PTC India Limited — Q3 FY26

PTC India Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=zG47O-5VdbE Published: 2 months ago

0:01 1 second Good evening ladies and gentlemen and welcome to the earnings conference call for Q3 and 9 months FY26 for PTC India 0:08 8 seconds Limited. PTC India was incorporated in 1999 to undertake trading of power to achieve economic efficiency and security 0:17 17 seconds of supply and to develop a vibrant power market in the country. BTC is a pioneer in starting a power market in India and 0:24 24 seconds undertakes trading activities that includes long-term trading of power generated from large power projects as well as short-term trading arising as a result of supply and demand mismatches. 0:36 36 seconds In addition to the trading business, PTC has incubated technocommercial consulting business to develop our 0:42 42 seconds market for the CNI consumers secrust etc. 0:47 47 seconds Let us now begin with the introduction of the management team. We have with us today Dr. Manoj Kumar Jawar, chairman and managing director. Mr. Rajiv 0:56 56 seconds Malotra, executive director and chief risk officer. Mr. Pankage Goyel, executive director and CFO. Mr. Bikram Singh, executive director marketing. Mr. 1:07 1 minute, 7 seconds Hel Chri, EVP commercial and operations. 1:10 1 minute, 10 seconds Mr. MKkesh Auja, VP finance. Mr. Rajiv Maheshwari, company secretary. And Mr. 1:16 1 minute, 16 seconds Anand Kumar VP investor relations. At this moment all participants are in the listenonly mode. Later we will conduct a 1:24 1 minute, 24 seconds question and answers session. At that time you may click on the Q&A tab to ask a live question. Please note that this 1:30 1 minute, 30 seconds conference is being recorded. I would now like to request Dr. Manoj Kumar Javar CMD to give his opening remarks. 1:38 1 minute, 38 seconds Thank you and over to you sir. 1:41 1 minute, 41 seconds Thank you. Good evening everyone. I extend a warm welcome to all of you to our post on Incast following the announcement of our quarter 3 financial 1:50 1 minute, 50 seconds year 2526 results. I am addressing this uh uh conference from Goa but my 1:58 1 minute, 58 seconds management team is in Delhi in and I'm joined by them virtually. So the entire PTC management team is there and has 2:07 2 minutes, 7 seconds already been introduced by the moderator. This call gives us an opportunity to share key insights into our company's performance and our 2:15 2 minutes, 15 seconds long-term vision. We deeply value this engagement with our esteemed shareholders, our investors, partners, shareholders and their representatives. 2:25 2 minutes, 25 seconds Excuse me just moment. It's just a sore throat. 2:37 2 minutes, 37 seconds During the 9 month of current financial year 2526, our national demand of energy grew by less than 1%. But our trading volumes 2:45 2 minutes, 45 seconds grew by 9% to 63.74 billion units. The average trading margin for the 9 month period is 3.38 per unit. 2:56 2 minutes, 56 seconds Notably 60% of the trading volume came from exchange traded products with the remainder coming from violators long-terms and medium-term trades. 3:04 3 minutes, 4 seconds Improved volume and margin realization has increased the trading income to 234.29 crores and 9% increase in trading 3:12 3 minutes, 12 seconds income over the corresponding period for the previous financial year. In the 3:19 3 minutes, 19 seconds cross border markets, our operations continue across all three grid connected neighboring countries. Bhutan, Nepal and Bangladesh. Energy flows to Bangladesh 3:27 3 minutes, 27 seconds remain stable under the agreed contextual framework with regular flow of payments to over accounts due to increased domestic demand in winter in 3:34 3 minutes, 34 seconds Bhutan. Crossber power import from Bhutan has been scheduled somewhat lesser than the previous year's levels. 3:41 3 minutes, 41 seconds We expect this to settle at a long-term average level as contact is for surplus power after domestic demand of the Bhutan which is currently rising is met. 3:51 3 minutes, 51 seconds However, the power from India to Nepal and Bhutan to meet their winter demand is increasing and flowing as per the executed context 4:00 4 minutes on coupling of exchanges. Recently, APEL has passed an order directing honorable CRC to follow the regulatory process and frame regulations before implementing 4:08 4 minutes, 8 seconds the coupling of the exchanges. We believe that this will be beneficial to our sub associate company which is Hindustan Power Exchange. 4:18 4 minutes, 18 seconds Looking ahead, we expect power demand to remain firm although short-term volatility may be high due due to transit weather conditions. On 4:27 4 minutes, 27 seconds regulatory and policy fronts, draft national electricity policy has been announced and it proposes deepening of power markets regulatory favors for 4:34 4 minutes, 34 seconds distributed energy aggregation and leveraging India's energy stake for digital integration of market transactions. However, Hannaval CRC is 4:43 4 minutes, 43 seconds proposing to formally classify integrated energy storage systems as a regulated asset with defined technical terms. This is also expected to give 4:51 4 minutes, 51 seconds clarity to investors and consequently scale up its implementation. So, thank you once again for your continued trust and support. We appreciate your 4:58 4 minutes, 58 seconds participation in today's call. Now, I would invite our CFO to give a glimpse of the financial numbers. Thank you. 5:07 5 minutes, 7 seconds Yeah, thank you CMD sir. Uh good evening to all the uh shareholders. Uh now I have go through the financial results 5:15 5 minutes, 15 seconds for the quarter uh and 9 month ended December 25. First I'll go through the standalone results for the quarter. Uh 5:23 5 minutes, 23 seconds during the quarter the volume has increased by 4% to 20 billion units from 19.2 billion units. The volume has 5:31 5 minutes, 31 seconds mainly increased uh due to our exchange trade. The total operational income has decreased by 14% to 89 cr from 103 cr. 5:40 5 minutes, 40 seconds So this decrease mainly is on account of decrease in our net rebbitary income. 5:44 5 minutes, 44 seconds The rebate income is decreased basically due to the improved liquidity of the states. The profit before tax has decreased by 25% to 111 cr from 148 cr. 5:56 5 minutes, 56 seconds Uh profit before tax has decreased mainly due to decrease in our net rebate and searchcharge income. Profit after 6:03 6 minutes, 3 seconds tax has decreased by 25% to 83 cr from 111 cr. In line with the PBT, PAT has also decreased by 25%. 6:11 6 minutes, 11 seconds Total comprehensive income has decreased by 25% to 83 cr from 111 cr. Earning per share for the quarter stood at rupees 6:19 6 minutes, 19 seconds 2.79 in comparison to rups 3.74 during the last quarter. Now I'll go through the 9 months results for the 6:27 6 minutes, 27 seconds December 25. So volume has increased by 9% to 16.2 billion units from 63.7 6:36 6 minutes, 36 seconds billion units. The volume has increased mainly due to our exchange and crossber trades during the 9 months. The total operational income has decreased by 5% 6:44 6 minutes, 44 seconds to 337 cr from 353 crores. Total operational income has decreased due to decrease in net rebate income. Profit 6:52 6 minutes, 52 seconds before tax has decreased by 3% to 433 cr from 448 cr. Uh the main reason for decrease is due to the decrease in net rebbit income and searchcharge income. 