear that we'll be looking at closing the year with at least 1.5x of the uh revenue of this 39:56 39 minutes, 56 seconds year uh to 2x of the revenue of this year as the booking and as we move into next financial year. So that's what is the target going to be. 40:04 40 minutes, 4 seconds Okay. Okay sir. And sir these these orders that we have and we are bidding are these six price orders or the price variation? 40:12 40 minutes, 12 seconds No they all with they all they all with price variation. 40:16 40 minutes, 16 seconds Okay. Okay that's that's good. That's good. And sir uh one last question sir regarding the conference call uh in the last quarter I think we did not have the 40:23 40 minutes, 23 seconds conference call. So uh going ahead can we expect conference calls after every quarter results or uh there will be this will be like on off kind of a thing. 40:31 40 minutes, 31 seconds No I think we had a conference call for the last quarter also definitely we've been maintaining the complete transparency. I mean like you know in fact we having investors calls also 40:40 40 minutes, 40 seconds everything. I mean once a month we have investors calls also probably I think we'll we'll put we'll put you on the list and we'll make sure that you're updated every time. 40:48 40 minutes, 48 seconds All right. All right. Okay. Thank you so much sir and all the best for the future quarters. Thank you so much. Thank you so much. 40:55 40 minutes, 55 seconds Thank you. The next question is from the line of Anoli, an individual investor. Please go ahead. 41:03 41 minutes, 3 seconds Hello. Good afternoon sir. Good afternoon. 41:08 41 minutes, 8 seconds So just I want to know are we into BIS projects? Are we into BIS projects? 41:17 41 minutes, 17 seconds Biz what is biz? Pardon me, your voice is cracking. 41:24 41 minutes, 24 seconds The line for the participant has dropped. We move on to the next participant. The next question is from the line of Ammon, an individual investor. Please go ahead. 41:36 41 minutes, 36 seconds Uh so I wanted to know in the call of August uh we were targeting a revenue of 41:42 41 minutes, 42 seconds more than 50%, and in this call it has dropped down to 30 to 35% revenue guidance. No, I mean what? No, no, no, 41:51 41 minutes, 51 seconds no. What I said was somebody asked me what is a fiveyear plan. So I said the five fiveyear plan in totality is to grow at the rate of average rate of 35%. 41:59 41 minutes, 59 seconds That is what I that is what I meant. So this year what we are closing at I mean like you know let's wait for the numbers. 42:08 42 minutes, 8 seconds Okay. And uh also I wanted to know we are into RDSS aviation infrastructure 42:15 42 minutes, 15 seconds feeder ETF space. Are we also going into the best BESS sector as well? 42:22 42 minutes, 22 seconds Yeah, so we have been we have been trying to back contracts for the EPC of the best also because that is also going to be a part of the upcoming uh infra 42:31 42 minutes, 31 seconds requirement. We definitely have quoted a couple of uh tenders uh under the EPC mode uh because majorly all the tenders 42:39 42 minutes, 39 seconds which are right now being floated by the government are uh kind of uh in the PPA mode or the buildup rate transfer modes 42:47 42 minutes, 47 seconds uh wherein you know the capeex is involved or the capex would be done by the uh uh the bidder itself. So we what 42:55 42 minutes, 55 seconds we are doing right now is we supporting those biders and u I mean probably wanting to take up the EPC uh for them on their behalf you know because these 43:03 43 minutes, 3 seconds are basically investment companies. So we've been talking to a couple of them we have submitted our bids. Let's see what happens 43:11 43 minutes, 11 seconds also uh we are targeting a revenue of more than 30 35% as you just quoted out. So how are we going to achieve that? 43:19 43 minutes, 19 seconds what steps are we taking that we are going to improve our revenues going forward. 43:25 43 minutes, 25 seconds So basically as as I told you earlier also I mean last also last time also and couple of times before also I think the major uh revamping that is to be done 43:33 43 minutes, 33 seconds for any EPC company when it comes into uh scaling is the hiring of manpower and you know getting the right people on board. So we have been concentrating on 43:41 43 minutes, 41 seconds there and HR has been doing a wonderful job. So I mean we definitely are gearing up uh as we grow. So, so that's how it 43:49 43 minutes, 49 seconds is. I mean like major major major uh thing involves uh um the manpower revamping and uh also you know getting 43:57 43 minutes, 57 seconds technology into play uh using it to your advantage as to what what tools are available in the market. So both ways uh we've been working very hard towards it. 44:06 44 minutes, 6 seconds Okay. Thank you. All the best for your future. 