7:03 7 minutes, 3 seconds Profit after tax has decreased by 4% to 321 cr from 333 cr. Total comprehensive 7:11 7 minutes, 11 seconds income has decreased by 3% to 322 cr from 334 cr. Earning per share for the 9 7:18 7 minutes, 18 seconds month period stood at rupees 10.85 pesa compared to rups 11.26. 7:25 7 minutes, 25 seconds Now I'll go through the consolidated results for the quarter. 7:30 7 minutes, 30 seconds The volume has increased by 4% to 20 billion units from 19.3 billion units. 7:36 7 minutes, 36 seconds Profit before tax on a consolidated basis has decreased by 23% to 175 cr from 227 cr. So decrease in on account 7:45 7 minutes, 45 seconds of as I have already explained that there is a decrease in profit before tax in on a standalone basis also and also due to the lower profit before tax of 7:52 7 minutes, 52 seconds PTC financial services during the quarter. Profit after tax uh has decreased by 26% to 131 cr from 176 cr. 8:03 8 minutes, 3 seconds Consolidated PAT has decreased by 28% to 131 cr from 181 cr. Total other 8:10 8 minutes, 10 seconds comprehensive income has decreased by 26% to 133 cr from 181 cr. Earning per share for the quarter stood at rupees 8:18 8 minutes, 18 seconds 3.85 in comparison to rupees 5.32. Now I'll go through the consolidated results for the 9 month ended. The volume has 8:27 8 minutes, 27 seconds increased by 8% to 69.2 billion unit from 64.2 billion units. Profit before tax from uh continuing operation has 8:35 8 minutes, 35 seconds increased by 17% to 762 cr from 649 cr. 8:41 8 minutes, 41 seconds Consolidated profit for the 9 month has increased mainly on account of uh increase in the profit before tax of PTC financial services and the their profit 8:50 8 minutes, 50 seconds has increased due to basically reversal of impairment provisions which were created in earlier years. Profit after tax from continuing operation has increased by 22% to 596 cr from 490 cr. 9:03 9 minutes, 3 seconds Consolidated pad from continuing operation and discontinued operation has decreased by 1% to 596 cr from 64 cr. 9:12 9 minutes, 12 seconds Total other comprehensive income has decreased by 1% to 598 cr from 400 from 64 crores. Earning per share for the 9 9:21 9 minutes, 21 seconds month stood at rupees 16.9 in comparison to rupes 18.54 during the last 9 month period ended. Thank you. 9:33 9 minutes, 33 seconds Thank you very much. We will now begin the question and answer session. To ask a question, please click on the QA tab on the panel and click on raise hand 9:41 9 minutes, 41 seconds button. The operator will announce your name when it is your turn to ask a question. Please accept the prompt on your screen and unmute your microphone while proceeding with your question. 9:52 9 minutes, 52 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 10:04 10 minutes, 4 seconds We'll take a first question from Dr. Nares Matai from Simati MK College. 10:11 10 minutes, 11 seconds Please go ahead. 10:16 10 minutes, 16 seconds Dr. Nares, please unmute your microphone and go ahead with your question, please. 10:26 10 minutes, 26 seconds Since there is no response, we'll move on to the next question from Chenna Malu Halagori, an individual investor. Please go ahead with your question. 10:37 10 minutes, 37 seconds Uh, thank you for this opportunity. In previous con call regarding divestment or dilution of PFS, you said you are 10:44 10 minutes, 44 seconds awaiting for the report from a private report reported consultancy on private equity and you will discuss the same 10:53 10 minutes, 53 seconds report in the board. Then what is the outcome of the report and what is the outcome of the board discussion? Sir, 11:01 11 minutes, 1 second the assignment has been given to SBI caps. We are awaiting their final report and we shall be discussing the report once it is made available to us. Many 11:10 11 minutes, 10 seconds rounds of discussions have happened with the consultants but before I discuss this with the board I cannot uh share more on this. Okay. 11:21 11 minutes, 21 seconds Uh thank you sir. One more question from my side sir. PFSC is not able to raise fresh funds and not able to increase AUM 11:30 11 minutes, 30 seconds size and parent company also stopped financial support to PFS to increase AUM and delaying dilution process also. You 11:38 11 minutes, 38 seconds are just wasting time of investors of PFS and PT India. Take early action regarding divestment of PFS for benefit of the investment of investors of the 11:47 11 minutes, 47 seconds both PFS and PT India. Sir, uh I will I will look at it this way. 11:53 11 minutes, 53 seconds Kindly understand the capital adequacy ratio if of PFS is already very high very comfortable almost 3,000 cr rupes 12:01 12 minutes, 1 second of the net worth is lying in that company. So basically they do not need further equity infusion from the parent. 12:07 12 minutes, 7 seconds So that said it is not as if that we are not supporting them. It is for that company to raise further debt financing 12:14 12 minutes, 14 seconds complementing their existing equity structure. That is number one. Number two, 12:21 12 minutes, 21 seconds even if a devestment has to be done, it cannot be done in a heft otherwise it we will be losing the investor value. So a 12:30 12 minutes, 30 seconds process has to be followed and different options have to be evaluated. So rest assured we are also mindful. It is not 12:37 12 minutes, 37 seconds as if that we are not aware of the timing or the sense of the timing but we are working on it. 12:46 12 minutes, 46 seconds Okay sir. Thank you sir. Thank you. 12:52 12 minutes, 52 seconds Next question is from Vipul Kumar Sha from Sumangal Investments. Please go ahead. 13:00 13 minutes Yeah. Am I audible? Yes, please go ahead. 13:05 13 minutes, 5 seconds So my question first question relates to this lower search charge and lower rebate due to improved uh discom 13:13 13 minutes, 13 seconds financial situation. So is this a new normal that in all subsequent quarters and years we'll see lower search charge and lower rebate income? 13:25 13 minutes, 25 seconds It is difficult to predict but uh let us understand the overall scenario in which the power sector has been operating for the past one year. 13:36 13 minutes, 36 seconds weather has been generally very very benign and the power purchase costs on the exchanges have been very down and 13:43 13 minutes, 43 seconds subdued. So what it led to was a significant reduction in the power procurement cost for the discounts and 13:51 13 minutes, 51 seconds because of that they temporarily have better liquidity if you compare it with the prior 13:59 13 minutes, 59 seconds periods. Now going forward if weather was again not to be as benign and the demand increases and commensurate with 14:07 14 minutes, 7 seconds the demand their for procurement cost per unit terms also increases then situation may change again. So 14:17 14 minutes, 17 seconds these things and many ups and down downs like this we have seen over the years and we expect it to continue. 14:27 14 minutes, 27 seconds And my second question relates to our uh uh short-term margin and long-term margin which generally is always part of 14:36 14 minutes, 36 seconds the presentation but this time those figures have not been shared. So can you share the short-term and long-term 14:43 14 minutes, 43 seconds margin for this quarter and comparable uh same last year? 14:49 14 minutes, 49 seconds Yeah. So the short-term margin for this quarter uh was including the exchange 14:55 14 minutes, 55 seconds trade is 87 pesa per unit. Uh and in the last quarter the short-term trade margin was 7 pes uh 75 pesa per unit and the 15:05 15 minutes, 5 seconds long-term margin during this quarter is 7.9 pesa per unit as against 7.7 pesa per unit during the last quarter. 15:14 15 minutes, 14 seconds Last quarter or last year sir last quarter. Oh, sorry. Last uh December 24th corresponding order. 15:21 15 minutes, 21 seconds Corresponding order. Okay. Okay. 15:26 15 minutes, 26 seconds Okay. Thank you, sir. I'll rejoin the group. 15:30 15 minutes, 30 seconds Thank you. Before we take the next question, we would like to remind participants to ask a question, please click on the QA tab on the panel and click on raise hand button. 15:40 15 minutes, 40 seconds Next question is from Mangesh Kulkarni from Alman's Financial Services. Please go ahead. 15:50 15 minutes, 50 seconds Mangesh please unmute your microphone and go ahead with your question please. Yeah am I audible? Yes please go ahead. 15:58 15 minutes, 58 seconds Yeah so thank you very much for giving me an opportunity. Uh sir I would like to ask broadly about the uh decision 16:06 16 minutes, 6 seconds taken earlier about the NTPC becoming the promoter and how the transaction is going to happen like all the remaining 16:15 16 minutes, 15 seconds three shareholders they will be divesting the mean their shareholding will be bought by the NTPC and then 16:22 16 minutes, 22 seconds whether it will be open offer for public also what what kind of transaction is thought about and what happens to the uh 16:32 16 minutes, 32 seconds NTPC's trading company which is already the just like PTC NTPC is also the second largest uh trading company in the 16:41 16 minutes, 41 seconds uh trading space. So broadly how that transaction is going to happen. 16:47 16 minutes, 47 seconds First thing is regarding this NTPC. So uh as we have already shared with the stock exchanges and general public at 16:55 16 minutes, 55 seconds large. Currently the understanding is only this that the three promoters would relinquish their promoter rights. That 17:02 17 minutes, 2 seconds means the representative shall not be uh sitting on the board and uh those companies that is PFC, Power Grid and uh 17:10 17 minutes, 10 seconds NHPC would not be having a promoter stake regarding their own equity. As of now we are not aware if any understanding has been reached between 17:18 17 minutes, 18 seconds the NTPC and other promoters over the time if there is any information on that fund to be shared and if we come to know about it we shall 17:27 17 minutes, 27 seconds be sharing with the general public at all that is second thing G yes yeah yeah yeah you just continue then 17:35 17 minutes, 35 seconds I'll ask second thing was regarding the NTBC so of course the NTBC is already having a 17:42 17 minutes, 42 seconds trader b trading company full-fledged under their belt. So 17:48 17 minutes, 48 seconds how and what uh shall come out of this transaction once NTPC becomes sole 17:55 17 minutes, 55 seconds promoter of the PTC. These things it is a little early to say for me but I think 18:02 18 minutes, 2 seconds in coming days all those things will become clear but uh as of now uh as of now yesterday we have 18:10 18 minutes, 10 seconds already shared with the board stock exchanges that other three promoters the board has PTC board has approved uh the 18:18 18 minutes, 18 seconds proposal of three promoters to withdraw themselves as uh being promoter of this company. 18:24 18 minutes, 24 seconds Anything else not discussed on this uh front from the management of the PTC? 18:31 18 minutes, 31 seconds Uh management of PTC uh a management of the PTC where the road ahead is not discussed with the management of the PTC. 18:40 18 minutes, 40 seconds Uh I I I think uh these things do take time. These things do take time. 18:47 18 minutes, 47 seconds Discussion is not a one time affair. 18:50 18 minutes, 50 seconds Things evolve continuously. Options are evaluated continuously. 18:54 18 minutes, 54 seconds So as and when uh we are in know of more more to share we have anything more to share on this front we shall be sharing. 19:04 19 minutes, 4 seconds And sir on HPX uh can you explain the financials uh performance of this quarter? 19:12 19 minutes, 12 seconds Yeah please. Yeah. Yeah. I'll check. 19:18 19 minutes, 18 seconds So the total income uh of of the ex during this 19:24 19 minutes, 24 seconds quarter was 8.64 cr as against 8.22 cr uh in the corresponding quarter. For the 19:31 19 minutes, 31 seconds 9 months ending uh in this quarter their uh total income uh was 36.4 cr as against 30.27 27 during the 19:40 19 minutes, 40 seconds corresponding 9 months and the profit after tax uh actually in this period uh in this 19:46 19 minutes, 46 seconds quarter they have a loss of 2.46 cr as against the profit of 1.28 cr in the 19:53 19 minutes, 53 seconds corresponding quarter and for the 9 month period uh in during the current 9 month period they were having a profit 20:00 20 minutes of pat of 4.42 42 cr uh as against a profit of 8.38 cr uh corresponding 9 20:10 20 minutes, 10 seconds months. So what was the reason for loss this quarter? any 20:18 20 minutes, 18 seconds yeah uh for this basically the uh expense on uh technology and uh some 20:25 20 minutes, 25 seconds manpower expense uh was the main reason for uh this uh loss in this particular uh quarter 20:33 20 minutes, 33 seconds but with the market coupling and all uh the scenario is looking positive for HPS that yes that means technology 20:41 20 minutes, 41 seconds investment is good for the long-term benefit benefit that is positive. Yeah. Yes. 20:46 20 minutes, 46 seconds Yeah. So thank you. Thank you very much for the opportunity and all the best. 20:51 20 minutes, 51 seconds Thank you. Next question is from Air Pandit from Oldbridge Mutual Fund. Please go ahead. 21:00 21 minutes Uh hi sir. Uh thank you for this opportunity. Uh are you able to hear me? Yes please go ahead. 