44:12 44 minutes, 12 seconds Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Paras Shada from Purblon Vortex Ventures LLP. 44:24 44 minutes, 24 seconds Please go ahead. 44:26 44 minutes, 26 seconds Yes. Uh thank you so much sir. Uh sir uh what are our current receivable days on an average and uh you know 44:36 44 minutes, 36 seconds you expect them to be stable in the next 27 also? 44:42 44 minutes, 42 seconds Yeah, I think I think the current is about as I said 90 to 100 days is what's the current uh this thing is and we are trying to reduce that number maybe how 44:51 44 minutes, 51 seconds much we can improve how much we can improve is what is going on right now. 44:54 44 minutes, 54 seconds uh so uh and I I think because these are all government central government funded projects so we do not see much of an uh 45:02 45 minutes, 2 seconds this thing unless you know something goes wrong with the economy or something on an overall all basis is a different story that we don't see because there's a lot of global thrust that's happening 45:10 45 minutes, 10 seconds and people and the country is looking up to India as the next technology partner or the next you know thing so uh so it's 45:18 45 minutes, 18 seconds quite hopeful I mean I think things should be in in good shape as it is going on right now right sir and sir you I know uh so one 45:26 45 minutes, 26 seconds you know you mentioned that probably looking at 30 35% of growth for FI27 right and you know this year also of course for the first 9 months we grew on 45:34 45 minutes, 34 seconds revenue and debit pad but like we said and you know you did point out that the idea is to then take net profit margin 45:42 45 minutes, 42 seconds to somewhere around 10%ish point you know in that region now how do you ensure that because yeah I mean so what are the steps that you know you're 45:50 45 minutes, 50 seconds targeting or looking which probably can help to improve upon your profit margins given that we are now scaling as well. 45:59 45 minutes, 59 seconds Yeah. So basically what we trying to what what we are trying to do is we trying to target on uh you know specific kind of areas zones uh kind of project 46:08 46 minutes, 8 seconds that you know and the expertise that we've got I mean like you know and utilize them utilize them as tools to you know make sure that you know with the top line even the bottom line 46:16 46 minutes, 16 seconds improves. So I I I I think I think considering the current scenario or considering the current uh uh position 46:24 46 minutes, 24 seconds of the market, I think in coming times things should be looking much better. So that's why I I I said that you know we we think we will be able to contribute a 46:32 46 minutes, 32 seconds little more towards the beta as well as the PAT right so right now let's say we are somewhere for the first 10 months I think about seven odd percentage on net profit. 46:42 46 minutes, 42 seconds Yeah 7 o% we are at seven odd%. 46:44 46 minutes, 44 seconds Right. So for FI27 do you expect it to be stable or improve slightly or probably? 46:50 46 minutes, 50 seconds Uh I would I would say that definitely going to remain stable that is there is no doubt about being stable. How much can we improve would just depend upon 46:58 46 minutes, 58 seconds the kind of projects and you know like the kind of execution you know how things would work out to be because as I told you like last quarter for example 47:07 47 minutes, 7 seconds you know there were times when there was a little bit of material shortage because of you know the heavy rising in the metal and everything. So you know 47:15 47 minutes, 15 seconds considering all that equations you know but I think I think in coming times with a lot of lot of manufacturers everybody's gone for expansion 47:23 47 minutes, 23 seconds considering and they are all seeing that you know what as I say being optimistic that two decades of work still you know 47:30 47 minutes, 30 seconds I mean it'll be I mean minimum that's a minimum time frame that I talk about so I think I think all of them all of the