21:08 21 minutes, 8 seconds Uh sir uh so with respect to the latest developments in on market coupling specifically the apt judgment uh just wanted to know your thoughts on the 21:16 21 minutes, 16 seconds actual implementation of on market coupling and our investment in uh HPX. 21:21 21 minutes, 21 seconds So how will it affect uh affect HPX? I mean I understand the growth potential is expected there but do you see that uh 21:28 21 minutes, 28 seconds market coupling being executed in the short term let's say in the 6 month period first there have to be a regulation is 21:37 21 minutes, 37 seconds amply clarified by the order so first uh regulation has to CRC has to come out with a regulation meanwhile in parallel 21:46 21 minutes, 46 seconds technological preparations can go on to some extent and they have been going on just as Vikram has clarified that we are 21:54 21 minutes, 54 seconds not lagging behind in terms of investment in the IT platforms. 21:59 21 minutes, 59 seconds So once uh regulations pro making process is completed then I think uh it should not take long. 22:08 22 minutes, 8 seconds Sir uh is there any time frame for this? 22:10 22 minutes, 10 seconds Normally really we cannot predict as to I mean how fast or how slow CRC can come out with regulation on this subject. 22:19 22 minutes, 19 seconds That is not our domain. 22:22 22 minutes, 22 seconds Okay. Okay. No worry sir sir also uh uh just was looking at your balance sheet sir uh we have a good amount of uh investments and uh cash balances 22:30 22 minutes, 30 seconds available. So is uh are there any newer areas which we we are specifically looking at for investments in order to deploy those investments. 22:40 22 minutes, 40 seconds So that is one if you look at our cash balances to it comprises of two components. One is the working capital 22:48 22 minutes, 48 seconds which is meant to support our core trading business and uh currently we are it may look as if we are having a very 22:57 22 minutes, 57 seconds high level of cash on our balance sheets because the cash is not currently deployed in the working capital cycle. 23:03 23 minutes, 3 seconds Currently we are sitting in a situation uh that uh there are no significant outstandings against any of our major 23:11 23 minutes, 11 seconds principal trading partners and because of that that working capital cycle is so squeezed that we are almost uh if if I'm 23:19 23 minutes, 19 seconds right we are not having more than 4 days of average outstanding against anyone. 23:24 23 minutes, 24 seconds So on one hand it is a very good operational performance but on the other hand it affects our rebate and search charge incomes. But uh having said that 23:33 23 minutes, 33 seconds uh to support our trading business I think at least 2,000 cr rupees watches is required to remain competitive in this business and that's that has always 23:42 23 minutes, 42 seconds been the case. So uh other than that this 1,100 cr rupes or so which we had received 23:49 23 minutes, 49 seconds from sale of pl that fund is available for equity investment or other kind of investments. 23:59 23 minutes, 59 seconds uh the management is cognizant of that. 24:01 24 minutes, 1 second We are working on many fronts. Uh if you you have been following our company, you 24:08 24 minutes, 8 seconds would know that uh we we have recently I mean signed um with Navic Light 24:16 24 minutes, 16 seconds Corporation. We have signed MOU with SEI. We have signed MOU with other some 24:23 24 minutes, 23 seconds of other PSUs also. So basically all these MUS are meant to explore what 24:30 24 minutes, 30 seconds could be the possible synergy and what could be possible avenues for further investments when we have anything concrete to share we shall be sharing. 24:42 24 minutes, 42 seconds Okay. So, so uh basically you are suggesting that 2,000 crores is a war chest uh that you have and uh certain amount of working capital uh requirement 24:51 24 minutes, 51 seconds will necessarily uh uh have the cash uh balances to be at a particular level 24:58 24 minutes, 58 seconds continuously right what would that uh level be sir 2,000 K would be I I would think that 25:07 25 minutes, 7 seconds would be required to support the trading business particularly if the prices for the electricity in per unit terms firm up then for trading the same amount of 25:15 25 minutes, 15 seconds electricity basically you need more working capital so that that things is a little bit cyclical in nature but 2,000 cr rupes I 25:23 25 minutes, 23 seconds think would be required to support the trading business over and above the cash can be deployed for securing further sources of revenue 25:31 25 minutes, 31 seconds that is pure investment okay okay thank you sir that's it that's it from thank you next question is from Rajiv 25:40 25 minutes, 40 seconds Agraal from Sterling Capital Please go ahead Raju. Please unmute your microphone and go ahead with your question please. 25:55 25 minutes, 55 seconds Rajie we unable to hear you. 26:01 26 minutes, 1 second Since there is no response we'll move on to the next question from Suesh Bhavy from Wealth Guardian. Please go ahead with your question. 26:10 26 minutes, 10 seconds Uh yeah sir regarding that with SEI can you throw some light on what is its scope? What kind of business are we looking to do there? 26:20 26 minutes, 20 seconds Swish your volume is very low. Can you speak a bit louder please? Uh am I more audible now? 26:28 26 minutes, 28 seconds Yes. Hello. Am I more audible now? Yes. Su please go ahead. 26:34 26 minutes, 34 seconds Yeah sir. Regarding that MOU with SEI uh can you throw some light on what is its scope? What kind of business are you looking to do? 26:43 26 minutes, 43 seconds Currently currently SEI currently SEI is doing the REIA business only but now they want to be in the 26:51 26 minutes, 51 seconds merchant side of the power business also. So for merchant side of power business they see a lot of synergy with the organization like PTC. So the demo 27:00 27 minutes with SKI basically aims and intends to the uh mutually beneficial opportunities on the mer side of power uh uh renewable 27:09 27 minutes, 9 seconds energy business they are good at contacting we are good at selling so there is a synergy 27:18 27 minutes, 18 seconds so will that so just to understand this better will that help us in increasing our LT volumes long-term volumes 27:27 27 minutes, 27 seconds Actually long-term traders are not permitted as of now unless and until you are on REIA 27:36 27 minutes, 36 seconds and now that REIA thing is also I mean at the decline so even the already designated REI are unable to sell the 27:44 27 minutes, 44 seconds power. So what we see the evolving scenario in the power sector is like this that on the one hand for enabling 27:51 27 minutes, 51 seconds the financial closure there could be a long-term contact with the developer and on the other hand that power cannot be 28:00 28 minutes sold on backto back basis as it is to any discount. So that power slicing and dicing and some customization and mixing and matching and merging has to be done. 28:10 28 minutes, 10 seconds So that is where a role of trader like us comes. So strictly speaking to answer your question no for uh this power on 28:18 28 minutes, 18 seconds the backto-back basis cannot be sold on long-term basis. It has to be medium-term it has to be short-term it has to be exchange it it has to be mix and match and merge of anything. 28:29 28 minutes, 29 seconds So that is what our specialty is that is what we do all the time. Okay sir. Thank you. 28:38 28 minutes, 38 seconds Thank you. 28:39 28 minutes, 39 seconds Next question is from OP Gandhi from Siddhi Technology. Please go ahead. 28:49 28 minutes, 49 seconds OP Gandhi, please unmute your microphone and go ahead with your question please. 28:58 28 minutes, 58 seconds Yes, we can hear you now. Please go ahead. Yeah. Are you uh uh I am audible? Yes. 29:03 29 minutes, 3 seconds Yeah. So my first question is what is the outstanding amount from government of Bangladesh and with the new government is in place. 29:12 29 minutes, 12 seconds So what is the likely business uh with the Bangladesh government? And my second question is about the how is the volume growing in month of January, 29:21 29 minutes, 21 seconds February and March uh this year in comparison to the last last year. Thank you. 29:29 29 minutes, 29 seconds Outstanding. Pankage can share regarding further business opportun uh regarding the further business opportunities I can say that currently number one there is a congestion in the transmission corridor. 29:39 29 minutes, 39 seconds So there is I think very little feasibility of supplying more power to the Bangladesh. There is of course there 29:48 29 minutes, 48 seconds is absolutely no possibility of importing power from the Bangladesh because they are already power deficit country. Regarding the outstandings I would request Pankash to clarify. 29:57 29 minutes, 57 seconds Yeah. So basically Bangladesh is presently taking reay. So they are making payment early. So uh the only the 30:04 30 minutes, 4 seconds one bill is outstanding around 372 cr is only out from Bangladesh. 30:09 30 minutes, 9 seconds If if you want to put that in perspective at one point of time this outstanding was to the tune of 800 rupees or so. Yes. Yes. Yes. 30:21 30 minutes, 21 seconds Does that answer your question Mr. Gandhi? Thank you. 30:29 30 minutes, 29 seconds We'll take one text question from Darishika Kimka from AV Finor. The question is, please help with the volume 30:37 30 minutes, 37 seconds breakdown for the quarter and what is outlook on the performance for the next quarter. 30:44 30 minutes, 44 seconds Pankage please. 30:46 30 minutes, 46 seconds Yeah. So, as far as the quarter uh volume breakdown is concerned, the we have traded in short-term bilateral 30:53 30 minutes, 53 seconds trade 1.4BU 4BU in exchange we have traded around 12BU and in medium term it's 730 million units in crossber trade 31:03 31 minutes, 3 seconds it's around 584 million units in long-term trade we have uh traded around 31:08 31 minutes, 8 seconds uh 48 billion units and in Bangladesh it's around 411 31:16 31 minutes, 16 seconds million units so that is for the quarter breakup thank you we'll take our Next question 31:24 31 minutes, 24 seconds from Yash Surpurya, an individual investor. Please go ahead. 31:31 31 minutes, 31 seconds So, thank you sir for the opportunity. I would just like uh you to share some light on the long-term PPAs. Are we 31:39 31 minutes, 39 seconds allowed to sign long-term PPAs or we aren't allowed? 31:43 31 minutes, 43 seconds And what are what will be the general tenure for them? 31:48 31 minutes, 48 seconds As per the standard bidding guidelines for the long procurement of long-term power uh which is uh the conventional power traders are not permitted. 31:59 31 minutes, 59 seconds So for the long-term conventional power no trader are no further new contents can happen for the renewable power there 32:08 32 minutes, 8 seconds is a construct of REI that is renewable energy implementation agency. So if renewable energy implementation agency 32:15 32 minutes, 15 seconds is inviting the tender then only they can charge a trading margin. Others are not uh permitted to charge any trading 32:23 32 minutes, 23 seconds volume or enter into long-term contracts even for renewable powers. 32:29 32 minutes, 29 seconds So sir there won't be any long-term contracts for us in conventional market market is really moving away except for in let us say h highle 32:38 32 minutes, 38 seconds projects which actually are very long estation projects. I think market is now moving away. Market is uh 32:46 32 minutes, 46 seconds likely to be dominated by medium-term contexts and complimentarity. When people realize that uh it is uh not in 32:55 32 minutes, 55 seconds their own financial interest to have 25 years contact with full commitment for fixed costs or that period of time. 33:04 33 minutes, 4 seconds people are now realizing the benefit of flexibility and I think market is migrating towards that situation in 33:13 33 minutes, 13 seconds which there would be many uh midterm contacts and uh even on the context of the nature which are not currently 33:21 33 minutes, 21 seconds happening that let us supply power to me for 6 months for next 25 years things 33:27 33 minutes, 27 seconds like that so I think market structure is evolving okay thank you sir All the best. 33:36 33 minutes, 36 seconds Thank you. 33:37 33 minutes, 37 seconds Thank you. Next question is from Vipulkumar Sha from Sumangal Investments. Please go ahead. 33:44 33 minutes, 44 seconds Hi. So, so what is the cash on balance sheet on as on 31st December? Yeah, just a minute. 33:54 33 minutes, 54 seconds So, as on 31st December, it was around 3,292 cr. 34:02 34 minutes, 2 seconds Okay. answer. Most of our short-term volume is through exchanges. So my question is why should a buyer whether 34:09 34 minutes, 9 seconds it is a discom or an enterprise comp or CI company should uh route it through us? What is the advantage for them to 34:19 34 minutes, 19 seconds pay whatever little spread that we are having? 34:25 34 minutes, 25 seconds As I have uh previously also in many meetings I have clarified basically a trader serves three purpose in a power 34:32 34 minutes, 32 seconds market. Number one not every buyer would want to I mean create a control room kind of kind of thing in 34:41 34 minutes, 41 seconds which he is manning the that control center 24 by7 with skilled people who can put the bit directly into the exchange. Of course theoretically it is 34:50 34 minutes, 50 seconds doable but they prefer services of some trader who can do it on their behalf. We run a 24x7 control room specifically for 34:58 34 minutes, 58 seconds this purpose. So that is the trade services that is number one. Number two is trade financing. Trade financing means someone may be temporarily short 35:06 35 minutes, 6 seconds of liquidity but he may still need power and tomorrow at a later stage he might be expecting some liquidity at that point of time he may settle the accounts 35:15 35 minutes, 15 seconds with the trader. So we provide and facilitate the trade financing also. So that is our second service. And third service is the market intelligence 35:23 35 minutes, 23 seconds itself. We if consumer is availing our services can really advise the consumer in a professional manner that what would 35:32 35 minutes, 32 seconds be the best possible way of meeting his power needs in shortterm or medium term. 35:37 35 minutes, 37 seconds So these are the three services which a trader can provide. These are valuable services. 