manufacturer also gearing up accordingly 47:39 47 minutes, 39 seconds right so this last two queries so basically this profit margin is a function of your I mean of course it's a function of both but just more sensitive 47:48 47 minutes, 48 seconds to your interest rate or beta margins where can you sort of improve upon for improving it net profit margin specifically I mean uh probably in terms 47:57 47 minutes, 57 seconds of no no no in terms of like you know the uh size of the project also the kind of the project also see if there is if if 48:05 48 minutes, 5 seconds we get projects with more technical involvement I mean you know the the number of uh competitors go down like you know in case in case if we are 48:13 48 minutes, 13 seconds getting some design based vendors where we can optimize on design and you know get better results out of with our experience and with our thing. So you 48:20 48 minutes, 20 seconds know that that is I mean interest remains a constant component. So I don't I don't see much of shrinkage happening there. It is only by improving on your 48:28 48 minutes, 28 seconds total revenues and you know cutting down on the cost I mean factor I mean using your expertise I mean that is margin is where you can probably apply the maximum effort. 48:38 48 minutes, 38 seconds Yeah. Yeah. Yeah. Yeah. Absolutely. Absolutely. 48:41 48 minutes, 41 seconds Right sir and you know as some participant you know one of those guys mentioned you know that our current bid pipeline expanded and you said that you 48:49 48 minutes, 49 seconds know at the moment you digest what you have right I mean but are you sort of at all worried in terms of because as you 48:56 48 minutes, 56 seconds just mentioned that to improve upon aida margins you're looking for specifically decent projects with you know relatively higher margins for us 49:04 49 minutes, 4 seconds so I 30 35% growth at some point you'll have to start again 49:13 49 minutes, 13 seconds you know uh bidding probably and bidding and winning better like see the point is right now I think uh I 49:21 49 minutes, 21 seconds mean if you would look at if you would look at the overall industry tailwind and if you look at the total uh kind of scenario for last uh couple of years I 49:31 49 minutes, 31 seconds mean and and and uh the same has been reciprocated this year in terms of the budget also I mean the infra spending has been increased by another one lakh 49:39 49 minutes, 39 seconds crores this year So I mean you know I I don't think that order booking or order pipeline is going to be an issue. It is 49:46 49 minutes, 46 seconds just that uh what do you want to target where do you want to place yourself? I mean what chunk of what chunk of uh business you want to get out of that. I 49:54 49 minutes, 54 seconds mean like you know it all depends upon what what what is going on uh currently. 49:59 49 minutes, 59 seconds I mean like as far as the company strategy is concerned. So I I I I I don't have any fears or any doubt. I mean it's going to be it's going to be 50:07 50 minutes, 7 seconds overall a coming time is going to be good right so in terms of even better margin 50:15 50 minutes, 15 seconds projects specifically rather than general demand per but you know slightly better margin projects you would probably be able to 50:23 50 minutes, 23 seconds I would I would you would everybody would love better margins it all depends upon the uh the complete industrial scenario because as on date as you see 50:32 50 minutes, 32 seconds everybody's got their hands full so probably everybody tries to improve True. So overall I mean you'll see the sensing of the that's what I'm anticipating you know that's what I'm 50:40 50 minutes, 40 seconds anticipating. Now let's see how it works out to be I mean another 6 months we'll be able to you know have a more clear uh picture of the uh thing you know. 50:50 50 minutes, 50 seconds Yeah. But at least worse comes towards this current AITA margins is broadly sustainable. The 12% this has been this this this has been 50:57 50 minutes, 57 seconds stable all the while and I think this is particularly I mean like you know I think the the range which has been there is 5 to 6% to 10% has been the industry 51:06 51 minutes, 6 seconds standard. So that definitely will remain it's just we are being a little more hopeful that you know things uh should 51:14 51 minutes, 14 seconds be improving considering the kind of volumes that's being generated you know. 51:19 51 minutes, 19 seconds