35:44 35 minutes, 44 seconds Okay sir. And last question. So over next uh five seven years do you think that uh long-term market will totally go 35:53 35 minutes, 53 seconds away and almost all volume will shift to uh uh short-term uh true exchanges. 36:02 36 minutes, 2 seconds You see actually this question has to be addressed in two parts. Number one unless and until there is a long-term contract for offtake of power from a 36:10 36 minutes, 10 seconds project the financial closure of projects won't happen. So at least one leg of the transaction for financial closure of the expected and upcoming 36:20 36 minutes, 20 seconds power projects there has to be certain degree of assurance to the financiers that power would be taken up. So uh for 36:26 36 minutes, 26 seconds developer of course they are always perpetually in the need for a financial closure and therefore a long-term PPA. 36:34 36 minutes, 34 seconds So I don't see that that need going away. What I see is that the back-to-back basis that power can be 36:41 36 minutes, 41 seconds cannot be directly sold to a discom or any other consuming entity. The consuming entities on the other hand 36:48 36 minutes, 48 seconds want flexibility. So that means there is a ample room for traders like us to be in this business that uh we can take 36:57 36 minutes, 57 seconds calculated risk and uh we can uh do the long-term contracting with the developers and then we slice dice and 37:05 37 minutes, 5 seconds mix and match and merge that power and ma tailor made and custom made the solutions for the clients at the discom. 37:13 37 minutes, 13 seconds So of course uh long-term trade is not going away but less and less it is likely that there would be an intermediary in between. 37:24 37 minutes, 24 seconds Thank you very helpful sir. Thank you. Thank you. 37:29 37 minutes, 29 seconds Next question is from Rajiv Agraal from Sterling Capital. Please go ahead. Yes. Can you hear? 37:38 37 minutes, 38 seconds Yes. Please go ahead. Sir, how what is the business opportunity do you see from the market coupling in whenever it is implemented? That is my first question. 37:48 37 minutes, 48 seconds And my second question is how do you calculate this operational income and trading margin which you normally show in the presentation? How do we calculate this number from the financial results? 38:00 38 minutes So the business opportunity from the market coupling directly it is not coming to the PTC because PTC in any case is simply a trader on the exchanges 38:08 38 minutes, 8 seconds and currently since PTC owns more than 22% equity in the HPX so it is an associated company and therefore we 38:16 38 minutes, 16 seconds cannot take the trader trading membership on the HPX. So our trading portfolio is uh being serviced with the 38:24 38 minutes, 24 seconds help of other two exchanges. So per say directly it is uh not affecting the PTC but indirectly since we own 22.5% of the 38:33 38 minutes, 33 seconds HPX and if significant volume of power trading shall was to move away from uh 38:41 38 minutes, 41 seconds leading and dominant exchange to all the three exchanges in in an equitable manner then it will definitely add value 38:48 38 minutes, 48 seconds immense value to the HPX and then being the controlling uh a leading shareholder of the HPX that benefit will acrew to 38:56 38 minutes, 56 seconds PTC. So that is first part of your question. Second part I would request pankas to respond to. 39:01 39 minutes, 1 second Yeah. So the as you are saying that the part there are three parts of the total operational income which we show in the results. First uh there is a pure 39:10 39 minutes, 10 seconds trading uh margin uh that is between the gap between the sale and purchase price. 39:15 39 minutes, 15 seconds Let's say we purchase the power at 100 rupees and we sell it for 100.4 this thing. So it's 04 pesa is our margin. So 39:22 39 minutes, 22 seconds that is how this trading margin is calculated. Then there is a second element of rebate then uh which we uh 39:29 39 minutes, 29 seconds used to uh get that if we make a early payment to the generator and likewise the our uh uh buyer also sometimes uh 39:39 39 minutes, 39 seconds gives us the payment on time. So we calculate the rebate expenses and the net rebate income. Then we uh calculate the net rebate income the difference between the payable and the receivable. 39:50 39 minutes, 50 seconds And then there is a third element of consultancy income. So taken uh these three parts. So we calculate the total operational income. 40:01 40 minutes, 1 second Okay. Okay. Thank you. 40:07 40 minutes, 7 seconds Next question is from Anjali Singh, retail investor. Please go ahead. 40:16 40 minutes, 16 seconds Anjali please unmute your microphone and go ahead with your question please. 40:21 40 minutes, 21 seconds Yes uh good evening everyone. Uh my question is that out of the 3200 cr cash 40:28 40 minutes, 28 seconds that we have on books what is the uh capital allocation plan that we have for the future? 40:38 40 minutes, 38 seconds G I think I have already answered that question. Out of 3,200 K uh which we are 40:44 40 minutes, 44 seconds having on our balance sheet 2,000 K rupees is required to meet the transient nature working capital requirements of 40:52 40 minutes, 52 seconds the code trading business. Today we are sitting in a situation in which there are no significant outstanding against the Bangladesh or against Jammu and 41:00 41 minutes Kashmir or other any other discount utility per se. But these things are very very transient. tomorrow that need may again come up. So if we are unable 41:09 41 minutes, 9 seconds to do the trade financing then we will uh not be able to effectively manage our trading operations. So almost 2,000 K rupees is what I would reasonably want 41:18 41 minutes, 18 seconds to keep for the trading business. So that leaves me with remaining capital of 1200 K rupees 41:25 41 minutes, 25 seconds and for that we are I mean exploring many options. 41:30 41 minutes, 30 seconds Capeex is a serious business and uh whatever we do it has to bring long-term 41:37 41 minutes, 37 seconds value to the PTC shareholders. So we are exploring many options. Okay. Uh I have one more question. 41:47 41 minutes, 47 seconds Uh uh when do we expect to uh the Tista plant when when do we expect to start the productions there? 41:56 41 minutes, 56 seconds Pankage. 41:58 41 minutes, 58 seconds So uh the theista they are developing in two stages. The first stages is uh the they are constructing the coffer dam and 42:06 42 minutes, 6 seconds once the uh power generation I think the part partial generation will be started from constructing of the coffa dam and 42:14 42 minutes, 14 seconds then in the second phase they will uh do the full construction of the full dam by which the full generation will be started. So the construction of the 42:23 42 minutes, 23 seconds coffer damm is in full swing I think maybe within a period of next six months. So the coffer time will be constructed and the power will be started generated from that. 42:33 42 minutes, 33 seconds Okay. All right. Thank you very much. 42:37 42 minutes, 37 seconds Thank you. We'll take a text question from Raini Pande from Arara Capital. She has three questions. I'll read them one 42:44 42 minutes, 44 seconds by one. First question is on a standalone basis finance cost is at INR56 million versus INR 282 million 42:53 42 minutes, 53 seconds last year. What is the reason for such a decrease? 