Right sir. And so just last in terms of the metal prices that have gone up etc. 51:23 51 minutes, 23 seconds So uh in that light do you expect your manufacturing you know bus systems whenever it comes up to be able to uh 51:32 51 minutes, 32 seconds manage decent margins on that economics on that or is it see the point is that point is that when you come back to the manufacturing or 51:40 51 minutes, 40 seconds whether come back to the EPC part of it see when the rates are basically being quoted these things are being considered and the moment that the order is closed 51:49 51 minutes, 49 seconds the order the uh order is closed also I mean like you know there is price variation flaws which are there in all the orders basically. 51:57 51 minutes, 57 seconds So we have a formula based yeah there is a price variation there which is governed by the uh IMA uh which is the Indian electrical and electronic 52:06 52 minutes, 6 seconds manufacturing association uh which you know publishes the indexes every month basically and if there is a 52:13 52 minutes, 13 seconds volatility it publishes also three times a month. So based on that you know the time of the delivery I mean just before the inspection call is given that is 52:21 52 minutes, 21 seconds taken into consideration and the price variation is paid by the client right. So for the EPC broadly you're saying that it's more or less sort of a 52:29 52 minutes, 29 seconds pass through. Uh but yeah same it's for the manufacturing also. It's for the manufacturing. 52:35 52 minutes, 35 seconds Okay. Even for bud some similar uh yeah definitely all the all the all the companies all the companies all the large companies who we are going to 52:43 52 minutes, 43 seconds compete with they all have their PV clause in existence. If it's a large order see if it's a small order it's a different story. with a large order that 52:51 52 minutes, 51 seconds nobody executes it without the PV because even the client looks at it from that angle because see it's both ways. 52:57 52 minutes, 57 seconds You look at aluminium trading at about $2,400 and then I mean like you know couple of months by the time you take the delivery if it comes to 21,100 or 53:04 53 minutes, 4 seconds $2,200 I mean like you know the client also needs to take that advantage. So the client is also very clear with the larger size of order the PV is applicable 53:13 53 minutes, 13 seconds right? So it's both ways and I mean will it I mean is it just too early to talk about economics on the burst system I mean broadly at least a double digit a 53:22 53 minutes, 22 seconds bit or 15 20% AIA can be expected on that or is it too early to uh discuss uh I I I would I would contemplate that 53:30 53 minutes, 30 seconds factor what you're saying I would also be looking at that but let's say it's too early because uh once we come into play I mean and how how what is the what 53:39 53 minutes, 39 seconds is the growth scenario what is the requirements I mean how it is going to happen you Right now though obviously there's a lot of shortage going on. So let's see. 53:47 53 minutes, 47 seconds Fair enough sir. And would you mind you know including me also on the you know list if you can please you know in terms of monthly or some you know sort of Yeah. Yeah. Yeah. Sure. Sure. Sure. 53:57 53 minutes, 57 seconds Yeah. Sure. 100%. I will I'll ask to put you on the list. Yeah. Okay. Thank you so much sir. 54:08 54 minutes, 8 seconds Thank you ladies and gentlemen. We take that as the last question of the day. 54:12 54 minutes, 12 seconds And now I would like to hand the conference over to Mr. Karan Takur for closing comments. 54:20 54 minutes, 20 seconds Uh thank you everyone for joining the conference call of power and instrumentation Gujarat limited. If you have any further queries you can write us at research at the rateadvisor.com. 54:32 54 minutes, 32 seconds Once again thank you everyone for joining the conference. 54:36 54 minutes, 36 seconds I thank everyone for joining us and hopefully we'll be talking to each other very soon and I think all of you can be 54:45 54 minutes, 45 seconds with us. Trust me it's going to be it's going to be a beautiful times to come for the sector and please remain 54:54 54 minutes, 54 seconds invested and please be with us. Thank you so much. Thank you so much Namash. 54:59 54 minutes, 59 seconds Thank you so much on behalf of Devices Private Limited. 55:05 55 minutes, 5 seconds That concludes this conference. Thank you for joining us.