42:59 42 minutes, 59 seconds Yeah. So the in the finance cost there is a search charge expense is also included. So that uh it depends on that 43:07 43 minutes, 7 seconds how much search charge we have received and how much of search charge we have paid. So in the finance cost the basically it is not just a vanilla the 43:15 43 minutes, 15 seconds uh working capital cost it also included the searchcharge expenses. So because of that uh there are times so if I if you 43:22 43 minutes, 22 seconds want that I'll give you a full breakup of what is what it is included just a minute 43:30 43 minutes, 30 seconds but panka I think she's asking about the search charge expenses uh sorry financing expenses so I think because of your improved liquidity your expenses 43:39 43 minutes, 39 seconds have gone down then finances expenses m it includes the searchcharge expenses also just a minute I'll give you a breakup 43:47 43 minutes, 47 seconds just Yeah. 43:54 43 minutes, 54 seconds So on a standalone basis. 44:00 44 minutes Yeah. So finance cost includes in this uh for the quarter uh 44:08 44 minutes, 8 seconds it is 2.49 49 cr of searchcharge expenses are there and 3 cr of interest expenses is there and during the last 44:16 44 minutes, 16 seconds corresponding quarter it is 25 cr of search scharge expenses and 2.32 cr of uh interest 44:26 44 minutes, 26 seconds okay second question is please share your short-term volumes and long and medium-term volume and the share in the 44:34 44 minutes, 34 seconds overall mix in Q3 FI26 yeah so as I have informed earlier the 44:40 44 minutes, 40 seconds short-term trade is 13.4 4 uh billion units which tent amounts to a 67% of the volume and then there are medium-term 44:50 44 minutes, 50 seconds long-term trade which constitutes around 33% of the total volume uh during the quarter and during the 44:56 44 minutes, 56 seconds corresponding quarter 63% is the short-term volume and the balance 37% is towards the medium-term and the long-term trade 45:06 45 minutes, 6 seconds and her third question is share your short-term and long-term and medium-term training margin. 45:12 45 minutes, 12 seconds Yeah. So short-term margin during the quarter is87 pesa per unit and under the long-term uh during the quarter is 7.91 45:20 45 minutes, 20 seconds pesa per unit and uh during the corresponding quarter the short-term margin is 75 pesa per unit and in long-term it is 7.96 pesa per unit. 45:33 45 minutes, 33 seconds Thank you. We'll take our next question from Dr. Nares Matai from Shrimati MMK College. Please go ahead. 45:44 45 minutes, 44 seconds Dr. Am I audible? Am I audible? Yes, please go ahead. 45:50 45 minutes, 50 seconds Good evening everybody. With a good amount of reserves and surplus, can we the shareholders expect in the near 45:58 45 minutes, 58 seconds future to get bonus shares from PTC India? 46:06 46 minutes, 6 seconds recently if you are aware that possibly our uh promoter structure is also undergoing a change. So I would uh not 46:15 46 minutes, 15 seconds like to comment on that unless and until these things have been discussed among the promoters but as in if you have got anything to declare we shall come out 46:24 46 minutes, 24 seconds and make a public declaration as of now it is not under consideration. Thank you so much. 46:32 46 minutes, 32 seconds Thank you. 46:33 46 minutes, 33 seconds Next question is from OP Gandhi from Siddhi Technology. Please go ahead. 46:40 46 minutes, 40 seconds Yeah. Uh my question uh I repeat question. Now assuming that NTPC will 46:47 46 minutes, 47 seconds come in the promoter's uh seat maybe in a 3 months uh time after the resolution 46:53 46 minutes, 53 seconds passed in EGM and all and uh NTPC has a large uh power power uh capacity. So do 47:02 47 minutes, 2 seconds you think that you will have a uh benefit of synergy between NTPC and PTC assuming that NTPC power trading may be 47:12 47 minutes, 12 seconds merged uh in due course of time then any any synergy between you and NTPC sir 47:20 47 minutes, 20 seconds should that happen that possibility that the trading arm of the NTPC and uh the PTC the business somehow I mean a 47:30 47 minutes, 30 seconds synergy is uh provided in that case we are going to be 47:37 47 minutes, 37 seconds benefited because uh now there is a regulation which says that the URS the unacquish surplus power of all the NTPC 47:44 47 minutes, 44 seconds power plants it has to be compulsorily first offered into the trading for trading in the markets and unless and 47:51 47 minutes, 51 seconds until that is done the fixed cost is not paid to the uh NTPC so that power volume is also a 48:00 48 minutes significant volume that would come to us if should that synergy thing happen. 48:06 48 minutes, 6 seconds So yeah there is a lot of static synergy. 48:12 48 minutes, 12 seconds Do you think that NTPC will be in the uh promoter seat by uh 3 months time and uh 48:20 48 minutes, 20 seconds uh although they NTPC to decide to buy uh other promoters or not that is their separate business. 48:27 48 minutes, 27 seconds Sir one thing is that and sir one thing I would like to clarify that NTPC is not coming in to become a promoter. NTPC is already a 48:36 48 minutes, 36 seconds promoter. It is the other way around that all other three promoters are have decided to relinquish their rights as 48:42 48 minutes, 42 seconds promoter. So NTPC has remained uh and become the sole promoter. 48:47 48 minutes, 47 seconds That is that is my that is my intention the NTPC will become a a sole promoter. 48:53 48 minutes, 53 seconds So do you think that uh uh uh with the rating improvement in PTC finance? So uh uh since under your uh uh chairmanship 49:03 49 minutes, 3 seconds there is a lot of improvement in PTC finance corporate governance but after the NTPC being the promoter do you think 49:10 49 minutes, 10 seconds that uh more and more rating improvement will be there in PTC finance? 49:17 49 minutes, 17 seconds PTC finance is separate and listed company. uh I think their own rating would depend on a lot many factors. It 49:24 49 minutes, 24 seconds would be improper for me to comment uh about the affairs of that company per se. But yes uh NTPC is a very very 49:33 49 minutes, 33 seconds reputable player and if they become our sole promoter then of course uh that benefit of legacy and benefit of synergy 49:41 49 minutes, 41 seconds it comes to all the group entities that much I can say. Thank you sir. Thank you. Thank you. 49:49 49 minutes, 49 seconds We'll take a text question from Nikon Jimea from WealthG Guardian. Do you have any plans to sell uh to sell some stake 49:58 49 minutes, 58 seconds in HBX to other partners in the ecosystem? And second question is when can we see any business coming out of 50:05 50 minutes, 5 seconds the MOU with NLC India and how big can it become? 50:12 50 minutes, 12 seconds First thing regarding the sale of the stake in the HPX. Uh basically 50:19 50 minutes, 19 seconds if we have toing member on the HPX then we must first wait for the market coupling to happen. 50:29 50 minutes, 29 seconds If that happens and the sign HPX is able to capture 50:35 50 minutes, 35 seconds significant amount of I'm sorry sir, you're sounding muffled. 50:42 50 minutes, 42 seconds Can you just repeat the answer please? Uh sir, we unable to hear you. 50:54 50 minutes, 54 seconds No, we still can't hear you, sir. 51:03 51 minutes, 3 seconds Uh no, Dr. Jaw, we can't hear you. 51:07 51 minutes, 7 seconds Ladies and gentlemen, please stay connected. Uh sir, can you rejoin please? 51:16 51 minutes, 16 seconds Dr. Javar. Uh Dr. Jawa, can you speak now? 51:29 51 minutes, 29 seconds Is it clear now? Yes. Yes, sir. Please go ahead. 51:33 51 minutes, 33 seconds Okay. Okay. Okay. So regarding HPX first thing we must wait for the outcome of this market coupling exercise then only 51:40 51 minutes, 40 seconds I think it will be a relevant question whether or not we are owners of that exchange and whether or not we are selling equity of that exchange. I think 51:48 51 minutes, 48 seconds a lot hinges on whe how how how the exchange business itself is going forward. So I would like to I mean not 51:57 51 minutes, 57 seconds comment on that uh that aspect right now. Uh what was your second question that was regarding this? 52:04 52 minutes, 4 seconds I'll repeat. Second question is when can we see any business coming out of theou NLC? 52:11 52 minutes, 11 seconds Yeah. Yeah. To I I mean it is progressing at a reasonable pace. Uh I believe that uh internally NLC has to 52:19 52 minutes, 19 seconds take uh uh some government of India approvals and they are in the process of doing so. So once that comes and we are 52:27 52 minutes, 27 seconds I mean uh in know as to uh that concrete approvals are now 52:35 52 minutes, 35 seconds available on both sides. So we can move really very fast. They are very good company and we see a lot of synergy because they are a coal company and they 52:43 52 minutes, 43 seconds want to migrate and become a relevant renewable energy company also and uh for that we see a lot of synergies with 52:52 52 minutes, 52 seconds them. So maybe in upcoming technologies like battery storage uh battery energy storage solutions or some other AR projects we can partner with them. 53:04 53 minutes, 4 seconds Thank you. The next text question is from Parisia retail investor. Please throw some light 53:12 53 minutes, 12 seconds on buyback of shares. Are we thinking on it? Do we merge with NTPC? 53:20 53 minutes, 20 seconds As of now there is no proposal under consideration of the management for buyback of the shares. Recently the rules for the buyback have been changed 53:28 53 minutes, 28 seconds in this budget. Earlier to it was absolutely not uh favorable even to the investors 53:36 53 minutes, 36 seconds but as of now there is no proposal under consideration. 53:40 53 minutes, 40 seconds Thank you. Next question is from Rajiv Agraar from Sterling Capital. How do we calculate operational income and trading margin shown in presentation? 53:52 53 minutes, 52 seconds Sir, I think that I have already replied to that question. Okay. Thank you sir. 53:57 53 minutes, 57 seconds Yeah, we'll take the next question from Dr. Nares Matai from Shrimati MMK College. Please go ahead with your question. Dr. 54:04 54 minutes, 4 seconds Nares. Uh am I audible? Yes. 54:11 54 minutes, 11 seconds Good evening everybody. In the near future, can we expect any kind of a reward for shareholders in the form of 54:18 54 minutes, 18 seconds rights issue and such that benefits the company's reserves and surplus as well as the increases the shareholders 54:26 54 minutes, 26 seconds shareholding by subscribing to the rights issues. 54:32 54 minutes, 32 seconds Sir, as of now, we are not planning any rights issue because unless and until we have some definitive plan as to how to deploy that capital which we further 54:41 54 minutes, 41 seconds collect from the shareholders, we should not be going to the shareholders to collect more money. If you have been present in throughout this conference, you would know that many people are 54:49 54 minutes, 49 seconds asking as to what you are doing with your cash reserves. So, let me formulate a capex plan. Then if need arises, we'll 54:57 54 minutes, 57 seconds discuss and debate and then take a decision. 55:01 55 minutes, 1 second very happily answered sir. Thank you so much. 55:04 55 minutes, 4 seconds Thank you. The next follow-up question is from OP Gandhi from Siddhi Technology. Please go ahead. 55:15 55 minutes, 15 seconds Mr. Gandhi, please go ahead with your question. Please unmute your connection. 55:18 55 minutes, 18 seconds Yeah. Uh Javar G there is a uh suggestion from our side. We have done some working on PTC today. NTPC's NTPC 55:28 55 minutes, 28 seconds and other promoters are holding 16 16 and a half%. And uh Damodra Valley is also holding around 4 and a half% or 5%. 55:37 55 minutes, 37 seconds So combined they are holding 22 21 22% and if NTPC power trading is merged with 55:45 55 minutes, 45 seconds PTC so they will get a uh approximately 15 to 20% further stake. So then that 55:53 55 minutes, 53 seconds way NTPC can consolidate in your uh uh uh book uh uh say 35 to 40%, then if you 56:00 56 minutes buy back the shares then NTPD can have a indirect stake of uh more than 45%. So I think you pass this our suggestion to NTPC board. 56:11 56 minutes, 11 seconds Certainly all all all options will be discussed. A lot depends on as as to how I mean what is the take of the NTPC 56:19 56 minutes, 19 seconds management but your your uh uh I mean suggestion is noted sir. 56:27 56 minutes, 27 seconds Thank you. 56:30 56 minutes, 30 seconds As there are no further questions I would now like to hand the conference over to Dr. Manoj Kumar Javar CMD for closing comments. Over to you sir. 56:40 56 minutes, 40 seconds Okay. Good afternoon shareholders. I'm sorry I I was when I was reading my speech I mean about of source I think 56:47 56 minutes, 47 seconds interrupted my speech many times but thank you for patient listening and thank you for your support through the turbulent times. Uh I can assure you one 56:57 56 minutes, 57 seconds thing that our trading volumes and trading numbers have been robust in this quarter also. It may look as if that we have not been able to achieve that much 57:06 57 minutes, 6 seconds income from the search charge or the rebate. But those are the transitory nature. What should be our company should be judged basically for growth in 57:13 57 minutes, 13 seconds the trading volumes and I think we have delivered a solid growth in the trading volume and look forward to your continued support and understanding. 57:22 57 minutes, 22 seconds Thank you so much. 57:23 57 minutes, 23 seconds Thank you sir. Ladies and gentlemen, on behalf of PTC India Limited that concludes today's session. Thank you for your participation. You may now click on the exit meeting to disconnect.